Insurer announces intention to &#39;offshore&#39; up to 7,000 UK jobs
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Aviva, the company that owns Norwich Union, has announced that up to 7,000 jobs that service UK business will be offshored by 2007.
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Lazard, the world&#39;s largest independent investment bank, has appointed Goldman Sachs to advise on a possible Â£1.7bn initial public offering, or potential spin-off of its asset management or UK broking arms, it has been reported.
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One of the UKâs biggest insurance firms today announced plans to transfer more than 1,100 jobs to India over the next few years, sparking fears of a âcrisisâ in Britain.
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Britain's biggest insurance group said Wednesday that group sales surged by more than a fifth in 2007, boosted by a robust performance overseas.
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Dutch banking and insurance group Fortis said that its international insurance arm will acquire the Ukranian insurer Etalon Life, for 7.6 million euros (9.7 million dollars).
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The bond insurer is raising $1 billion in an effort to stay afloat.
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British companies will move all the unskilled labour they can overseas within a decade, the head of the UK&#39;s largest employers&#39; organisation warned yesterday.
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Car insurer Admiral unveils a 24% jump in profits to Â£68.7m for the first six months of the year.
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Hugh Osmond, the pubs-to-pizzas entrepreneur, is to make a dramatic move into Britain&#39;s life insurance market by leading a Â£1billion cash acquisition
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One of the country&#39;s biggest insurance firms, Royal &amp; SunAlliance, is to transfer more than 1,000 jobs to Bangalore in India.
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The offshore action continues to swell.
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Independent oil and gas producer Devon Energy Corp.  said on Friday it expects fourth-quarter production to rise 7 percent from the year-ago level to about 57 million barrels of oil equivalent (boe).
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LONDON  - British insurer Royal &amp; SunAlliance said Monday it plans to transfer more than 1,100 jobs to India over the next few years in a bid to cut costs.
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Britain&#39;s largest insurer Aviva says it will move 950 jobs to low cost centres in India and Sri Lanka in 2005 and it plans to have up to 7,000 people working in offshore centres by the end of 2007.
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Over 2.5m foreigners have moved to the UK to work in the past five years, National Insurance figures suggest.
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The country's infrastructure makes it an attractive candidate for offshore work, a research company says.
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BT Group has extended an existing human resources outsourcing deal with Accenture with a new 10-year contract valued at Â£306 million ($576 million), the companies announced Wednesday. The deal will begin in August and will cover BT's HR functions in 38 countries for all of its 97,000 employees and 180,000 BT pensioners. The previous five-year outsourcing contract only covered employees in the U.K. Accenture will provide services such as customer contact, recruitment, pension administration, payroll, and benefits administration. The business process outsourcing (BPO) contract with London-based BT also has a consulting, or what companies like IBM are increasingly calling "transformation," element to it. As part of its consulting role, Accenture will create a "transition program" with BT before the August roll-out of the contract.