Tata Consultancy Services to reduce workforce by 2%; Samsung signs $16.5 billion deal with Tesla; Women's dating app Tea hacked
Tata Consultancy Services said over the weekend that it is planning to reduce its workforce by 2% in its 2026 financial year, meaning that around 12,200 jobs will be cut as part of this process. Those who are to be primarily affected include employees in middle and senior management, per the company. TCS's workforce stood at 6,13,069 as of the end of last month; its workforce grew by 5,000 employees during the April-June quarter, reported PTI. Those impacted by the layoffs will receive appropriate benefits, outplacement, counselling, and support, said TCS. India's IT sector is currently facing challenges as the country evaluates the effects of U.S. President Donald Trump's heavy tariffs and aggressive trade policies.
The news was received with shock across social media platforms, as TCS intends to retrain and re-deploy staff as it plans to enter new markets, make new investments, and further adopt artificial intelligence (AI). TCS Chief Executive K. Krithivasan had also noted there were delays in client decision-making and project starts.
Samsung signs $16.5 billion deal with Tesla
Elon Musk confirmed on Monday that his EV-maker Tesla has signed a deal with Samsung in order to source chips, as the South Korean electronics maker tries to cope with a contract manufacturing business that is seeing losses. Though Samsung earlier announced the chip supply deal that was worth $16.5 billion, it did not name the global company it was partnering with, citing confidentiality about the details. However, sources shared the information about Tesla, which was later confirmed by Musk himself on X (previously Twitter). The deal is set to run through the end of 2033. However, it remains to be seen how U.S. tariffs may affect the implementation.
Samsung is currently lagging in the race to make AI chips, with rivals such as TSMC and SK Hynix moving ahead in this area. Some of TSMC's major clients include Apple, Nvidia, and Qualcomm. Meanwhile, Samsung is the world's top memory chip maker.
Women's dating app Tea hacked
A dating app called Tea that was designed to let women vet their male partners or warn others about potential predators has been hacked, with the app reporting that about 72,000 images were leaked online, including 13,000 images of selfies or photo identification submitted as part of the user account verification process. In addition to this, about 59,000 images were also accessed, sparking fears that the women featured in them could be tracked, threatened, doxxed, or even physically harmed.
Before its hack, Tea soon surged in popularity and even reached the top spot on the U.S. Apple App Store, as women on the app tried to identify men they were dating who had a history of carrying out violence, sex crimes, fraud, or infidelity. Tea said that it engaged third-party cybersecurity experts and was working around the clock to secure its systems after the hack.
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Time of India
3 minutes ago
- Time of India
US, China and Russia: Navigating the superpower trilemma
Today, Indian foreign policy discourse is mired in an important debate. Two key assumptions govern this debate: that New Delhi's ties with the US arguably constitute its most important relationship in the 21st century, and that any negotiations with Beijing are a signal of weakness. India-US relations are undergoing a tense phase. The tensions have primarily been instigated by US President Donald Trump's decision to impose a 25% tariff on India, and an additional, 'unspecified penalty' for continuing to buy energy resources from Russia. His social media comments have gone so far as to refer to both India and Russia as 'dead economies.' Naturally, this has called into question the time-tested nature of the partnership in the face of the 'China challenge'. With the US-China equation changing, India has to balance ties with both as well as work towards its own national interests Speaking of China, after a long period of severed dialogue, postures on both sides have slightly relaxed, though the road to stability vis-à-vis the border issue, or even China's backing of Pakistan, is long and winding. Nonetheless, communication and negotiation between the two neighbours is underway, and is perhaps a welcome break from the silent-but-violent treatment. Besides the volatility in New Delhi's ties with the two superpowers, there exists a bilateral dynamic between the US and China, which vitally impacts India. An intense back-and-forth of escalating tariffs ensued between the two economic giants earlier this year. Yet, Trump's recent statements seem to suggest that a trade deal with Beijing is in the works. So how does that affect India? So far, India has believed that Trump's continued dissatisfaction with Beijing will be a core aspect of mutual convergence between itself and the US. This definitely was the case under the Joe Biden administration. But if anything is certain about Trump, it is that nothing, indeed, is certain. So, the US and China may not be entering a friendly phase, but they sure are inching toward some semblance of stability. The dynamics of this fateful triangle require that India think in its national interests— sustained economic growth and security of its territory from both external and internal threats. And as PM Modi himself remarked in an interview in 2023, '[The] foremost guiding principle in foreign affairs is our country's national interest.' This begs the question: How should New Delhi balance the nuances of its ties with the US and China and the repercussions of their own thaw, while working to achieve its national interests? One way is not to believe that negotiations with China signal weakness. This anxiety is likely to play up as New Delhi and Beijing negotiate. Most recently, India has eased tourism rules, while China has opened up access for Indians to undertake the Kailash Mansarovar Yatra. To a great degree, India's geographical, economic and military constraints require that communication with Beijing continue for sustainable security to be achieved. This is not to say that India should give up its confident posture, or discontinue investments in de-risking or border security. It is also not a call for it to shed its affinity for the US. But the steps toward a thaw with Beijing — high-level political conversations, ministerial-level dialogues, and working mechanism consultations on the border — are necessary. And at a time when Trump seems to be prepared to meet the 'China challenge' alone, India must figure its own way out to do the same. Second, is to evaluate costs when it comes to fulfilling its energy requirements through purchases from Russia. The affordability of such purchases, and the historic nature of ties with Moscow (especially in defence), make it a vital partner to New Delhi. However, Trump is prioritising reciprocal access to the Indian market over having a vital partner in the Indo-Pacific. And in a world where the US is vastly more powerful than India — or in most aspects, even China — much of what Trump says, goes. So the question is, where is the common ground between India not shedding its friendship with Russia, not risking insurmountable tariffs from the US, and not enabling China's unchecked regional power? The intertwined interests of economic growth and stable security seem orthogonal in this situation. But it is important to face facts. If it wasn't buying oil from Russia, India would still get the tariff slap. If there was great openness in the Indian dairy and agricultural markets, which Trump consistently demands, there would still be an 'unspecified penalty' for trading with Russia. So, the acknowledgement that there is no absolute win-win, is essential. It boils down to assessing what is more harmful — not making any adjustments to the trade numbers with Russia, or the US. It is also important to acknowledge the trade-offs — if there is a significant reduction in the imports of oil and/or defence equipment from Russia, and the US becomes the preferred alternative source of imports, Moscow may become unabashed in its support for China in its disputes with India. If trade with Russia continues as is, India shall face agonistic tariffs under Donald Trump and an overall lack of support in regional geopolitics. It is indeed true that India's tariffs continue to remain high, market openness is low, and domestic innovation and production capability face challenges. 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Time of India
32 minutes ago
- Time of India
Trumped: Indian basmati may lose out to Pak, as 25% tariff gives neighbour 6% edge
1 2 Amritsar: US President Donald Trump's 25% tariff on all things Indian has dealt a double blow to Indian basmati exporters. Not only does it give Pakistan basmati a 6% tariff advantage, but it also comes at a time when the India-UK Free Trade Agreement talks offered no relief for basmati. US tariff on Pakistan stands at 19%. This widened gap threatens India's competitiveness against its traditional rival in international markets. "Pakistan has already got the 6% edge, which will make it difficult for us (Indian basmati exporters) to compete in the international market," said Tejinder Singh, CEO of Amar Singh Chawla Wala, makers of the Lal Qila basmati brand. "It makes it tough for us to compete globally, erasing any level playing field," he said. The US hardly consumes more than 10% of the basmati that is cultivated and exported from Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, and Rajasthan, he said. But the 6% gap is "significant" in commodity trade and is likely to drive up prices for consumers abroad as Indian exporters will struggle to maintain market share against their traditional rival, he pointed out. Indian basmati trade was on the upswing till now. India exported 52.4 lakh metric tons of basmati, compared to 5.45 lakh metric tons by Pakistan in the 2023-24 fiscal. In 2024-25, Indian exports rose to 60.7 lakh metric tons, while Pakistan's saw a nominal increase, said Taranjit. The 25% traffic may prove to be a speedbreaker. Arvinderpal Singh, president of Punjab Rice Miller Exporters Association, said that the imposition of a 25% tariff by US will have a widespread impact — from growers to consumers. "We are directly competing with Pakistan, and they will be in a position to supply at lower rates than Indian exporters due to the lower tariff," he pointed out, adding that consumer nations are likely to opt for Pakistani basmati, with Thailand as the second preference. "If our sales decline, we will have to reduce our purchases, which will ultimately affect farmers, and they too will bear the brunt," he said. Singh suggested that the Indian govt should urge US administration to reduce the tariff on basmati, or at least ensure a level playing field with Pakistan so that Indian exporters can compete fairly in the international market. Taranjit said that Indian basmati exporters are already suffering with no relief in the India-UK Free Trade Agreement, and the recent imposition of a 25% tariff by the US will only leave a lasting impact on the Indian basmati rice exports. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
an hour ago
- Time of India
Trump push drives stablecoin urgency in Asian financial hubs
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