Greek govenment seeks two-year extension to bailout - Daily Telegraph
The radical leftist Syriza bloc, which wants to tear up the bailout agreement, surged to second place in Sunday's election and will keep the government under constant pressure to soften its terms.
The official, who declined to be named, said the platform called for the renegotiation of terms to secure a two-year extension to the 2014 deadline for Greece to reduce its budget deficit to 2.1pc from 9.3pc in 2011.
Greek officials have said the extension would require an extra €16bn to €20bn in foreign funding.
The government will also seek to extend the payment of unemployment benefits to two years from one, to offer benefits to the self-employed without work and to limit public sector lay-offs, the official told Reuters.
The document was to be submitted for approval at a meeting of party leaders today, after which the cabinet will be announced.
Greek finance job goes to civil servant - Financial Times
June 20, 2012 7:28 pm
TCS Positioned in Leaders Quadrant for Finance & Accounting (F&A) BPO by Leading Analyst Firm - Yahoo Finance
MUMBAI, India, June 21, 2012 /PRNewswire/ -- Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions organization, today announced that it has been positioned by Gartner, Inc. in the Leaders quadrant in its report, "Magic Quadrant for Finance and Accounting BPO," authored by Cathy Tornbohm and published May 30, 2012.
Gartner's F&A Magic Quadrant evaluates vendor capabilities in the comprehensive F&A business process outsourcing market among 18 providers. Gartner recommends using this Magic Quadrant to help identify and evaluate the right providers to support your organization.
As the report says: "Yes, you can provide F&A BPO, but do you know my industry?" is a more frequent concern of buyers in selecting a provider.... Buyers must look at a provider's quality, vertical market expertise (which is increasingly becoming important as providers learn about specific industries' finance needs, such as payment terms and supplier types), and global delivery models to ensure a full evaluation of the provider's abilities."
"We believe our positioning in the Leaders Quadrant is a testament of the uniqueness of our pioneering vision, strategy and ability to execute in the Finance and Accounting space," said Abid Ali Neemuchwala, Global head of TCS' BPO business. "TCS's investments in building industry vertical expertise in F&A, our proven transformation methodology - FORE™ delivering best in class processes, our business model innovation of F&A Platform solution delivering Business Process as a service (BPaaS), and unrelenting focus on analytics, risk and controllership are all geared to meet the customer's needs for an effective and efficient Finance function."
TCS's F&A services help CFOs and Controllers in creating visibility and transparency around capital and assets, in identifying, managing and mitigating risks and in tightening budgeting and planning to meet and exceed performance expectations. This helps organizations today to expand the focus of controllership beyond robust execution and financial efficiency to a more strategic and proactive growth enabler.
About the Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About TCS BPO
Business Process Services (BPO) at TCS is about managing and executing business operations. Our domain expertise helps deliver core business processing across industries, analytics and insights, and support processes such as accounting, HR and supply chain management. TCS partners with customers to accelerate co-transformation, and generates business value for customers through delivery excellence, risk management and through innovative models such as Platform BPO which delivers process as a service. With over $ 1.1 billion in BPO revenues and 40,000+ employees across 11 countries delivering services to more than 200+ customers, TCS is one of the leading Global Domain based BPO providers.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata Group, India's largest industrial conglomerate, TCS has over 238,500 of the world's best trained consultants in 42 countries. The Company generated consolidated revenues of US $10.17 billion for year ended 31 March, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
FOREX-Dollar firms after Fed, weaker German data - Reuters
* Fed extends Twist, leaves easing options open
* Euro drops to session low after German PMI
* Spanish borrowing costs hit new highs at auction
By Nia Williams
LONDON, June 21 (Reuters) - The dollar rose against the euro and growth-linked currencies on Thursday after the U.S. Federal Reserve disappointed investors who had expected it to opt for more aggressive easing - a move that would have boosted appetite for riskier currencies.
The euro came under fresh pressure after data showed Germany's private sector shrank in June for the second month running, with manufacturing activity hitting a three-year low.
This suggested Europe's largest economy may contract in the second quarter as the euro zone debt crisis intensified, and offset data from France which showed a slowdown in business activity there had eased.
Overall, the data made grim reading and kept alive speculation the European Central Bank will cut interest rates, offering investors a fresh excuse to sell the euro.
"After the Fed there was a bit of disappointment for the market but at least they extended Operation Twist," said Lutz Karpowitz, currency strategist at Commerzbank.
"Today we will have choppy, sideways moves. The market is looking for central bank action or any news regarding the European debt crisis."
The euro dropped 0.2 percent to $1.2674, having hit a high of $1.2744 on Wednesday. Bids from sovereign investors and macro funds were cited below $1.2620. Offers were reported above $1.2700 and stop-loss orders above $1.2720, traders said.
The dollar regained lost ground after the Fed stopped short of launching a more aggressive programme of buying bonds outright, or QE3, which some in the market had expected.
Policymakers expanded "Operation Twist", under which the Fed sells short-term securities to buy longer-term ones to keep long-term borrowing costs down, by $267 billion. The programme, which was due to expire this month, will run until the end of the year.
The dollar index, a measure of the greenback's performance against a basket of currencies, rose 0.1 percent to 81.595. The dollar rose to a 1-month high at 79.958 yen, getting some support after U.S. Treasury yields edged up on Wednesday.
Analysts said the dollar's outlook was clouded, with more players likely to position for fresh Fed stimulus after the central bank downgraded its U.S. growth forecast.
SPAIN IN FOCUS
Many analysts said the Fed was probably saving ammunition given the risk the euro zone crisis could deteriorate in coming weeks as borrowing costs in peripheral countries remain high.
Spain's borrowing hit a new euro era high at an auction on Thursday, a few hours before it sheds light on the state of its banks and possibly makes a formal request for funds to bail out the sector.
"What we had from the Fed is that further easing is still likely but the market is a bit uncertain about how that easing will come," said Michael Sneyd, FX strategist at BNP Paribas.
"We think euro/dollar can squeeze higher from here but we prefer being long commodity currencies against the dollar."
Growth-linked currencies came under pressure, digesting the Fed decision and weak Chinese data. The Australian dollar fell 0.2 percent to $1.0170, retreating from a seven-week high of $1.0225 hit on Wednesday.
The Aussie dollar hit an intraday low after a private-sector survey showed China's factory sector contracted for an eighth successive month in June, with export orders at their weakest since early 2009.
Forex Flash: Key takeaways from yesterday, USD/JPY and Europe – UBS - FXStreet.com
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