Software major Tata Consultancy Services (TCS) is all set to bag a £ 600 million outsourcing contract from the UK Government for managing a state-sponsored pension scheme that is still in the works.
UK's Personal Accounts Delivery Authority said on Tuesday that TCS has emerged the successful bidder for a ten-year arrangement to ‘set up' and ‘administer' the National Employment Savings Trust (NEST), a scheme to be launched by 2012.
NEST, which is being designed and implemented to augment the existing employer-provided schemes, is expected to benefit nearly six million British citizens, when it becomes fully operational.
Two stages
“The contract is divided into two stages and runs for 10 years, with possible extensions for up to a further five years. The first stage will run to October 2010, allowing TCS to begin the activity required to set up and administer NEST,” PADA said in a press statement.
“Prior to the expiry of the first stage, a decision will be made on whether to proceed with the contract for the remainder of the contract term,” it said.
TCS will be responsible for providing IT-enabled services related to employer participation, member enrolment, collection and reconciliation, cash management, accessing pension savings and administration of accounts.
Vidya Ram reports from London: “We broadly expect the contract to be worth £600 million over the next ten years, including VAT and inflation,” a spokesperson for PADA told Business Line. Personal Accounts Delivery Authority is a British public body, entrusted with setting up NEST.
The deal is not without controversy in the UK TCS ended up being the sole bidder after several, including Logica UK and the ATP Group which runs the Danish state pension fund, pulled out of the race, leading to some concerns about the lack of competition.
Hobson's choice
“It was essentially a Hobson's choice,” Liberal Democrat spokesman on pensions, Mr Steve Webb, MP, told Business Line. Though most companies that bid for the contract have not spoken about their reasons for pulling out, Mr Webb said that concern over the attainable margins had put them off. “Margins would have been thin, if you are running a trust for low-to-middle income families; you couldn't justify it all going into charges,” he said.
“We had a competitive dialogue. The other companies were given information along the way to make the decision as they saw fit,” said the PADA spokeswoman.
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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Tuesday, March 2, 2010
Lyondell creditors reject RIL’s offer
It's acquisition target, American refiner cum petrochemical player LyondellBasell, has refused to accept its revised offer of $14.5 billion and wants more. Is this a setback for RIL or a blessing in disguise?
RIL’s plan to become a global petrochemical player by acquiring bankrupt petrochemical company LyondelBasell has received a major jolt, as the lead creditors of LyondellBasell have rejected its revised offer $14.5 billion.
According to sources, private equity firm, Apollo Management, a lead creditor for LyondellBasell, wants Reliance to raise its offer. In case it fails to do so, Apollo is ready to merge LyondellBasell with its subsidiary Hexicon Specialty Chemicals.
Meanwhile, LyondellBasell has submitted a new reorganisation plan to the US bankruptcy court that seeks transfer of ownership to creditors including Apollo Management.
And as expected, the market cheered Apollo's rejection of RIL’s bid for LyondellBasell.
Chokkalingam G, head of equity research at Barclays Wealth, said, “Markets have a tendency of not cheering any big merger and acquisition (M&A). We have seen this in past and same is the case even now.”
Though RIL did not respond to NDTV's queries, with the rejection of its revised bid the final verdict of the US bankruptcy court is the only hope left.
In case it loses in the final round, RIL's new M&A team is already on the hunt for energy assets in Southern America or Canada.
source: http://beta.profit.ndtv.com/news/show/lyondell-creditors-reject-rils-offer-28330
RIL’s plan to become a global petrochemical player by acquiring bankrupt petrochemical company LyondelBasell has received a major jolt, as the lead creditors of LyondellBasell have rejected its revised offer $14.5 billion.
According to sources, private equity firm, Apollo Management, a lead creditor for LyondellBasell, wants Reliance to raise its offer. In case it fails to do so, Apollo is ready to merge LyondellBasell with its subsidiary Hexicon Specialty Chemicals.
Meanwhile, LyondellBasell has submitted a new reorganisation plan to the US bankruptcy court that seeks transfer of ownership to creditors including Apollo Management.
And as expected, the market cheered Apollo's rejection of RIL’s bid for LyondellBasell.
Chokkalingam G, head of equity research at Barclays Wealth, said, “Markets have a tendency of not cheering any big merger and acquisition (M&A). We have seen this in past and same is the case even now.”
Though RIL did not respond to NDTV's queries, with the rejection of its revised bid the final verdict of the US bankruptcy court is the only hope left.
In case it loses in the final round, RIL's new M&A team is already on the hunt for energy assets in Southern America or Canada.
source: http://beta.profit.ndtv.com/news/show/lyondell-creditors-reject-rils-offer-28330
Monday, March 1, 2010
Indian rupee hits 2-wk high on firm peers, stocks
* Inflows after 3-day weekend help
* State-run banks buy dlrs, rupee off 2-wk high
* Traders cautious on stock direction (Updates to mid-morning)
The rupee was trading near a two-week high on Tuesday, boosted by gains in local shares and other Asian currencies, but some dollar buying by state-run banks capped the rise.
At 10 a.m. (0430 GMT), the partially convertible rupee INR=IN was at 46.04/045 per dollar, after opening at 45.95, a level last seen on Feb. 17. It had ended at 46.085/095 on Friday and the market was closed on Monday for a holiday.
"Firstly, stocks are positive at the moment, so some positive out there. Second, we had a long weekend so pipeline supplies should keep the trend stronger for the rupee," said R.K. Gurumurthy, treasurer at ING Vysya Bank.
The rupee had traded in the narrow range of 45.95-46.07.
"We see some buying by state-owned banks, could also be genuine import covers," Gurumurthy said, adding that there was also caution on where the stock market would go from here.
Indian shares .BSESN were up 1.1 percent, and most Asian units were stronger compared to the dollar. See [EMRG/FRX] for a snapshot.
One-month offshore non-deliverable forward contracts PNDF were at 46.08/18, close to the onshore rate.
In the currency futures market INRFUTURES, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 46.1250.
source: http://in.reuters.com/article/companyNews/idINSGE62105620100302
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* State-run banks buy dlrs, rupee off 2-wk high
* Traders cautious on stock direction (Updates to mid-morning)
The rupee was trading near a two-week high on Tuesday, boosted by gains in local shares and other Asian currencies, but some dollar buying by state-run banks capped the rise.
At 10 a.m. (0430 GMT), the partially convertible rupee INR=IN was at 46.04/045 per dollar, after opening at 45.95, a level last seen on Feb. 17. It had ended at 46.085/095 on Friday and the market was closed on Monday for a holiday.
"Firstly, stocks are positive at the moment, so some positive out there. Second, we had a long weekend so pipeline supplies should keep the trend stronger for the rupee," said R.K. Gurumurthy, treasurer at ING Vysya Bank.
The rupee had traded in the narrow range of 45.95-46.07.
"We see some buying by state-owned banks, could also be genuine import covers," Gurumurthy said, adding that there was also caution on where the stock market would go from here.
Indian shares .BSESN were up 1.1 percent, and most Asian units were stronger compared to the dollar. See [EMRG/FRX] for a snapshot.
One-month offshore non-deliverable forward contracts PNDF were at 46.08/18, close to the onshore rate.
In the currency futures market INRFUTURES, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 46.1250.
source: http://in.reuters.com/article/companyNews/idINSGE62105620100302
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Rupee appreciates against US dollar
The rupee appreciated by 10 paise to 46 a dollar in the early trade on Tuesday in line with other Asian currencies and increased capital inflows by foreign funds into equities.
At the Interbank Foreign Exchange (Forex) market, the rupee appreciated by 10 paise to 46 a dollar. The domestic currency had closed 30 paise higher at 46.10/11 in the previous session on Friday. The markets were closed on Monday on account of 'Holi'.
Forex dealers said rupee gained against the US currency in line with other Asian units and dollar selling by banks and exporters.
Besides, fresh capital inflows by foreign funds into equities also supported the Indian rupee, they added.
Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 243.55 points, or 1.47 per cent to 16,673.10, in the opening trade on Tuesday.
We collect videos & images from online sites like youtube and some other websites which provide them. And most of the News is also gathered from other online websites. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material. If you feel that the content on the site is illegal or Privacy please contact us at srinuchalla@gmail.com and such videos, images or any Content will be removed with immediate effect.
At the Interbank Foreign Exchange (Forex) market, the rupee appreciated by 10 paise to 46 a dollar. The domestic currency had closed 30 paise higher at 46.10/11 in the previous session on Friday. The markets were closed on Monday on account of 'Holi'.
Forex dealers said rupee gained against the US currency in line with other Asian units and dollar selling by banks and exporters.
Besides, fresh capital inflows by foreign funds into equities also supported the Indian rupee, they added.
Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 243.55 points, or 1.47 per cent to 16,673.10, in the opening trade on Tuesday.
We collect videos & images from online sites like youtube and some other websites which provide them. And most of the News is also gathered from other online websites. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material. If you feel that the content on the site is illegal or Privacy please contact us at srinuchalla@gmail.com and such videos, images or any Content will be removed with immediate effect.
PayPal India hits reboot with bank withdrawals
PayPal confirmed late last week that the Reserve Bank of India had given it the go ahead to restart bank withdrawals in the country for settlements for exports of goods and services.
However, the company's Asia-Pacific boss Farhad Irani warned that personal payments remained switched off.
"We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service," he said in a PayPal blog post.
"As part of the changes, you will be required to fill out a new field entitled ‘Export Code’ when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions."
The RBI told PayPal to get its house in order by getting specific approvals to allow personal inward remittances to India, which Irani admitted the firm doesn't currently have.
"Until we get these approvals, personal payments into India will remain suspended," he said.
"We know the past few weeks have been difficult and I would like to assure you that we have been working tirelessly to resolve the situation and restore our service. PayPal’s highest priority is to always ensure we comply with all applicable regulations everywhere we do business around the world."
Last month the online payment service suspended transactions in India and confirmed that the shutdown was because of questions over whether personal payments were remittances - payments from ex-pat Indian workers.
We collect videos & images from online sites like youtube and some other websites which provide them. And most of the News is also gathered from other online websites. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material. If you feel that the content on the site is illegal or Privacy please contact us at srinuchalla@gmail.com and such videos, images or any Content will be removed with immediate effect.
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