United States

Infosys top management exodus continues

Infosys top management exodus continues

Indian software services provider Infosys' Americas head and global manufacturing chief Askok Vemuri's resignation has provided a strong indication that the sequence of high-profile exits at the company is still going on.

Vemuri's sudden exit surprised industry watchers as he was widely considered a contender to succeed the company's chief executive officer S. D. Shibulal, whose term is scheduled to end in mid-2015.

Orange County files lawsuit against TCS

Orange County files lawsuit against TCS

The United States' Orange County has filed a lawsuit against Indian software services provider Tata Consultancy Services (TCS) for alleging making numerous false promises and deliberate misrepresentations.

The lawsuit, which was filed in April at the California Central District Court, also accuses the Indian software firm of delays and cost over-runs in a project assigned to it by the county.

In 2007-08, the Orange County had awarded TCS America - the American arm of TCS - a project to develop and implement a tax collection & management system.

FDA to hike fees for generic drugmakers from October 2013

FDA to hike fees for generic drugmakers from October 2013

The U. S. health regulator Food and Drug Administration (FDA) is going to increase fees for generic drugmakers by up to 48 per cent from October this year, in a move that will hit Indian drugmaker very hard.

The increase in fees increase costs for sale of products in the U. S., which is one of the biggest markets for Indian drugmakers. According to the American health regulator, India is the second biggest exporter of generic versions of drugs to the U. S.

Former Goldman board director Rajat Gupta seeks re-trial over insider trading case

Former Goldman board director Rajat Gupta seeks re-trial over insider trading ca

Rajat Gupta, former board of director at Goldman Sachs Group, has sought re-trial over the insider trading case in which he was handed down a two-year prison term along with a $5 million fine.

On Tuesday, Gupta's lawyer Seth Waxman questioned the authenticity of the wiretap evidence that was accepted by US District Court Judge Jed Rakoff to penalize Gupta in October last year.

iGate CEO Phaneesh Murthy sacked following sexual harassment probe

iGate CEO Phaneesh Murthy sacked following sexual harassment probe

NASDAQ-listed software services firm iGate has sacked its president & CEO Phaneesh Murthy following a probe into a claim of sexual harassment.

Announcing Murthy’s dismissal, the company said, “The investigation, which is ongoing, has reached the finding that Mr. Murthy's failure to report this relationship violated iGate's policy, as well as Mr. Murthy's employment contract.”

Security breaches at Indian IT companies are rare: NASSC

Security breaches at Indian IT companies are rare: NASSC

The National Association of Software & Services Companies (NASSC), the IT industry lobby group, has argued that security breaches at Indian payment card processing companies are rare.

Many foreign companies as well as security analysts retriggered concerns over the risks of outsourcing financial services to Indian companies after the recent breach of security at two payment card processing firms in India.

A few days back, U. S. prosecutors said a gang of cyber criminals stole nearly $45 million from two Middle Eastern banks by breaking into India-based two card processing companies.

Ranbaxy Laboratories to pay $500M in fines

Ranbaxy Laboratories to pay $500M in fines

Pharmaceuticals giant Ranbaxy Laboratories on Monday pleaded guilty to felony charges related to drug safety and agreed to pay $500 million (nearly Rs 2,740cr) in fines as part of its settlement agreement with the US Department of Justice.

The Justice Department also ruled that Dinesh Thakur, the whistleblower in the case, was entitled to $48.6 million (nearly Rs 266cr).

Mr. Thakur, former global head of research information & portfolio management at Ranbaxy, had alerted the country’s healthcare authorities about the flawed manufacturing practices at the drugmaker.

Divide between east/west U.S. coal industry widening

Divide between east/west U.S. coal industry widening

The east and west divide in the coal industry of the United States has widened a lot over the last decade.

While coal miners in the eastern part of the U. S. have suffered a huge decline in output, mainly due to falling domestic coal combustion; miners west of the Mississippi have so far been successful in largely maintaining output.

As per the U. S. Energy Information Administration’s estimates, coal miners in the country mined nearly 1,016 million tones of the fuel during the last year, down just over 7 per cent from 1,094 million tones in 2002.

ATC and TowerVision restart stake deal talks

ATC and TowerVision restart stake deal talks

American Tower Corp (ATC) has reportedly renewed talks to acquire telecom tower management firm TowerVision India.

People familiar with the matter revealed that negotiations between the two companies have moved ahead after the New York-listed ATC re-showed its interest to acquire the company.

Gurgaon-based TowerVision a smaller independent telecom tower management firm is jointly owned by Israel-based Fore Group and private equity firm Quadrangle. It owns nearly 8,000 telecom towers in an overall domestic market of around 4 lakh towers, while ATC owns more than 10,000 telecom towers.

US Currency Strengthens as Rupee Dips by another 11 Paise

US Currency Strengthens as Rupee Dips by another 11 Paise

Losing about 11 paise against the US dollar, Rupee opened at 54.37 against it today morning. It closed at 54.26 against dollar on Tuesday.

The plunge in Indian currency has given strength to the US dollar across the world. It has put pressure on rupee while the fall is considered to have occurred since US dollar rose against Euro and Yen. The results were revealed in the Interbank Foreign Exchange.