Outsourcing of jobs by global financial institutions to Indian shores has come under scanner, with the perpetrators of a $45 million worldwide ATM heist apparently breaching computer systems of a payment processing firm in India for their con job. According to charges filed by the US federal prosecutors here, eight persons have been indicted for participating in two worldwide cyberattacks culminating into a huge $45 million being withdrawn fraudulently from ATMs across the world in a matter of few hours earlier this year.
The modus operandi for the heist included hacking into computer systems of payment processing companies — one in the US and another in India — to compromise the account details of prepaid card account customers of two banks (one in the UAE and another in Muscat). This was followed by unlimited withdrawals from ATMs across the world. Continue reading →
Citing the many contributions of immigrants to India, a leading us Thinktank has suggested that America must roll out the welcome mat to high-skilled staff to remain competitive and innovative.
While a lot of of the congressional immigration reform discussion is focused on a path to citizenship for eleven million illegal immigrants as well as some 260,000 Indian, a proposal by Senate’s ” Gang of Eight” specializing in skilled staff ” should attract broad support,” it said, describing it as ‘path to prosperity’. Continue reading →
Leading Australian insurance firm QBE has reprotedly shifted a hundred IT jobs to india, consistent with the Finance Sector Union. Information Technology employees are the most recent casualties in QBE’s war on Australian employees, with a hundred IT jobs to be scrapped as a part of the insurer’s aggressive offshoring
Vodafone Germany will eliminate 500 jobs by 2015 and re-asisgn the position to India and Romania, where it can hire cheaper labor. German-language newspapers RP Online and Frankfurter Allgemeine both reported the plans to cut jobs Tuesday, after obtaining copies of an internal letter written by Vodafone Germany CEO Jens Schulte-Bockum.
In the letter, Schulte-Bockum said the company could not afford high salaries in such a tough operating environment. Continue reading →
Infosys Technologies co-chairman S Gopalakrishnan took over the helm of the Confederation of Indian Industry (CII) this month. He spoke to ET’s Vikas Dhoot and Shelley Singh about the challenges ahead for India’s investment climate and though he didn’t discuss Infy’s latest quarterly results, he did say that the IT sector needs to evolve new models. Excerpts: Continue reading →
India’s job market is in for hassle. 24 lakh graduates are out of colleges every year however there are jobs just for 10 lakhs.
Fifteen lakh engineers are being trained and even two huge economies, USA and China put together don\’t have that many engineers. These qualified graduates and post graduates might be a drag, if jobs aren\’t created, says a report.
According to a report, these engineers may end up doing jobs not suited to them and due to supply being more than demand, the wages would not increase Continue reading →
Indian IT & ITES corporations may be attempting hard to achieve more H1-B visas, however back home, they’re probably to rent nearly 50,000 less this financial .
According to IT sector lobby Nasscom, the $100-billion industry has a large-scale backlog of recruitment from last year and therefore, this fiscal’s overall hiring is expected to be below the previous year. Continue reading →
Investments by Indian companies into Europe have created 3 times more new jobs on the continent than the Chinese investments have, a report says.
The Euro 43 billion invested by Indian companies between 2003 and 2012 has created 40,000 new jobs in greenfield projects, which is Three times the ones created by Chinese firms, a report by The Europe India Chamber of Commerce (EICC) said. Continue reading →
Thousands of Indians, particularly Malayalis employed in saudi arabia, could also be impacted by a new work policy of the kingdom that seeks to order a certain percentage of jobs for locals. According to the new Nitaqat policy – or Saudisation programme – of the kingdom, 10 per cent of jobs are to be reserved for locals. The policy is aimed at increasing employment opportunities for Saudi nationals.
There are over 2 million Indians working in saudi arabia, as well as 576,000 from Kerala alone. Continue reading →
A sluggish economic growth rate appears to be directly impacting the growth of recent jobs within the country. throughout the second half of the fiscal year 2012-13, Ahmedabad, among major cities, registered the best decline within the new jobs generation-growth, as per report from Assocham. Continue reading →