Scare of PIGS (Portugal, Italy, Greece and Spain) is gripping boardrooms of leading software exporters in the Country. With Greece going off the cliff and Italy following suit, the next in line are Portugal and Spain. If this results in the crumbling or even weakening of the Euro, the impact could be felt in the leading Wall Street Investment Banks which have trillions of dollars of unsecured debt lodged with these Governments. The ripple effect could cause grief across an already crippled US economy. At least three leading software majors in India have hinted spend slowdowns in BFSI, Automobile, Retail and Telecom sectors. These four sectors usually account for a good 50% of any given firms turnover. European firms have all but pulled curtains on their IT spend, with UK-based ones just about managing to stay afloat. Back in the US, Citi and BofA have announced a 3000-member layoff each with more expected to follow next month. Unless there is a serious re-skilling attempt made the next two quarters could see a considerable resizing in India too. The time to act is now.
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