A huge tornado tears through the Oklahoma City suburb of Moore, killing dozens. Slideshow
BRUSSELS - European leaders will discuss how to combat aggressive tax avoidance by major companies such as Amazon, Google and Apple at a summit on Wednesday, and cut the estimated 1 trillion euros a year the EU loses to tax evasion or avoidance.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Tata Consultancy may buy Citi's India BPO arm: report
MUMBAI (Reuters) - Tata Consultancy Services (TCS.BO) is close to acquiring Citigroup's (C.N) captive backoffice unit in India for about $500-$550 million, the Economic Times said on Tuesday, citing a source close to the development.
The announcement of a deal for Citigroup Global Services is likely to be made "within three weeks", the paper said.
TCS, India's top software services exporter, has edged IBM (IBM.N) in the race for the Citi unit and the deal would guarantee TCS business for the unit from Citigroup for five years, the paper said, citing this source.
A spokesman for Citi in India declined comment on the report. A spokesman for TCS also declined comment, calling the report speculative.
The Economic Times had reported in June Citigroup was restructuring its India backoffice operations and that it may sell or outsource most of these assets.
Citigroup unveiled a reorganization of its Asia-Pacific business on Monday, giving its regional heads increased authority. See <ID:nHKG110486>.
(Reporting by Rina Chandran; Editing by Charlotte Cooper)
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