Word: globalizing
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Even though the bankers are first up, the FCIC won't stop there in heaping the blame. Congress set up the commission early last year with a mandate to investigate 22 possible things, from mortgage fraud to global savings imbalances, that could have either caused the financial crisis or made it worse. Modeled after the 9/11 commission, the FCIC is much larger than any other panel or watchdog created in wake of the financial crisis. The FCIC has 10 members, including six appointed by Democratic lawmakers and four appointed by Republicans. It has a budget to hire 35 staffers...
...India's IT sector, born out of the forces of globalization, is undertaking some globalization of its own. In search of new sources of rapid growth, the country's outsourcing giants are aggressively expanding beyond their usual stomping grounds into the developing world, setting up programming centers, chasing new clients and hiring local talent from Santiago in Chile to China's far-west metropolis of Chengdu. Through geographic diversification, Indian companies hope to regain some momentum after a dismal year, at the same time becoming even tougher competitors to IBM, Accenture and other industry leaders. India's companies "clearly realize...
...This shift is being driven by a global economy in which the U.S. is no longer the undisputed engine of growth. India's IT powers, among them companies like TCS, Infosys Technologies and Wipro, rose to prominence largely on the decisions made by American executives, who were quick to capitalize on the cost savings to be gained by outsourcing noncore operations, such as systems programming and call centers, to specialists overseas. Focusing on the U.S. produced some spectacular results. Revenues in India's IT sector surged from $4 billion in 1998 to $59 billion in the country's fiscal year...
...where lower wages for highly skilled programmers allowed them to offer significant cost savings. With costs in other emerging economies equally low, India firms can't compete on price alone. Emerging markets also require that services be offered in languages other than English. (see the turning point for the global recession...
...year in Latin America, where it now employs about 7,200, while in China it intends to nearly quintuple its staff to 5,000 over the next five years. "These emerging countries are now beginning to see the value of outsourcing," says Martha Bejar, Wipro's president of global sales and operations. If so, the future of India's outsourcing sector could prove as bright as its past...