Profit for the first quarter ended June at Infosys (NASDAQ:INFY), Indian software and outsourcing major, was in line with expectations and showed a growth of 33 percent at 22.89 billion rupees ($413 million) compared to 17.2 billion rupees last year, while analysts expected net profits of 23 billion rupees. Infosys was benefited by strong growth in demand for outsourcing services and a weak rupee, and boasts international customers such as Bank of America, BT Group and GlaxoSmithKline Plc.
Credit Suisse (NYSE:CS) clients, numbering about 5,000, are suspected of tax evasion arising from their purchase of certain insurance policies during the period 2005-2009, and have been raided by German tax inspectors.
Sanford C. Bernstein predicts revenue growth in Latin America could slow to 2.7 percent from 12 percent last year, affecting Telefonica’s (NYSE:TEF) prospects for earnings expansion in the region, and may affect the company’s attempts to lower debt by selling a stake in its assets.
Telstra sells its troubled New Zealand business to Vodafone (NASDAQ:VOD) for NZ$840M ($670M), giving the latter a 16 percent share in the country’s broadband market and a springboard to to take on the current market leader Telecom New Zealand (NYSE:NZT).
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