Considered as a cash cow for India’s IT services companies for long, the banking and financial sector is gradually being weaned off the outsourcing model. The companies are now opting to build and maintain software in-house.With emerging technologies, such as blockchain, which are touted to play a pivotal role in the financial sector, bankers are keen to keep their cards close to their chest and cut reliance on third parties for technology. India still continues to be the preferred destination for technology hubs though. Many foreign banks have set up global in-house centres (GIC) in cities such as Mumbai, Bengaluru, and Chennai.The banking domain has been key to the fortunes of Indian IT companies, but the share of the finance vertical in their earnings has been on a downward spiral in the past couple of years.Close The share of revenue derived from the banking sector by Tata Consultancy Services (TCS), the largest IT company in the country, declined by 2.3 percentage … [Read more...] about Indian IT companies take a hit as foreign banks switch to in-house tech solutions
Republican on the house intelligence committee
The United States and China cooled their trade war on November 13 and announced "Phase one" agreement that reduces some US tariffs in exchange for what officials said would be a big jump in Chinese purchases of American farm products and other goods.Beijing has agreed to import at least $200 billion in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said on November 13.If the purchases are made, they would represent a huge jump in US exports to China. China bought $130 billion in American goods in 2017 before the trade war began, and $56 billion in services, data from the US Bureau of Economic Analysis show.Close In return, the US would suspend tariffs on Chinese goods due to go into effect on December 15 and reduce others, officials said. The 86-page agreement is due to be signed the first week of January in Washington by principal negotiators. related news Hong Kong leader Lam … [Read more...] about US-China trade deal cuts tariffs for Beijing promise of big farm purchases
The chair of a United States congressional panel wrote to Alphabet's Google and to Apple on December 13 to ask if any disclosures mobile apps are required to make regarding overseas ties, a concern that follows reports of Chinese investment in popular apps such as TikTok and Grindr.Rep. Stephen Lynch, chairman of a subcommittee of the House of Representatives Oversight Committee, said in a statement that he had asked both Google and Apple to tell Congress whether they required app developers to disclose any non-US ties.Concerns over China acquiring sensitive data about US citizens through social media apps is one of several sore areas in relations between the US and China even as President Donald Trump's trade war with China fans suspicion between the world's two largest economies.Close TikTok, which is wildly popular with teenagers, is owned by Chinese technology company ByteDance. In a related matter, the Chinese gaming company Beijing Kunlun Tech has said it would sell popular … [Read more...] about Congressional panel ask Google, Apple if apps like TikTok disclose non-US ties
Rahul AgarwalIn its latest Monetary Policy Committee (MPC) meeting on December 5, the Reserve Bank of India kept key rates unchanged at 5.15 per cent (lowest in nine years, after five straight cuts with a cumulative 135 bps reduction this calendar year, to boost the country’s sagging economy.RBI retained its 'accommodative' policy stance, which suggests that this is a pause rather than an end to the loosening cycle, and it still has room for a rate cut. Core inflation, which excludes energy and food items, slid beyond a seven-year low of 3.47 per cent, which clearly indicates that there is hardly any demand for non-food items in the market.Close Usually, a rate cut helps revive economic growth as it allows retail customers to avail cheaper loans and works like a big booster for the large industrial sector, who will be able to avail bulk loans at lower interest rates. related news Reliance forms a base, recommend delta appreciating based … [Read more...] about Are the RBI’s repo rate cuts enough to reinforce GDP growth?