Meltdown in Global Economy Leads to Downfall in HP Revenue

Being hit by the tough global economy weather HP is soon going to lay off around 6.000 employees globally. Not able to generate adequate revenues to tame the current figure of professionals it has come to this strong decision. The layoff will happen over the next 12 months. The Chief Financial Officer Cathie Lesjak told in a press release that it has finally decided to reduce its headcounts by 2 per cent that is approximately 6,000 employees.

In the second fiscal quarter ending on 30th April the company’s earnings per share were $0.70. In addition to it the giant received a profit of US$ 1.7 billion. The spokesperson of the company also added that it looks forward to garner earnings ranging from $3.76 and &3.88 per share for fiscal 2009.

It is also reported that HP is undertaking a process to eliminate 24, 600 EDS jobs. It seems that the company is in wavering situation as it is not able to restore it vast network of employees. On the other hand, the selling of desktop personal computers has witnessed a downfall by 24 per cent and the sales of notebooks faced a downfall of 13 per cent. Moreover, the company’s revenue in its printer section was figured out to be down by 23 per cent.

Global IT Report Ranks UAE No.1 in MENA Region

The United Arab Emirates takes away the pride of having the most sophisticated and highly developed information computer technology in the whole region of the Middle East and North Africa. It was declared by a research study headed by the World Economic Forum and INSEAD business school. The UAE being already 1st in MENA also acquires 27th position as the best information computer technology whereas in last year it dominated the 29th position for ICT.

The United States of America gets the topmost position in the global ranking for information computer technology. The 2nd and 3rd rankings were led by Denmark and Sweden. The rest of the rankings are being held by Singapore and Switzerland. The World Economic Forum in collaboration with INSEAD brought out the study. Cisco Systems, the leader in designing networking and communication technology supported the project.

The report also suggested that the contemporary recession is a global issue which has to be curved down by improving the prevailing education system accompanied by advanced technological back-ups and yes, last but no the least necessity is innovation. The United Arab Emirates has been capturing many rankings in different sectors. The same report placed the UAE as the No.1 in the world for having the highest density of residential monthly telephone subscriptions in 2007.