IT companies in India are hiring at record levels, with Tata Consultancy Services, Infosys and Wipro planning to hire around 90,000 people in 2010 compared to only 20,000 in 2009. This is the largest increase in IT sector hiring since the recession. World leaders failed to pressure China to allow its currency, the yuan, to appreciate more rapidly in value. The US and others want China to strengthen its currency to boost exports and jobs, but no agreement was reached. The Reserve Bank of India will encourage foreign banks operating in India to open branches in smaller towns and unbanked rural areas rather than just major cities.

1. Presented By:
Ishudeep Kaur
MBA-2 (Finance)
1
PUNJAB COLLEGE OF TECHNICAL
EDUCATION
Weekly NEWS
(1Nov -7 Nov 2010)

2. IT biggies vroom back on job street
With business from
large foreign customers
as well as domestic
projects picking up,
software firms are hiring
like never before.
India’s top IT firms,
including Tata
Consultancy Services,
Infosys and Wipro, are
set to hire nearly 90,000
this year, compared with
only around 20,000 last
year.
This is the highest hiring
growth recorded in the
IT sector since
recession.

3. World leaders fail to
corner China on yuan
The world’s financial leaders failed to reach agreement on how to
contain an escalating currency dispute that has threatened to
undermine global co-operation on economic recovery.
Despite loud calls from the US, Europe, Japan and other countries,
the annual meeting of the International Monetary Fund did not
succeed in placing significant pressure on China to allow a prompt
and meaningful rise in the value of its currency.
The high jobless rate in the United States, along with the looming
mid-term elections, has prompted the administration to intensify
calls for China to allow its currency to appreciate in the hope that it
will increase American exports and help create jobs at home.

4. Take country roads, RBI tells foreign banks
The government and RBI, will nudge
foreign banks in India to operate in
unbanked areas and relatively smaller towns,
in new rules for conversion of their existing
branches here to fully-owned subsidiaries of
their parent banks.
It will encourage foreign banks who wish to
commence business here and all those
already operating in the country to open
branches in tier III to VI cities — far away
from the major metros where most of these
banks focus on, besides the hinterland.
Foreign banks were hoping for a liberal
treatment in terms of branch expansion in a
fully owned subsidiary regime, hoping to
expand in some of the major metros and
towns.

5. Patni Computer opens 500-seat facility
in China
IT and BPO services
provider, Patni Computer
Systems, announced the
opening of a new ITO
delivery center in Suzhou,
China.
Patni’s new Suzhou delivery
centre is set to serve the
Yangtze region — the largest
and one of the most highly
developed manufacturing
bases for international
companies.
The centre will focus on
delivering development and
support services to cater to
Japanese, the US, European
and local multi-national
corporations.

6. $300b to be raised to bridge core gap: FM
The government will try
to raise over $300
billion through long-
term debt to fill the gap
in funding for
infrastructure projects
in the 12th plan period
(fiscal 2012-17).
The government
recognizes that the debt
of longer maturity is
usually not available
because of the various
constraints such as
absence of benchmark
rates, asset-liability
mismatch during the
tenor of debt in case of
financial institutions and
high cost.
IIFCL - India
Infrastructure Finance
Company Ltd.