Selling of dollars by the Reserve Bank of India (RBI) has contributed to decline the Forex reserve of country. Forex reserve is continuously under pressure after the bankruptcy of the US investment bank Lehman Brothers and other major financial institutions of world. It is declined by $5 billion in the week ended November 14 to $246.35 billion.
It is also declined following revaluation of non-dollar assets, sellout by foreign investors and strong demand by importers following failure of leading foreign financial institutions.
Stockholm - Swedish engineering group Sandvik said Thursday it planned to cut 1,040 jobs and reduce production over weakened demand mainly in the automotive and engineering industries.
The group has some 47,000 employees worldwide and operations in 130 countries.
Its core operations include tools for metal-working, machinery and equipment for rock excavation, as well as stainless and high-alloy steels and other metals.
Global financial crisis has created a tough situation for industry and it is adopting various measures to save itself from long term losses. The Pawan Ruia-controlled tyre major, Dunlop India, has decided to close production in its mother plant in Sahagunj at West Bengal, in line with its cost cutting measures. The company had resumed operations at the production plant in January, after five year closure.
The officials of company said that it would utilize the time to reshape its production strategy and revival of plans. Dunlop would work on making the brand more popular across the country.
The ongoing world economic crisis has widely impacted the real estate sector. The largest real estate company in India, DLF has announced various measures to cut costs and reduce unnecessary expenses. DLF would terminate services of some of company's employees and stop working on some of its projects.
Unitech and Parsvnath Developers also retrenched their staff last month in line with cost cutting drive due to global meltdown.
Leading networking company, Cisco Systems has announced to halt recruitment of fresh staff following global slowdown. The move would enable it to cut costs by 2 billion dollar. It would also employ other cost cutting measures to deal with the situation. Cisco has 30% market share in the Unified Communications (UC) domain and it is facing stiff competition from Microsoft and Avaya.
Cisco Systems Executive Vice-President and Chief Globalisation Officer, Wim Elfrink ruled out any retrenchment but maintained that it would not hire new staff. He was addressing reporters in the side lines of the World Economic Forum's function in New Delhi.
Selling of dollars by the Reserve Bank of India (RBI) has contributed to decline the Forex reserve of country. Forex reserve is continuously under pressure after the bankruptcy of the US investment bank Lehman Brothers and other major financial institutions of world. It is declined by $5 billion in the week ended November 14 to $246.35 billion. 
Stockholm - Swedish engineering group Sandvik said Thursday it planned to cut 1,040 jobs and reduce production over weakened demand mainly in the automotive and engineering industries.
Global financial crisis has created a tough situation for industry and it is adopting various measures to save itself from long term losses. The Pawan Ruia-controlled tyre major, Dunlop India, has decided to close production in its mother plant in Sahagunj at West Bengal, in line with its cost cutting measures. The company had resumed operations at the production plant in January, after five year closure. 
The ongoing world economic crisis has widely impacted the real estate sector. The largest real estate company in India, DLF has announced various measures to cut costs and reduce unnecessary expenses. DLF would terminate services of some of company's employees and stop working on some of its projects. 
Leading networking company, Cisco Systems has announced to halt recruitment of fresh staff following global slowdown. The move would enable it to cut costs by 2 billion dollar. It would also employ other cost cutting measures to deal with the situation. Cisco has 30% market share in the Unified Communications (UC) domain and it is facing stiff competition from Microsoft and Avaya.
