ANZ to sack 500 workers, send jobs to Bangalore

This is just another example of how we are just selling of this country to the lowest bidder, at the detriment of all hard working Australians. As companies continue search for more profits, to help the share price and ensure the fat cats get thier huge saleries and bonuses, we are slowly but surely losing our identity. Its just disgraceful that all these so called Aussie companies promote that they are “Aussie” yet shaft the workforce at any opportunity. If any business decides to take any form of assistance during the current crisis and then decides to offshore jobs they should be held accountable. I think the words shame, shame, shame just about say it all.

ANZ  will sack 500 back-office workers and shift the jobs to India. The move comes as finance workers demand the Federal Government guarantee only the deposit accounts of banks that keep employment in Australia. A spokesman for ANZ said 500 back-office jobs would be shed by the end of this year.

“In 2008, the size of the operation in Bangalore grew by around 500 people and it is reasonable to expect there will be some further growth in 2009,” he said.
Read the rest of this entry »

Posted by Posted in: General Stuff Comments Off March 2009

3 Chief Executives of Indian Company Jailed in Fraud Case

HYDERABAD, India — The brothers who founded the outsourcing company Satyam Computer Services have been interrogated and jailed, and Srinivas Vadlamani, who resigned as chief financial officer after a huge fraud was disclosed there, was arrested as well on Saturday night.

Inspector General V. S. K. Kaumudi of the police crime investigation unit said that Mr. Vadlamani was being held on charges of criminal conspiracy, forging accounts and cheating as part of the same case that has been registered against the Satyam founders, B. Ramalinga Raju and B. Rama Raju.

Read Full Story

Source: www.nytimes.com

Posted by Posted in: Tech and Gadgets No Comments » January 2009

Stocks plummet over ‘India’s Enron’

The information technology industry has been putting designer shirts on the backs of thousands of young Indian executives for years, but now one of the sector’s high flyers has crashed and burned.

Ramalinga Raju has resigned as the chairman of Satyam, the fourth biggest software firm in India.

Mr Raju has admitted he overstated the company’s cash and bank balances by almost $1.4 billion.

Ironically, the company’s name means truth in Sanskrit. The size of the fraud has sent shudders through the Indian financial world, and is being described as India’s version of the Enron collapse.

Read Full Story

Source: abc.net.au

Posted by Posted in: Tech and Gadgets No Comments » January 2009