Jul

31

Britain strict visa rules for foreign students

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Britain on Wednesday unveiled stricter visa rules under which students from India and other non-European countries will require to provide their fingerprints and prove that they have money to support themselves.

Official said that the new system, known as Tier 4, will be more transparent and easily understood and will simplify the existing immigration rules.

They said that as per the new rules all the students will have to be sponsored by education institutions that have been licensed by the UK Borders Agency.

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Jul

9

Siemens cutting 17k jobs worldwide to cut costs

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Industrial conglomerate Siemens AG said that it will reduce 16,750 jobs, or 4.2 percent of its global work force to slice approximately $2 billion in costs in the face of a weak economy. The Munich-based producer of products that ranges from light bulbs and medical equipment to speedy trains and power turbines said the cuts would contain 12,600 administrative jobs and 4,150 positions including restructuring projects at its several units.

Siemens said it will combine its businesses from the current 1,800 separate legal entities to a few than 1,000 and take its 70 regional companies and change them into 20 regional groups. It later said that the cuts have been made in order to cut down the total costs by 1.2 billion euros ($1.8 billion) by 2010.

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Jul

4

British professionals and graduates seek jobs in India

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British universities professionals and graduates are making a beeline for India because of its booming economy.

Thousands of people face the prospect of losing their jobs due to the current credit crunch and a downturn in the British economy.

Fresh MBA graduates from the University of Oxford’s Said Business School have taken the initiative to organise recruitment fair in Mumbai on July 30 and 31. They have already received an enthusiastic response from potential recruiters.

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Jul

3

American Could Cut 900 Flight Attendant Jobs

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As per report, American Airlines says it could cut 900 flight attendant jobs as it reduces flights due to high fuel costs.

The Fort Worth-based airline expects to reduce jobs for pilots and mechanics too, but it hasn’t released numbers yet.

American, the nation’s largest carrier, said that job cuts were necessary “to overcome near-term challenges and secure our company’s long-term future.”

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Jun

7

US unemployment steepest in two decades at 5.5%

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Labor Department data stated that in May the US unemployment rate has increased by a half percentage point to 5.5 percent and also said that this was the highest increase in more than two decades. US economy has lost jobs in a row for 5 months and fallen 49,000 jobs in May.

The Labor Department said that the unemployment rate was the highest in 4 years because jobs are consistently lost in construction, manufacturing and retail trade, temporary health service. The joblessness has increased the market expectations of a 5.1%.

Since October 2004, unemployment is increasing with the highest speed and the rise was the strongest since February 1986.

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Mar

25

Wall St May Cut 20,000 Jobs

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New York City is under threat of losing over 20,000 jobs in the next two years in financial sector as the disaster in mortgage markets drives down Wall Street’s profits, as per a report issued on Monday.

The city’s Independent Budget Office, in its report, approximated that Wall Street’s profits for 2007 will shrink to just USD 3.2 billion, from USD 20.9 billion in 2006.

Banks and brokerages make up almost 35 percent of all salaries in New York City. “The economic situation is particularly precarious. If the problems affecting Wall Street and housing worsen, the recession will be deeper and the fiscal pressures on the city will quickly mount,” said Ronnie Lowenstein, director of the Independent Budget Office.

Lowenstein asserted the revelations do not include any impact from the takeover of Bear Stearns & Co Inc by JPMorgan Chase. JPMorgan consented to buy Bear, which had been the fifth-biggest Wall Street investment, after Bear collapsed.

Wall Street’s job cuts are likely to take place this year, with an estimated decline of 12,600, with 7,600 cuts next year, the report said.CNBC, quoting unnamed sources, has added that JPMorgan may cut about half of Bear’s total work force.

Cuts on Wall Street have an associated effect, as each financial industry job can create two to three positions in some other sectors, from legal to leisure, the report said.

As per economists, banks and brokers, whose salaries average over USD 200,000 annually excluding bonuses, are already feeling the pinch.

Income tax refunds have soared far this year and higher-income workers have to pay quarterly taxes. According to Lowenstein, the forecasts presume a “relatively brief and mild recession,” and even that outcome would take a major part of revenues.

The report estimated that New York City’s tax revenues could drop considerably due to the downturn in the financial industry. Such decline would act as a turnaround. The New York City’s tax revenues have fallen, in 2002, after the September 11, 2001, attacks on the World Trade Center.

One brilliant spot is the tourism industry, as New York City benefits from the weak dollar in drawing visitors.



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