normal decisionmaking process and procedures of uti in fact uti investments in over 70 companies made over the last three years have come under scrutiny the committee has recommended audits in these cases where the fund has suffered depreciation in equity and some cases where debt has become nonperforming assets amex to shed another 6500 jobs the downsizing mania continues despite some early signs of recovery american express has decided to cut another 5500 to 6500 jobs at a cost of 240 million and 280 million in severance fees and other restructuring charges the latest layoffs come on top of 7700 cuts previously announced in all amex will now cut around 14000 jobs which amounts to a 15 per cent reduction in its total workforce worldwide the company has suffered a lot in the wake of september 11 attacks in america fiorinas legacy in line of fire the job and legacy of charismatic hewlettpackard ceo and president carly fiorina voted as the most powerful woman chief executive may be in line of fire as the largest shareholder in the company said that it would oppose the 25billion acquisition of rival computer maker compaq the david and lucile packard foundation which owns 10 per cent share in hp said it will vote against the decision its decision unites all the children of erstwhile founders of the company in opposing fiorina whose meteoric rise to the top now seems threatened like never before in case the merger with compaq is turned down by the companys board china enters wto china became a member of the world trade organisation on tuesday although announced earlier it marks an important step forward in world trade china said it will now cut import tariffs on industrial products to an average of 12 per cent and on farm products to 16 per cent in 2002 as part of its wto obligations the country is among the last and the largest to come into the wto fold india plays china card in japan as part of its efforts to seek a slice of the huge japanese surplus india this week embarked on a topical strategy to play on fears and sentiments of japanese investors taking advantage of the growing japanese unease over chinas musclefleeing the indian delegation led by prime minister anal behari vajpayee lost no opportunity in saying that the japanese will do well to divert their investment into india a country from which japan faces no threat whatsoever the geopolitical strategy with economics on mind and lips may have driven the message home chinese firm under scanner chinese networking firm huawei technologies rated as the seventhlargest telecom company in the world was in the eye of the storm with a multitude of report in indian media over its links with taliban the reports suggested that the cabinet committee on security was considering deporting 185 chinese engineers of its 518 staff in bangalore since the company had assisted taliban regime in afghanistan to set up telecom network