18 proposals for E Govt. Portal

The Ministry of Telecommunications announced that it has received 18 proposals for the E Government Portal.

Nigel Hickson, E Commerce Consultant at the Ministry reported that international companies Microsoft, IBM, SAP, Novell, Cable and Wireless, Vignette, Plumtree, Telelogica, CGI, Deloite and Touche, Oracle and Ovation as well as local players ICS, SBI, Web-Front, BMS, Fort Knox, Gateway, Paragon, Quo Vadis and Logic had all submitted proposals either on their own or in various partnerships.

The ministry has set aside around $750,000 in the budget for the first phase of development of the Portal which involves uniting roughly 40 individual government sites onto one website. Industry sources said that some of the larger international applicants would be keen to have the kudos of listing a government among their clients.

HSBC rating affirmed

Bermuda-registered HSBC Life (International) Ltd. has had its financial strength rating of A+ (Superior) affirmed by ratings agency HSBC Life.

Best said the rating reflected HSBC Life's 40 percent market share in the retirement savings and Mandatory Provident Fund (MPF) business, strong distribution capabilities, robust growth in new business and sustained increase in embedded value.

The rating also benefits from HSBC Life's important role within the HSBC Banking Group, Best said.

RenRe files with SEC

WASHINGTON - Reinsurer RenaissanceRe Holdings Ltd. filed yesterday with the Securities and Exchange Commission to periodically sell up to $200 million in debt securities, common and preferred shares and other securities.

The Bermuda-based company is also carrying forward $364.25 million in previously registered securities, thereby increasing the total offering to $564.25 million. It plans to use the net proceeds for working capital, capital expenditures, acquisitions and other general corporate purposes, it said in the shelf registration filing. Under such a filing, a company may sell securities from time to time in one or more separate offerings in amounts, at prices and on terms to be determined at the time of sale. - Reuters