Volkswagen to cut 30,000 jobs to save $3.9 bn

Volkswagen AG today announced that it will cut around 30,000 jobs globally in order to save €3.7 billion ($3.9 billion) in expenses, as the German carmaker seeks to recover from the emissions scandal, which has so far cost it $20 billion.

The car giant, which employs 624,000 people in 34 countries, said that the 30,000 job cuts include 23,000 in Germany, but will create 9,000 new jobs as it shifts to electric and self-drive technology.

This exercise should bring in annual savings of $3.9 billion (€3.7 billion) by 2020.

The company said that the plan is the most radical in its history. Volkswagen executive in charge of VW brand cars, Herbert Diess, said that the company needed to brace itself for drastic changes as the automobile industry shifted to electric vehicles.

Volkswagen CEO, Matthias Mueller, said it was ''the biggest modernisation programme in the history of the group's core brand.''

''The VW brand needs a real shake-up and that is exactly what the future pact has turned out to be,'' he added.

Volkswagen, Europe's largest automaker, has been grappling with the emission cheating scandal that has hit sales and so far cost the company around $20 billion.

The company fitted its cars with so-called default devices software that changed engine performance during emissions testing.

In June, the Wolfsburg-based company agreed to pay up to $14.7 billion to settle claims, in what would be one of the largest consumer class-action settlements ever in the United States. (See: Emissions scam: VW to pay up to $14.7 m to settle claims)

Volkswagen may yet face further fines as customers in other countries demand compensation.

The VW group has 12 brands from seven European countries: Volkswagen passenger cars, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN.

Apart from the emission scandal, the company has struggled with profit margins well below those of its rivals, weighed down by onerous labour contracts and a complex corporate structure. Source: domain-b.com
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Naureen Taj among 12 innovators to represent India at Intel Science and Engineering Fair

New Delhi: Naureen Taj Qabeera T N of Lakshadweep is among 12 next-generation innovators part of the 'Team India 2016' to represent the country at the prestigeous Intel International Science and Engineering Fair (Intel ISEF) in May 2016 at Phoenix, Arizona in USA.

Naureen Taj, a student of Govt. Sr. Secondary School of Kavaratti Island,Lakshadweep has been selected for her project 'Curing cotton from the Wonder Palm-Coconut' under the subject Plant Sciences, according to Intel India.

Besides Naureen other young innovators are Shreyas Kapur of Modern School New Delhi, Abhimanyu Kumar of Stepping Stones Sr. Secondary School Chandigarh, Arvind Krishna Ranganathan of Ecole Mondiale World School Mumbai, Parvathi Ram of National Public School Bengaluru, Hemant Kumar of Sindhi High School Bengaluru and Prashant Ranganathan of Carmel Junior College Jamshedpur.

Sagnik Majumder of Hem Sheela Model School West Bengal, Harshit Jindal of Maharaja Agarsain Public School Delhi, Aditya Khant of Dhirubhai Ambani International School Mumbai, Dhriti Gaur of Maharaja Agarsain Public School Delhi and Aditya Bhargava of Vidyamandir Bengaluru have also been selected to be part of the 'Team India 2016'.

Intel India announced the finalists of the Initiative for Research and Innovation in Science 2015 (IRIS National Science Fair 2015) at a ceremony held at Indian Institute of Technology (IIT) Delhi on Monday. IRIS aims to encourage problem-solving, research and systematic approaches through science and technology.

The event also launched the IRIS Abstract Book which details the history of IRIS and synopsis of all the projects being showcased, along with IRIS Fair 2015 App, which will serve as a one-stop platform for participants to collaborate, interact and share information around IRIS 2015.

The 12 winners of the IRIS 2015 will now represent India at the annual Intel International Science and Engineering Fair (Intel ISEF) to be held in Arizona.

"Team India 2016, comprising of 12 selected projects from India's next-generation innovators, will represent the country at the Intel International Science and Engineering Fair (Intel ISEF) in May 2016 at Phoenix, Arizona, USA", Intel India said.

"Intel is committed to STEM education, research and innovation in India. Through IRIS and Intel International Science and Engineering Fair, we catalyze innovation and provide a life-changing opportunity for the students to broaden their horizons and collaborate in research programs", Debjani Ghosh, Vice President, Sales and Marketing Group, Managing Director, Intel South Asia, said.

Intel ISEF brings together more than 1,700 high school students from over 70 countries, regions, and territories to showcase their independent research and compete for more than $4 million in awards and scholarships. Source: ummid.com
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