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Business Briefs

ABB to cut 10,000 more jobs

Zurich, Nov. 8: Swiss-Swedish industrial engineering group Asea Brown Boveri (ABB) is to cut more than 10,000 jobs as part of a new restructuring programme, chief executive Juergen Dormann said today. He said that the job cuts would number “in the double digit of tens of thousands” but did not give a specific figure. ABB currently employs 146,000 people and has already laid off about 10,000 people over recent months. Announcing a new programme to cut costs by $ 800 million (euros), the group had said earlier today in a statement that two-thirds of cost reductions would come from job cuts.

Meet on NPAs

Mumbai, Nov. 8: Union minister of state for finance Anandrao Adsul today met representatives of co-operative banks along with Reserve Bank officials and discussed prudential norms relating to NPAs. Earlier, Adsul met the top brass of Industrial Development Bank of India and IFCI Ltd to discuss the restructuring of these entities.

UTI staff union

Mumbai, Nov. 8: The All India Unit Trust Staff Joint Action Committee will meet MPs from NDA partners and opposition leaders in Delhi tomorrow and seek their assistance to “prevent” the Centre's plan to privatise and split country’s largest fund manager through amendments to the UTI Act.

Rolta India arm

Mumbai, Nov. 8: IT company Rolta India Ltd has set up a wholly-owned subsidiary Rolta (UK) Ltd to tap growing market for Geographic Information System (GIS), e-business and plant life cycle management in England and other european countries. Rolta UK would be based in Hampshire.

RBI scheme

Mumbai, Nov. 8: In view of the drought situation in the country, the Reserve Bank of India (RBI) has decided to extend the one-time settlement scheme for small and marginal farmers by further three months till March 31, 2003.

Morphy returns

ce brand owned by Glen Dimplex, has tied up with Bajaj Electricals to re-launch its products in India. The royalty based licensing deal is Morphy’s second in India.


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