Homegrown technology conglomerate IPVG announced recently that it has forged a deal with a Canadian company that will allow the two firms to offer call center services for companies based inside and outside of Canada. In a statement released last week, IPVG said it has signed a partnership agreement with Gemma Communications LP (GemmaCom), a call center company based ... [full story]
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UBS is to stop providing offshore banking services to American citizens as the latest development of its continuing involvement in the US government's $20bn (£10bn) tax-avoidance investigation into the bank's former operations. The Swiss bank, which has already closed down its US offshore banking business, went a step further and said that it would no long allow bankers from ... [full story]
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A worldwide banking coalition on Thursday proposed reforms in how the international industry does business, in response to the global credit crisis that arose from the 2007 meltdown in the US mortgage market. The Institute of International Finance (IIF), an association of 380 top banks and financial services companies, issued a report in Washington after nine-month study of 'best ... [full story]
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Indian offshore services BANGALORE: India has emerged as the most matured location for offshored IT and BPO services, though this dominance might be chipping away given the rising costs. Everest Research Institute in its report “Global Sourcing—Market Vista Q1 2008” said that the cost inflation in Indian cities is exceeding the 2007 levels and this has increased the risk of ... [full story]
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Newfield Exploration Company (NYSE: NFX) announced that the East Belumut/Chermingat fields in PM 323 recently commenced production and the Puteri field in PM 318 is expected to commence production later this week. The East Belumut/Chermingat and Puteri fields are located offshore Malaysia. In conjunction with the start-up of production from these fields, Newfield raised its 2008 production guidance for ... [full story]
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First American Global Offshore Services, a member of The First American Corporation (NYSE: FAF) family of companies and a leading provider of offshore business process outsourcing solutions, announced today that it has partnered with USFN -- America's Mortgage Banking Attorneys(R) to provide business process outsourcing solutions (LegalBPO) to the association's membership and respective clients. "We look forward to this ... [full story]
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Alistair Darling will signal another tax U-turn this week to prevent a threatened exodus from Britain of multinational companies. In a speech to the CBI tomorrow, the Chancellor will sound the retreat over moves to tax intellectual property held offshore. The proposal was contained in a Treasury discussion paper on reforms to the way in which earnings from foreign ... [full story]
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Eidesvik Offshore has entered into a long term charter agreement for a large subsea construction vessel with Veolia ES Special Services, a subsidiary of Veolia ES Industrial Services. The vessel is under contruction and scheduled for delivery in December 2008 from Ulstein Verft AS. The contract is for eight years with optional extensions. The vessel in questions is ... [full story]
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The current economic downturn in the United States should force businesses there to contract more work overseas to cut on costs, according to the top official here of software services firm Headstrong. Washington, D.C.-based Headstrong provides software services for customers in the financial services market. In the Philippines, the company employs about 600 people and plans to increase its ... [full story]
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Topaz Energy and Marine Ltd. (Topaz), a subsidiary of Renaissance Services SAOG Oman, has made a dramatic entry into the buoyant hydrocarbon market in Qatar. With the acquisition of the Doha Marine Services (DMS) fleet of 14 owned and managed vessels, Topaz has added 4 of its own vessels into Qatar to corner an impressive 18% of the Offshore Marine ... [full story]
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Soaring day rates for new generation OSVs helped Hornbeck Offshore Services, Inc. (NYSE: HOS) report results for the first quarter ended March 31, 2008 that included a 43.2% increase in revenues to $97.5 million compared to $68.1 million for the first quarter of 2007. Operating income was $37.0 million, or 37.9% of revenues, for the first quarter of 2008 ... [full story]
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The current U.S. economic slowdown might have another side effect. It could lead North American and European buyers of information technology services to use more labor in lower-cost countries such as India, according to Stamford-based Gartner Inc. Gartner predicts buyers of IT services will shift from cost containment to a greater focus on cost reduction and productivity gains ... [full story]
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Twenty per cent of New Zealand businesses generated some form of overseas income in the last financial year. For 44 per cent of businesses surveyed, their offshore income came from sales of finished goods, and over a third, 38 per cent, gained income from services, Statistics New Zealand said today. The department's business operations survey, run annually since ... [full story]
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Hyderabad-based Satyam Computer Services Ltd is planning to set up its first offshore development centre (ODC) in Gujarat at Gandhinagar. The global IT consulting and services provider has sought 25 acres from the state government. Likely to be commissioned within two years, the ODC would generate employment for over 3,000 professionals in the state over a period of five ... [full story]
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Superior Offshore International Inc., which has experienced a mass exodus of top-level executives amid serious liquidity issues, on Friday said it had filed for Chapter 11 bankruptcy protection in federal court. The Houston subsea construction and diving services company will continue to operate its business as "debtor in possession" under the jurisdiction of the court, according to a press ... [full story]
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Todd Hornbeck, chairman and CEO of Hornbeck Offshore Services, is bullish on the market outlook for vessels serving the offshore oil industry. "The dynamics in the market are even more compelling now than in 1997" when the company was founded, Hornbeck told a standing room only crowd of investors at the Burkenroad Reports Investment Conference this morning. Hornbeck ... [full story]
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Markets recovered Friday from an early slip and moved steadily to higher ground. But volume fell a tad from Thursday's pace, preliminary data show. The NYSE composite moved up 0.2%, the Nasdaq 0.3%. The S&P 500 eked out a 0.1% gain, while the Dow slipped a like amount. Fertilizer producers moved higher, led by Mosaic's (MOS) 10.55 jump ... [full story]
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Markets recovered Friday from an early slip and moved steadily to higher ground. But volume fell a tad from Thursday's pace, preliminary data show. The NYSE composite moved up 0.2%, the Nasdaq 0.3%. The S&P 500 eked out a 0.1% gain, while the Dow slipped a like amount. Fertilizer producers moved higher, led by Mosaic's (MOS) 10.55 jump ... [full story]
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Traditional offshore banking which has been affiliated with money laundering will not be one of the services to be provided by the Government's proposed Trinidad and Tobago International Financial Centre (TTIFC). Finance Minister Karen Nunez-Tesheira made the disclosure on Tuesday as she announced the time had come for "an alternate strategy" to move this country's economy away from its ... [full story]
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India's IT service providers want to prove they can innovate--not just serve up low-cost talent--but that's proving a difficult task from the other side of the globe. One solution: They're hiring more U.S. talent. Tata Consultancy Services said last week it has opened a development center in a former paper plant outside Cincinnati, with initial plans to employ 1,000 ... [full story]
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EON PreMedia and US-based New England Typographic Service (NETS) today announced the launch of NETS EON India - a jointly owned company - to provide offshore services ranging from content development and design to multiple format digital content solutions delivery for the elementary-through-high school (el-hi) educational publishing market. While NETS, a leader in content development, design and publishing services ... [full story]
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Offshore oil service company Hornbeck Offshore Services Inc. on Thursday issued guidance for 2008 earnings that could come in below Wall Street estimates. The company expects full-year earnings-per-share between $3.68 and $4.16. Analysts polled by Thomson Financial, on average, estimate earnings of $4.10 per share. Earnings before interest, taxes, depreciation and amortization are expected to be $220 million ... [full story]
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Seemingly conflicting signals emerging from the IT software services industry for the last six months or so are bound to confuse the average observer. But on closer observation there is a pattern here; that leads you to believe that things will get better, sooner or later. Merrill Lynch’s economist David Rosenberg had said in early December last year that ... [full story]
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In the currently hotting-up US Presidential campaign, Marc Hebert, Chief Marketing Officer of Virtusa Corporation ( www.virtusa.com), finds something noteworthy. “The issue of immigration is receiving much attention among the candidates, but the sub-issues of offshore outsourcing and the use of visas for highly-skilled workers have received very little attention,” he observes, during the course of a recent interaction ... [full story]
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Allis-Chalmers Energy Inc. (NYSE:ALY) today announced results for the full year and fourth quarter ended December 31, 2007. The results for the full year and fourth quarter 2007 are in line with the preliminary unaudited results that were announced on January 31, 2008. For the full year ended December 31, 2007, total revenues were $571.0 million, which represented an ... [full story]
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Jersey’s finance industry will be showcasing its trust and wealth management services to finance professionals in Manchester for the first time this month. A delegation from Jersey, the Channel Islands, will visit Manchester on Monday, March 10, in order to give a lunch presentation entitled ‘Offshore Trusts for Private Clients – Still Alive and Kicking?’. The event, which ... [full story]
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First American Global Offshore Services, a member of The First American Corporation family of companies; and Graystone Solutions, Inc., a leading loan servicing and technology provider, today announced a strategic partnership to offer First American's MortgageBPO(SM) solutions via Graystone's custom MortgageServ-based solutions. Through this partnership, Graystone clients have direct access to First American's global business process outsourcing solutions, bringing ... [full story]
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Phaneesh Murthy will be CEO effective April 1. iGATE Corporation, an information technology and business process outsourcing services provider, has decided to sell its professional services business. The divestiture will occur through a sale of the business or through a tax-free spin-off of the business to iGATE shareholders. Sunil Wadhwani and Ashok Trivedi, co-founders, said: “The separation ... [full story]
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India's rising labor costs, high inflation and a concentration of the world's outsourcing market in only a few cities are some of the factors making companies think twice about the Asian country when considering the location of their offshore services centers. Brazil is planning to capitalize on this and bring outsourcing contracts home. Within Latin America, Brazil is ... [full story]
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India is losing its stranglehold as the outsourcing destination of choice as China, Morocco, and Hungary gain ground Fewer global delivery centers were opened in India by the United Kingdom's 20 largest IT services suppliers than in each of the three countries over the last year. The competitive Indian labor market is driving companies to alternative destinations, say ... [full story]
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Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (NYSE: TOO), has declared a cash distribution of $0.40 per unit for the quarter ended December 31, 2007, an increase of $0.015 per unit, or 3.9%, from the third quarter of 2007. Teekay Offshore Partners L.P.'s quarterly distributions have increased by 14% since its initial public offering in ... [full story]
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Sykes Enterprises, Incorporated ("SYKES" or the "Company") (Nasdaq:SYKE), a global leader in providing outsourced customer contact management solutions and services in the business process outsourcing (BPO) arena, announced today it will release financial results for the fourth-quarter ended December 31, 2007, on March 10, 2008, after the market close. SYKES' management team will conduct a conference call on March ... [full story]
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