Posts

Posted on

U.S. job openings jump to 11 million; fewer workers voluntarily quitting

U.S. job openings jump to 11 million; fewer workers voluntarily quitting

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. job openings surged in October while hiring decreased, suggesting a worsening worker shortage, which could hamper employment growth and the overall economy.

The Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday also showed a steady decline in layoffs, another sign that the jobs market was tightening. While the number of people voluntarily quitting their jobs fell, it remained quite high.

“Under normal circumstances, a near record number of job openings would be something worth celebrating,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. “But no employer is in a celebratory mood. It is difficult to fill orders or meet customer demands if there are not enough people to do the actual work.”

Job openings, a measure of labor demand, increased by 431,000 to 11.0 million on the last day of October. This was the second-highest on record. Economists polled by Reuters had forecast 10.4 million vacancies.

The surge was led by the accommodation and food services industry, where vacancies increased by 254,000 jobs. There were 45,000 job openings in the nondurable goods manufacturing industry, while vacancies increased by 42,000 in the educational services sector. But job openings decreased by 115,000 in state and local government, excluding education.

Regionally, the rise in job openings was more pronounced in the South, with moderate gains in the West and Midwest. Vacancies fell in the Northeast. The job openings rate rose to 6.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 6.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September.

Hiring dropped by 82,000 jobs to 6.5 million in October. The finance and insurance industry accounted for the decline, with a 96,000 drop in payrolls. There were, however, increases in hiring in educational services as well as state and local government education. The hiring rate was unchanged at 4.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

There were about 1.5 job openings per unemployed worker in October.

(Graphic: Unemployed to job openings, https://graphics.reuters.com/USA-FED/JOBS/egvbkmeoepq/chart.png)

The government reported last Friday that nonfarm payrolls increased by 210,000 jobs in November, the fewest since last December, after rising 546,000 in October. The unemployment rate fell to a 21-month low of 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Though employment is 3.9 million jobs below the peak in February 2020, economists believe that number probably is not a true reflection of the labor market’s health as the shortfall includes people who have retired.

The JOLTS report showed layoffs fell by 35,000 to 1.361 million. The layoffs rate was unchanged at 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for a third straight month.

Quits decreased by 205,000 to a still-high 4 million in October. The decline was in several industries, with large drops in transportation, warehousing and utilities as well as finance and insurance, and arts, entertainment and recreation.

But 21,000 more people quit their jobs in state and local government, excluding education. There were also more quits in mining and logging. The quits rate fell to 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 3.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September amid a large drop in the leisure and hospitality sector.

(Graphic: Americans still quitting their jobs in big numbers, https://graphics.reuters.com/USA-ECONOMY/byprjqqnxpe/chart.png)

“The quits rate in those industries dropped by half a percentage point, signaling some easing in job hopping,” said Nick Bunker, director of research at Indeed Hiring Lab. “In addition to the slowdown in wage growth in the sector seen in recent jobs reports, this trend suggests maybe the advantageous situation for workers in this sector might deteriorate in the months ahead if the current situation continues.”

The quits rate is normally viewed by policymakers and economists as a measure of job market confidence. The still-high quits rate suggests wage inflation will likely remain uncomfortably high for a while. Inflation is way above the Federal Reserve’s flexible 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} target.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

Posted on

Berner names new COO, CFO

Berner names new COO, CFO

DAKOTA, ILL. — Berner Food & Beverage LLC, a private label and contract manufacturing supplier of food and beverage products, has unveiled a new leadership team, including a new chief operations officer, chief financial officer and director of procurement, sales and operations planning, Alternative Medicine.

Kelly Diamond has been promoted to COO. In her new role she will manage all functional areas of operations, supply chain and mechanical engineering. Ms. Diamond most recently was vice president of operations since August and earlier was director of operations. Before joining Berner in 2017, she spent nearly a decade at Dean Foods. She also brings experience from positions at Woodward, Inc. and Anderson Packaging Inc.

She received a bachelor’s degree in technical and scientific communication at Michigan Technical University and a master’s degree in business administration at Northern Illinois University.

David Dunavant has joined Berner as CFO. Mr. Dunavant has more than 15 years of experience as a CFO, most recently with Vital Records Control Companies. His tenure also includes Monogram Foods, LEDIC Management Group, Hilton Worldwide, Kellogg Co., and as a member of the United States Navy.

A certified public accountant, Mr. Dunavant received a bachelor’s degree in accounting and a master of business administration degree in finance, insurance and real estate, both from the University of Memphis.

Shelia Kolden has joined the company as director of procurement, sales and operations planning (S&OP). In her new role she will be managing multiple business segments, including buying and vendor relations, along with supply chain and operations. Prior to Berner she was procurement manager at Monogram Foods. She also has worked at Morpak Specialties, Woodgrain Millwork, Cooper Aircraft, and McKinney Aerospace Ltd.

Ms. Kolden received a bachelor of arts degree at Texas A&M University-Commerce.

“Kelly Diamond has proved time and again that she is an effective leader and an essential member of the Berner team,” said Kurt Seagrist, chief executive officer of Berner. “We cannot wait to see the impact she makes, guiding Berner forward as our new chief operations officer. We are also extremely excited that David Dunavant and Shelia Kolden have also joined our leadership team. They will bring new energy and further support our efforts, as our organization moves into the future as a leading supplier of food and beverage products for our customer and retail partners.”

Visit : https://genealogyinternational.com/

Posted on

PERSONAL FINANCE: Five ways to teach your children to give back | Business

PERSONAL FINANCE: Five ways to teach your children to give back | Business

In the era of Covid-19, many charitable organizations find themselves in a precarious financial position while experiencing unprecedented demand, and they could benefit greatly from the generosity of those in their community.

This may present an opportunity to instill the value of giving to others in your child. If you’re a parent, here are some ways you can encourage your kids to become budding philanthropists.

Talk about why you giveHelp your child understand the importance of giving to others in need. Talk early and often about why sharing your knowledge, abilities, possessions or wealth matters to you. Instilling a culture of giving in your family is a process—not a one-time event. Remember to embrace the joy of giving, doing your best not to make giving back feel like a homework assignment or chore.

Find causes your child cares aboutYour child is more likely to develop a habit of giving back when he or she is passionate about the cause. Start by brainstorming the possibilities of who your child can help, such as their classmates, animals, the homeless, or the environment. Then, encourage him or her to identify what talents to offer in service. Does he love to bake? Does she enjoy music or caring for animals? Next, help your child choose one or two charities whose missions reflect his or her interests. Involve older children in the search and vetting process, teaching them how to have confidence that a charity is doing its best to help the cause.

Give and volunteer togetherWhen your children see you volunteering your time, talent and treasure, they see your values at work. Find ways to involve your children in your own giving. Your children will learn first-hand how rewarding giving to others can feel, and you’ll have the bonus of creating family memories to cherish too.

Encourage disciplined savingKids need to learn how to manage their own money in order to become responsible givers as they grow older. When your children get an allowance, or otherwise receive money, they can practice making responsible choices. Introduce the idea of “save, share and spend” — setting aside a portion of their money for the future, a portion to help others and a portion for fun spending.

Create a family foundationConsider establishing a foundation to fund causes you care about. Formalizing your giving in this way creates ongoing opportunities for you and your children to make a lasting impact on the community. Talk to your financial advisor for advice regarding establishing a foundation and leaving a legacy of service to the next generation.

Holley Smaldone-Cragg, CMFC, is a Financial Advisor with Ameriprise Financial in Geneva. She specializes in fee-based financial planning and asset management strategies and has been in practice for over 35 years. Her website is ameripriseadvisors.com/holley.com.

Posted on

Stocks mixed after two-day rally amid Pfizer’s Omicron vaccine update

Stocks mixed after two-day rally amid Pfizer’s Omicron vaccine update

Stocks traded mixed to pause after a two-day rally, as investors further considered updates around the Omicron variant and weighed a potential policy pivot by the Federal Reserve. 

A day earlier, technology stocks outperformed to pull the Nasdaq higher by more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, in its best day since March. As of Tuesday’s close, the S&P 500 was less than 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} below its levels from Nov. 24, or the session before the World Health Organization’s announcement of the Omicron’s discovery.

Treasury yields steadied after a jump on Tuesday, and the yield on the 10-year Treasury note traded just below 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. U.S. West Texas intermediate crude oil futures hovered around $71 per barrel, while Bitcoin slipped back near $50,000. 

Investors have snapped up risk assets so far this week amid prospects that the Omicron variant may not pose as severe a health threat as previously feared. And elsewhere, the latest developments in Washington, D.C., indicated lawmakers were on track to raise the debt-ceiling before a Dec. 15 deadline, which if not extended would leave the U.S. Treasury without sufficient funds to repay U.S. debt holders. The House of Representatives voted Tuesday night to approve a bill paving the way for Senate lawmakers to raise the limit with a simple majority vote.

Pfizer (PFE) shares traded slightly higher after the company said that three doses of its Pfizer-BioNTech (BNTX) vaccine “neutralize” the Omicron variant, while noting that two doses “may not be sufficient to protect against infection” with Omicron. Other recent developments around the virus have also been upbeat, with Dr. Anthony Fauci telling the AFP on Tuesday that Omicron infections are “almost certainly” not more severe than those caused by the previous Delta variant. 

“Economic growth is going to be strong. Certainly the Omicron variant could possibly push some of that out, but it won’t eliminate it given the underlying fundamentals,” Brent Schutte, chief investment strategist for Northwestern Mutual, told Yahoo Finance Live. “And the Federal Reserve certainly will focus a bit more on tapering — that kind of spooked the market — but ask yourself: What impact is that going to have on growth? The answer to us is not much. You are still going to have a strong U.S. economy next year on the back of reopening, on the back of all the cash that is still available on the consumer balance sheet.” 

Other strategists echoed these sentiments. 

“We do think that there is fundamental support there for markets to continue to move higher here,” Emily Roland, co-chief investment strategist at John Hancock investment management, told Yahoo Finance Live on Tuesday. “Obviously we had a couple of things spook us over the last week or so, the emergence of the Omicron variant as well as this pivot from the Fed, potentially seeing them accelerating their tapering of asset purchases here. But the bottom line is that the economy is strong.” 

“So until it looks like we’re inching closer to a recession here, which we’re nowhere near at this point, it’s hard for us to get too defensive,” she added. “We continue to embrace equities, we like the U.S. the most, that’s where we’re seeing the best relative economic growth, that’s where we’re seeing the best relative earnings growth. And again, the other element here is that there is a ton of cash on the sidelines that’s looking to get put to work.” 

—

4:09 p.m. ET: Stocks eke out third straight day of gains after Pfizer says third dose of vaccine neutralizes Omicron

Here were the main moves in markets as of 4:09 p.m. ET:

  • S&P 500 (^GSPC): +14.46 (+0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,701.21

  • Dow (^DJI): +35.32 (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,754.75

  • Nasdaq (^IXIC): +100.07 (+0.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,786.99

  • Crude (CL=F): +$0.54 (+0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $72.59 a barrel

  • Gold (GC=F): +$2.10 (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,786.80 per ounce

  • 10-year Treasury (^TNX): +2.9 bps to yield 1.5090{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

11:11 a.m. ET: Crude oil inventories dropped less than expectedT last week: EIA

The Energy Information Administration said in its weekly report Wednesday that U.S. crude oil inventories dropped by 241,000 barrels last week. 

The sum was much less pronounced than the drop of 1.521 million barrels consensus economists were expecting, based on Bloomberg data. The weekly report also spotlighted that crude imports fell by 105,000 barrels per day, while crude production increased by 100,000 barrels per day. 

U.S. West Texas intermediate crude oil futures ticked down by about 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Wednesday morning, to give back some gains after jumping by 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on. Tuesday and 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Monday. Brent crude oil futures, the international benchmark, edged lower by about the same margin to hover above $75 per barrel. 

—

10:00 a.m. ET: Job openings climb to near-record high in October

Job openings in the U.S. jumped by a greater-than-expected margin in October, underscoring the still-widespread mismatches in labor supply and demand as shortages abound.

The Labor Department said Wednesday that U.S. job openings totaled 11.033 million in October, coming in above consensus economists’ expectations for 10.469 million, according to Bloomberg data. Job openings in September were upwardly revised to 10.602 million, from the 10.438 million previously reported.

The quits rate came down only slightly in October to reach 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus September’s all-time high of 3.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

—

9:30 a.m. ET: Stocks open higher amid Pfizer vaccine news

Stocks traded mixed and came off the highs of the overnight session as investors continued to digest new updates on Pfizer’s COVID-19 vaccine and its efficacy against the Omicron variant. 

The Dow traded higher by more than 100 points, or 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The S&P 500 was little changed, while the Nasdaq dropped 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

Small-cap stocks continued to jump, with the Russell 2000 index up another more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

—

7:32 a.m. ET Wednesday: Stocks head for third straight session of gains

Here’s where markets were trading ahead of opening bell:

  • S&P 500 futures (ES=F): +13.5 points (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,698.50

  • Dow futures (YM=F): +114.00 points (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,827.00

  • Nasdaq futures (NQ=F): +39.75 points (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,357.75

  • Crude (CL=F): -$0.01 (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $72.04 a barrel

  • Gold (GC=F): +$1.00 (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,785.70 per ounce

  • 10-year Treasury (^TNX): -0.8 bps to yield 1.472{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:06 p.m. ET Tuesday: Stock futures open higher after rally 

Here were the main moves in markets in late trading on Tuesday:

  • S&P 500 futures (ES=F): +3 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,688.00

  • Dow futures (YM=F): +9 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,722.00

  • Nasdaq futures (NQ=F): +21.5 points (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,339.5

NEW YORK, NEW YORK - DECEMBER 02: Traders work on the floor of the New York Stock Exchange (NYSE) on December 02, 2021 in New York City. The Dow rose over 500 points today after falling yesterday due to fears of the omicron strain of the Covid-19 virus. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – DECEMBER 02: Traders work on the floor of the New York Stock Exchange (NYSE) on December 02, 2021 in New York City. The Dow rose over 500 points today after falling yesterday due to fears of the omicron strain of the Covid-19 virus. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

Posted on

Need for travel insurance increases with COVID variants

Need for travel insurance increases with COVID variants

LEXINGTON, Ky. — Holiday plans could be interrupted by COVID-19, but travel insurance would keep the financial burden from hinging on the generosity of airlines and hotels. 

What You Need To Know

  • Fear of COVID is not cause for reimbursement

  • Policies basically the same as any other insurance

  • Airlines and resorts are adhering more to their rules

  • Some plans cover the need to quarantine

While travel insurance did not help travelers when the pandemic hit in 2020, policies now treat COVID-19 the same as any other medical condition. Carol Mueller, a vice president at Berkshire Hathaway Travel Protection, told The New York Times that fear of the virus is not a reimbursable claim, but illness is. 

“If you become ill before your trip, you’ll need a doctor’s note confirming your illness and that you are unable to travel to be eligible for benefits,” she said. “The benefits are the same regardless of whether you contract omicron, another variant of COVID, or any illness for that matter.”

Most policies do not offer coverage if a foreign destination closes its borders to visitors, as Israel did recently. A few exceptions also go for a government-issued travel warning to a destination, which is generally not a covered reason to make a claim.

“When people deal with me to plan their travel, I always explain to them why travel insurance is important,” said Robin Cline, owner of Cline & Co. Travel Consulting in Lexington. “I would say 95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the people I deal with do buy it because they realize it’s important.” 

Travelers not using a travel agent may add insurance at the end of buying airfare, through their supplier, whether a cruise, consolidator, AAA, etc., or go to various websites that sell direct to the public. A simple Google search for travel insurance will provide endless choices. Cline said people that do their own travel planning typically do not purchase a travel insurance policy because of assumptions their insurance or credit card will cover it. 

“The other thing a lot of people will do if they’re like buying an airline ticket, or if they’re working directly with a supplier or something; they’ll just accept their plan or insurance coverage and take it as it is, not really exploring how covered they are,” she said. “Clicking the button at the end of purchasing is not always the best protection on an investment.”

Travel delay coverage can cover the cost of accommodations and meals during quarantine if a traveler contracts the virus. If travelers are forced to stay beyond their expected return date due to a positive test, this coverage can be extended for up to seven days.

Trip interruption coverage will reimburse travelers for missed portions of their trip if they are forced into quarantine due to a positive COVID test. Cline said it could cover 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 200{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of your prepaid and nonrefundable trip costs, depending on the policy.

“The plans are tiered like any other insurance,” Cline said. “There are many different companies out there that you can deal with and they all kind of have their own little spin on specific packages. You can buy anything from what we call a zero-cost medical policy, all the way up to what we call a cancel for any reason policy, so your rates are going to vary.”

The “cancel for any reason” policy will return between half and three-quarters of expenses and is generally purchased when people buy tickets or make reservations.

Cline said costs also vary depending on age.

“They’re not going to insure somebody who’s 85 years old at the same rate they’re going to insure somebody who’s 25 years old,” she said.

Cline said she rarely travels without some form of travel insurance. 

“I might do a domestic plane trip without it, but that’s it,” she said. “Let’s say you’re on your way to the hotel, and you’re not going to check in until 10 p.m. and your check-in time is at 4 p.m. If you have an accident on the way and you lose your hotel for the night or something like that, you have to weigh all the pros and cons of that. If it’s not an expensive hotel, maybe it’s not worth it because of the premium.”

Cline said another reason travel insurance has become more critical because of COVID-19 is that the pandemic has caused airlines and resorts to adhere more to cancelations.

“Cancelations have become more frequent, and they’re also running them out a little further as well,” she said. “Whereas it once was 48 hours now, it might be seven days because they need that chance to rebook. I don’t begrudge them that at all; they have to be able to pay their people. I think that there’s a lot of people out there that think the airline should just forgive everything and the hotels and everybody else because COVID is not their fault, but it’s not the hotel’s or the airline’s fault, either. If they’re going to stay in business for us for the future, they’ve got to protect themselves as well.”

Posted on

Infosys BPM to Create 250 Jobs in Ireland, With a New State-of-the-Art Delivery Center in Waterford

Infosys BPM to Create 250 Jobs in Ireland, With a New State-of-the-Art Delivery Center in Waterford

WATERFORD, Ireland, Dec. 8, 2021 /PRNewswire/ — Infosys BPM, the business process management arm of Infosys (NYSE: INFY), today announced that it is expanding its presence in Ireland, creating 250 jobs locally with the development of a new delivery center in Waterford.

Infosys Logo

Infosys Logo

Infosys BPM started its Ireland operations in Dublin in 2014, delivering exceptional service offerings across telecommunications, manufacturing, social media, healthcare, edtech, and fintech sectors. The company has since then, further expanded in Ireland through its offices in Waterford, Wexford, Clonmel, and Craigavon.

The new center in Waterford will provide voice support, customer service and technical support operations for large global enterprises. The new roles will cover several functions across various job levels, spanning a multitude of skills from customer and technical support roles to subject-matter-experts in the areas of finance, HR, planning, and capacity management.

The employees will be working at the cutting edge of innovation in the digital space, consistently providing anytime-anywhere experiences to empower some of the world’s largest organizations in navigating their digital transformation journeys. In line with the company’s mission to develop the workforce through continuous learning, Infosys will provide critical training and growth opportunities to nurture the next generation of digital talent.

The 250 new roles in Ireland will build on Infosys’ recently announced 1,000 jobs in the UK, reinforcing the company’s commitment to supporting post-pandemic economic growth in the region.

Leo Varadkar TD, Tánaiste and Minister for Enterprise, Trade and Employment, Ireland, said: “Congratulations to the entire Infosys BPM team, on this impressive expansion which will result in the creation of 250 new jobs in Waterford. This is a great boost for the South East and demonstrates the attractiveness of Ireland as a location for investment from leading companies from around the world. Best of luck to the team, I trust you will be very happy in Waterford.”

Anantha Radhakrishnan, MD & CEO, Infosys BPM, said, “The launch of the new center is a testament to our continued focus on the workplace of the future, grounded in building a robust talent pool with strong digital skills. This investment in Ireland builds on our long-standing commitment to developing a highly skilled workforce in Ireland and our focus on achieving breakthrough innovation for our clients in a collaborative environment. Hiring the best of talent will not only offer a significant boost to the regional economy, but also substantially enhance growth opportunities for us. This will further enable us to deliver amplified business value for our clients with agility and a superior stakeholder experience.”

Martin Shanahan, CEO, IDA Ireland, said, “As one of the largest employers in the South East, this announcement by Infosys BPM for 250 new roles at its new delivery centre in Waterford is very welcome. Infosys’ continued investment in their site in Waterford, as well as their other sites in Wexford and Clonmel, represents a strong endorsement of the talent available in the South East region – particularly in the IT sector. It should serve also as an example for other large international IT companies looking to expand into Europe that Ireland remains a premier location for doing so. I wish Infosys BPM the utmost success with their future operations.”

About Infosys BPM

Infosys BPM Ltd., the business process management (BPM) subsidiary of Infosys Ltd. (NYSE: INFY), was established in April 2002. We offer integrated end-to-end transformative BPM services, and have journeyed through the table-stakes of effectiveness and efficiency with an ever-increasing focus on enhancing stakeholder experience and empathy. We enable clients to navigate their digital journey, operating from 35 delivery centers across 14 countries, with over 48,800 people from 120 nationalities.

Visit www.infosysbpm.com to learn how Infosys BPM can help your enterprise navigate your next. For more information contact bpm.pr@infosys.com

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in more than 50 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2021. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

For media enquiries, contact:

Dena Tahmasebi
Head of Communications EMEA, Infosys
dena.tahmasebi@infosys.com

Logo: https://mma.prnewswire.com/media/633365/Infosys_Logo.jpg