UK Chancellor Rachel Reeves is launching a new "skills compact" with financial firms like Barclays and Lloyds to retrain thousands of workers for the AI revolution. The initiative commits employers to improving skills and keeping pace with technological changes, aiming to future-proof jobs and maintain the sector's competitiveness.
A US Department of Labor investigation into alleged H-1B visa and green card fraud could impact major Indian IT companies, including Cognizant, which has been named in the probe. The outcome may affect Indian outsourcing firms' operations in their largest market.
The Institute of Chartered Accountants of India (ICAI) may pause its global networking guidelines due to concerns from major audit firms, including the Big 4, regarding registration and data sharing. The institute plans further talks with stakeholders to resolve disagreements, with a final decision expected soon.
Four of India's largest IT firms, including TCS and Infosys, increased the pay gap between their CEOs and median employees in FY26. This widening occurred despite muted salary growth for the broader workforce due to an industry slowdown.
India's major IT companies, including TCS and Infosys, have seen their market value drop by at least 50% from peak levels, erasing approximately Rs 19.28 lakh crore. This significant correction is attributed to macroeconomic stress in North America and the disruptive impact of generative AI.
The UK's Financial Reporting Council (FRC) fined King & King and its managing partner Milankumar Patel £378,184 for "egregious" failures in auditing companies within Sanjeev Gupta's GFG Alliance. The firm, which relied heavily on GFG for revenue, failed to identify self-interest and meet key audit requirements, leading to severe restrictions.
IT firms are facing a new challenge with GenAI: 'token maxxing,' where relentless token consumption without clear business outcomes becomes a cost problem. Companies are shifting focus to link token usage to business value, not just raw consumption, as AI projects move to large-scale deployments.
Indian IT companies are struggling to find Forward Deployed Engineers (FDEs) needed for AI adoption. They are bundling roles, leading to clients not receiving expected deep tech expertise and potentially higher costs.
A 48-year-old IT employee in Pune died by suicide on June 2, with his family alleging workplace harassment and difficulties obtaining leave after a family bereavement. A suicide note reportedly named three individuals, leading police to register a case of abetment to suicide against two female colleagues and a man.
OpenAI baut ChatGPT zu einer Super-App mit KI-Agenten und Werkzeugen um, um Umsatz vor möglicher Börsennotierung zu erhöhen, mit Fokus auf lukrative Firmenkunden und Partnern wie Booking.com.
Japanese PM Takaichi denies allegations of using anonymous social media accounts to smear opponents during the LDP election, where she became the first female PM and appointed Koizumi as defence minister.
Noida-based ThynkTech India OPC Pvt Ltd abruptly closed its Pune office, leaving over 500 engineers jobless. Employees allege the company collected a ₹15,000 laptop deposit and withheld salaries for two months. CEO Harshal Thakre has been detained as police investigate a financial loss of ₹11.25 lakh.
Russia's FSB released a video showing offices of international IT companies like Cloudflare and Fastly, alleging their technical capabilities were used for espionage against Russian officials. The FSB described it as a large-scale, multi-state operation to collect data and eavesdrop on conversations.
New US visa proposals would significantly increase salary thresholds for tech workers, impacting Indian IT firms like TCS and Infosys. Entry-level engineers in San Francisco would need to earn $162,000 annually, a nearly 30% rise.
Die Deko-Kette Depot hat beim Amtsgericht Aschaffenburg erneut Insolvenz in Eigenverwaltung beantragt. Geschäftsführer Christian Gries nennt Kaufzurückhaltung und Online-Konkurrenz als Gründe. Weitere Filialschließungen sind wahrscheinlich.
The bank shouldn’t sound the all-clear, but two screw-ups doesn’t mean the current credit cycle will end in tearsBarclays cuts back risky lending after £228m hit from UK mortgage firm MFSBarclays boss CS Venkatakrishnan, having seen the bank hit in the space of six months by two high-profile blow-ups in the world of shadow banking, is pledging to take more care. “We are constraining lending to certain structured finance counterparties who operate more vulnerable business models and cannot convince us of the quality and independence of their financial controls,” he said.There’s an obvious response to that vow of greater vigilance: what were you doing previously? Wouldn’t it have been a good idea in the first place not to lend to high-risk outfits with unconvincing financial controls – for example those with large mortgage exposures but small audit firms? There was, in other words, a sense in the chief executive’s comments of stable doors being shut rather too late. Continue reading...
India's top IT firms reduced their workforce by nearly 7,000 in FY26, signaling a shift from expansion to efficiency driven by AI and uncertain demand. Hiring now prioritizes specialized skills over scale.
SFIO has summoned all major audit firms associated with IndusInd Bank over the past decade - including S R Batliboi & Co (EY), Haribhakti & Co, M P Chitale & Co, and MSKA & Associates (BDO) - to join its probe into alleged derivatives portfolio irregularities estimated at ₹2,000 crore. Former CEO Romesh Sobti and former treasury head Siddharth Banerjee have already been questioned. The investigation, ordered by Ministry of Corporate Affairs, examines corporate governance issues and accounting discrepancies potentially constituting fraud under Section 447 of the Companies Act.
