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- Bit by Bit 22nd Jan || Alphabet cuts staff as Big Tech pulls back from the pandemic surge ||Despite India's economic growth, few jobs and meagre pay for urban youth & more
Bit by Bit 22nd Jan || Alphabet cuts staff as Big Tech pulls back from the pandemic surge ||Despite India's economic growth, few jobs and meagre pay for urban youth & more
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"5 amazing stories in 5 minutes to make you future ready"
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MARKET UPDATE
(Markets were closed on 21/01/2022, Saturday)
ECONOMY
Key Facts:
India's urban unemployment rises to 10.1% in Dec - CMIE
Hiring slows in IT, retail, manufacturing amid global slowdown
The Story:
India's growing unemployment defies other signs that the country's economy is recovering well from the COVID-19 outbreak. Instead, the increase in job seekers, many of whom are migratory workers from rural areas, raises questions about consumption and long-term growth prospects.
Although India's total employment reached a pre-pandemic level of 410 million in December, the urban unemployment rate increased to 10.1%, according to figures compiled by Mumbai-based think tank Centre for Monitoring Indian Economy (CMIE).
According to CMIE data, prior to the pandemic years, urban unemployment lingered between 6% and 7%. This increase was primarily caused by lockdowns. Prior to that, it peaked at 11.2% in August of 2016.
FMCG
Key Facts:
Hindustan Unilever (HUL) says the rural slowdown is bottoming out
The company MD believes the worst of inflation is likely over
Royalty fee payment to parent company hiked for HUL India
The Story:
Hindustan Unilever (HUL) on Thursday said the rural slowdown is bottoming out and the worst of inflation is likely over, setting the stage for a revival in volume growth after India's biggest consumer goods company posted a 16% jump in sales in the December quarter. "Across the country, people are spending, but because inflation has been so high, they have had to cut back on volumes, which is completely understandable," said Sanjiv Mehta, managing director of HUL, adding that the overall market value growth is at 6-8%. "So, if inflation comes down, then we certainly believe volume growth will come back."
Mehta said demand has recovered both sequentially and year-on-year, especially in rural areas. HUL's volumes, or the number of products it sells, rose 5% in the third quarter, indicating the bulk of its revenue expansion was due to price hikes and not increased demand. The company's sales rose to ₹14,986 crore, from ₹12,900 crore a year earlier, while net profit grew 12% to ₹2,505 crore from ₹2,243 crore a year ago.
The company said the royalty fee it pays to parent Unilever Plc has been hiked by 80 basis points after a decade, and the increase will be implemented in a staggered manner over three years. Under the new agreement, the royalty and central services fees will increase to 3.45% of the total turnover, from 2.65% at present.
AUTOMOTIVE
2023 Harley Davidson Freewheeler trike revealed globally
The Story:
Harley Davidson, an American automobile manufacturer, has recently unveiled its 2023 iteration of the Freewheeler trike globally. The trike has been upgraded. However, the manufacturer does not sell the bike in India and it is not sure whether the 2023 version of Freewheeler trike will make it to India. Interestingly, Harley has updated the Freewheeler with dark elements.
The 2023 Harley Davidson Freewheeler trike has some blacked-out elements: front end, headlamp nacelle, tank console, hand and foot controls, powertrain, and exhaust. The new gloss back cast aluminum wheels now measure 18 inches at the back, whereas the outgoing version used 15-inch ones.
TECH
The Story
As industry leaders admit they overextended during the pandemic's digital boom, Google's parent firm will lay off 12,000 employees, bringing the total number of IT job losses in the last 12 months to over 200,000. More than 50,000 employees from only four Big Tech companies—Amazon, Meta, and Microsoft—were impacted by the industry-wide cull. The biggest tech business that hasn't yet disclosed any substantial layoffs is Apple. According to estimates from Layoffs.fyi, a website that compiles stories of layoffs, more than 193,000 jobs had already been lost at IT businesses worldwide since the beginning of 2022 before Google's statement on Friday.
However, those layoffs only account for slightly more than half of the 36,751 new employees that Alphabet hired in the year that ended in September 2022, the most recent quarter for which data is available. The group's overall headcount increased to more over 185,000 in September, up approximately 57% since the year 2020 began.
Anything Interesting
According to recent research, the number of students choosing upskilling courses has increased by 70% in the past year. This may be caused by a variety of variables, including the demand for expertise in supply chain management, full-stack development, financial services, and cyber security, as well as the acceleration of digitization. The demand for skill proficiency increased as a result by 25% in the previous year and is predicted to climb to 41% in 2025.
Imarticus Learning, a company that analyses professionals in the workforce, discovered that the recent wave of layoffs at various firms has increased the need for upskilling.The full stack developer pro course, the post-graduate and advanced certification program in cyber security, the MBA in fintech, the post-graduate diploma in management by fintech by BIMTECH, and the SP Jain Global Professional Certificate in fintech are the most opted courses, according to the report.
