Tech Mahindra asks engineers to join BPO; freshers protest
Bangaloreans hope to get able representativesBANGALORE - The electorate of India’s IT hub are hoping that they have voted for strong leaders who can help the city overcome the ‘twin trouble’ of economic slowdown and lack of civic amenities. US retirement fund fast running out of cashWASHINGTON - The US government pension and health insurance programmes will soon run out of resources as the baby-boom generation prepares for retirement and the ongoing recession hits tax receipts, officials warned Tuesday. Recession hits Social Security, Medicare, too _ funds face insolvency faster than expectedWASHINGTON — Social Security and Medicare are fading even faster under the weight of the recession, heading for insolvency years sooner than previously expected, the government warned Tuesday. Tough economy has hit RV industry hard, but good deals abound as dealers look to make salesNEW YORK — Those looking for a bargain on a vacation probably wouldn’t have the figure $40,000 in mind. But a vacation on wheels is a great deal right now. Dollar drops as trade deficit widens in March, median home prices fall; stocks end mixedNEW YORK — The dollar dropped against the euro and the pound Tuesday after a report showed that the U.S. trade deficit rose in March, while home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year. Meltdown 101: The JOLTS report on job openings, hiring and layoffs offers clues about economyWASHINGTON — The good news is that, even in a recession, there are 2.7 million jobs available around the country, according to a government report released Tuesday. The bad news is that there are, on average, about five unemployed people for each one. Trade, housing data showing some stability at very low levels; labor market weakness persistsWASHINGTON — Despite weak performances in three areas — trade, home sales and job openings — the U.S. economy appears closer to stabilizing, though at low levels, economists said. Freddie Mac seeks $6.1 billion in government aid after posting $9.9 billion first-quarter lossWASHINGTON — Mortgage giant Freddie Mac is looking for $6.1 billion in additional government aid as the cost to taxpayers from the housing market bust keeps growing. AAA: Cheaper gas and a case of cabin fever will mean more travel this Memorial Day weekendNEW YORK — After a plunge in gas prices, Americans are expected to hit the highways in larger numbers this Memorial Day, giving the traditional start of the driving season a boost for the first time since 2005, AAA said Tuesday. New hires get less pay as more unemployed workers chase fewer jobsWASHINGTON — With nearly 14 million Americans unemployed, a growing number of people are competing for a dwindling number of job openings, allowing some employers to drive down pay and benefits for new hires. Social Security and Medicare both facing depletion of trust funds sooner because of recessionWASHINGTON — Social Security and Medicare are fading even faster under the weight of the recession, heading for insolvency years sooner than previously expected, the government warned Tuesday. Social Security will start paying out more in benefits than it collects in taxes in 2016, a year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner, trustees reported. Gas is cheaper, but bad economy is cutting vacations short anywayWhen gas prices hit $4 a gallon last summer, Joyce and Ricky Eagle of Warrenton, Va., simply padded their travel budget a little before tooling around the Midwest in their motor home. Government runs April deficit for first time since ‘83; tally so far this year $802.3 billionWASHINGTON — The federal government ran a deficit in the month of April for the first time in 26 years, pushing the red ink so far this budget year to a record $802.3 billion. Target’s activist shareholder to hold town meeting to press case for a new slate of directorsNEW YORK — Less than three weeks ahead of what’s expected to be a heated proxy contest at Target’s annual shareholders’ meeting, activist shareholder William Ackman aims to strengthen his case to investors for a new slate of directors by personally introducing his roster at a town hall meeting here Monday. Investors shift focus from banks to consumers ahead of retail earnings, spending reportsNEW YORK — After a week when investors were reassured by the government’s assessment of the banking industry and its latest reading on the job market, Wall Street’s focus turns to the consumer. Investors shift focus from banks to consumers ahead of retail earnings, spending reportsNEW YORK — After a week when investors were reassured by the government’s assessment of the banking industry and its latest reading on the job market, Wall Street’s focus turns to the consumer. That’s the ticket: Hundreds of parking pros head to Denver for annual conventionDENVER — Parking lots have a lot to do with economic recovery. Really. South Africa prepares to swear in Jacob Zuma, who faces tough challengesPRETORIA, South Africa — South Africans started gathering before dawn and danced in chilly rain Saturday as the country prepared to swear in Jacob Zuma with an excitement that recalled Nelson Mandela’s 1994 inauguration. Obama says unemployment system should be a stepping stone to future work, not a safety netWASHINGTON — President Barack Obama wants unemployment insurance to become a stepping stone for future work by making it easier to enroll in school or job training. Whether he succeeds will depend on the willingness of states and colleges to change the rules. Goldman Sachs chief sounds upbeat note on economy at annual shareholder gatheringNEW YORK — Goldman Sachs Group Inc. Chairman Lloyd Blankfein sounded an upbeat note about the economy at the company’s annual meeting Friday. German sportswear company Puma says first quarter net profit falls to €5.6 millionFRANKFURT — German sportswear company Puma AG said Friday net profit fell substantially in the first quarter as the global recession and restructuring charges hurt sales and earnings. Battle to ban bikers in South Carolina beach town comes during tough economic timesMYRTLE BEACH, S.C. — In the midst of a recession and with loads of empty hotel rooms, South Carolina’s vacation hot spot is hanging a “No Vacancy” sign for hundreds of thousands of motorcycle riders who have come here each May. Buffett’s Berkshire reports 1st loss since 2001 attacks, writes down ConocoPhillips stakeOMAHA, Neb. — Warren Buffett’s company reported a $1.5 billion first-quarter loss as it wrote down its ConocoPhillips investment and mostly unrealized derivative losses helped drag Berkshire Hathaway’s results below last year’s $940 million profit. US banks turn to investors after ’stress tests’ findingsWASHINGTON - Major US banks turned to private investors Friday in the hopes of finding $75 billion that the government believes is needed for the financial sector to survive the ongoing recession. Treasurys rise along with stocks after government releases April jobs dataNEW YORK — Treasury prices rose Friday after mixed economic data led investors to buy back into government debt. Evidence growing that worst of recession over, but recovery will be slow as unemployment growsWASHINGTON — Evidence is piling up that the worst part of the recession has ended. But that doesn’t mean the pain is over. Wall Street storms higher on relief over jobs data, results of bank tests; Dow jumps 165NEW YORK — As far as Wall Street is concerned there is no bad news anymore. UK lawmakers in trouble for expensing X-rated movies, piano tuning and horse manureLONDON — It has all the makings of a Monty Python sketch — prim British lawmakers caught in a farce over expense claims for everything from X-rated movies to a bathtub plug. Meltdown 101: A deep dive into the unemployment report sheds light on the nation’s challengesWASHINGTON — April saw the fewest job layoffs in six months, but that fact was no comfort to workers who were laid off or to the millions who have lost jobs during this recession. |
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After Wipro Technologies, another software outsourcing company, Tech Mahindra follows the footsteps of strange corporate about turn as the frshers of 2008 were handed over options of joining BPO for a meagre 6K/ month or sit at home for indefinite period. The 2008 B.Tech batch have already waited more than 1 year and now this mail is almost a nail on the coffin for the graduates. The protest came soon after as over 60 engineering graduates protested outside Tech Mahindra’s office in Salt Lake Sector V on Monday. When asked about the real demands of the students, one guy from the mob replied to our correspondent that
