United States

The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal. Full Article

As many as 57 Indian companies including Reliance Industries , State Bank of India and Oil & Natural Gas Corp. figure in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value. Reliance with sales of $45.3 bn is ranked 121st in the list with three public State Bank of India Group (136, $29.1 bn), Oil & Natural Gas Corp. (172, 22.6 bn) and Indian Oil (243, $52.1 bn) taking the next three places among the Indian .. Full Article

Amid their widening investigation into banks suspected of facilitating offshore tax evasion by wealthy Americans, the federal authorities are contemplating a novel punishment: a severe monetary penalty normally reserved for individual Americans. The penalty stems from the violation of a rule known as Foreign Bank and Financial Accounts, or Fbar(pronounced EF-bar), that requires American taxpayers with overseas bank accounts and foreign assets to file a special disclosure.. Full Article

UK-based HSBC on Wednesday said regulatory sanctions being faced by the bank in the US is "embarrassing" and would have a bearing on its image. "Not positive... it's disappointing," HSBC Holding Plc Group Chairman Douglas J Flint told reporters when asked whether findings of the US regulator on foreclosures would have impact on its image. Full Article

The CBI will file its final chargesheet on Rs 14,000-crore Satyam fraud after receiving responses to the Letters of Rogatory (LoR) seeking information in this regard from six countries, Parliament was informed on Thursday. The CBI is reported to have sent LORs -- a formal request sent from the court of one country to a foreign court for judicial assistance -- to six countries: the USA, the UK, Belgium , British Virgin Islands , Mauritius and Singapore . Full Article

India is poised to overtake the USA and emerge as the World's second largest economy on purchasing power parity basis by 2050 and has the potential to supersede China to the top spot, says a report published by PwC. China is expected to overtake the Full Article

The government has initiated an inquiry into Cadbury India's takeover by US-based Kraft Food Inc on Delhi High Court's directive, for alleged tax evasion and flouting of buyout norms. The Finance Ministry has initiated the inquiry under the Income Ta Full Article

The United States says it's trying to understand the potential impact of a steep hike in US worker visa fees on Indian companies, but no new step has been taken yet to ease Indian concerns. "I think we have been explaining to the Indian government the specifics in the legislation, and trying to understand the potential impact on Indian companies," Full Article