Infosys chief NR Narayana Murthy has said the company is looking at reducing the number of top officials and subcontractors at onsite locations in a bid to reduce operational costs, according to Barclays. The cost cutting strategy also includes more night shifts in its offshore facilities in India as well as improving its internal training mechanisms.<br /><br />
At least a dozen large banks from the US and Europe have come under scanner in a global regulatory probe into suspected manipulations in forex markets, with some of them being investigated for possible manoeuvring in over $50-billion a day rupee trade market.
Under the Reserve Bank of India (RBI) rules announced late on Wednesday, foreign banks which convert their local operations from a branch structure to being subsidiaries will be treated on nearly equal terms with local lenders.<br /><br />
Barclays has lowered India's FY14 GDP forecast for the current fiscal to 4.7 percent, saying the growth and fiscal health of the country are likely to remain under pressure, with 2014 election dynamics adding to uncertainties. <br /><br />
A US regulator filed lawsuits against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to two credit unions that later failed, according to a filing.<br /><br />
He watched challenger after challenger come up short and at the end he was glancing up at a large screen TV near the practice range as he stayed loose in case of a playoff.
World number one Tiger Woods lurked three strokes back, with the opening event of the FedExCup playoffs stalled for more than six hours by heavy lightning and two rain delays.
Pins and security questions are old stuff. Barclays Wealth now recognises a customer’s voice within 30 seconds of a phone call to grant them
India's current account deficit (CAD) is likely to witness a "gradual" improvement in the next two to three years and it is expected to come down to 3.9 per cent of the GDP this fiscal, says a Barclays report.
While risks arising from high inflation and fiscal slippage have receded, concerns about growth and current account deficit have worsened, which may pull down GDP growth to about 6.2 percent next fiscal, says a Barclays report.
Credit Suisse Director Robert Prior-Wandesforde in a note said he still expects the monetary authority to slash the repo or short-term lending rate next Tuesday.
The CAD had touched a record high of 5.4 percent of GDP in the July-September quarter. The trade deficit in January widened to $20 billion, the second highest rise ever in a month.
India's current account deficit is likely to be 4.3 percent of the GDP, with "risks biased towards a wider deficit", Barclays said today.
Barclays, which has been trimming its exposure in India, had last year sold its loss-making credit card business to IndusInd Bank.
UBS is expected to be hit with a $1 billion-plus fine to settle charges of rigging Libor interest rates this week, making it the second bank to be brought to book for its role in the global scandal.
Since 2009, several European banks have paid heavy settlements related to allegations they moved money for people or companies on the US sanctions list.