The accumulated interest will increase the principal and you will have to pay a higher rate. Borrowers should take the restructuring plan only after they are convinced they have exhausted all other options.
The proposed changes in Long Products business will predominately affect management and administrative functions at sites in Scunthorpe, Teesside and Workington.
What will be its impact on the banks's balance sheets? Since banks need to provide for 10 per cent of the loans restructured, they would need Rs 50,000 crores to Rs 80,000 crore for this purpose, notes Tamal Bandyopadhyay.
'Mostly, the relief, if needed, would be for housing loans where a person has lost a job and is unable to pay his EMI or there has been a temporary salary cut.'
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
Employees Provident Fund Organisation (EPFO) will migrate to a new information technology (IT) system within the next three months, Union labour minister Mansukh Mandaviya said on Wednesday. In July last year, a clutch of officers at the retirement fund body had written a letter to the Central government complaining about archaic and "collapsing" software systems. Subscribers too were facing problems due to it.
There has been no change in Tata Steel's strategy on operations in the United Kingdom (UK), company chairman N Chandrasekaran has told shareholders. The statement comes amid growing concern about the restructuring plan in the face of change in government in the UK. Tata Steel's plan for the UK entailed a 1.25 billion investment plan agreed upon by the Conservative party-led government in September last year.
rediffGURU Krishna Kumar, founder and CEO of GoMoTech, offers expert advice on how to scale up in your career and life.
In tackling India's unemployment problem, look beyond the finance minister and focus on the education minister, points out Gurbachan Singh.
Loss-making national air carrier Air India has appointed global consultancy firm Deloitte to ratify a prospective financial restructuring plan for the company, which was prepared by SBI Caps, a source said.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
'If creative jobs can get disrupted, then left brain jobs like coding are easily disrupted. We are going through the journey of huge disruption.'
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
Microsoft will lay off 10,000 workers, about five per cent of its total workforce, its CEO Satya Nadella announced on Wednesday, terming it a hard choice that the tech giant had to make to remain a "consequential company" amid global economic uncertainties. Microsoft is the latest company after Facebook and Amazon to cut jobs as the bloodbath continues in the technology sector in 2023. Describing the current times as "significant change", Indian-origin Nadella said customers who accelerated their digital spend during the Covid-19 pandemic, are now optimising their digital spend to do more with less.
Independence Day was celebrated across states and Union territories on Thursday, as several chief ministers announced job schemes while some others vowed their support for Prime Minister Narendra Modi's vision of a Viksit Bharat by 2047.
'The UK is more of a structural problem, and that's why we're doing the restructuring.'
'Due to the fear caused by the Byju's crisis, several employees have chosen to take up entry-level jobs in firms other than edtech.'
With the rush of growth after the pandemic slowing down, many leaders are moving to firms that may be smaller but are growing much faster and have the headroom to grow.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
Microsoft has had great success with Office 365, with over 1,200 customer win-backs over the last year and a half against Google apps.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Global beauty care products maker Revlon Inc will cut 400 jobs worldwide as a part of its restructuring plan to reduce cost by about $30 million, amid the uncertain economic environment.
Battling tough business conditions, Nokia's latest move would be in addition to restructuring plans unveiled in April that would affect as many as 7,000 jobs globally.
Tata Steel UK is reformatting its operations in Port Talbot by investing 1.25 billion in an electric arc furnace facility with the UK government contributing 500 million. The project will take around three years to complete, if all the regulatory clearances come through. The facility will use scrap and be classified as green since it will utilise renewable power and cut carbon emissions considerably.
Besides job loss, the exit of the American cult bike maker would also lead to a loss of up to Rs 130 crore for the brand's dealer partners in the country.
Any serving or retired lieutenant general, air marshal and vice admiral under the age of 62 years will be eligible for the post of Chief of Defence Staff, according to notifications issued by the government.
Microsoft Corp said on Wednesday it would cut 7,800 jobs and write down about $7.6 billion related to its Nokia handset business, which it acquired in 2014.
Energy giant Royal Dutch Shell has come up with a major restructuring initiative which could affect as many as 24,000 jobs.
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
German chemical company BASF, which has a significant presence in India, will slash about 3,700 jobs by 2013 as part of its restructuring measures.
The company expects to transfer around 800 jobs internally and about 700 positions to third parties.
It was August 2007. Tata Steel was turning 100. Jamshedpur, its hometown, had an air of celebration. The line-up for the special event included the launch of Air Deccan's commercial flight connecting Kolkata and Jamshedpur, and release of Russi Lala's new book, Romance of Tata Steel. There was also the screening of The Spirit of Steel, a 20-minute documentary directed by Zafar Hai showcasing Tata Steel's legacy, and a corporate anthem penned by Javed Akhtar and composed by Shankar, Ehsaan and Loy.
"Less than 10 per cent of all publicly announced job cuts at European banks since 2002 are due to offshoring. Internal restructuring accounts for the lion's share," according to a latest research report by German banking giant Deutsche Bank.
'In India, the impact will be less than 1% of employee headcount.'
Bank of America Corp will slash 3,500 jobs in the current quarter and is working on broader restructuring that could eliminate thousands of additional positions, a media report says.
World's largest cell phone maker Nokia on Wednesday said up to 300 jobs would be cut in India by end of 2012, as the company embarks on restructuring that would affect 7,000 employees worldwide.
Sportswear maker Nike Inc will be reducing nearly 1,750 jobs, representing nearly five per cent of its global workforce, as part of its restructuring efforts.
The sector has already stepped up restructuring programmes, reduced headcount by about 15,000 since mid-2011 and has announced another 25,000 job cuts.
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