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STMicroelectronics CEO says 5,000 jobs to be cut in next 3 years
Economic Times
·
2m ago
Medial
STMicroelectronics plans to reduce its workforce by 5,000 jobs over the next three years, including 2,800 layoffs announced earlier. The company's cost-cutting strategy aims to save millions by 2027, with workforce reductions through attrition and early retirements. Discussions with stakeholders regarding the implementation, particularly challenging in Italy, are ongoing. The Italian and French governments, who hold a 27.5% stake, have expressed concerns over job cuts amidst the firm’s market downturn and allegations of insider trading.
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Paytm may remove 5,000-6,300 employees, says report
Business Today
·
1y ago
Medial
Paytm, facing growing losses, plans to cut 5,000-6,300 jobs to save Rs 400-500 crore. In FY23, it had 32,798 employees, with 29,503 actively working. Employee costs rose by 34% year-on-year to Rs 3,124 crore. The company's net loss was Rs 550 crore in Q4. Despite challenges, Paytm aims to optimize costs and achieve profitability by FY26.
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India poised to be the office of the world, says Cognizant CEO Ravi Kumar
Money Control
·
10m ago
Medial
- Cognizant CEO believes that AI will be a massive disruption that will create many new jobs. - India's services sector is diversifying rapidly and is on track to become the 'office of the world' in the next 25 years. - India's IT industry has transitioned from offering only IT services to now providing the entire spectrum. - AI-driven startups are expected to increase in the coming years due to India's rapid scale-up in technology. - The integration of AI into enterprises will result in a swift adoption curve, driven by natural language interfaces. - Access to jobs in the future will be determined by skills and entrepreneurial ability, rather than traditional education.
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Tata Motors signs MoU with Tamil Nadu govt to set up vehicle manufacturing unit
Livemint
·
1y ago
Medial
Tata Motors has signed an MoU with the Tamil Nadu government to establish a vehicle manufacturing facility in the state with an investment of around ₹9,000 crore over the next five years. The facility is expected to create up to 5,000 direct and indirect jobs. This will be Tata Motors' second plant in South India, and the company already has a manufacturing unit in Karnataka. The specific details regarding the vehicles to be manufactured at the new facility have not been disclosed.
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STMicroelectronics CEO says China is a growth market despite US chip war
Economic Times
·
1y ago
Medial
Despite increasing tensions between the US and China over semiconductors, French-Italian semiconductor company STMicroelectronics remains committed to the Chinese market. CEO Jean-Marc Chery expressed confidence in the company's growth prospects in China, particularly in areas such as electric vehicles, digital power controls, and renewable energy. STMicroelectronics sees the investment by Chinese chipmakers as both a risk and an opportunity, but believes its strategy of local production and joint ventures will ensure continued growth. Currently, China accounts for 15% of the company's revenue, and they expect further penetration in the Chinese market, especially in silicon carbide technology.
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T-Mobile USA Inc to cut off 5,000 jobs amid surging competition: Report
Livemint
·
2y ago
Medial
T-Mobile USA is reportedly planning to cut around 5,000 jobs, affecting corporate, back-office, and some technology roles. The move is attributed to increased competition and changing customer expectations. Despite being the fastest-growing wireless carrier in the US, T-Mobile aims to counter discounts and free phone promotions as the holiday season approaches. The company's CEO mentioned that the cost of attracting and retaining customers has become more expensive. The telecom industry is facing challenges with subscriber growth as cable companies offer free mobile lines. AT&T Inc. has also been cutting jobs to reduce costs and restructure operations.
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Toshiba Corp to cut 5,000 jobs in Japan: Report
Livemint
·
1y ago
Medial
Japanese technology company Toshiba Corp. is set to cut 5,000 jobs or 7% of its workforce in Japan as it accelerates its restructuring plans. The company is downsizing non-core businesses and will incur a one-time cost of around $650m as a result. Toshiba has been aiming to reduce costs and focus on its infrastructure and digital technology business. The job cuts would be the largest since accounting irregularities were uncovered in 2015. Toshiba is currently compiling its midterm strategy.
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US bank Citigroup to remove 20,000 jobs over next couple of years
Livemint
·
1y ago
Medial
Citigroup has announced plans to cut 20,000 jobs over the next couple of years as part of a corporate reorganization aimed at increasing profitability and returning cash to shareholders. The move will bring the bank's headcount down to around 180,000 by 2026, compared to 240,000 at the end of 2022. This downsizing also takes into account the expected spinoff of Citigroup's Mexico subsidiary, Banamex. Source: Livemint
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Micron to roll out first India-made chips by early 2025—for global markets
Livemint
·
1y ago
Medial
Micron Technology Inc.'s unit in Gujarat, India, is set to produce the first semiconductor chips in the country by the first half of 2025. However, the majority of these chips will be exported rather than serving domestic demand. Micron India's managing director, Anand Ramamoorthy, stated that the chips could be used in various sectors, including data centers, smartphones, notebooks, and IoT. Micron is also exploring opportunities in electric vehicles and government contracts unique to the Indian market. Additionally, the company is in discussions with vendors to establish semiconductor supply chains in India and may collaborate with Tata Group companies. Micron plans to generate 5,000 direct and 15,000 indirect jobs over the next few years.
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Tata Motors holds groundbreaking ceremony for Tamil Nadu factory
Economic Times
·
11m ago
Medial
Tata Motors held a groundbreaking ceremony for a new facility in Tamil Nadu, which will produce cars and SUVs and is expected to create 5,000 jobs. The factory will manufacture vehicles for Tata Motors and Jaguar Land Rover, catering to both domestic and international markets. The Tata Group has invested in multiple production units in Tamil Nadu over the past three years and has more than 150,000 direct employees in the state. The facility is designed to have an annual production capacity of over 250,000 vehicles and will gradually reach this capacity over the next few years.
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AI to Drive Deeper Job Cuts, Warns BT Chief Kirkby
StartupTalky
·
2m ago
Medial
Allison Kirkby, CEO of BT Group, indicated that advancements in artificial intelligence could exacerbate ongoing job cuts at the telecom company. BT aims to eliminate over 40,000 jobs and cut £3 billion in expenses by the decade’s end, possibly reducing up to 55,000 positions by 2030. Additionally, the future prospect of spinning off its network division, Openreach, was mentioned. This is amidst a broader trend of tech layoffs, where companies reduce workforces to optimize operations through AI.
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