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Australia unemployment rises to highest level

Australia’s unemployment rate rose to its highest level since 2021 in April, according to official data, signalling a cooling labour market. The jobless rate increased as employment growth slowed and fewer new jobs were added compared to previous months.

Analysts said the rise reflects weaker hiring momentum across several sectors, even though the overall economy remains stable.

The data suggests that employers are becoming more cautious amid global economic uncertainty and higher interest rates. Despite the uptick in unemployment, participation in the labour force remained steady, indicating continued interest in jobs among workers across the country.

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Wearable cameras on workers help train robots

Big tech companies are reportedly using data from Indian factory workers wearing wearable cameras to train robots. The footage captures real-time tasks like assembly, inspection, and routine factory work, helping machines learn how to perform similar actions more accurately.

The aim is to improve automation systems by teaching robots how humans carry out industrial jobs. Companies say this can boost efficiency and reduce errors on production lines.

However, the practice has raised concerns about privacy and consent, with experts warning that using workers’ data in this way could lead to ethical and labour-related issues.

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Intuit cuts 3,000 jobs globally

Intuit has announced layoffs of around 3,000 employees globally as part of a restructuring tied to its artificial intelligence strategy. The US-based financial software firm, known for TurboTax and QuickBooks, said the move is aimed at improving efficiency and shifting focus toward AI-driven products.

The job cuts mainly affect roles linked to legacy systems and non-core functions. Alongside the layoffs, Intuit has expanded partnerships with OpenAI and Anthropic to boost AI integration across its platforms.

The company said it will continue hiring in AI and engineering roles while supporting affected employees with severance and transition assistance.

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Parle Industries shares jump on viral “Melody” confusion

Parle Industries shares surged to the upper circuit after a viral video of Prime Minister Narendra Modi gifting “Melody” toffees to Italian PM Giorgia Meloni triggered confusion among retail investors.

The buzz around the “Melodi” meme led some traders to mistakenly associate Parle Industries with Parle Products, the actual maker of Melody candies. The stock jumped despite having no business link to the FMCG brand.

Parle Products is privately held and not listed, while Parle Industries operates in infrastructure and recycling. The incident highlights how social media trends can sometimes drive irrational movements in stock markets.

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Meta lays off 8,000 employees after WFH notice

Meta has started laying off around 8,000 employees globally, about 10% of its workforce, as part of a major restructuring focused on artificial intelligence.

Reports say employees were first told to work from home before termination emails were sent, with the earliest notices arriving around 4 AM in some regions. The cuts affect multiple teams, including engineering and product roles.

The move is part of Meta’s shift toward leaner AI-driven operations under CEO Mark Zuckerberg, who has prioritised heavy investment in AI infrastructure and development. Further restructuring is expected in the coming months.

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Standard Chartered to cut 7,000 jobs in AI push

Standard Chartered has announced plans to cut over 7,000 jobs globally over the next four years as it increases the use of artificial intelligence and automation across its operations. The London-based bank said most cuts will impact back-office roles, including compliance, risk, and administrative functions.

The restructuring is aimed at improving efficiency and long-term profitability rather than just reducing costs. The bank said AI will take over several routine tasks, while some employees may be redeployed or retrained. The move reflects a wider trend in global banking as firms adopt technology to streamline operations.

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HDFC AMC reports cybersecurity incident

HDFC Asset Management Company (HDFC AMC) has reported a cybersecurity incident involving its IT systems and said it has activated containment measures. The company stated that it immediately responded after detecting potential unauthorised access and initiated internal security protocols along with external expert support.

HDFC AMC said preliminary findings suggest the incident is contained and is unlikely to affect its operations or investor services. Core functions, including fund management, continue to run normally.

The company is conducting a detailed investigation to assess the impact and has not confirmed any data breach so far. Further updates are expected after the review is completed.

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Swatch stores shut after Royal Pop watch launch

Swatch has temporarily closed several stores worldwide after the launch of its “Royal Pop” watch led to huge crowds and chaotic scenes. The limited-edition collaboration with Audemars Piguet saw demand far exceed supply, with customers lining up for hours across major cities.

In places including New York, London, Paris and Milan, overcrowding forced stores to shut for safety reasons. Some locations also reported disorder and police intervention as crowds surged.

Swatch urged customers to avoid rushing stores and said the collection would remain available. The watch is already being resold online at significantly higher prices due to strong demand.

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Innovaccer lays off 340 employees during AI shift

Healthtech unicorn Innovaccer has laid off around 340 employees across India and the US as it restructures its business to focus more on artificial intelligence. The company said the move is part of its shift toward becoming an AI-first organisation and improving efficiency.

The job cuts span multiple teams, though exact details were not shared. This is one of several rounds of layoffs at the company in recent years, reflecting ongoing changes in its structure and strategy.

Despite the reductions, Innovaccer says it will continue investing in its AI healthcare platform and core services.

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CEA proposes higher fixed power charges

The Central Electricity Authority (CEA) has proposed increasing fixed monthly electricity charges across India, a move that could lead to higher power bills for consumers. The proposal aims to help power distribution companies recover rising infrastructure and operational costs.

Under the plan, fixed charges would form a larger share of electricity bills over time. For households and farmers, recovery could rise to around 25% of fixed costs, while industrial and commercial users may eventually bear up to 100%.

The CEA said falling grid dependence due to rooftop solar adoption has reduced revenues, prompting the need for tariff restructuring. The proposal is under review.