Business

Amazon Laying Off Its Employees

Amazon Axing 10,000 Employees Under Annual Operating Planning Review

Amazon hardware chief Dave Limp said some roles would no longer be required in the layoff process started by the company on Wednesday. According to The New York Times report, it will be the largest job cut in the company’s history.

HIGHLIGHTS

• 10,000 Amazonions would lose their jobs
• Employees from the device, retail, and human resource division will be most affected
• Amazon calls it the annual operating planning review process

Why Is Amazon Laying Off Its Employees?

Amazon’s spokesperson Kelly Nantel told TechCrunch that as part of their annual operating planning review process, they always looked at each of their businesses and what they believed they should change. As they had gone through that, given the current macroeconomic environment, some teams were making adjustments, which in some cases meant certain roles were no longer necessary. They didn’t take those decisions lightly, and they were working to support any employees who might be affected.

Amazon Laying Off Its Employees

Amazon hardware chief Dave Limp wrote in a memo to workers that after a deep set of reviews, they recently decided to consolidate some teams and programs. One of the consequences of those decisions was that some roles would no longer be required. It … Read the rest

Twitter’s Deep Cut Plan

What Is Elon Musk’s “Deep Cut Plan” For Twitter?

Elon Musk has asked Twitter Inc’s teams to explore options for annual infrastructure cost savings of up to $1 billion and has given Nov 7 deadline to present a plan. But the teams fear that this move could make Twitter unable to handle high-traffic events like the U.S. midterm elections.

HIGHLIGHTS

• Elon Musk could save up to $3 million a day from servers and cloud services
• But the steep infrastructure cut will compromise the services during critical events
• Musk has asked Twitter teams to work hard to meet Nov 7 deadline to present a cost-cutting plan

What Is The Present Infrastructural Cost Of Twitter?

According to an internal document, Twitter’s daily expense is about $3 million a day “with all spending and revenue considered”. But the company wants to go for a “Deep Cut Plan” to save as much as it can. It is estimated that the social media company can save between $1.5 million and $3 million by cutting down on its servers and cloud services.

What Is Twitter’s Deep Cut Plan?

Twitter’s Deep Cut Plan

The social media platform has extra server space to ensure that it can easily accommodate high traffic which is when people rush to Twitter … Read the rest

Jamshed J Irani

Padma Bhushan Jamshed J Irani Breathed His Last At 86

Jamshed J Irani, The Steel Man of India and winner of the Padma Bhushan award, breathed his last on October 31, 2022, at 10 PM at TMH (Tata Hospital) in Jamshedpur. Dr. Irani (86) served Tata Steel in various positions till his retirement in 2011. He is survived by his wife Daisy Irani and his three children, Zubin, Niloufer, and Tanaaz.

HIGHLIGHTS

• Tata Steel mourns the death of Jamshed J Irani
• Dr. Irani started his career with Tata Iron and Steel Company in 1968
• He was the winner of many awards including the Lifetime Achievement Award by the Government of India

Who Was Jamshed J Irani?

Jamshed J Irani

Born on June 2, 1936, in Nagpur, Jamshed J Irani was a born scholar. He completed his education in MSc in Geology from Nagpur University in 1958 and went to the University of Sheffield in the UK as a J N Tata scholar where he studied Metallurgy and became a Ph.D. in Metallurgy in 1963.

He first joined the British Iron and Steel Research Association in Sheffield in 1963 but soon returned to India to contribute to nation-building. Here he joined The Tata Iron and Steel Company (now Tata Steel) in … Read the rest

Stage Of Developmental Projects In India

PM Modi Initiates A 100-Trillion-Rupee ($1.2 Trillion) Project Gati Shakti To Compete With China

Concerned about the delaying of developmental projects, Prime Minister Narendra Modi has called for initiating a mega project to speed up the developmental work. PM Modi believes that only technology has the answer to the problems causing a delay in developmental projects.

HIGHLIGHTS

• PM Modi initiates a 100-trillion-rupee project Gati Shakti to boost the developmental work
• The project involves creating a digital platform combining 16 ministries for investors and companies
• The important factor of the project is identifying clusters with huge potential for development

What Is The Stage Of Developmental Projects In India?

Stage Of Developmental Projects In India

According to the latest data available, almost half of the infrastructure projects are delayed for one reason or another. Also, one in the four projects runs its estimated budget due to a lack of resources and technology. And it is a perennial problem that has become notorious over time. PM Modi has suggested a solution in making a mega project called Gati Shakti.

What Is Gati Shakti?

It is a digital platform created with a fund of 100-trillion-rupee ($1.2 trillion) to provide speed to development projects facing delays due to unspecified reasons. PM Modi has suggested making a platform combining 16 ministries to provide … Read the rest

Global Bond Index

10 Points Of India’s Inclusion In The Global Bond Index

The Indian government has ruled out the long-standing demand for the inclusion of nation’s bonds to be included in global indexes by denying any changes to tax policies.

10 Highlights Of The Big Story

Global Bond Index
  1. The government has no plans to waive capital gains taxes and it is concerned about foreign flows increasing the volatility of local markets.
  2. Predictions of $30 billion of foreign inflows through bonds were dashed with the government’s decision to levy capital gains. But the index compliers have the option of including securities without changes.
  3. Pankaj Pathak, a fixed-income fund manager at Quantum Asset Management Co., said that the benefits might outweigh the concerns because Indian bonds would diversify the index, boost the yield, and expand the market opportunities.
  4. India holds the third largest bond market in the emerging world but it is yet to be included in the global indexes.
  5. Since the local banks and foreign investors boosted their holdings in June, the country’s benchmark 10-year bond yield witnessed a drop of 30 basis points.
  6. The yield witnessed a further decline of 7 basis points to 7.29% on Tuesday.
  7. According to experts, inclusion could lead to billions of dollars of inflows as money managers often track
Read the rest
Tata Steel Is Merging Seven

Tata Steel Is Merging Seven Of Its Subsidiaries For These Reasons

Tats Steel Ltd. made a big announcement on Friday. It is going to merge seven of its subsidiaries including four listed and three unlisted companies with itself. The merger will consolidate its operations and save costs in the long run.

10 Highlights Of Tata Steel’s Merger

Tata Steel Is Merging Seven
  1. Tata Steel Long Products Ltd (TSL), Tinplate Co. of India Ltd, Tata Metaliks Ltd, TRF Ltd, The Indian Steel & Wire Products Ltd, Tata Steel Mining Ltd, and S&T Mining Co. Ltd. are going to merge with Tata Steel Ltd.
  2. The announcement made Tata Steel jump up to 4.1% on the stock exchanges but was left only with gains of 0.55% as the benchmark Sensex index plunged over 1.73%.
  3. Tata Steel will swap 79 shares with every 10 shares of Tata Metaliks and 33 shares with every 10 shares of Tinplate. The share swap rate of 2% premium and 1% premium, respectively, is considered beneficial for the shareholders of the subsidiary companies.
  4. It will swap 67 shares for every 10 shares of Tata Steel Long Products at a 7.8% discount and 17 shares for every 10 shares of TRF at a 53% discount). Here the swap rate is in favor of Tata Steel.
  5. Shareholders
Read the rest