There will be no pink slips in the Indian information technology industry as it has countered the impact of the current global financial tsunami well, according to Nandan Nilekani, co-chairman of Infosys Technologies.
“The fundamentals in the information technology sector are strong,” said Nilekani, who is a member of a business delegation accompanying Prime Minister Manmohan Singh here. “I do not see any job cuts.”
Yahoo to cut 10% jobs
Yahoo said in San Francisco that it would lay off at least 10 per cent of its 15,000 workers as it tries to bring down its expenses. It said reduced marketing budgets had taken a bite out of its online advertising business, sending its net income for the third quarter tumbling by 64 per cent.
Jerry Yang, a Yahoo co-founder and its chief executive, said the layoffs were a necessary step that would allow Yahoo to operate more efficiently and weather a downturn.
“Going through layoffs is a very tough thing, but I also think we are doing the right thing by keeping flexibility for the company,” Yang said.
Yahoo might cut some of its services altogether, he said, but declined to name which projects may be headed for the chopping block. The goal was to reduce annual expenses by more than $400 million before the end of the year, he said.
Yahoo cut roughly 1,000 jobs this year, but new hires and small acquisitions since then have left the company with more than 15,000 employees, slightly more than at the beginning of the year.
Lenovo to cut 50 jobs in US
Reports from Hong Kong said Lenovo Group, the world’s No.4 personal computer maker, announced it would cut 50 jobs at its US headquarters by December, as the global economic crisis overshadows the business outlook. Lenovo has 1,680 employees at its US headquarters and 23,200 employees worldwide. Last year, the company laid off 1,400 workers and moved jobs to emerging markets.