HIGHLIGHTS-Infosys executive on demand, Europe crisis

July 13 (Reuters) – Infosys Technologies (INFY.BO) raised its forecast on a revival in outsourcing demand from its mainstay financial clients, but its shares fell as markets worried a weak European economy could curb orders.

India’s No. 2 outsourcer reported a surprise 2.6 percent drop in April-June profit and its sales contribution from Europe fell to about 20 percent from nearly 25 percent a year ago and 23 percent in January-March.

For a story on the company’s results and outlook, see [ID:nSGE6680B5]

Following are comments from senior company officials after the result.

V. BALAKRISHNAN, CHIEF FINANCIAL OFFICER

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ON DEMAND ENVIRONMENT:

“There are good times and bad times. Good times because there is a lot of spending happening from all customers. All the large economies are in distress; when the economies are in distress outsourcing increases. That is what we have seen in this quarter also. The bad thing is all the macro economic indicators are very bad so we have to closely watch them.”

ON EUROPE:

“We are not hearing anything from clients till now. We are not seeing any impact on the ground but that is something we have to watch out. If it becomes a larger issue then it could have an impact. Right now, it looks manageable.”

ON PRICING:

“When the economy stabilises, when all the clouds go away probably we will have pricing power.”

S.D. SHIBULAL, CHIEF OPERATING OFFICER

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ON DEMAND:

“Overall, we are cautiously optimistic. We see caution all around but mostly in Europe. The U.S. clients have started spending. We are seeing traction in multiple segments.”

ON EUROPE:

“Europe, there are still concerns, local concerns as well as tail effects of the previous recession. Of course, Europe entered the recession late and we believe it will also come out late. “We believe that Europe will lag behind the U.S. for may be another quarter or two.

“Aspirationally, Europe is very important for us. We expect that Europe will be eventually about one-third of business in the long run. At the same time, we expect some challenges in the medium term.”

ON PRICING:

“Our pricing is stable at this point. We are seeing occasional renegotiations actually both upwards and downwards. It’s part of our regular business. We are not seeing any unusual activity.” (Reporting by Bharghavi Nagaraju; Editing by Ranjit Gangadharan)

New drought relief package to be trialled in WA

The Federal Government is taking a cautious approach to its new drought support policy and will trial the idea of grants in the good times in Western Australia, where no farmers are drought affected.

The Government promised that farmers in drought-affected areas who are receiving assistance will continue to receive income relief and interest rate subsidies until the drought is over.

About 6,000 farmers from Karratha to Esperance will be able to apply for relief measures under the program which will be trialled for one year.

Measures include financial grants for farmers experiencing hardship or who are trying to exit the industry, as well as a new focus on mental health services in farming communities.

WA Agricultural Minister Terry Redman says the current exceptional circumstances system does not help drought-stricken farmers soon enough.

“The current arrangements have a very reactive focus where we need to request to the Federal Government to have an area declared as exceptional circumstances,” he said.

“In essence that is two consecutive years of worse-than-one-in-25-year conditions. We presently have no declared areas and would not be eligible for that until at least January 2012.”

Mr Redman’s federal counterpart, Tony Burke, says the proposed new system will start on July 1.

“Normally the approach that governments have adopted is when times are in crisis we’re there and we’re helping out, and when times are good, the government normally disappears from the scene,” he said.

“This is the first time that we’ve decided to say, ‘hang on, when times are good, let’s not bail out’.

“Let’s actually stay there then [and] help farmers prepare for the future so that next time there is a crisis, fewer people hit that crisis.

“In terms of the wellbeing of a farmer, it’s a much better deal. In terms of productivity for the nation, it’s a better deal for the country as well.”

Families must benefit from economic good times: Ripper

The Opposition Leader Eric Ripper says predictions of higher-than-expected economic growth must translate into benefits for West Australian families.

The Treasurer Troy Buswell says Treasury is forecasting economic growth of 3.75 per cent this financial year, after earlier predictions of a 1.5 per cent contraction.

However, Mr Buswell says taxes will not be cut.

Mr Ripper says the State Government needs to ensure families benefit from the growth.

“This is good news for Western Australians but only if the Government makes sure that West Australian families get some benefit,” he said.

“Families are not benefiting, because of the sky-rocketing family bills, the Government has got to use the additional revenue from this strong economic growth to look after WA families.”

Cayless to call it a day

Parramatta captain Nathan Cayless has confirmed he will retire from the NRL at the end of this season.

Cayless, who last weekend became the first player to captain the one NRL club in 200 games, said he was always planning to hang up the boots at the end of the current campaign.

The 32-year-old has played 235 games for Parramatta and 38 Tests for New Zealand.

Hindmarsh has come under pressure to hold onto his starting spot after several poor displays to start the season, with some critics also calling for him to be stripped of the captaincy.

“It’s been a privilege to be able to play for so long and captain such a great club,” Cayless said in a statement.

“I’ve had great support from my family, team-mates and people within the club. We’ve been through a lot of tough times and a lot of good times.

“Irrespective of what was happening this was always going to be my last year, I was always going to announce it once I’d finalised a couple of job positions.”

Cayless said he would now concentrate on helping lift the Eels from their disastrous start to the season, with last week’s loss to Cronulla leaving the one-time premiership favourites with one win from four games.

Cayless to hit historic double-ton

Saturday will be an important day in the history of the NRL captain’s 200 club, with Nathan Cayless to become member number one.

Cayless will become the first player ever to captain 200 games for one club, and is just shy of Brad Fittler’s record of 216 games as captain.

The Parramatta veteran never dreamed of the day he would be approaching the milestone.

“I didn’t think I’d play to 200 games, let alone captain 200 games,” he said.

“It really does go so fast. It feels like only yesterday I made my debut here at Parramatta Stadium against the South Queensland Crushers.

“It has been a great experience. There have been some good times and hard times but I wouldn’t swap that for anything and it has been a privilege.”

Cayless, however, is a team man first and foremost. He says with his side facing the Cronulla Sharks this weekend, there is no time to be sentimental.

“The biggest thing for us this weekend is to play some good footy and to get a win,” he said.

“That is the main focus for us and the personal achievements and the personal milestones, they are all great but you don’t really play rugby league for that. You play rugby league to win.”

The Eels only have a single victory after three rounds but will be boosted this week by the return of young gun Daniel Mortimer.

Parramatta coach Daniel Anderson says Mortimer is almost certain to play after sitting out last week’s loss to the West Tigers due to illness.

“He had a bad little illness there,” he said.

“He lost a bit of weight but he has bounced back today and trained today with a lot of zest. We expect him to be really ready by Saturday’s game, he will be ready to go.”

Anderson says while the Eels have not been showing the form which took them to last year’s grand final, the side knows what needs to be done.

“We have got to make some minor tweaks and changes to what we are doing because we need to improve,” he said.

“We have been less than consistent, in my opinion, for 80 minutes in our application and our attitude and effort.

“We need to find out a lot more about ourselves if we are going to beat the Sharks.”

Business confidence bouncing back

The Townsville Chamber of Commerce says business confidence should return to the region during the second half of this year.

Chamber president John Carey says while several industries felt the effects of last year’s weaker economy, the situation is slowly turning around.

He says a return to confidence will lead to more jobs across the north.

“I think there’s a level of cautious optimism, for example, especially in the construction industry,” he said.

“But for the building [of] the education revolution there’d be some people looking for work.”

Several industries were affected by the global financial crisis last year, with a number of projects put on hold or scrapped.

But Mr Carey says a level of cautious optimism is returning to the north.

“I think that people understand that things are picking up slowly and we won’t see a return to the good times … until the second half of this year,” he said.

India succeeded in having me sacked because of money power: Bucknor

Cape Town (South Africa), Mar.17 (ANI): West Indian umpire Steve Bucknor, who will appear in his 128th and last Test here, has stirred controversy by saying that money power allowed the Indian cricket board to succeed in having him sacked from a Test match in Perth in 2008.

“Some people are more equal than others,” the Waikato Times quoted Bucknor, as saying in reference to the explosive second test in Sydney in January 2008 that led to India captain Anil Kumble filing a negative report on the West Indies official.

The BCCI then made noises about pulling out of their Australian tour if they didn’t get their way.

Reflecting on a 20-year career that has included a record five World Cup finals, the tall and calm Jamaican says he wasn’t surprised by the fuss the Indian camp made over his efforts in that eventful Sydney Test.

“I know that in the life of everyone there are going to be good times and bad times,” Bucknor told AAP in Cape Town.

“I have survived for a long time. Had it not been for strong-willed people within the ICC, I might have been out due to negative reactions from certain quarters. When you speak to a captain and he’s not happy, you are reported. If his (national) association is strong enough they may believe that they should take action. Oh, this umpire shouldn’t be within the system because the captain is seeing something wrong,” Bucknor said.

“I knew there would have been a moment when things would not have gone as well. But at the same time, I made two mistakes out of more than 40 calls. There are other who will say getting 90 per cent in a game is relatively good,” he added.

“I got better than 94 per cent in that particular game, but it wasn’t good enough for some people. So, I was expecting these things to happen because on Earth. . . there are some people who are more equal than others,” Bucknor said.

“Because they are more equal, they seem to have more say. And what they say, especially influenced by money, they seem to have their way. So I’m not too surprised,” he added.

Bucknor says Viv Richards is the best batsman he has umpired and Shane Warne the best bowler. He also enjoyed locking horns with Warne and Glenn McGrath.

“The tough bowlers. Shane Warne, Glenn McGrath and Andre Nel,” Bucknor said.

“Even when at times they are annoyed, later on Glenn McGrath will say ‘Steve, I thought that was the correct decision, but I’m coming back for another one’.

“In other words, he’s happy for the correct decision. He knows he’ll have to work very hard to get the batsman out so he’s always gunning at you, he’s always having a word.

“So I don’t mind it. I like the tough guys, those who will question you. Not being rude but just you know saying, ‘What was that missing Steve, if you say so, I’ll accept it’.” (ANI)

Are Courtney Love and Mickey Rourke an item?

Washington, Feb 12 (ANI): Love is blossoming between punk rock star Courtney Love and Hollywood actor Mickey Rourke, according to reports.

According to reports, the pair has even met up for a secret date.

“Courtney has quite a crush on Mickey and finds him utterly compelling. They’ve known each other for years – she’s stuck by him through the good times and the bad,” Contactmusic quoted a source as telling Daily Mirror.

“Now he’s back on the Hollywood A-list, he’s gone up another notch in the desirability stakes,” the source added.

Love and the Rourke apparently reportedly went on a secret date last month and spent the entire evening together.

“Mickey texted Courtney totally out of the blue, around the time of the Golden Globes, asking to take her out for the night,” she said.

“They met up in secret and had an awesome evening. Let’s just say they didn’t stop at holding hands and a chaste peck on the cheek,” she added. (ANI)