Battered Nortel Networks said it would lay off 3,500 workers and fire seven executives as part of its latest attempt to move beyond an epic accounting scandal and regain its market prominence. The layoffs, part of a US$400 million restructuring aimed at cutting costs to be more competitive, represen...
Consumer spending fell sharply in June as fuel prices continued to put a crimp in discretionary purchases and amid overall concern about the economy, the government reported today. The Commerce Department said consumer spending fell .7 percent in June, the largest single-month drop in three years an...
Consumer prices surged higher in May, driven mainly by rising fuel and food costs, the government said in a report that is seen as the final piece of evidence needed to justify interest rate hikes. The Consumer Price Index (CPI) rose 0.6 percent last month, the largest one-month jump in retail price...
The vast majority of jobs lost to outsourcing stay within the U.S., with a small percentage actually ending up filled by overseas workers, according to a Department of Labor study. The agency's Bureau of Labor Statistics said in a report that just 4,633 of the 239,361 jobs lost in large-scale layoff...
General Motors will invest US$3 billion to expand operations in China in the next three years, a massive outlay of capital that will enable it to double its output in the country that is home to one of the world's fastest-growing economies. GM, the world's leading automaker, and its partners will in...
When Mel Karmazin on Tuesday announced that he had resigned his position as president of Viacom, the media giant responded by appointing Tom Freston and Leslie Moonves as co-presidents and co-chief operating officers, effective immediately. The two new appointees were Viacom's two most influential d...
Powered by a slightly better than expected earnings report and expectations that tech spending will remain strong, Cisco Systems has said it will add 1,000 workers in 2004, in addition to 200 positions it filled during the first quarter. Although it did not provide a specific breakdown, the company ...
More than 100,000 technology jobs have been outsourced from the United States to overseas workers, a trend that will continue for several more years but is actually good for the U.S. economy, a new report from the Information Technology Association of America argues. The ITAA, whose members include ...
In a move apparently designed to quell fears about widespread outsourcing of U.S.-based tech jobs to other countries, IBM has established a $25 million worker retraining fund. The fund, dubbed the Human Capital Alliance, will be made available to IBM workers whose current positions or skill-sets are...
Since the last U.S. presidential election, e-business has evolved from dot-com buzzword into thriving industry, and it is difficult to ignore its increasing impact on the world economic scene. As the 2004 presidential campaigns heat up, therefore, it seems logical to question where the leading candi...
When the Washington Alliance of Technology Workers opened its doors five years ago and started talking to high-tech professionals to gauge their interest in joining a union, many treated it as a joke. Now, with offshore outsourcing taking off and repercussions from years of layoffs hitting home, no ...
Signaling that 2004 likely will be a year of solid growth for the technology industry, IBM has raised its hiring forecast, saying it plans to hire 15,000 new employees in the coming year. The new outlook represents a 50 percent increase in the amount of hiring Big Blue envisions. IBM has said it exp...
With the makings of an economic recovery on the horizon, IT budgets are beginning to grow again, and CTOs finally may be able to translate their mental wish lists into tangible purchases. However, the lessons of the downturn are still fresh in most people's minds, so CTOs likely will keep a tight re...
Seeking to retain its edge in the fiercely competitive search engine world by expanding its pool of engineering talent, Google has said it plans to open an R&D facility in India next year. The company has settled on Bangalore, a city often referred to as India's Silicon Valley, as the location f...
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