MARCH 30, 2012: NO HIKE IN H-1B VISA FEE FOR NEXT YEAR, SAYS US
The US government has clarified that there will be no hike in fee for H-1B work visa for professionals next year.
The US Citizenship and Immigration Services (USCIS) had on said in a press release detailed application procedure for H-1B visa for fiscal year 2013 which was wrongly interpreted as hike in visa fee.
The US Citizenship and Immigration Services (USCIS) had on said in a press release detailed application procedure for H-1B visa for fiscal year 2013 which was wrongly interpreted as hike in visa fee.
Subsequently, USCIS as well as Indian IT industry body Nasscom have clarified that there is no hike in the visa fee.
MARCH 29TH, 2012: RBI ASKS BANKS TO IMPROVE NPA MANAGEMENT
The Reserve Bank today asked banks to improve their ability to manage stressed assets, but said there was nothing alarming about an unexpected rise in the NPA levels this fiscal.
"Concerns (on NPA) are there. Banks have to improve their ability to manage NPAs. We have told banks what is their lacuna. They have to improve their information system. But we see that the situation is not alarming. Though this is our concern. Hope banks will be able to manage them," said deputy governor KC Chakrabarty
"Concerns (on NPA) are there. Banks have to improve their ability to manage NPAs. We have told banks what is their lacuna. They have to improve their information system. But we see that the situation is not alarming. Though this is our concern. Hope banks will be able to manage them," said deputy governor KC Chakrabarty
It can be noted that following the continued slowdown in economic activities on the back of rising interest rate regime, banks, especially the state-run ones, have been reporting higher NPAs in their books since the second quarter.
The country's largest lender SBI had reported record gross NPAs in Q3 at Rs 40,080 crore and saw an 87.5 per cent spike in its provisioning. But private lenders are better off.
The total NPAs in the system are set to top 3 per cent of the total assets this fiscal, against a 2.3 per cent last fiscal at Rs 98,000 crore.
The country's largest lender SBI had reported record gross NPAs in Q3 at Rs 40,080 crore and saw an 87.5 per cent spike in its provisioning. But private lenders are better off.
The total NPAs in the system are set to top 3 per cent of the total assets this fiscal, against a 2.3 per cent last fiscal at Rs 98,000 crore.
MARCH 28TH 2012: BPOS LIKE EXL AND GENPACT FOLLOWING IT FIRMS IN MANAGEMENT REJIG
Indian business process outsourcing (BPO) firms are now IMPLEMENTING the management structure tried and tested by IT firms.
Large BPO firms such as EXL and Genpact are organizing their operations into specific industry-based verticals, with domain experts heading each vertical both at the developer-facing back-end as well as client facing front-end.
Logic for such re-organisation is that sales heads for specific verticals - usually domain experts - would be in a better position to chase deals from clients within that industry, as opposed to the earlier structure where geography heads - usually generalists - used to have the primary responsibility of business development.
Genpact, India's largest third party BPO has an extensive structure having heads of different geographies such as Europe, Asia designated as chief executives for those geographies. But it has introduced heads for different verticals that are also responsible for business development.
Genpact has appointed geo heads such as Charles Hunting, as CEO Asia Business, Harpreet Duggal as head of India business. Patrick Cogny, serves as CEO of Europe besides being President for Manufacturing and Services. Genpact is one of the largest India-based BPO with revenues of around $1.6 billion in 2011. Recently, Genpact acquired IT services firm Headstrong for about $500million.
Genpact has appointed geo heads such as Charles Hunting, as CEO Asia Business, Harpreet Duggal as head of India business. Patrick Cogny, serves as CEO of Europe besides being President for Manufacturing and Services. Genpact is one of the largest India-based BPO with revenues of around $1.6 billion in 2011. Recently, Genpact acquired IT services firm Headstrong for about $500million.
MARCH 27TH 2012: MAHINDRA SATYAM'S AUSTRALIA UNIT PLANS TO MAKE $50-100 MILLION ACQUISITIONS
Mahindra Satyam's Australia unit plans to make acquisitions worth USD 50-100 million and become a USD 750-million company by 2015, a media report has said.
"We're on the lookout for major acquisitions, anywhere from USD 50 million to USD 100 million. The treasure trove is reasonably big and Australia is a big market for us on a worldwide basis," Mahindra Satyam Head (Australia and New Zealand operations) Venki Prathivadi said
"We're on the lookout for major acquisitions, anywhere from USD 50 million to USD 100 million. The treasure trove is reasonably big and Australia is a big market for us on a worldwide basis," Mahindra Satyam Head (Australia and New Zealand operations) Venki Prathivadi said
Earlier this month, the diversified Mahindra Group announced the long-awaited merger of Mahindra Satyam with its another technology arm Tech Mahindra in an all-share deal that would create India's fifth largest software firm with an estimated annual revenue of about USD 2.4 billion.
MARCH 26TH 2012: IGATE-PATNI TIES UP WITH RIO TINTO TO PROVIDE R&D AND ENGINEERING SERVICES
Patni Computer Systems Ltd, the software services provider controlled by iGATE Corp, won an outsourcing order from Rio Tinto PLC, the world's third-largest mining company, the two companies said in a statement.
Rio Tinto expects to spend around $60 million to $80 million over the next five years of the partnership.
The partnership will focus on creating next generation technologies and contribute to global growth and development of Rio Tinto's 'Mine of the Future' program. Rio Tinto will leverage iGate Patni's technical capabilities to accelerate technologies globally in the mining industry.
Rio Tinto expects to spend around $60 million to $80 million over the next five years of the partnership.
The partnership will focus on creating next generation technologies and contribute to global growth and development of Rio Tinto's 'Mine of the Future' program. Rio Tinto will leverage iGate Patni's technical capabilities to accelerate technologies globally in the mining industry.
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