Hyderabad to Host Medtronic’s Largest Global R&D Center Outside the U.S. with INR 1200 Crore Investment

 Medtronic plc, the global leader in medical technology, has decided to invest INR 1200 crores in scaling up and expanding the current R&D center into a state-of-the-art engineering and innovation center in Hyderabad. Medtronic Engineering & Innovation Center (MEIC) will be the largest global R&D center outside of the United States for Medtronic. This investment planned over 5 years will provide a boost to Telangana’s MedTech plans and cement Hyderabad’s position as the Medical Devices hub in India.

The Government of Telangana and Medtronic have been in discussion for the last two years regarding the modalities of investment. During his visit to the United States in 2016, Hon’ble Minister for Industries & IT Shri. KT Rama Rao and his team of officials from Government of Telangana had a meeting with Mr. Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic. The partnership was finally announced today via a virtual meeting with Mr. Omar Ishrak, Mr. Geoff Martha, Medtronic CEO, Mr. Bob White, EVP and President, Minimally Invasive Therapies Group (MITG), Madan Krishnan, Vice President Indian Subcontinent and MITG APAC, Mani Prakash, Vice President R&D, MITG, Subu Mangipudi Vice President RGI Quality & MEIC and Divya Prakash Joshi, Sr Engineering Director & Site Leader, MEIC Hyderabad. Among others with the Minister included Principal Secretary Shri. Jayesh Ranjan, IAS and Director for Life Sciences Shri. Shakthi Nagappan from Govt. of Telangana.

Making the announcement Mr. Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic said, “Research and Development leads to innovation and innovation is crucial to our growth strategy. Medtronic’s investment in India is a testament to our commitment to the region and we are proud to be collaborating with the Government of Telangana on this major investment in the country. The expansion of MEIC will help us serve the Medtronic Mission to use medical technology to alleviate pain, restore health and extend life for patients around the world, which is also aligned with the government’s vision to improve access to healthcare for patients in India.”

During the virtual meeting, Mr. KT Rama Rao briefed the Medtronic leadership team on various initiatives taken by the Telangana Government to promote Medical Devices sector and the developments over the last few years. While recalling memories of his meeting with Mr. Omar Ishrak in the U.S., he congratulated him for taking over as the Executive Chairman of Medtronic and Chairman of the Board of Intel and congratulated Mr. Geoff Martha on his appointment as the new CEO of Medtronic.

Mr. KT Rama Rao said, “We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the U.S. and intends to create about 1000 jobs in the next few years. It is indeed a great honour for the city to host this center and it is a testimony to Hyderabad’s growing prowess in the medical devices sector. Government of Telangana is committed to the growth of med-tech in the state and we see this partnership with Medtronic as a pivotal one. We will work with them to ensure this center will continue to contribute to their remarkable efforts to improve healthcare globally.”

During the conversation, Mr. KT Rama Rao alluded to how the story on India for India and India for the world is getting stronger with recent turn of global events and assured them of all support from the State Government for the company’s growth plans and aspirations in India.

Commenting on the announcement, Madan Krishnan, Vice President Indian Subcontinent and Minimally Invasive Therapies Group APAC concluded saying, “At Medtronic, invention and innovation are vital so that we can help enhance therapy outcomes for people with chronic diseases. MEIC conducts advanced engineering R&D and product development in the areas of design, analysis, advanced hardware- software development and testing. The futuristic vision of Govt. of Telangana and access to great infrastructure has enabled us to make this investment in Hyderabad. I’m confident that this major investment would create many job opportunities in healthcare and help energize the medical devices innovation ecosystem in India.”

Zoomcar, ETO Motors Partner to Announce a Platform of Services to Boost Shared EV Mobility

Zoomcar, India’s largest personal mobility platform, signed an agreement this week with Hyderabad based ETO Motors, a full-fledged electric mobility solutions & services company, to provide a diverse array of platform services for ETO’s electric, shared 3-wheeler business. As part of this agreement, Zoomcar will provide access to its state-of-the-art, proprietary tech stack which emphasizes security and maintenance of vehicles, thereby building a consumer base for electric vehicles and improving the overall customer experience. In the partnership, ETO Motors will own and operate electric three-wheelers for shared first-mile and last-mile passenger commute as well as goods movement within the cities. 

Zoomcar’s tie-up with ETO Motors entails the development of an innovative platform to address the vast opportunities across India in the first mile, last mile, and Intracity passengers as well as goods movement space using electric vehicles. The strategic partnership will help create the necessary competency and technology for building the future of the mobility market in India. 

Commenting on the latest development, Greg Moran, CEO & Co-Founder Zoomcar said, ‘’The mobility industry is going through a transformational phase globally due to the pandemic. At Zoomcar, we strive to be at the forefront of creating innovative solutions that can help shape this transformative shift. From the beginning, we set out to build a software solution that helps reduce accidents and improves asset longevity.  Through this partnership with ETO Motors, we aim to leverage our AI based platform to enable large fleet operators to better manage their assets through greater vehicle safety and lower total operating cost. We are delighted to partner with ETO Motors on the next phase of their growth journey in India’s rapidly expanding EV market.” 

Commenting on the development which will boost ETO Motors efforts to drive the sustainable EV revolution, Mr. Biju Mathew, CEO, ETO Motors said, “The coming together of both companies marks a significant beginning in boosting the shared EV mobility space. Zoomcar’s contribution will be in the form of its technology, including apps for customers and drivers combined with the experience of managing large scale mobility solutions.ETO will own and operate state of the art electric vehicles to deliver seamless mobility to customers. The next phase of collaboration between our respective companies with respect to the development of the co-branded digital platform will undoubtedly mark a significant step forward for the industry.” 

Zoomcar’s previously announced driver score tech stack is an AI powered algorithm with machine learning capabilities that rates the driver’s performance on a scale of 0-100.  The driver score tracks the condition of the vehicle, the driving style of the customer, and the real-time critical events impacting the vehicle health. The scoring system possesses capabilities to give real-time feedback to drivers in the advent of rash driving to help them adjust their behavior accordingly. The platform is agnostic to the vehicle type and the telematics device installed.  Moreover, the platform works for both traditional internal combustion vehicles as well as electric vehicles. 

This signing of the MoU for the co-branded platform is part of ETO Motors plan to introduce a fleet of smart electric vehicles and strengthen its clean mobility solution offering. The platform will focus on the deployment of electric vehicles in the three-wheelers, four-wheelers, and two-wheelers segment for first-mile, last-mile, intracity passenger, and goods movement across India. The platform will help in the discovery of the vehicle and will ensure a safe commute for the passengers. The smart vehicles can be geo-fenced and disabled remotely in case of any emergency. ETO has already introduced its smart vehicles for first and last-mile connectivity service in Noida Metro and is poised to expand its presence in the coming times. 

About Zoomcar 

Zoomcar holds the distinction of being India’s first personal mobility platform, with the introduction of car-sharing services in 2013 and today is the market leader in the self-drive space with over 10,000 cars in its fleet. With a strong focus on the mobile experience, Zoomcar allows users to rent cars by the hour, day, week, or month. Headquartered in Bangalore, Zoomcar is over 250 people strong and operates in 45+ cities across India. In 2018, Zoomcar introduced India’s first peer2peer based marketplace for cars with the launch of its shared subscription mobility model and currently commands over 90% market share in this space. 

About ETO Motors PVT Ltd. 

ETO-is a full-fledged electric mobility solutions and services company into large-scale deployment of multi-brand shared electric diverse fleet for cleaner cities that provides clean, safe, noise free public transportation for first mile, last mile and intracity operations. ETO-addresses issues of Clean shared Public Mobility Traffic Congestion Reduce co2 emissions Direct transfers Efficient use of capacity Public Parking Space. Cheaper Journey Price – 2W,3W, 4W, Bus, Cargo. 

What COVID-19 Means for the Data Breach Landscape?

A three-month analysis on the possible impact of COVID-19 on the data breach landscape has shed light on an increasing number of threat actors worrying cyber-security specialists.  The Verizon Business study reviewed 474 data breach incidents from March – June 2020 based on contributor data, publicly disclosed incidents and Verizon’s own observations drawn from its collective years of experience. It focuses on 36 confirmed data breaches which were identified as being related directly to the COVID-19 pandemic. 

“ In view of the COVID19 pandemic,  many large and small organisations have adopted new technologies such as software- as-a-service (SaaS) solutions, increased cloud-based storage and the use of third-party vendors in record time to continue to support their customers. While the  SaaS solutions mentioned above, or the cloud itself, are not inherently less secure, however the  concern arises from the fact that due to the conditions the pandemic has created, most organizations are adopting them in a hurried fashion, and they are often forced to do so while relying on fewer resources in terms of both personnel and revenue thereby multiplying the risk.. ” said Prashant Gupta, Head of Solutions, Verizon Business.  

The analysis has thrown up an increasing number of commonly seen threat actors, which include: 

Increase in Error -- The Verizon Business 2020 Data Breach Investigations Report (DBIR) outlined that almost a quarter of all breaches were due to human error and this trend continues during the pandemic. This is due in part to organizations operating with a reduced number of staff due to illness, redundancies and/or with staff who have limitations due to their remote status. At the same time, these organizations are often experiencing unusually heavy workloads with a much higher reliance on new and unfamiliar solutions that need to be deployed quickly. 

Stolen credential-related hacking -- The DBIR shows that over 80 percent of breaches within the hacking category are caused by stolen or brute­ forced credentials. During the pandemic, this is now being exacerbated by the large number of employees working from home and the maintaining external workstations for remote access, leaning on SaaS platforms. Business IT departments are being challenged to secure company assets on the corporate network while the majority of the workforce is out of the office. 

Phishing -- In order to utilize stolen credentials, an attacker must first be able to obtain them and phishing remains one of the most commonly used methods. Prior to COVID-19 the 2020 DBIR flagged that credential theft and social attacks such as phishing and business email compromises were at the root of the majority of breaches (over 67 percent) and this trend has continued. Specific terms in combination with "COVID" or "CORONAVIRUS," such as "masks," "test," "quarantine" and "vaccine” were found to be widely used within the time period. In March, a phishing simulation, conducted by a DBIR contributor, performed on approximately 16,000 people found that almost three times as many people not only clicked through a phishing link, but also provided their credentials to the simulated login page.  

“Businesses need to start taking far greater responsibility in protecting their technology infrastructure. From deploying more robust security protocols to ensuring timely data breach disclosure policies. Once you lose public confidence, gaining that credibility back can often be an uphill task”, said Dr Zaki Qureshy, Founding Father, Hyderabad Security Cluster. 

Verizon Business 2020 Data Breach Investigations Report 

The Verizon Business 2020 Data Breach Investigations Report, analysed 32,002 security incidents, of which 3,950 were confirmed breaches; almost double the 2,013 breaches analysed last year. These cases came from 81 global contributors from 81 countries including the Government of Telangana and the Hyderabad Security Cluster.  

Can Mumbai, Bangalore emerge as the global capitals?

The Russian capital as well as Indian cities of Mumbai, Bangalore and Hyderabad have every chance of becoming global capitals on par with cities such as New York, London and Tokyo, according to the latest issue of Forbes magazine.

The influential publication assessed the rapidly changing forces driving the global economy, such as the inflow of capital and labour resources, and the pace of infrastructure development, and looked into the future, ranking the Russian capital alongside Shanghai, Beijing, Sao Paolo, Dubai and the Indian cities of Mumbai, Bangalore and Hyderabad.

"Fifteen years ago, Moscow was in the midst of a particularly grungy interlude, filled with stolid people waiting in lines for shoddy consumer goods. Today, its hotel accommodations - cheap if dinghy a quarter century ago - are among the world's most expensive.

Russia's huge energy industry, which dominates all of Europe, is the key factor driving the transformation," Forbes wrote.

The article, published Wednesday, notes that Moscow has had a radical makeover since the collapse of the Soviet Union. The city, where Moscow State University was the tallest building at 240 meters (787 feet), now has a host of skyscrapers including the three tallest buildings in Europe, the highest of which is still under construction.

"With a population of 10 million, Moscow is already Europe's most populous city and could get bigger yet, particularly if energy prices rise," the magazine said.

Although Forbes expects most global capitals of the future to be outside the Western Hemisphere, it includes Calgary in Canada, Perth in Western Australia and the Texan pair of Houston and Dallas in its list.

But the article does recognise that the current centers of financial and political influence - such as Tokyo, New York, London, Paris, Seoul, Singapore and Hong Kong - will not fade into the background for some time to come.

Agencies

Mahindra Satyam BPO on a hiring spree; To hire 300 by Sept

At a time when software firm Mahindra Satyam is rationalising its headcount, its BPO arm seems to be on a hiring spree with plans to recruit 300 employees by the next month.

The company has recently bagged a major contract from a domestic client for providing it back office support.

“To support the client we have already hired 700 employees in the last one month and will hire another 300 by the end of next month," Mahindra Satyam BPO CEO Vijay
Rangineni said.

However, he declined to divulge the name of the new client or the deal size. According to sources, the new win is in the telecom space.

The total headcount of the company after the recruitment would stand at 2,900. Though the parent firm Mahindra Satyam have a considerable presence in the domestic market, this is the first major win by Mahindra Satyam BPO in the domestic space.

Rangineni further said the company would now focus on the sizeable domestic market.

"Post the acquisition by Tech Mahindra, we now have a footprint globally and will leverage the strengths of Tech Mahindra wherever they are present," he said.

Mahindra Satyam BPO has one delivery centre each in Hyderabad, Bangalore, Chennai and Pune. The company, however, do not have a global delivery centre so far.

Agencies

Softpro buys SA software company for $19 million

The Hyderabad-based SoftPro Systems, a IT Solution provider has acquired 100% equity stake in South Africa-based Cura Risk Management software for $19 million in an all cash deal. The move is likely to help the Indian company grow six fold to over Rs 60 crore by the end of this fiscal.

“The acquisition is the first step towards the turnaround of our fledgling company. The deal draws strategic benefits as we can utilise the established client base of the acquired firm. Also, we hope to become a $200 million company in the next five years,” said G. Bala Reddy, chairman & managing director, SoftPro.

SoftPro has tied up about $14.5 million of funds with Bank of India and Andhra Bank. Andhra Bank will part guarantee the funds. The company is also looking at infusing fresh equity in the business through a preferential allotment of shares. This will help the firm raise about Rs 53 crore over the next one and a half year. It will also use a part of the money to fund the acquisition.

The promoter group currently holds 46.5% stake in the company. However, the stake will come down to 41% after the preferential allotment. The equity base of the company will increase from Rs 6 crore to Rs 9.5 crore. “While a part of the money raised through preferential allotment will be used to fund the deal, the balance will be used to meet working capital needs,” said Reddy.

SoftPro will pay $16 million upfront and the balance in the next three years based on performance of the acquired company, Cura.

“We see the acquisition as the next stage of growth,” said Alon Apteker, director, Cura. The $8-million company provides integrated software solutions addressing the Governance Risk & Compliance (GRC) requirements. It has about 200 clients across the globe. According to an IT analyst, small IT firms can leverage on such deals as they get to expand demographically and bring business home. Also a company can utilise the technology and expertise locally.

Economictimes

Is Google on a hiring spree in India?

Google has big plans for India in next three to five years. It plans to hire more people from India for its brand advertising business and considers India as an impactful market.

"Our focus in India is growth. India is going to be one of the 10 most impactful markets for Google in three to five years. There will be minimal impact on India in terms of job cuts announced globally," said Google India MD Shailesh Rao.

Google currently has four offices in India, located in Bangalore, Gurgaon, Hyderabad and Mumbai. After U.S., Google has the highest headcount in India. Even after having such a strong presence at the moment, India does not drive global revenue, Rao added.

Will Capgemini layoff 100 in Chennai?

Consulting and outsourcing firm Capgemini has laid off nearly 100 employees at its Chennai centre.

The pink slips were issued for employees mostly in the middle management positions. This comes on the back of reports that said Capgemini sacked 600 employees in Hyderabad and Pune. The company has nearly 20,000 people working in India.

An employee said the layoff across centers was because of the overall economic slowdown, which was impacting the company’s project flow and clients.

“While some clients have ramped down on the size of contracts, other projects, like the Lehman Brothers account closed after the company’s collapse. Apart from the middle management, some employees on probation were also asked to leave,” said the employee at one of the company’s locations, who did not wish to be named.

When contacted, Capgemini India’s chief people officer Cyprian D’Souza said through an email, “India is central to our global delivery model and we are in the process of mapping our existing skills with the business in hand and the business outlook. The economic condition is tough and no company is immune to its effects.”

D’Souza added that the industry was seeing an overhaul within all the affected verticals. “The process though tough, has to be undertaken to align our business with global economic realities, optimise operational efficiency, ensure financial health and enable future growth.”

For the first quarter of 2009, Capgemini group posted consolidated revenues of Euro 2,205 million, up 0.9 per cent compared with the year-ago period.

Agencies

Is it business as usual at Satyam?

In his first overseas trip to reinforce Satyam's commitment, Satyam Computer Services' newly appointed Chief Executive Officer A.S. Murty today assured Singapore that "It's business as usual at Satyam".

Murty's trip underscored the company's ongoing commitment to Singapore, headquarters for its "Rest of the World" (RoW) operations, which include Asia-Pacific, the Middle East, India and Africa. The visit was also aimed at restoring stakeholders' confidence and ensuring business continuity in the republic where its business remains strong.

Murty also used his two-day visit to address key considerations about Satyam's operational and financial aspects. Since 2000, Singapore has been an integral part of the leading global consulting and information technology services provider's global growth strategy.

"Satyam's foundation in Singapore and the RoW region is still quite strong," Murty said. "Our customer base remains intact and all of our clients have chosen to stand by us during these challenging times. And, since the beginning of 2009, we have seen a record level of new contracts in the region, which shows the confidence our customers and the industry continue to have in us."

Assuring that Satyam has a promising future, Murty said the new Board represents some of the best management talent available and employee morale continues to be high.

"My immediate priority as CEO is to initiate and cultivate additional measures that will continue to stabilize Satyam and benefit all its stakeholders," Murty said. "Singapore plays a key role in those stabilization efforts, because it is the nerve centre of our efforts to grow our business in this critical region."

CXOtoday

Motorola to bring live 'News on the Mobile' to India

Motorola, Inc's Indian subsidiary, Motorola India Private Limited, and digital publisher, Pressmart Media Limited, on Tuesday announced the live news-on-the-mobile service on MOTO VE66, MOTOSURF A3000 and MOTOROKR EM35 phones slated for distribution in India.

News on the mobile provides consumers access to branded news content powered by Pressmart. By selecting the WAP link "Daily News" on their Motorola phones, consumers can receive free news content and access to their favourite newspapers while on the go.

Newspapers offered on the service include Indian Express, The Financial Express, The Asian Age and Deccan Chronicle.

News-on-the-mobile is designed specifically for the mobile phone screen for optimum viewing experience.

A GPRS connection is required to access the free news content, a Motorola press release said here.


Agencies

Will the Rs 2000 crore government package bailout out Satyam?

Speculation is rife that the government is considering a package of up to Rs 2,000 crore to bailout the crisis-ridden Satyam Computer but no confirmation could be obtained.

Shortly after the Prime Minister Manmohan Singh's review meeting on Satyam on Tuesday, there was media speculation that government would be considering a financial assistance ranging between Rs 500 crore and Rs 2,000 crore but the PMO office declined to comment on it.

"We have nothing to say on this," a top PMO official said when asked about if the government was considering giving financial aid to Satyam which is confronting a cash crisis.

Meanwhile, official sources indicated that the government appointed Satyam board has written a letter to the finance ministry raising concerns about the liquidity crunch in the troubled company.

Talking to reporters after the first meeting of the new board in Hyderabad, HDFC chairman Deepak Parekh, who is member of the board, had said "working capital issues require immediate attention and we will work with the team to tide over this situation.

Satyam has 53,000 employees and needs over Rs 500 crore a month to meet the staff cost.

Commerce Minister Kamal Nath, who attended PM's review meeting, had said yesterday that the government was open to consider a financial package for Satyam.

Agencies

Satyam's Ramalinga Raju surrenders

The disgraced chairman of Satyam Computer Services B Ramalinga Raju has surrendered on late Friday night before the Andhra Pradesh Director General of Police, two days after he confessed to perpetrating a Rs 7,000-crore financial fraud. The CID had registered a case based on Raju's confessional statement.

B Ramalinga Raju tonight surrendered before the Director General of Andhra Pradesh Police S S P Yadav, a police spokesperson said.

"I am prepared to subject myself to the laws of the land and face the consequences thereof" Raju had said in a confessional statement.

Agencies

Satyam CFO attempts suicide

Srinivas Vadlamani, CFO of Satyam, who is thought to be involved in one of the major IT company's scam, has attempted a suicide in a house in Ameerpet near Hyderabad.

Significantly, in Raju's letter to Securities and Exchange Board of India (SEBI) and the company's board of directors, the name of CFO is missing from the list of those who were 'unaware of the real situation'.

Meanwhile the Andhra Pradesh state police may register a suicide case today. K. Arvind Rao, Addl DG, (intelligence) declined to comment, when CXOtoday contacted him over phone. "I can't speak on this issue right now," said Arvind.

Srinivas Vadlamani, has been reported 'missing' from his home in Malkajgiri for the last couple of days. However, interim CEO -- Ram Mynampati in a press conference on Thursday said that Vadlamani had put in his papers. The decision on his resignation will be taken in board's meeting to be held tomorrow, the media had been informed.

Source: CXOtoday

Satyam likely to layoff 10,000 employees in 2009

With a big questions mark on its cash position and a minimum outgo on salary estimated at Rs 500 crore a month, Satyam may lay off over 10,000 employees next month, says a recruitment firm.

"It is most likely that Satyam will cut 10,000 jobs next month as the company is left with no cash to pay the salaries. The current fiasco is likely to put pressure on salaries, which may reduce by 10 per cent due to the surplus of about 20,000 people in the jobs market," Headhunters India CEO Kris Lakshmikanth said.

Satyam interim CEO Ram Mynampati while admitting that the cash position is not encouraging, the company, however, has taken care of salary for December.

Lakshmikanth said till Tuesday evening there were about 7,800 people from Satyam who had posted their resumes on job sites and by Wednesday afternoon, it has gone up to 14,000.

The uncertainty about jobs is killingly painful for the 53,000 employees of Satyam, especially when the industry is going slow on recruitment.

Further, possibility of a takeover too looks distant as the accounting fraud done by the company would make it difficult for any firm to evaluate its correct market value, which is compounding the worries of the employees.

IT-BPO union Unites Professionals general secretary Karthik Shekhar said, "In case of any lay off at Satyam, we may take legal action."

"We have received over 7,000 hits since the news break. Yesterday, in one hour we have seen over 800 hits (no of people visiting the site) from Hyderabad. People have been enquiries on how the union can help them," Shekhar added.

Agencies

Probe into Satyam market operations: SEBI

Startled by the disclosure of fudging of accounts by Satyam founder B Ramalinga Raju, market regulator SEBI on Wednesday ordered probe into share market operations and inspection of the IT company.

"SEBI has ordered an investigation into the affairs relating to buying, selling or dealing in the shares of Satyam Computers," it said in a release.

The probe follows a letter written by Raju in which he disclosed that "accounts provided to the stock exchanges were not true".

The investigation, SEBI said, will ascertain whether any provision of the Act or regulation has been violated.

As a first step, SEBI today ordered an investigation into affairs relating to buying, selling or dealing in shares of Satyam to ascertain if any regulatory provision was violated. Besides, it ordered inspection of Satyam Computer (books).

Giving details of the irregularities, Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books)."

It also carries "an accrued interest of Rs 376 crore which is non-existent, understated liability of Rs 1230 crore on account of funds arranged by me, overstated debtors position of Rs 490 crore (as against Rs 2651 crore in the books."

The USD 2-billion Satyam also reported a revenue of Rs 2700 crore for the September quarter and an operating margin of Rs 649 crore (24 per cent of revenue) as against the actual revenue of Rs 2112 crore and an actual operating margin of Rs 61 crore (3 per cent of revenue).

"This has resulted in artificial cash and bank balances going up Rs 588 crore in Q2 alone," Raju said, adding that the gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years.

Satyam, meanwhile, said Board member Ram Mynampati has been appointed interim CEO. "We are obviously shocked.. immediate priorities are to protect interest of shareholders, protect the careers and security of its approximately 53,000 associates..," Satyam said in a statement.

A shocked industry called for deeper regulation. "This fraud on the investors and employees... shows a systemic breakdown in audit and board oversight... questions will need to be asked," FICCI President Rajeev Chandrasekhar said.

FICCI and CII, however, said the Satyam episode should not be seen as a blot on all the Indian firms.

Corporate Affairs Minister Prem Chand Gupta said stern action would be taken under the law.

Agencies

No job losses in BPO sector, says Nasscom

Software and BPO industry body Nasscom on Wednesday said the business process outsourcing sector is not in the danger of losing jobs due to the ongoing economic downturn rather a net hirer in the current fiscal.

In a statement here Nasscom said, "Media reports suggest that the Indian BPO industry will see 2.5 lakh job losses by the first quarter of 2009, in the wake of downturn in the US and other developed economies. NASSCOM's research
and interaction with its member companies is not in support of this statement.

Our detailed industry performance and forecast for FY09 will be released in the next fortnight. However, on employment the industry will continue to be a net hirer in FY09 as a direct corollary of industry growth and fears of large scale job losses at an industry level are unfounded."

The industry body's comment comes in the wake BPO Industry Association President Samir Chopra stating that "severe job loss is expected because of recession.

We are going to request for a fiscal package from the Government but if that doesn't happen, then there be huge amount of losses in terms of manpower. I think a quarter of a million jobs will go."

The $11-billion BPO sector employs about seven lakh people.

Source: Agencies

Do Internet users want more languages?

Which is the one language that the people of India aspire to learn? Which is the one language that most Indians use while communicating on the Internet?

The answer is English. But you obviously knew that.

At the Internet Governance Forum being held in Hyderabad, Ajit Balakrishnan, CEO of Rediff.com, said that there is no evidence from the last ten years of the Internet business that users want Indian languages. Rediff has email in 11 languages, and 99% of the users prefer to use email in English, says a report.

Balakrishnan believes that a majority of Indians use the Internet for non- or little language skill associated activities like sending send messages, download music, view pictures or videos. These activities hardly require text input/usage.

Interesting comment from the Rediff CEO so is he trying to say that the investment he made to make those 11 languages available for its users was futile?

Not really; in fact, it could be called future-ready. In the coming years when Internet penetrates into large sections of rural India, that's when the regional languages will come handy, perhaps?

Source: Techtree