Bulk workforce to come back to offices in 12-18 months

A new global business survey commissioned by Xerox Holdings Corporation (NYSE: XRX) shows an estimated 82% of the workforce in respondents’ organizations will return to the workplace in 12-18 months’ time, on average. In preparation for a return, companies are investing in new resources to support a hybrid remote / in-office workforce, with 56% increasing technology budgets and 34% planning to speed their digital transformation as a result of COVID-19. The Xerox Future of Work Survey, conducted by the independent research firm Vanson Bourne, polled 600 IT decision makers including senior C-level…

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Mobile manufacturing in fast recovery mode

ICEA, India’s leading industry association representing mobile and component manufacturers such as Apple, Motorola, Nokia, Xiaomi, Foxconn, Wistron, Flextronics, Lava, Vivo and others, recently  unveiled its post-COVID-19 manufacturing and growth strategy. The strategy document has been submitted to the government and targets US$100 bn in mobile phones and nearly US$40 bn in component exports by 2025. “The mobile manufacturing and components sector is ready to lead India’s post COVID-19 exit strategy. Production has restarted. We hope to hit 100% production by August. As the PLI scheme kicks in, we plan to…

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Massive contraction in steel demand in Q1

With the extended lockdown to contain the Covid-19 pandemic, demand for steel industry is expected to contract by 60-65% in the first quarter of fiscal year, according to a survey by rating agency CRISIL. Steel manufacturers are focusing on managing liquidity and cash flows in the near future. Around 75% of the survey respondents indicated that they will extend support through incentives and extended credit cycle to downstream medium, small and micro enterprises to ensure business continuity. More than 35% of respondents anticipate a demand contraction of over 15% for the…

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Supply chain to also contribute in increased IoT based patent filing

The National Association of Software and Services Companies (NASSCOM), has  announced the findings of their latest report titled, IoT: Driving the Patent Growth Story in India. According to a release by the agency, there have been about 6,000 IoT Patents filed in India from 2009-2019 of which over 5,000 were filed in the last five years. Over 80% of these patents filed were related to applications pertaining to Industry 4.0 with the healthcare and automobile industry leading the way. Over 70% of the total patents filed in India were from R&D centers of global…

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Payment of wages, salaries major concern for 60 percent MSMEs

Industry body, PHD Chamber of Commerce and Industry (PHDCCI), has conducted an industry survey of 2,770 business firms which depicts some major concerns prevailing in the MSMEs quarters due to Covid-19 led disruption. And in the top three list, concern over salary payment appears as a major challenge. The survey was conducted by PHDCCI in the months of April- May 2020 to know the preparedness of the business firms to face post lockdown challenges and post lockdown business plans of the industry across the micro, small, medium and large enterprises…

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ICRA projects 12-15% container trade contraction in FY 20-21

Noted credit rating agency ICRA’s latest report on the Indian port sector has projected a 12-15 percent decline in the container trade and 5-8 percent dip in bulk cargo in FY20-21. The report mentions the steep throughput decline of 21% during April 2020 resulting from dip across major cargo categories, POL, thermal coal and container segment. According to ICRA, the outlook for Port sector remains negative in near to the medium term. Regarding the impact on the credit profile of port sector entities, K. Ravichandran, Senior VP and Group Head, ICRA…

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IT Pros Are More Worried About Corporate Security

Data security is creating fear and trust issues for IT professionals, according to the third-annual Oracle and KPMG Cloud Threat Report 2020. The study of 750 cybersecurity and IT professionals across the globe found that a patchwork approach to data security, misconfigured services and confusion around new cloud security models has created a crisis of confidence that will only be fixed by organizations making security part of the culture of their business. Excerpts from the report: Data Security is Keeping IT Professionals Awake at Night Demonstrating the fear and trust issues…

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Covid-19 affects nearly $7 billion mining output

Covid-19 has impacted the mining industry across the globe as governments enforce lockdowns and quarantines and companies halt operations because workers and contractors can’t get on-site due to restrictions. S&P Global Market Intelligence in a new report tallies the impact of these mine closures, showing Africa and the Americas hardest hit in terms of the number of suspended operations. South Africa has closed 54 mines, the US shut 42 and Mexico and Canada 29 and 28 apiece. In total, production at 260 mines in 33 countries has been halted since early March.…

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Corona Effect: Commodity prices to drop in 2020, says WB

The global economic shock of the COVID-19 pandemic has driven most commodity prices down and is expected to result in substantially lower prices over 2020, the World Bank said. Energy and metals commodities are the most affected by the sudden stop to economic activity and the serious global slowdown that is anticipated. Commodities associated with transportation, including oil, have experienced the steepest declines, it said in its April Commodity Markets Outlook. Despite only moderate impact on the outlook for most agricultural commodities, supply chain disruptions and government steps to restrict exports…

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India Ratings project double-digit fall in volume for inland logistics

With the COVID-19 crisis delivering a serious jolt to the economy, the inland logistics business in India is likely to witness a 10-15 percent drop in volume in the current fiscal irrespective of relaxation announced in the transportation of goods. According to a recent report by India Ratings, the volume decline during the course of the year would be in the range of 10-15 percent with the maximum drop expected to be witnessed in the first quarter – 40-60 percent with the lockdown extended till early May. “The volume decline…

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