Britain has promised to look into suggestions to allow more Indian IT professionals into UK to build up a strategic partnership in the information technology field.
The suggestion was made by President Pratibha Patil to British Prime Minister Gordon Brown during a meeting here at the 10, Downing Street last night.
Patil stressed on the need for greater participation of Indian IT professionals in UK, which Brown assured to look into, Foreign Ministry Officials accompanying the President told reporters.
The US and other major EU nations have allowed greater flow of Indian IT professionals, which has led to a boom in the sector in these countries and apparently Patil's suggestion was to ensure that Britain did not lag behind.
Brown said India-UK cooperation in IT was a very important area for the growing bilateral strategic partnership, officials said.
The 30-minute long meeting between the two leaders also focused on issues of bilateral cooperation in economy and education.
Brown told the President that business ties between the two countries were flourishing with a large number of Indian companies now listed on London Stock Exchange.
Britian is also one of the largest foreign direct investors in India.
During the meeting, Brown also expressed keenness in further boosting India-UK cooperation in the field of education, the officials said.
The UK has recently opened the doors of most of its varsities to Indian students, and in this regard the discussion between two leaders covered expanding the cooperation to premium institutions of higher education in India, including IIT and a Central University.
Brown said that the UK was again becoming a large destination for Indian students, a fact pointed out by Patil and Queen Elizabeth during the State Banquet hosted at Windsor Castle.
Patil is the first Indian head of state to visit United Kingdom in last 20 years.
The two leaders exchanged their views on various issues pertaining to social spectrum, Millennium Development Goals and various aspects of women empowerment and dwelt on the role of women in contributing to democracy and development, the officials said.
The Prime Minister said that UK was very keen to partner India in socio-economic sector, the officials said.
Friday, October 30, 2009
Layoffs in USA
US Air to cut 1,000 jobs, reduce routes
US Airways will cut 1,000 jobs and scale back its flying routes as part of a restructuring plan to turn the struggling airline profitable again, the company announced Wednesday.
The cutbacks that will happen in the first half of 2010 include 200 pilots, 150 flight attendants and 600 airport passenger and service ramp positions, US Air said in a statement.
The Tempe, Ariz.-based airline will refocus its routes to fly through its three major hubs -- Charlotte, N.C., Philadelphia and Phoenix, Ariz. -- and Washington, D.C., through which the airline runs an hourly shuttle service to New York's LaGuardia Airport and Boston.
The change will reduce flights from Las Vegas to 36 daily departures by February next year from its current 64 flights.
The crew bases in Boston, LaGuardia and Las Vegas will also close in 2010 and relocate to one of the hubs or Washington.
US Air (LCC, Fortune 500) will drop service in Colorado Springs, Colo., and Wichita, Kan., and will also cut international flights.
The carrier will suspend flights between its Philadelphia hub and European cities including Birmingham, England; London Gatwick; Milan, Italy; Shannon, Ireland, and Stockholm, Sweden. Flights between Philadelphia and Beijing are also on hold "until economic conditions improve," the airline said.
The cutbacks that will happen in the first half of 2010 include 200 pilots, 150 flight attendants and 600 airport passenger and service ramp positions, US Air said in a statement.
The Tempe, Ariz.-based airline will refocus its routes to fly through its three major hubs -- Charlotte, N.C., Philadelphia and Phoenix, Ariz. -- and Washington, D.C., through which the airline runs an hourly shuttle service to New York's LaGuardia Airport and Boston.
The change will reduce flights from Las Vegas to 36 daily departures by February next year from its current 64 flights.
The crew bases in Boston, LaGuardia and Las Vegas will also close in 2010 and relocate to one of the hubs or Washington.
US Air (LCC, Fortune 500) will drop service in Colorado Springs, Colo., and Wichita, Kan., and will also cut international flights.
The carrier will suspend flights between its Philadelphia hub and European cities including Birmingham, England; London Gatwick; Milan, Italy; Shannon, Ireland, and Stockholm, Sweden. Flights between Philadelphia and Beijing are also on hold "until economic conditions improve," the airline said.
IBM
IBM to Give Employees 100% Coverage of Primary Care
International Business Machines Corp., the world’s largest computer-services company, will provide U.S. employees with 100 percent coverage for primary care, a policy designed to curb health expenses.
Beginning next year, employees will no longer have to pay deductibles for visits to in-network doctors such as internists, general practitioners and pediatricians, Armonk, New York-based IBM said today in a statement. The company said it is one of the first U.S. employers to adopt such a policy.
The decision is aimed at encouraging employees to visit the doctor more often, so illnesses are treated before they become serious. IBM said the policy will cover about 80 percent of its 115,000 U.S. employees. The other 20 percent belong to health maintenance organizations.
“We believe in giving people incentives to get health care early and often,” said Marianne DeFazio, director of health- care benefits and strategy at IBM. “When people have no barriers to getting primary care, you catch things early and you prevent things.”
IBM said it has invested $79 million in nutrition and exercise programs between 2004 and 2007, saving more than twice that amount in health-care costs.
DeFazio declined to say how much the move would cost IBM in the near term. More prevention will eventually cut health cost inflation, she said.
“We believe more efficient and individualized care will result in better outcomes and lower costs for everyone,” she said.
Primary Care
IBM will have to blend financial incentives for primary care with information to push costs down, said Lisa Suennen, a health-care venture capitalist at Psilos Group in Corte Madera, California. Insurance plans at some companies give diabetics incentives to get primary care, and add education programs to help patients understand how to care for chronic illness, she said.
What IBM is doing “is not common at all, and it’s a good start,” Suennen said. “But it needs to be coupled with information to coach the patients.”
Previously, IBM required health-plan participants to pay 20 percent of the cost of primary care, DeFazio said. The company already covered preventive measures such as mammograms for women over 40 and colonoscopies for employees over 50, DeFazio said.
IBM rose $1.37 to $122.87 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have advanced 46 percent this year.
Beginning next year, employees will no longer have to pay deductibles for visits to in-network doctors such as internists, general practitioners and pediatricians, Armonk, New York-based IBM said today in a statement. The company said it is one of the first U.S. employers to adopt such a policy.
The decision is aimed at encouraging employees to visit the doctor more often, so illnesses are treated before they become serious. IBM said the policy will cover about 80 percent of its 115,000 U.S. employees. The other 20 percent belong to health maintenance organizations.
“We believe in giving people incentives to get health care early and often,” said Marianne DeFazio, director of health- care benefits and strategy at IBM. “When people have no barriers to getting primary care, you catch things early and you prevent things.”
IBM said it has invested $79 million in nutrition and exercise programs between 2004 and 2007, saving more than twice that amount in health-care costs.
DeFazio declined to say how much the move would cost IBM in the near term. More prevention will eventually cut health cost inflation, she said.
“We believe more efficient and individualized care will result in better outcomes and lower costs for everyone,” she said.
Primary Care
IBM will have to blend financial incentives for primary care with information to push costs down, said Lisa Suennen, a health-care venture capitalist at Psilos Group in Corte Madera, California. Insurance plans at some companies give diabetics incentives to get primary care, and add education programs to help patients understand how to care for chronic illness, she said.
What IBM is doing “is not common at all, and it’s a good start,” Suennen said. “But it needs to be coupled with information to coach the patients.”
Previously, IBM required health-plan participants to pay 20 percent of the cost of primary care, DeFazio said. The company already covered preventive measures such as mammograms for women over 40 and colonoscopies for employees over 50, DeFazio said.
IBM rose $1.37 to $122.87 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have advanced 46 percent this year.
IT market
Syntel's third quarter results beats Wall Street expectations
Syntel's revenue for the third quarter increased one percent to $104.7 million (Rs.506 crore), compared to $103.8 million (Rs.502 crore) in the prior-year period, and increased five percent sequentially from $100.1 million (Rs.484 crore) in the second quarter of 2009.
Sequential revenue improvement was driven by its Applications Outsourcing service offering, and growth was broad-based across all verticals. During the third quarter, Applications Outsourcing accounted for 74 percent of total revenue, with Knowledge Process Outsourcing (KPO) at 18 percent, e-Business contributing six percent and Team Sourcing at two percent.
The Company's gross margin improved to 49.3 percent in the third quarter, compared to 44.3 percent in the prior-year period (500 bps increase) and 48.2 percent in the second quarter of 2009 (110 bps increase) .
Selling, General and Administrative (SG&A) expenses were 18.1 percent in the third quarter, compared to 19.1 percent in the prior-year period and 20.8 percent in the previous quarter.
The Company's gross margin improved to 49.3 percent in the third quarter, compared to 44.3 percent in the prior-year period (500 bps increase) and 48.2 percent in the second quarter of 2009 (110 bps increase) .
Selling, General and Administrative (SG&A) expenses were 18.1 percent in the third quarter, compared to 19.1 percent in the prior-year period and 20.8 percent in the previous quarter.
Syntel's income from operations expanded to 31.2 percent in the third quarter as compared to 25.2 percent in the prior-year period (600 bps increase) and 27.4 percent in the second quarter of 2009 (380bps increase).
"Increasing stability in the business environment and a gradual improvement in customer confidence had a positive effect on our top line during the third quarter," said CEO and President Keshav Murugesh. "While our clients remain comfortable in moving forward with cost reduction initiatives, they are now increasingly willing to discuss longer-term business plans and strategic technology investments."
"The strong financial and operating discipline at Syntel has been evident in our financial performance during a very difficult nine month period. We expect that as demand for offshore services improves, costs of doing business in India will increase resulting in margin pressure. Syntel continues to invest in the people, infrastructure and new services necessary to drive long-term sustainable value for all of our key stakeholders."
Based on current visibility levels and an exchange rate assumption of 47.0 rupees to the dollar, the Company is updating 2009 guidance from Revenue of $395Mn (Rs.1,910 crore) to $415Mn (Rs.2,007 crore) and EPS of $2.40 to $2.50 to Revenue of $405Mn (Rs. 1,959 crore) to $408Mn (Rs.1,973 crore) and EPS of $2.60 to $2.65.
Sequential revenue improvement was driven by its Applications Outsourcing service offering, and growth was broad-based across all verticals. During the third quarter, Applications Outsourcing accounted for 74 percent of total revenue, with Knowledge Process Outsourcing (KPO) at 18 percent, e-Business contributing six percent and Team Sourcing at two percent.
The Company's gross margin improved to 49.3 percent in the third quarter, compared to 44.3 percent in the prior-year period (500 bps increase) and 48.2 percent in the second quarter of 2009 (110 bps increase) .
Selling, General and Administrative (SG&A) expenses were 18.1 percent in the third quarter, compared to 19.1 percent in the prior-year period and 20.8 percent in the previous quarter.
The Company's gross margin improved to 49.3 percent in the third quarter, compared to 44.3 percent in the prior-year period (500 bps increase) and 48.2 percent in the second quarter of 2009 (110 bps increase) .
Selling, General and Administrative (SG&A) expenses were 18.1 percent in the third quarter, compared to 19.1 percent in the prior-year period and 20.8 percent in the previous quarter.
Syntel's income from operations expanded to 31.2 percent in the third quarter as compared to 25.2 percent in the prior-year period (600 bps increase) and 27.4 percent in the second quarter of 2009 (380bps increase).
"Increasing stability in the business environment and a gradual improvement in customer confidence had a positive effect on our top line during the third quarter," said CEO and President Keshav Murugesh. "While our clients remain comfortable in moving forward with cost reduction initiatives, they are now increasingly willing to discuss longer-term business plans and strategic technology investments."
"The strong financial and operating discipline at Syntel has been evident in our financial performance during a very difficult nine month period. We expect that as demand for offshore services improves, costs of doing business in India will increase resulting in margin pressure. Syntel continues to invest in the people, infrastructure and new services necessary to drive long-term sustainable value for all of our key stakeholders."
Based on current visibility levels and an exchange rate assumption of 47.0 rupees to the dollar, the Company is updating 2009 guidance from Revenue of $395Mn (Rs.1,910 crore) to $415Mn (Rs.2,007 crore) and EPS of $2.40 to $2.50 to Revenue of $405Mn (Rs. 1,959 crore) to $408Mn (Rs.1,973 crore) and EPS of $2.60 to $2.65.
IT market
Beware of the leaked version of Google Chrome OS
Google asked people not to believe the leaked version of Chrome operating system. Recently, Google announced that it is coming up with its own OS, and after that there have been rumors about a leaked version being available for download. The 'leaked version' is a fake that is not related to Google at all.
Even a trusted source like Gizmodo has perpetuated the myth that Chrome is available. Its tough when there is so much pressure to be the first to publish a breaking news story. Gizmodo recently reported a story of alleged Chrome operating system screen shots, but later updated the story to state that it was verified as a fake. Gizmodo pushed the story of the fake download with a story titled Google Chrome OS Now Available, Go Get It .
The number of sites and individuals who are propagating the story is lending credibility to the false rumor. A quick scan of Twitter or a quick search of the Web will lead to all sorts of seemingly reputable sources talking about the availability of the Chrome OS beta. Most of the excitement though can be traced back to Gizmodo. It is a trusted source of breaking tech news and it doesn't take much for an announcement on Gizmodo to go viral on Twitter and blog sites.
The site in question appears legitimate in so much as it is actually on the google.com domain. The site lists features like a GNOME desktop, Google Picassa integration, and a Flash Player plugin. It comes complete with a few Google logos scattered about.
However, it is actually a product of Google Sites. Basically, someone created a page with Google Sites which points to sites.google.com and populated it with basic information about the Chrome OS which could be extracted from publicly available details Google has shared, then added a link to download some other completely unrelated tool.
To be fair, the site owner did include a disclaimer at the bottom stating "Chrome OS is not related to Google. Service is provided by SUSE Studio. Seethe license." Google has since disabled the site for violating the Google Sites terms of service.
Chrome sounds like it has promise, although the operating system market is a tough sell that is already filled with dominating players like Microsoft and Apple. Of course, Google hasn't shied away from head-to-head battles with either of those companies in other arenas like Web search, mobile phone operating systems, or web browsers.
In the meantime, if a guy in a dark alley whispers that he has an early version of Chrome OS available, there is good reason to be suspicious. Google may have shut down this fake Chrome OS site, but others are sure to follow. If it walks like a duck, and quacks like a duck, its probably a duck. Check your sources and exercise some common sense before you rush to download a fake, and potentially malicious, Chrome OS.
Even a trusted source like Gizmodo has perpetuated the myth that Chrome is available. Its tough when there is so much pressure to be the first to publish a breaking news story. Gizmodo recently reported a story of alleged Chrome operating system screen shots, but later updated the story to state that it was verified as a fake. Gizmodo pushed the story of the fake download with a story titled Google Chrome OS Now Available, Go Get It .
The number of sites and individuals who are propagating the story is lending credibility to the false rumor. A quick scan of Twitter or a quick search of the Web will lead to all sorts of seemingly reputable sources talking about the availability of the Chrome OS beta. Most of the excitement though can be traced back to Gizmodo. It is a trusted source of breaking tech news and it doesn't take much for an announcement on Gizmodo to go viral on Twitter and blog sites.
The site in question appears legitimate in so much as it is actually on the google.com domain. The site lists features like a GNOME desktop, Google Picassa integration, and a Flash Player plugin. It comes complete with a few Google logos scattered about.
However, it is actually a product of Google Sites. Basically, someone created a page with Google Sites which points to sites.google.com and populated it with basic information about the Chrome OS which could be extracted from publicly available details Google has shared, then added a link to download some other completely unrelated tool.
To be fair, the site owner did include a disclaimer at the bottom stating "Chrome OS is not related to Google. Service is provided by SUSE Studio. Seethe license." Google has since disabled the site for violating the Google Sites terms of service.
Chrome sounds like it has promise, although the operating system market is a tough sell that is already filled with dominating players like Microsoft and Apple. Of course, Google hasn't shied away from head-to-head battles with either of those companies in other arenas like Web search, mobile phone operating systems, or web browsers.
In the meantime, if a guy in a dark alley whispers that he has an early version of Chrome OS available, there is good reason to be suspicious. Google may have shut down this fake Chrome OS site, but others are sure to follow. If it walks like a duck, and quacks like a duck, its probably a duck. Check your sources and exercise some common sense before you rush to download a fake, and potentially malicious, Chrome OS.
IT market
Sun CEO's salary slashed 37%
The value of Sun Microsystems Inc CEO Jonathan Schwartz's latest pay package dropped 37% from last year as the company lost more than $2 billion and was in such dire financial shape that it was forced to put itself up for sale.
In April, Oracle Corp. won a bidding contest with IBM Corp. for Sun, but can't complete its $7.4 billion deal yet because it is being held up by antitrust regulators in Europe who are worried about possible harm to competition in the database market.
Schwartz, 43, received a pay package for the 2009 fiscal year valued at nearly $7 million, according to calculations by The Associated Press from Sun's proxy filing Wednesday with the Securities and Exchange Commission.
Last year, his compensation was valued at about $11.1 million, according to the AP's calculations.
His $1 million salary was unchanged, and the roughly $55,000 Sun spent on Schwartz's chauffeur and matching 401(k) contributions was only a few thousand dollars less than last year.
The key difference was that Schwartz wasn't given a cash bonus this past year (he received a $1 million bonus the year before) and received stock grants worth $3 million less than in the 2008 period.
Schwartz did receive restricted stock worth $3.16 million on the date it was granted and $2.8 million worth of performance-based restricted stock. But the performance-based units were canceled because Sun's performance didn't meet the board's expectations.
Santa Clara, Calif.-based Sun lost $2.2 billion on $11.4 billion in revenue in the fiscal year ended June 30, compared with profit of $403 million on $13.9 billion in revenue in the prior year. Sun's scattershot performance since the dot-com meltdown nearly a decade ago was a key factor in Sun's decision to sell the company. Sun, which makes computer servers and software, has struggled because of a shift toward cheaper servers and heavy expenses at the company despite rounds of layoffs.
Sun said last week it plans to eliminate up to 3,000 jobs, or 10 percent of its global work force, over the next year.
Schwartz had $694,824 worth of restricted stock vest during the latest fiscal year, according to the filing. He didn't exercise any stock options.
In April, Oracle Corp. won a bidding contest with IBM Corp. for Sun, but can't complete its $7.4 billion deal yet because it is being held up by antitrust regulators in Europe who are worried about possible harm to competition in the database market.
Schwartz, 43, received a pay package for the 2009 fiscal year valued at nearly $7 million, according to calculations by The Associated Press from Sun's proxy filing Wednesday with the Securities and Exchange Commission.
Last year, his compensation was valued at about $11.1 million, according to the AP's calculations.
His $1 million salary was unchanged, and the roughly $55,000 Sun spent on Schwartz's chauffeur and matching 401(k) contributions was only a few thousand dollars less than last year.
The key difference was that Schwartz wasn't given a cash bonus this past year (he received a $1 million bonus the year before) and received stock grants worth $3 million less than in the 2008 period.
Schwartz did receive restricted stock worth $3.16 million on the date it was granted and $2.8 million worth of performance-based restricted stock. But the performance-based units were canceled because Sun's performance didn't meet the board's expectations.
Santa Clara, Calif.-based Sun lost $2.2 billion on $11.4 billion in revenue in the fiscal year ended June 30, compared with profit of $403 million on $13.9 billion in revenue in the prior year. Sun's scattershot performance since the dot-com meltdown nearly a decade ago was a key factor in Sun's decision to sell the company. Sun, which makes computer servers and software, has struggled because of a shift toward cheaper servers and heavy expenses at the company despite rounds of layoffs.
Sun said last week it plans to eliminate up to 3,000 jobs, or 10 percent of its global work force, over the next year.
Schwartz had $694,824 worth of restricted stock vest during the latest fiscal year, according to the filing. He didn't exercise any stock options.
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