Philippines challenges India for outsourced dollar
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It's dusk in the Philippine capital Manila and the five-storey office of Advanced Contact Solutions Inc. (ACS) is beginning to fill up.
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The dollar rose in Asia after China gave the Group of Seven no timetable to move to a flexible exchange rate, resisting a US government effort to stop Asian nations weakening their currencies.
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Filipinos working overseas sent a record $12.8bn (Â£6.5bn) home in 2006, their country's central bank has said.
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The role of the dollar in international trade and finance â the real sign that New York is the worldâs financial capital â is still taken for granted.
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Close on the heels of the&#160;appreciation of the Indian rupee against the dollar, Indian outsourcing companies are grappling with a new problem -- uncertainty among U.S. companies about a recession has made these companies delay finalizing their IT budgets.
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One of the pioneers of offshoring tries to cash in.
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TREASURER Peter Costello warned yesterday that exporters faced a challenging year, blaming the strength of the Australian dollar for an uncomfortably large current account deficit.
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India's chief outsourcing association has admitted there may be instances of U.S.Â visa abuse by Indian companies, but said the problems are confined to "small, fly-by-night operators."
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India's currency comes of age, spurring complaints among exporters and bringing cheer to wealthy globetrotters
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General Electric Co., a pioneer in businesss processing in India, is looking to reap up to one billion dollars from the disposal of outsourcing operations in the country, the Wall Street Journal reported in its Asian edition.
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The government wants the International Monetary Fund (IMF) to relax its strict fiscal policies to give countries like the Philippines greater access to loans and investments.
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Most economists agree that the dollar will continue its post-election decline, but there are at least three schools of thought on the nationÂs huge foreign indebtedness.
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Indiaâs outsourcing industry continues to do well despite theÂ appreciation of the Indian rupeeÂ against the U.S. dollar and higher staff costs.
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As the dollar has slumped this fall, many investors have started to worry that people in Asia who own U.S. stock will be tempted to pare their holdings.
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MANILA (Dow Jones)--President Gloria Macapagal Arroyo Monday caused a stir in local markets by saying the Philippines is in the midst of a &quot;fiscal crisis,&quot; but finance
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India's lucrative outsourcing industry struggled Thursday to overcome Internet slowdowns and outages after cuts in two undersea cables sliced the country's bandwidth in half.
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BANGALORE, INDIA -- The purely offshore outsourcing model is out of favor, and Indian business process outsourcing (BPO) companies are finding that they need U.S. facilities and staff to run operations for their American clients.