Satcon US Utility Solar Inverter Maker slashes 35% Workforce as Oversupply hits Inverter Segment
January 5, 2012Biomass Plants in India Shutdown as Feedstock Costs Race ahead of Prices
January 5, 2012Seeing Stocks Markets these days would make one think that the world economy has managed surpass the problems of the European Union Debt Crisis,the slowing of China,India’s governance led slowdown etc.However big global companies continue to bunker down reducing job headcount and reducing investment.Despite record levels of cash and big profits,MNCs are not increasing their investment giving a thumbs down to efforts by policymakers to boost growth through record low interest rates.RBS has been rumored to cut 10,000 jobs in its investment banking division while Pepsi which has a mostly recession proof business too is cutting down.India’s beleagured airline Kingfisher is set to cut 2000 jobs as well.
RBS may cut as many as 10,000 jobs: report
Royal Bank of Scotland Group could cut 10,000 jobs as part of plans to scale back its investment banking business, the Financial Times reported on its website. The cuts are likely to focus on the equities part of the bank’s investment division, which generates only a fraction of the company’s total revenue and has failed to compete with other firms in the industry, the FT said
Bad times: Kingfisher may cut 2,000 jobs by July
In a major cost-cutting exercise, private sector air-carrier Kingfisher Airlines is believed to be considering about 2,000 job cuts and longer working hours for its staff, among various options.
While e-mailed queries sent to Kingfisher Airlines in this regard remained unanswered, industry sources said the debt-ridden carrier could also abstain from any major hiring activities at least till August 2012.
Sources said the carrier is looking at about 2,000 job reductions by July and the exercise could affect various positions at mid-manager level in its corporate offices and also at cabin crew and attendant levels, among others.
Note Global Employment is already in a bad shape and more job losses will increase the societal stresses already at a peak and reflected in revolutions and protests around the world
India’s Desperate,Growing Unemployment as more than 100,000 jostle for 400 Four Dollars a Day Jobs
Most of the growth in India has been a jobless one with capital intensive sectors leading the way.While some service sectors like the IT and BPO Industry have also grown at a rapid pace,it has only affected a minuscule portion of the Indian population.The rest continue to wallow in misery and poverty which is reflected in the growth of Naxalism.India’s education infrastructure is quite woeful with majority of graduates unemployable.This has led to a growing army of unemployed half education youth fighting to get low end jobs.Unlike China,India’s industry forms just 30% of India’s GDP and majority are still employed in agriculture.Most of India’s service industry too constitutes of low value add,low paying jobs.With growing communication and information,the few good low end jobs on offer leads to a desperate jostling.Public sector jobs in railways,paramilitary are especially lucrative offering job security and a decent social position.This has led to increasing clashes.