NEWS| Infosys - visit the official website here
Based in Bangalore, Karnataka, Infosys is the firm formerly known as Infosys Technologies. Infosys is an Indian multinational provider of business consulting, information technology, software engineering and outsourcing services. By 2012 revenues, Infosys is the third-largest India-based IT services company by and the second largest employer of H-1B visa professionals in the United States. By the 28th of March 2013, its market capitalisation had grown to $30.8 billion, making it India's sixth largest publicly traded company. This is a general Business News site that is in no way connected to Infosys. If you are looking for the official Infosys website please click here .
History of Infosys
Infosys was co-founded in 1981 by N. R. Narayana Murthy, Nandan Nilekani, N. S. Raghavan, S. Gopalakrishnan, S. D. Shibulal, K. Dinesh and Ashok Arora after they resigned from Patni Computer Systems. The company was incorporated as "Infosys Consultants Pvt Ltd." with a capital of $250 in Model Colony, Pune as the registered office and signed up its first client, Data Basics Corporation, in New York. In 1983, Infosys corporate headquarters was relocated to Bangalore. Change in name: It changed its name to "Infosys Technologies Private Limited" in April 1992. It changed its name to "Infosys Technologies Limited" when it became a public limited company in June 1992. It was later renamed to "Infosys Limited" in June 2011. On 1 June 2013, Mr. Narayana Murthy, one of the founding members of Infosys and its long time CEO, returned from his retirement to assume office in Infosys as its Executive Chairman.
Infosys has 87 global software development centers of which 32 are in India and 55 are outside India. It has 69 sales offices around the world of which 2 are in India and 67 are outside India. In recent years, Infosys has begun shifting operations to the United States and other countries outside of India. In 2012, Infosys announced a new office in Milwaukee, Wisconsin to service Harley-Davidson, being the 18th international office in the United States. Infosys hired 1,200 United States employees in 2011, and expanded the workforce by an additional 2,000 employees in 2012. Globally, Infosys has 67 offices between the US, India, China, Australia, Japan, Middle East, United Kingdom, Germany, France, Switzerland, Netherlands, Poland, Canada.
AkzoNobel selects Infosys for finance and accounting solutions
IT services major Infosys today said its BPO arm has been selected by speciality chemicals producer AkzoNobel to transform their finance and accounting (F&A) processes. Infosys, however, did not reveal the deal size. Infosys BPO will play a key role in accelerating AkzoNobel's finance transformation programme and streamline accompanying operations for its decorative (paints and coating) business in over 30 countries across Europe, the Middle East and Africa, Infosys said in a release. The BPO arm will consolidate F&A processes at AkzoNobel and will leverage proven business process management and technology solutions to accelerate operational efficiencies, improve controls and drive optimisation, it added.
"Infosys BPO will play a key role in accelerating AkzoNobel’s finance transformation program and streamline accompanying operations for AkzoNobel's decorative business in over 30 countries across Europe, the Middle East and Africa," Infosys BPO said in a press release today. Infosys BPO will service AkzoNobel from its delivery centers in Poland and India in various European languages such as Dutch, English, French, German, Italian, Spanish and Swedish, the release said.
Logbook Loans | Payday Loans | Same Day Loans
Britain's biggest logbook loan brand active again
The BBC has learned that UK logbook loan market largest brand is active again just days after the firm that owned it went into administration. Logbookloans.co.uk is now under the new ownership of Hermes Property Services Limited. It is offering loans at 478% APR secured against the value of a car or motorbike. The Office of Fair Trading (OFT) had taken steps to revoke the credit licence of the brand's previous owners. Old laws With a logbook loan, the lender has the right to seize a vehicle and sell it without going to court if they default on the loan. Such firms rely on an archaic piece of legislation. the Bills of Sale Act 1878, introduced before cars were even invented. It means that when you take out a loan your car becomes the property of the people lending you the money.
There are dozens of firms which offer this sort of loan. Robert Shaw was a customer of one such company. He described his experience to Radio 4's Money Box programme. "I borrowed Ј3,000 and the potential term of the loan was three years, so that could have resulted in me paying £10,500 in interest," he said. The Department for Business Innovation and Skills estimated that nearly 40,000 bills of sale were registered between April 2008 and March 2009 in England and Wales. That equates to around Ј30m in loans to customers. Bills of sale do not apply under Scottish law but they do in Northern Ireland. The firm with the website manyloans.co.uk was the biggest player in the field, although other expanding firms such as this company now offer more competition. As long ago as October 2009 the OFT determined it would revoke the firm's consumer credit licence, effectively closing it down. The ruling said the firm had been sending out thousands of letters to customers in the name of a legal services company, falsely threatening to take legal actions against them. Just as the process was about to be exhausted last month the two parent companies, Nine Regions Limited and Log Book Loans Limited, went into administration and its brand and loan book was bought by the Hermes Property Services Ltd. The firm already runs a similar company called loans2go.co.uk The OFT's public register shows that Hermes has applied for the trading name Logbook Loans to be added to its consumer credit licence. But in the meantime the website logbookloans.co.uk appears to be allowing customers to apply for new loans. The OFT told Money Box that a firm which carries on business under a name not specified in the licence is committing an offence.
Money Box contacted Hermes Property Services Ltd but no one would speak to the programme nor confirm whether the firm was taking loans under the logbook loans brand. Other providers of same day loans include the firm www.diamondchoice.co.uk/same-day-loans.html.
Greg Stevens is the chief executive of the Consumer Credit Trading Association, which represents many logbook loans companies. He said the logbook loan industry was introducing changes following the OFT's action. He said: "We're looking at one rotten apple in the barrel. We've been working closely with the Department for Business, Innovation and Skills and the OFT to come up with a code of practice which is specific to the logbook loans sector. It will be audited and monitored." The Department for Business, Innovation and Skills (BIS) had considered imposing a ban on the entire industry but the government felt that could restrict consumer access to credit, reduce choice and push up prices. (BIS) added that it would be disproportionate to ban an industry because of a few rogue lenders. A spokesperson for BIS said: "Following consultation, the government concluded that rather than banning these loans, a package of measures based on an industry code of practice, and a plain English consumer information sheet explaining how
bills of sale work was the best way to proceed in this market. The vast majority of reputable companies have signed up to the code." David Sanders is a lead officer for civil law at the Trading Standards Institute and has been following the logbookloan industry for many years. He feels the government has missed an opportunity to take decisive action: "It (the code) doesn't really have any teeth. There are still quite a few companies which are outside the code and we can see no reason why they would feel bound by it." All activities will be regulated, also affecting the use of mobile internet to get guaranteed payday loans.
The Chancellor George Osbourne recently made an announcement indicating that regulation of the payday loan and the loans in minutes industry is to get tougher. This follows an investigation by the OFT which revealed shocking debt collection practices as well as evidence of irresponsible lending. Payday loans are typically completed online with almost instant payday loans. giving very little time for robust affordability assessments. A series of measures will afford consumers better protection and make it more difficult to run a business like Manyloans.co.uk, thus redressing the balance. Read the article by Kenneth Shamu.
Payday loan problems on the rise according to debt charity
Following another fantastic piece on payday loans direct lenders only by moneygate.org.uk it has emerged that Stepchange, one of the UK's leading debt helplines has seen an increase in the number of individuals coming to them with debt probelms. Sixty-two thousand people asked for help from the debt charity in 2013, which was an 82% rise in the numbers from the previous year. The Charity has asked the Financial Conduct Authority to place payday loans for people on benefits restrictions on the industry when it takes over from the Office of Fair Trading. The average caller had three payday loans with a debt of just under £1,650 which is more than the average net income of £1,380.
As usual the Consumer Finance Association defended the position of payday lenders to some extent, questioning the payday loans no brokers data cited by the charity. According to the CFA, about half a percent of all payday loan complaints are upheld and according to an independent study, 94% of payday loans are paid back in time.
You can visit moneygate.org.uk for data, surveys and research within the payday loan industry. This includes sub-sectors of faxless, direct lenders, for people on benefits and payday loans without brokers.
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Category: Payday loans