Hindustan Times

Campus placements go bust

As the placement season peaks, final-year students at the country’s top business schools are coming to terms with a new reality — a cut in offers and salaries from prospective employers, and the chance of not landing a job at all.

At the Indian Institute of Management (IIM) in Bangalore, where placements begin on Friday students said , they would be happy to get as much salary as their seniors got a year ago. Their apprehension is not without reason.

Sample this: investment banks that in the past flocked to IIM Ahmedabad were missing in action as placements at the top-rated business school opened on Wednesday, only 49 companies showed up in the first phase of placement at IIM Calcutta earlier this week — down from 107 last year

To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com

Labels: Campus placements, first phase of placement, IIM Ahmedabad, IIT Bangalore, jobs, placement season, students, top business schools

China crisis: 20 million migrants have lost jobs

Twenty Million. That's the official number of out-of work migrants — more than the population of Beijing or Mumbai — who are back in villages in the fallout of slumping global demand for made-in-China products.

An average of six million workers enter China’s rural labour market every year, so this year’s migrant job losses could top 25 million.

“About 20 million of China’s migrant workers have returned home after losing their jobs as the global financial crisis takes a toll on the economy said state media Xinhua, ,” quoting a senior planning official on Monday .

This estimate was released a day after the government issued a document warning that 2009 would be China’s toughest year since 2000.

To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com

Labels: china, China’s migrant workers, China’s rural labour market, global financial crisis, jobs, made in China products, Mumbai, work migrants

Meltdown trickles down

In an indicator of how the shock from Wall Street is travelling to the heart of rural India, thousands of skilled workers in two small towns, one in Uttar Pradesh and one in Haryana, have been laid off after orders from their global markets — mostly in the US and Europe — dried up this month.

In Moradabad, 167 km from Delhi, artisans adept at the centuries-old art of crafting brassware for European and American showrooms are pulling cycle rickshaws and selling fruit as trade unions report a loss of 25,000 jobs.

Panipat, from where rugs, bedsheets, and other textiles wind up in US stores like WalMart or Sweden’s Ikea, has weavers migrating or working at jobs that now pay 1/18th of what they did.

Moradabad’s biggest exporter, C L Gupta Exports Ltd, is reporting no orders of any significance this month.

To read the full article, click here...
To read the ePaper, visit: http://epaper.hindustantimes.com

Labels: American showrooms, brassware, Haryana, jobs, migrating, Moradabad, rickshaw, rural India, skilled workers, textiles, US stores, Uttar Pradesh, Wall Street, WalMart

Jet Trackbacks

All the 1,900 employees sacked by Jet Airways over the last 48 hours will get their jobs back, Jet Airways Chairman Naresh Goyal announced in a dramatic, late night press conference on Thursday night.

"I want to see smiles on your faces," he said, after driving in to the Jet corporate office from the airport. "My management took this decision on the basis of certain economic condtions...As the head of the family, my conscience does not allow me to look at just economics."

"I want to see my family happy," said Goyal, 48 hours after scenes of weeping, protesting Jet employees played out on television screens across India.

Goyal, who was accompanied by his wife, looked tired, and his voice was laden with emotion on a day when politicians from the ruling alliance expressed their nervousness over the biggest job losses ever in India's struggling aviation sector ".

To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com

Labels: announced, aviation sector, economics, India, Jet Airways, Jet corporate office, Jet employees, jobs, Naresh Goyal, political pressure, television screens

2,500 Indians may lose jobs: markets rocked

US Investment giant Lehman Brothers on Monday said it has gone bankrupt amid a worsening credit crisis in the home country, while rival Merrill Lynch, also bitten by the same bug, managed to find a buyer.

The news roiled markets worldwide, including India where the Bombay Stock Exchange's Sensex plunged 850 points, or 6.1per cent, in intra-day trading. It later recovered halfway to close at 13, 531 points.

But Lehman and Merrm Lynch's India connection goes much beyond stock swings. Both companies have been rapidly expanding operations here, besides hiring aggressively in India to shore up talent for such key bases as New York and London.

Lehman currently employs about 2,500 people in India, most of whom run the risk of losing their jobs.

To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com

Labels: bankrupt, BSE, credit crsis, employees, Indians, jobs, Lehman Brothers, London, Merrill Lynch, new york, rival, Sensex, trading, US investment

Hindustan Times

Friday, February 27, 2009

Campus placements go bust

Tuesday, February 3, 2009

China crisis: 20 million migrants have lost jobs

Friday, October 24, 2008

Meltdown trickles down

Friday, October 17, 2008

Jet Trackbacks

Tuesday, September 16, 2008

2,500 Indians may lose jobs: markets rocked

About Me

Links

Previous Posts

Archives