ICICI Bank has lost $263 million because of its exposure to credit derivatives and fixed income investments. ICICI executives acknowledged that the bank and its overseas banking subsidiaries have an aggregate exposure of $2.2 billion in credit derivatives. The bank claims it †has no material direct or indirect exposure to US sub-prime creditâ€.
IBMÂ has opened its first Global Delivery center in Noida, Uttar Pradesh on the outskirts of Delhi. IBM India’s global delivery centers offer a range of services capabilities including Consulting and Systems Integration, Infrastructure, Applications and Business Process transformation and management. IBM has six Global Delivery locations in India: Bangalore, Hyderabad, Kolkata, Pune, Chennai and National […]
Iceland’s Glitnir Bank is coming to India. Glitnir plans to file an application with the Reserve Bank of India (RBI) to open a representative office in India. The bank has similar offices in China, US and Canada to support its niche strategy within geothermal energy, seafood and offshore service vessels. Glitnir has also formed a […]
Can two Internet failures – Microsoft and Yahoo – become successful when they come together? We doubt it. After failing badly in its efforts to take on the Google juggernaut, Microsoft has made a desperate $44.6 billion offer to buy struggling Internet pioneer Yahoo. We think Microsoft’s proposal is heck of a bad idea. What does […]
Diligenta, a subsidiary of Tata Consultancy Services, has snagged a contract to deliver Business Process Outsourcing services to support Sun Life Financial of Canada UK’s (SLF UK) operations. Expected to commence in May 2008, the services are estimated to be worth euro 100 million (over US$200 million) over the life of the contract. Diligenta has […]
Citigroup CEO Vikram Pandit, who just butchered 4,200 jobs the other day for so-called expense management reasons, got about $26.7 million in stock (1.094 million shares) on January 22, 2008, according to the bank’s regulatory filings with the Securities and Exchange Commission. Vikram Pandit also received options on three million Citigroup shares, with strike prices ranging from […]