News: Weekly Roundup (May 5-11): News you cannot miss


Weekly Roundup (May 5-11): News you cannot miss

MONDAY Infosys witnesses exodus of sales people in the US More than 50 people have exited Infosys in the US in the last few quarters with many joining its cross-town rival Wipro, according to a Times of India report. Most of the exits are thought to be in the Banking, financial services and insurance (BFSI) sector.


Infosys witnesses exodus of sales people in the US
More than 50 people have exited Infosys in the US in the last few quarters with many joining its cross-town rival Wipro, according to a Times of India report. Most of the exits are thought to be in the Banking, financial services and insurance (BFSI) sector.

Firms expand background check on job aspirants
Many companies have begun to conduct regulatory, compliance and criminal record checks of people seeking jobs with them amid growing risks of staff-driven security threats and corporate frauds, experts told PTI. They are also scanning the social media platforms for due diligence.

Singapore is favourite destination for firms, entrepreneurs
Singapore is now emerging as the clear favourite country for companies, entrepreneurs and students, according to an ET report. Besides being the most pro-business country where the government offers various schemes and resources at every level of business to give you the best chance to succeed, diversity and multiculturalism are among the top reasons for entrepreneurs to set up base in the country.

Proposed US immigration bill to snip Indian techie’s wings
The proposed Comprehensive Immigration Bill, which seeks to control among other things the entry of foreign IT professionals into the US, can severely restrict the competitive advantage of Indian IT companies and kill the aspirations of many thousands of Indian geeks if it is passed by the US Senate, a Hindustan Times report said.

Bring your own device to work a growing trend: Gartner
Soon, you will bring your coffee and lug your own device to work. An Economic Times report quoted a global survey by Gartner and said that by 2017 the Bring Your Own Device (BYOD) trend will become mainstream. As BYOD programmes become more commonplace, 38 per cent companies expect to stop providing devices to workers by 2017, according to a global survey of CIOs by Gartner, a research firm. “BYOD strategies are the most radical change to the economics and the culture of client computing in business in decades,” said David Willis, vice president and distinguished analyst at Gartner, in a release.


India Inc dangles bonuses, development plans to retain talent
Faced with downbeat market sentiment and high attrition, companies in sectors like financial services, auto, hospitality and manufacturing are focusing on training programmes and other initiatives to retain key talent at a time when they cannot afford big pay hikes, according to a report in Economic Times. The initiatives range from introducing retention bonuses and more opportunities for internal movements to improving the health and wellness of employees.

Engineering-MBA still is winning formula to become CEO
What’s the classic recipe for corporate success? Get an engineering degree and top it up with an MBA from a premier B-school. This formula will help you scale the corporate ladder to the seat of the CEO, according to a report in Economic Times. Not surprisingly then, a majority of Indian CEOs have taken this predictable route to the echelons of corporate power.

Will Ajit Jain be the new CEO of Buffett’s Berkshire?
Berkshire Hathaway's reputation as a lender of last resort will get stronger under its next chief executive officer because the company will have more capital to deploy in times of crisis, Warren Buffett said. This was reported by Bloomberg.

IDFC Capital appoints Sandeep Gupta as MD of Corp Fin Div
Infrastructure finance company IDFC Ltd announced appointment of Sandeep Gupta as Managing Director of Corporate Finance Division of IDFC Capital. Gupta will look after financial services and financial sponsors and will report to Tapasije Mishra, CEO, IDFC Capital, a company statement said here.

More bank, insurance officials face suspension
With nearly all the banks and insurance companies targeted by the recent sting operation promising to take action, more officials face suspension. All banks and insurance companies said that they have initiated inquiries and would take action, a Times of India report said. Cobrapost on Monday alleged that several government-owned banks and insurance companies offered to open bank accounts and lockers for customers without following Know Your Customer (KYC) norms and convert their black money into white, aiding illegitimate money laundering.


Indian-origin Ivan Menezes takes over as CEO of Diageo
An Economic Times news article reported that 53 year old Ivan Meneze, will take over Paul Walsh as CEO of the global product firm, Diageo Plc. Menezes is currently the chief operating officer in the company. Menezes holds a BA degree in Economics from St Stephens College, Delhi and a PG Diploma from IIM, Ahmedabad. Menezes has worked with Nestle, Booz Allen Hamilton, and Whirlpool before joining Diageo.

Govt. of India looking to employ education services firms to fight cyber attacks
Business Standard reports that the Government of India has released its plans to develop a national cyber security architecture and will be looking to employ skilling providers to train cyber security experts. In January the government asked vice-chancellors of technical universities and institutions in the country to introduce cyber security and information security as subjects at undergraduate and post-graduate levels.

E&Y survey reveals deplorable state of ethics in India
Financial Express reports that a recent E&Y survey among Indian organisation reveals the widespread existence of unethical practices among Indian organisations and that employees in India feel that offering bribes is justified. Despite the existence of compliance and awareness programmes, a significant and influential group still regards unethical business practices as acceptable.

Skilling firm NIIT to start education in the non-IT skilling space
Skilling and education company, NIIT Ltd. has diversified its business model by moving into the non-IT space. A Live Mint article reports that NIIT announced the opening of its first cloud campus on to provide education in management, finance, and social media marketing.

Machine to Machine (M2M) communication to reduce IT employment
A Hindu Business Line article reveals that many Indian companies are looking to deploy machine to machine (M2M) communication systems to reduce human intervention in processes. Last week, Infosys tied up with software maintenance and automation firm, IPsoft to automate recurring manual IT tasks, reduce human intervention, and detect and heal IT systems automatically.


Microsoft appoints first-ever woman CFO
The Economic Times reported that Microsoft Corp. has appointed Amy Hood as the Chief Financial Officer (CFO). Prior to that, Hood was the head of finance of the company’s Office division. She is the first woman to hold the CFO post at Microsoft.

Flexi workspace services providers see rise in demand
The Economic Times reports that owing to Indian companies targeting to save real estate costs and maximise resource utilisation, flexible workspace service providers are witnessing a rise in demand. Some of the largest names in flexible workspace services, such as Regus, Apeejay Business Centers, and DBS Office Business Centers have seen a rise of up to 20%.

Low ‘single-digit’ hikes for Cognizant’s onsite employees
Cognizant announced that all offsite employees of the company in all locations, including India will receive an average salary increase of 8 per cent this year. The Hindu Business Line reports that though the company posted a good Q1 result with 16.6% growth in revenue, it was still lower than the company’s projected growth aspirations of 23%.

Lupin appoints next generation of leadership
A Business Standard article reports that the Board of Directors in India’s third largest pharmaceuticals company, Lupin, appointed Chairman D.B. Gupta’s daughter, Vinita Gupta as CEO and his son, Nilesh Gupta as Managing Director. Nilesh Gupta has replaced the existing managing director, Kamal K Sharma, who has been promoted to the position of vice-chairman.

IBM wins 10-year, $ 123 million contract
A ZDNet news report states that IBM has won a 10-year, $ 123 million contract to replace the existing human resource system of the U.S. Department of Veterana Affairs. Based on the deal, IBM will build, operate, and maintain the new HR system which will be deployed across the enterprise by 2015.

Companies double reward for women referrals
An Economic Times report says that many companies, in their efforts to increase their diversity commitment, have started double referral payouts for referring women candidates. HSBC and Accenture are two companies that are spearheading this trend.

Leadership succession crisis in manufacturing
An Economic Times news reports states that the manufacturing sector in India is facing an impending leadership succession crisis as companies were unable to build a talent pipeline. Many manufacturing companies are expanding their overseas operations and are looking to hire senior leadership talent from outside.

Educomp’s ratings downgraded
Livemint reports that Educomp’s ratings were downgraded from ‘A’ to ‘BBB’ by India Ratings and Research Pvt. Ltd., an arm of Fitch Ratings. Educomp’s ratings were downgraded based on the company’s declining revenue and profit. The report states that the ratings of the company might be further downgraded in the future.

ILO says that 70 million youth will be unemployed in 2013 globally
A Hindu Business Line article states that the International Labour Organisation (ILO) brought out a report stating that 70 million youth across the world will be unemployed by the end of 2013. Among the developing nations, the report states that countries such as India and China that has about 90% of the world’s youth, 60% had neither work, not were they studying or engaged in any irregular profession.

Reliance Industries plans to increase hiring in retail business
An Economic Times report says that Reliance Industries plans to continue its growth in retail and broadband business lines. The company has recently hired 100 new professionals, including senior management professionals.

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Topics: C-Suite, #Updates

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