US Govt welcomes Infosys decision to hire 10,000 Americans
The Dollar Business Bureau The US government on Wednesday welcomed the move by IT major Infosys to employ 10,000 American workers in the coming two years, by stating that it was an outcome of the Trump administration’s “pro-growth economic agenda.” On Tuesday, Infosys had announced that it will set up 4 new centres in the US and hire 10,000 Americans in the coming two years as part of the company’s efforts to lessen the impact of the curbs on H1-B visa. Out of the four, the first innovation centre for newer technologies such as machine learning and artificial intelligence (AI) will be opened in August in the Midwestern US state of Indiana, also the home of Vice-President Mike Pence. The announcement by the IT giant is termed ...
Major Indian firms may be hit due to Brexit: CLSA
The Dollar Business Bureau As the concerns of Britain’s exit (termed Brexit) from the European Union (EU) are cooling down, some Indian companies are going to be impacted, due to their exposure to the EU and UK, apart from the consequences on the global markets. According to CLSA, Asia's leading independent brokerage and investment group, the EU - including the UK - is largest trading partner of India, accounting to 18 percent of merchandise exports in 2015-16, worth around $48 billion and 17 percent of merchandise imports valued about $65 billion. A report by CLSA released on June 16 highlighted that trade with the UK stood at $9 billion, or 8 percent of the overall trade with the EU. Engineering goods and textiles ...
US media outlet outsourcing IT jobs to India
The Dollar Business Bureau US-based Tribune Publishing Company would outsource a part of its information technology jobs to Indian firm Tata Consultancy Services (TCS), according to a report released by Computer World. Though the publisher has informed its IT workforce in April that it is outsourcing work to TCS, it did not reveal the number of employees that could be affected by this plan. The dismissals may take place in summer or autumn season. TCS is likely to offer jobs to some of the employees, the report said. Tribune Publishing Company’s IT employees have received the warning of outsourcing in the previous year-end itself. The employees were informed that the publishing unit will be going to outsource its IT jobs during the next ...
US slaps $940 m fine on Tata in trade secret case
Source: PTI A US grand jury has slapped two companies of India's Tata group - Tata Consultancy Services and Tata America International Corp - with a $940 million fine in a trade secret lawsuit filed against them. After days of hearing, the federal grand jury in the US State of Wisconsin ruled that Tata Consultancy Services Ltd and Tata America International Corp must pay $240 million to Epic Systems for ripping off its software. Tatas have also been asked to pay another $700 million in punitive damages. Epic Systems had accused TCS and Tata America International Corp, in a lawsuit filed in October, 2014 in US District Court in Madison which was amended in January and December 2015, of "brazenly stealing the trade ...
Smaller cities emerge as India's new software export hubs
Sisir Pradhan | @TheDollarBiz Major software companies in India are increasing their presence in smaller cities and smaller states in a bid to reduce operational costs and improve profit margins. According to the Software Technology Parks of India (STPI), India's total software exports stood at around Rs.251,497 crore in FY2012-13. While IT cities like Bengaluru and Hyderabad remain leaders, software export from cities like Pune has registered a steady growth in recent years. Software export from Pune has increased to around Rs.29,500 crore in FY2012-13, which is almost 60% of total software export of around Rs.50,000 crore from Maharashtra that year. Software export from other smaller cities like Nagpur, Kolhapur, Nasik and Aurangabad has helped Maharashtra become the ...
