Infosys plans to cut dependence on US
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Infosys Technologies Ltd., India's second largest software service company, plans to reduce dependance on U.S. customers to sustain growth in the face of a weakening dollar, according to news reports Thursday.
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The move is expected to dampen prospects for companies that have focused on taking advantage of the Chinese market.
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Continued robust expansion in developing countries will help offset a slowdown in the United States this year amid concerns of a possible recession in the world's largest economy
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The S.E.C. next week is expected to propose a rule that would allow foreign companies using international accounting standards to stop reconciling their financial statements to American rules.
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(InfoWorld) - When the Nasdaq stock market opens next Monday, Indian outsourcer Infosys TechnologiesÂ will become the first Indian company to be included in its prestigious list of top-100 companies. The Nasdaq-100 index is composed of the 100 largest non-financial stocks on the Nasdaq in terms of market capitalization. The inclusion of Infosys follows Nasdaq Stock Market's annual revision of the index. Among the other tech companies to be affected by the changes that take effect on Dec. 18, Level 3 CommunicationsÂ is also being added to the list, while JDS Uniphase is being dropped. Infosys, Indiaâs second largest outsourcer, became the first Indian company to be listed on the Nasdaq in 1999. It has emerged as the poster child for the Indian outsourcing industry, thanks partly to its strong revenue and profit growth, but also due to some deft brand-building in India and abroad. Other companies in the index include Google, Dell, and Microsoft. Outsourcer Cognizant Technology Solutions, of Teaneck, New Jersey, is also in the top-100. Cognizant uses India as a hub for its offshore services delivery. Infosys called its addition to the index an important milestone for the company. Over the years it has tried to break out of the mold of an Indian services provider, to establish itself as a global company on a par with competitors like Accenture and Electronic Data Systems. It has also started to offer higher-value consulting services in addition to its contract application development and business process outsourcing. Infosysâ inclusion in the Nasdaq index is one of several factors that contribute to building a brand, said Siddharth Pai, a partner at Technology Partners International, a sourcing consulting company. Ultimately, however, its continued good performance will matter the most, he said. Infosys, like other Indian outsourcers, is still far from being a true global services company, and to become one it will need to make substantial investments in new geographies and broaden its services offerings, he added.
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Electronic Data Systems  on Tuesday  made a voluntary early retirement offer to about 9,200 U.S.  employees as part of its plan to reduce up to 20,000 jobs over  the next two years to cut its costs.
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Slow sales in Asia are expected to cut into sales and profits.
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Indian conglomerate Tata is planning to take advantage of the country's booming economy with a chain of shops.
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com. In a retreat from the US PDA market, where it once was a dominant player, Sharp Electronics reported Wednesday that it is cutting back on its PDA offerings in the US retail market.
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Businesses are starting to sour on Asia and turning to Latin America and the U.S. for IT services.
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As India and the United States gradually relax policies on military collaboration between the two countries, American companies hope to compete for contracts worth billions of dollars.
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Indian outsourcer Wipro follows Infosys, opens a facility in Mexico to better serve clients in North America and Latin America.
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&gt;lines 0,0,1000,993,1000 Computer Associates International announced a restructuring plan Wednesday that would reduce its global work force by 800 people, saving the software maker $70 million annually once the plan is implemented.
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Infosys Technologies, India's second-largest software firm, has said it will be included on the Nasdaq-100 index, putting it among the biggest listed tech companies in the world.
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Infosys Technologies on Monday announced that its Board of Directors approved Sponsoring a Secondary ADS Offering (&quot;the Offering&quot;), against equity shares held by its existing shareholders in India.
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India's second-largest software company, Infosys Technologies Ltd., said Monday its planned inclusion on the Nasdaq-100 will help it become a mainstream stock in the United States and boost its global profile.
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Microsoft is removing features and cutting prices in India for a special version of its Windows XP operating system to tap the large market potential