Team-BHP - Recession Again ?

Recently I was reading a report which said that European markets will be the first to crash which will have catastrophic effects on the rest of the world.

Also, I have noticed that not much hiring is happening at mid and senior levels across companies & industries. There is very little hiring happening in IT companies at Junior level (0 - 5 years experience).

Adopted a wait and watch policy.

Quote:

Originally Posted by MutantX (Post 2752343)

S&P & Moodys usually rate other markets (read european & asian) lesser heavy weights when compared to the US! for obvious reasons. They always want maximum investments to their markets rather than asian markets.

Cannot resist a bit of bashing.

These jokers S & P, Moodys and co need to be rated. How come overnight firms like Fanny Mae, and the bank (I forget its name) went from AAA to junk. Someone was not doing his homework right.

These chaps should have been rated by some of our people at that point. Not A, not B, not C but Z would have been the result. Our bhole baba is too meek.

Quote:

Originally Posted by lambuhere1 (Post 2752384)

Latest Rumor in banking sector is Greece has already defaulted, but details are not published out in the news.

Wonder how much truth is in the rumors !

Maybe there is something. Both NIFTY and SENSEX crashed about 2:28pm. The nifty has recovered about 50 points since then.

A correction was expected today (after 3 days in one direction the market normally reverses on the fourth day). However, this was a very mild one, so something must have triggered the very sharp drop. Could be the rumour.

Quote:

Originally Posted by sgiitk (Post 2752417)

sir, it is good for us if European markets crash. Crash means huge volumes of trade which means more commission, fees & other charges to my bank. On the other hand, we will have M&E which means new IT projects as a part of migration. Super-O-Super! also when my bank goes on cost cutting spree, it means work will come to Chennai!.

On the other hand, when things were going well, I had a cut in head count of 5 FTEs but now with cost cutting spree, I have got an approval to start recruiting. The irony is that there are not much employable IT people. The odds are 25:1, for every 25 people I interview, I could pick just one quality IT analyst. Mind you, these guys whom I interview aren't from the market but from top tier-1 & tier-2 companies like infosys, TCS, CTS, capgemini, Polaris.

There seems to be a lot of negative news which is pulling down credible avenues for growth as well.

First was the govt forcing Coal India to sign Fuel Supply Agreements and now they are forcing banks to cut rates even before the rate cuts by the RBI sink into the economy.

Last financial year, there was a lot of criticism around policy paralysis. Suddenly things have changed but most of them are still going in the wrong direction !

Quote:

Originally Posted by anand_lukose (Post 2752590)

First was the govt forcing Coal India to sign Fuel Supply Agreements and now they are forcing banks to cut rates even before the rate cuts by the RBI sink into the economy.

While the ulterior motives of the government remains unknown, I feel that atleast on the face of it signing of FSAs is a positive step. What is troublesome is the fact that CIL is selling coal at prices 20% below the market price and a minority shareholder, a UK based fund has filed a suit against it for the same.

Same seems to be the case with LIC whereby it was made to subscribe to shares of a public sector bank and ONGC in excess of the stipulated holding as per IRDA guidelines.

Keep your eyes open :

S&P lowers India's outlook to negative

S&P lowers India's outlook to negative: Don't pay attention to it, Shankar Sharma says - The Economic Times

No need to panic on S&P's outlook revision: Pranab Mukherjee

No need to panic on S&P's outlook revision: Pranab Mukherjee - The Economic Times

Is it Over-Confidence in India's Growth story that is being propogated ? Trying to read between the lines

UK slides back into recession in first double dip since 1970s

UK slides back into recession in first double dip since 1970s - The Economic Times

Cycle needs to be completed with Asia.

First it was US, Now Europe, Later Asia [ Is it 2012/2013 ? ]

Over the last two days, HSBC India has undertaken a massive layoff exercise showing the door to as many as 200 employees ranging from assistant manager to vice presidents from its centres in Hyderabad and over 350 employees at HSBC's Pune centres.

HSBC axes 200 employees from Hyderabad offices, 350 in Pune | Today.in

Now we are heading for a faster downgrade with the petroleum ministry asking for a reduction in taxation in petrol. This can only increase the deficit. Howsoever welcome it gives me the creeps.

Reduce petrol tax by Rs 6 per litre: Oil Ministry - The Economic Times

A friend of mine got sacked from the Hyd location. He was called by HR, given a choice to resign or get a termination letter, he chose resignation, he was given 3 months salary & asked to leave immediately. No explanations, no questions to be asked.
Overall, he has been a top performer for the last 2 yrs since he joined. He has a 4yr old daughter, a home loan, a car loan. Thankfully his wife works too, but he is worried as hell.
Things just came crashing down one fine day for him. It's hard to fathom the confusion & feelings at that moment.

Quote:

Originally Posted by mb_jg (Post 2759993)

Man, this is sad!

I was laid off during the 2008-09 recession, and can relate with him. I know exactly how he'd be feeling right now.

Is he open for other locations? Why not post his skillsets in the Jobs Available in my Organization thread?

Quote:

Originally Posted by Oxy (Post 2760012)

I am not sure if he is willing to work out of another location given that his son just got admission into LKG. Will have to check with him.