Weekly Round-up (June 16 - June 20): News you cannot miss
This week was marked by a positive news from the e-commerce sector as the e-tailers owing to a growth in their businesses are on a hiring spree. The 10 top e-commerce firms plan to hire 60,000 people for the year ending March 31, 2015, the highest in a year for the fledgling industry. Moreover, this week seemed to be flooding with jobs as State Bank of India, also announced its plans to recruit about 7,200 people as nearly 8,100 members of its staff are due to retire during the current fiscal. In addition, TCS has become the world’s third largest employer of people in the technology sector, with over 3 lakh employees.
On the other hand, Macquarie Group Ltd, Australia’s biggest investment bank, stopped issuing structured products out of Asia as of 13 June and plans to cut jobs from its structured products team. Also, Air India has in the last six months terminated the services of 45 cabin crew on ground of absenteeism and will be serving final notices to 59 more in the next month and half. In an initiative to stay connected with its ex-employees who opted for a VRS, Nokia Nokia India is implementing what it calls a ‘Bridge’ programme helping them during a difficult period and earning goodwill among those who worked at the Chennai plant.
There were a few major significant movements that took place in this week. HCL Infosystems appointed Bimal Das as the Joint President for its distribution business. SAP Labs India announced that Anirban Dey has left the organization for personal reasons. He was associated with SAP Labs since 2008 and was appointed as the Managing Director of SAP Labs India in January, 2013. Nita Ambani, wife of Reliance Industries chairman Mukesh Ambani, was inducted on the board of the company at the company’s 40th Annual General Meeting. BSE-listed AGC Networks has appointed Amal Thakore as Chief Financial Officer (CFO).