Estee Lauder slashes 2,000 jobs as profit drops

Estee Lauder said on February 5, it would cut 2,000 jobs in a major streamlining after profits fell in the latest quarter,

It is learnt that the job reduction, representing about 6% of the workforce, will be made over the next two years, part of a new four-year streamlining to fight the fallen sales.

Tata Motors likely to roll out Nano on March 3

Tagged as the world`s cheapest, the small car`s first recipients may be celebrities, including political leaders, social workers, sports stars and film stars.

It is believed that the company had chosen March 3 as the launch date because it is the birth anniversary of Tata Group founder, Jamsetji Tata.

ICICI Bank fires forex dealer for fraud

ICICI Bank has fired one of its forex dealer who had executed improper forex forward trades by executing deals to favor four Kolkata-based corporates

The dealer has been suspected to have received a kickback from the four unlisted corporates for these favors. The bank began investigating the matter after it sensed the fraud in December. The trader was fired last week.

Posco plans USD 1 bn plant in Maharashtra

Posco, the South Korean steel giant is planning a USD 1-billion greenfield steel processing facility in the state of Maharashtra

The process for land acquisition of the company has already started at the Maharashtra Industrial Development Corporation-run Vile Bhagad industrial estate in Raigad district. The investment will be carried out in phases

Infosys contemplates salary cut, halts fresh recruitment

Infosys Technologies, India`s second largest IT firm is mulling over a salary cut and increments,

Citing global meltdown as the reason, Pai disclosed that although 20,000 campus recruited last year would be honored, they would not go in for fresh recruitments.

IBM offers jobs to laid-off workers in India

Software giant, International Business Machines (IBM) Corporation is offering jobs to its recently laid-off employees in ``growth markets`` like India and Russia through its new program.

The `Project Match` program, charted out by IBM, is offering its outgoing workers in the US and Canada a chance to take an IBM job in India, Nigeria and Russia, said IBM.

Infosys, University of Cambridge ink MoU for joint research

Infosys Technologies; an information technology (IT) major has signed a memorandum of understanding (MoU) with the University of Cambridge

The MoU is inked for collaborative research ventures in the fields of engineering, management and business, architecture and pharma to develop opportunities in these areas over the next three years.

Four Soft decides against Take Solutions merger plan

Four Soft has decided to shelve the intended merger with Take Solutions, a technology-enabled business solutions provider.

The decision was taken by the board of directors of the company at its meeting held on Feb. 06, 2009.

U.S. January job losses worst in 34 years

U.S. employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years as the national unemployment rate shot up to 7.6 percent, according to a Labor Department report on Friday that underlined a deepening recession.

Payrolls plunge by 598,000, the most since 1974 Unemployment rate jumps to 7.6% on widespread job losses

The fury of the recession intensified in January, as the unemployment rate jumped to 7.6%, and nonfarm payrolls fell by the largest amount in 34 years, the Labor Department reported Friday.

Nonfarm payrolls fell by a seasonally adjusted 598,000 in January after a revised loss of 577,000 in December, the government said. It's the largest payroll loss since December 1974, according to a survey of workplaces. Payrolls fell by 597,000 in November.

USA economic data

U.S. nonfarm payrolls plunge 598,000, the most since 1974

U.S. Jan. nonfarm payrolls fall 598,000, most in 34 years

U.S. Jan. unemployment rate rises to 7.6% from 7.2%

U.S. payrolls drop 3.6 million since start of recession

U.S. Jan. average hourly earnings up 5 cents, or 0.3%

U.S. Jan. total hours worked fall 0.7%

U.S. Jan. nonfarm payrolls worse than 525,000 loss expected

U.S. Jan. unemployment rate higher than 7.5% expected

U.S. benchmark revision lowers Dec. payroll count by 311,000

U.S. Jan employment rate highest since Sept. 1992

U.S. Jan. factory payrolls fall 207,000, most in 26 years

FedEx winds down Asian hub in the Philippines

FedEx began winding down its Asian hub in the Philippines and shedding 800 staff Friday as the U.S. courier giant started full operation of a new regional facility in China,

Australia's RBA cuts outlook, hints end to rate cuts

The Reserve Bank of Australia said Friday that monetary and fiscal conditions "are providing substantial stimulus" to the economy, signaling the cycle of interest rate cuts which began in September is drawing to a close.

South Africa slashes rates by 1% to boost growth

The South African Reserve Bank slashed its benchmark interest rate by 100 basis points to 10.5% Thursday in an aggressive move to boost sluggish economic growth.

the bank may reduce rates by a further 100 basis points at its next meeting scheduled for April 16

NEC Corp. to exit PC market in Europe

Japan's NEC Corp plans to withdraw from the personal computer market in Europe to cut losses incurred because of increasing competition, including from U.S. rivals such as Dell and Hewlett-Packard Co

analysts speculate on a Microsoft phone

Analysts from Broadpoint.AmTech on Thursday became the latest to speculate publicly that Microsoft Corp. intends to release a branded cell phone, likely in the second half of this year.

Jobless claims surge to 626,000, highest since 1982

The number of new claims for state unemployment benefits surged to their highest level since 1982, according to official data released Thursday, a sign that the U.S. labor market is deteriorating at a rapid rate.

Initial jobless claims rose 35,000 to a seasonally adjusted 626,000 in the week ended Jan. 31, the Labor Department reported. This put the number at the highest level in 26 years.

Toyota warns of $5 billion fiscal year operating loss World's largest automaker hit by weakening sales, stronger yen

Toyota Motor Corp. said Friday losses for the business year ending next month will be larger than it had earlier forecast as sales weaken in Japan and overseas markets and an appreciating yen trims the value of repatriated foreign earnings.

Toyota said its operating loss will likely widen to 450 billion yen ($4.95 billion) for the fiscal year ending March 31. In December, the Nagoya-based automaker forecast a 150 billion yen operating loss.

The operating loss is the first in Toyota's modern history since the end of World War II.

Bank of America shares touch multi-decade lows Nationalization concerns linger, but shares rebound on insider buying

Shares of Bank of America Corp. briefly dropped to their lowest level in more than two decades Thursday on concern the U.S. government may nationalize the banking giant to help stabilize the broader financial system.

The shares slumped as low as $3.77 earlier in the volatile session -- the lowest level since at least 1984,