OT (Oberthur Technologies), a leading global provider of embedded security software products and services, announces that 360 Group, a leading Internet, mobile and security company in China, selected OT’s embedded secure element (eSE), PEARL by OT®, to enable mobile security services on their newly launched Q5 and Q5 Plus smartphones.

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(Photo: Business Wire)

Launched by 360 Group in June last year, the 360 Phone brand is already very popular in China with already over 4M smartphones delivered as of end 2015.

With already 225Mu+ deployments worldwide, PEARL by OT® offers a banking-grade security level thanks to an EAL5+ and EMVCo certified component with the largest memory available on the market. This unique multi-application platform also supports access control, biometrics and secure storage use-cases. It is the safest possible place to store and process confidential user information and to execute sensitive applications.

Thanks to PEARL by OT®, 360 Phone is protecting credentials and data applications against software and hardware attacks, ensuring that Q5 and Q5 Plus mobile devices are strongly authenticated and that information stored on the eSE and exchanged over networks remains protected to ensure users’ data integrity and confidentiality, starting with their fingerprints and passwords.

“With the growing trend of smartphones being used as payment devices or storing and processing sensitive biometric data, users’ authentication, data protection and privacy are increasingly critical for our OEM* customers. We are very pleased that a leading Chinese company such as 360 Phone selected our eSE, PEARL by OT®, to secure mobile services on its flagship smartphones.” said Pierre Barrial, Managing Director of the Connected Device Makers activity at OT.

“As we wanted to deliver the highest security level to Q5 and Q5 Plus users, it was really important for us to rely on an embedded Secure Element expert such as OT. Their eSE enables us to offer unattained levels of security and privacy protection to 360 Phone customers.” said Alan Lau, VP at 360 Phone.

* Original Equipment Manufacturers

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

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Transaction Network Services (TNS) is strengthening its payments business with two high-level senior appointments which will help TNS deliver on its ambitious growth plans.

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Left to right - John Tait and George Zirkel of TNS (Photo: Business Wire)

George Zirkel joins TNS as Senior Vice President and Head of Global Payments Strategy. He will be based at the company’s headquarters in Reston, USA. John Tait takes on the role of Managing Director of TNS’ Payments Division for the Asia Pacific region and will be based in TNS’ office in Sydney, Australia.

Lisa Shipley, Executive Vice President and Managing Director of TNS Payment Network Solutions, said: “I’m excited that George and John have joined our growing business. Their broad experience will be an asset to TNS as we cement our market leading position and build on our success.

“It is an exciting time for the payments industry as eCommerce continues its rapid global expansion, alternative networks and payment adjacent products gain market share, and legacy network connectivity infrastructure services consolidate. TNS is in a strong position with its secure, scalable, global, yet easy to access network to support current services and accelerate innovation in the payments industry. Steering TNS through this critical time requires a team that has strong operational and strategic experience. I’m confident George and John will be significant contributors to ensuring that our clients have the products and services they need from TNS to be successful.”

In his role, Mr Zirkel will be responsible for setting the strategic direction for the company’s Payments Division and helping to align the objectives of the global product, sales, development and operations teams with that strategy.

Mr Tait will head up TNS’ payments business across the Asia Pacific region, which includes operations in Thailand, Malaysia, Hong Kong, Taiwan and India as well as Australia. TNS also serves customers in New Zealand, the Philippines and Indonesia.

Prior to joining TNS, Mr Zirkel was Chief Operating Officer of TabbedOut, a mobile payment app for bars and restaurants with inbuilt CRM capabilities, and Mr Tait was an Executive Director at financial services provider Indue.

Both Mr Zirkel and Mr Tait are industry veterans with more than 20 years’ experience each within the Payments industry. Mr Zirkel has previously held several senior positions at First Data, as well as roles at SurePay and FleetBoston Financial Corporation, and a board position with AIB Merchant Services. Mr Tait has also worked in senior executive posts at First Data after beginning his career at National Australia Bank.

Commenting on his appointment, Mr Zirkel said: “I have an exciting challenge ahead of me. TNS has strong foundations and an enviable reputation for delivering secure, reliable and innovative payments services globally. My recent experience within alternative payments means I am ideally placed to help TNS explore its potential in this area as well as make strategic recommendations across the wider business.”

Mr Tait added: “I am pleased to be taking the helm for TNS in the Asia Pacific region. I am passionate about customer service and relationship management, and engaging with our customers and business partners will be one of my first objectives. This will enable me to ensure our strategic objectives and the solutions we deliver continue to align with our customers’ aspirations.”

Since it was founded in 1990, TNS has secured a strong payments heritage and expanded to provide services in more than 60 countries across Europe, the Americas and the Asia Pacific regions. The organization is a Level 1 PCI DSS certified service provider and its secure network is supported 24x7x365 by TNS’ Network Operating Centers around the world. For more information about TNS, please visit www.tnsi.com.

ENDS

About Transaction Network Services:

Transaction Network Services (TNS) is a leading global provider of data communications and interoperability solutions. TNS offers a broad range of networks and innovative value-added services which enable transactions and the exchange of information in diverse industries such as retail, banking, payment processing, telecommunications and the financial markets.

Founded in 1990 in the United States, TNS has grown steadily and now provides services in over 60 countries across the Americas, Europe and the Asia Pacific region, with our reach extending to many more. TNS has designed and implemented multiple data networks which support a variety of widely accepted communications protocols and are designed to be scalable and accessible by multiple methods.

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“It is exciting to recognize forward-thinking organizations who are driving positive change and moving the financial services industry forward,” said Debbie Bianucci, BAI President & CEO. “This year’s winners should serve as an inspiration to other leaders seeking to innovate and better serve their customers.”

Innovators were awarded for excellence in a variety of product and service areas. The winners for each awards category include:

Product and Service Innovation

• CEO Mobile® biometrics - Wells Fargo

Channel Innovation

• Use of humanoid robots “Pepper” - Mizuho Financial Group, Inc.

Innovation in Societal and Community Impact

• TEB Women Banking - Turk Ekonomi Bankasi (TEB)

Innovation in Payments

• Risk Modelling Innovation through Data Analytics - CaixaBank S.A.

Innovation in Internal Process Improvement

• Smart Collect - Alior Bank S.A.

Honorable Mention – Most Innovative Non-Bank Financial Services Organization

• NerdWallet’s Checking Account Tool - NerdWallet

Disruptive Innovation in Banking

• Virtual Assistant in Foreign Trade WATSON - CaixaBank S.A.

Most Innovative Community-Based Banking Organization

• CBW Bank

Most Innovative Bank of the Year

• DenizBank

Nominees in this year’s awards program were evaluated by the Innovation Circle Judging Panel, comprised of prominent international innovators who represent the industry and selected winners on the basis of originality and impact.

“Innovation is about relevance, sustainability, growth, profitability and scalability,” said BAI Innovation Circle Judge and Head PBB SA Innovation Capability at Standard Bank Group, Paul Steenkamp from South Africa. “These organizations clearly aren’t happy just performing above the norm in their local markets- they want to benchmark their innovation efforts against the best in the world, and this gives a nudge to all other banks to lift their game. It’s been a huge honor being part of the jury. I’ve learned a tremendous amount.”

To learn more about the BAI Global Banking Innovation Awards and the winners, please visit BAIglobalinnovations.com. To learn more about BAI Beacon, visit BAIBeacon.com.

About BAI

BAI delivers the financial services industry’s most actionable insights, enabling leaders to make smart business decisions, every day. We’re passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to prepare for tomorrow, while performing better today. For more information, visit www.bai.org.

BAI is Bank Administration Institute and BAI Center.

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Gunderson Dettmer Stough Franklin Villeneuve Franklin & Hachigian, LLP announced today that it has opened an office in Singapore, the firm’s ninth office dedicated to supporting entrepreneurs, emerging companies and venture and growth investors. The office will serve clients across Southeast Asia and India.

“We have been working with emerging growth companies and venture and growth investors in India, Southeast Asia and China for more than 15 years,” said Robert V. Gunderson, Jr., chairman of the firm. “Singapore is one of the most important financial centers in Asia and is an increasingly important global innovation hub. We see a compelling combination of economic growth, entrepreneurship and venture activity across Southeast Asia, and opening an office there was the next logical step in providing global support to the communities and clients we serve.” The Singapore office will work closely with Gunderson Dettmer’s Beijing, New York and Silicon Valley offices to provide comprehensive capabilities for clients throughout India and Southeast Asia.

Gunderson Dettmer’s Singapore office will be led by corporate partners Ferish Patel, who has practiced in Asia for the last eight years, and Jonathan Pentzien. “Ferish and Jon are an exceptionally talented and experienced team,” said Gunderson. “Jon has a wealth of experience representing venture and growth investors and companies globally and Ferish has extensive public offering, private equity and M&A experience in Asia and the US. Their combined experience is truly unmatched in Singapore.” Patel was previously counsel at Davis Polk & Wardwell LLP in Hong Kong and began his career at Simpson Thacher & Bartlett LLP in New York. Pentzien previously worked in the firm’s New York office and began his career at Davis Polk & Wardwell LLP in New York. In addition to Patel and Pentzien, Bradley Krack has relocated to Singapore from the firm’s San Francisco office. Krack has extensive experience in representing investors and emerging growth companies. He is fluent in Chinese and is a graduate of UC Berkeley School of Law. Prior to law school, Pentzien and Krack previously spent time as officers in the U.S. Navy.

ABOUT GUNDERSON DETTMER

Gunderson Dettmer is the leading business law firm for venture capital and emerging growth companies globally. Named the Most Active Venture Capital Law Firm in the World by PitchBook in 2015, the firm also raised one-third of the U.S. venture capital raised in the first half of 2016 and has earned similar honors and accolades throughout its twenty plus years dedicated solely to serving the start-up, venture capital and emerging growth markets. Gunderson Dettmer brings unparalleled commitment and experience to partnering with entrepreneurs and investors in building game-changing companies. With more than 220 attorneys in nine global offices, the firm is also the global leader in representing venture capital funds. The firm has more than 2,000 high-growth company clients at every stage of development. Gunderson Dettmer and its partners consistently earn the highest rankings from Chambers & Partners, Best Lawyers, Super Lawyers, and Legal 500.

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The following is a statement from Saray Capital

Approaching the last quarter of 2016 – we are faced with two general market conditions in our two geographical focus areas – the Middle East North Africa (MENA) markets and the developed markets.

The MENA markets fell significantly in recent months as result of factors ranging from political uncertainties or in the case of the Gulf Cooperation Council countries the severe oil price crash.
These macro issues started to affect the wider economy and the consumer as the GCC countries switched from having budget surpluses to budget deficits and from overspending to budget cuts severely slowing economic activity and drying up liquidity in the markets.
Almost a perfect storm of pessimism appeared overwhelming individuals corporates and financial institutions.
The negative spiral continued as fear drove people to take sometimes emotional decisions to sell their most liquid investments – stocks - and convert their assets to the psychological safety of cash ,meanwhile margin calls pushed liquidations of portfolios causing further lowering of share prices as exemplified by the regional indexes losing close to 39% of their value since the fourth quarter of 2014.

More specifically, Saudi Arabia stocks exhibited a more drastic decline as the Tadwul index lost more than half of its value from the fourth quarter of 2014. Although further declines could occur and contrary to the dominating negative sentiment, we believe that current prices provide good risk adjusted low valuations enabling us to purchase parts of leading businesses in Saudi and the region that will survive the current downturn and potentially thrive thereafter due to the fact that these companies possess superior financial standings, solid market positions, as well as good management.

Furthermore, an added critical reason that is giving us comfort to invest in these uncertain times selectively in the MENA region stems from our belief that oil will still be an important commodity and source of fuel for decades to come and the exaggerated story of the end of oil or oversupply of oil is not to be believed fully especially in the short to medium term.

On the contrary, in the developed markets the situation is quite different. As a result of the massive programs to infuse liquidity into the system, historical all time highs prices of bonds and equities were reached creating unhealthy environments exemplified by assets in the trillions of dollars paying owners a negative yield. This situation has lead us unfortunately to find no value in some of the largest markets such as the US and Germany, currently. However, other parts of the developed markets are experiencing turbulence and volatility from the expected continued slowdown of China and Brexit complications - creating certain value opportunities.

At Saray Capital we believe that emotions dominate in the short term however facts rule over the long term. Coming from a region that has the oldest recorded commercial transactions in history dating more than five thousand years ago, we believe that economic and political cycles are a natural phenomenon and to be expected and to be prepared for by always being disciplined, diversified across geographies and asset classes, and under-leveraged.

Moreover, the founders of Saray Capital due to their experience as well as merchant families heritage practice holding concentrated number of well researched investments for the long term. It is a private equity and merchant families approach to investing in the public markets.

We believe that in order to safeguard and grow capital for our investors it is exactly at such volatile times that we step in to purchase highly selected, high barrier to entry, financially healthy, high quality companies sometimes offered at historical low valuations in the regions that we currently find value in parts of developed Asia, the UK, Europe, and in the MENA markets mainly the GCC and Turkey.

Finally, we at Saray believe in and practice true and full alignment by investing our own capital alongside our investors. At Saray Capital, we are compensated purely on a success fee basis and hence only benefit when our investors benefit first.

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UniCredit Bank Austria AG and UniCredit Bulbank AD increased and amended its current senior facility with Business Park Sofia (BPS), the largest office park in Central and Eastern Europe, in order to accommodate a new syndication partner, Raiffeisen Bank International AG (WBAG: RBI), reaching now a total volume of € 112.9 million. The transaction closed in September 2016.

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The new joint facility is being provided by UniCredit Bank Austria AG, Raiffeisen Bank International AG and UniCredit Bulbank AD. UniCredit Bank Austria AG and UniCredit Bulbank AD acted as mandated lead arrangers, syndication agents and underwriters. UniCredit Bulbank AD is acting as facility and security agent, account bank, and hedge provider of this transaction. Also, Arco Capital has mandated UniCredit Bank Austria AG, Raiffeisen Bank International AG and UniCredit Bulbank AD to provide a construction facility for a new development undertaking in process.

The Business Park Sofia office complex consists of fourteen Class A modern buildings, located in the prime location for business in Sofia. The total built-up area is 187,000 m² and is fully leased to more than 150 international tenants and accommodating more than 11,000 employees. The business park comprises more than fifty percent of Sofia’s central business district currently leased Class A office space. BPS is the most prestigious office centre in Sofia. It offers a unique architectural design and high technical specification of the buildings. Also, further development of buildings and infrastructure within the park is underway.

The growth and development of BPS is part of Arco Capital’s strategy to continue the development of the asset in order to meet the current high tenant demand in the CEE region and specifically in the Sofia CBD.

“We are very pleased to financially support Arco Capital as part of the lending group for their vibrant and successful BPS in order to grow and further develop the office park in the region. Arco Capital has a proven track record for successfully managing BPS and attracting a lot of the big international tenants in the Sofia office market,” – said Michael Weitersberger, Head of Real Estate Finance International, Raiffeisen Bank International AG. Lukasz Motyl, Head of Real Estate CEE at UniCredit Bank Austria AG, said: "We are very pleased to have worked again with our partner to continue to support the financing of what is the premier office park in Central and Eastern Europe. We are glad that we had a chance to pair up with Raiffeisen Bank International in this great project in order to expand our long-standing lending relationship with BPS, and its fund sponsor Arco Capital. The re-financing of BPS is also a great example of the positive lending climate in the CEE region.”

Tomasz Radwanski, Managing Director and Head of EMEA at Arco Capital, added: “We are extremely pleased that both Raiffeisen and UniCredit are jointly re-financing Business Park Sofia, and providing us with the financial capabilities to expand our operations. We are observing continuous high demand for our office space. We are very pleased that we could attract expansion financing from UniCredit and Raiffeisen. This prolongs a long term successful partnership with flagship regional banks. Arco Capital, Business Park Sofia and UniCredit have had a longstanding relationship; now this is complemented by the addition Raiffeisen Bank. This re-financing transaction will not only increase our leading position in the Sofia institutional office market, but also enables us to expand it. We were one of the first international institutional investors in Sofia back ten years ago. Business Park Sofia continues to be the preeminent office park in the CEE region.”

Notes to Editors:

UniCredit Bank Austria (www.bankaustria.at) (MIL: UCG) has been a member of UniCredit, one of the largest European banking groups, since 2005. The bank maintains an extensive network in Austria, with about 9.600 employees serving customers in some 260 branches. Bank Austria serves as UniCredit's hub for the banking network in Central and Eastern Europe, a region where the Group is the clear market leader with around 2,240 branches and outlets (as of 04 August 2016). The CEE Division operates through Bank Austria which acts as sub-holding company of the Group and is responsible for overseeing the Group's banking activities in the CEE region, excluding Poland which is under management of UniCredit.

UniCredit Bulbank (www.unicreditbulbank.bg) is the biggest Bulgarian bank in terms of assets, exceeding BGN 18 billion as of June 2016. The Bank is servicing over one million individual clients and households, high profile private customers, small and mid-sized businesses, larger domestic and multinational corporates, municipalities and budget enterprises.

Raiffeisen Bank International AG (RBI) (WBAG: RBI) (www.rbinternational.com) regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 14 markets of the region are covered by subsidiary banks. Additionally, the Group comprises numerous other financial service providers, for instance in the fields of leasing, asset management, as well as mergers and acquisitions. In total, around 51,000 employees service 14.2 million customers through around 2,600 business outlets. RBI is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB). RZB indirectly owns around 60.7 per cent of the shares, the remainder is in free float. RBI's shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the head office of the entire RZB Group, including RBI.

Business Park Sofia (www.businesspark-sofia.com) is the first business park in Bulgaria and the largest office park in Southeastern Europe. The facility accommodates some of the most successful businesses in diverse industries. The park is designed to provide efficiency, flexibility and convenience to corporate tenants of any size and scope. It is a genuine multifunctional high-tech business park, which combines essential business components and related sectors in a vibrant community.

Arco Capital Corporation Ltd. (www.arcocapital.com) is an international finance company that engages in mid-market commercial, infrastructure and real estate financing activities in select emerging markets. Arco Capital is externally managed by Bond Street Management (BSM). BSM is a credit investment platform that serves global markets - leveraging its years of market insight, deep relationships and proven investment acumen.

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• Hamriyah Free Zone Authority currently houses over 6,500 companies from across 157 countries
• Indian companies are the top investors in Hamriyah Free Zone Authority amounting to around 30% of the total investment
• More than 1500 Indian companies are already operating at the HFZ
• India’s Radiant Group’s construction of $10mn oil distillation in HFZ currently underway, sets tone for other Indian companies to follow
• 100% foreign company ownership with 25-year lease
• 100% Import and Export Tax Exemption
• “….. Our goal is to create a robust business environment by meeting the needs and demands of our investors” - Mr. Saud Salim Al Mazrouei, Director, HFZA.

Hamriyah Free Zone Authority (HFZA), located in Sharjah, United Arab Emirates, providing the International Business Investor with an unique investment opportunity in a free market environment is now looking at increasing investments from Indian businesses in the region. Mr. Saud Salim Al Mazrouei, Director, Hamriyah Free Zone Authority led a delegation and today met with more than 150 Indian businessmen to share the details of benefits being offered, inviting them for investments while understanding the requirements of Indian businessmen during an investment seminar on the subject.

 
“Indian economy is growing at a fast and steady pace led by its entrepreneurs and business, we believe that the time is ripe for Indian businesses to benefit from the advantages provided by Hamriyah Free Zone (HFZ) as they plan to expand globally into newer markets. HFZA is strategically located to Sharjah and Dubai which makes is accessible to Europe, Africa, US and the Americas. We offer businesses 100% ownership of their respective companies, backed by world-class infrastructure. Our goal is to create a robust business environment by meeting the needs and demands of our investors”, said Mr. Saud Salim Al Mazrouei, Director, Hamriyah Free Zone Authority.
 
“India is one of UAE's primary trade partner, accounting for almost 9.8 per cent of UAE’s total non-oil trade. Not only that, GCC countries are India's important trade partners and account for more than 11 per cent of India's global exports. The HFZ provides an opportunity to increase business with each other and strengthen the partnership,” Mr. Al Mazrouei added.
 
The HFZ offers a unique geographic and time zone advantage backed by a secure and fully convertible currency and a multi-access to neighboring and global countries through land, sea and air. Hamriyah Free Zone is fast becoming one of the cornerstones of the United Arab Emirates industrial development. As the Next Generation Free Zone, Hamriyah Free Zone is ensuring that its management is flexible and dynamic besides being an investor oriented free zone.
 
Mr. Saud Salim Al Mazrouei, Director, Hamriyah Free Zone Authority and Mr. Rohit Sanga, Managing Partner, India Events, today hosted a conclave and dinner in Mumbai for Indian businesses looking at new markets aboard. The primary objective of the conclave was to showcase the benefits of the Hamriyah Free Zone Authority for Indian companies seeking to expand globally.
 
In June, this year, India’s Radiant Group announced the construction of $10mn oil distillation plant in HFZA. Hamriyah Free Zone currently houses over 6,500 companies from across 157 countries with over 300 manufacturing facilities. Hamriyah Free Zone is a strategic hub for companies due to its access to global markets with over 2 billion customers.
 
Some of the benefits will now include:
 

• 100% import and export tax exemption
• 100% exemption from all commercial levies,
• 100% repatriation of capital and profits allowed
• No corporate profit tax and No personal income tax

 
“As per the rules of Gulf nations, one had to make a local national a business partner in order to setup any office or business in the respective country, which was hurting their profitability. To counter this issue, many Gulf nations have now setup Free Trade Zones to promote overseas investments and businesses. We are proud to support the HFZ in their endeavor of inviting businesses from India for investments. I am sure with simplified regulations more Indian businesses will benefit from HFZ and can achieve global scale,” stated Mr. Rohit Sanga, Managing Partner, India Events
 
About Hamriyah Free Zone Authority

Hamriyah Free Zone Authority was established by an Emiri decree issued on November 12, 1995. It is located in Sharjah, United Arab Emirates, which gives the free zone a unique geographic and time zone advantage backed by a secure and fully convertible currency and a multi-access to neighboring and global countries through land, sea and air.

Hamriyah Free Zone is challenged to provide competitive incentives and unique opportunities to establish a business in a tax-free environment, full company ownership, exemptions from all commercial levies and repatriation of capital and profits. The free zone manages an area of approximately twenty-two million square meters of prime industrial and commercial land and a 14-meter deep water port which includes room for expansion.

Benefits of the free zone:
 

• Access to 14-meter deep water port and 7-meter deep inner harbor
• Land lease for 25 years renewed for similar period
• Pre-built warehouses, factories and office units for lease
• Executive office suites in the International Business Center for lease
• On-site accommodation for investors’ personnel including recreation center and health club
• Transportation via road, 3 sea ports and Sharjah International airport
• Highly developed infrastructure and telecommunications links
• Abundant and inexpensive energy (Electricity: $0.05 per KWA, Water: $8.17 per 1000 Gallons)
• Liberty for personnel recruitment and economical workforce
• Affordable cost of living

Photo Caption: Rohit Sanga, Managing Patner India Events, Mr. Saud Salim Al Mazrouei, Director & Mr. Ali AL Jarwan, Commercial Head, Hamriyah Free Zone Authority, Sharjah, UAE

(BSE:534674, NSE: DUCON) - Ducon Technologies (I) Pvt. Ltd. (“DTIPL”) announced that the Company is experiencing increased proposal activity in its Flue Gas Desulfurization (FGD) systems market in India.

Aron Govil, Chairman of the Company cited several reasons for this increased activity:

(i) India’s economy has been growing steadily at an average annual rate of 7% in recent years supported by market reforms, huge inflows of foreign direct investment, growing foreign currency reserves.

(ii) In order to sustain this growth rate, India will need to triple or quadruple its total electricity generation capacity from 148 GW to nearly 800 GW by 2026.

(iii) This growing electricity demand coupled with increasing dependency on coal & Oil for power generation is expected to boost the India’s market demand for FGD system over the next five years because the Ministry of Environment, Forest & Climate Change (MOEF) in December 2015, revised its standards for coal-based Thermal Power Plants, by requiring reduction of sulfur dioxide to 7.3 kg/Mwh and Nitrogen Oxide to 4.8 kg/Mwh in order to help improve the ambient air quality in the country.

“DTIPL is presently involved in bidding on over 10,000 MW of FGD projects in the coming next 4 months in India,” continued Mr. Govil.

Ducon Technologies (I) Pvt. Ltd. is a leading company in India providing the most advanced technologies & equipment for FGD Systems, Material Handling systems, Electrical Transmission & distribution systems, and turnkey EPC projects since 2005. DTIPL provides custom engineered FGD & SCR DeNOx systems, bag filters, FCC refinery cyclones, for power plants, refineries, steel & mineral plants and other industries. Ducon also supplies ash, coal, alumina and other material handling, wagon loading and unloading systems. Ducon provides single source responsibility for execution of major turn-key projects throughout Southeast Asia. DTIPL is currently being amalgamated with Ducon Infratechnologies Ltd. (BSE:534674, NSE: DUCON) another Ducon group company in India. Ducon Infratechnologies Limited is an emerging technology company for providing solutions in the digital and cloud space to multiple business segments across varied industries by offering distribution services to its clients related to marketing initiatives, distribution, volume procurement and end to end technical support.

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APEX Analytix®, the industry leader in AP auditing, profit recovery, and working capital optimization of global financial supply chains, continues to expand its global presence with the opening of a new location in the heart of Kowloon eastern district, Hong Kong. The new office is the latest example of purposeful growth for the Greensboro, North Carolina-based company.

“The world’s largest organizations turn to us for innovations to safeguard their disbursements but also gain operating efficiencies and optimize working capital in their global financial supply chain,” says Steve Yurko, CEO of APEX Analytix. “We’ve been remotely operating in the APAC region for a long time, but as demand for our AP recovery audit services and our software solutions continue to grow, we have committed ourselves to be with our clients in this region, serving them where they are.”

“APEX Analytix Hong Kong Limited” is staffed by a group of analysts fluent in Mandarin, Cantonese and English, among other languages. This APEX Analytix location is positioned to fully support all APEX Analytix products, services and technology offerings, including the company’s FirstStrike® Global Supplier Portal.

APEX Analytix serves a wide range of clients in the Global 2000, and the company will be bringing the same expertise to clients in the APAC region.

“Treasury, procurement and AP departments look to us for guidance on recovering profits lost in their procure-to-pay process, but also to help them solve the root cause of the leakage by implementing a frictionless supplier setup and maintenance solution that drastically improves working capital,” says Yurko. “Having a location in Hong Kong with analysts who understand the culture, and the specific challenges in this region, will be an incremental value driver for our clients.”

APEX Analytix’s new office is located at Suites 2701-3, 27 Floor, AXA Tower, Landmark East, 100 How Ming Street, Kwun Tong, Hong Kong.

To get all the latest news, information and product updates, visit our website: www.apexanalytix.com.

About APEX Analytix®

APEX Analytix® has 28 years of experience serving Global 2000 companies and is the number one provider of services and technology solutions to audit, recover and prevent overpayments, and optimize profits, while enabling a frictionless global financial supply chain. For more information about the organization’s products and services, visit apexanalytix.com.

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Performance Highlights
 

• 25% growth in the standalone profit after tax at Rs 3,697 crore for the half-year ended September 30, 2016
• Standalone profit after tax at Rs 1,827 crore for the quarter ended September 30, 2016 – growth of 14%
• 25% growth in the individual loan book (after adding back loans sold in the preceding 12 months); 18% growth on an AUM basis
• Net Interest Margin for the half-year ended September 30, 2016 stood at 3.85%, spread on loans at 2.28%
• Gross non-performing loans stood at 0.76% of the loan portfolio as at September 30, 2016
• Consolidated profit after tax at Rs 5,243 crore for the half-year ended September 30, 2016– growth of 22%

 
The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited standalone and consolidated financial results for the first half of the financial year 2016-17, following its meeting on Wednesday, October 26, 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
 
Financials for the half-year ended September 30, 2016
 
For the six months ended September 30, 2016, the profit before tax stood at Rs 5,257 crore as compared to Rs 4,276 crore in the corresponding period of the previous year, representing a growth of 23%. This includes the profit on sale of part of the Corporation’s stake in HDFC ERGO General Insurance Company.
 
After providing Rs 1,560 crore for tax (inclusive of Rs 193 crore as deferred tax liability on Special Reserve), the profit after tax for the six months ended September 30, 2016 stood at Rs 3,697 crore as compared to Rs 2,966 crore in the corresponding period of the previous year, representing a growth of 25%.
 
Financials for the quarter ended September 30, 2016
 
For the quarter ended September 30, 2016, the profit before tax stood at Rs 2,558 crore as compared to Rs 2,324 crore in the corresponding quarter of the previous year.
 
After providing Rs 731 crore for tax, (inclusive of Rs 103 crore as deferred tax liability on Special Reserve), the profit after tax stood at Rs 1,827 crore as compared to Rs 1,605 crore in the previous year, representing a growth of 14%.

LENDING OPERATIONS
 
Individual loan disbursements grew by 20% during the half-year ended September 30, 2016. The average size of individual loans stood at Rs 25.7 lac. 
 
As at September 30, 2016, total Assets Under Management (AUM) stood at Rs 3,11,264 crore, of which the loan book was Rs 2,75,406 crore and outstanding loans sold/assigned was  Rs 35,858 crore.
 
The Corporation, under the loan assignment route sold loans amounting to Rs 1,939 crore in the quarter ending September 30, 2016 to HDFC Bank. Loans sold/assigned in the preceding twelve months amounted to Rs 13,086 crore.
 
In respect of total loans sold/assigned, the residual interest is 1.22% per annum and is being recognised over the life of the underlying loans and not on an upfront basis.
 
The growth in the individual loan book, after adding back loans sold in the preceding 12 months was 25% (17% net of loans sold). The non-individual loan book grew at 13%. The growth in the total loan book after adding back loans sold was 21% (16% 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 13%. The growth in the total loan book on an AUM basis was 17%.
  
Non-Performing Loans

Gross non-performing loans as at September 30, 2016 amounted to Rs 2,108 crore. This is equivalent to 0.76% of the loan portfolio.The non-performing loans of the individual portfolio stood at 0.61% 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 2,106 crore of which Rs 1,435 crore is against standard assets.
 
The balance in the provision for contingencies account as at September 30, 2016 stood at Rs 3,119 crore of which Rs 619 crore is on account of non-performing loans. This balance in the provision for contingencies is equivalent to 1.13% of the portfolio.
 
Spread and Net Interest Margin
 
The spread on loans over the cost of borrowings for the half-year ended September 30, 2016 stood at 2.28% compared to 2.26% for the quarter ended June 30, 2016. The spread on the individual loan book was 1.95% and on the non-individual book was 3.04%.
 
Net Interest Margin for the half-year ended September 30, 2016 was 3.85%.

INVESTMENTS
 

As at September 30, 2016, the unrealised gains on HDFC’s listed investments amounted to Rs 70,641 crore (previous year Rs 58,169 crore). This excludes the appreciation in the value of unlisted investments.

RUPEE DENOMINATED BONDS (MASALA BONDS)
 
The Corporation has raised Rupee Denominated Bonds overseas amounting to Rs 5,000 crore through four issues. The Corporation was the first Indian corporate issuer of such bonds. The bonds are listed on the London Stock Exchange.

DEFERRED TAX LIABILITY ON SPECIAL RESERVE
 
National Housing Bank (NHB) had directed Housing Finance Companies (HFCs) to provide for deferred tax liability in respect of the balance as on April 1, 2014 in the Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961, over a period of 3 years, in a phased manner in the ratio of 25:25:50.
 
Accordingly, the Corporation had created 25% of deferred tax liability of Rs 559.54 crore in each of the two previous financial years.  The remaining 50% (Rs 1,119.08 crore) of the deferred tax liability is required to be created in the current financial year. The Corporation has created proportionate deferred tax liability of Rs 559.54 crore for the half-year ended September 30, 2016. The balance amount of deferred tax liability of Rs 559.54 crore will be created in the second half of the financial year.
 
CAPITAL ADEQUACY RATIO
 
The Corporation’s capital adequacy ratio stood at 16.5%, of which Tier I capital was 13.3% and Tier II capital was 3.2%. 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 415 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 half-year ended September 30, 2016, the consolidated profit after tax stood at Rs 5,243 crore as compared to Rs 4,311 crore in the corresponding period last year, representing a growth of 22%.
 
The share of profit from subsidiary and associate companies in the consolidated profit after tax stood at 29% for the half-year ended September 30, 2016.

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

The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, has signed a commitment to provide $200 million in financing to ISQ Asia Fund, L.P., an infrastructure fund managed by U.S.-based infrastructure investor I Squared Capital. The Asia Development Bank estimates that over $1 trillion must be spent on infrastructure to maintain the region’s continued economic growth. With South and Southeast Asian economies being held back by lack of infrastructure, there is an increased need for private sector investments in the region. With support from OPIC, I Squared Capital hopes to deploy capital throughout emerging Asia to finance projects that will contribute to the current economic growth trajectory.

“Investments in infrastructure are a critical foundation for lasting development,” said Elizabeth L. Littlefield, OPIC President and CEO. “Across Asia, there is a significant demand for infrastructure that is not currently being met. By partnering with I Squared Capital, we hope to focus on infrastructure investments including renewable energy, transportation, water and waste management throughout Asia’s emerging markets. These projects will promote sustainable economic development and demonstrate the potential for investments in these markets.”

“South and Southeast Asian infrastructure requires enormous investment in the coming decade to keep pace with rapid urbanization and economic development,” said Gautam Bhandari, Partner at I Squared Capital. “This financing will have a significant impact in this vital sector and we are excited that OPIC has chosen I Squared Capital.”

I Squared Capital anticipates investments in infrastructure-related sectors across South and Southeast Asia with a special emphasis on financing urban infrastructure. The fund applied to OPIC’s 2015 Global Engagement Call for Proposals, and is OPIC’s largest fund commitment to date. Through a competitive process, funds are selected that target projects in OPIC-eligible countries for new business development, existing company expansion, restructuring, and/or privatization. This project will help advance the Obama Administration’s Rebalance to Asia and the Pacific, to strengthen cooperation among U.S. allies and partners, leveraging their capabilities to address common regional and global challenges.

About OPIC

OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.

All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide. For more information visit www.opic.gov

About I Squared Capital

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in the Americas, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.

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• Timo Ihamuotila joins pioneering technology leader ABB as Chief Financial Officer from Nokia, effective April 1, 2017
• Proven Chief Financial Officer with extensive experience in communications, software and services industries, active portfolio management and operational performance improvement
• Deep understanding of corporate transformation and digital business models
• Quantum leap in digital is cornerstone of Stage 3 of ABB’s Next Level Strategy: after creating the Chief Digital Officer role, new CFO key to transforming ABB as leader in digital industries
   

ABB announced today that Timo Ihamuotila has been named Chief Financial Officer and member of the Executive Committee, effective April 1, 2017. Ihamuotila succeeds current CFO Eric Elzvik in an orderly transition process. Elzvik will pursue career opportunities outside of ABB after a thorough handover in second quarter of 2017.

Ihamuotila is joining ABB from Nokia, where he has held the position of CFO since 2009. In this role, he was key in helping to turn around and reposition Nokia as a “global leader in the technologies that connect people and things” through business model changes, active portfolio management operational improvement.

Ihamuotila brings with him 26 years of experience in the communications and banking sector and has deep experience in areas as finance, controlling, mergers & acquisitions, commercial and general management.

“Timo is a seasoned CFO with an impressive global track record,” said Chief Executive Officer Ulrich Spiesshofer. “He has extensive and deep experience in all aspects of finance as well as in transforming businesses in times of industrial digitalization. With his wide range of expertise, ranging from financial, to commercial to general management, he is the ideal person to lead our finance organization and partner to drive ABB’s ongoing transformation as leader in the digital industry. I am delighted to welcome Timo to our Executive Committee in these exciting times as we focus on unlocking maximum value for all shareholders,” Spiesshofer said.

“At the same time I would like to warmly thank Eric Elzvik already now for his long, outstanding commitment and many valuable contributions to ABB over more than three decades. During Eric’s CFO tenure, a new cash culture together with a significant improvement of our Net Working Capital, a fundamental productivity improvement of the finance function and many portfolio actions were successfully established and delivered. We wish Eric all the best for the next step of his professional career which he will pursue after the orderly handover process is completed in Q2 2017.”

Prior to taking his current role, Ihamuotila held positions at the Finnish communications technology firm that included executive vice president of sales, general manager of a business unit and Group treasurer. Earlier in his career, he held positions at Citibank and Kansallis Bank. He earned a master of science degree in economics and a post graduate degree in finance from the Helsinki School of Economics

“I’m very pleased to join ABB at such a pivotal stage of its transformation, as it moves to the next level and expands its digital offering, helping its customers harness the Energy and Fourth Industrial Revolutions,” said Ihamuotila. “I look forward to driving sustainable growth and accelerate value creation across ABB together with the entire management team.”

Elzvik joined ABB in 1984 and has during his long and distinguished career held a variety of leadership roles in Sweden, Singapore and Switzerland, including head of Corporate Development, and head of Mergers & Acquisitions and Joint Ventures. He was CFO of the Automation Products division from 2006 and in 2010 became CFO for the Discrete Automation and Motion division. He serves ABB as Group CFO since February 2013.

ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally. Continuing more than a 125-year history of innovation, ABB today is writing the future of industrial digitalization and driving the Energy and Fourth Industrial Revolutions. ABB operates in more than 100 countries with about 135,000 employees. www.abb.com

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