US-India Strategic Partnership Forum to Honor Mahindra Group Chairman Anand Mahindra & Adobe Chairman Shantanu Narayen

The US-India Strategic Partnership Forum (USISPF) announced their third Annual Leadership Summit, titled “US-India Week: Navigating New Challenges”, which will convene virtually this year from August 31- September 3. The week-long program will include a range of strategic discussions between USISPF’s board members that includes which include 21 Fortune 500 CEOsand senior government officials from both countries.

At the summit, USISPF will honour Chairman of Mahindra group, Anand Mahindra and Shantanu Narayen, Chairman & CEO of Adobewith the 2020 Leadership Awards, awarded each year for exemplary vision towards promoting U.S.-India bilateral ties.

Congratulating the awardees, John Chambers, Chairman of the USISPF Board, said, “We are delighted to confer the 2020 Leadership Awards to two business leaders who have displayed tremendous leadership and ambition in strengthening the U.S.-India bilateral economic partnership, especially at a time when the global economy is faced with uncertainties and businesses are forced to pivot from their core capabilities. As a global centre of manufacturing excellence with presence in the United States, the Mahindra Group is a shining example of a true win-win opportunity for our bilateral ties with positive impact in the lives of the American people and across the American economic engine. Chambers further added, “Shantanu’s pioneering work in digital technologies, leveraging support to communities, and deep impact on start-ups have been of tremendous value to governments, civil society, and the overall bilateral relationship. I cannot think of a more consummate candidate for this award.”

Mr. Anand Mahindra, Chairman, Mahindra Group said, “I accept this award on behalf of the entire Mahindra Group. At this challenging & transformational time for the world, such a recognition only reminds us that companies must contribute much more towards building a better world.  Mahindra remains deeply committed to the US market which is integral to its future growth and prosperity. Overall, I expect the relationship between India and the US to get even stronger over time with both countries being natural allies given our shared values and mutual economic interests.”

Mr. Shantanu Narayen, Chairman, President,and CEO of Adobe said, “I am honoured to accept the Leadership Award from the USISPF. USISPF’s mission to accelerate the strategic partnership between the US and India brings together two global leaders with the power to create compounding benefits for the global economy. Now more than ever, uniting the strengths, innovations and talents of the world is critical to building bridges and driving economic prosperity.”

Alongside US Vice President Mike Pence, high-ranking U.S. and Indian government officials participating at the leadership summit include: Dr. S. Jaishankar, India’s Minister of External Affairs; Piyush Goyal, India’s Minister of Commerce & Industry; Kenneth I. Juster, U.S. Ambassador to India to the United States, Taranjit Singh Sandhu, Ambassador of India to the United States; Amitabh Kant, CEO, Niti Aayog; Adam Boehler, CEO, U.S. International Development Finance Corporation; Dr. Indu Bhushan, CEO, Ayushman Bharat; Neil Chatterjee, Chairman, Federal Energy Regulatory Commission; Dr. R.A. Mashelkar, Chairman, National Innovation Foundation, and former senior officials from both countries. The summit will highlight areas of bilateral cooperation: trade and investment relations; strategic energy ties; India’s position in global supply chains, collaboration in fintech, healthcare, and technology; building a fair tax regime to attract FDIs, among others.

About the U.S.-India Strategic Partnership Forum (USISPF):

The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C. and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States.

Boeing Completes 22 Apache Attack Helicopters Deliveries to IAF Air Force Station at Hindan

Apache Attack and CH-47F Chinook Helicopters

* Last of 22 Apache attack helicopters delivered in June

* Chinook helicopter deliveries completed in March

* Boeing focused on training and sustainment in support of India’s new rotorcraft fleet

Boeing has completed delivery of all new AH-64E Apache and CH-47F(I) Chinook military helicopters to the Indian Air Force (IAF). The final five of the 22 Apache attack helicopters were handed over to the IAF at Air Force Station, Hindan. Earlier in March, Boeing handed over the last five of 15 CH-47F(I) Chinook heavy-lift helicopters to the IAF.

“Customer centricity, commitment to the modernization and mission-readiness of India’s defence forces are key values to our partnership with India,” said Surendra Ahuja, Managing Director, Boeing Defence India. “With this delivery of military helicopters, we continue to nurture this partnership and are fully committed to working closely with India’s defence forces to deliver the right value and capabilities to meet their operational needs,” Ahuja added.

India is one of 17 nations to select the Apache and has the most advanced variant, the AH-64E Apache that is also flown by the U.S. and many other countries. The AH-64E Apache is designed and equipped with an open systems architecture including the latest communications, navigation, sensor and weapon systems. It has an improved Modernized Target Acquisition Designation System that provides day, night and all-weather target information, as well as night vision navigation capability. In addition to classifying air and ground targets, the Fire Control Radar has been updated to operate in the maritime environment. It is uniquely suited to meet a commander's needs, including reconnaissance, security, peacekeeping operations, and lethal attack, across myriad environments - without reconfiguration.

Twenty defence forces around the world either have Chinooks in service, or are on contract to receive them. The iconic tandem-rotor helicopter has been the world’s most reliable and efficient heavy-lift helicopter for more than 50 years, allowing customers to operate in climatic (hot), altitude (high), and crosswind conditions that typically keep other helicopters from flying. The CH-47F(I) Chinook contains a modern machined airframe, a common avionics architecture system (CAAS) cockpit, and a digital automatic flight control system (DAFCS). Those innovations and technologies will help the Indian Air Force meet evolving mission demands, maximize interoperability, and reduce lifecycle costs. 

The Indian Ministry of Defence finalized its order with Boeing for the production, training and support of 22 AH-64E Apache and 15 CH-47F(I) Chinook helicopters in September 2015. Earlier this year, India and the U.S. signed a contract for the acquisition of six Apaches for the Indian Army during U.S. President Donald Trump’s visit to New Delhi.

Boeing’s joint venture in Hyderabad, Tata Boeing Aerospace Limited (TBAL) has been producing aero-structures for the AH-64 Apache helicopter for both US Army and international customers. TBAL marks a major step towards the co-development of integrated systems in aerospace and defense in India. Boeing’s suppliers in India are manufacturing critical systems and components for the Chinooks, including the crown and tailcone assembly by Tata Advanced Systems and the ramp and aft pylon by Dynamatic Technologies. Boeing today works with over 200 suppliers and partners in the country in support of “Make in India” and “Skill India.”

Boeing Defence India provides holistic lifecycle solutions for government and defence customers in the country. Boeing delivers services that ensure high availability and mission-readiness of platforms to its defence customers at competitive costs through its investments in services infrastructure and building local capabilities and partnerships. With the induction of the Apaches and Chinooks, Boeing anticipates additional opportunities in rotorcraft training and sustainment.

About Boeing

Boeing is the world's largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. Boeing’s advanced aircraft and services focus play an important role in mission-readiness for the Indian Air Force and Indian Navy. Boeing is focused on delivering value to Indian customers with advanced technologies and is committed to creating sustainable value in the Indian aerospace sector – developing local suppliers, and shaping academic and research collaborations with Indian institutions. Boeing has strengthened its supply chain with 200 partners in India, and a JV to manufacture fuselages for Apache helicopters. Annual sourcing from India stands at $1 billion. Boeing currently employs 3,500 people in India, and more than 7,000 people work with its supply chain partners. Boeing’s employee efforts and India country-wide engagement serves communities and citizenship programs to inspire change and make an impact on more than 150,000 lives.

Why are banks in the US on the downfall?

The U.S. economy is showing signs of recovery, but despite that fact, the number of bank failures in the U.S. has continued to increase with 123 entities going out of business so far this year. The authorities shut down three banks - Orion Bank based in Naples, Pacific Coast National Bank in San Clemente and Century Bank F.S.B of Sarasota on November 13, taking the count of failed banks to 123 this year, according to PTI.

The Federal Deposit Insurance (FDIC), which was named the receiver of the failed banks, took over Orion Bank, with about $2.7 billion in assets and $2.1 billion in deposits and Century Bank with $728 million in assets and $631 million in deposits. Pacific Coast National Bank was also shut down. It had $134.4 million in assets and $130.9 million in deposits. In addition, FDIC had entered into a purchase and assumption agreement with Iberia Bank of Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB.

However, the maximum number of collapses this year took place in July, when 24 banks were closed down, while 20 entities bite the dust last month.

Despite the slowly improving economic situation, soaring unemployment rate have resulted in rising defaults, primarily impacting the small and medium banks.

Agencies

Jobless Americans climb to 551,000 in September 2009

The count of Americans seeking unemployment benefits for the first time climbed unexpectedly by 17,000 to 551,000 for the week ended September 26, indicating that labour market remains strained despite easing economic conditions.

The figures come a day after official data showed that the US economy contracted less than expected at 0.7 per cent i the June quarter.

According to the US Labor Department, the number of initial claims for jobless benefits rose 17,000 to 551,000 for the week ended September 26.

In the previous week, the figure stood at 534,000. As per the data, the four-week moving average was 548,000.

However, the count of those receiving unemployment benefits dropped as much as 70,000 to 6,090,000 for the week ended September 19.

"The 4-week moving average was 6,154,500, a decrease of 39,250 from the preceding week's revised average of 6,193,750," the Labor Department said in a statement today.

Yesterday, payroll-processing firm ADP in its National Employment Report said that 254,000 jobs evaporated in the American private sector in September.

However, the report noted that the decrease was the smallest since July 2008.

Agencies

Will HP merge its PC, print divisions?

Hewlett-Packard Co is considering a plan to reorganize the company and combine its printer and personal computer units, the Wall Street Journal reported.

A plan is being finalized that would put Todd Bradley, who leads HP's PC group, in charge of the combined division, the report said, citing people familiar with the matter.

An HP spokeswoman declined to comment on what she called "rumor and speculation."

PCs made up around 30 percent of HP's revenue in the July quarter, with the printing group accounting for roughly 20 percent.

The printing group boasted an operating margin of 17 percent, making it HP's most profitable division.

For fiscal 2010, HP forecast revenue growth of 3-5 percent in its PC business and zero to 2 percent in its printing group.

HP is the world's No. 1 PC maker, holding a roughly 20 percent share of the global market.

The Journal report said Vyomesh Joshi, a longtime HP veteran who leads the printing division, could potentially leave the company in the coming months.

He has been approached in recent years by other technology companies looking for a new chief executive, the report said, citing people familiar with Joshi's discussions.

Agencies

Free computer security software from Microsoft released

Microsoft has released free software that people can use to protect computers against viruses, spyware and other malicious codes in arsenals of cyber criminals.

Microsoft Security Essentials is available for download at microsoft.com/security_essentials and is built on technology that the global software giant uses in computer security programs it designs for businesses.

"With Microsoft Security Essentials, consumers can get high-quality protection that is easy to get and easy to use, and it won't get in their way," said Amy Barzdukas, general manager for consumer security at Microsoft.

"Consumers have told us that they want the protection of real-time security software but we know that too many are either unwilling or unable to pay for it, and so end up unprotected."

Microsoft hopes that the free software will be broadly adopted, particularly by those who have not been vigilant about protecting computers from hackers, and thereby "increase security across the entire Windows ecosystem."

More than 90 percent of the computers worldwide run on Windows operating systems made by the US technology firm.

"Microsoft is helping to reduce some of the barriers that constrain consumers from running (anti-virus software)," said IDC security analyst Jon Crotty. "Microsoft is focused on the challenges that prevent consumers from running up-to-date anti-virus software today, particularly in emerging markets where there is a growing prevalence of malware."

Security Essentials is designed to run behind the scenes, defending machines against infection by malicious computer codes.

The real-time nature of the software means it is automatically kept up-to-date regarding viruses.

Computer security specialty firm Symantec downplayed the Microsoft offering, saying it is lightweight and isn't tuned for new forms of attack being used by hackers.

Symantec referred to Security Essentials as a stripped-down version of an old Microsoft OneCare product that got poor ratings.

"From a security perspective, this Microsoft tool offers reduced defenses at a critical point in the battle against cyber crime," Symantec said of the free offering that competes with Norton products sold by the firm.

"Unique malware and social engineering tricks fly under the radar of traditional signature-based technology alone -- which is what is employed by free security tools such as Microsoft's," it said.

Agencies

Is Xerox set to acquire ACS for $6.4 in 2009?

Xerox, the global copier and imaging giant, will pay $6.4 billion to acquire the outsourcing company Affiliated Computer Services, expanding its foothold in a growing industry, the companies said.

Xerox, based in Norwalk, Conn, is paying $63.11 a share in cash and stock for ACS, which posted revenue growth of 6% and new business signings of $1 billion in annual recurring revenue during its fiscal 2009.

“We’re creating a new class of solution provider,” Xerox’s chief executive, Ursula M Burns, said in a statement, adding that the deal was “a gamechanger for Xerox.” She estimated the company’s revenue from services would triple to $10 billion next year from $3.5 billion in 2008. Lynn R Blodgett, ACS’s chief executive, said in the statement that the deal was necessary “to expand globally and differentiate our offerings through technology.” ACS will continue to operate as an independent organization. Blodgett will remain as chief executive, reporting to Burns.
It was the first major deal for Burns, who took over Xerox in July with the retirement of Anne M Mulcahy.

Owners of ACS stock will receive $18.60 a share in cash and 4.935 Xerox shares for each ACS share. Xerox will assume $2 billion in ACS debt and issue $300 million of convertible preferred stock to ACS’s Class B shareholders. ACS had a market value Friday at the close of trading of $4.6 billion. Xerox said the transaction would add to profit in the first year on an adjusted-earnings basis.

ACS, based in Dallas, specializes in outsourcing processes for industries including telecommunications, retail and financial services and health care, and describes itself as the largest provider of managed services to government entities in the United States. The companies estimated the market for so-called business process outsourcing at $150 billion, growing at a rate of 5% a year.

JP Morgan Chase and Blackstone Advisory Partners acted as financial adviser to Xerox, while Citigroup Global Markets served as financial adviser to ACS

Agencies

IT services deal signed between GE, Mahindra Satyam

Mahindra Satyam today said it has received an extension of its multi-million dollar contract with GE for next three years January 1, 2010.

GE, which is among the top five customers of Mahindra Satyam for over a decade now, gets support in the specialised areas of Application Development Maintenance, Business Intelligence and engineering services, Satyam Mahindra said in a statement.

"We thank the leadership at GE, for having reposed their confidence in us, and reinforce our resolve to excel in our deliverables to our esteemed partner, for years to come," Mahindra Satyam Global Account Executive Arvind Malhotra said.

GE has signed a similar contract with 11 other vendors. "GE recognizes the support extended over the years by Mahindra Satyam, and their commitment to delivery excellence, even during trying times," GE GDC Leader Steve Morrison said.

Satyam management had been in constant dialogue with its major clients, including GE and others to continue working with it.

"Mahindra Satyam has gained 32 new customers in the last four months," a top official had said earlier.

"Some of the large clients we had lost earlier are coming back and are reassigning new business," Atul Kunwar, the company's president of the Middle East, Europe, India and Asia Pacific regions, said on the sidelines of an industry conference.

The company, currently has about 420 clients, he said, compared with 480 in January before it was left battling for survival after Satyam's founder revealed India's biggest corporate fraud.

Satyam was acquired by Tech Mahindra in an auction in April and subsequently renamed. The number of employees the company has on reserve has come down to 7,000 from 8,500 in July, Kunwar said.

"With the business improving and new deals coming in, we have slowly started taking in employees from the virtual pool."

Agencies

GM, Reva to jointly roll out more electric vehicles

The Indian arm of General Motors (GM) Thursday said it is partnering Bangalore-based electric car maker Reva to develop and produce electric vehicles for the Indian market.

According to General Motors India managing director Karl Slym, the initiative was "in line with government objectives to reduce fossil fuel dependence".

"We are going to work closely with the central and state governments in India to develop infrastructure for electric vehicles charging and providing specific financial benefits to consumers," Slym said.

Describing electric vehicles as "a growth area around the global automotive industry", GM's president of international operations Nick Reilly said: "This cooperation with Reva in India will accelerate GM's progress to meet the emerging needs in many parts of the world."

Reilly said his company was pursuing several energy alternatives and advanced technology options to meet the changing needs of customers around the world.

"Electrically driven vehicles, based on battery and hydrogen fuel cell technology, offer the best long-term solution for providing sustainable personal transportation," he added.

The two companies have already started the feasibility study of GM's vehicle platforms to produce electric cars and are expected to announce the details shortly.

Reva had launched its electric car in 2001.

GM India, which has been unaffected by the bankruptcy proceedings of its parent in the US, is central to the company's global growth strategy.

Agencies

Is Silicon Valley seeing shift from Chips to Bricks?

Forget microchips. Silicon Valley sees a profitable future in the humble brick thanks to a low-energy production process that illustrates the greening of the US technology capital.

Brick maker Calstar Products is backed by venture capitalists whose vision is to create buildings less expensively and in a way that saves energy. “We think it is time for a second industrial revolution,” said Paul Holland, a partner at Foundation Capital, which invested $7 million in Calstar. EnerTech Capital led another round that raised $8 million for the business.

Currently about 40% of US energy use goes toward the heating, cooling and general operation of buildings. Silicon Valley is finding high-tech ways to make ageold materials, pursuing carbon dioxide-eating concrete, windows that insulate better than walls, and wood substitutes.

The field is still new. Venture investments in green buildings have waxed and waned with the recession, but involved 45 deals worth about $350 million the past year, according to Cleantech Group LLC.

Bricks have been made pretty much the same way for 3,000 years, until Calstar’s scientists came up with their new technique, said Chief Executive Michael Kane. Ordinary bricks are fired for 24 hours at 1,100°C as part of a process that can last a week, while Calstar bricks are baked at temperatures below 100°C and take only 10 hours from start to finish, Kane said.

Lower energy costs mean higher profit, allowing the company to pay for its research and compete against large companies that have economies of scale. The new bricks — which the Brick Industry Association says are not actually bricks — will sell for the same price as traditional claybased ones.

Agencies

$2 tn in revenues for green businesses by 2020

Global revenues from climate-related businesses such as energy efficiency rose by 75% in 2008 to $530 billion and could exceed $2 trillion by 2020, HSBC Global Research estimated.

In the 2006 Stern Review on the economics of climate change, climate-related revenues were forecast to climb to $500 billion by 2050. “We can see that this seemingly huge figure has already been surpassed well ahead of time as more and more businesses adapt their business model,” said Joaquim de Lima, global head of quant research for equities at HSBC.

The climate sector has surpassed the size of the global aerospace or defence industry, with the United States, Japan, France, Germany and Spain accounting for 76% of global climate revenues, the report found. For revenues to rise to $2 trillion, the way energy is generated and used needs to change and continued government support is needed.

The four core investment pillars will be low-carbon energy production, energy efficiency, control of water, waste and pollution and climate finance, the report said. Energy efficiency recorded the highest investment returns in the year to date at 30%.

“This is a very significant trend given the substantial share of climate stimulus funds that have been directed at energy efficiency and energy management by governments across the globe,” HSBC analysts said.

Agencies

Rs 700 crore govt business is Wipro's target

Wipro is eyeing about Rs.700 crore from government projects in the current fiscal. It intends to nearly triple this in three years. The move comes at a time when the Centre is clearing the decks for a slew of projects under the National e-Governance Plan (NeGP), reports a media.

"The targets for this year represent a 100-per cent growth over the previous fiscal," said Ranbir Singh, Head, Government, Wipro. The export-oriented Indian IT industry has been facing headwinds in its traditional strongholds such as the US and Europe, and though things seem to be looking up, Nasscom's annual projections have pegged software exports growth at 4-7 percent for FY10.

In contrast, the domestic market is expected to grow at 15-18 percent during the year. Projects such as MCA-21, e-passport and eBiz - which were handed out in the past, have whet the appetite of IT firms that are now looking to leverage opportunities closer home. The Unique Identification (UID) project has created quite a stir among vendors and every IT player; Indian and MNC are hoping to participate in the ambitious effort; the other large projects waiting to take off include eDistrict, eCourt, eOffice, Income-Tax and Central Excise.

"While the opportunity is large, it is also important to remember that the lead and the closing timelines tend to be longer for Government contracts. But, clearly, this is a space that every company wants to play in," an industry observer pointed out. Naturally, no one wants to be left behind in the race. Wipro's Joint CEO, Suresh Vaswani, told Business Line recently that the company was 'revisiting' its strategy and game-plan on government business. The company has already clinched a Rs.1,200 crore multiple-year contract floated by the Employees' State Insurance Corporation (ESIC).

The project relates to computerisation of the ESIC and to provide smart cards to around 1.5 crore industrial workers across the country. The contract brought its own share of controversies when rival firm TCS wrote to the Labour Ministry against the procedures adopted in awarding the contract.

Agencies

Indian IT firms see return of hiring, salary hikes

Many were predicting six months back that the Indian IT industry would be entering its twilight zone, but now there are indications that these predictions may go wrong. Several IT companies have restarted hiring and are giving salary hikes to their employees.

"That phase of drastic downturn is behind us," says S Ramadorai, CEO of Tata Consultancy Services (TCS). "There's stability now. The deal pipeline is encouraging, but the time it takes to close a deal remains long. And many customers are yet to fully open up their IT budgets," Ramadorai added.

While IT majors like TCS, Wipro and Cognizant have started promotions and salary hikes, Kris Gopalakrishnan, CEO and Managing Director of Infosys feels that things are looking better now, however the company prefers to wait and watch before giving any promotions or hikes, reports The Economic Times.

The recovery of the defamed Satyam Computer Services under the new owner Mahindra Satyam has also proved to be a boon for nearly 28,000 employees across all levels, with the restoration of the variable pay. The variable component is 10 percent at the entry level, 20 percent at the middle level and 30 percent at the senior management level. IT bellwether Wipro has lifted its freeze on hikes and promotions, at least for some employees.

Manpower supply company TeamLease, which saw its open positions drop significantly from 10,000 a month to 800 post-recession, has in the past couple of months seen those numbers rise to 3,500.

With the current trend companies have also started showing more confidence in the Indian market. Information infrastructure company, EMC has announced that it will invest $1.5 billion in India over the next five years, a level of investment from a single company that the sector has not seen in close to two years. Partha Iyengar, Regional Research Director in Gartner India, says the number of calls the company gets from customers for directions and consulting has gone up sharply in the last 3-4 months.

The Indian IT industry was one of the worst hit by the recession on account of its dependence on international markets - especially the U.S. and European markets. The freeze on IT budgets by companies around the world meant that new orders dried up. Industry association Nasscom initially forecast that IT exports would grow by 22-24 percent in 2008-09, but as the recession deepened, this was revised down to 16 percent. For this fiscal, the association has projected a 4-7 percent growth to $48-50 billion.

Agencies

Motorola unveils Cliq smartphones

Motorola introduced its first smartphone based on Google's Android software, in a move that's key to the company's goal of regaining its place among the world's top cellphone manufacturers.

The device, dubbed the Cliq, will first be made available later this year in the US through T-Mobile. The touch-screen phone will run a new service from Motorola called MotoBlur, which synchronises all user messages and contacts, Motorola chief executive Sanjay Jha said at the Mobilize conference in San Francisco.

"MotoBlur makes text, e-mail, Facebook, Twitter feeds and photos from sources like MySpace, Gmail, Yahoo and corporate e-mail appear in a single stream and sync them together with no different logins," Jha said. "This means you can focus on what people have said instead of how and where they said it."

The Cliq will feature a full, slide-out keyboard, a 5-megapixel camera and access to all the Google programmes and applications available for the company's Android platform.

The phone will be called the Dext in markets outside the U.S. and will launch in France, Britain and Latin America later in the year, Jha said. No pricing was available for the device.

Analysts said the integration of social networking into phones could give Motorola and other manufacturers a foot in the door in their battle to challenge the iPhone as the world's dominant smartphone.

Motorola has been especially hard hit by the move to smartphones, selling just 18.8 million handsets in the most recent quarter, down from 28.1 million a year ago. Earlier this decade, the company's Razr was the world's most popular cellphone.

Jha said that Motorola was now refocused on producing cutting-edge mobile devices. He said the Cliq was crucial to the company's recovery.

"It's a very important starting point for us," Jha said. "I see smartphones as the future of computing. If it doesn't fit in your pocket, I don't think it's going to be a relevant device."

Agencies

$1.5 billion investments from EMC in India

EMC said it will invest an incremental $1.5 billion in India over the next five years. The plans include for a new campus in Begalaru which will be one of EMC's largest R&D centers outside the US.

This investment plan represents a nearly threefold increase to investments made by EMC in India over the previous five years.

"India offers tremendous opportunities in innovation and market potential," said David Goulden, EVP and CFO of EMC. "EMC's commitment of $1.5 billion over the next five years illustrates the important role India will play in the company's long-term strategic APJ and global growth plans. The India COE will be responsible in helping EMC deliver more innovative, industry-leading products and services in the hottest technology areas in IT that meet our customers' most pressing needs."

Agencies

Check out the 'World's 50 safest banks' list

Not a single Indian bank has made it to the 'World's 50 safest banks' list. This is despite the fact that during recession, when banks in the U.S. and Europe needed government support for survival, banks in India were strong enough to sustain on their own.

New York based Global Finance ranks the banks worldwide annually through a comparison of long-term credit ratings and total assets of the 500 largest banks around the world. Germany's KfW Bankengruppe tops the list, followed by France's Caisse des Depots et Consignations (CDC) and Netherlands' Bank Nederlands Gemeenten (BNG). Credit ratings from Moody's, Standard and Poor's and Fitch have been used for this compilation.

A mid-year update was published by the magazine for the first time in March this year, due to the global financial crisis. All the major banks of Canada earned a spot on the list. Among them the Royal Bank of Canada earned the highest safety score, taking 10th place among the international banks. The only major Canadian bank not present in the list was the National Bank of Canada.

According to the magazine, after two tumultuous years that saw many of the world's most respected banks drop out of the top 50 safest banks list, the dust appears to be settling. Those banks that kept an alert before the financial crisis began have consistently topped the table and maintain their standing among the top echelon in this year's ranking. At the same time, the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list as they struggle to rebuild their credit standing. Also, more than ever customers all around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business.

Agencies

Does TCS plan to hire 25,000 jobs globally?

In a move that could bring a smile to many faces, Tata Consultancy Services (TCS) has announced that it will hire 25,000 people globally in 2009, with 90 percent of them in India alone. Though the number is bigger when compared to the hiring these days, it is less than last year when TCS appointed around 35,000 people.

With this recruitment drive, TCS also plans to expand its presence into the tier-II cities in India. "We will be hiring 25,000 people this year, which means roughly 25 lakh square feet of work space required and, therefore, we need to grow outside the metros. Tier-II cities are our only focus for expansion in the country as the top rung are clogged and saturated," said Tanmoy Chakrabarty, Vice-President and Head of Government Industry Solutions unit at TCS.

Following this hiring spree, the total global manpower of TCS would go up to more than 1.8 lakh. This will put the IT services provider among large private Indian employers like Tata Steel, which has the total employee strength of two lakh. Going forward, the company, which has an estimated 32 percent market share, plans to cash in on the Indian government's plan to invest Rs. 40,000 crore on IT services.

Currently, 70 percent of the IT segment's revenue is from India, while the rest comes from the U.S., Latin America, Africa and South East Asian countries. However, the revenue contribution from Indian government businesses to the total company revenue of $6 billion is less than five percent, which the company intends to increase to more than 10 percent in the next three years.

Agencies

Is Apple iphone set for a launch in China?

Apple Inc is getting closer to clearing the hurdles to start selling iPhones in China, the Wall Street Journal reported on Wednesday.

It is one of the last major phone markets Apple has yet to tap, the paper said. China is the world's largest mobile market with some 687 million subscribers, the paper said, compared with more than 270 million subscribers in the United States.

But Apple faces competition from other smart phones that are set to launch in China in coming months, the paper said. The company must still complete negotiations with state-owned wireless operator China Unicom (Hong Kong) Ltd., which is expected to carry the iPhone, the paper said. Analysts told the paper those talks are nearing conclusion. Apple spokeswoman Natalie Harrison declined comment.

Agencies

Does US lag in internet speed over other countries?

The US is lagging far behind other industrial nations in the availability and high speed internet broadband connection, according to the Communications Workers of America (CWA) report.

The report states that the average download speed in South Korea is 20.4 mbps, four times faster than the US average of 5.1 mbps. Japan, Sweden and the Netherlands follow South Korea with an average of 15.8 mbps, 12.8 mbps and 11.0 mbps respectively.

The new research indicates that between 2007 and 2009, the average download internet speed in the US has increased by only 1.6 mbps, from 3.5 mbps in 2007 to 5.1 mbps in 2009. At this rate, it is likely to take the US 15 years to catch up with current internet speed in South Korea, the country with the fastest average internet connection.

The report says, "Our nation continues to fall far behind other countries. People in Japan can upload a high-definition video in 12 minutes, compared to a grueling 2.5 hours at the US average upload speed." The 2009 speed test done by speedmaters.org shows that only 20 percent of those who took the test have internet speed in the range of the top three ranked countries - South Korea, Japan and Sweden. Even more alarming, 18 percent do not even meet the FCC (Federal Communication Commission) definition for current - generation broadband as an always-on internet connection of at least 768 kbps downstream.

Continued job growth, innovation and rural development require high-speed, universal networks. Data shows that for every $5 billion invested in broadband infrastructure to create these networks, 97,500 new jobs in the telecommunications, computer and IT sectors will be created.

Larry Cohen, President, CWA said, "Every American should have affordable access to high-speed internet, no matter where they live. Unfortunately, fragmented government programs and uneven private sector responses to build out internet access have left a digital divide across the country."

The US President Barack Obama has pledged to put broadband in every home and the FCC has embarked on an ambitious project to bring high-speed internet access to every corner of the country.

According to the CWA report, the fastest download speed in the US is in the northeastern parts of the country while the slowest is in states such as Alaska, Idaho, Montana and Wyoming.

Agencies

Will MindTree touch $1 bn revenue by 2014?

Mid-sized software services firm MindTree, which completed 10 years on Tuesday, will come up with newer strategies as it aims to achieve over $1 billion in revenues by March, 2014. The company, which counts steel-maker Arcelor Mittal and Swedish truckmaker Volvo among its top customers, will be focusing on areas like energy, defence and healthcare. The firm is also targeting newer geographies like Japan.

“We are making strategic investment in defence, working along with DRDO and focusing on areas which deal with the surveillance space. There isn’t much revenue contribution right now, but the potential in long run is great” , said S Janakiraman, president and CEO, R&D services and one of the 10 co-founders of MindTree. MindTree is also building video surveillance , analytics solutions and new telemedicine solutions for the burgeoning rural healthcare market. “We recently had a major win from an Apac telecom firm and an European consumer appliance company. The size of the contracts is worth $5-6 million”, he said.

Mr Janakiraman said that MindTree will be the fastest growing company once the recovery happens as they are making more investments for innovations. “The 15% salary cut of 200 employees out of 8,000 will be immediately restored once business picks up”. MindTree has also bagged a contract for IT services from Swift, the financial messaging provider, and has plans to tap energy sector.

“We have put the team in place and are talking to large energy companies in Europe and the US,” said Anjan Lahiri, president and CEO, IT services and one of the co-founders of MindTree.

Agencies