Singapore, Nov 20 (IANS) The global economy may slow down severely due to the debt crisis in Europe, Singapore's Deputy Prime Minister Tharman Shanmugaratnam has warned.
"Unfortunately, troubles are brewing once again, this time in the eurozone. ... We have to prepare for the possibility, the very real possibility of rough times ahead, a severe slowdown in the global economy," Shanmugaratnam said.
He was speaking at a graduation ceremony for the Ong Teng Cheong Labour Leadership Institute, where Tharman gave out certificates and diplomas to fresh graduates.
He added that this could test the leadership of Singapore's government, Xunhua reported Sunday.
Shanmugaratnam's comments come a day after the Monetary Authority of Singapore (MAS) warned that the global economy is at its most fragile state since the last financial crisis.
Indian Prime Minister Manmohan Singh arrived here from Bali Saturday night after attending the India-ASEAN summit. On Sunday, he unveiled a Nehru bust along the picturesque Singapore river.
2011/11/13 18:10:27 Kolkata, Nov 13 (IANS) Emphasising that he will not hesitate to take harsh measures to control sovereign debt and fiscal deficit of the country, union Finance Minister Pranab Mukherjee Sunday said the financial crisis in Europe is likely to affect the Indian economy.
He also said that taking into account the current global economic scenario, the Gross Domestic Product (GDP) growth rate will be less than the targeted nine percent at the end of this fiscal.
"I am worried and disturbed because I do not want the situation where sovereign debt would be too high and fiscal deficit unmanageable," Mukherjee said at a programme organised by industry body Assocham here.
He said the financial crisis in Europe was likely to create adverse impact on the country's economy.
"The lesson we can draw from the experiences in Europe is that leaving the golden path of fiscal regulation and control will not help the existing economy, particularly the economy of big countries like India," he said.
"We have to come back to fiscal consolidation," he stated. "We have to be taught... and I can assure you that as a finance minister, I will not hesitate to take the taught decisions at an appropriate time," Mukherjee said.
2011/9/30 0:33:06 The US economy expanded at an annual rate of 1.3 percent in the second quarter, compared with an earlier estimate of 1 percent, the Commerce Department said Thursday.
The department's third and final calculation of GDP growth in April-June was slightly above the 1.2 percent forecast by analysts and coincided with government economists' initial second-quarter numbers.
US growth domestic product grew by only 0.4 percent in the first three months of 2011.
The upward revision in GDP and Thursday's announcement that new claims for unemployment benefits fell last week to 391,000 - the lowest level since April - combined to spur modest advances in the financial markets.
The Commerce Department report also indicated that consumer spending rose by 0.7 percent in the second quarter, better than the previous estimate of a 0.4 percent increase.
Consumer spending accounts fuels around 70 percent of US economic activity.
The figure for corporate profits in the second quarter was likewise revised upward, from 0.5 percent to 0.7 percent.
The US unemployment rate remains at 9.1 percent more than two years after the end of the worst slump since the Great Depression. Last month, for the first since February 1945, the US economy created no net new jobs. (IANS)
Sienna Miller, Big B team up against global warming
2007/7/18 3:14:42
British actress Sienna Miller teamed up with Bollywood star Amitabh Bachchan on Tuesday to urge Indians to do more to slow global warming.
The actress met Bachchan in Mumbai on Tuesday at the start of a weeklong trip to India as an ambassador for Global Cool, an organization that spreads awareness about global warming. Miller said people could help by turning their air conditioners down by even one degree or by turning off phone chargers and other electronic equipment when it's not being used.
"If each one of us does our bit, we will be helping to keep global warming from harming our countries," she said. Bachchan, India's biggest movie star, announced that the Indian International Film Academy would partner with Global Cool to increase knowledge about greenhouse gas emissions.
"Carbon emissions will be huge from countries like India and China with growing populations and economy," said Bachchan. "It will be wise to start doing whatever we can to protect our planet." Miller, 25, acted in the films Casanova, Layer Cake and Alfie.
Her on-and-off relationship with ex-fiance Jude Law, 34, made her an overnight celebrity. She reportedly broke off their engagement in 2005 after he publicly apologized for cheating following reports that he had a fling with the nanny of his three children.
Singapore forecasts up to 3 percent growth for 2012
2011/11/21 12:08:21 Singapore, Nov 21 (IANS) The Singapore economy is expected to grow by 1 to 3 percent next year on weak external demand and sluggish global economy, the Ministry of Trade and Industry said Monday.
"Global economic conditions are expected to remain subdued in 2012, with the outlook clouded by increased uncertainty and financial volatility," it said in a report on the performance of the economy.
The forecast for the year 2011 remained unchanged at 5 percent, reported Xinhua.
The ministry revised its reading of third-quarter economic growth to an annualised 1.9 percent on quarter-on-quarter basis, up from the initial estimate of 1.3 percent. The year-on-year growth for the quarter was 6.1 percent, up from 1 percent in the second quarter.
The manufacturing sector expanded by 14.2 percent year on year and the construction sector grew by 0.3 percent. The wholesale and retail trade fell by 0.2 percent, mainly due to weak exports. The financial sector grew by 10.5 percent.
The ministry said it expected the growth in the fourth quarter to weaken alongside deteriorating external macroeconomic conditions, with the weak electronics cluster likely to record low output and have a knock-on effect on precision engineering and wholesale trade.
The biomedical manufacturing cluster is expected to see a pullback in growth following the strong surge in the third quarter. The financial services sector is also expected to moderate.
Separate statistics released by trade promotion agency International Enterprise Singapore showed that the country's non-oil domestic exports in the third quarter shrank by 1.1 percent, following a growth of 1.9 percent in the second quarter.
The non-oil domestic export growth for 2011 was downgraded to 2-3 percent from 6-7 percent, while total trade was downgraded to 8-9 percent from 9-10 percent.
The non-oil domestic export growth forecast for 2012 was expected to be between 3-5 percent, while total trade was expected to grow by 3-5 percent, too.
The impact of weak external demand is beginning to be seen recently, with the non-oil domestic exports falling by 16.2 percent in October, led by a plunge of 51 percent for exports to the US and 31 percent in exports to the European Union.
IT spending in India to grow 9 percent by 2012 at $79.8
2011/11/21 17:16:58 New Delhi, Nov 21 (IANS) Despite global economic challenges, enterprises will continue to invest in Information Technology (IT) with IT spending in India projected to grow 9.1 percent at $79.8 billion (Rs.4,154.79 billion) in 2012 against $71.1 billion in 2011, a study said Monday.
"IT spending in India is projected to total $79.8 billion in 2012, a 9.1 percent increase from 2011 spending of $73.1 billion," said research and advisory firm Gartner Inc.
According to the study, India is the ninth-largest economy in the world, and the pace of economic growth in India -- with a mild dip during the worldwide recession in late 2008 and 2009 -- has brought the role of IT into sharp focus within many enterprises.
"India like other emerging markets continues exercising strong momentum despite inflationary pressures and appreciation of local currencies, which are expected in rising economies," it said.
The study also forecasts that the worldwide IT spending will reach nearly $3.7 trillion in 2011. From this amount, emerging economies will account for $1.013 trillion.
"Businesses are increasingly looking to IT to help support the challenges of enhancing customer support, supply chain management, optimizing business processes or helping drive innovation in the business," said Peter Sondergaard, senior vice president at Gartner and global head of Research.
"These demands are being placed on IT in an environment in which the infrastructure (hardware and software) foundation of IT within many enterprises may not be entirely in place. IT is also in transition from being viewed as a back-office support function to a frontline business-focused function," he added.
The telecommunications market is the largest IT segment in India with IT spending forecast to reach $54.7 billion in 2012, followed by the IT services market with spending of $11.1 billion.
The computing hardware market in India is projected to reach $10.7 billion in 2012, and software spending will total $3.2 billion.
The study said that the days when IT was the passive observer of the world are over as global politics and the global economy are being shaped by IT today.
"IT is a primary driver of business growth. For example, this year 350 companies will each invest more than $1 billion in IT," said Sondergaard adding that two-thirds of chief executive officers (CEOs) believe IT will make a greater contribution to their industry in the next 10 years than any prior decades.
"They are doing this because IT impacts their business performance," he added.
2011/10/13 7:07:17 China had 535,000 millionaires last year, registering a 12-percent year-on-year increase in its number of millionaires, a Capgemini report said Thursday.
The combined wealth of China's 535,000 high net worth individuals (HNWIs) topped $2.66 trillion, up 13.2 percent from 2009, according to a joint report issued by Capegemini and Merrill Lynch Global Wealth Management.
The number of millionaires makes the region the second-largest HNWI market in the Asia-Pacific region and the fourth-largest in the world after the US, Japan and Germany, reported Xinhua citing the report.
China is continuing to see an expansion in its HNWI population and their wealth, fuelled by strong macroeconomic growth and market performance, particularly in equities and real estate, said Pauline Ko, market manager for China at Merrill Lynch Global Wealth Management.
The mainland's HNWIs had 42 percent of their investments in equities and 27 percent in real estate last year, the report said.
Wei Zhen, Asia strategist with Merrill Lynch (Asia Pacific) Ltd., said that he expects Chinese millionaires to gradually reduce their wealth allocation in the equity and property markets, as the government will not loosen its grip on the real estate market anytime soon and global equity markets may turn volatile.
Wei projected that China's economy will expand by 9.3 percent this year and nine percent in 2012.
HNWIs are defined as individuals who have investable assets of $1 million or more, excluding primary residences, collections, consumables and consumer durables. (IANS)
Bollywood superstar Shah Rukh Khan's latest movie Om Shanti Om had its gala world premiere in London on Thursday with the actor saying he hoped it would help bring Hindi films to the doorsteps of the West.
Special: Om Shanti Om
"It's a beginning. Every new film helps us to mount the steps," he said after a screening for the press at the downtown Empire Leicester cinema.
In London for the gala red-carpet premiere, besides Khan, is the film's debutante female lead Deepika Padukone, co-stars Arjun Rampal and Shreyas Talpade and distributor and Eros International chairman Kishore Lulla.
This was the first time an Indian film had premiered at the Empire at Leicester Square - home of all London movie premieres, Khan said.
He said London was the perfect launching pad for the film because of the history of "cultural cross-pollination" between India and Britain.
"I have always thought that we should be taking the first steps to bring out India's economy and culture to the world," he added.
Lulla said: "This is one of the most awaited films of the year and we are excited to be leveraging Eros's global distribution in promoting the film."
Bollywood's global success related to India's economic growth: Amitabh
2007/3/29 7:27:28
Bollywood superstar Amitabh Bachchan feels that India's rapid economic stride is largely responsible for the recognition that Indian films are getting in foreign countries.
"India's economic progress is largely responsible for the Indian films getting recognised abroad. When the economy is doing well, everything connected with the country, its food, culture, colour, art and films get noticed," Bachchan said at a function in London in connection with the International Indian Film Academy (IIFA) Awards to be held in Yorkshire from June 7.
He said over the years, IIFA has grown in stature and it has become an occasion for celebration of Indian Cinema and meeting of minds.
"This year IIFA is going green, adopting the Global Cool campaign to create awareness of the effects of climate change and how to minimise it," he said.
Referring to the vast changes witnessed in the Indian cinema, the Bollywood superstar said: "We have become ambassadors of friendship and this year's IIFA awards assumes importance because the country is celebrating 60th year of its independence."
Speaking on the occasion, London's mayor Ken Livingstone said no country in the world could ignore the emergence of India.
The Delhi bound New Howrah-New Delhi Kalka train derails near Malwa station (near Fatehpur district) in Utter Pradesh on Sunday noon while it’s running with 100Km/hr speed. More than 35 passengers were killed on the spot and 200 hundred passengers severely injured in the accident. According to unofficial sources the death toll may even more than what the officials declared. 15 bogies of the train were detached from the engine and rammed into each other. Railway Minister Mukul Roy has announced Rs.5 lakhs ex-gratia to the deceased, Rs. 50,000 to severely injured. Rescue operations were in full swing.
The Commissioner of Railway Safety has been directed to probe the incident, said General Manager, North Central Railway H C Joshi aid.
2011/10/21 7:45:31 [img align=left]http://www.bharatwaves.in/portal/uploads/L&T_4ea15b3b91c7c.jpg[/img]Engineering and construction major Larsen and Toubro (L&T) Friday reported a 15 percent increase in net profit at Rs.798 crore for the quarter ended Sep 30, despite a slowdown in various sectors it operates.
Gross revenues rose 20 percent to Rs.11,375 crore in the July-September period, the company said in a regulatory statement.
"Order inflow of Rs.16,096 crore during the quarter takes the order book to Rs.142,185 crore as on Sep 30. Despite the current slowdown in new investment decisions in many industries and uncertainly in global markets, the company succeeded in garnering orders," said the L&T statement.
The orders were mainly from the buildings and factories, hydrocarbons, minerals, metals and power transmission sectors, the company added.
The engineering and construction segment, the company's core business, saw gross revenues rise 21 percent to Rs.9,704 crore.
L&T, however, said the economy was witnessing a slowdown and capacity addition in several sectors had tapered off.
"The current economic slowdown in investment momentum witnessed in almost all sectors of the economy is constraining growth opportunities. Intensifying competition, high inflation, elevated interest rates, volatile financial markets and delayed policy intervention are posing considerable challenges for decision makers," said the company.
"Irrational pricing offered in the market place for the limited pie of opportunity is yet another factor to reckon in selection of remunerative projects. "
At the Bombay Stock Exchange, the L&T scrip was trading 1.29 percent lower at Rs.1,367.20 in afternoon trade. (IANS)
Mayor to fly economy class for Asia Pacific summit
2011/7/2 13:01:13 Mayor Banda Karthika Reddy, Deputy Mayor Jaffer Hussain, accompanied by GHMC secretary and 10 members of the FAPCCI will travel ‘economy class’ when they fly to Australia to take part in the Asia-Pacific Cities Summit to be held in Brisbane from July 6 to July 8.
The reason behind the Mayor and her fellow-travelers opting to fly economy class is said to be that the government has sanctioned a ‘paltry’ Rs 4 lakh for their trip.
While in Australia the Mayor is expected to sign a ‘sister-cities’ agreement with her Brisbane counterpart.
Ms Karthika Reddy will stay in Australia till July 11.
Besides the delegation from Hyderabad, Delhi Chief Minister Sheila Dixit is the only person from the country to take part in the summit.
In a letter to the media, Ms Karthika Reddy said that the Lord Mayor of Brisbane had honored her by inviting her to attend the Biennial Asia Pacific Cities Summit (APCS).
The summit will help to drive business opportunities and economic growth through international trade and investment for Brisbane; South East Queensland and the wider Asia Pacifc Region which includes India, the Mayor said.
She added that she would take the opportunity as a privilege to represent Hyderabad city in capacity of Mayor; for such a prestigious civic forum as APCS which is Asia Pacific region’s premier international businesses.
The Summit is to be hosted by world renowned speakers and case studies incorporating sustainability, connectivity and managing the cities’ repaid growth.
Ms Karthika Reddy further said that by attending the summit, her team will have the opportunity to learn about the latest trends/challenges for cities, to meet international business leaders and government decision-makers, expand international networks, increase business growth, trade and investment opportunities , forge partnership with international business and government agencies, raise the Corporation’s profile, interact with the Mayors, Deputy Mayors, Civic CEOs Councilors.
She added that more than 1000 civic delegates from 100 global cities will attend the summit.(INN)
2011/8/9 12:03:31 The prices of gold continued to rise further, soaring to new record levels of Rs 26,260 per 10 grams of 99.9 per cent purity on Tuesday.
The price of standard gold of 22 carat purity reached Rs 25,620 in the city, according to a city jeweler.
The price of the yellow metal has been steadily rising in the past one and a half years, but has zoomed recently on the back of global investor fears and the ongoing marriage and festive season.
Fears over the downgrading of the United State’s credit rating by the Standard and Poor’s are also said to be the reason behind the investor’s fears. The downgrading of the US economy may possibly slow down the economic growth globally and investors deem it prudent to invest in the yellow metal.(INN)
2011/9/21 1:14:46 Following is the text of Prime Minister Manmohan Singh's statement, ahead of his visit to the United Nations, issued Wednesday.
"I leave today on a visit to New York to attend the 66th Session of the United Nations General Assembly.
The United Nations General Assembly is meeting this year at a time when the world is faced with multiple challenges. The global economy is in the midst of an economic slowdown coupled with all its attendant problems, including inflationary pressures.
The West Asia, North Africa and Gulf regions have seen major upheavals and there is uncertainty about the shape of things to come in this crucial part of the world in the period ahead.
The Palestine question remains unresolved.
Terrorism and non-traditional threats to international security, such as piracy, are threatening states and the international political and social order.
More than ever before, it is imperative for all countries to act in concert to address these challenges. This is the time for United Nations to resume its global leadership role.
India has been a non-permanent member of the United Nations Security Council since January this year, after a gap of 19 years. Our efforts at promoting international peace and security and bringing to bear a developing country perspective have, I believe, enriched the Council's deliberations and enhanced its effectiveness.
The United Nations must be seen as an impartial, credible and effective body. I will stress the need for early reform of this unique organization, particularly an expansion of its Security Council.
During my visit, I look forward to holding bilateral meetings with the Presidents of Iran, South Sudan and Sri Lanka, and the Prime Ministers of Japan and Nepal." (IANS)
2011/11/20 12:02:08 Mumbai, Nov 20 (IANS) India's foreign exchange reserves fell by $326 million to $314.34 billion for the week ended Nov 11, declining sharply for the second straight week due to a slump in the value of foreign currency assets, official data showed.
The forex reserve kitty had slumped by $5.72 billion in the previous reporting week.
However, in rupee terms, the total value of India's foreign exchange reserves registered a gain of Rs.32,895 crore to Rs.15,76,706 crore during the week under review mainly because of depreciation of Indian currency against the US dollar.
Last week, rupee dropped to Rs.51.30 against a dollar, the lowest in 32 months, due to increased demand for the greenback from exporters, continued concern over inflationary pressure and a slump in stock markets.
Foreign currency assets, the biggest component of the forex reserves kitty, dropped by $288 million to $280.29 billion for the week ended Nov 11, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The RBI does not provide any reason for the change in the foreign currency assets. It says the assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
India's reserves with the International Monetary Fund (IMF) fell by $14 million to $2.62 billion and the value of special drawing rights (SDRs) declined by $24 million to $4.53 billion.
However, the value of gold reserves remained unchanged at $26.89 billion after dropping by $1.77 billion in the previous week.
Sienna Miller is positive about the response she's getting from Bollywood towards global warming project.
What do Dino Morea and Hollywood actress Sienna Miller, who is currently in Mumbai, have in common? Besides a love for movies, a social cause that is very dear to their hearts - global warming. And as part of a global organisation that works towards preventing global warming (the 'Global Cool' project), the two celebrities are doing their bit for the cause by shooting a documentary on the subject . "We will be shooting it tomorrow at my house," said Dino, continuing, "The documentary will show people how to be global cool-effective ." And since actions speak louder than words, the two will also be cycling from Dino's house to Sienna's hotel for the documentary , "in a bid to conserve energy and keep the environment pollution-free" .
Sienna is overwhelmed by the positive response she's had from the wonderful stars of Bollywood. "With their help I think Global Cool is going to have a big impact in India," she said. "I've met Kabir Bedi, Mr Bachchan, Salman Khan, Dino Morea and Arjun Rampal - and they have all said they'll do everything they can to help. Later in the week I am meeting Bipasha - which I'm really looking forward to because I'm a great believer in the power of strong women to make a difference in the world! I've also just met Lara Dutta and Katrina Kaif at Salman Khan's charity screening of Partner and I really hope they are going to join in too."
What did Dino think of Sienna, considering the two had dinner together on Tuesday night and even went dancing after that? "She's a fabulous girl, lots of fun to be with. And she is so very down-to-earth ." And what did the two talk about? "Everything, from Hollywood films to Bollywood flicks to food. She's a complete foodie and loves Indian food, especially chicken tikka masala," laughed Dino.
After sharing the dance floor with Nelly Furtado when she was in Mumbai recently, Dino now got a chance to shake a leg with Sienna too. "Sienna loves Bollywood music and danced to a couple of Hindi film songs too. She wants to act in a Bollywood film as well," revealed Dino. So, did the two 'warm' up to one another , after their global warming work? "Well, we did get along really well. And I got to know Sienna, the person, not just the actress . She's got a zest for life, and believes in living life to the fullest," smiled Dino.
2011/5/29 13:44:36 In the aftermath of pressure being built on the Centre to curb corruption and black money, the Union Finance Ministry on Sunday said that an in-depth study is currently underway to estimate the quantum of illicit funds generated and held within and outside the country, with different estimates vary from USD 462 billion to USD 1.4 trillion.
The Centre has been put on the back foot with calls for effective measures to check the flow of black money and steps to get back funds stashed in safe havens in foreign countries, especially during campaigning in the 2009 general elections and more recently by social activist Anna Hazare by his fast-unto-death.
According to the Union Ministry for Finance, three top national level institutions have been engaged to for the estimation of unaccounted income and wealth held within and outside India.
These institutions, National Institute of Public Finance and Policy (NIPFP); National Institute of Financial Management (NIFM); and National Council of Applied Economic Research (NCAER), will assess or survey the unaccounted income and wealth both inside and outside the country.
The three institutions have already started work in March, 2011 and they have a further 18 months to complete their assigned task.
These institutions will also profile the nature of activities engendering money laundering both inside and outside the country with its ramifications on national security and identify important sectors of economy in which unaccounted money is generated and examine causes and conditions that result in generation of unaccounted money.
The institutions will also examine the methods employed in generation of unaccounted money and conversion of the same into accounted money.
They will also suggest ways and means for detection and prevention of unaccounted money and bringing the same into the mainstream of economy, besides suggesting methods to be employed for bringing to tax unaccounted money kept outside India.
Apart from this, the institutions will also estimate the quantum of non-payment of tax due to evasion by registered corporate bodies.
The Union Ministry of Finance stated that the in-depth study has been ordered after the issue of black money has attracted a lot of public and media attention in the recent past.
The Finance Ministry stated that so far there are no reliable estimates of black money generated and held within and outside the country.
The different estimates on quantum of black money range between USD 500 billion to USD 1,400 billion.
A recent study by Global Financial Integrity has estimated the illicit money outflow to be USD 462 billion. These estimates are based on various unverifiable assumptions and approximations.
2011/9/2 6:10:48 Visa related services will soon be available in post offices -- in remote areas.
India Post Friday said it has signed an agreement with VFS Global to provide the services. VFS Global is a leading outsourcing firm providing administrative functions for diplomatic missions across the world.
The agreement was signed Aug 8.
Under the pact, post office counters will be used for fee collection, sell visa application forms, provide information and other services.
India Post and VFS Global are also planning to cooperate in utilizing India Post?s courier service, Speed Post for moving passports to VFS offices and embassies, and their delivery back to the applicants.
Currently people from smaller cities and rural areas travel long distances to avail passport and visa services.
Lack of information is a major area of concern as this allows unscrupulous elements to cheat unsuspecting people. (IANS)
2007/11/20 7:36:33 Chief minister Y S Rajsashelkar Reddy is every much embarrassed over the CAG report. The report has severely indicted the government over the irregularities in the irrigation projects.
CAG has found irregularities in irrigation projects to the tune of 100’s of crores. The report states that many contractors were favoured and excess payment made in violation of the rules.
Bollywood stars to be honoured with international awards
2006/12/3 11:47:15 Actress Shabana Azmi, choreographer Farah Khan and filmmaker Jagmohan Mundhra will be honoured with the Global Online awards for their contribution to the Indian cinema.
The awards, constituted by Triangle Media Group, will be presented at the University of Leicester on December seven.
The awards ceremony will also have a lecture by Mundhra, who will discuss his forthcoming movie 'Provoked' starring Aishwarya Rai, based on a real life story of a woman abused by her husband, and its legal significance to the university's law school professors and students.
The film had received rave reviews at Cannes.
"The TMG awards bi-annually celebrate, recognize and honour the top 50 South Asian and foreign achievers who have made an outstanding mark and contribution in the global mainstream media," theatre personality, Haresh Sood, who is a the Global Ambassador of the awards, said.
Leicester Councillor Manjula Sood, who is a postgraduate from the University, will also be honoured for her outstanding contribution to local politics.
The awards, launched in 2004, have been supported by Minister for Culture Media and Sport, Tessa Jowell.
2011/11/4 5:13:43 (IANS) Computer chipmaker Advanced Micro Devices Inc. (AMD) said it plans to cut its global workforce by about 10 percent in a move to reduce operational costs.
The layoff will occur across all functions globally and is expected to be completed by the end of the first quarter of 2012, the company said Thursday.
The cuts will amount to about 1,400 jobs, according to estimates by analysts.
Combined with implementing efficiencies across the company's operations, AMD expected that the workforce reduction will result in operational savings of more than $200 million in 2012, reported Xinhua.
"Reducing our cost structure and focusing our global workforce on key growth opportunities will strengthen AMD's competitiveness and allow us to aggressively pursue a balanced set of strategic activities designed to accelerate future growth," Rory Read, AMD's chief executive officer, said in a statement.
As the world's second largest maker of processors for computers, AMD has been suffering from the slowdown of global PC market and is seen as slow to move into new mobile device market.
The operational savings will help accelerate the company's future growth in emerging markets and in the cloud computing field, AMD said.
Following is the text of Prime Minister Manmohan Singh's statement, ahead of his visit to the United Nations, issued Wednesday.
Visa related services will soon be available in post offices -- in remote areas.
(IANS) Computer chipmaker Advanced Micro Devices Inc. (AMD) said it plans to cut its global workforce by about 10 percent in a move to reduce operational costs.
