Low demand for computers: HP to lay off 6,000 employees by 2025-end
Hewlett-Packard (HP) has said that more than 6,000 of its staff members might be laid off by the end of the fiscal year 2025 and cut down on its workforce globally by around 12 per cent.
The move would be taken at a time when the computer market is seeing a slowdown. In order to cope with this, HP might lay off 4,000 to 6,000 employees, out of the current figure of 50,000 employees, as reported by Reuters.
The computer maker expects the demand for its product to drop further and has forecast lower profits for the first quarter. Marie Myers, chief financial officer of HP, is learned to have said in a post-earnings call that many of the recent changes seen in current financial year are likely continue in the next. As a result, the company estimates that it will incur around $1.0 billion in non-labour and labour costs related to restructuring and other charges. HP expects to incur $600 million of this in the 2023 fiscal year and the rest in the following years.
Intel Corp too has been affected by the slowdown in demand for personal computer. There is a steep decline in demand for PC processors, which is Intel’s main product. The company is also struggling to regain the market share that it lost to rivals like Advanced Micro Devices Inc. In July, Intel had warned that its sale in 2022 would be roughly $11 billion lower than it previously expected.
It is planning to reduce its workforce, which stood at around 1.14 lakh in July 2022. Sources have said that the company is expected to cut down on about 20 per cent of its staff in some departments, including sales and marketing.
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Russian military hardware, spare parts for Indian military to be manufactured in India
New Delhi (PTI): Russia agreed to encourage joint manufacturing in India of military hardware and spare parts for maintenance of Russian-origin arms and defence equipment.
Ways to bolster overall bilateral defence cooperation figured prominently during summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday.
It has been a long-standing grievance of armed forces that the supply of critical spares and equipment from Russia takes a long time, affecting the maintenance of military systems procured from that country.
"Both sides agreed to encourage joint manufacturing in India of spare parts, components, aggregates and other products for maintenance of Russian origin arms and defence equipment under Make-in-India programme through transfer of technology," a joint statement said.
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It said both sides also agreed to set up joint ventures for meeting the needs of the Indian armed forces as well as subsequent export to mutually friendly third countries.
The joint statement said the India-Russia defence partnership is being reoriented to take up joint co-development and co-production of advanced defence technology and systems.
In their meeting on Thursday, Defence Minister Rajnath Singh and his Russian counterpart Andrey Belousov resolved to expand bilateral defence cooperation.
In the meeting, the Indian side showed keen interest in procurement of additional batches of S-400 missile systems from Moscow to bolster its combat prowess.
In October 2018, India signed a USD 5 billion deal with Russia to buy five units of the S-400 air defence missile systems, notwithstanding a warning by the US that going ahead with the contract may invite US sanctions under the provisions of Countering America's Adversaries Through Sanctions Act (CAATSA).
Three squadrons have already been delivered.
The S-400 systems played a crucial role during Operation Sindoor. India may also look at procuring the S-500 missile systems from Russia.
In the Modi-Putin talks, the two sides also agreed to continue jointly developing systems of bilateral trade settlements through the use of national currencies.
Additionally, the two sides agreed to continue their consultations on enabling the interoperability of the national payment systems, financial messaging systems, as well as central bank digital currency platforms.
Modi and Putin appreciated the ongoing intensification of the joint work on a free trade agreement on goods between India and the Eurasian Economic Union, covering sectors of mutual interest, the joint statement said.
They also directed both sides to intensify efforts in negotiations on a mutually beneficial agreement on the promotion and protection of investment, it said.
India and Russia also welcomed steps to ensure long-term supply of fertilisers to India and discussed the potential establishment of joint ventures in this area.
