Comfort Jobs
Thursday, December 8, 2011
Andrew Levermore, the expat CEO of Bharti Retail puts in his papers
He's moved out of Bharti, and Bharat too. In a sudden move, Andrew Levermore, the expat CEO of Bharti Retail, has put in his papers and is headed back to home country, South Africa. Levermore had joined the fully-owned subsidiary of Bharti Enterprises as chief operating officer in July 2010.
Says a Bharti spokesperson: "We can confirm that Andrew Levermore has moved on from Bharti Retail as he wanted to return to South Africa to start his own business venture. The company will appoint an appropriate replacement in due course." This is Levermore's second exit from India. The first was in mid-2008 when he quit K Raheja's HyperCity Retail after a four-year stint. Any bets on whether he will be back a third time?
Tuesday, March 22, 2011
Dearness allowance: Government approves 6% hike
In a bid to provide relief from high inflation, the government today increased dearness allowance (DA) by 6 per cent to 51 per cent, benefiting over 50 lakh central government employees and 38 lakh pensioners.
"The decision to hike DA was taken by the Union Cabinet at its meeting here," a Union minister said.
The combined impact of the hike will be Rs 5,715.90 crore per annum. However in the next financial year, the burden on the exchequer would be Rs 6,668.52 crore after the additional 6 per cent DA payout is factored in from January 1 to March 31 this year.
The increased DA, which will be effective from January 1, is provided to government staff and pensioners to compensate them for rising prices.
Presently, the DA is paid at 45 per cent of basic pay. The increase in DA by 6 per cent would be in accordance with the formula prescribed by the Sixth Pay Commission for central government employees.
The decision will provide direct relief to around 50 lakh employees and 38 lakh pensioners.
The DA is revised twice a year, on January 1 and July 1. The relief came amid high retail prices, as inflation has been ruling above 9 per cent.
The Consumer Price Index ( Industrial Workers )), which is the basis for revising dearness allowance, was 9.47 per cent in December and 9.30 per cent in January.
Headline inflation, based on movement in wholesale prices, was 8.31 per cent in February, much above the comfort level of 5-6 per cent. Food inflation, too, was hovering above 9 per cent.
From: The Economic Times
"The decision to hike DA was taken by the Union Cabinet at its meeting here," a Union minister said.
The combined impact of the hike will be Rs 5,715.90 crore per annum. However in the next financial year, the burden on the exchequer would be Rs 6,668.52 crore after the additional 6 per cent DA payout is factored in from January 1 to March 31 this year.
The increased DA, which will be effective from January 1, is provided to government staff and pensioners to compensate them for rising prices.
Presently, the DA is paid at 45 per cent of basic pay. The increase in DA by 6 per cent would be in accordance with the formula prescribed by the Sixth Pay Commission for central government employees.
The decision will provide direct relief to around 50 lakh employees and 38 lakh pensioners.
The DA is revised twice a year, on January 1 and July 1. The relief came amid high retail prices, as inflation has been ruling above 9 per cent.
The Consumer Price Index ( Industrial Workers )), which is the basis for revising dearness allowance, was 9.47 per cent in December and 9.30 per cent in January.
Headline inflation, based on movement in wholesale prices, was 8.31 per cent in February, much above the comfort level of 5-6 per cent. Food inflation, too, was hovering above 9 per cent.
From: The Economic Times
Monday, January 3, 2011
IT will employ more than a crore
If figures tell a story, the technology services’ tale has been spectacular: less than $4 billion in 2000 to $62 billion today; an average of 22% yearly growth; from less than 100,000 to over two million employees; an almost non-existent domestic market has grown to $10 billion-a-year opportunity.
Technology bellwether Infosys was 3,000 people in 2000. At the close of the decade, it has grown manpower 40 times to more than 1,25,000.
Next 10 years will strengthen India’s position as global technology services hub, with Nasscom projecting the industry size at $225 billion by 2020. “IT will employ one crore people,’’ says Nasscom president Som Mittal.
Global tech giants such as IBM , Cisco , Dell, Microsoft , Intel , Oracle, HP and Google have their largest employee base outside the US , in India — tweaking code, developing software products, filing patents and now eying the local market. Homegrown companies such as Infosys, Wipro , TCS and HCL, which never found a mention in global technology and business reports, are now on Rs top quadrant’ of Gartner, Forrester, Everest, BCG and others.
“We started with a narrow set of applications, development and maintenance services, and now do pretty much everything,’’ says Infosys Technologies’ co-founder & CEO, S Gopalakrishnan. And ‘everything’ includes aerospace design, re-doing global retail and pharma, maintaining and improving banking systems and systems integration for the manufacturing sector.
TCS signed a $250-million contract with ABN Amro in 2005 and followed it up with Pearl Assurance deal worth $847 million. In a $250-million deal, Infosys acquired captive centres of Philips in 2007. The same year saw 66 PE deals in the technology space. In 2008, HCL bought out UK-based SAP consultant Axon for $658 million.
Growth has been “unstoppable,’’ says Gopalakrishnan, despite the do tcom bust and economic slowdown. The business case was compelling and the sector weathered all anti-offshoring noises as well.
“Over the decade, there has been a greater acceptance of the global model of working at a distance,” says Mittal. However, the only bad patch was the Satyam episode. “That was an aberration,’ says Mittal.
Shelly Singh
With the industry set for a more than four-fold growth in the next decade, it will have to gear up with new business models. “80% of the opportunity will be in new areas — new markets, new technologies and from smaller companies as well,’’ says Mittal.
From: The Economic Times
Technology bellwether Infosys was 3,000 people in 2000. At the close of the decade, it has grown manpower 40 times to more than 1,25,000.
Next 10 years will strengthen India’s position as global technology services hub, with Nasscom projecting the industry size at $225 billion by 2020. “IT will employ one crore people,’’ says Nasscom president Som Mittal.
Global tech giants such as IBM , Cisco , Dell, Microsoft , Intel , Oracle, HP and Google have their largest employee base outside the US , in India — tweaking code, developing software products, filing patents and now eying the local market. Homegrown companies such as Infosys, Wipro , TCS and HCL, which never found a mention in global technology and business reports, are now on Rs top quadrant’ of Gartner, Forrester, Everest, BCG and others.
“We started with a narrow set of applications, development and maintenance services, and now do pretty much everything,’’ says Infosys Technologies’ co-founder & CEO, S Gopalakrishnan. And ‘everything’ includes aerospace design, re-doing global retail and pharma, maintaining and improving banking systems and systems integration for the manufacturing sector.
TCS signed a $250-million contract with ABN Amro in 2005 and followed it up with Pearl Assurance deal worth $847 million. In a $250-million deal, Infosys acquired captive centres of Philips in 2007. The same year saw 66 PE deals in the technology space. In 2008, HCL bought out UK-based SAP consultant Axon for $658 million.
Growth has been “unstoppable,’’ says Gopalakrishnan, despite the do tcom bust and economic slowdown. The business case was compelling and the sector weathered all anti-offshoring noises as well.
“Over the decade, there has been a greater acceptance of the global model of working at a distance,” says Mittal. However, the only bad patch was the Satyam episode. “That was an aberration,’ says Mittal.
Shelly Singh
With the industry set for a more than four-fold growth in the next decade, it will have to gear up with new business models. “80% of the opportunity will be in new areas — new markets, new technologies and from smaller companies as well,’’ says Mittal.
From: The Economic Times
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