iGate on Thursday inaugurated the fourth phase of its global delivery facility at its campus in Whitefield, Bangalore. The new facility, set up at a cost of Rs 65 crore, provides 115,000 sq ft of additional workspace and can seat 1,050 people.
Phaneesh Murthy, CEO of the outsourcing solutions company, said iGate plans to hire about 1,500 people in 2010. The $220-million company currently has around 3,500 employees in Bangalore.
Murthy said he expected IT budgets to be up 2-4% in 2010.
“Discretionary project spends are starting to happen. The pricing environment is largely stable,” he said.
iGate’s campus has in the past sought to differentiate itself through the adoption of a host of environment friendly measures. The latest phase makes further advances on this front. It has LED lighting throughout and the lighting is solar powered. There’s an ozone-friendly air conditioning system, organic waste converter and a wastewater recycling system.
“We also made special efforts to procure green IT equipment,” the company said. The company has taken on a carbon footprint estimation study to determine the green house gas (GHG) inventory across all its global delivery facilities in India, Australia and Mexico.
Agencies
Showing posts with label Mexico. Show all posts
Showing posts with label Mexico. Show all posts
Friday, October 30, 2009
Thursday, April 9, 2009
Will the Obama's policy on US firm to pull back jobs have effect on India?
Sallie Mae, a US-based company which gives loans to students, Monday announced to move back as many as 2,000 overseas jobs, including those from India, even if it means an additional financial burden on the company because of higher labour expenses.
"It's the right thing to do," said Sallie Mae Chief Executive Albert Lord at a press conference which was attended by Democrat Congressman Paul Kanjorski and Senator Robert Casey in an apparent reference to the large scale job losses in the US in the last one year.
The value of a company's franchise is essentially measured in financial terms, but there are a lot of values in a company that relate to the long-term value of a franchise. It's a wise investment in the company's future, Lord said.
"The current economic environment has caused our communities to struggle with job losses. They need jobs, and we will put 2,000 of them into US facilities as soon as we possibly can," he added.
In the next 18 months, some 2,000 overseas jobs would be moved back to the US. These jobs are primarily in India, Mexico and the Philippines and are basically call centres, information technology and operations support positions.
The move would cost the company $350,000 per annum as the workers in the US would have to be paid a much higher wage than those in countries such as India.
Sallie Mae is the largest US-based student loan provider. It employs more than 8,000 people in the US. For quite some time, it has been struggling during the credit crunch to finance loans to students.
In the fourth quarter the company had reported a net loss of $216 million, in which it made $4.8 billion in student loans. Through its subsidiaries, the company manages $180 billion in education loans and serves 10 million student and parent customers.
Agencies
"It's the right thing to do," said Sallie Mae Chief Executive Albert Lord at a press conference which was attended by Democrat Congressman Paul Kanjorski and Senator Robert Casey in an apparent reference to the large scale job losses in the US in the last one year.
The value of a company's franchise is essentially measured in financial terms, but there are a lot of values in a company that relate to the long-term value of a franchise. It's a wise investment in the company's future, Lord said.
"The current economic environment has caused our communities to struggle with job losses. They need jobs, and we will put 2,000 of them into US facilities as soon as we possibly can," he added.
In the next 18 months, some 2,000 overseas jobs would be moved back to the US. These jobs are primarily in India, Mexico and the Philippines and are basically call centres, information technology and operations support positions.
The move would cost the company $350,000 per annum as the workers in the US would have to be paid a much higher wage than those in countries such as India.
Sallie Mae is the largest US-based student loan provider. It employs more than 8,000 people in the US. For quite some time, it has been struggling during the credit crunch to finance loans to students.
In the fourth quarter the company had reported a net loss of $216 million, in which it made $4.8 billion in student loans. Through its subsidiaries, the company manages $180 billion in education loans and serves 10 million student and parent customers.
Agencies
Thursday, February 12, 2009
6,000 workers lose jobs everyday in Mexico
Nearly 6,000 workers lose their jobs daily, which has been happening since November 1, 2008, a report of the Mexico Social Welfare Institute (IMSS) has revealed.
Updated statistics that recently reported an increasing unemployment rate in the last quarter of 2008 of half a million jobs, now pointed out that a higher figure remained in the period of November-January.
The research indicated that only in the big cities 128,122 jobs have been lost last January while the current world economic crisis also had a deep impact on this field, mainly for casual day labourers.
According to the source the company that left more quantity of jobless was CEMEX, considered one of the most important cement producing company of the world, cutting 18,786 jobs.
Agencies
Updated statistics that recently reported an increasing unemployment rate in the last quarter of 2008 of half a million jobs, now pointed out that a higher figure remained in the period of November-January.
The research indicated that only in the big cities 128,122 jobs have been lost last January while the current world economic crisis also had a deep impact on this field, mainly for casual day labourers.
According to the source the company that left more quantity of jobless was CEMEX, considered one of the most important cement producing company of the world, cutting 18,786 jobs.
Agencies
Saturday, December 20, 2008
Will oil, gas spending drop in 2009?
Global spending on oil and gas exploration and production will shrink 12 per cent to $400 billion in 2009 as the steep slide in energy prices and tight credit markets reverse a six-year trend of rising budgets, analysts at Barclays Capital said on Friday.
Those spending cuts threat to curtail growth in oil and gas output, potentially supporting energy prices that have been in a freefall since hitting peaks in July. A steady stream of energy companies have been announcing budget cuts for 2009 as the price of oil slumped this week to its lowest levels in 4-1/2 years, and Barclays said that could be pushing spending even lower than its report showed.
Another analyst agreed, saying companies were being prudent during the economic crunch to protect cash reserves they had built up during the four-year run-up in energy prices. "My guess is the (report) is probably overstating what is going to be spent," said analyst James Halloran of National City Private Client Group, which manages $26 billon in assets.
Analysts said that while the drop in spending threatens to slow down growth in world energy production, the impact depends on how the smaller budgets are used. "It may be that a combination of higher utilization of more efficient rigs and lower costs of drilling will equal or more than compensate for the decline in the absolute amount of capital devoted to upstream expenditures," said Edward Morse, chief economist at LCM Commodities.
He added that oil firms may be negotiating with their suppliers and contractors to lower project costs. The soft energy market has also darkened the world oil supply picture by leading OPEC to announce three rounds of cuts that would trim 4.2 million barrels per day of oil production, or 5 percent of global output.
Spending in the United States is expected to show the sharpest drop, falling 26 percent to $79 billion from the 2008 mark of $106 billion, Barclays analysts James Crandell and James West said in their semiannual report based on a survey of oil and gas companies.
In the United States, Chesapeake Energy, the largest US natural gas producer, is expected to cut spending by 51 percent, the analysts said, while Devon Energy is likely to cut by 44 percent, EOG Resources by 34 percent and SandRidge Energy by 78 percent.
Oil prices peaked above $147 a barrel in July, but have tumbled more than 75 percent since then to trade near $35.75 a barrel as economic weakness hits fuel demand. Shares of oilfield service companies face the greatest risks from the cuts in spending, since it is their drilling rigs, maintenance operations and other activities that energy producers reduce when budgets are slashed.
But those stocks have already been battered, Halloran said, and may see only a limited impact from new reports of spending cuts. The Philadelphia Oil Service index, which includes companies like Schlumberger Ltd, Halliburton Co and Transocean Ltd, has fallen 68 percent since July.
Still, the Barclays analysts said they recommended shares of Weatherford International, Halliburton, Cameron International, Oceaneering International, Tidewater, Dril-Quip, Core Laboratories NV as the best sector bets.
Regions under pressure
Overall, companies' Canadian spending budgets will fall 23 percent to $22 billion, the lowest level since 1999. Husky Energy is likely to cut its spending 47 percent in Canada, while Devon's budget there will fall 71 percent, Talisman Energy by 47 percent and EnCana Corp by 16 percent.
Spending in the United States by Exxon Mobil, the world's largest publicly traded oil company, is likely to drop 17 percent, or $450 million, to $2.15 billion, while its Canadian budget will shrink 14 percent to $375 million. Its spending elswhere will rise 14 percent to $14.98 billion.
The overall drop in spending outside North America is expected to be a more moderate 6 percent to $300 billion. Russia, the UK North Sea, Saudi Arabia and Venezuela were expected to see some of the sharpest spending declines, while the rest of the Middle East, North Africa and Mexico were likely to post increases.
In 2008, spending rose about 22 percent globally, the analysts said. The analysts said the budget forecasts were based on average prices of $58 per barrel for oil and $6.35 per thousand cubic feet for natural gas.
Source; Agencies
Those spending cuts threat to curtail growth in oil and gas output, potentially supporting energy prices that have been in a freefall since hitting peaks in July. A steady stream of energy companies have been announcing budget cuts for 2009 as the price of oil slumped this week to its lowest levels in 4-1/2 years, and Barclays said that could be pushing spending even lower than its report showed.
Another analyst agreed, saying companies were being prudent during the economic crunch to protect cash reserves they had built up during the four-year run-up in energy prices. "My guess is the (report) is probably overstating what is going to be spent," said analyst James Halloran of National City Private Client Group, which manages $26 billon in assets.
Analysts said that while the drop in spending threatens to slow down growth in world energy production, the impact depends on how the smaller budgets are used. "It may be that a combination of higher utilization of more efficient rigs and lower costs of drilling will equal or more than compensate for the decline in the absolute amount of capital devoted to upstream expenditures," said Edward Morse, chief economist at LCM Commodities.
He added that oil firms may be negotiating with their suppliers and contractors to lower project costs. The soft energy market has also darkened the world oil supply picture by leading OPEC to announce three rounds of cuts that would trim 4.2 million barrels per day of oil production, or 5 percent of global output.
Spending in the United States is expected to show the sharpest drop, falling 26 percent to $79 billion from the 2008 mark of $106 billion, Barclays analysts James Crandell and James West said in their semiannual report based on a survey of oil and gas companies.
In the United States, Chesapeake Energy, the largest US natural gas producer, is expected to cut spending by 51 percent, the analysts said, while Devon Energy is likely to cut by 44 percent, EOG Resources by 34 percent and SandRidge Energy by 78 percent.
Oil prices peaked above $147 a barrel in July, but have tumbled more than 75 percent since then to trade near $35.75 a barrel as economic weakness hits fuel demand. Shares of oilfield service companies face the greatest risks from the cuts in spending, since it is their drilling rigs, maintenance operations and other activities that energy producers reduce when budgets are slashed.
But those stocks have already been battered, Halloran said, and may see only a limited impact from new reports of spending cuts. The Philadelphia Oil Service index, which includes companies like Schlumberger Ltd, Halliburton Co and Transocean Ltd, has fallen 68 percent since July.
Still, the Barclays analysts said they recommended shares of Weatherford International, Halliburton, Cameron International, Oceaneering International, Tidewater, Dril-Quip, Core Laboratories NV as the best sector bets.
Regions under pressure
Overall, companies' Canadian spending budgets will fall 23 percent to $22 billion, the lowest level since 1999. Husky Energy is likely to cut its spending 47 percent in Canada, while Devon's budget there will fall 71 percent, Talisman Energy by 47 percent and EnCana Corp by 16 percent.
Spending in the United States by Exxon Mobil, the world's largest publicly traded oil company, is likely to drop 17 percent, or $450 million, to $2.15 billion, while its Canadian budget will shrink 14 percent to $375 million. Its spending elswhere will rise 14 percent to $14.98 billion.
The overall drop in spending outside North America is expected to be a more moderate 6 percent to $300 billion. Russia, the UK North Sea, Saudi Arabia and Venezuela were expected to see some of the sharpest spending declines, while the rest of the Middle East, North Africa and Mexico were likely to post increases.
In 2008, spending rose about 22 percent globally, the analysts said. The analysts said the budget forecasts were based on average prices of $58 per barrel for oil and $6.35 per thousand cubic feet for natural gas.
Source; Agencies
Friday, November 7, 2008
Mexico emerges great destination for Indian BPO firms
The Latino country is eyeing for $8 billion revenue from information technology services by 2030 For most people, Mexico doesn't equate with a home for high-tech companies. However, with a likely shift in the world economic superpowers in the future, the 'Latino' country is eyeing for $8 billion revenue frominformation technology services by 2030.
The global markets for IT services and business process outsourcing (BPO) is posing strong growth despite challenging conditions worldwide. According to Gartner, the revenues of $748 billion in 2007, is set to grow 9.5 percent in 2008, while the Everest Group estimates the present BPO market to be values at $28 billion is expected to grow up to $280 billion by 2012.
In this context, Mexico is set to fully take advantage of the growth prospects for these markets. Talking to CIOL at the BangaloreIT.biz 2008, Ricardo Alvarez, executive director of International Promotion, Mexico says, "Mexico is has already signed free trade agreements with 44 countries and is the second largest NAFTA country. India has always been the key strategic partner in many industrial sectors and would like it to expand in the IT front as well."
Alvarez says, "Goldman Sachs report indicates India and Mexico are likely to emerge big as world's economic superpowers and so need to work together in this regard. We can do so much together with India in IT despite the present financial crisis."
As per the report, China will top the list as the 'Economic Superpowers' by 2030, followed by USA, India, Brazil, Mexico and Russia.
With a privileged geographic location right next to the world's largest IT market, Mexico offers abundant qualified human resources and strong support. "These are among the many reasons why the government estimates that these sectors will export $8 billion by 2030," adds Alvarez.
Now with US economy tottering and President-elect Barack Ombama posturing against outsourcing, Mexico sees itself as alternative destination Indian IT Inc can explore for furthering their business.
With more than 1,200 software, BPO and IT services firms, Mexico generated revenues of $4 billion in 2007 growing at 36 percent annually (including IT oursourcing) of which $3.1 billion were exports, he adds.
Home to ten Indian IT firms, Mexico is rolling the red carpet for more Indian IT firms to set up shop there. Sasken, Mphasis, Sutherland, Hexware, Infosys, TCS, Wipro, Aricent, iGate and Mindtree have logged their presence in Mexico from 2005. "Our purpose in participating at IT.biz is to diversify our markets and establish better IT ties with India, he says.
Mexico's need of IT service professionals is expected to double from 41,000 in 2007 to 89,000 in 2013 and BPO professionals triple from 50,000 in 2007 to 155,000 in 2013, he said, adding it has 23 regional IT clusters in 20 states. For promoting IT in the country, Mexico First initiative is being rolled out with $100 million spend over the next five years, Alvarez adds.
Mexico, he said, was pushing Mexico City, State of Mexico, Jalisco, Nuevo Leon, Puebla, Sonora, Sinaloa and Veracruz, as fast-growing IT industry destinations for nearshore outsouring with advantages like time-zone alignment, lower costs, fast and simple visa regime, ease of software and hardware procurement, and legal and IP protection.
Recognizing the importance and economic potential of the software, IT services and BPO industries, the country has set up Prosoft — federal flasghip programme for the IT sector to provide financial assistance to IT investment and development. TechBA — business incubator and Mexico IT to provide information and advice to foreign firms keen on doing business in Mexico.
The global markets for IT services and business process outsourcing (BPO) is posing strong growth despite challenging conditions worldwide. According to Gartner, the revenues of $748 billion in 2007, is set to grow 9.5 percent in 2008, while the Everest Group estimates the present BPO market to be values at $28 billion is expected to grow up to $280 billion by 2012.
In this context, Mexico is set to fully take advantage of the growth prospects for these markets. Talking to CIOL at the BangaloreIT.biz 2008, Ricardo Alvarez, executive director of International Promotion, Mexico says, "Mexico is has already signed free trade agreements with 44 countries and is the second largest NAFTA country. India has always been the key strategic partner in many industrial sectors and would like it to expand in the IT front as well."
Alvarez says, "Goldman Sachs report indicates India and Mexico are likely to emerge big as world's economic superpowers and so need to work together in this regard. We can do so much together with India in IT despite the present financial crisis."
As per the report, China will top the list as the 'Economic Superpowers' by 2030, followed by USA, India, Brazil, Mexico and Russia.
With a privileged geographic location right next to the world's largest IT market, Mexico offers abundant qualified human resources and strong support. "These are among the many reasons why the government estimates that these sectors will export $8 billion by 2030," adds Alvarez.
Now with US economy tottering and President-elect Barack Ombama posturing against outsourcing, Mexico sees itself as alternative destination Indian IT Inc can explore for furthering their business.
With more than 1,200 software, BPO and IT services firms, Mexico generated revenues of $4 billion in 2007 growing at 36 percent annually (including IT oursourcing) of which $3.1 billion were exports, he adds.
Home to ten Indian IT firms, Mexico is rolling the red carpet for more Indian IT firms to set up shop there. Sasken, Mphasis, Sutherland, Hexware, Infosys, TCS, Wipro, Aricent, iGate and Mindtree have logged their presence in Mexico from 2005. "Our purpose in participating at IT.biz is to diversify our markets and establish better IT ties with India, he says.
Mexico's need of IT service professionals is expected to double from 41,000 in 2007 to 89,000 in 2013 and BPO professionals triple from 50,000 in 2007 to 155,000 in 2013, he said, adding it has 23 regional IT clusters in 20 states. For promoting IT in the country, Mexico First initiative is being rolled out with $100 million spend over the next five years, Alvarez adds.
Mexico, he said, was pushing Mexico City, State of Mexico, Jalisco, Nuevo Leon, Puebla, Sonora, Sinaloa and Veracruz, as fast-growing IT industry destinations for nearshore outsouring with advantages like time-zone alignment, lower costs, fast and simple visa regime, ease of software and hardware procurement, and legal and IP protection.
Recognizing the importance and economic potential of the software, IT services and BPO industries, the country has set up Prosoft — federal flasghip programme for the IT sector to provide financial assistance to IT investment and development. TechBA — business incubator and Mexico IT to provide information and advice to foreign firms keen on doing business in Mexico.
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