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Holiday Express: FedEx Moves Record 9.8M Packages Monday

FedEx is reported to have handled a record 9.8 million packages moving through the FedEx Express and FedEx Ground networks on Monday, Dec 18,  its busiest day in history, as shoppers sought to get their Christmas presents delivered on time. 

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Global Market Research turnover tops $23 billion in 2005

The 2005 edition of the ESOMAR Global Market Research Report, made with the support of KPMG, demonstrates that the Market Research industry remains healthy with longer term compound annual growth rates of 4-6%. The new EU member states and Asia remain the most dynamic markets. The report also highlights the success of new methodologies such as online which now represents 20% of Market Research expenditure worldwide.
The Report reveals that the industry now represents an estimated global turnover of $23.29 billion with a 7% growth rate compared to 2004 (real growth rate adjusted for inflation is 4.3%). Asia Pacific and the new EU member states showed a 7.4% real growth rate, demonstrating the dynamism in these areas.

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Get ready for offshoring boom in $250 billion Legal Services business

The Forrester study estimated that jobs in India in the field which was poised to increase dramatically from about $80 million annually to approximately $4 billion, would grow to 29,000 in 2008, 35,000 by 2010, and 79,000 by 2015.

In 2005, $250 billion was spent on legal services globally, with the U.S. accounting for $170 billion, according to Forrester Research (Via Chief Executive). With outsourced legal services running just 25 to 70 percent of the cost of domestic legal services, an offshoring boom will translate into billions of dollars of legal expenses saved per year.

India is particular hot spot in legal service outsourcing because Law school in India is taught exclusively in English, so its lawyers speak the language fluently. And because India ’s legal system, based on British Common Law, is similar to that of the the U.S. , Indian lawyers are able to grasp its intricacies with little additional training. The country’s law schools graduate 75,000 lawyers annually, which means there is an abundance of highly trained lawyers there—many of whom are attracted to outsourcing firms for their highly competitive salaries, sophisticated work and merit-based career advancement opportunities.

At present the number of jobs in legal outsourcing in India stood less than 12,000.

Knowledge Process Outsourcing (KPO) is a $54 billion industry globally

The total offshore engineering spend is expected to grow to US$150 – US$225 billion by the year 2020, and India with its talent pool and existing experience in engineering services, is well suited to realize 25% of this opportunity - NASSCOM “The estimated knowledge process outsourcing (KPO) market globally amounts to about $54 billion (as of 2005). India is aiming at capturing 15 per cent of this market by 2010 from existing 5 per cent,” Jainder Singh, secretary IT (ministry of communication and IT), said at a conference organised by IIFT and Nasscom recently.

“Skilled manpower and multi-lingual capabilities with low cost of labour can help the country emerge as the front runner in the KPO industry globally,” Singh said. He said by developing the potential in the KPO industry, India would be able to help companies globally maximise their savings through offshore operations.

Other Highlights:
  • Biotech business in India has the potential to generate annual revenues of $5 billion and 1 million skilled jobs by 2010
  • Indian IT and ITeS sector have created an additional 3 million job opportunities through indirect employment
  • The total number of IT and ITeS-BPO professionals employed in India is estimated to have grown to 12.9 million in 2005-06 from 2.8 million in 1999-2000

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