The Economic Times 4 April 2018

No end to worries for ICICI Bank as it risks class action suit in US

MUMBAI: ICICI Bank and its top management risk facing a class action law suit in the US if charges of corruption and malpractice are proved and spreads to other accounts, US based brokerage Jefferies said in a note on Wednesday. It has cut ICICI Bank’s price target to Rs 370 per share from Rs 410 per share.“Emerging risks (for the bank) could be a formalized corruption charge & more such instances coming up, and (the) bank facing a "class action" suit and a costly settlement,” Jefferies analysts Nilanjan Karfa and Harshit Toshniwal said in a note.A "class action" lawsuit in US is one in which a group of people sue an individual or a corporate defendant for financial or other damages caused by negligence or mismanagement. These law suits in normal course could seek settlements in billions of dollars for the losses suffered by a group of individuals which in the case of ICICI would be holders of its American Depository Receipts (ADRs) which make up about 24% of the bank’s shares.ICICI Bank’s ADR’s have fallen about 12.03% to $8.26 from $9.39 on March 15. Local shares of the bank have fallen more sharply and have lost 11% of their value to Rs 268.45 per share since March 15 compared to just a 3.50% drop in the 10-share banking index Bankex.ICICI Bank’s long serving CEO Chanda Kochhar has been in the eye of the storm because of rumours of favouritism in sanctioning loans to the Venugopal Dhoot promoted Videocon Group and questions about Dhoot’s links with her husband Deepak Kochhar. Both the bank and Dhoot have denied any quid pro quo.The consumer to oil and gas Videocon Group owes banks more than Rs 40,000 crore and is headed to the bankruptcy courts as banks have declared it as an NPA. Jefferies analysts Karfa and Toshniwal said that likely haircut that bank’s have to take with regards to their exposure to the Videocon group has been priced in but the impact of a law suit in the US could be severe.“While further investigations do not preclude risks of business slowdown, the second line of management (in ICICI) is capable of steering the ship (growth is mainly in retail segment, which is process driven not requiring large management intervention),” Karfa and Toshniwal said.Analysts are also pointing out the risks to private sector lenders in the event of resignation by CEOs after ET reported that RBI has asked the Axis Bank board to reconsider the three year term to CEO Shikha Sharma.“In the event of any resignation by CEOs, the knee jerk reaction of the market is likely to be negative. The market will interpret this to be a serious issue as there could be more skeletons in the closet. Management related changes and transition could be a painful period as these are large organisations. Also the ongoing investigations in some of these banks have to settle barring which the overhang on the stock could remain causing underperformance,” Suresh Ganapathy, analyst at Macquarie said in a note to investors on Wednesday. Axis Bank stock has dropped 3.78% this week compared to a 0.93% fall in the Bankex. 63610889

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What is at stake in this tit for tat tussle over tariffs between US and China

BEIJING: Beijing has announced a $50 billion list of US goods for possible tariff hikes in a spiraling technology dispute with Washington.That followed the release of a US government list of Chinese goods targeted for punitive tariffs in response to complaints Beijing pressures foreign companies to hand over technology.On Monday, China raised duties on $3 billion of US pork apples, and other goods in response to higher American import duties on steel and aluminum.The issues at stake:WHY DID THIS DISPUTE BLOW UP?President Donald Trump says Beijing is violating its free-trade commitments by pressuring foreign companies to hand over technology to potential Chinese competitors in exchange for market access.Trump has pledged to narrow the US trade deficit with China, which Washington put at $375.2 billion last year, a record for any country.A key irritant is Beijing's long-range industry plan, dubbed "Made in China 2025", which calls for creating Chinese global leaders in electric cars, robotics and other fields. Foreign companies complain that will limit or outright block their access to those industries.WHAT HAVE THE TWO SIDES DONE SO FAR?Trump approved tariff increases on steel and aluminum imports in response to complaints American suppliers were threatened by unfairly low-priced imports.The United States buys little steel and aluminum from China, but analysts said Beijing felt compelled to respond, partly as a "warning shot" ahead of an expected fight over technology.On Monday, China raised duties on pork and aluminum scrap by 25 per cent and on apples, sparkling wine, steel pipes and other goods by 15 per cent. The measures appeared to target farm states that voted for Trump in 2016.WHAT IS AT STAKE?The United States and China have the world's biggest trading relationship. That gives them an incentive to reach a settlement to avoid damaging many businesses on both sides.Exports to China directly or indirectly supported 1.8 million new US jobs in 2015, according to the US-China Business Council, an industry group.Wednesday's Chinese tariff hike targeted goods including soybeans, the biggest US export to China, and aircraft.Economists and investors worry other governments might respond by raising their own import barriers. That might chill commerce and set back a global economic recovery.WHY DOES TECHNOLOGY MATTER?The latest tariff dispute strikes at the heart of technology industries China's leaders consider vital for its economic future.Chinese factories assemble most of the world's smartphones, computers and consumer electronics. But Beijing wants to capture more of the profits by becoming a creator of technology instead of a low-cost factory.The ruling Communist Party is spending heavily and pressing foreign companies for help in developing Chinese global competitors in telecoms, electric cars and other technologies.Washington is trying to promote technology exports to offset its imports from China and support higher-paying jobs.American and other foreign companies have long complained about Chinese rules that require automakers and others to work through local partners, compelling them to share technology with potential competitors.Last month, Washington filed a World Trade Organization complaint over Chinese policy it said limits the ability of foreign companies to control and profit from their technology.WHAT'S LIKELY TO COME NEXT?Chinese officials have acknowledged their country has more to lose in a full-blown conflict with Washington but say they will endure the cost.Beijing has options for retaliating against US companies operating in China. Regulators could withhold licenses or alter other conditions to hamper foreign business activity.Some economists have suggested Washington could target state-owned enterprises that dominate industries including energy, telecoms and banking.Europe and Japan also have grumbled about the monopolies and other privileges given to SOEs. Washington may try to get them to jointly pressure Beijing for change.

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Indian engineering students can't think as high as Chinese and Russians: Report

NEW DELHI: India may have a large number of youth but most of them are inadequately skilled for jobs. It's truer in case of engineering education. IITians sure have impressed the world but a large number of students passing out of ordinary colleges are not even employable, let alone comparing with their counterparts from advanced countries. A study has found that Russian and Chinese engineering students are better than those in India. Indian students make substantial gains in mathematics and critical thinking skills in the first two years of their education compared to their counterparts in China and Russia, but their overall higher-order thinking skills are substantially lower than the Chinese and Russians. This is the preliminary finding of learning outcome assessment of undergraduate engineering students conducted by Stanford University and the World Bank, according to an Indian Express report.The World Bank and Stanford University surveyed roughly 5,000 first-year and third-year B.Tech students from 200 randomly-selected public and private engineering institutes last year. These 200 institutes did not include the Indian Institutes of Technology or the IITs. Similar learning assessments were also conducted for engineering students in China and Russia.Detailed findings of this survey, which is part of the Technical Education Quality Improvement Programme (TEQIP) supported by the World Bank, will be presented formally to the HRD Ministry this week, says the report.More than a decade ago, a McKinsey report said just a quarter of engineers in India were actually employable. Of late, some other studies put it at less than 20%. Last year, a survey by employability assessment firm Aspiring Minds said 95% of Indian engineers can’t even code. Though graduates from India's premiere engineering colleges such as the IITs are still in demand, it is the thousands of other engineering colleges and ITIs which churn out millions of graduates every year whose employability is questionable. The blame doesn't lie with the students but the large number of engineering colleges mushrooming in the country in the past decade. These colleges often lack even required infrastructure and faculty. Old problems of low-quality education and outdated curricula have become more pronounced with automation, artificial intelligence and other emerging technologies reshaping businesses and industry. India's much-touted demographic dividend, which can help India compete with China in manufacturing in near future, will turn into a burden if employability of graduates does not go up. Prime Minister Narendra Modi's dream project of 'Make in India' is hobbled by lack of employable graduates. The project aspires to increase manufacturing capacity in India and generate 100 million jobs by 2022. That's too difficult with the kind of graduates our engineering colleges churn out.All India Council for Technical Education has started taking steps to update and revise engineering curriculum. It also wants to close down about 800 engineering colleges across India in which admissions are plunging every year.

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BPO industry adds lowest number of jobs in 7 years

The $28 billion business process outsourcing (BPO) exports industry added the lowest number of employees (36,000) in fiscal year 2018 in seven years, according to data from trade body Nasscom. It employs 1.2 million people globally. This is reflective of sustained BPO firms’ efforts towards non-linear growth, including investments in technology platforms, steps taken to consolidate, and automating of processes. The industry had last seen a lower level of employee addition in FY2010 (32,000) in BPM exports. According to analysts, that was a result of the financial meltdown, which brought to end a boom cycle that began in 2003. In FY2009, the exports business had added 103,000 employees, as per Nasscom Strategic Review 2011.In contrast, this cycle has had a different trigger which is reflecting in the lower hiring rate. “Apart from industry consolidation, there is an undercurrent of innovation in BPO,” said Ravi Venkatesam, chief executive of OnTrac, which helps firms improve their operational efficiencies. At a time when the industry is struggling for revenue acceleration, BPM firms seek to harness machine learning for better margins, and bag client projects.India is doing more with less. “Clients are putting pressure on (BPO companies) to transform,” said Ganesh Iyer, chief executive of the Indian operations of Symphony Ventures, which trains BPM firms and captive units of foreign companies in areas like robotic process automation (RPA).In 2017, Delaware-headquartered firm EXL, one of the leading BPM firms, had 11 RPA assignments. “RPA involves implementing bots, setting up the program management office,” said Rohit Kapoor, chief executive of the $762 million EXL. “We do assessment, documentation, customise bots. We have done RPA for insurance and utility clients.”The hiring strategy is based on specialisation in areas like analytics, or through acquisitions. In the past two years, EXL has bought out Liss Systems (insurance), IQR and Datasource—both American firms in the area of analytics—and Health Integrated in December 2017. 63615112 In the same period, industry leader $2.74 billion Genpact made three strategic acquisitions in 2016, followed by three in the US last year (TandemSeven, BrightClaim and RAGE Frameworks, as well as five business acquisition transactions like Birlasoft in India, Lease Dimensions and a supply chain management delivery center from Kraft Foods in the US.“There are a lot of services lines which have automated, while new ones have emerged,” said N.V. ‘Tiger’ Tyagarajan, chief executive of Genpact, citing 'moderating content’ and making machines smarter based on the enterprise customer knowhow as new opportunities. “So, size of the traditional market has shrunk and new markets have emerged.”By strengthening the technology backbone, BPM firms may have optimised hiring. It’s probably why when Sherrod Brown, a US Senator from Ohio, talked up protecting call-center offshoring jobs in America last month, he cited Reynosa in Mexico and Wuhan in China in a signed newspaper column. India got a passing mention.READ full feature ‘Reborn For the USA’ tomorrow

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ICICI risks class action suit in US: Jefferies

MUMBAI: ICICI Bank and its top management risk facing a class action law suit in the US if charges of corruption and malpractice are proved and spreads to other accounts, US based brokerage Jefferies said in a note on Wednesday. It has cut ICICI Bank’s price target to Rs 370 per share from Rs 410 per share.“Emerging risks (for the bank) could be a formalized corruption charge & more such instances coming up, and (the) bank facing a "class action" suit and a costly settlement,” Jefferies analysts Nilanjan Karfa and Harshit Toshniwal said in a note.A "class action" lawsuit in US is one in which a group of people sue an individual or a corporate defendant for financial or other damages caused by negligence or mismanagement. These law suits in normal course could seek settlements in billions of dollars for the losses suffered by a group of individuals which in the case of ICICI would be holders of its American Depository Receipts (ADRs) which make up about 24% of the bank’s shares.ICICI Bank’s ADR’s have fallen about 12.03% to $8.26 from $9.39 on March 15. Local shares of the bank have fallen more sharply and have lost 11% of their value to Rs 268.45 per share since March 15 compared to just a 3.50% drop in the 10-share banking index Bankex.ICICI Bank’s long serving CEO Chanda Kochhar has been in the eye of the storm because of rumours of favouritism in sanctioning loans to the Venugopal Dhoot promoted Videocon Group and questions about Dhoot’s links with her husband Deepak Kochhar. Both the bank and Dhoot have denied any quid pro quo.The consumer to oil and gas Videocon Group owes banks more than Rs 40,000 crore and is headed to the bankruptcy courts as banks have declared it as an NPA. Jefferies analysts Karfa and Toshniwal said that likely haircut that bank’s have to take with regards to their exposure to the Videocon group has been priced in but the impact of a law suit in the US could be severe.“While further investigations do not preclude risks of business slowdown, the second line of management (in ICICI) is capable of steering the ship (growth is mainly in retail segment, which is process driven not requiring large management intervention),” Karfa and Toshniwal said.Analysts are also pointing out the risks to private sector lenders in the event of resignation by CEOs after ET reported that RBI has asked the Axis Bank board to reconsider the three year term to CEO Shikha Sharma.“In the event of any resignation by CEOs, the knee jerk reaction of the market is likely to be negative. The market will interpret this to be a serious issue as there could be more skeletons in the closet. Management related changes and transition could be a painful period as these are large organisations. Also the ongoing investigations in some of these banks have to settle barring which the overhang on the stock could remain causing underperformance,” Suresh Ganapathy, analyst at Macquarie said in a note to investors on Wednesday. Axis Bank stock has dropped 3.78% this week compared to a 0.93% fall in the Bankex. 63610889

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Bank of Baroda cops Rs 9 cr fine over remittance scam

The Financial Intelligence Unit (FIU) has slapped Rs 9 crore penalty on Bank of Baroda for "failing" to adhere to anti-money laundering norms, and not having an effective system to report suspicious transactions linked to the Rs 6,000 crore scam in its Delhi-based branch.The FIU has levied the maximum penalty of Rs 1 lakh, as stipulated under the Prevention of Money Laundering Act (PMLA), for each instance of "delayed" filing of Suspicious Transaction Reports (STRs) by the state-owned bank in the case.The central financial intelligence gathering and dissemination agency under the Ministry of Finance is empowered to investigate and levy penalities on banks and other financial intermediaries, under the PMLA, if they fail to comply with anti-money laundering procedures.After about three years of investigation, the FIU has held that the bank failed on at least five counts in detecting wrongdoing and instances of money laundering at its branch in Ashok Vihar in Delhi, where a Rs 6,000 crore forex remittance scam had been reported in 2015."After taking into consideration all the facts and circumstances of the case, I, in exercise of the powers conferred upon me under the PMLA impose a total fine of Rs 9 crore on Bank of Baroda (BoB) which will commensurate the violations committed by the bank," the order issued by FIU Director Pankaj Kumar Mishra said.The 48-page order, accessed by PTI, has been issued on March 27 and the bank has been asked to deposit the fine within 21 days.Coming down heavily on BoB, the order said it had failed to discharge its responsibility as one of the largest public sector banks of the country."BoB is a public sector enterprise that has responsibility to the nation and as such its sole motive cannot be profit making. By permitting such unethical and illegal activities of some of its customers under its watch, as in the instant case, and not bringing it to the attention of the authorities at the relevant and material time, the bank has not only failed to comply with its statutory obligations, but also failed in its task as a public sector enterprise to act as a torchbearer of the anti-money laundering compliance in the country," it said.The FIU said the bank failed to have effective internal system in place for disposal of 8,692 alerts, detecting and reporting suspicious transactions, failure in carrying out effective customer due diligence in respect of 73 accounts, delayed filing of 8,822 EFT (electronic funds transfer) reports and failure to file EFT reports in respect of transactions in two separate accounts.Bank of Baroda was also held guilty by the FIU for failing to file 63 integrally connected cash transactions in seven accounts.The FIU rued that despite large number of cash transaction reports in respect of four newly opened bank accounts belonging to one family, none of them were converted into STRs (suspicious transaction reports)."As time is essence in such cases, delayed submission of reports or inaccurate reports is also a violation of law as much as non-submission," the order said.It added that STRs were the "most effective mechanism" to prevent, detect and fight the scourge of money laundering.The FIU also rejected the bank's submission that it acted as a "whistleblower" in the case and that its effective internal system detected unusual transactions and a spurt in foreign remittances by different clients at its Ashok Vihar branch, and this was reported to the CBI and the Enforcement Directorate in 2015.The central financial intelligence gathering agency said an earlier RBI fine of Rs 5 crore on the bank in the case only "reinforces findings of (FIU directors) enquiry that the bank had failed in its statutory obligations and that too absymally." The probe agencies had termed this case to be an alleged incident of trade-based money laundering, where accused traders evaded duties and taxes to generate slush funds in connivance with bank officials. This order can be challenged by the bank before the Appellate Tribunal of the PMLA within 45 days.

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Chakri Lokapriya on why he is sitting on 45% cash

Talking to ET Now, Chakri Lokapriya, CIO & MD, TCG AMC, says you could buy a few NBFCs and a HDFC, or a Kotak, but don’t bother with financials as a sector.Edited excerpts: Are you a buyer in ICICI Bank? It is a cheap stock. It is a cheap stock, it can get cheaper because when things are uncertain, stocks remain cheap for a long period of time. Except for the management issue, the troubles of ICICI Bank are common ones including bank asset quality etc. Against that backdrop, we would not be buying ICICI. What about Axis Bank? It is like comparing one cheap stock with another.My point is financials have a 25% to 30% weightage on the Nifty depending on whether you want to include insurance and NBFCs or not. Nobody will buy PSU banks now. Investors are likely to give step-motherly treatment to ICICI Bank and Axis Bank. How does then one go about allocating money to financials? A similar thing happened in China a few years ago when I was managing BRICS. In years like this, you actually make a lot of money or perform by just ignoring financials. This is going to be a year where you just ignore financials, have a few exposures clearly but do not bother about the bigwigs who make 30-40% in the index. As you rightly pointed out, this is the fourth year in a row where earnings have been downgraded. FY19 was supposed to see a pickup in corporate earnings. You are going to see earnings downgrades, which means the market is waiting to recover from various events which are beyond its control and have been pushing the markets’ earnings expectations down. When you say ignore financials, you mean even the non banking finance companies? What I mean is, banks have 35% weight in the Nifty. You could buy a few NBFCs and HDFC, a Kotak, but not be overly bothered about financials as a sector.Where else do you find opportunity in the market then? After a long time, we are sitting on 45% cash. You are really bearish. Yes, and because we have absolute focus versus the little return focus, I think that is way we would approach the markets for the rest of this year. So where have you cashed out from? Across the board because markets have rallied across the board except for pharma and IT has not really done well, There is nothing much to cash out of those sectors but out of what is left, infra, chemicals and some export-related sectors in spite of the trade wars.Did you book out of banks? Banks, yes. How much did you scale back? We had 45% in banks and now probably we are at about 14-15%.What is on your watch list and at what level of the index or cue would you deploy that 40-45% cash back into the market? We are waiting for specific opportunities and not sector related deployment. This is going to be a year of positional trades. You buy stock x, hold it for a month or two or three and then move on to the next rather than long term kind of things because the rule itself is changing. NCLT is a good example. RBI changed it three times in a row in the last six months. PC Jeweller is a real business. It has got nothing to do with the bank scam. It may be a coincidence but do you think the stock deserves this kind of a battering? Collateral damage is very much part of this business and stocks like these do not rerate for a very long time. From that perspective, the value remains for a very long periods of time.

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Trade war: worried over non-tariff sanctions, says Jahangir Aziz

In an interview with ET Now, Jahangir Aziz, JP Morgan, says he is waiting for the next shoe to drop which has not been taken into account by analysts and others. The tariffs are not really the problem, the problem is non-tariff sanctions.Edited excerpts:China vowing counter-measures to US slapping tariff on $50 billion Chinese products is perhaps the first few steps into a long-term struggle between US and China. What do you make of this announcement and how do you see things unfolding from here? The announcement was basically following up on the USTR report of about three weeks ago. This was not a surprise. They actually did say that they would come out with a list of 1200 odd items on which they would impose 25% tariff and they have come up with that. China had already said that they would be retaliating by imposing tariffs on agricultural related products worth about $3 billion and that was mostly in response to Section 232 tariffs on aluminium and steel. So, we will have to wait and see whether China retaliates on this one on the 301 list that came out. Our sense is that China’s response is going to be measured. China will want to be seen as being responsible and therefore it is not going to be something that should really upset trade relations in any major way either with US and China or with the rest of world. Having said that, we are really waiting for the next shoe to drop which has not really been taken into account by analysts and others. The tariffs are not really the problem, the problem is the non-tariff sanctions… I was just going to come to that because it seems like this is not going to stop here. Just when you thought that there is a truce coming up between China and US, you got China retaliating. What happens next? Do we see some retaliatory moves coming in from US again and is this the tipping point of the much feared trade war? If you look at the USTR report, it clearly states that there are two sets of problems. One is related to the 25% tariff which they have announced and which they are basically laying on actual items. Then there is the entire non-tariff section which includes concerns that the US has over intellectual property rights. It has concerns over restrictions on joint ventures vis-à-vis transfer of technology, about overseas investment by Chinese corporates into the US. We do not know what the exact form of those “sanctions” will look like. We are waiting for them. We are much more concerned about these as they are not easily quantifiable. Those are the ones that can have serious medium- term impact. Those are the ones that can change the global supply chain dynamics as we have over the last 10-15 years. That is where most of the attention is right now. It is not so much on the tariffs. Tariffs are “manageable” and are not going to upset the global trade relations at this point in time.What do you expect from tomorrow’s policy? Do you think Reserve Bank of India is pretty much going to play to the script, acknowledge global pressures and talk about a possible rate hike? Our base line scenario remains that the RBI is going to remain on hold. They are going to get supported from inflation front, especially from food inflation. In addition to that, the steps that they had taken just on Monday on pushing, allowing the more time and space for public sector banks to take mark to market losses from the bond selloff. Having said all of that, there is obviously the risk that in an inflation targeting framework, what happens in past inflation or what happens to current inflation does not really matter. What really matters is what the RBI thinks is going to happen 12 months ahead. And there is always that risk that looking 12 months ahead and the RBI could well say that look everything points to higher inflation, I mean higher than the target rate and therefore you could see the RBI either the changing the language or actually taking action. When we reiterate that thought, our base line case is that they remain put but there is a higher risk now of the more aggressive tightening cycle to start or a rate hike actually to be announced than it was before.

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BPO industry adds lowest number of jobs in 7 years

The $28 billion business process outsourcing (BPO) exports industry added the lowest number of employees (36,000) in fiscal year 2018 in seven years, according to data from trade body Nasscom. It employs 1.2 million people globally. This is reflective of sustained BPO firms’ efforts towards non-linear growth, including investments in technology platforms, steps taken to consolidate, and automating of processes. The industry had last seen a lower level of employee addition in FY2010 (32,000) in BPM exports. According to analysts, that was a result of the financial meltdown, which brought to end a boom cycle that began in 2003. In FY2009, the exports business had added 103,000 employees, as per Nasscom Strategic Review 2011.In contrast, this cycle has had a different trigger which is reflecting in the lower hiring rate. “Apart from industry consolidation, there is an undercurrent of innovation in BPO,” said Ravi Venkatesam, chief executive of OnTrac, which helps firms improve their operational efficiencies. At a time when the industry is struggling for revenue acceleration, BPM firms seek to harness machine learning for better margins, and bag client projects.India is doing more with less. “Clients are putting pressure on (BPO companies) to transform,” said Ganesh Iyer, chief executive of the Indian operations of Symphony Ventures, which trains BPM firms and captive units of foreign companies in areas like robotic process automation (RPA).In 2017, Delaware-headquartered firm EXL, one of the leading BPM firms, had 11 RPA assignments. “RPA involves implementing bots, setting up the program management office,” said Rohit Kapoor, chief executive of the $762 million EXL. “We do assessment, documentation, customise bots. We have done RPA for insurance and utility clients.”The hiring strategy is based on specialisation in areas like analytics, or through acquisitions. In the past two years, EXL has bought out Liss Systems (insurance), IQR and Datasource—both American firms in the area of analytics—and Health Integrated in December 2017. 63615112 In the same period, industry leader $2.74 billion Genpact made three strategic acquisitions in 2016, followed by three in the US last year (TandemSeven, BrightClaim and RAGE Frameworks, as well as five business acquisition transactions like Birlasoft in India, Lease Dimensions and a supply chain management delivery center from Kraft Foods in the US.“There are a lot of services lines which have automated, while new ones have emerged,” said N.V. ‘Tiger’ Tyagarajan, chief executive of Genpact, citing 'moderating content’ and making machines smarter based on the enterprise customer knowhow as new opportunities. “So, size of the traditional market has shrunk and new markets have emerged.”By strengthening the technology backbone, BPM firms may have optimised hiring. It’s probably why when Sherrod Brown, a US Senator from Ohio, talked up protecting call-center offshoring jobs in America last month, he cited Reynosa in Mexico and Wuhan in China in a signed newspaper column. India got a passing mention.READ full feature ‘Reborn For the USA’ tomorrow

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