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Flipkart India in the red by Rs 280 crore ONGC to draw down on reserves to meet CAPEX needs While MoTown is on a tailspin, the telecom sector is staging a rally Capital Notes Canada screams over IT outsourcing to India Carlyle invests in Trehanís Medanta Medical Centre Excise duty may halt the war in SUV market Hunt for new finance secretary on... Jet-Etihad Rs 2000 plus crore deal to be cleared Aircraft lessors to get protection from defaulting airlines Trends point to a hung assembly Automobile sector in slump... German envoy Steiner caps a language row Vodafone slapped with tax notice of Rs 3700 crore Urja Sangam in Delhi How important is Modiís German visit... Lanco to sell Australian acquisition Fox Star Studios to tie-up with Bolly-wood and Kollywood Plans to double trade with Latin America Airlines hit by service tax on lease TCS, Indiaís biggest block buster LANCO opens negotiations with buyers for Karnataka power plant Singapore Airlines prefers Airbus Vodafone to buy out minority shareholders Wal-Mart studying FDI norms post split with Bharti Renault revving up small car launch SpiceJet in the news again GMR to raise US $ 250 mn thru QIP Smartphone prices may change Kolkata kisses goodbye to Ambi? Latin America beckons India for investments Hyundai Grand i10 awaiting launch Infosys not to cut prices TVS bullish on the two wheeler market?
 
Canada screams over IT outsourcing to India

Canada’s concern on jobs being outsourced, especially, in the IT sector, may result in a severe backlash for India’s biggest IT companies, Tata Consultancy Services (TCS) and IGate Corp. These companies may have to wait for a resolution to this new problem at least till mid 2014. Because by this time, top banks in Canada and financial services companies hope to decide on whether or not to give work to Indian software services companies.

Canada’s leading banks  Royal Bank of Canada, Toronto Dominion Bank, Bank of Nova Scotia, Bank of Montreal and the Canadian Imperial Bank of Commerce  are under pressure within Canada to create more jobs against rising unemployment rates.

Says Ben Trowbridge, CEO of Texas based advisory firm Alsbridge Inc. “ Offshoring is a politically sensitive issue and not popular in the voters’ minds as elimination of a job through cost cuts is seen differently from offshoring a job to a third party country.”

The current offshoring of jobs controversy actually arose from a probe into a IGate-RBC contract that was using temporary foreign workers from IGate to replace permanent employees. RBC also reportedly faced flak from its clients who threatened to shut down their accounts with the bank if it continued to outsource work to India.

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