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    Business Wire IndiaThe Board of Directors of HDFC Standard Life Insurance Company Ltd. (“HDFC Life”), Max Life Insurance Company Ltd. (“Max Life”) and Max Financial Services Ltd. (“Max Financial Services”) at their respective meetings held today, approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement. The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
     
    The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts / NCLT, and other third party approvals, as may be applicable. 
     
    Follow up announcements shall be made as necessary.
     
    About HDFC Life
     
    HDFC Life is one of the leading life insurance companies in India offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children’s & Women’s Plan. The total premiums for the year ending March 31, 2016 were Rs. 16,313 crores and total AUM as of March 31, 2016 was Rs. 74,247 crores.
     
    About Max Life
     
    Max Life, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Co. Ltd. Max Life offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners. The total premiums for the year ending March 31, 2016 were Rs. 9,216 crores and total AUM as of March 31, 2016 was Rs. 35,824 crores.
     
    About Max Financial Services
     
    Max Financial Services, a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. Max Financial Services actively manages a 68% stake in Max Life, making it India’s first listed company focused exclusively on life insurance.

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    Business Wire India

    QNB Group, the leading bank in the Middle East and Africa (MEA) region, announced its results for the six months ended 30 June 2016.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160712006119/en/

     
    QNB Group HQ Building in Doha (Photo: ME NewsWire)

    QNB Group HQ Building in Doha (Photo: ME NewsWire)

    For the first half of 2016, Net Profit reached QAR6.2 billion, (USD 1.7 billion) up by 12% compared to last year. Total assets increased by 36% from June 2015 to reach QAR692 billion (USD190 billion), the highest ever achieved by the Group.

     

    On 15 June 2016, QNB Group completed the acquisition of 99.81% stake in Finansbank A.Ş. – Turkey.

     

    The growth in assets was driven by loans and advances which grew by 39% to reach QAR497 billion (USD136 billion). At the same time QNB Group increased customer funding by 29% to QAR488 billion (USD134 billion). This led to the Group’s loans to deposit ratio reaching 101.7%.

     

    QNB Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 30%, which is considered one of the best ratios among large financial institutions in the region.

     

    The Group was able to maintain the ratio of non-performing loans to gross loans at 1.8%, a level considered one of the lowest amongst large banks in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk. The Group’s conservative policy in regard to provisioning continued with the coverage ratio reaching 127% in 30 June 2016.

     

    Total Equity increased by 27% from June 2015 to reach QAR73 billion (USD20 billion) as at 30 June 2016. Earnings per Share reached QAR7.4 (USD2.0), compared to QAR6.7 in June 2015.

     

    QNB Group successfully raised QAR 10 billion in Additional Tier 1 Perpetual Capital Notes, to strengthen the Group’s Capital Adequacy Ratios and to support future growth across the Group.

     

    Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 14.2% as at 30 June 2016, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.

     

    After completing the acquisition of Finansbank during June 2016, QNB Group solidified its position as one of the strongest rated financial institutions in the MEA region. This is a result of QNB Group’s strong financial position, high quality of its assets and its leading position in the financial sector.

     

    Based on the Group’s continuous strong performance and its expanding international presence, QNB maintained its position as the most valuable bank brand in the MEA region. This continues to recognise QNB’s position as the leading financial institution across the MEA region and the value inherent in the QNB brand.

     

    QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. QNB Group staff exceeds 27,300 serving more than 20 million customers through 1,200 locations and 4,300 ATMs.

     

    *Source: ME NewsWire

     

     

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20160712006119/en/

     

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    Business Wire India

    Russell Reynolds Associates, one of the world’s leading executive search and leadership advisory firms, and Hogan Assessments, a global leader in personality assessment and leadership development, announced a global, exclusive partnership designed to increase the success rate of executive appointments and accelerate the development of rising leaders.

     

    The partnership combines Russell Reynolds’ depth of expertise in advising senior executives and boards on executive search and succession with Hogan’s market-leading suite of assessment instruments, data assets and scientific acumen.

     

    The firms will work together on a range of initiatives designed to drive C-suite performance, with an initial emphasis on creating a new, co-branded assessment approach designed to predict executive performance in C-level roles.

     

    “The cost of betting on the wrong leader has never been higher,” said Clarke Murphy, CEO of Russell Reynolds Associates. “That said, innovation in the executive assessment space has not kept pace with the rate of change confronting senior executives. We are excited to partner with Hogan – a true pioneer in the assessment field – to accelerate innovation and deploy new assessments that dramatically increase the success rates of executive selection and succession decisions.”

     

    The assessments will enable executive teams and boards to increase the precision of selection decisions and mitigate the risks associated with senior executive appointments.

     

    Hogan's CEO Tomas Chamorro-Premuzic noted: "No other factor plays a bigger role in determining the fate of organizations than the quality of their leaders, so understanding and measuring potential for leadership is the utmost priority for winning the war for talent. Our partnership with Russell Reynolds will allow us to combine robust data on millions of leaders around the world to create the best tools and solutions in the market. We are excited to join forces with a true leader in the field."

     

    About Hogan Assessments

     

    Hogan Assessments is the global leader in providing comprehensive, research-based personality assessment and consulting. Grounded in decades of science, Hogan helps businesses dramatically reduce turnover and increase productivity by hiring the right people, developing key talent and evaluating leadership potential. Hogan's assessments are available in 57 countries and 46 languages, and are used by more than half of Fortune 500 companies. For more information, visit www.hoganassessments.com.

     

    About Russell Reynolds Associates

     

    Russell Reynolds Associates is a global leader in assessment, recruitment and succession planning for boards of directors, chief executive officers and key roles within the C-suite. With more than 370 consultants in 46 offices around the world, we work closely with public, private and nonprofit organizations across all industries and regions. We help our clients build teams of transformational leaders who can meet today’s challenges and anticipate the digital, economic, environmental and political trends that are reshaping the global business environment. Find out more at www.russellreynolds.com and follow us on Twitter: @RRAonLeadership.

     

     

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    Business Wire IndiaThe Indo-American Chamber of Commerce (IACC) has conferred L&T Technology Services Limited with the exclusive award for Company of the Year award at the 12th Indo-American Corporate Excellence (I-ACE) Awards 2016. This is the highest distinction conferred by the IACC to any company. IACC further honored L&T Technology Services’ green innovation by awarding the company with the ‘Green Office Space of the Year’.
     

    The Awards were first established in 2004 to highlight and celebrate outstanding performance by the Indian and American Companies who have excelled in trade and commerce between both the countries. These Awards have grown from strength to strength since its inception.
     
    The Chief Guest at the event was Mr. Ram Jethmalani, MP, Rajya Sabha & Former Union Law Minster & Chairman of Bar Council of India; and Guests of Honor were Ms. Deanna Hanek, Acting Consul General, U.S. Consulate General, Mumbai and; Dr. Mukund Rajan, Brand Custodian, & Member - Group Executive Council, Tata Sons.
     
    Dr Keshab Panda, CEO & Managing Director at L&T Technology Services received the award for the Company of the Year. Mr Paneesh Rao, Chief Human Resources Officer and Mrs Divya Bhatt, Global Head of Process Industries at L&T Technology Services together picked up the trophy for Best Green Office Space of the Year.
     
    An eminent jury comprising of Business Leaders and bureaucrats from US Govt. examined the applications and selected the Awardees. The event was attended by representatives from the INDO-US Business Community, IACC Members, US and other diplomatic community, Expatriates and Celebrities.
     
    “Winning an award in a category is no simple feat and winning the ‘Award for Company of the Year’ is truly commendable. It is our privilege and pleasure to bestow this award upon L & T Technology Services Ltd. as they have outdone their competition on multiple levels. One needs to excel in all respects and that is exactly what they have done!” said Mr. Sunder Advani, President, Indo-American Chamber of Commerce, West India Council.
     
    Dr. Keshab Panda, CEO & MD, L&T Technology Services, said, “At L&T Technology Services, we strive to deliver the objectives that our clients desire for and the Company of the Year Award is a testimony to our efforts in providing solutions to our Fortune 500 customers. The Green Space Award further reiterates our belief in providing green innovation and technology.” 
     
    About Larsen & Toubro:
     
    Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with USD 16 billion in revenue. It operates in over 30 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for over seven decades.
     
    About L&T Technology Services:
     
    L&T Technology Services Limited is a wholly-owned subsidiary of Larsen & Toubro Limited with a focus on the Engineering Services space, partnering with a number of Fortune 500 companies globally. We provide ER&D services to manufacturing, technology and process engineering companies, to help them develop and build products, processes and infrastructure required to deliver products and services to their end customers. We offer design and development solutions throughout the entire product development chain across various industries such as industrial products, medical devices, transportation, telecom & hi-tech, and the process industry. The company also offers services and solutions in the areas of mechanical and manufacturing engineering services, embedded systems, software engineering and process engineering, product lifecycle management, engineering analytics, power electronics, M2M and the Internet-of-Things (IoT).
     
    With a multi-vertical industry expertise and multi-domain presence, we help clients achieve an advantage through value-creating products, processes and services.

    Headquartered in India, L&T Technology Services has 9,406 employees, 12 global delivery centers and 31 labs in India as of March 31, 2016. For additional information about L&T Technology Services log on to www.lntTechservices.com
     
    About Indo-American Chamber of Commerce:
     
    Started by Ambassador Chester Bowles along with Industry leaders and visionaries like Mr. S. L. Kirloskar, Mr. A. M. M. Arunachalam, Mr. H. P. Nanda, Mr. Ambalal Kilachand, Mr. Harish Mahindra, Mr. Frederick Fales and Mr. John Oris Sims, the Indo-American Chamber of Commerce (IACC), established in 1968, is the apex bi-lateral Chamber synergizing India-US Economic Engagement.

    Photo Caption:
    Dr Keshab Panda (Extreme Left) , CEO & Managing Director at L&T Technology Services receives the Company of the Year award from Mr Sunder Advani, President, Indo-American Chamber of Commerce, West India Council

    Dr Keshab Panda, CEO & MD at L&T Technology Services, delivers an address to the audience after receiving the Company of the Year Award from the IACC.

    Mr Paneesh Rao (second from right), Chief Human Resources Officer at L&T Technology Services and Mrs Divya Bhatt (extreme right), Global Head Process Industries, receive the award for Best Green Office Space of the Year from Dr Lalit Kanodia, National President, Indo-American Chamber of Commerce.

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    Business Wire India

    Insurance and reinsurance rating agency A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) “A-” of International General Insurance Company Limited (IGI) (Bermuda) and International General Insurance Company (UK) Limited (IGI UK) (United Kingdom).

     

    The news follows rating agency Standard & Poor’s also reaffirming its “A-” insurer financial strength rating and counterparty credit ratings on IGI’s Bermuda and UK operations earlier this month.

     

    A.M. Best said the ratings of IGI “reflect its solid risk-adjusted capitalisation, consistently good technical performance and diversified business profile”.

     

    “We are delighted with the rating affirmation,” said Wasef Jabsheh, CEO of IGI. “A.M. Best pointed to our prudent risk selection and focus on profitability over top-line growth. We are writing high quality business and the rating recognises the strength of our philosophy and strategy.”

     

    “We are continuing to expand geographically whilst diversifying our product range. The business is in robust health and is growing.”

     

    A.M. Best said that IGI has demonstrated a track record of good operating performance, generating a net profit of USD 35 million in 2015, which was consistent with 2014.

     

    “IGI’s earnings are driven by strong technical performance with a five-year average combined ratio of 84% and stable investment income generated by IGI’s conservative investment strategy,” A.M Best said.

     

    A.M. Best also acknowledged that IGI UK is seen as fundamental to IGI’s overall strategy. “The ratings of IGI UK benefit from rating enhancement from IGI, given its strategic importance to the group,” A.M. Best said.

     

    Issued by rein4ce on behalf of IGI UK.

     

    About IGI:

     

    International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the U.K.

     

    IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.

     

    Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a stable outlook by A.M Best Company.

     

    IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence, forestry, and proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.

     

    IGIH has assets in excess of US$ 761 million as at 31st December, 2015.

     

    For more information, please visit www.iginsure.com or email info@iginsure.com

     

     

     

     

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    Business Wire India

    OT (Oberthur Technologies), a leading global provider of embedded security software products and services, announces a key partnership with Swatch, the renowned Swiss watchmaker and one of the world’s most popular brands, to provide contactless payment to customers in Brazil. They will be able to pay with speed, security and convenience, just waving their stylish Swatch Bellamy watch close to contactless terminals enabled for NFC (near field communication) technology.

     

    OT will provide its FlyBuySE (secure element) - NFC chip embedded in the watch - and the personalization of the product credit card data. OT's FlyBuySE is fully integrated within Swatch Bellamy watches and provides a high level of security while enabling contactless payments and transactions.

     

    After buying the Bellamy Swatch, the owner automatically gets an account and an associated debit card with Brazil Pré Pagos. To activate it, owners just need to enter their data in the bank’s website - which is done quickly and easily - and credit the account following the rules defined by the bank, to then be able to make contactless transactions.

     

    "Partnering with a brand as well known as Swatch to launch this innovative product is strategic for OT. As the acceptance of contactless payment grows, more and more end-users are looking for this type of wearable so that they can pay quickly and safely" said Eric Duforest, Managing Director of the Financial Services Institutions business at OT.

     

    According to Carlo Giordanetti, creative director of Swatch International, OT is the ideal technology partner to the Swatch Bellamy project. "OT knows how to adapt its portfolio of products and solutions to the latest trends and is the ideal partner to offer this innovative watch. We look forward to presenting the Swatch Bellamy in Brazil, a country that is characterized by having an open minded publicfor new technologies".

     

    ABOUT OBERTHUR TECHNOLOGIES

     

    OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.

     

    OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.

     

    OT employs over 6 500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 169 countries. For more information: www.oberthur.com

     

    Download The M World,
    All you need to know about the latest trends of the Mobility world, available on AppStore and Google Play

    www.oberthur.com/themworld

     

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    Business Wire India

    Bank of America today reported its second-quarter 2016 financial results. The news release, supplemental filing and investor presentation can be accessed in the following ways:

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160718005505/en/

     

    The company will review these results with investors today at 8:30 a.m. ET. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call. A replay will also be available beginning at noon ET on July 18 through 11:59 p.m. ET on July 25 by telephone at 1.800.934.4850 (U.S.) or 1.402.220.1178 (international).

     

    Bank of America

     

    Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active accounts and more than 20 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.

     

    Visit the Bank of America newsroom for more Bank of America news, and click here to register for news email alerts.

     

    www.bankofamerica.com

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20160718005505/en/

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    Business Wire India

    The Luxembourg Government launched jointly with a group of private investors a seed fund to support the financing and the development of start-ups up to seven years of age which are operating within the national digital economy field. This move is a further step in increasing Luxembourg’s visibility as a hub for launching new innovative activities in one of the key sectors in the country’s economy.

     

    The Digital Tech Fund was set-up on the initiative of the Ministry of the Economy as part of the national “Digital Lëtzebuerg” initiative. The main but not exclusive aim of the fund will be to make venture capital investments in companies with projects which have reached the proof of concept stage in fields such as cybersecurity, fintech, big data, digital health, telecommunications and satellite services, or the “Internet of things”.

     

    To facilitate the transfer of new technologies resulting from public-funded research, particularly that carried out by the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT), a further aim of the seed fund is to invest in promising spin-offs in order to generate as much beneficial economic impact in the Grand Duchy as possible.

     

    Étienne Schneider, Deputy Prime Minister and Minister of the Economy, stated: “In meeting the financing needs of start-ups in their launch phase, the Digital Tech Fund rounds off the national ecosystem for promoting the development of innovative companies in the field of ICT. Augmenting the existing financing instruments and government support measures, the various support regimes of the Ministry of the Economy or the Luxembourg Future Fund, the Digital Tech Fund further enhances Luxembourg's appeal for start-ups and will help attract new innovative businesses.”

     

    The Digital Tech Fund is managed by Luxembourg-based Expon Capital whose team has a strong track record in investment management. Interested start-ups can apply directly through the website at www.digitaltechfund.lu. Developed under a public-private partnership, the fund includes the following partners : Arendt & Medernach, Banque Internationale à Luxembourg SA (BIL), High Capital (BHS Services), Luxembourg State, POST Capital, Proximus, SES and the public-law banking institution “Société Nationale de Crédit et d’Investissement” (SNCI).

     

    Released by the Luxembourg Ministry of the Economy

     

     

     

     

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    Business Wire India

    Moody’s Corporation (NYSE:MCO) announced today that it has acquired full ownership of Korea Investors Service (KIS), a leading provider of domestic credit ratings in Korea.

     

    Founded in 1985, KIS serves the domestic capital markets in Korea with credit ratings, research and other services. KIS has been a majority-owned affiliate of Moody’s Investors Service since 2001.

     

    “Moody’s and KIS have had a long-standing and productive partnership, and this deal further solidifies our presence in this important market,” said Robert Fauber, President of Moody’s Investors Service.

     

    KIS Ratings will continue to operate as an independent affiliate of Moody’s Investors Service. Mr. Jae-Hong Lee, Chief Executive Officer of KIS, will continue to lead the company.

     

    “Over the past 15 years, KIS has benefited from the expertise and global perspective provided by our affiliation with Moody’s,” said Mr. Lee. “I look forward to further building the KIS business and serving the Korean market with insightful credit ratings and research.”

     

    Under the terms of the deal, Moody’s will also gain a majority ownership stake in KIS Pricing, a majority-owned subsidiary of KIS and provider of pricing services and analytics for fixed income and other local securities.

     

    The terms of the deal were not disclosed. It is not expected to have a significant impact on Moody’s earnings per share for 2016 and will be funded from international cash on hand.

     

    ABOUT MOODY’S CORPORATION

     

    Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody’s Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The corporation, which reported revenue of $3.5 billion in 2015, employs approximately 10,800 people worldwide and maintains a presence in 36 countries. Further information is available at www.moodys.com.

     

    “SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

     

    Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. The forward-looking statements in this release are made as of the date hereof, and the Company disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, the current world-wide credit market disruptions and economic slowdown, which is affecting and could continue to affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including credit quality concerns, changes in interest rates and other volatility in the financial markets; the level of merger and acquisition activity in the US and abroad; the uncertain effectiveness and possible collateral consequences of US and foreign government initiatives to respond to the current world-wide credit market disruptions and economic slowdown; concerns in the marketplace affecting Moody’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new US, state and local legislation and regulations, including provisions in the Financial Reform Act and regulations resulting from that Act; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to Moody’s rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which the Company may be subject from time to time; provisions in the Financial Reform Act legislation modifying the pleading standards, and EU regulations modifying the liability standards, applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services; the possible loss of key employees; failures or malfunctions of Moody’s operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of the Company’s global tax planning initiatives; the outcome of those Legacy Tax Matters and legal contingencies that relate to the Company, its predecessors and their affiliated companies for which Moody’s has assumed portions of the financial responsibility; exposure to potential criminal sanctions or civil remedies if the Company fails to comply with foreign and US laws and regulations that are applicable in the jurisdictions in which the Company operates, including sanctions laws, anti-corruption laws and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of the Company to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions; and other risk factors as discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2015 and in other filings made by the Company from time to time with the Securities and Exchange Commission.

     

     

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    Business Wire India

    Cigna has unveiled its first ever regional brand campaign for key international markets, designed to showcase the company’s capabilities and the solutions it delivers for customers. The campaign, themed “All The Way, Means All The Way,” builds on Cigna’s global wellness mission to improve customers’ health, well-being and sense of security and is being rolled out in an integrated digital marketing format across multiple markets internationally.

     

    The series of advertisements, which are inspired by real customer stories, feature Cigna’s Global Individual Private Medical Insurance (GIPMI) solutions and are aimed at globally mobile individuals. Additional advertisements which will run in Hong Kong, Indonesia, Thailand and Spain, also emphasize Cigna’s goal to seamlessly serve its customers throughout their wellness journey.

     

    “We are breaking new ground with our digitally-led approach, which we believe is unique in the insurance industry,” said DJ Choi, Marketing Officer, International Markets. “Our innovative approach reflects the changing needs of our customers who increasingly expect to receive information in a mobile-friendly way. It’s also exciting to be launching a campaign in multiple countries that leverages our global platform. This campaign encapsulates what our business stands for – that we are here for our customers and that we will always go a step further for their well-being.”

     

    The regional theme “All The Way, Means All The Way”, follows Cigna’s global positioning, “Together, All The Way”, and reinforces the fact that Cigna goes beyond being a health services and insurance company – it is also a trusted partner which supports its customers, helping them to live well and stay well – physically, financially and emotionally.

     

    “We’re excited to launch a campaign that speaks directly to our customers in these international markets,” said Stephen Cassell, Cigna's Global Branding Officer. “We know that dealing with a health emergency can be one of the most stressful times in someone’s life. As a global health insurance partner in more than 30 countries, it’s Cigna’s goal to seamlessly serve our customers throughout their wellness journey.”

     

    Jason Sadler, President, International Markets, Cigna said, “To support our growth and continue on our current trajectory, we are actively strengthening brand awareness across our key international markets. We remain focused on serving our customers and building on recent efforts to fuel business innovation and make the best use of new digital technologies. This campaign attests to our considerable strengths in these areas.”

     

    The 60- and 30-second videos, tailored for each market, amplify the importance of having a trusted health insurance partner who goes above and beyond to help customers navigate the health system in times of need.

     

    To watch the videos on Cigna’s YouTube page, click here: https://www.youtube.com/user/cigna

     

    About Cigna

     

    Cigna Corporation (NYSE:CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has more than 90 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.

     

     

     

     

     

     

     

     

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    Business Wire IndiaPune-based iServe Financial Pvt. Ltd, which runs an online and offline customised financial services & solutions business, has raised an undisclosed amount in seed investment from a group of investors including Nilesh Shah (CEO of Kotak Mutual Fund). iServe plans to use the funds to further improve its online platform’s reach and penetration to take on bigger rivals such as BankBazaar and PaisaBazaar.
     
    The company was set up in June 2014 and its founders include Dipak Samanta, Rahul Bhaik, Krishna Iyer, and Sasanka Panda. Its core goal is to serve the financial needs of consumers across retail loan, investment, and protection solutions. Dipak has extensive experience in financial services & the distribution business and has worked in multiple markets in India. Prior to starting iServe, Dipak has worked with a leading financial distributor in India and several banks; Rahul has worked for Citibank, SCB & ICICI Bank across multiple business verticals and geographies over the last 15 years. Krishna Iyer is an IIM-A alumni and has worked at ICICI and Cognizant while Sasanka Panda who graduated from IIT-Kharagpur has worked in tier 1 consulting firms such as E&Y, BearingPoint, etc. in US & WNS in India. The four founders have over 60 years of collective experience among them in the financial services, banking and technology domain.
     
    “There is a gap in the market between traditional offline players like Andromeda and new online players like BankBazaar, leaving the consumers scrambling between information search online and fulfilment offline. This has been a recurring theme in our conversation with both our customers and our banking principals. We are building iServe to bridge this gap in the market”, said Dipak Samanta the CEO. In addition to deep product insights and advice on its online platform iservefinancial.com, the company has a remarkable offline presence with over 25 offices pan India and over 250 associates. Over the past few quarters iServe claims to have serviced over 5000 customers and helped them raise over $200 mm in mortgage, personal loans and business loans from over 30 leading banks and NBFCs across India.
     
    “Financial advice and solutions is a huge market ripe for digitization, disruption and consolidation. As more and more consumers turn affluent, they are looking for savvy, new-age wealth partners that can help serve their needs across their assets, liabilities and protection needs. The iServe team brings a great blend of financial and technology knowledge, expertise, aggression, and seamless execution to the marketplace”, said Nilesh Shah.
     
    “I am impressed with the vision and execution of the leadership team at iServe. I believe they have the potential to consolidate a very fragmented distribution market with their forward looking management philosophy. I wish them all the best in their exciting journey”, said Harish Pandeya, an Advisor to the company.
     
    iServe Financial recently celebrated its second anniversary in the presence of Serial Entrepreneur Harish Pandeya, Nilesh Shah and others.
     
    The domestic mortgage market is about $600 billion while the domestic insurance market is estimated at about $70 billion. IIFL(W) recently attracted investment from General Atlantic Partners as it consolidates wealth management. Similarly, BankBazaar and PaisaBazaar continue to attract investment as they democratise the information search phase while waiting for the market to evolve when transactions could be consummated online.

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    Business Wire India

    Visa Inc. (NYSE:V) announced today the full Team Visa roster for the Rio 2016 Olympic Games. With 60 athletes, it is the most expansive group of Olympic and Paralympic athletes that Visa has supported to date.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160720005369/en/

     
    Visa is thrilled to welcome refugee Olympic athletes to the #TeamVisa community of 60 Olympic athlet ...

    Visa is thrilled to welcome refugee Olympic athletes to the #TeamVisa community of 60 Olympic athletes. #Rio2016 (Photo: Business Wire)

    Team Visa has grown by 62 percent since the last Olympic Games, with athletes representing a range of 26 sports, from diving and dressage to taekwondo and table tennis.

     

    Since the program began in 2000, Team Visa has aimed to provide athletes with the tools, resources and support they need to reach their highest potential, regardless of origin or background. Hopefuls representing Team Visa at Rio 2016 are selected based on their personal journeys to the Olympic and Paralympic Games, athletic achievements and community involvement.

     

    This year’s Team Visa includes the 10 competitors on the International Olympic Committee’s first-ever team of Refugee Olympicathletes.

     

    “The refugee Olympic athletes are inspiring the world with their incredible stories of perseverance and bravery, overcoming great odds to get to the top of their respective sports and compete on the world’s stage,” said Chris Curtin, chief marketing innovation and brand officer, Visa, Inc. “These athletes, who will march with the Olympic flag at the Opening Ceremony in Rio, are a powerful addition to the Team Visa family, each embodying Visa’s belief in acceptance for everyone, everywhere.”

     

    The following athletes join Team Visa today:

     
    • Anjeline Nadai Lohalith (Refugee Olympic Team, Athletics): Lohalith fled her home during war and joined the Tegla Loroupe Peace Foundation (“TLPF”) last year, where she now trains. She will compete in the 1500m distance event.
    • James Nyang Chiengjiek (Refugee Olympic Team, Athletics): Chiengjiek fled to Kenya’s Kakuma Refugee Camp in 2002. More than 10 years later he joined TLPF to train, and will compete in the 400-m distance event.
    • Paulo Amontun Lokoro (Refugee Olympic Team, Athletics): Lokoro escaped to Kenya’s Kakuma Refugee Camp and now trains at the TLPF in Nairobi. He will compete in the 1500-m distance event.
    • Popole Misenga (Refugee Olympic Team, Judo): Misenga discovered Judo while living at a center for displaced children in Kishasa (DRC). After the 2013 World Judo Championships, he relocated to Brazil, where he continues to live and train.
    • Rami Anis (Refugee Olympic Team, Swimming): Anis and his family fled to Belgium to escape civil war and to find a safe harbor for his training. He will compete in the 100-m butterfly.
    • Rose Nathike Lokonyen (Refugee Olympic Team, Athletics): Lokonyen joined the TLPF and will compete in the 800-m distance event.
    • Yiech Pur Biehl (Refugee Olympic Team, Athletics): Biel arrived in Kenya’s Kakuma Refugee Camp in 2005, and later joined the TLPF. He will compete in the 800-m distance event.
    • Yolande Bukasa Mabika (Refugee Olympic Team, Judo): Mabika began practicing Judo as a child living in a refugee center in Kinshasa (DRC). After the 2013 World Judo Championships, she relocated to Brazil where she continues to train and live.
    • Yonas Kinde (Refugee Olympic Team, Athletics): Kinde is a professional marathon and cross country runner. He is training in Luxembourg; he will be running the marathon in Rio.

    Earlier in the countdown to Rio, Yusra Mardini (Refugee Olympic Team, Swimming) and Raheleh Asemani (Belgium, Taekwondo) were named to Team Visa. Mardini will compete as a swimmer on the IOC’s team of refugee Olympic athletes after her courageous journey from Syria to Berlin, where she continues to train. Asemani will compete in Taekwondo representing Belgium.

     

    In addition, five competitors from European countries were named to Team Visa today:

     
    • Adam Gemili (Great Britain, Athletics): Gemili, the only man of Middle Eastern descent to run the 100-m in under 10 seconds, will be representing Great Britain in his second Olympic Games. He will be competing in the men’s 200-m event.
    • Adam Peaty (Great Britain, Swimming): Peaty is a 21-year old swimmer who holds the world record for the 100-m breaststroke.
    • Claudia Fragapane (Great Britain, Gymnastics): Fragapane, who is a four-time Commonwealth gold medalist, will be competing for Great Britain’s Olympic team.
    • Elinor Barker (Great Britain, Cycling): Barker will be representing Great Britain, competing in Track Cycling in Rio.
    • Natalia Partyka (Poland, Tables Tennis – Integrated Event): Partyka, who was born without a right hand and forearm, will compete in Table Tennis. Partyka has won gold three times at the Paralympic Games.

    Team Visa athletes are at the heart of Visa’s global Olympic Games sponsorship activation, this year more than ever. Some examples include: Ibtihaj Muhammad (USA, Fencing), the first Muslim American woman to compete at the Olympics in a hijab, who unveiled the Visa payment ring to the world; Terezinha Guilhermina, (Brazil, Paralympic Athletics), the world’s fastest blind woman, who along with Mabika and Misenga,was onsite to open the Rio 2016 Copacabana Megastore in Brazil to make the ceremonial first payment; and Ashton Eaton (USA – Decathlon) and English Gardner (USA – 100m), who participated in Visa’s first Team Visa Facebook Live Stream last week.

     

    The centerpiece film of Visa’s global Olympic Games ad campaign also features a diverse roster of more than 20 members of Team Visa, following them on a fun and light-hearted “Carpool” to the Rio 2016 Olympic Games, leveraging payment innovations like Visa Checkout, Samsung Pay and chip cards along the way.

     

    About Visa:

     

    Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

     

     

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20160720005369/en/

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    Business Wire IndiaAxis Bank, India’s third largest private sector bank today announced the launch ‘Happy Holidays Package’, a one stop Mobile service that offers multiple travel benefits to globetrotters. With this launch, Axis Bank has become India’s first bank to offer an integrated travel offering, through its Axis Mobile banking application.

    The Happy Holidays Package leverages Big data analytics and its integrated marketing solution to offer customized travel solutions to potential international travellers from its existing customers base. The automated trigger based service offers a Multi-currency Forex Card, that can be loaded with upto 16 currencies; tailor-made Travel Insurance plans; TripAssist Services – an emergency assistance service; Free International Calling Cards, and discounts at restaurants in overseas locations.

    Speaking on the occasion, Rajiv Anand, Executive Director (Retail Banking), Axis Bank said, " With increasing number of Indians travelling abroad and making mobile transactions for their travel related needs, the launch of ‘Happy Holidays Package’ offers this one stop solution to these customers, making planning & travelling more convenient for them. This innovative offering is aimed at providing the Indian globetrotter a host of privileges with a truly rewarding experience. Axis Bank has always strived to address customers’ requirements and offer them value added services with composite smart & convenient solutions, and ‘Happy Holidays’ is yet another step in this journey.”

    To enhance customer experience, the bank has also added other smart features like instant fulfilment, door step delivery and real time status notifications, enabling the customer to monitor transactions.

    Appended is the link to view the video on ‘Happy Holidays Package’

    https://www.youtube.com/watch?v=Vt8M0dvM6MI

    About Axis Bank:

    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

    With its 2,904 domestic branches (including extension counters) and 12,743 ATMs across the country, as on 31st March 2016, the network of Axis Bank spreads across 1,855 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.

     

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    Business Wire India

    Magma Fincorp Ltd., one of India's leading retail asset finance companies, has won the Customer Service Leadership Award by Frost & Sullivan.

    Frost & Sullivan presented the 2016 Customer Service Leadership Award in Vehicle Fleet Leasing to Magma Fincorp Auto Lease in recognition of the company’s exemplary customer service. Frost & Sullivan is a leading global strategy consulting company, headquartered in the US. Established in 1961, in New York City, the company today has 45 offices across the globe. It has six offices in India (Bangalore, Chennai, Kolkata, Mumbai, New Delhi and Pune) and three offices in the Middle East (Dubai, Manama and Dammam).

    The company has a domain knowledge approach to strategy consulting and has been working closely with multiple family run businesses/corporate groups in India, the KSA, and GCC, to develop their long term strategy and identify specific areas of business opportunity.

    Frost & Sullivan’s Best Practices Awards recognize companies throughout a range of regional and global markets for superior leadership, technological innovation, customer service, and strategic product development, by measuring their performance through independent, primary interviews, and secondary industry research in order to evaluate and identify best practices.

    Magma Fincorp’s Auto Lease business was recognized for its market share in leasing market, revenue growth, and customer retention. The company has ensured personalized assistance, right from selection of vehicle till any Insurance Claim support in bringing better customer experience. The company and its officials put considerable efforts in handholding its customer and other stakeholders by educating them about benefits of leasing, awareness of the product & services. The company’s centralized customer services team handles the in-bound and outbound calls. E-mails related to any type of customer query is timely responded by the business and service teams with a suitable and customized solution. Frequent client visits and feedback via engagement with all stakeholders to ensure state of the art service to its customers is a priority in the mind of all Magma officials.

    Magma has over the last three years of its short existence in this product line made significant changes and customization for its esteemed corporate customers through intensive training, well thought through campaigns to its clients, working closely with the car manufacturers to provide and end to end doorstep solution for the corporate customers. Magma’s strong legacy of expertise, a dedicated and enthusiastic executive team, and continuing commitment to excellence will enable the company to expand and enhance its presence across a highly dynamic and rapidly shifting fleet leasing market of India. With its strong overall performance, Magma Fincorp Auto Lease has earned Frost & Sullivan’s Customer Service Leadership Award in Vehicle Fleet Leasing. Significant to note that this set of customers is mainly MNC’s and large Indian corporates across various sectors mainly in IT, Pharma, Consulting and Manufacturing.

    We are humbled by this achievement and honour that Magma has won this prestigious award by Frost & Suvillan, among other corporate entities who participated in this category. We at Magma design personalized strategies for improving customer service, through tailor-made customer experience to every single unique individual and we feel proud the efforts have duly been recognized”, said Mr. Sachin Khandelwal, Chief Sales Officer, Magma Fincorp Ltd.

    About Magma Fincorp Limited

    Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.

    Magma provides a bouquet of financial products including commercial finance, agri-finance, SME finance and mortgage finance and has a general insurance subsidiary. Magma with a focus on rural and semi-urban sector has a widespread coverage with a presence across 1,900 Talukas and 2,900 Locations. Magma has a live base of about 7 (seven) Lac plus customers and manages a Loan book of Rs 18,183 crore. The company has 234 branches in 21 states/ 1 UT and employs 9,073 people.


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    Business Wire IndiaChidambaram Sri Natarajar Temple, an ancient and historic Hindu shrine dedicated to Lord Shiva Nataraja, is conducting Laksha Rudra Parayanam for the first time in the history of the temple and towards the well-being of the society.
     

    The chanting of Rudra mantra one lakh times and Vilva archanai with one crore leaves is to commence on July 28 and continue till September 15, 2016. Also September 15 will witness one lakh homam ritual in 9 Yajna Kundams and performed by 108 Dikshidhars. Corporate Clinic, a Chennai-based company is the sponsor of this unique event.
     
    During a press meet to announce about the programme, Thiru. N.B. Pattu Dikshidhar and Dr. S. Raja Somasekhara Dikshidhar of Chidambaram Sri Natarajar Temple, said “it is a usual custom to perform Ekadasa Rudra, Maha Rudra and Athi Rudra parayanams to the Lord Natarajar at Chidambaram temple. Ekadasa Rudra means chanting of the rudra mantra 11 times 11 people; Maha Rudra is chanting of the rudra mantra 11 times 121 people; and Athi Rudra is chanting of the rudra mantra 11 times 1331 people.
     
    But this Laksha Rudra Parayanam is a first-of-its-kind and will witness parayanam for one lakh times between July 28 and September 15. Every day as many as 100 Dikshidhars will be chanting the rudra mantra for 22 times (from 9 am to 12 noon and 5 pm to 8 pm).  That is on each day from July 28 to September 14 the mantra will be chanted for 2200 times a day (100 Dikshidhars x 22 times). On September 15 alone the parayanam will be performed for 1100 times.  Altogether the mantra will be chanted for 1,08,900 times during this mega event.
     
    During these days 100 Dikshidhars will perform the Rudra Parayanam while 100 other Dikshidhars will perform the Vilva Archana. Nearly 10,000 man-days (200 Dikshidhars x 50 days) are to be spent in parayanam for the well-being of the society.          
     
    Moreover, the programme is to culminate on September 15 with 1 lakh Avarthi Sammelana Sahasra Naama Homam and Ekadasa Rudra Homams in 9 Yajna Kundams will be performed by 108 Dikshidhars.
     
    The holy water from seven divine rivers of India (Ganga, Yamuna, Godavari, Saraswathi, Narmada, Kaveri, and Sindhu) will be collected for the event.
     
    The programme is expected to attract over 5000 devotees a day. Moreover, on September 15, there would be atleast a lakh of devotees. In association with Corporate Clinic, the general Dikshidhars of Chidambaram Sri Natarajar Temple and Sri Anna Poorani Gruham Dikshidhars are organising the event.”       
     
    Sponsor and Promoter of Corporate Clinic, Thiru. B. Ramakrishnan, said “i am organising this mega event with the blessings of the Lord Shiva. This is a small contribution from me and my wife Gayathri for the prayer for the well-being of the society and humankind.”
     
    About Corporate Clinic:
     
    Corporate Clinic™ was promoted by Mr. Ramakrishnan (BRK) quiet well known in the financial circles. A post graduate in management with specialization in Finance started his career as an Executive in a highly diversified south based group with interest in sugar, chemicals, petrochemicals, power, industrial alcohol, finance, mutual funds and safe deposit lockers. He went on to head the finance of the flagship company apart from being in the group that floated the first private sector mutual fund. During his tenor has raised working capital, commercial paper, rated convertible bonds, ECB, long term debts through novel instruments, merger & acquisitions, brand & business valuation. BRK has represented a leading global private equity fund based out of USA.

    Photo Caption: Announcing about the ‘Laksha Rudra Parayanam’ event, for the first time ever in the history of Temples, to be held between July 28 and September 15 at the Chidambaram Sri Natarajar Temple, at a press meet held on 23rd July 2016 at Chennai Press Club. Sponsor and Promoter of Corporate Clinic, Thiru. B. Ramakrishnan; Thiru. N.B. Pattu Dikshidhar; Dr. S. Raja Somasekhara Dikshidhar are also seen in the picture.

     

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    Business Wire India

    The GSMA Mobile for Development Utilities programme (M4D Utilities) released a new report outlining progress in using mobile technology to deliver energy, water and sanitation services to underserved communities. The latest M4D Utilities annual report, ‘Unlocking access to utility services: The transformational value of mobile’, was published today at the GSMA Mobile 360 – Africa event being held in Dar es Salaam, Tanzania, 26 – 28 July.

     

    “Billions of people in emerging markets still lack access to essential utility services such as energy, clean drinking water and basic sanitation,” said Mats Granryd, GSMA Director General. “A new wave of innovative mobile technology can improve and increase access to these basic utility services, while at the same time stimulating markets, empowering small businesses and even saving lives. The mobile industry is dedicated to creating commercially sustainable partnerships that can harness these emerging technologies.”

     

    Mobile technology can unlock new service models, such as mobile money for affordable and remote bill payments, mobile services to communicate with customers, and machine-to-machine connectivity to remotely monitor distributed services. These innovations in service delivery make essential utility services accessible, affordable and reliable for underserved communities.

     

    The GSMA M4D Utilities programme, launched in 2013 with the support of the UK Department for International Development (DFID), has awarded grants to 34 organisations that offer mobile-enabled utility services, which have directly benefited almost 2 million people. The innovative trials funded to date have resulted in grantees raising an additional £40.5 million in private-sector investments, underlining the commercial viability of the projects. The programme has funded projects and studies in 24 global markets in total, the majority (15) in Africa. This work makes strong contributions to GSMA and the mobile industry’s support for the 17 UN Sustainable Development Goals1, addressing Goal #6 (ensuring access to water and sanitation) and Goal #7 (ensuring affordable energy).

     

    The new report examines the mobile-enabled utility sector in depth and identifies the following trends:

     

    Mobile is unlocking rapid growth of PAYG utility services

     

    Approximately 650,000 mobile-connected pay-as-you-go (PAYG) solar home systems have been delivered worldwide, with over 30 companies operating in at least 32 countries. Mobile channels are enabling this and other prepaid/PAYG models to flourish, attracting significant investments in the energy sector and enabling business models to emerge in the water sector.

     

    The Internet of Things is transforming utility models

     

    The Internet of Things is already key to some off-grid energy models and connected infrastructure is set to change the landscape for centralised and decentralised utility systems, with several pilots already underway.

     

    Challenges remain in powering telecom towers as an anchor business for community power

     

    Off-grid energy companies, particularly micro-grid providers, may seek to anchor their businesses to powering telecom towers—a viable way to power surrounding businesses and communities. “Community Power from Mobile” models are seeing traction in some markets, but aligning the incentives of all parties remains a challenge.

     

    Mobile-enabled water services are advancing while sanitation models are still nascent

     

    Water and sanitation businesses have grown less rapidly than those in the energy sector, but there are signs that information about service delivery and new payment mechanisms are driving new business models and government partnerships.

     

    Partnerships with MNOs are growing

     

    Many service providers have partnered to leverage MNO assets such as mobile payment platforms or sales outlets to enhance their efficiency, extend their reach and offer new services. Via these partnerships, MNOs benefit from increasing uptake of mobile services and improved brand perception. Furthermore, with the growing appreciation of the opportunity, some MNOs are taking the lead in utility services.

     

    Investment in PAYG energy is accelerating

     

    The market opportunity for energy, especially PAYG energy, has attracted the attention of investors with nearly $295 million awarded to PAYG energy companies so far, mainly in Africa. However, levels of private capital into the water and sanitation sectors have been weaker, highlighting the continued critical role of grants in funding innovative business models, where the risk of investing in early stage enterprises remains high.

     

    The GSMA M4D Utilities programme’s annual report, ‘Unlocking access to utility services: The transformational value of mobile’, is available to download at: http://www.gsma.com/mobilefordevelopment/programme/m4dutilities/unlocking-access-utility-services-transformational-value-mobile

     

    -ENDS-

     

    About the GSMA

     

    The GSMA represents the interests of mobile operators worldwide, uniting nearly 800 operators with almost 300 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organisations in adjacent industry sectors. The GSMA also produces industry-leading events such as Mobile World Congress, Mobile World Congress Shanghai and the Mobile 360 Series conferences.

     

    For more information, please visit the GSMA corporate website at www.gsma.com. Follow the GSMA on Twitter: @GSMA.

     

    1 In September 2015, the UN introduced a set of 17 Sustainable Development Goals (SDGs) as part of the 2030 Agenda for Sustainable Development. The 17-point plan aims to end poverty, combat climate change and fight injustice and inequality. The GSMA is supporting the SDGs as part of its #betterfuture campaign. http://www.gsma.com/betterfuture/

     

     

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    Business Wire India

    OT (Oberthur Technologies), a leading global provider of embedded security software products and services, today announced its partnership with Axis Bank, India’s third largest private bank to offer the first open loop EMV contactless smart cards to be used in public transportation in Bengaluru, the third most populous city of India.

     

    Axis Bank is the first bank to launch open loop smart cards in India to be used in public transportation, allowing end-users to use them to tap and pay instead of buying a ticket each time they use transportation in Bengaluru. A new chapter of digital payment is being written with EMV contactless smart cards based on RuPay, the Indian domestic card scheme conceived and launched by the National Payments Corporation of India.

     

    In this framework, OT provides the contactless EMV smart cards. The cards have multiple service compartments to accommodate many retail/transit/toll/parking chains enabling user convenience to have one single card for various payment needs. In addition, they are interoperable across different transport systems in the country.

     

    We are delighted to partner with Axis Bank who took the lead to launch the first RuPay open loop EMV contactless smart card. Thanks to our collaboration with Axis Bank, this new payment platform will enable millions of end-users to enjoy convenience of payment in public transportation. It could change the future of payments in the country and OT is thrilled to be part of this technological success” said Eric Duforest, Managing Director of the Financial Services Institutions at OT.

     

    “We believe that the Axis Bank BMTC Smart card program in Bengaluru will lead the way towards implementation of many more open loop EMV contactless payment initiatives in India. This model offers unparalleled convenience of one card for multiple payment needs making this the most preferred option. We are happy to further deepen our relationship with OT by partnering with them for this pilot in Bengaluru.OT’s expertise and leadership in the payment card industry as well as their experience in digital security is a very valuable capability for the partnership” said Mr. Sangram Singh, Head – Cards & Merchant Acquiring Business, Axis Bank.

     

    ABOUT OBERTHUR TECHNOLOGIES

     

    OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.

     

    OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.

     

    OT employs over 6 500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 169 countries. For more information: www.oberthur.com

     

    Download The M World,
    All you need to know about the latest trends of the Mobility world, available on AppStore and Google Play

     

    www.oberthur.com/themworld

     

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    Business Wire India

    Interactive Brokers Group, Inc. (NASDAQ:IBKR) has released its July IB Communiqué to inform clients worldwide about the latest enhancements to their trading platform, products and services.

     

    Trader Workstation (TWS) Updates

     

    Personalize Your Trading Platform - Recent TWS enhancements give you even more ways to customize your platform and save time creating and submitting orders. Recognizing that some clients trade only a handful of the many products offered through TWS, clients may now use a Contract Selector to filter out products, regions and exchanges they do not use. The result is faster access to the products investors want to trade. TWS users may now add our traditional trading tools as tabs to display alongside Classic and Mosaic pages offering more efficient access to data and investing strategies.

     

    Adaptive Algo Supports Futures - The newest member of our IB Algo family, the Adaptive Algo, strives to achieve the fastest fill at the best all-in price by adapting to market conditions as it works. This flexible and popular algo can now also be used to trade futures, in addition to stock and options. This algo order type is especially useful when the spread is wide, while it also breaks down large orders into smaller chunks to avoid overwhelming the market.

     

    IB RIA Compliance Center – IB has launched its own Compliance Center offering tools to help advisors navigate the complex world of compliance obligations and various SEC registration and filings. The RIA Compliance Center aims to help advisors identify and meet compliance rules and obligations as well as help start-up and breakaway advisors. As part of this initiative, IB provides advisors with a list of Preferred Providers that offer Compliance-related services, many of whom have agreed to give discounts to advisors who trade through IB. Learn more about this service here.

     

    IB’s Block Trading Desk – Investors with large orders canoutsource their trading needs with IB’s Block Trading Desk. For orders in excess of 10,000 shares and 100 option contracts our live broker desk offers no phone queue time or hold time. Working with the Block Trading Desk also offers the potential advantage of price improvement on options trades, including SPX and VIX contracts. Clients may also get pre-trade quotes ahead of time for any strategy. Learn more here.

     

    Read the entire July IB Communiqué here.

     

    About Interactive Brokers Group, Inc.

     

    Interactive Brokers Group, Inc., together with its subsidiaries, is an automated global electronic broker that specializes in catering to financial professionals by offering state-of-the-art trading technology, superior execution capabilities, worldwide electronic access, and sophisticated risk management tools at exceptionally low costs. The brokerage trading platform utilizes the same innovative technology as the Company's market making business, which specializes in routing orders and executing and processing trades in securities, futures, foreign exchange instruments, bonds and funds on more than 100 electronic exchanges and trading venues around the world. As a market maker, we provide liquidity at these marketplaces and, as a broker, we provide professional traders and investors with electronic access to stocks, options, futures, forex, bonds and mutual funds from a single IB Universal Account™. Employing proprietary software on a global communications network, Interactive Brokers is continuously integrating its software with a growing number of exchanges and trading venues into one automatically functioning, computerized platform that requires minimal human intervention.

     

     

     

     

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    Business Wire IndiaPerformance Highlights

    • Standalone profit after tax at Rs. 1,871 crore for the quarter ended June 30, 2016 – growth of 37%
    • 26% growth in individual disbursements
    • Total Assets under Management (AUM) cross the Rs. 3,00,000 crore mark
    • 25% growth in the individual loan book (after adding back loans sold in the preceding 12 months); 18% growth on an AUM basis
    • Gross non-performing loans stood at 0.75% of the loan portfolio
    • Consolidated profit after tax at Rs. 2,797 crore for the quarter ended June 30, 2016 – an increase of 27%
     
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited standalone and consolidated financial results for the first quarter of the financial year 2016-17, following its meeting on Wednesday, July 27, 2016 in Mumbai. The accounts have been subjected to a limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
     
    STANDALONE FINANCIAL RESULTS
     
    For the quarter ended June 30, 2016, the profit before tax stood at Rs. 2,700 crore as compared to Rs. 1,952 crore in the corresponding quarter of the previous year, representing a growth of 38%. This includes the profit on sale of part of its stake in HDFC ERGO General Insurance Company.
     
    After providing Rs. 829 crore for tax, (inclusive of Rs. 90 crore as Deferred Tax Liability on Special Reserve), the profit after tax stood at Rs. 1,871 crore as compared to Rs. 1,361 crore in the previous year, representing a growth of 37%.
     
    Sale of Equity Shares of HDFC ERGO General Insurance Company (HDFC ERGO)
     
    During the quarter, the Corporation concluded the 22.9% stake sale in HDFC ERGO to ERGO International AG. The pre-tax profit was Rs. 922 crore. As HDFC ERGO is an unlisted entity, the capital gains tax on the sale of shares was Rs. 197 crore, resulting in a post tax profit of Rs. 725 crore.
     
    In accordance with past practice and with the objective of further strengthening the Corporation’s balance sheet, the Corporation utilised the above-mentioned one-off pre-tax gains to shore up the Provision for Contingencies Account and thereby build an additional buffer against any unexpected risk in the future. Accordingly, during the quarter, the Corporation made an additional provision of Rs. 275 crore against standard assets and other contingencies.
     
    TOTAL ASSETS

    As at June 30, 2016, the total assets of HDFC stood at Rs. 3,00,302 crore as against Rs. 2,57,739 crore as at June 30, 2015 – an increase of  17%.

    LENDING OPERATIONS

    Individual loan disbursements grew by 26% during the quarter. The average size of individual loans stood at Rs. 25.3 lac. 
     
    As at June 30, 2016, total Assets Under Management (AUM) stood at Rs. 3,01,476 crore, of which the loan book was Rs. 2,65,731 crore and outstanding loans sold/assigned was  Rs. 35,745 crore.
     
    During the quarter, Rs. 3,296 crore was assigned to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank and Rs. 1,812 crore was assigned/securitised to other banks. In respect of the loans assigned/securitised to the banks other than HDFC Bank, the residual interest is 2% per annum. The residual income on these loans is being recognised over the life of the underlying loans and not on an upfront basis.
     
    Total loans sold during the preceding twelve months was significantly higher at Rs. 14,011 crore as against Rs. 10,949 crore in the previous year.
     
    The growth in the individual loan book, after adding back loans sold in the preceding 12 months was 25% (16% net of loans sold). The non-individual loan book grew at 12%. The growth in the total loan book after adding back loans sold was 21% (15% net of loans sold). 
     
    On an Assets under Management (AUM) basis, the growth in the individual loan book was 18% and the non-individual loan book was 12%. The growth in the total loan book on an AUM basis was 16%.
     
    Non-Performing Loans

    Gross non-performing loans as at June 30, 2016 amounted to Rs. 2,006 crore. This is equivalent to 0.75% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.59% while that of the non-individual portfolio stood at 1.11%.
     
    As per NHB norms, the Corporation is required to carry a total provision of Rs. 1,979 crore of which Rs. 1,370 crore is against standard assets.
     
    The balance in the provision for contingencies account as at June 30, 2016 stood at Rs. 3,025 crore of which Rs. 557 crore is on account of non-performing loans. This balance in the provision for contingencies is equivalent to 1.14% of the portfolio.

    Spread and Net Interest Margin
     
    The spread on loans over the cost of borrowings for the quarter ended June 30, 2016 stood at 2.26% compared to 2.29% for the year ended March 31, 2016. The spread on the individual loan book was 1.92% and on the non-individual book was 3.06%.
     
    Net Interest Margin for the quarter ended June 30, 2016 was 3.8%.

    INVESTMENTS

    As at June 30, 2016, the unrealised gains on HDFC’s listed investments amounted to Rs. 64,375 crore (previous year Rs. 57,958 crore). This excludes the appreciation in the value of unlisted investments.
     
    CAPITAL ADEQUACY RATIO
     
    The Corporation’s capital adequacy ratio stood at 16.5%, of which Tier I capital was 13.1% and Tier II capital was 3.4%. Deferred tax liability on Special Reserve and the investment in HDFC Bank has been considered as a deduction in the computation of Tier I capital. As per the regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 12% and 6% respectively. 
     
    DISTRIBUTION NETWORK
     
    HDFC’s distribution network spans 409 outlets which include 121 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
     
    To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Abu Dhabi and Saudi Arabia.
     
    CONSOLIDATED FINANCIAL RESULTS
     
    For the quarter ended June 30, 2016, the consolidated profit after tax stood at Rs. 2,797 crore as compared to Rs. 2,204 crore in the corresponding quarter last year, representing a growth of 27%.
     
    The share of profit from subsidiary and associate companies in the consolidated profit after tax stood at 33% for the quarter ended June 30, 2016.

    PDF Caption:
    Quarterly Results  (Consolidated) – June, 2016
    Quarterly Results  (Standalone) – June, 2016 
    Analyst June, 2016

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    Business Wire IndiaDear Shareholders,

    “Good afternoon. On behalf of the Board of Directors, I welcome you all to the 39th Annual General Meeting of your Corporation.  
     
    It is three o’clock and I have been informed that the requisite quorum is present. I accordingly call this meeting to order.”

     
    Before I begin, I would like to apologise on behalf of our Chairman, Deepak Parekh. Mr. Parekh has a very bad viral infection and could not come today. He told me that this was the 1st AGM of HDFC that he would miss in 38 years.
      
    On behalf of the entire Board, I would also like to express grief and deep sorrow at the sad demise of Dr. Ram Tarneja, Director of the Corporation, who expired on August 7, 2015. Your Corporation has gained immensely due to Dr. Tarneja’s philosophy of adopting a practical, professional and a socially responsible approach of doing business. On behalf of the Corporation, I would like to condole the demise of Dr. Ram Tarneja and we remain grateful for the guidance, advise, and valuable services rendered by him during his association with the Corporation.
     
    “I have been informed that the Corporation has received proxies from 9 shareholders in respect of 6,94,15,703 equity shares of Rs. 2 each, representing 4.39% of the total issued and paid-up share capital of the Corporation.
     
    “The proxy register is open for inspection by the members. As required under the Companies Act, 2013, as also the Secretarial Standards and SEBI Regulations, the register and other documents are placed before the meeting.”
     
    “I will now proceed with the agenda for the meeting.”
     
    “With your consent may I take the notice convening this Annual General Meeting, which has already been sent to you as read.”
     
    “Since there are no qualifications, observations or comments on financial transactions or matters which have any adverse effect on the functioning of the Corporation in the Auditors’ Report and Secretarial Auditors’ Report, with your permission, may I take the same as read.”
     
    I am sure all of you have read the annual report and have assessed both, the standalone and consolidated financials of your Corporation during the last financial year. Let me highlight some of the major developments during the last year and the current financial year.
     

    Review of Standalone performance during FY 2016

     
    Let me first start with the financials for the year ended March 31, 2016.
     
    The demand for home loans continued to remain healthy, with growth largely coming from the outskirts of big cities as well as Tier 2 and Tier 3 cities. The improved affordability is on account of rising incomes and continued fiscal benefits available on home loans.
     
    The average size of individual loans stood at Rs. 25 lacs as against Rs. 23.3 lacs in the previous year.
     
    As at March 31, 2016, the loan book stood at Rs. 2,59,224 crores as against Rs. 2,28,181 crores in the previous year. Loans sold during the preceding twelve months amounted to Rs. 12,773 crores as compared to Rs. 8,249 crores in the previous year.
     
    The growth in the individual loan book, after adding back loans sold was 24%; while it was 16% net of loans sold. The growth in the total loan book after adding back loans sold was 19%. 

    Recoveries
     
    The recovery performance of your Corporation continued to be good. Gross non-performing loans, as at March 31, 2016 stood at Rs. 1,833 crores. This is equivalent to 0.70% of the loan portfolio as compared to 0.67% in the previous year.
     
    As per the prudential norms prescribed by the National Housing Bank, the Corporation is required to carry a provision of Rs. 1,959 crores.
     
    The actual balance in the Provision for Contingencies Account as at March 31, 2016 stood at Rs. 2,695 crores, of which Rs. 566 crores is on account of non-performing loans and Rs. 2,129 crores is in respect of standard assets. The balance in the provision for contingencies is equivalent to 1.03% of the loan portfolio. The Corporation also made a special provision of Rs. 450 crores over and above the regulatory requirements with the objective of further strengthening its Balance Sheet.

    Financials
     
    For the year ended March 31, 2016, the Profit before Tax stood at Rs. 10,108 crores as against Rs. 8,624 crores in the previous year – an increase of 17%.
     
    After providing Rs. 2,636 crores for taxes and Rs. 379 crores for Deferred Tax Liability on Special Reserve, the Profit After Tax for the year ended March 31, 2016 stood at Rs. 7,093 crores, representing a growth of 18%.
     
    The spread on loans over the cost of borrowings for the year ended March 31, 2016, stood at ­2.29% per annum.
     
    Your Corporation’s cost income ratio stood at 7.6% for the year ended March 31, 2016. This was the same as in the previous year and it continues to be amongst the lowest in the financial sector in Asia.
     
    The Board of Directors of your Corporation has recommended a final dividend of Rs. 14 per equity share of face value of Rs. 2 each in addition to an interim dividend of Rs. 3 per equity share that was paid in April 2016.
     
    The total dividend for the year is Rs. 17 per equity share as against Rs. 15 per equity share in the previous year.
     
    The payment of final dividend will commence tomorrow, subject to the passing of the resolution today.

    Current year’s performance: Standalone and Consolidated
     
    Let me now talk about our performance during the first quarter of the current year.
     
    The standalone and consolidated financial results of your Corporation for the quarter ended June 30, 2016, which have been subjected to a limited review by the Auditors, were approved by the Board at its Meeting held earlier today. 
     
    Your Corporation has continued to see healthy growth in the demand for housing loans. Disbursements to individual borrowers grew by 26% during the quarter compared to the first quarter of the previous year.
     
    On a standalone basis, the Profit After Tax for the quarter ended June 30, 2016, stood at Rs. 1,871 crores as compared to Rs. 1,361 crores, representing an increase of 37%.
     
    For the quarter ended June 30, 2016, the Consolidated Profit after Tax stood at Rs. 2,797 crores as compared to Rs. 2,204 crores in the corresponding quarter last year.
     
    During the quarter, your Corporation became the first Indian public company to issue rupee denominated bonds in the overseas market. The Corporation raised Rs. 3,000 crores through issue of bonds earlier during this month. The bonds are listed on the London Stock Exchange.

    Annual Report
     
    The cost of printing the annual report for FY 2016 was Rs. 44 per copy as against Rs. 46 per copy in the previous year.
     
    In terms of the Companies Act, 2013 and rules made thereunder, the Corporation has sent the Annual Report for FY 2016 and the Notice convening this AGM by e-mail to those shareholders who had registered their e-mail addresses either with their respective depository participants or with the Corporation. This has resulted in considerable savings towards printing and postage charges. Physical copies have been sent to those shareholders whose e-mail address was not available or who have specifically asked for the report.

    Conclusion
     
    Before I conclude, I wish to place on record our appreciation to all our shareholders, customers, depositors, lenders and regulatory authorities for having reposed their confidence in the Corporation and to our employees for their hard work and dedication.
     
    Photo Caption: HDFC Limited: Annual General Meeting

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