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Ferrari Unveils Ambitious 2024 Plans: 250 New Hires, Employee Share-Ownership Program, and Enhanced Bonuses

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Ferrari, the renowned luxury sports car manufacturer, has unveiled its ambitious plans for 2024, signaling a positive direction for the company. In the first half of the upcoming year, Ferrari intends to expand its workforce by hiring 250 individuals. This decision follows recent disruptions caused by worker strikes at Stellantis, GM, and Ford plants in North America between September and October. In contrast, Stellantis is streamlining its workforce in Italy through voluntary redundancy programs. Ferrari’s initiative includes significant enhancements for its employees. The company will introduce a new share-ownership program and improved bonuses. Approximately half of the new hires are slated to join the workforce in January. Ferrari, with a predominantly Italian employee base of over 5,000, will kick off an employee share-ownership plan early in 2024, initially targeting its Italian staff. As part of this program, every employee will be granted company shares with a maximum value of 2,065 euros ($2,208) at no cost. Those who retain the shares for a minimum of 36 months will receive additional shares, amounting to up to 15% of the initial value of the allocation. The use of treasury shares will extend this plan to encompass Ferrari employees outside Italy. Furthermore, Ferrari has successfully negotiated an agreement with the FIM, UILM, and FISMIC unions to extend a competitiveness award program for Italian employees from 2024 to 2027. This annual competitiveness bonus may see an increase to 17,000 euros, up from 13,500 euros in 2022 and 12,000 euros in 2021. Notably, employees will have the option to voluntarily convert a portion of their bonus into Ferrari shares, with a maximum limit of 3,000 euros. These strategic moves underscore Ferrari’s commitment to fostering a positive working environment and reinforcing its position in the luxury sports car market.

Ferrari Unveils Ambitious 2024 Plans: 250 New Hires, Employee Share-Ownership Program, and Enhanced Bonuses Read More »

Government e-Marketplace (GeM) Achieves Rs 2 Trillion GMV in 8 Months, Resulting in Rs 45,000 Crore Savings

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In less than eight months of the current fiscal year, the Government e-Marketplace (GeM) has achieved a significant milestone by surpassing a Gross Merchandise Value (GMV) of over Rs 2 lakh crore. This exceeds the GMV recorded at the end of the previous fiscal year (2022-23). The average daily GMV has also experienced substantial growth, reaching over Rs 850 crore in the current financial year. A noteworthy aspect of this achievement is the substantial contribution of Central entities, including Central Public Sector Enterprises (CPSEs), which constitute an impressive 83% of the total GMV. The active participation of State Governments, making up the remaining 17%, highlights the widespread adoption of GeM’s transformative impact on public procurement. Several states, including Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, and Uttarakhand, have placed significant procurement orders. The collaboration between Central and State entities showcases a harmonious synergy that has propelled GeM to unprecedented success. GeM’s expansion into the services sector has played a pivotal role in driving its accelerated adoption, with the services segment experiencing exponential growth over the last three years. The services sector’s contribution to the total order value on the platform has surged from 23% in FY 21-22 to nearly 46% in the current financial year. This accomplishment reflects not only the platform’s rapid growth but also its crucial role in transforming public procurement throughout India. GeM’s commitment to fostering efficiency and transparency in procurement processes has enabled government agencies to access a diverse range of products and services in a streamlined and cost-effective manner. With a catalog featuring nearly 312 service categories and over 11,800 product categories, GeM caters effectively to the dynamic requirements of government buyers at all levels. Since its inception, GeM has surpassed a cumulative GMV of Rs 5.93 lakh crore, with over 1.8 crore transactions. GeM’s dedication to inclusivity and accessibility is evident in its integration with e-Gram Swaraj, streamlining Panchayat-level procurement and optimizing costs at the grassroots level. This approach showcases GeM’s influence on India’s procurement landscape, particularly in addressing the unique contexts and limitations of marginalized seller segments such as small and medium enterprises, women entrepreneurs, startups, and artisans. Nearly 49% of the total order value transacted through the platform has been awarded to MSEs. In just seven months, over 45,000 MSEs have registered as sellers/service providers on GeM. GeM’s success lies in its commitment to cost savings, contributing to government savings of over Rs 45,000 crore since 2016. According to the Economic Survey 2021-22, GeM’s prices were 9.5% lower than other online platforms for 10 out of 22 commodities. GeM’s transformative journey reflects transparency, efficiency, and inclusivity driven by cutting-edge technology and innovation.

Government e-Marketplace (GeM) Achieves Rs 2 Trillion GMV in 8 Months, Resulting in Rs 45,000 Crore Savings Read More »

Record 35% Surge in Indian Students Boosts US International Enrollment to 40-Year High

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The number of Indian students attending US colleges has seen a significant 35% increase, contributing to the highest single-year growth in international student enrollment in over 40 years. A joint study by the State Department and the Institute of International Education revealed that the overall international student population in the US surged by 12% during the 2022-23 academic year, with more than 1 million students from abroad – the highest since 2019-20. CEO of the Institute of International Education, Allan E Goodman, emphasized that the US remains the preferred destination for international students worldwide. The report indicates a robust educational relationship between the US and India, with nearly 269,000 Indian students enrolled, surpassing previous records and ranking second only to China. Most of these students pursued graduate programs, particularly in science, technology, and business fields. While China still tops the list with 290,000 students, its numbers have decreased for the third consecutive year, reflecting a shift in demand. The study attributes this decline to strained international relations, competition from UK and Canadian universities, and extended travel restrictions in Asia during the pandemic. US universities have strategically focused on recruiting in India, given the predicted population growth, with students from India now outnumbering those from China in 24 states. Graduate programs in the US remained the primary attraction for international students for the second consecutive year, experiencing a 21% growth, while undergraduate numbers saw a modest 1% increase. The reversal of the previous decade’s trend, where undergraduate enrollments dominated, is credited to the popularity of math and computer science programs, witnessing a 20% surge. Engineering and business programs followed suit, collectively constituting over half of all international students in the US. This surge nearly restores international student numbers to pre-pandemic levels, reaching close to the 2018 peak of 1.1 million students. Despite comprising only 5.6% of all college students, international students play a significant role in US higher education, contributing to global exchange and providing substantial revenue through higher tuition rates. Following China and India, other nations sending the most students to the US include South Korea, Canada, Vietnam, Taiwan, and Nigeria. The study also highlights a record number of students from countries like Bangladesh, Colombia, Ghana, Italy, Nepal, Pakistan, and Spain in the previous school year. While international student numbers are on the rise, many US colleges continue to grapple with declining domestic enrollment. Overall college enrollment remains sluggish, and a separate study by the National Student Clearinghouse indicates a 3.6% decrease in freshman enrollment for fall 2023.

Record 35% Surge in Indian Students Boosts US International Enrollment to 40-Year High Read More »

I&B Ministry Proposes Comprehensive Broadcasting Bill to Modernize Regulatory Framework

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The Information & Broadcasting Ministry is proposing a new Broadcasting Services (Regulation) Bill to regulate broadcasting services, including DTH, OTT, and digital news platforms. The draft Bill, released for public consultation, aims to replace the outdated Cable TV Networks (Regulations) Act 1995 and other governing policies. The proposed legislation includes content evaluation committees, a more participative Broadcast Advisory Council for self-regulation, differentiated codes for programs and advertisements, and statutory penalties. Information & Broadcasting Minister Anurag Thakur described the draft as a “pivotal legislation” to modernize the regulatory framework for the dynamic world of broadcasting, adapting to emerging technologies. The bill introduces contemporary definitions and extends regulatory purview to cover OTT content and digital news. It mandates self-regulation through Content Evaluation Committees and proposes a Broadcast Advisory Council with independent experts. The draft allows differentiated codes for various services, requiring self-classification of content and access control for restricted content. Statutory penalties, including advisory, warning, censure, or monetary penalties, are proposed, with provisions for imprisonment and fines for serious offenses. The bill also suggests fairness by linking monetary penalties to the entity’s investment and turnover. It includes provisions for infrastructure sharing among broadcasting network operators and carriage of platform services. Overall, the proposed unified law is seen as a positive step for business ease and appropriate regulation.

I&B Ministry Proposes Comprehensive Broadcasting Bill to Modernize Regulatory Framework Read More »

Apple Agrees to $25 Million Settlement Over Alleged Discriminatory Hiring Practices in 2018-2019

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Apple has agreed to pay $25 million to settle allegations that it engaged in discriminatory hiring practices from 2018 to 2019. The settlement follows a lengthy investigation by the Department of Justice, which concluded that Apple violated the Immigration and Nationality Act by favouring immigrant workers over U.S. candidates for certain positions. The probe also found instances where Apple discriminated against non-U.S. residents. Despite vehemently denying any wrongdoing, Apple acknowledged a failure to adhere to DOJ standards and opted for a settlement to address concerns. In response to the settlement, Apple defended its hiring record, emphasizing its employment of over 90,000 people in the United States and significant nationwide investments. The $25 million settlement, a relatively modest sum for Apple, will be divided into $18.25 million allocated to a fund compensating victims of alleged discrimination, while the remainder covers fines related to Apple’s hiring practices during the specified timeframe. This comes as Apple reported $383 billion in revenue for its last fiscal year ending on September 30.

Apple Agrees to $25 Million Settlement Over Alleged Discriminatory Hiring Practices in 2018-2019 Read More »

UGC Unveils Regulations Allowing Top Global Universities to Establish Campuses in India

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The University Grants Commission (UGC) has recently released regulations allowing foreign universities ranked among the top 500 globally to establish branch campuses in India. This comes shortly after Australia’s Western Sydney University announced plans for an independent campus in Bangalore. The new regulations empower these foreign institutions to determine their admission processes, fee structures, and facilitate the repatriation of funds to their parent campuses. The guidelines stipulate that two or more foreign universities can collaborate to establish campuses in India, provided each institution individually meets the eligibility criteria. Additionally, a foreign university is permitted to set up multiple campuses in India, with a separate application required for each proposed location. The final regulations, released after a 10-month period of public feedback on the draft, include several modifications. Notably, foreign universities must ensure that international faculty members appointed to teach at Indian campuses stay in the country for at least one semester. The processing time for applications by the standing committee has been extended from 45 to 60 days, and recommendations must be presented to the UGC within 60 days. The regulations also specify that foreign universities cannot establish learning centers, study centers, or franchises that act as representative offices for promotional activities in India or any other jurisdiction outside the country without prior approval from the UGC. Moreover, the regulations prohibit the offering of programs online or in open and distance learning modes, except for online lectures, which should not exceed 10% of the program requirements. Foreign institutions are exempt from annual fees to the UGC, only requiring a one-time application fee. They are expected to use their own infrastructure, land, and resources to establish campuses. Additionally, foreign universities may offer full or partial merit-based or need-based scholarships and fee concessions to Indian students on their campuses. While these regulations align with the National Education Policy of 2020, which aims to create a legislative framework for top global universities in India, previous attempts, including those by the UPA government, faced opposition from parties such as the BJP and the Left when they were in the opposition.

UGC Unveils Regulations Allowing Top Global Universities to Establish Campuses in India Read More »

AI Predicted to Propel Medical Devices Industry to $1.2 Billion by 2027, Indicates GlobalData Report

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According to a report from GlobalData, a leading data and analytics company, the medical devices industry is anticipated to reach $1.2 billion by 2027, primarily fueled by the healthcare sector’s need to streamline processes, cut costs, and enhance accuracy in diagnosing an increasing number of patients with intricate medical profiles. Brian Hicks, Senior Analyst of Medical Devices at GlobalData, highlighted the widespread use of AI in healthcare, particularly in diagnostic settings, where AI algorithms expedite the identification of challenging image abnormalities that might be overlooked by the human eye. This advancement allows for a more comprehensive review of patient profiles while minimizing the risk of misdiagnoses. The report emphasizes that the driving force behind this surge is the adoption of computer vision technology, which finds applications in diagnostics across various medical specialties. Notably, AI’s contribution to reducing error rates in cancer detection has been well-documented, with studies indicating a significant decrease in pathologists’ error rates, from 3.4% to 0.5%, when AI was incorporated in identifying cancer-positive lymph nodes as far back as 2016. Hicks emphasized the accelerated pace at which AI can identify potential positive cases, allowing for a more rapid review of numerous patient profiles without compromising accuracy. The research reveals a notable concentration of AI-related investments in the medical imaging and diagnostic sectors, with many companies specializing in leveraging deep learning technology. Traditional MedTech companies, primarily focused on hardware and surgical instruments, have limited opportunities to integrate such advanced technologies into their products. Hicks underscored the critical role of AI in early detection, asserting that its ability to analyze challenging tissue abnormalities, symptoms, and intricate patient profiles will lead to earlier interventions and improved patient outcomes.

AI Predicted to Propel Medical Devices Industry to $1.2 Billion by 2027, Indicates GlobalData Report Read More »

New Normal – Education Leadership Summit & Awards 2023 #ELS2023 #ELSChennai #EducationLeadershipSymposium

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“ArdorComm – Education Leadership Symposium” Wednesday, 13th Dec’23 | Chennai #ELS2023 #ELSChennai #EducationLeadershipSymposium Empowering Learning : Promoting Active Engagement and Student Participation with Technology-Enabled Solutions Active learning and student engagement are cornerstones of effective education. In today’s digital age, harnessing technology-enabled solutions to promote active participation is a priority for educators and institutions. This roundtable (RT) will bring together experts, edtech professionals, and educators to explore innovative ways to foster active learning and student engagement using technology. KEY DISCUSSION POINTS Active Learning Strategies: Share proven techniques and strategies for promoting active learning, including problem-based learning, collaborative projects, and flipped classrooms. Gamification in Education: Discuss the benefits and challenges of using gamification to create engaging learning experiences and motivate students. Hybrid Learning Environments: Examine how blended learning approaches, combining in-person and online elements, can encourage active participation and engagement. Assessment and Feedback: Discuss methods for assessing and providing timely feedback to students, reinforcing their active participation and continuous improvement. Teacher Training: Address the importance of training educators to effectively integrate technology into their teaching practices, ensuring active learning opportunities. Measuring Engagement: Examine tools and methods for assessing student engagement and participation in technology-enabled learning environments. Who Should Attend Academicians Educators Founders Trustees Chancellors CEOs Vice-Chancellors Directors Principals Eminent Speakers AGENDA Time Topic 4:00 PM – 4:15 PM Registration & High-Tea 4:15 PM – 4:25 PM Welcome Note: ArdorComm Media Group 4:25 PM – 4:35 PM Keynote Address: D2L 4:35 PM – 6:00 PM Roundtable Session 6:00 PM – 6:10 PM Keynote Address: D2L 6:10 PM – 6:30 PM Closing Remark & Felicitation 7:00 PM Onwards Networking Cocktails followed by Dinner VENUE Novotel Chennai Chamiers Road City Centre, Near Boat Club, &, Anna Salai, Nandanam Chennai, Tamil Nadu 600035

New Normal – Education Leadership Summit & Awards 2023 #ELS2023 #ELSChennai #EducationLeadershipSymposium Read More »

Disney+ Hotstar to Offer Free Streaming of Pro Kabaddi League on Mobiles

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Disney+ Hotstar, a prominent broadcasting platform, has unveiled plans to offer free streaming of the upcoming season of the Pro Kabaddi League to mobile users in India, beginning on December 2, 2023. This decision is driven by the sport’s popularity, ranking second only to cricket in India. Sajith Sivanandan, the Head of Disney+ Hotstar India, expressed the goal of making Kabaddi accessible to a broader Indian audience, fostering stronger fan engagement. This move follows the success of their free mobile streaming during events like the Asia Cup 2023 and ICC Men’s Cricket World Cup 2023. The Pro Kabaddi League’s tenth season will feature 12 competing teams in a 12-city caravan format, aiming to replicate the success of cricket tournaments that drew record viewership. Hotstar achieved a peak concurrency of 44 million viewers during the India-South Africa match, and expects similar success as the Pro Kabaddi League approaches its conclusion.

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Capgemini Witnesses a Sharp Decline in Offshore Headcount, India Heavily Impacted

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French IT company Capgemini has seen a significant reduction in its offshore workforce, with a decline of 14,600 employees in the September quarter. This reduction has notably affected its operations in India, where it had 185,000 employees, accounting for less than half of its total workforce of 342,700. It is estimated that Capgemini’s headcount in India may have decreased by nearly 7,000 employees during this period, following the addition of 35,000 people in the previous fiscal year. The offshore headcount of Capgemini has decreased by 7% to 196,000 employees in the September quarter, while its onshore workforce decreased by 1,100 employees. Capgemini’s CFO, Carole Ferrand, emphasized the company’s focus on efficiency and optimizing its talent base, especially in offshore locations, after a period of intensive hiring and high attrition. She mentioned that attrition rates have now cooled down to 18.6% over the last 12 months, aligning with the company’s nominal operating ranges. When contacted for a statement, Capgemini’s spokesperson explained that the company had adopted a stable hiring approach due to the challenging economic environment. They highlighted a focus on investing in new skills, fostering innovation, and expanding the portfolio. Capgemini, however, did not disclose its current headcount in India following the reduction in offshore employees. Capgemini’s CEO, Aiman Ezzat, mentioned the company’s plans to expand its workforce in data and AI, business, and technology talent, aiming to double the team to 50,000 people in the next three years. The company also intends to train over 100,000 employees in genAI-specific tools within the next 12 months. In terms of financial performance, Capgemini reported a 2.3% year-on-year revenue increase in constant currency for the September quarter. However, revenue in the North America region declined by 4%, attributed to the challenging economic environment and a gradual deceleration scenario for 2023. Ezzat emphasized the importance of the transition to a digital and sustainable economy for Capgemini’s clients and highlighted the increasing demand for generative AI. The company’s genAI campus has been launched to provide training for employees, aligning with its 2 billion euros investment plan to strengthen its presence in this field.

Capgemini Witnesses a Sharp Decline in Offshore Headcount, India Heavily Impacted Read More »