General Motors eyes more job cuts

clipped from www.vindy.com General Motors Corp. is likely to announce further production cuts and possible plant closures as early as next week as it deals with slumping sales and a collapse in its stock price, a person with knowledge of the company’s plans said Friday. The person, who did not want to be identified because the plans are not finalized, said the cuts likely will hit engine, transmission and stamping operations to correspond with a June announcement that GM would close four truck and sport utility vehicle assembly plants. The closure dates for those plants likely will be accelerated, the person said. GM announced last week that its Moraine, Ohio, SUV factory will close Dec. 23, and it has said it will idle assembly factories in Oshawa, Ontario; Toluca, Mexico; and Janesville, Wis., by 2010.

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MphasiS reduces hiring plans by 50 per cent.

clipped from www.rediff.com Bengaluru-based IT outsourcing services provider MphasiS, an EDS company, is reducing hiring plans by almost 50 per cent. At the beginning of this financial year, the company had guided the Street that it would recruit around 8,000 people. It now plans to recruit just 4,000. MphasiS has historically been strong in the banking, financial services and insurance space. It derives over 40 per cent of its revenue from this sector. Two of the world's top five brokerage firms are its clients. AIG, which was recently bailed out by the US government, is also one among its customers. Earlier this week, Hewlett-Packard -- which bought IT services company EDS last month -- said it would make 24,600 staff redundant over three years.

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