Latin America offers good trade avenues for India, says envoySeptember 1st, 2009 CHENNAI - The Latin American region, unaffected by the global meltdown, offers good business opportunities for Indian companies in sectors such as information technology (IT), pharmaceutical, renewable energy, agri-business and manufacturing, said a senior Indian diplomat here Tuesday. "Indian companies should formulate long-term strategies to tap the available potential.
Infosys to award five top Indian scientists Rs.5 mn eachFebruary 16th, 2009 BANGALORE - Infosys Technologies Tuesday said it has instituted a Rs.5-million (Rs.50 lakh) award each for five top Indian scientists in recognition of their outstanding research contributions and achievements. The five awards will be given annually under the aegis of Infosys Science Foundation, a non-profit trust set up with a corpus of Rs.210.5 million (Rs.21.5 crore), the software major said in a statement here.
Satyam among four Indian IT firms who top H-1B visa usersMarch 3rd, 2009 WASHINGTON - Four Indian IT outsourcers - Infosys Technologies, Wipro Technologies, Satyam Computer Services and Tata Consultancy Services (TCS) - dominate the list of companies winning H-1B visas in 2008. The four together used more than 10,000 of the visas for skilled professional limited to 65,000 foreign-educated workers per year, according to the US Citizenship and Immigration Services (USCIS).
Satyam among Indian IT firms topping H-1B visa usersMarch 4th, 2009 WASHINGTON - Four Indian IT outsourcers - Infosys Technologies, Wipro Technologies, Satyam Computer Services and Tata Consultancy Services (TCS) - dominate the list of companies who won H-1B visas in 2008. The four together used more than 10,000 of the visas for skilled professional limited to 65,000 foreign-educated workers per year, according to the US Citizenship and Immigration Services (USCIS).
Polaris to set up centre for insurance solutionsApril 14th, 2009 CHENNAI - City-based banking, financial services and insurance software company Polaris Software Lab Ltd will invest $20 million to set up a centre for excellence for insurance near Chennai, a top official said Tuesday. 'The eight-storey centre will house 2,500 employees and will be completed in 18 months,' Arun Jain, chairman and chief executive of Polaris, told reporters at the foundation stone laying ceremony.
US H-1B proposal is against free trade principlesApril 24th, 2009 NEW DELHI/WASHINGTON - India's software industry has opposed a US bill that seeks to make it mandatory for American companies to fill vacancies with locals before turning to skilled foreign workers. 'The stated objective of the bill is to prevent fraud and visa abuse.
Obama tax move won't affect Indian firms, Murthy to presidentMay 8th, 2009 BANGALORE - Indian IT firms would not be impacted by the tax reform proposal of US President Barak Obama, Infosys Technologies chairman and chief mentor N.R. Narayana Murthy told President Pratibha Devisinh Patil Friday.
US move to withdraw tax breaks a matter of concern: FICCIFebruary 25th, 2009 NEW DELHI - The Federation of Indian Chamber of Commerce and Industry Wednesday expressed concern over US President Barack Obama's statement on ending tax breaks for outsourcing companies, saying 'protectionist measures could deteriorate the situation further'. 'Coming at a time when the global economy is going through a phase of slowdown and when countries need to work collectively, protectionist measures of any kind could deteriorate the situation further,' FICCI said in a statement.
Indian IT industry to help in US economic recoveryApril 11th, 2009 WASHINGTON - India's information technology industry should start hiring in the US to help in its economic recovery as the US is always going to be its biggest market, the industry association's head has suggested. The restrictions on H1B visas in the US 'absolutely is a concern,' Pramod Bhasin, president and chief executive of outsourcing firm Genpact and the new chairman of the National Association of Software and Services Companies (Nasscom), said in an interview with Forbes Asia.
Obama's tax proposals won't affect Indian firms: HCL chiefMay 11th, 2009 NEW DELHI - US President Barack Obama's recent announcement on tax crackdown on companies outsourcing to overseas firms will not affect the Indian IT sector, an industry official said here Monday. 'It will impact only American companies.
NRIs urged to participate in 3G BroadbandJanuary 8th, 2009 CHENNAI - The Satyam Computers Services fraud that has shaken the Indian software services sector will not have any cascading impact on the other players, Communications and IT Minister A. Raja said Friday.
India's Outsourcing is not yet hit by Obama's biased tax plan and may not ever: NasscomMay 5th, 2009 NEW DELHI - India Inc believes the move by the Barack Obama administration to reduce tax breaks for US firms that ship jobs overseas will hit American companies more than impact on the Indian outsourcing industry. 'It's a more US-US issue rather than one aimed at stopping outsourcing, or off-shoring, or anything to do with India,' said Som Mittal, president of the National Association of Software and Service Companies (Nasscom), a representative boddy for the industry.
AIG strikes deal to sell India information technology unit to MphasiS for undisclosed amountAugust 13th, 2009 AIG reaches deal to sell Indian IT unit to MphasiSNEW YORK — American International Group reached a deal to sell another unit on Wednesday. The battered insurance giant will sell its AIG Systems Solutions Pvt.
New York Stock Exchange halts trading in Satyam stockJanuary 6th, 2009 HYDERABAD - The New York Stock Exchange Wednesday halted trading in the stock of beleaguered Satyam Computer Services prior to the opening of the market at 9.30 a.m. US eastern time, the NYSE said in a statement.
C.P. Gurnani appointed chief executive of Indian outsourcer Mahindra SatyamJune 23rd, 2009 Indian outsourcer Mahindra Satyam gets new CEOMUMBAI, India — Mahindra Satyam, a rebranded Indian outsourcing company nearly brought down in a $1 billion fraud, said Tuesday that C.P. Gurnani, an executive from its new controlling shareholder, has been appointed chief executive.