Banking
Unisys to axe 1,300 jobs; suspends salary hikes
Dec 23rd
IT services and solutions provider Unisys Corporation has said it will slash as many as 1,300 jobs across the world and plans to forgo any salary hike next year in most of the countries where the company operates.
“The headcount reductions have begun and will continue into 2009… the company also plans to forgo 2009 salary increases in most of the company’s markets,” Unisys Corporation said in a statement.
Unisys said that it is exploring a wide range of cost-reduction options and that actions currently underway are expected to reduce its annual cost structure by more than USD 225 million. (more…)
More >World Bank to aid India banks in new lending plan
Dec 15th
A $14 billion World Bank lending plan for India, the biggest ever by the global lender to Asia’s third-largest economy, will help recapitalize state-run banks facing liquidity strains and target the country’s poorest regions, a senior Bank official said.
In an interview with Reuters, Rachid Benmessaoud, the Bank’s acting country director to India, said some $3 billion of the loan will focus on areas most affected by the global financial crisis, including state-owned and housing banks, small- and medium-sized enterprises and infrastructure.
“The capital market is drying up in India and we have seen that a number of commercial state banks are More >