In 1997, a very talented playwright from India by the name of Manjula Padmanabhan wrote Harvest —- It was later made into a movie called Deham or body by Govind Nihalani which is a futuristic play about the sale of human body parts and a new kind of trade-off that it establishes between the developed and the developing economies.
If anything, the outsource company Satyam bears testimony to two things. One, that account doctoring isn’t specifically an Indian problem, and second, that auditors, often collude with managements in fudging financial, a practice that compromises the interests of gullible shareholders.
Sometime ago, Pfizer felt compelled to apply brakes on phase III clinical trials of torcetrapib, a drug that was being investigated for its purported benefits in raising “good” cholesterol in blood vessels, when it turned out to be increasing the risk of heart attacks instead! Read more
On Feb 6th 2009, US Senate approved a bill that restricts on US companies hiring H-1B visa holders that receives federal Troubled Assets Relief Program (TARP) fund. I am not sure how much it is going to help US workers, the restrictions prohibits TARP recipients hiring H-1B visa holders directly. Still they can hire outsource vendor’s employees who has H-1B visas to work in their projects in US. Also the bill does not restrict TARP recipients sending work to offshore locations.
Unlike big corporations who offshore Financial & Accounting (F&A) business processes, for a small business it is an arduous task. Big corporations have both technical and management resources to manage one or more offshore service providers, and they typically identify which part of the Financial & Accounting functions to offshore, and they will use a selection process to choose a right offshore service providers to fulfill their needs. Read more
Legal Process Outsourcing, LPO is a growing trend among US and UK companies for the past couple years, now with the current global recession, business mergers and Bankruptcy filings accelerated the growth of LPO to countries like India, Philippians, South Africa, etc.
Last year was indeed a turbulent year for Indian service providers. First the World Bank banned Satyam Computer Services from providing it software services for eight years alleging malpractices, including bribery, and and then, beginning this year, an avalanche of troubles fell on the beleaguered company, when the promoter Ramalingam Raju “confessed” to having siphoned off millions from the listed to two unlisted companies floated by his sons.