H1B visa fee hike to have impact running into multi-million dollars: Wipro
Country's third largest software services firm Wipro said the recent H1B visa fee hike by the US will have a "large impact running into multi-million dollars". The company is looking to mitigate the impact by hiring more locals in the US.
Second edition of gold bond scheme opens
The second edition of sovereign gold bond scheme opened for subscription by resident Indians for five days from Monday, with the value of the commodity fixed at Rs.2,600 per gram of 99.9 percent purity, and an interest rate of 2.75 percent per annum.
Sensex closes at lowest level since May 16, 2014
The S&P BSE Sensex fell 266 points lower to end below its crucial psychological level of 24,500 on Monday, while broader CNX Nifty closed below 7,400 for first time since June 02, 2014. The benchmark indices tumbled as concerns about the global economy are mounting after crude fell to its lowest since 2003, while data showed the country's exports shrunk for a thirteenth straight month. The 30-share index ended the day at 24,188.37, down 266.67 points, while broad-based 50-share index quoted 7,351.00, down 86.80 points at close.
Tata Motors names former Airbus executive as new CEO
Tata Motors Ltd has hired former Airbus Group executive Guenter Butschek as its new chief executive, India's largest automaker said. Butschek, who will start his new job by February 15, replaces Karl Slym, who died two years ago. He will lead Tata Motors' business in India and in international markets including South Korea, Thailand, Indonesia and South Africa, the company said in the statement on Monday.
Tata Steel to axe 1,050 UK jobs in cost saving move
Grappling for survival, Tata Steel announced it will cut 1,050 more jobs in the UK, including the country's biggest steel plant, as part of the Indian steel giant's broader cost-reduction plan for its business amid "unfair" steel imports from China. Today's "cost-saving" proposal comes over and above the October lay-off of 1,200 roles employed by Britain's biggest steelmaker, that also appealed to the EU to take urgent action to check the imports in the country for a level-playing field.