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Another major layoffs in tech giant, to sack Indian employees from…, not Ratan Tata's TCS nor Narayana Murthy's Infosys or Azim Premji's Wipro, it is…

Another major layoffs in tech giant, to sack Indian employees from…, not Ratan Tata's TCS nor Narayana Murthy's Infosys or Azim Premji's Wipro, it is…

India.com11 hours ago
Narayana Murthy, Late Ratan Tata, Azim Premji (Left to right)
American tech major Oracle has carried out big layoffs across multiple countries and India is the worst affected. Around 10% of the company's Indian employees have reportedly lost their jobs. Oracle called the move as part of a 'restructuring exercise,' and industry experts link it to changes in the US policies by President Donald Trump's who is trying to limit offshoring and reduce H-1B visas. Oracle Layoffs
As per Data Centre Dynamics , Oracle's Indian operations also faced the cuts, along with layoffs in the US, Canada, and Mexico. In the US, teams working on Oracle Cloud Infrastructure (OCI) were informed about job losses and similar notices were issued to staff in other regions. Oracle's Presence In India
India is a big hub for Oracle's software development, cloud services, and technical support, employing about 28,824 people as of 2024.
Oracle has major offices in Bengaluru, Hyderabad, Chennai, Mumbai, Pune, Noida, and Kolkata. Recently, the company has been expanding into Tier-II and Tier-III cities like Chandigarh, Lucknow, Jaipur, Bhopal, and Thiruvananthapuram as per its geo-expansion strategy. Timing Of Oracle Layoffs
The layoffs come just days after Oracle CEO Larry Wilson met US President Donald Trump at the White House on 7 August. The discussion reportedly focused on domestic hiring, national data security, and strategic tech partnerships. After this meeting Oracle started a large recruitment drive at its Virginia office in the US which raised concerns about job displacement from markets like India.
In Mexico, too, employees have received layoff notices, and staff in other countries have been scheduled for undisclosed meetings, signalling more global cuts ahead.
India's IT sector is mainly dependent on global tech firms for jobs so this move is worrisome for the future. Oracle has long been a bigger employer of Indian tech talent, and the sudden cuts can disrupt careers.
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Sanjaya Baru interview: We've turned emigration of talented Indians into an aspiration
Sanjaya Baru interview: We've turned emigration of talented Indians into an aspiration

Hindustan Times

time12 minutes ago

  • Hindustan Times

Sanjaya Baru interview: We've turned emigration of talented Indians into an aspiration

A record number of wealthy Indians are leaving the country. According to a recent report by Kotak Bank, one in five UHNIs is either in the process of migrating abroad or has plans to do so. Over 23,000 millionaires have left the country in the last decade, says Sanjaya Baru. In his latest book, Secession of the Successful: The Flight out of New India, the veteran journalist and policy commentator records the various phases of organised migration out of the country and examines the reasons behind the current exodus. Also read | Review: Sanjaya Baru's book does a favour to history, Congress Sanjaya Baru, an economist and political analyst, has written extensively on India's economic transformation and development. His recent book is Secession of the Successful: The Flight Out of New India. For the elite, the pull of the first-world life, especially in Dubai or Singapore, is too strong, says Baru. 'Why wait for 2047 to live in a developed economy if you can do so today?' he says. 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The Hindu

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  • The Hindu

Oracle, Google cloud units strike deal for Oracle to sell Gemini models

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World equities flat, crude oil prices fall as Trump, Putin hold high-stakes talks
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Economic Times

time12 minutes ago

  • Economic Times

World equities flat, crude oil prices fall as Trump, Putin hold high-stakes talks

Global stock markets remained stable near record highs on Friday. Donald Trump and Vladimir Putin met in Alaska to discuss Ukraine. US Treasury bond prices declined amid expectations of a Federal Reserve rate cut. The Dow reached a new intraday high. European shares saw a slight pullback after nearing a five-month high. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Global stocks were flat but still traded near record highs on Friday as U.S. President Donald Trump and his Russian counterpart Vladimir Putin held high-stakes talks in Alaska over Ukraine.U.S. Treasury bond prices fell across the board with markets anticipating a Federal Reserve interest rate Dow hit an intra-day record high during the session, becoming the last of Wall Street's main indexes to climb to a new peak this week. The benchmark S&P 500 and the Nasdaq dropped, dragged down mainly by technology, financials, industrials and utilities stocks. The Dow Jones Industrial Average rose 0.08%, the S&P 500 fell 0.29% and the Nasdaq Composite fell 0.40%."This market continues to move higher and the story is just earnings and margins," said Talley Leger, chief market strategist at The Wealth Consulting Group in New Jersey."The inflation numbers that we saw this week were mostly services and in a services-based economy like ours, this is good for profit margins." Data showed that U.S. retail sales increased solidly in July, rising 0.5% from the prior month, after an unexpected spike in producer price data on Thursday renewed inflation concerns and pared market expectations for Federal Reserve rate cuts this shares touched a near five-month high before pulling back, as investors drew encouragement from a largely positive earnings season. The pan-European STOXX 600 index finished flat at 0.06%. The MSCI All Country World Index consolidated recent gains. It was last flat at 951.70, just shy of the record level of 954.21 set on Wednesday. Trump and Putin met face to face in Alaska in a high-stakes meeting that could determine whether a ceasefire can be reached in the deadliest war in Europe since World War has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks with Putin go well. Details and the longevity of any agreement will be key, and for now investors are on standby. Ukraine's government bonds - key indicators of the mood - have largely stalled in recent days at a still-distressed 55 cents on the dollar."There's still a small degree of risk premium in European markets because of the war. Any type of resolution will ultimately pare that back," said Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, adding that oil and other commodity prices could also react. "But I think that the market has learnt not to expect too much from these negotiations. Ultimately, Zelenskiy and the Europeans are not invited. They will need to be involved in any final negotiation," Ramjee added. The two-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 1.1 basis points to 3.751%, paring earlier losses. The yield on benchmark U.S. 10-year notes rose 2.7 basis points to 4.32%. In currency markets, the dollar weakened 0.38% to 146.72 against the Japanese yen and was down 0.15% at 0.806 against the Swiss franc. The euro was up 0.48% at $ dollar index, which tracks the greenback against a basket of six major currencies, was last trading down 0.34% at 97.85. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0% in the April-to-June quarter, beating analyst crude fell 1.5% to settle at $66.85 per barrel. U.S. crude fell 1.8% to settle at $ gold rose 0.09% to $3,338.65 an ounce. U.S. gold futures settled almost flat at $3,382.60. Cryptocurrency markets stabilised after bitcoin touched a record $124,480.82 on Thursday. It was down 0.78% at $117,033.52.

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