Business

Cisco announces to axe 5,500 Jobs

Cisco announces to axe 5,500 Jobs

After a drop of 2% in revenue, Cisco Systems announced Wednesday (17 August) to cut about 5,500 jobs, about 7% of the company’s global workforce. These workers will not be a part of the company beginning this summer.

The San Jose-based company’s new decision is a result of its movement from hardware tosoftware-centric business. According toCisco, the job cuts are because big business are shifting to online cloud computing and there’s a steep drop in hardware sector.

Chipotle: Net income in second quarter recorded at 87 cents a share

Chipotle: Net income in second quarter recorded at 87 cents a share

Chipotle Mexican Grill Inc.’s second-quarter profit and sales have missed the estimations of analysts, an indication that the burrito chain is even today reeling from a food-safety crisis that snatched away its customers and badly affected its reputation.

GM cannot use bankruptcy to evade lawsuits over faulty ignition switches: Court

GM cannot use bankruptcy to evade lawsuits over faulty ignition switches: Court

A big problem has arisen for General Motors. The Second US Circuit Court of Appeals in Manhattan on Wednesday has announced that the company cannot use its 2009 bankruptcy to avoid lawsuits related to faulty ignition switches. The judgment will result the automaker to face billion in liabilities.

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