FiveYear Pentagon Initiative to Cut Staff Costs by 25 Percent

first_img Dan Cohen AUTHOR A Defense Department “delayering” initiative will trim headquarters staff costs by 25 percent in an effort to save $1.9 billion, according to David Tillotson III, DOD’s assistant deputy chief management officer.About 300 positions from the office of the secretary of Defense are being eliminated, including 243 that are filled. In defense agencies and field activities, 1,260 positions are slated for reduction. The streamlining is part of a broader reform, in which the department is restructuring its business processes and practices, particularly in support areas, Tillotson told DOD News.The restructuring will be carried out over several years, with many of the cuts being implemented through attrition. So far, officials are not making involuntary cuts, he said. The vast majority of affected workers will be placed in other positions or take voluntary actions, such as an early retirement or separation incentive payments.Last August, Deputy Defense Secretary Bob Work directed a 25 percent reduction of all appropriations funding for major DOD headquarters activities of military departments, the office of the secretary of Defense, the Joint Staff, defense agencies and field activities, and combatant commands. The restructuring covers the period from fiscal 2016 to 2020.Tillotson said the savings generated by the initiative would be shifted into modernization and improving readiness and training.last_img read more

Former Equifax exec gets 4 months in prison for insider trading after

first_img 0 Share your voice Tags Equifax Hacking Post a comment Security A former CIO for Equifax has been sentenced to four months in prison for insider trading related to the company’s massive data breach in 2017. Jaap Arriens/NurPhoto via Getty Images A former Equifax executive who sold his stock in the consumer credit reporting firm before it announced a massive data breach has been sentenced to four months in federal prison for insider trading. Jun Ying, former chief information officer for the company’s US Information Solutions, was also ordered to pay about $117,000 in restitution and a $55,000 fine, the US Attorney’s Office said Thursday.In 2017, Equifax announced that it suffered a data breach that would affect more than half of the US population, exposing the Social Security numbers, names and addresses of 147 million Americans. The company learned about the breach on July 29, 2017, but didn’t announce it publicly for nearly three months.On Aug. 25, 2017, Ying texted a co-worker about the breach, saying it “sounds bad. We may be the one breached,” according to the indictment. The next week, Ying conducted a web search to learn what happened to Experian’s stock price after the company experienced a data breach in 2015.Three days later, Ying sold all his shares in Equifax, making more than $950,000. Ying’s insider trading happened 10 days before Equifax publicly announced its breach.Ying, 44, is the second Equifax employee convicted of insider trading related to the data breach. Sudhakar Reddy Bonthu, a former Equifax software development manager, pleaded guilty in 2018 to using the insider information to make more than $75,000 on the stock market. Bonthu was ordered to serve eight months home confinement, pay a $50,000 fine and forfeit the proceeds from the stock sale.Correction, July 1: Corrected name of company involved in 2015 breach to Experian. last_img read more

Tata Group Launches ECommerce Portal Exclusively for its Employees

first_imgIndia’s largest business house Tata Group aims to take advantage of its huge employee base to drive revenues by launching an e-commerce portal exclusively for its employees to sell a range of goods. The $103-billion conglomerate is testing the online retailing initiative – mytatastore.com  – on a pilot basis that will cover its five lakh employees. “It’s an internal merchandise store for Tata employees across geographies. The thought behind launching it on “tataworld”, the group intranet, was to make Tata branded merchandise easily available to our internal stakeholders across Tata companies,” a Tata Sons spokesperson told The Economic Times.Besides, one of its group companies Tata Steel is rolling out ‘Tata Steel eshoppe’ for its stakeholders. “There was a huge demand from vendors and distributors who wanted to be associated with the Tata Steel brand,” said Viresh Oberoi, managing director and chief executive of mjunction services, a joint venture between steel giants Tata Steel and SAIL.Initially, the online store will offer Tata Steel branded merchandise such as mugs, backpacks, handicrafts, shirts, organisers, T-shirts and books. “We would like the initiative to stabilise in India. The first 10 days of operations have been very encouraging and has attracted close to 2,000 registrations,” Tata Steel MD (India & South East Asia), TV Narendran said.”The practice of involving employees for understanding the market will set the trend for many such corporates in future,” Manisha Rao, Delhi-based retail consultant, said. India is expected to become the second-largest digital market globally by 2030, with China being at first place, according to a report by Goldman Sachs.The banker estimates the country’s e-commerce market to grow 15 times to $300 billion by then, accounting for about 2.5% of the gross domestic product (GDP).last_img read more

Who are Indias Top Ten highest paid executives SLIDESHOW

first_imgAditya PuriMD, HDFC Bank32.8 Navin AgarwalChairman, Vedanta15.1 D.B. GuptaChairman, Lupin37.6 Sunil MittalChairman, Bharti Airtel27.2 Pawan MunjalCMD & CEO, Hero MotoCorp43.9 Rajiv BajajMD, Bajaj Auto20.5 With Infosys filing its annual report for 2015-2016, its executive pay package information is out in the open. Vishal Sikka, the CEO and MD of the Bengaluru-based IT services exporter, took home a salary package of Rs. 48.73 crore in 2015-16. His basic salary was Rs. 5.96 crore, while variable pay, inclusive of bonus, retirals and others, amounted to Rs. 42.77 crore, according to the disclosures in the annual report. The variable pay component included Rs. 14 crore for the financial year 2014-15.Sikka will get about a 50 percent hike in remuneration for 2016-2017. The company approved a compensation of $11 million (about Rs. 74 crore) in February this year.Yet, his compensation will be less when compared to that of Francisco D’Souza, CEO of Cognizant Technology Solutions, who took home $12 million in 2015, the Economic Times reported. It would be interesting here to know India’s top 10 highest paid CEOs in 2014-15 as reported by the Business Standard. (Their earnings for 2015-16 will be available when the companies file their annual reports for the year).   NameNameCompanyCompanySalary (Rs. Crore)Salary (Rs. Crore)NameC.P. GurnaniCompanyMD & CEO, Tech MahindraSalary (Rs. Crore)165.6NamePawan MunjalCompanyCMD & CEO, Hero MotoCorpSalary (Rs. Crore)43.9NameD.B. GuptaCompanyChairman, LupinSalary (Rs. Crore)37.6NameAditya PuriCompanyMD, HDFC BankSalary (Rs. Crore)32.8NameSunil MittalCompanyChairman, Bharti AirtelSalary (Rs. Crore)27.2NameN. ChandrasekeranCompanyCEO & MD, TCSSalary (Rs. Crore)21.3NameRajiv BajajCompanyMD, Bajaj AutoSalary (Rs. Crore)20.5NameK.M. BirlaCompanyChairman & Non-executive director, UltraTechSalary (Rs. Crore)19NameY.C. DeveshwarCompanyChairman & Wholetime Director, ITCSalary (Rs. Crore)15.3NameNavin AgarwalCompanyChairman, VedantaSalary (Rs. Crore)15.1center_img K.M. BirlaChairman & Non-executive director, UltraTech19 Y.C. DeveshwarChairman & Wholetime Director, ITC15.3 C.P. GurnaniMD & CEO, Tech Mahindra165.6 N. ChandrasekeranCEO & MD, TCS21.3 NameCompanySalary (Rs. Crore)last_img read more

Sensex continues to trade flat ahead of noconfidence motion against Modi government

first_imgIndian pedestrians walk on Dalal Street – Trader’s Street – next to the Bombay Stock Exchange (BSE) in Mumbai on March 7, 2014.INDRANIL MUKHERJEE/AFP/Getty ImagesIndian shares were muted on Thursday with losses in heavyweights such as Tata Consultancy Services Ltd offsetting gains in consumer stocks including Hindustan Unilever Ltd, a day ahead of a no-confidence motion against the government.The broader NSE Nifty was flat at 10,980.35 as of 0717 GMT while the benchmark BSE Sensex edged up 0.19 percent to 36,441.69.On Friday, the parliament will debate a no-confidence motion tabled by opposition parties against the Prime Minister Narendra Modi’s government on Wednesday, the first day of the monsoon session. Visitors walk outside at the opening of the Winter session of Parliament in New Delhi on December 5, 2013.RAVEENDRAN/AFP/Getty ImagesBroader Asian shares struggled to hold earlier gains made after upbeat Wall Street earnings, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.19 percent.”The participation is sort of muted with individual portfolios not doing well. Only Nifty-based portfolios are protected … frustrating investors,” said Deepak Jasani, head of retail research at HDFC Securities.”They are disappointed their portfolio values do not seem to reflect Nifty’s bullishness seen in recent times,” Jasani said.Nifty mid-cap 50 index fell as much as 1.8 percent and is down over 13 percent this year as of the last close.Technicals suggest Nifty has strong support at 10,929 points whereas 11,046 acts as a strong resistance. The BSE index, which hit a record high on Wednesday, has strong support at 36,278 and resistance at 36,692.Housing Development Finance Corp and Tata Consultancy Services, down nearly 1 percent each, were the top drags on the NSE index.Mid-cap IT stock Mindtree Ltd lost 12.2 percent, its biggest intraday fall since Sept. 2011. Larsen & Toubro Infotech Ltd and Hexaware Technologies Ltd were also trading lower.State-run lenders, however, gained with the Nifty index of PSU banks trading 1.6 percent higher. Bank of Baroda Ltd advanced 3.9 percent.Consumer stocks advanced, with Hindustan Unilever gaining 1.3 percent.last_img read more

JioPhone tops Indias feature phone market Samsung close second in Q1 2019

first_imgJioPhoneRIL Press KitWith 30 per cent market share, Reliance JioPhone has become the leading feature phone brand in India in the first quarter of 2019, Counterpoint Research said on Friday.While the smartphone market offers a big opportunity, one can’t ignore the 400 million feature phones users in the Indian market which too is likely to stay for the next five years in India, said Counterpoint’s “India Smartphone Market Share Q1 2019” report.Samsung stood second in the feature phone category with a share of 15 per cent while domestic handset maker LAVA grabbed the third spot with a market share of 13 per cent.Unlike the smartphone market, which contracted for the first time in 2018, the feature phone market has continued to grow over the last three years, the report said.Earlier in March, a Counterpoint Research report had estimated that a little more than 400 million feature phones would be sold globally this year. Feature phone shipments are also expected to cross one billion units by 2021.Brokerage firm CLSA’s telecom sector outlook for February had noted that Jio will lead the subscriber market share this year. Currently, Jio now has a customer base of 30.6 crore.last_img read more

AL desperate to win 6 city corporation polls

first_img-The ruling Awami League has apparently become desperate to win the upcoming elections in six city corporations, seeing this as a dress rehearsal for the national polls.The party’s central leaders are now speaking to grassroots activists besides trying to get new people on board, to find the best candidates for the contest likely from the opposition.AL general secretary Obaidul Quader had a new member enrollment campaign in Rajshahi on Wednesday. Local leaders are asked to work for the best possible results in the upcoming city corporation polls.Another of such campaign will be held in Rangpur on 9 November and then in other cities, party insiders say.The election commission (EC) has said the election to the Rangpur City Corporation will be held on 21 December. The election schedule will be announced on 5 November.EC sources said elections to Gazipur, Rajshahi, Khulna, Barisal and Sylhet city corporations could be held in April or May next year.Among these six city corporations, only the Rangpur mayor is from AL while the five others were elected from opposition party BNP.However, they were either busy appearing at the court or had to be away due to suspension.The AL selection committee to find suitable candidates said it had not sat together yet. It will convene a meeting after the schedule for Rangpur City Corporation is announced.AL president Sheikh Hasina has done her own homework already, doing a survey among the party leaders, the partu leader said. A list of potential canidates have already been chalked out.The AL is trying to maintain four key criteria while choosing the candidates — who is ahead in the survey, if s/he is welcomed at all levels of the party, if s/he has any ill reputation and who could be his/her opponent.To this end, AL presidium member Mohammad Nasim, who is also in the selection committee, said, “There is no chance to take this local election lightly. Since it’s just before the national elections, its impact will be huge. Whoever wins it will have a set of more zealous activists.”Senior AL leaders say the city corporation elections will give them a clear idea about the ability of the grassroots activists, the opposition, the local administration and the election commission.Following a meeting of the AL presidium in May, party president Sheikh Hasina asked Badruddin Ahmed Kamran and Khairuzzaman to get ready to contest in Sylhet and Rajshahi city corporation elections respectively, the party sources said.In Barisal, presidium member Abul Hasnat Abdullah’s brother Khokon Serneabat and son Sadek Abdullah are in contention, while in Khulna Sheikh Jewel, brother of Sheikh Helal MP, might get nomination.In Gazipur, it will be either metropolitan AL president Azmat Ullah or general secretary Jahangir Alam who would get nomintion. Azmat lost the 2013 election to BNP candidate Abdul Mannan, but Jahangir is in good books for withdrawing his candidacy and supporting the party chosen candidate.last_img read more

Costco Opens In Shanghai Shuts Early Owing To

first_img by NPR News Merrit Kennedy 8.28.19 4:03pm It looks like Costco is a hit in Shanghai. On Tuesday, the U.S. wholesale chain opened its first location in mainland China and was so inundated with eager shoppers that the store closed early owing to “security concerns.”The next day, Costco began limiting the number of shoppers in its warehouse to 2,000 at a time. “Local police will assist in improving traffic in the area, in order to lessen the disturbance to our neighbors, and we have improved our internal guest flow system,” the company said in a statement on the social media platform WeChat.Costco said that in the coming week, people who have memberships to the store will be notified “if we are nearing maximum capacity or if there are long wait times.”Photos from the store opening show long lines of customers queued up to apply for membership and crowds of people surrounding a roast chicken counter and freezers full of meat.The company, which first opened in the U.S. in 1976 under a different name, offers its members bulk items at wholesale prices. The cavernous stores are known for vast shelves with items stacked nearly to the ceiling.According to the Chinese news agency Xinhua, membership to the Shanghai store costs about $42 annually. “Prices of general merchandise in Costco are 30 to 60 percent lower than market prices and the food sold there is 10 to 20 percent cheaper,” Xinhua noted.The low prices certainly created a commotion, with checkout lines two hours long and three-hour waits simply to find a spot in the parking lot.It’s worth noting that some major international brands have had a hard time in China. As Bloomberg reported, “Carrefour SA sold an 80% stake in its China unit at a discount in June while German wholesaler Metro AG is looking to sell its operations.”Sam’s Club, the Walmart-owned rival wholesaler, has had a presence in the Chinese market for more than 20 years. It currently has at least 23 locations there.Costco’s senior vice president for Asia, Richard Zhang, told AFP that the Chinese consumer’s familiarity with Sam’s Club could help his company. “Chinese consumers are ready to pay for a membership card that grants them an exclusive privilege to buy at a warehouse store, it’s not a new concept in the country,” he said.Still, the ongoing U.S.-China trade war could complicate the company’s supply. Zhang told the wire service that about 50 percent of the products are from overseas and that some fresh produce items from the U.S. have been replaced with items from Australia.Copyright 2019 NPR. To see more, visit NPR. Costco Opens In Shanghai, Shuts Early Owing To Massive… Aly Songlast_img read more

Two get life sentence for human trafficking

first_imgKolkata: The Sealdah Court has recently awarded life imprisonment to two persons for their involvement in trafficking of a minor girl from Ultadanga and selling her to a dance bar in Uttar Pradesh.The court has also imposed a fine of Rs 10,000 each and an additional one-year imprisonment for wrongful confinement of the victim. According to sources, on September 2014, the Ultadanga police station received a complaint from a woman who told the police that her 14-year-old daughter had gone missing. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: Mamata The investigation revealed that the missing girl had an affair with a man named Rahul Ghosh, who was a bus conductor. The sleuths had doubts that Ghosh could be involved in the case as he also went missing for a few days at that time. The police also learnt from the girl’s family members that she used to dance well. They got information that the girl told some of her close friends that Ghosh was well acquainted with a dance troupe in Uttar Pradesh and he had allegedly promised her a job. Also Read – Lightning kills 8, injures 16 in stateIt soon became more or less clear for the investigators that the girl hailing from a lower middle class family was lured with the promise of job. Suspecting that Ghosh might have trafficked her to Uttar Pradesh, the police used their intelligence network and Ghosh was arrested from September 22 from Ramchandrapur in Uttar Pradesh. The girl was locked up in a room of a dance bar. She was recovered within 10 days after the police complaint was lodged. Ghosh had sold her to the owner of the bar. The sleuths could also nabbed the bar owner Suresh Gupta. A case was initiated against them on charges of wrongful confinement and women trafficking and accordingly the charge-sheet was submitted. In another conviction, the Sealdah Court on Wednesday sentenced a man named Bashir Khan to five years imprisonment for molesting a girl from Dum Dum on March 11. The conviction has been achieved within 22 days of the crime with the Chitpore police station submitting the charge-sheet in the case on March 17.last_img read more