08 May

UK financial crisis

We owe a staggering £1.529 trillion in personal debt – the highest level since the financial crisis, new Bank of England figures show.
The most worrying trend is credit card debt which has shot up to a record level with £67.6 billion on plastic.
Debt experts worry how people will cope as rising inflation, a slowing economy and weak wage growth leave households struggling to keep up with essentials, let alone find cash to clear escalating debts.

06 April

Cognizant close to firing 1,000 senior managers

In an unprecedented move Cognizant, the Nasdaq-listed IT company, whose operations are in Chennai, has instructed at least 1,000 of its senior managers to resign with immediate effect by opting for a voluntary exit scheme. The senior management will be given six- or nine-months’ pay as severance package, depending on their roles. The company is yet to officially confirm the move.