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As <keyword id="472962" type="ORGANIZATION" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> and <keyword id="1118012" type="UNKNOWN" weightage="20" keywordseo="max-life">Max Life</keyword> are all set to create the country's biggest private life insurer, <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="10338" type="PERSON" weightage="20" keywordseo="Analjit-Singh">Analjit Singh</keyword> came together in a press conference to disclose some of the details of the deal which is now sealed. Parekh said he believes macro economic conditions in India are favourable for such a merger and, HDFC and Max have strong synergies. Meanwhile Analjit said he has not seen effective consolidation in <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in years. 

	Key announcements made: 
 

	- HDFC LIFE to be the listed entity on completion of merger process

	- Max Life to merge into Max Fin Svcs, then into HDFC LIFE

	-Renewable premiums to grow around 10% per year going ahead. New business premium to grow by 15% in five yrs

	-Deal is subject to regulatory, shareholder approvals, and there is no need for open offer in Max Life merger

	-The agreement provides for a mutually agreed 6-month exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
 

	The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs 9400 crore.
 HDFC Life is a joint venture between HDFC and <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, a provider of financial services in the UK. While HDFC holds 61.65 per cent in it, the foreign partner holds 35 per cent. Max Life Insurance, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo InsuranceCo. Ltd. The foreign partner holds 25 per cent in the insurer. Max Financial Services is already listed on the stock exchanges and is the holding company of Max Life Insurance. 

	For HDFC, this will be the second such merger announced in this month. Earlier in June, HDFC Ergo General Insurance, the general insurance arm of mortgage lender HDFC, said that it will acquire L&amp;T General Insurance for Rs 551 crore, which if completed would be the first ever merger in the insurance industry.

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

The <keyword id="68997" type="UNKNOWN" weightage="20" keywordseo="insurance-bill">Insurance Bill</keyword> that was passed in the Parliament on Thursday has not only brought cheer to the industry players, but also spells good news for the consumers. 
	 “With the Insurance Laws (Amendment) Bill, 2015 being cleared by Parliament investment of around 200 bn rupees is likely to come into the Indian insurance sector over next few years. There is a lot of interest among foreign insurance companies to enter the market here as it has a lot of potential of growth. With more foreign investment and expertise, new products are also likely to be launched,” said Shashwat Sharma, Partner, Financial Services, <keyword id="50041" type="CITY" weightage="20" keywordseo="KPMG">KPMG</keyword>. 
	 
	Sharing a similar sentiment, Yashish Dahiya, CEO and co-founder of Policy Bazaar added, “The insurance bill will hand more power to consumers by ensuring flexibility in paying premium through installments, faster claim settlements, access to legal recourse and capping the agents’ commission. 
	 
	He further added that the Insurance Bill will now promote more transparency in the insurance products, thus making it easy for the consumer to understand his investment. “On the other hand, customers will have improved access to point of sales network for buying insurance policy. Moreover, online distribution channels will help consumers make an informed decision by analyzing products based on their requirement.,” explained Dahiya. 
	 
	Besides, the bill will also allow greater time frame to a policyholder to question an insurance company in case of misinformation or misleading statements. 
	 “There are many ways in which the insurance bill passed by the legislature is going to be helpful for the consumer who buys it--a few of the crucial pointers include that an insurance policy cannot be challenged on any ground after three years. This means if a fraud is detected three years after the policy has been in force, insurance companies will have to pay the policy holder. Thus, this will not lead to a distress to the consumer at the moment of urgency,” said <keyword id="972424" type="PERSON" weightage="20" keywordseo="Rohit-Gadia">Rohit Gadia</keyword>, CEO of <keyword id="1056926" type="ORGANIZATION" weightage="20" keywordseo="CapitalVia">CapitalVia</keyword>. 
	 
	Besides, the new insurance bill will help consumers at large to trust insurance products as it ensures greater consumer protection. “It gives more powers to the insurance regulator, which will make it difficult for companies to take policyholders for a ride,” added Gadia. 
	 
	The new Insurance Bill also puts a greater burden on the nominee of a policyholder too furnish proof in case of fraud. “The Bill has also added a new provision under Section 45 of the Insurance Act to shift the burden of proof on the beneficiaries of the deceased policyholder, in the event of fraud,” the Bill recommended. 
	 
	Also, the Insurance Bill is expected to pump in new investments in the sector. According to Gadia, market estimates suggested that Rs 20,000 crore to Rs 25,000 crore in foreign funds is likely to come immediately. 
	 
	“The money will help insurance companies to expand aggressively and will be beneficial for the people. It will be a big positive move for private insurers who have limited presence beyond metros and tier-1 cities. Also the domestic firms will look to expand aggressively with more money coming. More companies are likely to enter in to the insurance sector as well. This will lead to higher competition and insurance premiums may get cheaper for customers, analysts say. Insurance companies will now be able to bring innovation in products as well,” he explained. 
	 
	Interestingly, the Insurance Bill has also allowed a policy holder to refuse an assignment or transfer of a policy, if he reasonably feels that the said transaction was for trading of insurance policies. 
	 Gadia anticipates that the bill allows global insurers such as Britain's Prudential, which holds a minority stake in India's biggest private life insurer ICICI Prudential Life and others to increase their Indian stakes. And bring in innovation in the insurance sector. It could also pave the way for the year's biggest initial public offering, as HDFC Life, a joint venture between India's HDFC and Britain's <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, has said it would move towards a listing once the rule change is in place.

How the new Insurance Bill
will change the way you save

<ul><li>Natural gas output from <keyword id="937512" type="COMPANY" weightage="20" keywordseo="Dhirubhai-1">Dhirubhai-1</keyword> and 3 gas fields in the KG-D6 block in the Bay of Bengal started to lag <keyword id="9280858" type="UNKNOWN" weightage="20" keywordseo="company-projections">company projections</keyword> from the second year of production itself in 2010 and the field ceased to produce in February this year much ahead of its projected life. </li><li>The government blamed the phenomenon to the company not sticking to the approved development plan and disallowed over USD 3 billion costs. The company disputed this and dragged the government to arbitration. </li><li>While the two sides have filed their respective pleadings before the three-member arbitration tribunal, final hearings are tentatively scheduled from September to December 2021. </li></ul> <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> has estimated a maximum liability of USD 400 million (₹3,000 crore) in its nine-year old dispute with the government over alleged under-utilisation of capacity at the KG-D6 field due to failure to comply with an approved investment plan. Natural gas output from Dhirubhai-1 and 3 gas fields in the KG-D6 block in the Bay of Bengal started to lag company projections from the second year of production itself in 2010 and the field ceased to produce in February this year much ahead of its projected life. The government blamed the phenomenon to the company not sticking to the approved development plan and disallowed over USD 3 billion costs. The company disputed this and dragged the government to arbitration. In its mega rights issue offer document, Reliance said the central government sent notices to the firm and its partners in the KG-D6 block "disallowing cost recovery for alleged under-utilisation of capacity due to failure to comply with the approved development plan and demanded an additional share of profit petroleum." "The company contended that there are no provisions in the KG-D6 contract which entitle the Central Government to disallow cost recovery on this basis," it said. <keyword id="9280859" type="COMPANY" weightage="20" keywordseo="the-production-sharing-contract">The Production Sharing Contract</keyword> or PSC allows contractors to recovery all their capital and operating cost from the sale of oil and gas discovered and produced from a block before sharing profits with the government. Disallowing certain costs for recovery leads to the government claiming higher profit share. "On November 23, 2011, our company served an arbitration notice on the Central Government seeking to resolve a dispute relating to the cost recovery provisions of the KG-D6 PSC," the firm said. While the two sides have filed their respective pleadings before the three-member arbitration tribunal, final hearings are tentatively scheduled from September to December 2021. "Our potential liability in respect of, or the financial impact of this proceeding on our company, if any, pertains to the additional profit petroleum alleged to be payable to the Central Government, and is estimated to be in the range between USD 200 million and USD 400 million," it said, adding the matter is currently pending. Gas output from D1 and D3 fields in KG-D6 block was supposed to be 80 million standard cubic metres per day but actual production was only 35.33 mmscmd in 2011-12, 20.88 mmscmd in 2012-13 and 9.77 mmscmd in 2013-14. The output continued to drop in the subsequent years and the fields ceased to produce in February this year. "The Government of India (GOI), by its letters dated May 2, 2012, November 14, 2013, July 10, 2014, and June 3, 2016, has disallowed certain costs which the Production Sharing Contract (PSC), relating to Block KGDWN-98/3 (KG-D6) entitles the company to recover. "The company continues to maintain that a contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the GOI to disallow the recovery of any contract cost as defined in the PSC," it said. In these four notices, the government sought USD 247 million (Rs 1,869 crore) of additional profit petroleum after cost recovery was disallowed. The total penalty slapped till 2016, which was in the form of disallowing recovery of cost incurred for missing the target during six years beginning April 1, 2010, was USD 3.02 billion. The PSC allows Reliance and its partners <keyword id="111764" type="COMPANY" weightage="20" keywordseo="BP-Plc">BP Plc</keyword> of the UK and Canada's Niko Resources to deduct all capital and operating expenses from the sale of gas before sharing profit with the government. <keyword id="579522" type="COMPANY" weightage="20" keywordseo="Reliance-BP">Reliance-BP</keyword> had blamed unanticipated sand and water ingress for shutting down of one well after the other, leading to a drop in production. Reliance held 60 per cent interest in block KG-DWN-98/3 or KG-D6 in the Bay of Bengal. BP had 30 per cent and Niko the remaining 10 per cent. Facing cash problems, Niko exited the blocks, leaving Reliance with 66.66 per cent stake and the balance with BP. ANZ ABM

Reliance estimates $400 million liability in KG-D6 cost recovery dispute

New Delhi, Feb 3 () D1/D3 gas field, India's first deepwater gas field, ceased to produce on Monday after a USD 1 billion investment and mammoth technological intervention by Reliance Industries and its partner BP Plc of UK extended the life of dwindling fields by four years, sources said.
D1/D3 field, in Block KG D6 (KG-DWN-98/3) located in the Bay of Bengal, was India's first deepwater gas field to be put on production in April 2009. Output, which peaked at over 61 million standard cubic meters per day in 2010, had been on a decline as sand and water ingress forced wells to shut down one after the other.
While at the peak, it was India's biggest gas field, in the last quarter D1/D3 produced an average of just 1.5 mmscmd.
The sources said only three out of the 18 wells drilled on the fields had remained on production and they too died on Monday.
In perhaps one of its kind intervention in a deepsea field, Reliance-BP, through use of a combination of complex techniques, kept the wells flowing at Dhirubhai-1 and 3 (D1&amp;D3) fields for the last four years.
Reliance had to date made 19 oil and gas discoveries in the Krishna Godavari basin. Of these, D26 or MA -- the only oil discovery in the block -- was the first field to began production in September 2008. D1 and D3 fields went onstream in April 2009.
MA field cessation expected by September 2018, the sources said, adding the field at its peak had produced 1,08,418 tonnes of oil in May 2010.
MA also started producing gas from April 2009, just when D1 and D6 went live. It peaked to 8.4 mmscmd in August 2010 before sand and water ingress forced shutting down of well after well. D1 &amp; D3 field too had a peak that year in March when it touched an output of 61.4 mmscmd.
KG-D6 produced about 3 trillion cubic feet equivalent, saving about USD 30 billion in energy imports.
The sources said the field infrastructure would be utilized to bring on stream the next set of fields in the block.
The joint venture has committed USD 5 billion (Rs 35,000 crores) of investments towards monetizing another 3 trillion cubic feet equivalent (about 500 Million Barrels of Oil equivalent) reserves from three projects - R cluster, Satellite Cluster and MJ fields.
These projects will be utilizing most of the existing gas production facilities, they said, adding once commissioned, the three fields will deliver a peak production of 1 billion cubic feet per day which is about 20 per cent of the current domestic production.
Although there were initial setbacks due to geological surprises, the challenge was to extend life of the field beyond 2015 due to lower reservoir pressure and water ingress, the sources said.
Reliance-BP innovated and applied first of their kind solutions to extend field life and maximize recovery, which included sidetrack/substitute wells, reduction of arrival pressures, and mitigating the effect of water in the network.
This effort extended production up till this month.
The sources said despite best efforts, in recent times the field instability exacerbated due to water and sand ingress leading to a sharp decline in production. Consequently, to preserve the facilities for future use, the field had to be safely shutdown on Monday.
The field set several global benchmarks set in terms of deepwater operational performance - 99.9 per cent uptime, 100 per cent incident-free operations and no security incident.
Reliance is the operator of KG-D6 block with 66.6 per cent stake, while BP has the balance. ANZ BAL

D1/D3 gas field in Reliance's KG-D6 block shuts down

New Delhi, Jun 28 () Reliance Industries has pushed back the start of production from the second wave of discoveries in its eastern offshore KG-D6 block to September/October after the COVID-19 lockdown imposed unprecedented constraints in execution of the deepwater project. The company, along with its partner BP Plc of the UK, was initially targeting the start of production from the R-Series field in the Krishna Godavari block in May but pushed it back to June-end due to the lockdown. The lockdown has further pushed the start of production to mid of 2020-21 fiscal, Reliance said in its latest annual report. Fiscal year runs from April to March and mid of the fiscal should be September or October. In its annual report, Reliance said the key focus for 2019-20 was to monetise the about 3 trillion cubic feet equivalent of discovered resources in KG-D6 deepwater. "Concurrent development of three deep/ultra-deepwater projects in block KG-D6 namely, R-Cluster, Satellite Cluster and MJ fields, is being pursued by leveraging the existing world class hub infrastructure. "All contracts have been awarded and projects are in different stages of maturity with commissioning of the first of the three projects i.e. R Cluster, expected this year," it said. Combined production from these three fields is expected to be 30 million standard cubic metres per day (mmscmd) by FY2024. The output is equal to a third of India's current natural gas production. "Up until March 2020, all projects have been ahead of schedule. However, the outbreak of the COVID-19 pandemic and consequent lockdowns have presented unprecedented constraints in the execution of these deepwater projects. "While safety of people and assets remains our top priority, we are making all efforts to progress these projects and expect to commission the R-Cluster Field in mid FY 2021," the company said. The company's D1 and D3 fields in the KG-D6 block ceased to produce in February this year after being in production for a decade. R-Cluster will have a peak output of 12.9 mmscmd while Satellites, which are supposed to begin output from mid-2021, would produce a maximum of 7 mmscmd. MJ field will start production in the second half of 2022 and will have a peak output of 12 mmscmd. "The R-Cluster fields which will come onstream first, will have a peak production of 12.9 mmscmd, about 10 per cent of India's current gas production. The combined production from the three fields will ramp up to 30 mmscmd in 2023 when all the fields are onstream," it said. Reliance said with a significant gas resource base, it is poised to be a premier contributor to India's gas-based economy. "Within three years, we are aiming to achieve peak production of gas that will be equivalent to nearly 30 per cent of India's indigenous production. This will translate into substantial multiplier effects for the economy and lead to energy import savings to the tune of nearly USD 25 billion over 10-12 years," the annual report added. The peak production from the three fields is expected to reach about 15 per cent of India's projected demand that year, it said. The D1-D3 field was India's first deepwater gas field to be put on production in April 2009. "While there were initial setbacks due to geological surprises, the RIL-BP joint venture through its efforts and further investments extended the field life upto February 2020, maximising recovery from the field," it said. The KG-D6 Block has so far produced an overall 3 trillion cubic feet equivalent of gas, oil and condensate. The block has established several global benchmarks in terms of operational performance, including 99.9 per cent uptime and 100 per cent incident-free operations. "Majority of the production facilities established for development of the gas fields will be utilised towards development of the three new fields," it added. ANZ ABM

Reliance pushes back KG-D6 production to Sep/Oct

<div type="image" title="meghan harry, racism ad" height="1500" width="2000" msid="76281929" hostid="261"></div><ul class="summary-list"><li>The British tabloids have reshared a video of <a href="https://www.youtube.com/watch?v=yPrXCSSZgOk&amp;t=46s=46s">Meghan Markle detailing her experiences with racism</a>, despite accusations that they are part of the problem.</li><li><a href="https://www.dailymail.co.uk/femail/article-8381225/Meghan-Markle-discusses-experiences-racism-resurfaced-2012-video.html">The Mail Online</a>, <a href="https://www.mirror.co.uk/news/uk-news/meghan-markle-spoke-out-personal-22132236">The Mirror</a>, <a href="https://www.express.co.uk/news/royal/1290557/meghan-markle-racism-black-lives-matter-george-floyd-US-protests-trump-news">The Express</a>, and <a href="https://www.thesun.co.uk/fabulous/11771050/meghan-markle-experiences-racism-mum-n-word/">The Sun</a> shared the video of the Duchess of Sussex speaking for the "I Won't Stand for Racism Campaign" in 2012, as part of their <keyword id="2771111" type="PERSON" weightage="60" keywordseo="black-lives-matter">Black Lives Matter</keyword> coverage.</li><li>These are the same publications that <a href="https://www.insider.com/prince-harry-meghan-markle-letter-british-tabloids-cut-off-contact-2020-4">Markle and Prince Harry cut off contact</a> with after many were accused of discriminatory and <a href="https://www.insider.com/racism-british-media-meghan-markle-prince-harry-royal-step-back-2020-1">racist coverage of the duchess</a>.</li><li>Markle and Harry resigned from their royal duties in January, just two months after Markle acknowledged she <a href="https://www.insider.com/video-meghan-markle-struggles-with-media-itv-documentary-2019-10">was "not OK" following the increased media attention</a>.</li><li>Insider spoke with <keyword id="6418563" type="UNKNOWN" weightage="60" keywordseo="Royals">royals</keyword> experts, who debated whether the tabloids would ever hold themselves accountable for playing a part in "<keyword id="8543225" type="UNKNOWN" weightage="60" keywordseo="Megxit">Megxit</keyword>."</li><li>The Sun and the Mail Online did not respond when contacted by Insider. Reach Plc — the publisher of The Mirror and The Express — declined to comment.</li></ul>"Some of the slurs that I've heard, the really offensive jokes, or the names ... it's just hit me in a really strong way," <keyword id="2959098" type="PERSON" weightage="60" keywordseo="Meghan-Markle">Meghan Markle</keyword> said during a video for Erase the Hate's <a href="https://www.youtube.com/watch?v=yPrXCSSZgOk&amp;t=46s=46s">"I Won't Stand for Racism" campaign back in 2012</a>."And then, a couple of years ago, I heard someone call my mom the N-word," she said.The video recently resurfaced after thousands of people across the world took part in <a href="https://www.insider.com/global-george-floyd-black-lives-matter-protests-photos-2020-5">Black Lives Matter protests following the killing of George Floyd in Minneapolis</a>.Many of the British tabloids were quick to reshare the video — six months after they were <a href="https://www.insider.com/racism-british-media-meghan-markle-prince-harry-royal-step-back-2020-1">accused of driving Markle out of the UK</a>.Just a few of the discriminatory headlines Markle was subjected to over the years included that she was <a href="https://www.dailymail.co.uk/news/article-6621047/How-Meghans-favourite-avocado-snack-fueling-human-rights-abuses-drought-murder.html">"fueling human rights abuses, drought, and murder" for eating avocados</a> and that her mother's hometown was <a href="https://www.dailymail.co.uk/news/article-3896180/Prince-Harry-s-girlfriend-actress-Meghan-Markles.html">"(almost) straight outta Compton" and "gang-scarred."</a>Many of the publications that reshared the 2012 video have either been <a href="https://www.insider.com/meghan-markle-criticized-kate-middleton-praised-double-standards-racism-2019-11">accused of contributing to this type of discriminatory coverage</a> or have refused to acknowledge that racism played a part in "Megxit" in the first place.Insider spoke with experts, who debated whether the tabloids were finally recognizing the duchess' struggle with racism and whether those publications would ever hold themselves accountable for contributing to it.<h2><keyword id="17995" type="CITY" weightage="60" keywordseo="Prince-Harry">Prince Harry</keyword> called out the press' racism toward Markle back in 2016, but things have only gotten worse since then</h2><a href="https://www.dailymail.co.uk/femail/article-8381225/Meghan-Markle-discusses-experiences-racism-resurfaced-2012-video.html">The Mail Online</a>, <a href="https://www.mirror.co.uk/news/uk-news/meghan-markle-spoke-out-personal-22132236">The Mirror</a>, <a href="https://www.express.co.uk/news/royal/1290557/meghan-markle-racism-black-lives-matter-george-floyd-US-protests-trump-news">The Express</a>, and <a href="https://www.thesun.co.uk/fabulous/11771050/meghan-markle-experiences-racism-mum-n-word/">The Sun</a> all wrote articles promoting Markle's anti-racism video last week.These publications were <a href="https://www.insider.com/prince-harry-meghan-markle-letter-british-tabloids-cut-off-contact-2020-4">banned by the Duke and Duchess of Sussex's press team</a> earlier this year. The couple wrote letters to the publications saying that they would no longer communicate with their journalists and that "there is a real human cost" to the way in which they operated."It is gravely concerning that an influential slice of the media, over many years, has sought to insulate themselves from taking accountability for what they say or print — even when they know it to be distorted, false, or invasive beyond reason," the statement said. "When power is enjoyed without responsibility, the trust we all place in this much-needed industry is degraded."<div type="image" title="prince harry meghan markle official tour" height="1331" width="2000" msid="76281936" hostid="261"></div>"There is a real human cost to this way of doing business and it affects every corner of society," they added.While the duke and duchess didn't outwardly cite racism as a reason behind their decision, Prince Harry called out the press' racist coverage of the former actress in 2016."His girlfriend, Meghan Markle, has been subject to a wave of abuse and harassment," a Kensington Palace representative said in an <a href="https://www.royal.uk/statement-communications-secretary-prince-harry">official statement</a>."Some of this has been very public — the smear on the front page of a national newspaper; the racial undertones of comment pieces; and the outright sexism and racism of social media trolls and web article comments."Throughout the four years that followed, the tabloids didn't seem to take precaution when it came to the duchess.More recently, the press has been criticized for the double standards placed on Markle, in comparison to its portrayal of Kate Middleton.Insider previously <a href="https://www.insider.com/meghan-markle-criticized-kate-middleton-praised-double-standards-racism-2019-11">compared the contrasting headlines used to portray Middleton and Markle</a> in articles on the same subject."It is rather incongruous that the tabloid media would discuss a video of a younger Meghan talking about the effects of racism in her life," Marlene Koenig, a royal expert for History Extra, told Insider."This is not a new video, but in the wake of the tragic death of George Floyd and the growing protests in support of Black Lives Matter, it is not a surprise for these newspapers to try and capitalize on the movement — and of course try to tie Meghan to it.""I think it is a bit much for the tabloids, who have used Meghan as a whipping boy for more than two years, to highlight her messages about racism as the papers have no interest in acknowledging their roles the unfavorable, sometimes racist coverage. It is a bit rich, actually," she added.The Sun and the Mail Online did not respond when contacted by Insider. Reach Plc — the publisher of The Mirror and The Express — declined to comment.<h2>The press might not ever take responsibility</h2>Piers Morgan — who has arguably become one of Markle's greatest critics over the years — previously said he didn't believe racism was a factor when it came to the couple's move to North America, known as Megxit.In fact, Morgan argued that the coverage of Markle was mostly positive and became negative only because of her "behavior" in recent months."I would argue, as a journalist — I used to run these papers — the coverage after that didn't suddenly get racist," Morgan said during an <a href="https://www.youtube.com/watch?v=oXhGR5XVOXo">appearance on "Good Morning Britain" in January</a>."The coverage got more negative because of their behavior," he added. "How do you cover someone who is not white, in that circumstance, without people thinking ... there may be racial bias behind it?"While the TV host hasn't retracted the statement, he did acknowledge four months later that he thought some of his past criticisms of <a href="https://www.dailymail.co.uk/news/article-8304081/Piers-Morgan-admits-probably-taken-things-bit-far-criticism-Meghan-Markle.html">Markle had gone "too far."</a>Speaking with The Sunday Times, Morgan blamed "boredom" for his unfair coverage of the duchess."It's times of relative peace, calm, quiet, and dare I say boredom that might occasionally bring out the worst in me," he said.Then, last week he went as far as to praise the duchess after she released <a href="https://www.insider.com/video-meghan-markle-addresed-george-floyd-death-black-lives-matter-2020-6">a new video message</a> about the Black Lives Matter movement to students at her former high school.The headline of his <a href="https://www.dailymail.co.uk/news/article-8388385/PIERS-MORGAN-Mr-President-listen-Meghan-Markle-stop-dividing-country-crying-pain.html">latest column says</a>: "You're not fit to light Churchill's cigar, Mr President so listen to Meghan Markle and stop dividing and start uniting a country crying out in pain."If a critic like Morgan is able to recognize his unfair coverage of the duchess, this could be a signal that other journalists could follow suit.<h2>The British tabloids want to 'be on the right side of history,' according to Princess Keisha of Nigeria</h2>Though it's unclear whether Morgan's recent column dedicated to the duchess came from a genuine place, it's apparent that no journalist wants to be on the wrong side of history when it comes to racism.According to Princess Keisha — a Black American model who <a href="https://www.insider.com/princess-keisha-of-nigeria-husband-pantene-crown-of-curls-5">married into Nigerian royalty</a> — the reasons behind the tabloids' sudden shift don't matter in the long term.<div type="image" title="Princess Keisha Prince Kunle" height="2681" width="1800" msid="76281941" hostid="261"></div>"I think it's amazing to see how quickly the worldwide outrage spread for #BlackLivesMatter after the video of the horrific murder of George Floyd by the hands of police," Princess Keisha told Insider."It seems to have instantly opened the eyes of everyone who prior to the viral video, would have told you the All Lives Matter and racism didn't exist," she said.Princess Keisha added that if the British press "still feel validated in proclaiming it's not about race and we are not being racist, it doesn't give one hope that they have any interest in changing their behavior or treatment of Meghan Markle."However, despite this, the royal believes the press resharing Markle's 2012 anti-racist campaign could signal change for the better."I think everyone watching what is happening all over the world has no choice but to join the movement and take responsibility for their own part in systematic racism," she said. "If they do not, they will be left behind."Markle said in the 2012 video: "I hope that by the time I have children, that people are even more open-minded to how things are changing.""And that having a mixed world is what it's all about," she added.One of her first interviews as a new mother, however, showed her <a href="https://www.insider.com/video-meghan-markle-struggles-with-media-itv-documentary-2019-10">acknowledging that she was "not OK"</a> following a storm of hateful press stories after Archie's birth.While it's impossible to erase the press' treatment of the duchess — and her potential reasons for leaving the UK — it's still possible for the tabloids to make changes in their coverage."Whether the British tabloids want to take responsibility or not, they will if only for the sole purpose of going down in history for being on the right side of history," Princess Keisha said."At this point, people of color are happy that many allies are coming together to go against injustice and racism," she added. "Their reasons behind it is not important. Ending systemic racism is the ultimate goal."<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.insider.com/racism-british-media-meghan-markle-prince-harry-royal-step-back-2020-1">Racism in the British media may have been a driving force behind Meghan Markle's 'step back' from the royal family</a></li><li><a href="https://www.insider.com/meghan-markle-criticized-kate-middleton-praised-double-standards-racism-2019-11">Meghan Markle is being criticized for doing the same things that Kate Middleton is praised for, and a royal expert says it wouldn't be happening if she were white</a></li><li><a href="https://www.insider.com/prince-harry-meghan-markle-letter-british-tabloids-cut-off-contact-2020-4">Prince Harry and Meghan Markle wrote explosive letters to 4 British tabloids cutting off all contact</a></li><li><a href="https://www.insider.com/piers-morgan-leaked-private-message-meghan-markle-sent-him-2020-1">Piers Morgan leaked a private message Meghan Markle sent him before she was a royal, where she said she was a 'big fan' of the TV host</a></li><li><a href="https://www.insider.com/princess-martha-louise-received-death-threats-for-interracial-relationship-instagram-2020-6">A Norwegian princess says she received death threats for being in an interracial relationship, and it's strikingly similar to the backlash Meghan Markle faced</a></li><li><a href="https://www.insider.com/princess-keisha-of-nigeria-husband-pantene-crown-of-curls-5">Princess Keisha of Nigeria says she didn't know her now-husband was a prince until 2 years into their relationship, when his mom called her 'my princess'</a></li></ul>

The British tabloids have finally acknowledged Meghan Markle's struggle with racism — but they're 6 months too late

Table of Contents: Masthead Sticky<ul class="summary-list"><li>Planning your <keyword id="11909870" type="UNKNOWN" weightage="60" keywordseo="retirement" source="Orion">retirement</keyword> as early as possible is key to ensuring you're financially secure when you're no longer working.</li><li>When planning for retirement, many experts recommend transitioning your portfolio away from stocks and into bonds as you age.</li><li>How you save for retirement has important tax implications for you and your family.</li></ul>We all dream of a stress-free retirement as a way to enjoy our golden years. But getting there takes a lot of careful planning. And it's important to start early. When you plan for retirement, you're setting income goals and determining the course of action needed to achieve them. That means choosing long-term investment vehicles such as 401(k) accounts, IRAs, or annuities. The sooner you begin funding them, the more money you're likely to have when it comes time to retire. Following are the basic steps to take when doing your retirement planning.<h2>Step 1: Calculate how much you'll need for retirement</h2>Perhaps the biggest question in retirement planning is: How much do I need to save?" While every situation is different, <a href="https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire">Fidelity estimates</a> that retirees will need 10 times their salary in savings to retire in order to maintain the same lifestyle while still working.<table style="border-collapse: collapse; width: 100%; height: 198px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">By age</td><td style="width: 62.6115%; height: 22px;">Salary amount you should have saved</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">30</td><td style="width: 62.6115%; height: 22px;">1x your starting salary</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">35</td><td style="width: 62.6115%; height: 22px;">2x your starting salary</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">40</td><td style="width: 62.6115%; height: 22px;">3x your starting salary</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">45</td><td style="width: 62.6115%; height: 22px;">4x your starting salary</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">50</td><td style="width: 62.6115%; height: 22px;">6x your starting salary</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">55</td><td style="width: 62.6115%; height: 22px;">7x your starting salary</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; height: 22px; text-align: center;">60</td><td style="width: 62.6115%; height: 22px;">8x your starting salary</td></tr><tr style="height: 22px;"><td style="width: 37.3885%; text-align: center; height: 22px;">67</td><td style="width: 62.6115%; height: 22px;">10x your starting salary</td></tr></tbody></table>The <a href="https://www.irs.gov/retirement-plans/plan-sponsor/benefits-of-setting-up-a-retirement-plan">IRS estimates</a> that most retirees should save enough to receive 80% of their yearly salary during retirement. Of course, everyone's situation is different. Two key factors will determine how much you need: when you want to retire and how you want to live in retirement.For example, if you want to travel more during retirement than you did during your working years, Fidelity recommends you may want 12 times your annual salary saved. If you plan on living more modestly, you may only need eight times. <a href="https://www.fidelity.com/products/retirement/widget/xfactor/retire_xfactor.html">Here's a helpful tool</a> from Fidelity that allows you to compute what your likely retirement needs are. Whatever you do, it's best to start saving as early as you can. Compound interest means that a dollar saved when you are younger can be as valuable as saving several dollars later in life.<h2>Step 2: Choose a retirement plan </h2>There are various retirement vehicles to choose from, which is a big decision that can affect how you save for retirement. From 401(k) plans to Roth IRAs, the options can be hard to parse. Steps to take when choosing a retirement plan:<ul><li>Experts generally recommend you first max out any retirement plan with employer-matching funds. Failing to do so is like leaving free money on the table. </li><li>Next, you want to consider the tax implications. A Roth plan makes sense if you think you'll have a higher tax rate in the future. If you think your taxes will be lower in the future, you may want to defer taxes on your retirement savings by using a traditional <keyword id="11898246" type="UNKNOWN" weightage="60" keywordseo="ira" source="Orion">IRA</keyword>, 401(k), 403(b). Keep reading to learn more about Roth plans.</li><li>Whatever plan you choose should generally have a diversified basket of equities and bonds. Most experts recommend your portfolio get more conservative as you age.</li><li>Whatever plan you choose, it's important to start saving as soon as you can, and fund as much as you can afford.</li></ul>Here are the different types of types of retirement accounts to consider:<h3>Employer-sponsored plans</h3>Employer-sponsored plans are retirement plans created under terms set by your employer. While the details of specific plans will vary, the two most common plan types are 401(k) and 403(b). Two types of employer-sponsored plans are: <ul><li><a href="https://www.businessinsider.com/what-is-401k">401(k)</a>s: This is a retirement plan that's commonly offered by many employers. They allow employees to allocate a portion of their pay directly into the account, with employers matching contributions up to a certain percentage. 401(k)s are usually tax-deferred, meaning contributions are not taxed, but withdrawals are.</li><li><a href="https://www.businessinsider.com/what-is-403b">403(b)</a>s: This is a type of retirement plan for workers in government, nonprofits, or religious organizations. Most plans offer investments in mutual funds or annuities. They are usually tax-deferred, meaning you pay taxes only when you withdraw your money. </li></ul>Since these plans are sponsored by your employer, details such as which assets are available will vary. Both 401(k)s and 403(b)s are funded with after-tax money, allowing you to make tax free withdrawals in retirement. The 2021 contribution limit for both 401(k) and 403(b) plans is $26,000 if you're 50 or older and $19,500 for everyone else.Related Article Module: The best retirement plans to use in 2021Many employers offer matching contributions for these two plans, meaning they'll match any contribution you make up to a certain amount. For example, if you make $50,000 at an employer offering a 2% match, they'll contribute $1,000 to your plan, but only if you do so too. Unless you have a Roth plan, you will pay taxes on your investment, but only when you withdraw the funds. <h3>IRAs </h3>An <a href="https://www.businessinsider.com/personal-finance/what-is-a-traditional-ira">IRA</a>, short for individual retirement arrangement, is a type of retirement account that's set up by an individual, not their employer. IRAs offer a variety of investment choices, from mutual funds to bonds. Below are several different types of IRAs: <ul><li><a href="https://www.businessinsider.com/what-is-roth-ira">Roth IRAs:</a> This type of IRA is funded with after-tax money, allowing for tax-free distributions in retirement. If you expect to have a higher tax rate in the future, or want your heirs to inherit money tax-free, you may want to consider a Roth IRA.</li><li><a href="https://www.businessinsider.com/personal-finance/what-is-a-traditional-ira">Traditional IRAs:</a> This type of IRA is the opposite of a Roth IRA in that it's funded with pre-tax money. This allows you to defer payment of income taxes on the money you save until you take distributions when you retire. This is a good way to reduce your taxable income now, while saving for retirement. If you expect your tax rate to be lower in the future, a Traditional IRA may be best for you.</li><li><a href="https://www.businessinsider.com/simple-ira">SIMPLE IRAs:</a> A SIMPLE IRA is an employer-sponsored IRA for employees of small businesses. It functions similarly to a 401(k) with details varying by employer.</li><li><a href="https://www.businessinsider.com/sep-ira">SEP IRAs</a>: A SEP IRA is a retirement plan that employers can establish on behalf of their employees. It can also be used by business owners or self-employed people as a personal retirement plan.</li></ul>"I'm a big fan of Roth IRAs and employer-sponsored Roth retirement accounts" says <a href="http://www.vittlaw.com">Loretta Vitt Dubova</a>, Attorney at Vitt Law Offices, PLC, who specializes in areas of estate planning, estate administration, and elder law. When someone cashes out the plan after inheriting it, "in many cases, a child or non-spouse beneficiary of a Roth retirement plan will not pay income tax," Dubova adds. This is in contrast to a traditional, non-Roth IRA where beneficiaries must pay income tax on distributions, she explains. <h3>Annuities</h3>An <a href="https://www.businessinsider.com/what-is-an-annuity">annuity</a> is an insurance product that provides a steady stream of money during retirement. You make a prepium payment or series of payments and choose whether you'd like payments in a lump sum or over time. Annuities income and investment gains grow tax free, too. Lifetime annuities are a good option for those worried about outliving their retirement savings. Quick Tip: Experts generally recommend a Roth 401(k), Roth 403(b), or Roth IRA plan if you expect to have a higher tax rate in the future, while a traditional retirement plan may make more sense if you think your future tax rate will be lower. <h2>Step 3: Select your retirement investments and start contributing </h2>Once you've selected your retirement vehicle, it's time to start thinking of what to invest your contributions in. Retirement accounts allow you to invest in a wide variety of assets, such as <a href="https://www.businessinsider.com/how-to-invest-in-stocks">stocks</a>, <a href="https://www.businessinsider.com/what-is-a-bond">bonds</a>, and <a href="https://www.businessinsider.com/mutual-funds">mutual funds</a>. But what should you invest in?Financial advisors usually suggest a <a href="https://www.businessinsider.com/how-to-diversify-portfolio">diversified portfolio</a>, which might include <a href="https://www.businessinsider.com/mutual-funds">index funds</a> that track major sectors or indices, such as the <a href="https://www.businessinsider.com/what-is-the-sp-500">S&amp;P 500</a>. In general, diversification among assets is important, with most investors typically increasing the allocation of bonds, which are generally less risky than stocks as they get older."The standard way of thinking is that asset allocation needs to get more conservative over time," says <a href="https://blog.iese.edu/jestrada/">Javier Estrada</a>, professor of finance at IESE Business School, who has done academic research on retirement planning strategies. However, "asset allocations need to be personalized depending on the individual's goals, portfolio holding period, and risk tolerance," he says. If adjusting your asset allocation mix over time sounds too complicated, you can invest in a target-date fund that does it for you. You simply choose the date of your retirement, and the fund will automatically rebalance your portfolio as time passes, making it more conservative over time. Estrada calls target-date funds "a good option for people with little knowledge of how to save for retirement" but notes that sophisticated investors, or those with a good adviser, may want the flexibility of doing their own reallocations.Regardless of the strategy you take, it's important to maximize your contributions each year that you can. It's especially crucial to take advantage of any employer match programs, because they are essentially a free way to magnify your investing impact.Quick Tip: Target-date funds automatically rebalance your retirement portfolio toward safer investments over time. This makes them a simple "set-and-forget" option for many people.<h2>During retirement: Withdraw funds at a sustainable rate</h2>No matter how much you save, if you spend too quickly you could spend your final years in trouble. And if you spend too slowly, you might not be able to enjoy the money you've saved. One common metric is the 4% rule. You spend 4% of your retirement savings in your first year, then only increase that figure with inflation. For example, if you have $1 million saved for retirement, in the first year you'd withdraw $40,000. If the inflation rate is 2%, then next year you'd withdraw $40,800, and so on. <a href="https://www.aaii.com/files/pdf/6794_retirement-savings-choosing-a-withdrawal-rate-that-is-sustainable.pdf">An influential study</a> by finance professors at <a href="https://en.wikipedia.org/wiki/Trinity_University_(Texas)">Trinity University</a> found this worked over every 30-year period from 1926 to 1994, for portfolios in their sample that had at least 25% bonds. <a href="https://www.rbcwm-usa.com/resources/file-687839.pdf">Updated versions</a> have also found similar results. While the bond-heavy portfolios are less likely to run out of money if stocks crash, they also grow more slowly than equity-heavy portfolios do in good times. That's one reason why many think that a 75/25 mix is far too conservative. Estrada researched this topic, <a href="https://blog.iese.edu/jestrada/files/2017/01/Buffett-AA-Global.pdf">finding</a> a 90/10 allocation remarkably successful for most investors. For investors seeking to "maximize the size of the retirement portfolio, there may be better strategies to follow" than simply adjusting more and more towards bonds as retirement approaches, he says. The <a href="https://www.fidelity.com/learning-center/personal-finance/time-bucket-strategy">Bucket Strategy</a> is another way to plan for retirement withdrawals. It involves withdrawing the money you'll need in the next few years into low-risk buckets. This is designed to avoid you selling too many assets after a market crash. Although it has many adherents, Professor Estrada <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3274499">found</a> it underperforms static withdrawal strategies on all four metrics he tested. Instead, he recommends periodically rebalancing your retirement portfolio. "Bucketing may be behaviorally comforting but financially suboptimal" said Prof. Estrada, adding "everything that bucketing achieves can be achieved by periodically rebalancing a portfolio, which also leads to additional benefits."Beyond asset-allocation strategies, it's important to understand the rules of your retirement plans. For example, most withdrawals from a 401(k) before age 59 ½ incur a 10% penalty. <h2>The financial takeaway</h2>The choices you make when retirement planning are some of the most important financial decisions you'll ever make because they will ultimately have a huge influence on your quality of life when you get older. It starts with thinking about how you want to live when you're older and then charting a path to get there, whether it's through an employer-sponsored 401(k), an IRA, or a range of other investment options.No matter what plan you choose, it's important to make the most of tax deferrals, employer matches, and other ways to make the most of your retirement funds. And remember to adjust your portfolio over time, moving out of riskier assets in favor of a more conservative allocation as you get older.<a data-type="6143a04d6f685c22dc25603a">How to open a Roth IRA in 3 steps to start saving for retirement</a><a data-type="613b6ad74dde6122a564f7a3">Traditional IRA vs. Roth IRA: What's the difference?</a><a data-type="5c9108c901df722d966ff305">A comprehensive guide to investing in stocks for beginners</a><a data-type="613b6c304dde6123556001d2">403(b) vs. 401(k): What's the difference?</a>

3 steps to start building your own retirement plan

<ul><li>The technology major reported a 0.3% growth in dollar revenue in constant currency terms.</li><li>Operating margin of 25% was better than most estimates.</li><li>The company declared a dividend of ₹5 a share along with its earnings.</li><li>These are some of the big deal wins as declared by the management.</li></ul>Technology major <keyword id="385529" type="PERSON" weightage="20" keywordseo="TCS-revenue">TCS revenue</keyword> barely grew in the three months between October and December 2019. However, the Chief Executive Officer (CEO) Rajesh Gopinathan highlighted a slew of large deals that the company bagged in the last quarter. The aggregate TCV for this quarter is $6 billion, adds up to $18 billion for the first three quarters of the fiscal year. It shows the level of activity in the market, the CEO added. These are the new deals and extensions listed by the company in its statement <ul><li>Walgreens Boots Alliance, a leading North American pharmacy retailer, selected <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> as trusted partner to accelerate the work on transforming its critical pharmacy operating system leveraging TCS contextual knowledge. The solution will be cloud native with modern architecture enabling <keyword id="6355515" type="UNKNOWN" weightage="20" keywordseo="business">business</keyword> agility and improved customer's experience. </li><li>Petco, America's leading pet specialty retailer, selected TCS Optumera™, the award-winning AI-powered merchandize optimization suite, to hyper-localize and optimize its store products and space strategies in an integrated way, with greater speed and precision in decision-making, and deliver an improved end-to-end customer experience. </li><li>IAG Tech, part of International Airlines Group, has extended its strategic technology partnership by selecting TCS to support existing datacenter infrastructure and services. This multi-year managed services contract will optimize and support datacenter operations, standardize processes and technologies, and reduce the legacy IT footprint to enable IAG's datacenter transformations across all operating companies. </li><li>Chosen by Bayer, a leading life sciences company, as a strategic partner to provide IT transformation services across the pharmaceuticals and consumer health business, as well as in the area of corporate functions and HR across the enterprise. TCS was selected for its capabilities in research and development, as well as track record in delivering large and complex engagements. </li><li>Selected by a France-based global pharmaceutical company, for end to end transformation of the user experience, enabled by Digital Workplace Services, leveraging the combined strengths of next gen analytics and cognitive automation with robust global service delivery capability. </li><li>Selected by one of the largest pan-Asian life insurance groups to deliver a major cloud transformation and modernization program, leveraging Agile techniques, to enable hyper personalized customer experience and to support future growth. </li><li>Engaged by a UK-based multinational pharmaceutical company to deliver an Agile/Dev-Ops transformation of its IT Research and Development operating model. This value-driven Agile culture will enable the company to deliver "medicines that matter" and change patient’s lives by focusing on a unique equation combining Science x Technology x Culture. </li><li>Chosen by a global banking and financial services holding company as its partner for transforming its FDIC compliance regulatory reporting. </li><li>Selected by CSL Behring, a leading rare diseases biotech company, as a strategic business technology partner to help consolidate and transform its operations and business enablement model and support its accelerated growth plans. </li><li>Chosen by a major UK-based financial services company, to re-imagine and transform the employee experience by implementing a persona-centric, modern and collaborative Digital Workplace to dramatically improve workplace productivity, co-ordination, agility and innovation. TCS will also transform the security ecosystem to provide superior protection against major cyber threats. </li><li>Selected by a leading UK-based multinational energy and utilities company as their strategic innovation-ecosystem partner for transforming their product portfolio and innovating at scale. The engagement includes building capabilities for legacy modernization, cloud transformation, integration of acquisitions, and AI-based data security compliance with GDPR/CCPA regulations. </li><li>One of Australia’s leading banks is expanding its strategic partnership with TCS to drive service management transformation in its Consumer Banking, Business Banking, Institutional Banking businesses and corporate functions. As the single partner of choice, TCS will enable this transformation leveraging TCS’ Run-the-Bank framework and assets, Machine First™ Delivery Model and its cognitive automation product, ignio™. </li><li>Chosen by a pioneering high-end luxury fashion group based in France, to transform their global finance and supply chain functions for better customer experience and efficient operations. TCS will lead the design and deployment of the enterprise resource planning template to rationalize applications for their North America operations to ensure faster time to market, streamlined fashion management supply chain cycle and greater efficiency. </li><li>Selected by a US-based multinational pharmaceutical company for enabling real-time analytics to optimize their business functions including manufacturing, sales, transportation, scrap &amp; raw materials inventory, and quality metrics analysis. TCS will develop a solution on a leading public cloud platform using state-of-the-art data analytics and visualization technologies. </li><li>Selected by a global leader in the transportation and storage of specialty chemicals, to stay ahead of changing markets by modernizing its big data platform on the cloud. This will help unlock the power of data, accelerate the growth and transformation journey for organizational agility, and deliver enhanced business ROI. </li><li>Engaged by an American Fortune 100 energy company, for enhancement and managed services for their IoT-based mobile field management suite of applications. This application is used to track their real time field problems, relevant maintenance service, resource planning, outage management and periodic inspections. </li><li>Engaged by one of the largest telecom service provider in USA, to implement an online device registration portal leveraging a leading IoT platform to enhance their connectivity management API with real time inputs, provisioning, monitoring, usage management, reporting &amp; analytics integrated with messaging, location services and firmware management features. </li><li>Engaged by a leading US-based automated pool accessories manufacturer as partner in their connected pool IoT solution for its line of residential pool equipment to generate additional revenue streams and increased market share from hi-tech value-added services. </li><li>Engaged by one of the largest American multinational technology companies, to transform their current legacy and home-grown HR systems and processes, and enable their transition to a unified cloud platform for seamless employee onboarding, superior engagement and experience. </li><li>Selected by a leading American health insurer to improve engagement of customers and partners, while creating new efficiencies in related business functions. A leading cloud-based health insurance CRM platform will replace the legacy front and back-office systems, reimagining how business is done and provide a unified experience across business functions. </li><li>Engaged by a US-based bank to streamline its customer engagement channels and operations, migrating its legacy technology applications to a leading cloud-based financial services CRM solution. This move will consolidate business processes and systems across its retail, wealth, and commercial lines of business, to increase customer wallet-share. </li><li>Selected by a leading networking company based in the US to manage onboarding, migration, and integration of its most recently acquired company to its operations and enterprise platforms on the cloud. This integration will ensure that the investment made in the acquisition is maximized through cross-selling solutions across the respective customer segments. </li><li>Chosen by a British semiconductor and software design company for its employee experience transformation program designed to consolidate its diverse HR portfolio into a harmonized platform which will help improve employee experience. </li><li>Engaged by a global pharmaceutical giant based in Germany to deliver digital content production services for its global marketing needs as part of its renewed go to market strategy. </li><li>Selected by a global medical devices company, to prepare for scaling blockchain solution for tracking movement of surgical supplies. The pilot solution that has been deployed to improve visibility from manufacturing through distribution would be evolved to scale up transaction volumes in 2020. </li><li>Selected by a global leader in airline catering, retail-on-board and hospitality products and services, to host their ERP and Analytics applications on the TCS Enterprise Cloud Platform, and provide ongoing support for ERP administration. </li><li>Selected by a major UK insurer for transforming its IT infrastructure to meet dynamically growing business requirements, leveraging the TCS Enterprise Cloud Platform. </li><li>Engaged by a leading global financial services firm, as the strategic partner to modernize their application portfolio, currently on legacy mainframe systems, to a leading public enterprise cloud platform by leveraging TCS' Cloud Migration &amp; API factory model. </li><li>Chosen by a leading multinational bank based in Europe to govern and manage their risk and assurance process for security infrastructure. TCS will enable it to transform to a new operating model leveraging its Machine First approach, and migrate their SOC to a cloud to optimally support increased demand with real-time analysis and visualization of machine data. </li><li>Engaged by a Netherlands-based global semiconductor manufacturer as a delivery and innovation partner to transform their overall security posture, by setting up a robust security operations center with contextualized threat intelligence and orchestration, leveraging intelligent automation technologies. </li><li>Engaged by a leading American coffee company and coffeehouse chain to support their security operations including Public Key Infrastructure, privileged identity management, web single sign on and federation, virtual directory, external identity management and automated provisioning. </li><li>Selected by Aptiv PLC, a global technology company, as a strategic partner to continue to advance their IT Infrastructure Operations by bringing in business aligned, scalable, secure, digitally automated operations using cognitive tools powered by the MFDM™ framework. </li><li>Selected by one of the largest agricultural products firms, to provide end to end infrastructure services with a new engagement model leveraging service reliability engineering &amp; digital technologies. The scope includes cognitive technology powered service desk, field services, digital workplace services, client experience and unified collaboration services, cloud and on-premise hosting services, security and global network services. The proposed solution and operating model will prime their Global IT Infrastructure for the future, ensuring business continuity and transformation. </li><li>Selected by a global pharmaceutical company headquartered in USA, to enhance and transform their end user experience through TCS’ futuristic Digital Workplace Services Solution that is based on zero touch, nextgen technology and experience-focused services. TCS’ intuitive, immersive and intelligent UX solution, leveraging MFDM™-based service delivery, cognitive automation capabilities, and persona-based analytics, will deliver a hyper-personalized, reimagined experience to their customer-facing workforce. </li><li>Selected by a financial software and risk solutions to render digital workplace services on a hybrid cloud solution leveraging a leading public cloud platform and TCS Enterprise Cloud Platform. TCS’ Machine First design, leveraging automation and chatbots, security and support services, will result in improved customer experience, reduced onboarding timelines and higher user productivity. </li><li>Chosen by a US-based global fashion retailer to improve the customer experience and drive online business growth by implementing a leading enterprise CRM platform with a Machine First approach leveraging chat bots for enhanced response times and enriched contextual customer conversations. TCS will also drive the consolidation of multiple contact centres into a single digitally enabled multi-lingual center to enable better call handling, customer up-sell and cross-sell. </li><li>Selected by a leading US-based multinational technology company, to transform its procurement operations, deployment engineering, network deployment services. TCS will leverage its Machine First approach to automate and expedite hardware deployment and procurement functions to bring in agility and efficiencies to one of the largest and widely spread global cloud operations.</li></ul>See Also: T<a href="https://www.businessinsider.in/business/corporates/news/tcs-third-quarter-earnings-1-2-dollar-revenue-growth-ceo-commentary-and-other-highlights/articleshow/73327973.cms?src=hp_ts">CS third-quarter earnings ⁠— 0.3% dollar revenue growth, CEO commentary and other highlights</a>

These are the big deals bagged by TCS in the the last three months

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="https://www.youtube.com/watch?v=6xu9-YhfQvU">www.youtube.com</a></div>U.K. authorities have launched an <keyword id="49112" type="ORGANIZATION" weightage="60" keywordseo="Investigation">investigation</keyword> into the way software company <keyword id="6364581" type="UNKNOWN" weightage="60" keywordseo="Autonomy">Autonomy</keyword>'s ran its books before HP bought it, the <a href="http://www.frc.org.uk/News-and-Events/FRC-Press/Press/2013/February/Investigation-announced-in-connection-with-Autonom.aspx">Financial Reporting Council (FRC) said</a>.
U.S. authorities are also investigating, <a href="http://www.businessinsider.com/hp-us-doj-investigating-autonomy-2012-12">HP announced in December</a>.
All this poking around stems from HP's claims that Autonomy was misstating its financial performance before HP purchased the company for $11 billion in August 2011.
HP initially said the alleged deception cost it $5 billion—the amount that the company believes it overpaid.
Autonomy founder <keyword id="547642" type="PERSON" weightage="60" keywordseo="Mike-Lynch">Mike Lynch</keyword> has vehemently denied the charges. He says that <a href="http://www.businessinsider.com/mike-lynch-hp-autonomy-mismanagement-2012-11">HP's mismanagement of Autonomy after the acquisition was the problem</a>.
HP accused Autonomy of booking hardware sales as software, improperly booking deals with its resellers, and not recognizing software-as-a-service sales correctly. (<a href="http://www.businessinsider.com/autonomy-accounting-fraud-allegations-explainer-2012-11">Here's a more detailed rundown on HP's accusations</a>.)
Business Insider took a closer look at one big Autonomy deal, whose details were revealed in a lawsuit with a <a href="http://www.businessinsider.com/an-inside-look-at-an-autonomy-sales-deal-2013-1">former sales employee</a>.
Since HP went public with its accusations, CEO Meg Whitman admitted that HP "paid too much" for Autonomy, but she also laid the blame on the auditors, Deloitte—not HP's board, which vetted the acquisition.
In a <a href="http://autonomyaccounts.org/statement-in-response-to-announcement-of-frc-investigation/">statement on his blog</a> acknowledging the U.K. investigation, Lynch also took cover behind <keyword id="6358918" type="PERSON" weightage="60" keywordseo="Deloitte">Deloitte</keyword>, writing:
We welcome this investigation. Autonomy received unqualified audit reports throughout its life as a public company. This includes the period in question, during which Autonomy was audited by Deloitte.
Deloitte has denied knowledge of any alleged <keyword id="38935" type="PERSON" weightage="60" keywordseo="Fraud">fraud</keyword>, giving us this statement.
"Deloitte UK notes that the Financial Reporting Council has announced an investigation into the published financial reporting of Autonomy Corporation plc. We will cooperate fully with the FRC’s investigation into these matters. As previously stated, Deloitte had no knowledge of any accounting improprieties or misrepresentations in Autonomy's financial statements. We conducted our audit work in full compliance with regulation and professional standards."

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