July 12: News Views
July 12: News Views
Salman Khursheed and Veerappa Moily switched profiles to become Law Minister and Corporate Affairs Minister respectively. Jayanthi Natarajan was given the Environment and Forests portfolio. Among other important appointments were Dinesh Trivedi as Railways Minister and Milind Deora as Minister for Communications and Information Technology.
PM Manmohan Singh retained key allies in a cabinet reshuffle on Tuesday, shunning big changes in a bid to hold onto power amid charges of graft and policy paralysis.
In his second cabinet revamp this year, the beleaguered prime minister shied away from his pledge of a major shakeup, choosing instead to focus on gaining rural support ahead of 2012 state elections.
Labourers work inside an electrode factory on the outskirts of Jammu
India's industrial output in May rose a slower-than-expected 5.6% from a year earlier, government data showed on Tuesday.
April's industrial output growth was revised downwards to 5.8% from 6.3%.
Manufacturing output, which constitutes about 80% of the industrial production, rose an annual 5.6%, the federal statistics office said in a statement.
During April-May, industrial output grew 5.7% from 10.8% a year ago.
Industrial output grew 7.8% in FY11 that ended in March, slower than 10.5% clocked in the previous fiscal.
A man walks past a billboard of Infosys Technologies Ltd's office in Bangalore
India's second-largest software services exporter Infosys warned on Tuesday it faces a volatile global economy and a possible slowdown in client spending.
The company, long considered a bellwether for India's showcase $60 billion IT industry, disclosed its client acquisition numbers were the lowest in four years and its costs were increasing because it was paying higher wages to retain talent in the ultra-competitive industry.
The company narrowly missed expectations with a 15.4% rise in first-quarter profit and its shares were hammered in Mumbai, falling nearly 6%.
Bangalore-based Infosys, also listed on the Nasdaq, said consolidated net profit rose to Rs 1,722 crore ($ 387 million), from Rs 1,488 crore a year earlier.
Revenue rose about 21% to Rs 7,485 crore, as the firm added 26 clients in the June quarter.
People stand inside a Cisco TelePresence conference room in New York
Networking equipment company, Cisco Systems Inc, could eliminate as many as 10,000 jobs, or about 14% of its workforce, to revive profit growth, Bloomberg said, citing two people familiar with the matter.
As many as 7,000 jobs would be eliminated by the end of August, the people told the agency. Cisco is also providing early-retirement packages to about 3,000 workers who took buyouts, according to Bloomberg.
Early on Monday, Reuters reported that Cisco may slash about 5,000 jobs to meet Chief Executive John Chambers' goal of slashing costs by $1 billion. Reuters had cited Gleacher & Co analyst Brian Marshall.
A Cisco spokeswoman told Reuters on Monday that the company will provide details on cost reductions, including layoffs, during its earnings call on August 11.
A Sony logo is pictured at an electronic shop in Tokyo
Sony India, a unit of Japan's Sony Corp, expects sales growth in the current financial year to slow down to 35% compared with a 46% rise a year ago, a top official told reporters on Tuesday.
The revenue growth is expected to slow down due to the current macroeconomic environment, including rising interest rates and inflation, resulting in customers cutting back on purchases, Masaru Tamagawa, managing director at Sony India said.
The firm has earmarked advertising and promotional expenditure of Rs 360 crore ($80.9 million) for the current financial year ending March 2012.
Sony India, which began operations in 1994, competes with the Indian units of Samsung Electronics Co and LG Electronics Inc among others.
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