Amazon, Intel, other global giants to slash huge workforce amid AI boom

New Delhi, (IANS): Several major global companies, including Amazon, Morgan Stanley and Goldman Sachs, are planning massive job cuts in 2025 as they focus on reducing costs and streamlining operations in the artificial intelligence (AI) era.The rise of AI and global economic uncertainties are key reasons behind these layoffs.Amazon, one of the world's largest e-commerce companies, is planning to eliminate approximately 14,000 managerial roles, according to reports.The company aims to save around $3 billion annually through this move. CEO Andy Jassy has set a goal to increase the ratio of individual contributors to managers by 15 per cent by the first quarter of 2025.This decision follows Amazon's recent shift to a five-day workweek, which some employees believe is a way to encourage voluntary resignations.According to reports, investment banking giant Morgan Stanley is expected to lay off around 2,000 employees later in March -- 3 per cent reduction in its workforce.These cuts will likely exclude financial advisers. The firm had over 80,000 employees in 2024 and is now looking to restructure its operations.Goldman Sachs is also preparing for job cuts, with plans to reduce its workforce by 3-5 per cent following an annual performance review, the report added.According to reports, chipmaker major Intel is also expected to undergo a major restructuring under its incoming CEO, Lip-Bu Tan.The company, which suffered a $19 billion...

Read More........ → March 24, 2025

NPCI in talks to remove ‘pull transactions’ on UPI to reduce digital frauds

Mumbai, (IANS): In an effort to curb rising digital frauds, the National Payments Corporation of India (NPCI) is reportedly in early discussions with banks to eliminate ‘pull transactions’ on the Unified Payments Interface (UPI).Most frauds are happening through the pull method, and NPCI is exploring the possibility of removing this feature altogether to reduce fraudulent activities.A 'pull transaction' happens when a merchant sends a payment request to a customer, while a 'push transaction' occurs when a customer directly makes the payment using a QR code or other methods.By removing 'pull transactions', fraud cases could decline, but some bankers fear that genuine transactions may also be affected, potentially lowering efficiency, according to a report by NDTV Profit.However, NPCI, which operates retail payment and settlement systems in India, has not commented on this development yet.The discussions are still at an early stage, and a final decision on implementation has not been made yet, the report said.This development comes at a time when UPI payments are gaining immense popularity in the country. In February alone, UPI transactions crossed 16 billion, with the total transaction value exceeding Rs 21 lakh crore.In 2024, UPI transactions surged nearly 46 per cent, reaching a record 172.2 billion, up from 117.7 billion in 2023.With the increasing number of digital transactions, incidents of cyber fraud have also risen. Fraudsters...

Read More........ → March 21, 2025