Author: research editorial

Good News for Technologists! TCS Makes a Big Announcement, To Hire Over 1.25 Lakh People Soon

2023 began with a bang for techies, TCS Makes a Big Announcement, To Hire Over 1.25 Lakh People Soon, as Amazon and enterprise software company Salesforce announced layoffs of more than 25,000 employees.

While Amazon announced on Wednesday that it will lay off over 18,000 employees, Salesforce laid off 10% of its employees beginning January 18 due to hiring too many people during the pandemic. In the midst of all of this, the country’s largest software exporter, Tata Consultancy Services (TCS), announced that it will hire over 1.25 lakh people in FY24.

“Looking at our overall hiring trends, we are likely to continue (hiring) at the same level. Next year, we expect to hire between 1,25,000 and 1,50,000 people. We continue to have faith in our medium- to long-term outlook “Rajesh Gopinathan, the company’s CEO and Managing Director, told reporters.

Furthermore, he added, “Our posture is positive; we are not removing players from the field; we are fully engaged and present. We are fully committed in terms of talent capacity. We overinvested last year and are reaping the benefits this quarter.”

For the uninitiated, the software company reported a 2,197-person decrease in its employee base from October to December, totaling 6.13 lakh. The Tata group company, on the other hand, made it clear that this was due to increased hiring over the last 18 months, rather than the demand environment.

IN FY23, TCS HIRED OVER 55,000 EMPLOYEES

Despite reporting a net decrease of 2,197 people in the December quarter, the company has already hired over 55,000 people in FY23. In FY22, it added 1.03 lakh people to its total workforce.
 
Milind Lakkad, the company’s chief human resources officer, attributed the decline in the December quarter to attrition being higher than new hires.

    IN FY24, 40,000 FRESHERS WILL BE HIRED

    The HR chief also stated that the company will continue to hire approximately 40,000 new employees in FY24, and that over 5 lakh young people have applied to be hired.
     
    Furthermore, he stated that TCS has hired 42,000 freshers in FY23 thus far, implying that the company hired only about 7,000 employees in the third quarter, compared to 35,000 in the first half. It could hire a few thousand more people in the fourth quarter, or it could remain quiet.

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    Investment banking giant, Goldman Sachs to lay off 3,200 employees

    Goldman Sachs is expected to announce new layoffs this week, affecting approximately 3,200 employees. The process is expected to begin mid-week, and the number of job cuts should not exceed 3,200.

    According to a Bloomberg report, the teams most affected by the layoffs will be core trading and banking units. Goldman CEO David Solomon had previously stated that the partnership was bracing for slower economic growth as central banks raised interest rates.

    “We are conducting a careful review, and while discussions are still ongoing, we anticipate our headcount reduction will occur in the first half of January,” Solomon said, according to The Guardian and news agency IANS.

    Following a record year in 2022, teams working on mergers and acquisitions are particularly vulnerable in the coming year as interest rates rise, increasing the cost of borrowing the cash required to fund new deals. Investment banks had a banner year in 2021, with companies launching a massive wave of mergers and acquisitions following coronavirus pandemic lockdowns.

    Goldman Sachs and other banks expanded to capitalise, but the number of lucrative deals fell back in 2022 as global interest rates rose. “A number of factors are influencing the business landscape, including tightening monetary conditions, which are slowing economic activity,” Solomon said in the message.

    “The focus for our leadership team is on preparing the firm to weather these headwinds.” Goldman is still expected to report significant profits this year and next.

    It should be noted that the final job reduction figure is lower than previous proposals in management ranks, which could have resulted in the elimination of nearly 4,000 jobs. The last major layoff of this magnitude occurred in 2008, following the failure of Lehman Brothers. Goldman had embarked on a plan to cut over 3,000 jobs, or nearly 10% of its workforce at the time, and top executives had elected to forego bonuses.

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    Walmart pays the majority of the tax bill associated with the relocation of PhonePe’s headquarters to India

    US retail giant Walmart has paid the taxes associated with the relocation of PhonePe’s headquarters to India.

    Following the acquisition of parent company Flipkart by Walmart, digital payments company PhonePe relocated its headquarters from Singapore to India.

    According to reports, the bill is the result of the relocation and the increased value of PhonePe. According to some reports, Walmart Inc. and other PhonePe shareholders were hit with nearly USD 1 billion in capital gains tax after the digital payments company relocated its headquarters to India.

    Related video: Walmart receives a $1 billion tax bill for relocating PhonePe’s headquarters to India (WION)

    Walmart faces a $1 billion tax bill as a result of relocating PhonePe’s headquarters to India.

    “We can confirm the tax has been paid,” Walmart said in response to an email from PTI. However, no specifics were provided by the company.

    PhonePe, a FinTech platform, announced in October of last year that it had relocated its headquarters from Singapore to India.

    All PhonePe Group businesses and entities were transferred and consolidated under PhonePe Pvt Ltd – India as part of this.

    Bentonville, based in the United States, completed the acquisition of a 77% stake in Flipkart in 2018, becoming the majority owner of the Indian e-commerce company.

    PhonePe was founded in December 2015 and has grown to become one of India’s largest payment apps, enabling digital inclusion for both consumers and merchants. With 400 million registered users, PhonePe now has one in every four Indians.

    Bentonville, based in the United States, completed the acquisition of a 77% stake in Flipkart in 2018, becoming the majority owner of the Indian e-commerce company. 

    PhonePe was founded in December 2015 and has grown to become one of India’s largest payment app, enabling digital inclusion for both consumers and merchants. With 400 million registered users, PhonePe now has one in every four Indians.

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    Amazon confirms job cuts totaling 18000, with CEO Andy Jassy stating that several teams will be affected

    Amazon has announced the elimination over 18,000 jobs, the majority of which will be in the Amazon Stores and PXT (People, Experience, and Technology, HR) departments.

    In a blog post, the company stated that it is “eliminating roles” as part of its annual planning process for 2023. According to the post, Amazon typically communicates these outcomes internally, but it is doing so in public because the teammates “leaked this information externally.” The layoffs will begin on January 18.

    The company laid off nearly 10,000 employees in November 2022. This year, the e-commerce behemoth has even put a halt to new hire hiring.

    Amazon Cuts Over 18,000 Jobs, Salesforce Cuts 10% Of Workforce | Power Breakfast | CNBC-TV18 (CNBCTV18)

    Amazon Cuts Over 18,000 Jobs, Salesforce To Cut 10% Of Its Workforce

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    A new Covid-19 wave has hit China, with over ten lakh deaths predicted in the coming days

    China on Monday (December 19, 2022) finally reported its first Covid-19-related deaths in weeks amid rising doubts over whether the official count was capturing the full toll of the virus.

    The country of 1.4 billion people reported five new fatalities on December 19, up from two the previous day, bringing the official death toll to 5,242. The new fatalities were the first to be reported by the National Health Commission (NHC) since December 3, days before Beijing announced that it was lifting strict Covid-19 curbs which had largely kept the disease in check for three years but triggered widespread protests last month.

    China also reported 2,722 new symptomatic coronavirus infections on December 19, up from 1,995 the previous day. China reported 2,656 new local cases, up from 1,918 the day before, excluding imported infections. As of Monday, mainland China has confirmed 3,83,175 Covid-19 cases with symptoms. However, Covid-19 cases and deaths are expected to rise in the coming months as the virus continues to ravage cities following Xi Jinping’s government’s relaxation of strict anti-virus controls.

    Last week, China’s chief epidemiologist Wu Zunyou stated that the country was in the midst of the first of three Covid-19 waves that were expected this winter. On Monday, Beijing city official Xu Hejian also stated that the virus was rapidly spreading throughout the capital.

    More restrictions will be lifted, with previously closed underground venues ranging from bars to internet cafes allowed to reopen, according to Beijing city official Xu Hejian.

    While top officials have downplayed the threat posed by the Omicron strain of the virus in recent weeks, officials are still concerned about the elderly, who have been hesitant to get vaccinated.

    Some fear that China’s Covid-19 death toll will exceed 10 lakh in the coming days.

    The lifting of Covid-19 restrictions by China could result in an increase in cases and over 10 lakh deaths.

    Gravitas: China faces three Covid waves in three months (WION)

    Gravitas: China stares at 3 Covid waves in 3 months

    According to new projections from the Institute of Health Metrics and Evaluation (IHME) in the United States, China’s abrupt lifting of its stringent Covid-19 curbs could result in an increase in cases and over 10 lakh deaths next year.

    According to the group’s projections, coronavirus cases in China will peak around April 1, 2023, with 3,22,000 deaths.

    By then, a third of China’s population will have been infected, according to IHME Director Christopher Murray.

    “Nobody thought they would stick to zero-COVID as long as they did,” he said last week when the IHME projections were released online.

    China’s zero-Covid policy may have been effective in keeping earlier variants of the virus at bay, but the high transmissibility of Omicron variants made it unsustainable, according to Murray.

    Other experts predict that 60% of China’s population will eventually be infected, with a peak in January, with vulnerable populations such as the elderly and those with pre-existing conditions bearing the brunt of the burden.

    China’s main concerns are its large pool of susceptible individuals, the use of less effective vaccines, and low vaccine coverage among those aged 80 and older, who are most at risk of severe disease.

    China has already seen an increase in infections since lifting some of the world’s toughest Covid-19 restrictions this month in response to unprecedented public protests.

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    Twitter has banned several prominent journalists for covering Elon Musk’s Twitter antics

    On Thursday evening, Twitter banned a number of prominent journalists who were covering Elon Musk and his various businesses from the platform. The platform appears to have done so without warning or explanation.

    Normally, before an account is banned, Twitter will send a few notifications or warnings, informing users of the policies they have violated, unless they have broken local laws. However, since Musk took over, Twitter has been banning specific accounts with no prior notice. Welcome to Elon Musk’s interpretation of free speech.

    The journalists were barred after Twitter suspended the Twitter account of Mastodon, the open-source social media alternative that exploded in popularity following Elon Musk’s takeover of Twitter. Twitter took action against Mastodon after the account linked to the Mastodon page of @ElonJet, a student-created bot that tracks Musk’s private jet’s location.

    A few of the suspended journalists and accounts had shared screenshots and articles about Mastodon’s suspension. Drew Harwell, a Washington Post reporter, tweeted about Mastodon being kicked off the platform shortly before his suspension.

    Former MSNBC host Keith Olbermann, The New York Times’ Ryan Mac, CNN’s Donie O’Sullivan, Mashable’s Matt Binder, and journalist Aaron Rupar are among the accounts that have been banned. All of the aforementioned names covered Musk on a regular basis and wrote extensively about Musk and his takeover of Twitter.

    Rupar commented on his Substack suspension, noting that while he did not know why his account was suspended, he did share a link to ElonJet’s Facebook account while reporting on the subject. Mac shared the message he received from Twitter on an alternate account, noting that there was no warning before the permanent suspension.

    Some of the suspended accounts shared the Twitter handles of Mastodon and ElonJet, as well as screenshots of the tweet that appears to have gotten the former account suspended.

    Because Twitter’s human moderation teams have been reduced, automated systems enforcing Twitter’s new rules against accounts like @ElonJet were overzealous in this case. However, it’s just as likely that Musk is directing the moderation process.

    Musk took to Twitter to explain his reasoning for the ban. He stated that the bans were deliberate, and that the same doxxing rules apply to “journalists” as they do to everyone else.

    Musk stated that the suspensions would only be in effect for seven days. He later tweeted a poll asking his Twitter followers to vote on the fate of the banned journalists, who had previously been notified that their accounts had been suspended “permanently.” It should be noted that the journalists who were barred received no such notice.

    Furthermore, it is standard practise at Twitter to notify users about posts and skim them to remove offensive or potentially harmful posts before they are banned. Furthermore, the policy that these accounts violated, which prohibited users from sharing “live location information,” is only 24 hours old, so they couldn’t have been notified and given enough time to act on it.

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    Henry Cavill confirms he is no longer Superman: ‘This isn’t the best news, but that’s life…’

    Hollywood star Henry Cavill has announced that he will not reprise his role as Superman. This was confirmed by the man himself after James Gunn and Peter Safran revealed that their upcoming DCEU slate includes a young Superman film that will follow the character in his early days as a cub reporter.

    Henry took to Instagram to share the following message: “I just met with James Gunn and Peter Safran, and I have some bad news for you. After all, I won’t be returning as Superman. After being told by the studio to announce my return in October, prior to their hiring, this isn’t the easiest news to deliver, but that’s life. The changing of the guard is a common occurrence. That is something I respect. James and Peter are creating a universe. I wish them and everyone else involved with the new universe the best of luck and fortune.”

    Dwayne Johnson reveals that Warner Bros. did not want Henry Cavill to return as Superman (Dailymotion)

    “For those who have stood by my side over the years, we can mourn for a moment, but then we must remember…Superman is still alive and well. Everything he stands for is still there, as are the examples he sets for us! My turn to don the cape has come a

    nd gone, but what Superman stands for will never change. Onwards and upwards, it’s been a pleasure riding with you all “he concluded.

    Onwards and upwards, it’s been a pleasure riding with you all “he concluded.

    Cavill announced his return as the cape-wearing, flying superhuman back in October, much to the delight of his fans.

    Henry Cavill has played Superman in a number of DC films, including Man of Steel and Batman vs. Superman.

    It had previously been reported that Cavill’s future as Superman was not as secure as it appeared when he announced his return. Certainly, Cavill confirms that there were plans for a Man of Steel sequel at the time of the announcement that he would return. However, once Gunn and Safran were hired, those plans changed.

    This appears to confirm other reports that the entire Snyderverse may be scrapped, as Wonder Woman 3 appears to be on hold. Patty Jenkins, the director, confirmed this on her Twitter account.

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    “After all, I won’t be returning as Superman. After being told by the studio to announce my return in October, prior to their hiring, this isn’t the easiest news to deliver, but that’s life “The actor penned.

    In late October, Warner Bros. hired Guardians of the Galaxy director James Gunn and veteran executive Peter Safran as co-chairmen and CEOs of the newly formed DC Studios. Since then, there have been reports that the entire Zack Snyder-created DC Universe, including Wonder Woman, could be scrapped.

    WTO ruled that Trump’s metal tariffs violated global rules

    The World Trade Organization ruled on Friday that US tariffs on steel and aluminium imports imposed by then-President Donald Trump violated global trade rules, in a decision that was immediately criticised by Washington.

    The three-person adjudicating panel said the US measures were inconsistent with WTO rules and recommended that the US bring them into compliance in one of the most high-profile and potentially explosive cases to come before the WTO.

    The US said it strongly disagreed with the panel’s “flawed” interpretation and conclusions.

    It could challenge the ruling, but that would leave it in a legal limbo because Washington has blocked appointments to the WTO Appellate Body, rendering it unable to render a decision.

    China expressed hope that the US would follow the panel’s decision and “correct its wrongful conduct as soon as possible.”

    The US Trade Representative’s office stated in a statement that the US would not “stand idly by” as Chinese overcapacity threatened its steel and aluminium sectors, as well as its national security.

    The US steel industry also blasted the WTO panel, with the Steel Manufacturers Association stating that it supported the government’s refusal to accept its findings.

    “As a result of these disputes, we do not intend to remove Section 232 duties,” it said, adding that the panel report reinforced the need for WTO reform.

    The US steel industry also blasted the WTO panel, with the Steel Manufacturers Association stating that it supported the government’s refusal to accept its findings.

    In 2018, Trump imposed 25% tariffs on steel imports and 10% tariffs on aluminium imports, citing Section 232 of the 1962 Tariff Act, which allows the president to restrict imports if they threaten national security. Later, free trade partners Canada and Mexico were exempted.

    The tariffs prompted several WTO members, including China, to challenge the measure, and a three-member WTO panel issued its findings in cases brought by China, Norway, Switzerland, and Turkey on Friday. Indian and Russian cases are still pending.

    Last year, Washington agreed to remove tariffs on EU imports, prompting Brussels to halt the EU case.

    Otherwise, President Joe Biden’s administration has maintained the metals tariffs that were a centrepiece of Trump’s America First strategy.

    The case hinged on the WTO’s exemption from global trade rules in cases of national security.

    The central US argument was that national security should be judged by countries themselves, not by three WTO adjudicators sitting in Geneva.

    Complainant Switzerland stated that the ruling did not call into question WTO members’ right to take broad discretionary security measures, but they did have to meet certain minimum requirements that could be scrutinised at the WTO.

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    The central US argument was that national security is a matter for countries to decide, not three WTO adjudicators sitting in Geneva.

    Complainant Switzerland stated that the decision did not call into question WTO members’ right to take broad discretionary security measures, but they did have to meet certain minimum requirements that could be scrutinised at the WTO.

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    GSK, Pfizer, and Sanofi have been granted relief after a court ruled that claims of Zantac-linked cancer were not “supported by science.”

    GSK Plc, Pfizer Inc, Sanofi SA, and Boehringer Ingelheim were released from thousands of U.S. lawsuits alleging that the heartburn medication Zantac caused cancer on Tuesday after a judge ruled that the claims were not supported by sound science.

    According to a report by US District Judge Robin Rosenberg in West Palm Beach, Florida, the ruling dismisses approximately 50,000 claims in federal court.

    However, it has no bearing on the tens of thousands of similar cases currently pending in state courts across the country.

    “We are extremely surprised by this miscarriage of justice,” said the plaintiffs’ lawyers in a joint statement, and “fully expect” the ruling to be reversed on appeal.

    According to a Sanofi spokesperson, the decision “significantly reduces the scope of the litigation potentially by more than 50%,” with the remaining litigation taking place only in state court. Furthermore, a spokesperson for GSK stated that the company welcomed the decision, and Pfizer stated that it was pleased with the outcome.

    According to a Sanofi spokesperson, the decision “significantly reduces the scope of the litigation potentially by more than 50%,” with the remaining litigation taking place only in state court.

    In a statement, privately held German drugmaker Boehringer said it was looking forward to “continuing our vigorous defence of the remaining cases in state courts.”

    According to Reuters, all of the drug companies have denied that Zantac causes cancer.

    Zantac, which was approved in 1983, became the world’s best-selling medicine in 1988 and one of the first drugs to sell for more than $1 billion per year. Initially marketed by a predecessor of GSK, it was later sold to Pfizer, Boehringer Ingelheim, and finally Sanofi. Numerous generic drugmakers also released versions of the medication, but none are named as defendants in federal court cases.

    Some manufacturers and pharmacies stopped selling the drug in 2019 due to concerns that its active ingredient, ranitidine, degraded over time to form a chemical known as NDMA. While NDMA is found in trace amounts in food and water, it is known to cause cancer in higher concentrations.

    The U.S. Food and Drug Administration removed all remaining brand names Zantac and generic versions from the market in 2020, citing research indicating that the amount of NDMA in the products increases with storage time and could potentially become unsafe.

    According to reports, lawsuits from people who claimed to have developed cancer after taking Zantac began to pile up soon after the recalls began. Plaintiffs claimed that the companies were aware, or should have been aware, that ranitidine posed a cancer risk and failed to warn consumers.

    The lawsuit initially included claims of over ten different types of cancer allegedly linked to the medication, but it was later reduced to five: bladder, esophageal, gastrointestinal, liver, and pancreatic cancer. Some claims involving other cancers are still being heard in state courts.

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    Covid-19 was a ‘man-made’ virus: According to a scientist who worked at the Wuhan lab

    According to The New York Post, a US-based scientist who worked at a research lab in China’s Wuhan revealed Monday that Covid-19 was a “man-made virus” that had leaked from the facility.

    Andrew Huff, who previously worked for the EcoHealth Alliance, a New York-based non-profit dedicated to the study of infectious diseases, stated that the coronavirus had leaked from the Wuhan Institute of Virology in China more than two years ago. He also accused authorities of the “worst US intelligence failure since 9/11.”

    Andrew Huff, who previously worked for the EcoHealth Alliance, a New York-based non-profit dedicated to the study of infectious diseases, stated that the coronavirus had leaked from the Wuhan Institute of Virology in China more than two years ago. He also accused authorities of the “worst US intelligence failure since 9/11.”

    Huff claims in his new book, The Truth About Wuhan, that the US government funded coronaviruses in China. With no biosafety safeguards in place, China’s gain-of-function experiments — which are used to genetically alter organisms in order to improve their biological functions — resulted in a leak at the Wuhan lab.

    According to The Sun, epidemiologist Huff revealed in his book that “foreign laboratories did not have adequate control measures in place to ensure proper biosafety, biosecurity, and risk management, ultimately resulting in the lab leak at the Wuhan Institute of Virology.”

    EcoHealth Alliance has been studying coronaviruses in bats for over a decade, with funding from the National Institutes of Health, and has formed close ties with the Wuhan lab. Huff worked for the non-profit from 2014 to 2016, rising to the position of vice president in 2015.

    “China knew this was a genetically engineered agent from the start,” Huff wrote. “I was terrified by what I saw,” Huff, a Michigan Army veteran, told The Sun Online. “All we were doing was handing them bioweapon technology.”

    Over the last two years, the Wuhan lab has been at the centre of global debates about the origins of the coronavirus. The Chinese government and Wuhan lab officials have repeatedly denied the allegations, labelling the theory that the virus originated in China’s lab facility “baseless.” However, top researchers have continued to investigate the virus’s origins.

    In February 2022, a World Health Organization (WHO) expert group sent two letters to senior Chinese government officials requesting information about the first human cases of COVID-19 in the city of Wuhan. The experts at WHO asserted that numerous studies in this field of research should be conducted “with the staff in the laboratories tasked with managing and implementing biosafety and biosecurity,” which would then lead to revelations about how viruses related to COVID-19 were managed.

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