Most India Inc top honchos expect recovery to sustainSeptember 29th, 2009 NEW DELHI - A whopping 63 percent of top executives of India Inc believe a sustainable economic recovery is under way, according to a survey conducted by a leading think-tank. Indian business honchos are the most optimistic of the lot in Asia of a sustainable economic recovery, said the survey, conducted among 258 senior executives from Asia by the Economist Intelligence Unit (EIU).
Study finds recession has led to spending cuts for people in every income levelSeptember 22nd, 2009 Study: Consumer spending cuts reach across incomesNEW YORK — Across all income levels, the recession has led shoppers to reevaluate their spending and adopt cost-saving strategies — and people say those new habits will last even after the economy recovers. A new survey commissioned by IBM found that 72 percent of respondents have made "significant spending cuts" because of the economy.
GM rescinds white-collar salary cuts it made as it struggled to avoid bankruptcy protectionSeptember 11th, 2009 GM rescinds white-collar pay cuts made in springDETROIT — General Motors Co. has rescinded white-collar pay cuts it made last spring as it desperately tried to conserve cash and avoid filing for bankruptcy protection.
Bailed-out banks tried to follow pay rules but got little guidance from Treasury, audit findsAugust 19th, 2009 Audit: Little guidance for banks facing pay rulesWASHINGTON — Bailed-out banks were scrambling to comply with executive compensation rules months before the regulations were finalized, according to an inspector general report released Wednesday. Treasury did not issue its most recent set of rules limiting executive compensation until June 15, but companies that took money from the $700 billion financial bailout earlier this year already had hired consultants and started assessing the risks of the rules months earlier.
Bank of America pays $33-mn fine for misleading bonusesAugust 3rd, 2009 WASHINGTON - The Bank of America agreed to pay US regulators a $33-million fine for misleading its investors about billions of dollars in bonuses paid to Merrill Lynch executives when it acquired the investment bank. While seeking stockholder approval of the deal to acquire Merrill Lynch, the Bank of America said that Merrill would not pay year-end bonuses to its executives, the Securities and Exchange Commission said.
Business forecasters see less gloomy outlook as fewer expect job cuts in months aheadJuly 20th, 2009 Company forecasters less pessimisticWASHINGTON — With the U.S. economy expected to emerge this year from the longest recession since World War II, business forecasters are feeling a bit less gloomy about the future.
In 'solidarity' with others hurt by recession, 50 Methodist bishops take a voluntary pay cutJuly 8th, 2009 50 Methodist bishops agree to cut their payINDIANAPOLIS — One of the nation's largest Christian denominations is addressing the nation's financial crisis with what it hopes will be a spiritual teaching moment as well as a cost-saver. Fifty United Methodist Church bishops in the United States will roll back their salaries by 4 percent next year in what Bishop Gregory Palmer of Springfield, Ill., president of the Council of Bishops, says is a gesture of solidarity with others hurt by the global economic downturn.
Germany passes law limiting executive pay; excessive bonusesJune 18th, 2009 Germany passes law limiting executive payBERLIN — Germany passed a law Thursday that limits the salaries top executives are allowed to earn and encourages companies to focus on long-term strategies and performance. Lawmakers from Chancellor Angela Merkel's ruling Christian Democrats and their coalition partners, the Social Democrats, voted in favor of the law, which was drawn up in response to the global economic crisis.
UPS says it won't furlough any pilots for at least 10 months, after union agrees to cost cutsJune 8th, 2009 UPS won't furlough pilots till at least April 2010ATLANTA — UPS Inc. won't furlough any of its pilots for at least 10 months, after the union reached a deal with the world's largest shipping carrier that includes more than two-thirds of the cost cuts the company wanted.
US cuts fewer jobs in May, a sign recession is easingJune 5th, 2009 WASHINGTON - US companies shed only 345,000 jobs in May, the smallest drop in eight months and a sign that the US recession may be easing, but the unemployment rate still jumped half a percentage point to 9.4 percent, the Labour Department reported Friday. The US has now lost six million jobs since a deep recession began in December 2007, but the monthly data was far better than economists had predicted.
New England newspaper chain Gatehouse Media Inc. to cut salaries of most employees 8 percentMay 29th, 2009 Gatehouse paper chain to cut salaries 8 percentBOSTON — Newspaper publisher GateHouse Media Inc. is temporarily cutting the salaries for most of its 1,500 employees in New England an average of nearly 8 percent to save money and avoid job cuts.
India Inc against layoffs, but freezes hiring: SurveyApril 30th, 2009 NEW DELHI - Most Indian companies have decided not to resort to any more job cuts even as they have put a cap on fresh hiring and staff incentives with a curb on outstation travel for executives, says a survey released Thursday. More than 75 percent of the respondents in the survey by PricewaterhouseCoopers (PwC) said they were reviewing their recruitment strategy to manage costs.
Survey: Hospitals cutting services, staff, other spending as recession hurts their financesApril 27th, 2009 Hospitals cutting services, staff amid recessionTRENTON, N.J. — Ailing from the recession, many U.S.
Jet Airways cuts salaries of 370 employeesApril 24th, 2009 NEW DELHI - India's leading private carrier Jet Airways Friday said it has cut salaries of at least 370 senior employees as the airline was bleeding on account of falling traffic and rising operational costs. 'We have temporarily imposed a reduction in salaries for the management cadre.
IT companies in Kerala face heat of slowdownMarch 19th, 2009 THIRUVANANTHAPURAM - The global economic slowdown has taken its toll on the IT companies in Kerala, with some cutting salaries, while some others have already having informed stakeholders that they have no option but to cut operating costs. The IT sector in the state has reached an annual turnover of around Rs.1,500 crore (Rs.15 billion/$300 million), providing direct employment to 60,000 people, of which close to 30,000 are employed at the various Technopark campus here and Infopark campus at Kochi.
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