India’s third largest outsourcing firm Wipro has registered 11 per cent higher profits for the first quarter of the current financial indicating that there has been an uptick in overseas customer confidence.
The increase in profits was accompanied by 5 per cent increase in revenue which stood at ₹97.3b ($1.64b). For the current quarter Wipro has forecast revenues in tune of US$1.65 billion. Azim Premji, Wipro’s chairman said in a press release, “We are seeing higher confidence among our clients on the backdrop of positive macroeconomic developments, particularly in the U.S.”
T. K. Kurien, CEO of Wipro, said “We are seeing a pickup in large deal closures which has reflected in strong order book in the current quarter.”
“Our clients look to technology to pursue growth and profitability and increase organizational agility,” he added.
Wipro revealed that current quarter may be a little rocky as compared to the previous one as they have increased salaries of quite a few onsite as well as offsite personnel.
Boost in customer confidence is also evident from the financial results for Tata Consultancy Services (TCS) which registered a 10 percent boost in profits.
Apple and Samsung are busy ironing out difference ahead of the new patent infringement trial slated for November this year and according to reports the two companies are negotiating a cross-licensing deal to end the patent row.
A report on The Korea Times reported that the South Korean electronics giant is trying to sort out key differences with Cupertino. The talks have begun late last year and it seems that they have “come down to the issue of fees for Apple.” From the looks of it, Apple holds the key as to whether the deal will go through or not and if this deal doesn’t go through chances are the companies will continue to battle it out over their respective patent pools.
One of the sources in the report said, “Both companies are now finding better conditions to bring the settlement talks on their sides. That’s why they are paying keen attention to two upcoming separate decisions by the USITC.”
Back in June the USITC banned Apple from importing iPad 2 and iPhone 4 into the country after it found that Cupertino was violating some of the patents held by Samsung. However, the final decision would come in August as there is a 60-day review period wherein it is being decided whether Samsung has violated Apple’s patents or not.
An official of Chinese Ministry of Culture has confirmed that the government has partially lifted the 12-year old ban on gaming consoles under which foreign companies will be able to sell their wares under the condition that they setup shop in Shanghai’s free trade zone.
China Daily reported the development after confirming the news through two government officials. The officials said that foreign gaming console makers would be required to get approval from the government for the specific gaming console models they intend to sell within the country. The regulatory approval would ensure that the content is not “overly violent and politically sensitive.” China is yet to reveal the policies that would govern entry of foreign game console makers into the walled country said one of the sources.
The ban dates back to 2000 and was imposed on manufacturing, sale, and import of game consoles in China following concerns that gaming content may be harmful and may hamper physical and mental development of country’s young population.
A free trade zone covering an area of 28 square kilometers in Shanghai was approved by China’s State Council earlier this month. The free trade zone may very well become the testbed that would fuel China’s efforts for economic reforms.
“We will track the progress made in this Shanghai pilot program. No one doubts Shanghai’s performance will determine our future moves,” the government official told China Daily. However, the source stressed that this doesn’t mean that the ban has been lifted.