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Hope and pray that Americans did the right thing this time. It matters as much to the rest of the world who sits in the oval office.
A really nice and informative post that I found here. Must read for anyone who is worried about the current global situation.
About ‘Exchange Rate’ of a currency:
The exchange rate of the currency of a country in relation to the currency of another country depends on the comparative trade advantages and economic strengths of the countries. If one US dollar is equal to 45 rupees, it simply means that in the US, if a dollar fetches 45 oranges while in India, a rupee would fetch only one orange of equivalent size and quality.
Just like any other commodity, the currency of any economy is based on dynamics of supply and demand, and its value depends on trading in currency exchanges all over the world. Higher the demand for a currency on an exchange, the stronger it becomes and vice versa. However, for currencies like INR which are not traded on exchanges, the value depends on capital inflows in the country.
Appreciation & Depreciation of currency:
A currency appreciates means its value has increased in relation to another currency. A currency depreciates means its value has decreased in relation to another currency. Eg. If 1 $ costs Rs 45 and if it now costs Rs 44, this means rupee has appreciated in its value (i.e. instead of Rs 45 you will get 1 $ in Rs 44, this also means the dollar has weakened). Similarly, if 1 $ costs Rs 45 and if it now costs Rs 46, this means rupee has depreciated in its value (i.e. instead of Rs 45 you will get 1 $ in Rs 46, this also means the dollar has strengthened).
Why do currency values fluctuate?
There are many participants in any foreign exchange market. These entities — like banks, corporations, brokers, even individuals — buy and sell currencies everyday. Here too the universal economic law of demand and supply is applicable: when there are more buyers for a currency than sellers, its exchange rate rises. Similarly, when there are more sellers of a particular currency than buyers, its exchange rate will fall. This does not mean people no longer want money; it only means that people prefer to keep their wealth in some other form or another currency.
It sounds really scary out there…
New York: Less than three weeks ago, Saurabh (name changed) relocated along with his family from Edison, the Indian neighbourhood in New Jersey, to Silicon Valley in California as he switched jobs.
Before moving, he put his house, which he had bought last year, on sale and leased an apartment at his new work place.
One fine morning, two weeks after he moved with bag and baggage to Silicon Valley, he was quietly handed the pink slip by his boss in his chamber along with about two dozen of his colleagues.
Saurabh, who has two kids to support, is jobless.
"It is very difficult, these days. There are no jobs available," said Saurabh, requesting that his name and the name of the company not be disclosed. So did others interviewed for this report.
Luckily enough, he has a permanent residency visa, which is more popularly known as the Green Card, because of which he can stay in this country and search for a new job.
But many of his colleagues do not even have that luxury. They are getting ready to go back home as they can’t live in this country on an H-1B visa if they don’t have a job.
"Even retaining a job is a luxury these days," said Manish Gupta who works with another multinational company in mid-town Manhattan.
Some of his friends have already left for India after they received the pink slip last month.
While there is no official figure about the number of Indian Americans who have lost their jobs, in the US pink slips are being handed out in hundreds and thousands.
Anand Kumar, software professional, who works with a Swiss multinational in New York City, was informed by his HR department that his salary has been slashed by 10 per cent from the next pay cheque.
Still he says he is okay. "That is fine. At least I have my job so far," he said.
Stories of pink slips and losing jobs abound among the Indian American community here. In fact, this seems to be the only topic of conversation when two techies meet or at any of their social gatherings.
The reports that the economic meltdown will continue has made a large number of Indian American software professionals – who account for a majority of those holding the most sought after H-1B visa – edgy.
"People are being fired even from companies which were earlier considered safe. These are tough days," said Rakesh Tyagi, who lost his job last week. He was working with a chemical company in Buffalo, in upstate New York.
Rakesh, who came to the US just before the 2001 twin-tower attack, said the situation then was not as bad as it is now.
When contacted, officially none of these companies are willing to talk about job loss, but even a small chat with those working there indicates the grim scenario.
"Nothing is certain. We are now living on a day to day basis," said Ashutosh Sen. Several of his friends and colleagues have lost jobs in the past one month. "Hardly a day passes when I do not hear this story," he said.
[ source : IBN LIVE ]
Corporate Security… Are you listening?
BANGALORE: Just a month ago, a Bangalore-based construction company lost a multi-crore tender by a thin margin. Baffled company officials vowed there was no way the rival firm could have come so near to their bid.
Soon, investigation proved them right and it was found the tender documents were leaked. The company was in a dilemma to find the mole. Only a few persons were aware of the tender details and they were the mosttrusted ones. Also, such an incident had never happened in the company.
Computer forensic tests revealed somebody had accessed the Universal Serial Bus (USB) port to download the tender documents. What surprised the company’s top heads was that one of their employees had used his iPod to download the data.
The data was then passed to the rival company for a price and to evade detection, the file was promptly deleted from the iPod. Investigators , however, retrieved it using advanced data-recovery software. Read the rest of this entry »
During a visit to the US, I watched a televized presidential debate and was quite taken in by Barack Obama’s call to strengthen the focus on education because , in a globalized world, kids there will compete with those from Beijing and Bangalore. A statement that acknowledges Bangalore’s intellectual power.
A couple of years ago, the ‘Getting Bangalored’ phenomenon shook the corporate world. As the world’s software powerhouse, the city came to be regarded as a force that could revolutionize the way organizations worked. This wasn’t just about jobs moving from the developed world to Bangalore, but about the city becoming the face of resurgent India.
This once-sleepy town usurped the ‘dream destination for job seekers ‘ tag from other cities. But Bangalore could lose this tag, simply because it has to try harder to keep pace with its own phenomenal growth. We are in a city which could redefine India, and, with a little correction , be a picture of innovation. Read the rest of this entry »
Talk about being screwed up. This guy seems to be royally screwed up! I wonder what good his future is now? Read the bolded section of text. Some Indian’s do manage to get neck deep in shit!!! And all for sending out a document.
One thing thats clear here is that this guy was played into this trap. His own current employer HP screwed him by reporting it IBM. I guess he must have stepped on all the wrong toes. Sadly for him, I guess it’s GAME OVER!
Atul Malhotra, the former Director of Sales and Business development in output Management Services for IBM Global Services will be sentenced on October 29 for 10 years in prison and a fine of $250,000, reports PC world. However, Malhotra has pleaded guilty for spying trade secrets from IBM to HP, the U.S. Department of Justice, reported PC world.
Malhotra, who will be sentenced for 10 years imprisonment and a fine of $250,000 was pat ratted by HP. HP was very clear that Malhotra violated HP policies and that HP followed its policies by investigating, firing and reporting Malhotra to IBM and law enforcement. Followed by this move, Malhotra has been terminated from his role as vice president of HP’s printer division.
The email Malhotra sent to the HP executives said that the IBM document would help the HP sales team understand the goals of IBM as HP set pricing for prospective deals.
[ Read the complete story Here. Don't miss the comments section there.]
Modi was invited last month to attend a Gujarati culture conference in New Jersey in August. Earlier in 2005, Modi was denied entry to the US to attend the same conference citing his role as the chief minister during the 2002 Gujarat riots.
The senior BJP leader has said he would not apply for visa until he was assured that his application will not be turned down. The State Department had in 2005 revoked his visa under the INA, which prohibits foreign government officials who are “responsible for severe violations of religious freedom” from obtaining US visas.
“As official bodies of the government of India have found, Narendra Modi is culpable for the egregious and systematic human rights abuses wrought against thousands of Indias Muslims. “Modi must demonstrate to the State Department and to the American people why he as a person found to have aided and abetted gross violations of human rights, including religious freedom should now be eligible for a tourist visa,” Gaer said.
On the brighter side, I would say, at least one minister wouldn’t be able to burn more of tax payers money on a US trip. I wish the US Consulate and all the other embassies in the world would come up with such or more stringent criteria on issuing visas to Indian ministers!!!
Looks like difficult times are ahead. Another bubble burst????
Here’s one part of it:
IT companies will be the worst hit. “India as a product base will be in for a hard time,” says Manish Sabharwal, chairman, TeamLease Services. “In IT companies, we are bound to see a reduction in headcount and blunted wage acceleration over next two years.” Early signs of an impact in IT are visible. Says Vishal Chibber, head of HR at Kelly Services India, a staffing company and HR solutions provider, “The benchstrength in IT companies has reduced and in some cases, completely evaporated.”
And check out this…
Similarly, people graduating from engineering colleges already have deferred offers and your negotiating powers with employers are down if you have just 2-3 years of experience.
Adds Chibber, “India’s cost advantage as an outsourcing destination has eroded as salaries have risen. Countries like the Philippines, Indonesia and Ireland are more attractive in terms of cost.” But there’s a bright side too. Says E. Balaji, COO, Ma Foi Management Consultants, “While it is difficult to say in which direction the wind will blow, companies with captive centers in India are likely to raise their India headcounts.”
Boy!!! Leaves you with a positive outlook… Doesn’t it?
[ Source - TOI ]
And by the way, I need to see that gun when ever I feel like it!!!
Thats what the recent India-US deal on the USS Trenton says. I have only one thing to say here – WTF? Why does India go for all these deals where we have end up looking like beggars. Yeah. Right! US is much ahead of us when it comes to military technology. But, thats no reason to fall into traps such as these deals. Maybe I am missing the bigger picture here…. Anyway, read this news here.
New Delhi: It seems India has signed away the right to use its scond-biggest warship in the event of war.The Comptroller and Auditor General has slammed the UPA Government for accepting what it terms as “restrictive clauses” in the purchase of the American warship, USS Trenton — now renamed INS Jalashwa.
These clauses forbid the use of the warship for offensive purposes and even allow intrusive on-board inspections by the US.
The Left feels vindicated by the report, and says, “I told you so”. RSP MP, Abani Roy says, “I dont know why the Government purchased this warship. I dont understand who they are trying to satisfy or who is asking them to purchase such things.“
[ Source: US clauses restrict India from using warship ]
Barrons says the company is doing fine and the the stock selloff is overdone. As of FY087 EXTR had $225M in cash vs a current mkt cap of $350M. EXTR also owns is HQ in highly desireable Santa Clara, CA. Barronss states after backing out the tangibles, the core business is only vlaued at $100M. $5/share upside target.
[ Source ]