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New Delhi: Steel companies in the country are likely to face margin pressure in the third quarter of FY25 as muted steel prices compress spreads, according to a report by Axis Securities. The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices. The report highlighted that <keyword id="24048830" type="General" weightage="20" keywordseo="Chinese-steel-exports" source="keywords">Chinese steel exports</keyword> reached 92 million tonnes per annum (MTPA) between January and October 2024, marking a 22 per cent year-on-year increase. This has led to an oversupply in the global market, weighing down prices domestically. It said "Weak Chinese domestic demand along with higher Chinese exports has led to a decline in steel prices in India. Chinese steel exports from Jan'24 to Oct'24 stood at 92 MTPA, up 22 per cent YoY" In India, the average price of hot-rolled coil (HRC) steel in the trader's market in Mumbai fell by 8 per cent year-on-year and 6 per cent quarter-on-quarter to Rs 51,802 per tonne in the second quarter of FY25. Spot prices have further declined to Rs 49,000 per tonne, 5 per cent lower than the Q2FY25 average. The report also noted some signs of recovery in China's residential property sector, with increased transactions in major cities following policy measures aimed at boosting demand. However, challenges remain, as the three-month moving average of year-to-date floor space declined by 19 per cent year-on-year in September 2024, remaining in negative territory. It said "China's residential property sector is showing some signs of improvement with the transactions in major cities rising after recent policy measures introduced to boost demand". On the global front, the report noted that the probability of a 25-basis point rate cut by the US Federal Reserve in its December 2024 meeting has fallen to 58.9 per cent, down from 76.8 per cent in October 2024, owing to strong economic data from the US. Additionally, China has removed a 13 per cent export rebate on aluminum and copper, effective December 1, 2024, in response to anticipated tariff measures by the new US administration. These developments highlight the ongoing challenges and potential shifts in the global and domestic steel and metals markets.

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword>'s chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul><li><keyword id="23199407" type="General" weightage="20" keywordseo="Hans-Peter-Brondmo" source="keywords">Hans Peter Brondmo</keyword>, ex-CEO of <keyword id="19902762" type="General" weightage="20" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword>'s <keyword id="23199408" type="General" weightage="20" keywordseo="Everyday-Robots" source="keywords" meta.keywordsubtype="org" meta.entityname="Everyday Robots" meta.hostid="261" meta.entityid="Everyday Robots">Everyday Robots</keyword>, talks about AI-powered robots</li><li>He says that versatile robots are far away in future</li><li>He also added that robots shouldn't look like humans</li></ul> <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword> and Space X chief <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> has often talked about how robots will be common in the near future. Tesla is also developing a humanoid robot that has been talked about on many occasions by Musk. While Musk expects that robots will be among us soon, the former head of Google's ambitious robotics project Everyday Robots thinks otherwise. Hans Peter Brondmo, who used to be the CEO of Everyday Robots, has shed light on the complex journey of developing AI-powered robots capable of operating in real-world environments. In an authored piece for Wired, Brondmo shared his belief that building versatile robots will take far longer than <keyword id="19915272" type="General" weightage="20" keywordseo="Silicon-Valley" source="keywords">Silicon Valley</keyword> expects. He also said that robots should not look like humans and revealed what he learnt at the company while he was at its helm for 7 years. Brondmo, who joined Google's secretive innovation lab X (formerly Google X) in 2016, was tasked with overseeing a bold venture to create robots that could assist humans in everyday tasks. Google's founder, Larry Page, envisioned a future where robots could use end-to-end learning—essentially figuring out how to complete tasks on their own with minimal guidance. However, this ambitious vision proved to be more difficult to achieve than expected. Reflecting on his time leading the project, Brondmo explained that one of the most significant challenges was teaching robots to function in complex, unpredictable environments. While AI systems have made strides in learning from large datasets, robots require even more data to understand and respond to the real world effectively. Brondmo said that it may take "many thousands, maybe even millions of robots" collecting data in diverse settings before we reach a point where AI models can perform tasks beyond narrow, well-defined roles. One of Brondmo's personal motivations for developing <keyword id="20673242" type="General" weightage="100" keywordseo="AI-robots" source="keywords">AI robots</keyword> came from his mother, who suffered from advanced Parkinson's disease. He had long hoped that robots could one day assist her and others with similar conditions. This personal connection fueled his belief in the potential of robots to make a positive impact on people's lives. Despite the closure of Everyday Robots in 2023, Brondmo remains optimistic about the future of robotics. He wrote in the piece that he believes robots are essential and their development is inevitable, but he worries that Silicon Valley's focus on quick solutions and its reluctance to invest in hardware could hinder progress. He added that he is afraid investors might not have the patience to support the long-term development required to build truly capable robots. Brondmo also cautioned that the current focus on creating <keyword id="20176157" type="General" weightage="20" keywordseo="humanoid-robots" source="keywords">humanoid robots</keyword> is misguided. Instead of mimicking human form, he feels that robots should be designed with practicality and functionality in mind. By focusing on robots that can effectively assist humans in everyday life, rather than on their appearance, Brondmo believes we can unlock the true potential of robotics. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/ai-is-entering-classrooms-in-italy-new-learning-tools-to-be-tested-in-15-classrooms-across-four-regions/articleshow/113364057.cms" data-type="tilCustomLink" target="_blank">AI is entering classrooms in Italy, new learning tools to be tested in 15 classrooms across four regions</a> <a href="https://www.businessinsider.in/tech/news/you-dont-have-to-know-everything-ex-microsoft-india-employee-shares-biggest-lessons-he-learnt-at-satya-nadellas-company/articleshow/113382097.cms" data-type="tilCustomLink" target="_blank">You don't have to know everything: Ex-Microsoft India employee shares biggest lessons he learnt at Satya Nadella's company</a>

AI robots should not look like us, says Ex-Google robotics moonshot boss as he explains what he learnt at the company

As the United States heads into a decisive phase in its presidential election, <keyword id="19954681" type="General" weightage="20" keywordseo="Sundar-Pichai" source="keywords">Sundar Pichai</keyword>, CEO of Alphabet and <keyword id="19902762" type="General" weightage="100" keywordseo="google" source="keywords">Google</keyword>, has called on employees to ensure the company maintains its reputation as a reliable information provider. In an internal memo, as per an IANS report, <keyword id="20234972" type="General" weightage="20" keywordseo="pichai" source="keywords">Pichai</keyword> underscored Google’s critical role during this period, saying it is essential for “the products they build” to be a trusted source for people of all backgrounds. "Let’s remember the role we play at work, through the products we build and as a business: to be a trusted source of information to people of every background and belief," he said in the memo. The <keyword id="20239922" type="General" weightage="20" keywordseo="Google-CEO" source="keywords">Google CEO</keyword> also reportedly reminded employees to adhere strictly to Google’s Community Guidelines and Personal Political Activity Policy. Pichai stressed that safeguarding the integrity of the platform is of utmost importance, especially during such a significant event. “We must maintain that trust,” he wrote, saying that it is part of Google’s broader mission to make information accessible and useful. “We will and must maintain that. In that spirit, it’s important that everyone continue to follow our Community Guidelines and Personal Political Activity Policy,” he wrote in the internal memo as reported by IANS. Highlighting the teams’ ongoing efforts, Pichai mentioned that staff across Google and YouTube have been working diligently to provide accurate and reliable information to voters. This commitment is consistent with Google’s approach during elections around the world. In 2024 alone, the tech giant supported major elections in countries like France, India, and the UK, benefiting over a billion voters. Pichai also noted that the outcome of the U.S. election would have far-reaching implications, influencing discussions in homes across the globe. However, he reassured employees that regardless of the result, Google’s mission to organise global information and make it widely accessible would remain steadfast. He highlighted how artificial intelligence continues to play a significant role in driving this mission, contributing to innovation and economic growth. The tech leader’s remarks came in the context of growing scrutiny on how digital platforms manage information during elections. <keyword id="19933162" type="General" weightage="20" keywordseo="Misinformation" source="keywords">Misinformation</keyword> remains a major concern, and tech companies face increased pressure to act responsibly. To address this, Pichai reminded employees of their shared responsibility to uphold the company’s standards. In a related move, Meta, formerly Facebook, extended its ban on new political ads beyond the original November 5 end date, aiming to mitigate potential misinformation and maintain a secure online environment during and after the election period.

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Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

ANI

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

PTI

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

Divyanshi Sharma

AI robots should not look like us, says Ex-Google robotics moonshot boss as he explains what he learnt at the company

Divyanshi Sharma

Google CEO Sundar Pichai asks team to safeguard trust during US elections, sends internal memo

BI India Bureau

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