English हिन्दी
Connect with us

Latest business news

IBM accused of sacking 1 lakh older employees to look ‘cool and trendy’



[vc_row][vc_column][vc_column_text]Information Technology Company IBM is facing a number of lawsuits over firing some 100,000 employees to boost its appeal to younger generations and make it appear ‘cool and trendy’.

IBM (International Business Machines Corp.) has been hit by several lawsuits accusing it of discriminating against older workers, including a class-action case in Manhattan and individual civil suits filed in California, Pennsylvania and Texas last year.

In a lawsuit hearing in the case filed by lawyers on behalf of ex-IBM salesman Jonathan Langley, a one-time HR vice president Alan Wild had reportedly testified “that 50,000 to 100,000 Big Blue staff has been axed in the past five or so years”. 

Wild claimed that IBM was short of talented new recruits and chose to draw in potential workers among millennials by showing them that instead of being ‘an old fuddy duddy organization’ it was as cool and trendy as Google and Amzaon.com Inc.

“To do that, IBM set out to slough off large portions of its older workforce using rolling layoffs over the course of several years,” he was quoted as saying.

Langley, 61, sued IBM last year for “unfairly ditching older capable staff to replace them with so-called early professional hires”. 

However, the 108-year-old IBM, on its part, said everything was done to please clients. 

In a statement, IBM said: “The company hires 50,0000 employees each year, and spends nearly a half-billion dollars on training our team. We also receive more than 8,000 job applications every day, the highest rate that we’ve ever experienced, so there’s clear excitement about IBM’s strategy and direction for the future.”

Also Read: Search still on for severed head of 3 year old, raped and beheaded by two men

While reports claim that the tech firm has seen nearly seven straight years of revenue decreases. Over the past 10 years, it fired thousands of workers apparently trying to cut costs as well as reform the workforce. Last year, the total number of IBM employees has fallen to its lowest point since 2013, with its global workforce down to 350,600 from nearly 425,000.

Last March, ProPublica published an investigation that found IBM had fired an estimated 20,000 US employees ages 40 or older in the past five years. [/vc_column_text][/vc_column][/vc_row]

India News

Withdrawal of Rs 2,000 notes statutory exercise not demonetisation: RBI tells Delhi HC



The withdrawal of Rs 2,000 banknotes is a statutory exercise, not demonetisation, the Reserve Bank of India (RBI) told the Delhi High Court on Tuesday.

The high court was hearing a petition challenging the decision by the RBI and SBI that enables the exchange of Rs 2,000 notes without the requirement of an identity proof. The plea filed by Advocate Ashwini Kumar Upadhyay said the decision was arbitrary and against the laws enacted to curb corruption.

Responding to the plea, the RBI said the decision to enable the exchange of Rs 2,000 notes was taken for operational convenience as the withdrawal is not demonetisation but merely a “statutory exercise.”

In his plea, advocate Upadhyay said he wasn’t challenging the decision withdraw the Rs 2000 notes but the decision to exchange the said denomination without requiring any slip or identity proof. The petition argued that the exchange of currency should only be allowed through bank accounts linked with Aadhaar.

It claimed that the current arrangement would only enable mafia and gangsters like “Atiq Ahmed’s henchmen” and Maoists while arguing that today almost every poor person has a Jan Dhan account and BPL persons are also connected to bank accounts.

A Delhi HC bench of Chief Justice Satish Chandra Sharma and Justice Subramanium Prasad said an appropriate order will be passed on the plea.

Advocate Upadhyay claimed in his public interest litigation (PIL) that the notifications by the RBI and the State Bank of India (SBI) that enable the exchange of Rs 2000 notes without requiring a requisition slip and identity proof were arbitrary, irrational and offend Articles 14 of the Indian Constitution.

The PIL claimed that cash transaction in in high value currency is the main source of corruption and used for illegal activities like terrorism, naxalism, separatism, radicalism, gambling, smuggling, money laundering, kidnapping, extortion, bribing and dowry, etc. and a large amount of the currency has reached either in individual’s locker or has “been hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias & corrupt people”.

RBI counsel, Senior advocate Parag P Tripathi argued that the emphasised that the court cannot interfere in such matters and the decision was taken to allow exchange of the Rs 2000 currency note for “operational convenience” as the said banknote is not commonly used and other denominations continue to meet currency requirements.

Advocate Tripathi said that no points mentioned by the petitioner impinge or deal with constitutional issues and as such the court cannot interfere.

On May 19, the RBI had announced withdrawal of Rs 2,000 currency notes from circulation, and said existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.

However, the 2,000 notes will continue to be legal tender, it had said, adding that the notes can be exchanged for other denominations from any bank starting May 23, albeit with a limit of Rs. 20,000 per transaction.

Both the RBI and the SBI issued notifications stating that no requisition slip or identity proof is required for exchanging the Rs 2,000 notes.

Continue Reading

India News

Factually baseless: SEBI on claims of investigations against Adani Group since 2016

The Securities and Exchange Board of India (SEBI) on Monday told the Supreme Court that all claims that the market regulator has been investigating the Adani Group since 2016 are “factually baseless” and one must not jump to “premature and wrong conclusions” in the case.



Adani Group

The Securities and Exchange Board of India (SEBI) on Monday told the Supreme Court that all claims that the market regulator has been investigating the Adani Group since 2016 are “factually baseless” and one must not jump to “premature and wrong conclusions” in the case.

In an affidavit filed in the Apex court, SEBI said that no listed company of the Adani Group was among the list of 51 companies that it had investigated for issuing of Global Depository Receipts or GDRs.

According to the affidavit, filed in response to a plea claiming that SEBI had been investigating the Adani group since 2016 and had opposed a six-month extension to its ongoing probe, the market regulator clarified that the ‘investigation’ “referred to in paragraph 5 of the reply affidavit has no relation and/or connection to the issues referred to and/or arising out of the Hindenburg Report.”

It further said that matter pertains to the issuance of GDRs by 51 Indian listed companies which the SEBI was investigating, adding that no listed company of Adani Group was part of the aforesaid 51 companies.

Read Also: Karnataka CM fight: Siddaramaiah emplanes for Delhi, Shivakumar says did not receive invitation from high command

The SEBI said that after the completion of the investigation, appropriate enforcement actions were taken. Hence, the claims that the SEBI is investigating the Adani Group since 2016 are “factually baseless.”

The regulator said the six-month extension is to ensure that a thorough investigation is carried out keeping in mind the interest of investors and the securities market.

The Supreme Court had on March 2, directed the SEBI to investigate violations by the Adani Group, if any, before and after the release of the damning Hindenburg report.

The SEBI had been asked to file a report within two months, however, on April 29, the regulator filed for a six-month extension to complete the investigation.

Adani Group endured over $120 billion in market losses- nearly half of the conglomerate’s estimated value—since the damning report released by US short-seller Hindenburg Research.

In its critical report, Hindenburg Research accused the Adani Group of indulging in improper use of offshore tax havens and stock manipulation while also raising concerns about high debt and the valuations of seven listed Adani companies.

Punjab court summons Congress chief Mallikarjun Kharge for comparing Bajrang Dal to SIMI, Al Qaeda in Karnataka manifesto

Karnataka gave befitting reply to BJP: Kerala CM Pinarayi Vijayan on poll results

Continue Reading

Kerala News

Enforcement Directorate raids Manappuram Finance offices in Kerala

The Enforcement Directorate (ED) today raided the headquarters and offices of Manappuram Finance in Kerala in connection with an alleged money laundering case against the non-banking financial company, reports said.



Manappuram Finance in Kerala

The Enforcement Directorate (ED) today raided the headquarters and offices of Manappuram Finance in Kerala in connection with an alleged money laundering case against the non-banking financial company, reports said.

According to reports quoting official sources, the ED conducted raids at four offices of Manappuram Finance across Kerala, including its headquarters in Thrissur and the home and office of its promoter VP Nandakumar.

They said the raids are part of the central probe agency’s investigation against the financial company for allegedly contravening Reserve Bank of India (RBI) guidelines and collecting public deposits worth over Rs 150 crore, adding that ED—which probes financial crimes—is investigating Manappuram Finance for alleged money laundering and the searches were undertaken to gather evidence in the purported case.

The sources claimed that the ED is looking at gathering documents and recording statements of the company executives in connection with its suspicion that the company has made “large-scale” cash transactions by violating KYC regulation set by the RBI, as per reports.

Read Also: Cabinet Secretary-led panel to look into problems of LGBTQ couples, Centre tells Supreme Court

They said that the financial crimes’ probe agency is investigating Manappuram Finance for money laundering but it unclear yet if a case has been filed in this regard by the ED.

A response from Manappuram Finance wasn’t available when this report was filed.

Meanwhile, the shares of the non-banking financial company slumped by 10 percent as the news of the ED raids at its premises broke.

Mannapuram Finance, a non-banking financial company with a significant foothold in South India, has been providing a myriad of financial services for the past over thirty years and some of its services including gold loans, housing loans, microfinance, among others.

The company had recently announced that it was considering various options for raising funds through borrowings, including issuing debt securities on onshore and offshore securities markets by public issue, private placement, or through commercial papers.

Wrestlers protest: Sports Minister tried to suppress the matter, alleges Vinesh Phogat

Gujarat High Court denies interim protection to Rahul Gandhi in Modi surname defamation case, reserves verdict after vacations

Continue Reading



© Copyright 2022 APNLIVE.com