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Articles on this Page
- 05/10/17--02:30: _FinTech Start-up Ea...
- 05/10/17--02:45: _Bajaj Finserv Slash...
- 05/10/17--04:10: _Nubia Embarks PEARL...
- 05/10/17--06:40: _Financial Services ...
- 05/10/17--23:14: _Western Union Digit...
- 05/11/17--00:54: _The Monaco Investme...
- 05/11/17--06:05: _Max India Sponsors ...
- 05/15/17--05:33: _UAE Exchange Celebr...
- 05/15/17--21:20: _UBS Asset Managemen...
- 05/15/17--22:30: _Peter Bodin named G...
- 05/16/17--02:15: _OpenLink Launches t...
- 05/16/17--04:45: _DHFL Strengthens Le...
- 05/16/17--22:00: _Ezetap Named #16 on...
- 05/15/17--06:00: _Murex Ranked #1 Tre...
- 05/15/17--07:05: _Kennedy Wilson Anno...
- 05/15/17--07:18: _Moody's to Acquire ...
- 05/15/17--21:00: _Andersen Global Ann...
- 05/16/17--23:15: _Wipro Launches Nine...
- 05/17/17--03:00: _WEX Signs Multi Cou...
- 05/18/17--01:15: _Intuit Launches Fre...
- With EarlySalary Mobile App, Ultra Short Term Loan On Mobile App, Real Time, Any time is becoming a fast reality for Millennials and Gen Z.
- India’s 1st Start-up to offer Salary Advances & Instant Cash Loans on Mobile App
- Super Fast decisioning helps get loan approval in seconds with the help of Social algorithm and artificial machine intelligence
- Only Lender which helps young working professionals get access to credit without Credit Bureau history boosting their financial confidence
- Build leverage on capital deployed for building products and lending book
- Expand team specifically in skill sets of machine learning.
- Grow customer base and provide 200,000 loans in this FY
- Super Fast: 70% loans are given in under 10 minutes
- Instant CASH: Salary advance/cash loans transferred to bank anytime instantly
- Short duration: Cash loans from 7 days up to 30days
- Instant Transactions: From Rs.8000 to Rs.1Lac Cash transferred to Bank
- 88% respondents felt consumers attach high importance to convenience and response time.
- 88% said demand for personalized services has increased.
- About 84% of respondents believe that customers now give importance to instant gratification when it comes to financial services.
- 75% felt customers have become more discerning.
- 69% said when it comes to customer expectation the urban-rural divide has narrowed.
- 05/10/17--23:14: Western Union Digital Service Live in 40 Countries
- 05/15/17--21:20: UBS Asset Management Hires Suni Harford as Head of Investments
- 05/15/17--22:30: Peter Bodin named Global CEO-elect of Grant Thornton
- 05/15/17--07:18: Moody's to Acquire Bureau van Dijk
- From tedious management to command center: accountant work is completely deadline-driven, and the number of deadlines is enormous. The existing process to track client information and work is cumbersome, disjointed and highly manual, leaving employees overwhelmed and firm owners feeling anxious that deadlines might be missed, resulting in potential fines and client losses. With Practice Management, it takes seconds to create new jobs or tasks and assign them. Accountants can then edit job cards straight from the dashboard.
- From disconnected to integrated solutions: accountants often use several separate spreadsheets to track employees’ granular tasks, keep management informed of progress and track client information. Often times, there is no or very little integration between the tools they use every day to complete their work. QuickBooks Online Accountant is directly connected to the applications accountants use to perform work, making it the source of truth for client data and work management.
- From broken to central client communication: accountant communication with clients happens outside the context of work, which introduces challenges as much gets lost in translation. In fact, Intuit estimates accounting professionals spend 65 percent of their time tracking down source documents from clients. Practice Management features allow them to send document requests and messages to clients from QuickBooks Online Accountant. Clients can view and respond directly from QuickBooks Online.
- “The limited integration between various tools used to make me worried I might miss a deadline. QuickBooks Online Accountant manages my workflow seamlessly in one spot, helping me manage employees’ tasks and track client information.” Leanne Davis, Owner Operator, Sort it Out – Office Assist, Albury, Australia.
- “The new Practice Management features have enabled Jetstream Administration to be focused on delivering results to our clients instead of juggling multiple platforms of task lists and document requests. In one place, we can see what needs to be done and get it done!” Jennifer Bauldic, President, Jetstream Administration, Inc., Toronto, Canada.
- “Intuit as a company is always proactively looking for ways in which accountants’ lives can be made easier, and Practice Management is a feature which ticks this box so well. Anything that helps me to run a better business is very welcomed! This new feature gives the ability for me to create and assign new jobs or tasks in seconds and edit them straight from the dashboard. Less chance of deadlines being missed. Great!” Fiona Fraser, Chartered Accountant and Founder of Fraser+ Accountants, Perth, Scotland
- “The new Practice Management in QuickBooks Online Accountant is saving me time before I even start using it! The first time I clicked on the ‘Work’ tab, it had already created payroll jobs based on my client list. Thanks for thinking of me, QuickBooks Online Accountant team!” Stacy Kildal, Founder, Kildal Services, White Lake, Michigan.
Business Wire India
|EarlySalary App Screenshot|
The company focuses on helping young working professionals get Instant Loans and Salary Advances in minutes and is fast becoming the first line of credit to young working Indians. More than 80% of its customer base is in their first career roles and most of them are new to credit and are first time borrowers. Over the past year, EarlySalary developed its Underwriting System which is a self-learning Algo Based Decisioning System. The System in real time reviews Social Media and Credit Bureau data of customers and helps approve the loan for them.
Targeted at young working professionals with a clear focus, - ‘1st line of Credit for young working Indians’, Akshay Mehrotra, Co-Founder & CEO commented ‘We are very excited to have IDG Ventures India and DHFL as Investors on Board and this combination and capital will provide the necessary growth impetus and management depth needed to accelerate growth and the innovation process at EarlySalary.
Ashish Goyal, Co-Founder & CFO further added, ‘As a team, we are focused on solving the problem of providing access to instant credit & cash for a short period of time and at a reasonable price all time anytime’.
Speaking on this occasion, Karthik Prabhakar, Director, IDG Ventures India Advisors said, ‘We believe FinTech firms are changing the way India will bank and EarlySalary’s capability of using Social Media based Underwriting decisioning will help many young working professionals get access to credit which is otherwise not possible. This over a period of time will create a wealth of information on credit-worthy customers, to offer more diverse products through partners’.
Commenting on the development, Harshil Mehta, CEO, DHFL said, “We see a potential opportunity in EarlySalary which is led by an enterprising and talented group of founding members. The financial technology space in India is at an exciting stage and is steadily making deep inroads into the BFSI industry supported by cutting edge technology. We look forward to a synergistic association that will enable us to leverage their technology solutions, and to working closely with the team as they scale up the business.”
The Series A capital will be primarily deployed in three particular areas, viz:
EarlySalary was co-founded by Akshay Mehrotra and Ashish Goyal 18 months back and had raised Seed Funding from Ashok Agarwal of Transcorp International. Till date, the app has received 3,50,000+ downloads across its Android & iOS mobile app platform. The company has distributed 15,000+ loans to customers borrowing between Rs.8,000 to Rs.1,00,000 at a low cost of Rs.9 per Rs.10,000 per day. The company also partners with many large Corporates as well as SMEs across the country to give Salary Advances to employees.
EarlySalary is a short term small amount Loan given to Salaried Individuals on a mobile app. These loans are similar to salary/cash advances or credit card cash withdrawal. EarlySalary is a mobile app which allows you to apply and get a loan approval within minutes and instantly get money transferred to your account. Coupled with Social profiling which gives better risk assessment, helps go beyond financial underwriting and IndiaStack; EarlySalary aims to do more prudent risk assessment and lend better and is today fast becoming the fastest lender in the country.
Akshay Mehrotra, CEO, previously served as the Chief Marketing Officer at Big Bazaar, Future Retail Limited, CMO at PolicyBazaar.com & Marketing Head at Bajaj Allianz Life Insurance
Ashish Goyal, CFO, is a chartered accountant by education and previously served as the Chief Investment Officer at Bajaj Allianz General Insurance.
Vimal Saboo, CBO, previously served as the Business Head of Edelweiss Capital and also served in senior roles at Axis Bank.
Vivek Jain, CTO, who previously served as the Principal Technology Architect at Infosys.
For more information please visit www.earlysalary.com
Like us on Facebook: fb.com/EarlySalary
Follow us on Twitter: twitter.com/early_salary
About IDG Ventures India
IDG Ventures India is a leading technology venture capital fund in India. The fund is part of IDG Ventures, a global network of technology venture funds with over $6 billion under management with over 220 investee companies and 10 offices across Asia and North America. IDG Ventures has been an investor in companies including Funzio, Ctrip, Tencent, Baidu, Netscape, BabyCenter, Sohu, Vancl and VinaGame. In India, IDG Ventures has invested in companies such as Flipkart, Myntra (acquired by Flipkart), Yatra (NASDAQ:YTRA), Newgen, Brainbees (FirstCry.com), Manthan, Valyoo (Lenskart.com), NestAway among others. More information about IDG Ventures India is available at www.idgvcindia.com
DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE AAA rated and reckoned as one of India’s leading financial institutions with a large presence across the country, in addition to representative offices in Dubai and London.
Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. The company’s wide network, coupled with insights into local customer needs, has enabled the company to provide meaningful financial access to customers even in India’s smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is a respected and trusted financial services company in India with a concerted focus towards enabling home ownership to the low and middle income customer. For further information, please visit www.dhfl.com.
Business Wire IndiaBajaj Finserv, India’s most diversified financial company, through its lending arm Bajaj Finance, is offering Home Loan at special interest rate of 8.50% till May 15, 2017. Also, you can avail a Personal Loan to set up the house at an interest rate starting from 12.99% in this limited period offer.
Whether you are planning buy first home or wish to transfer your existing Home Loan’s balance amount, this special offer is a great opportunity to make your decision. With an intend to fund your dream home, Bajaj Finserv will offer benefits such as instant approval, 3 EMI holiday, speedy disbursal and many more in this limited period.
Buying a new house is one milestone of everyone’s life, and we always would want to build our house the way we like. Bajaj Finserv understands the need and offers a customer-friendly Personal Loan deal for buying furniture or repainting the house and many such things.
Special Benefits & Convenient Procedures
The advantage of 3 EMI holiday is it allows you to start repaying the loan 3 months post the disbursal. This gets enough time to divert your funds towards setting up your home and plan your finances better.
Bajaj Finserv lets you to apply for Home Loan online and also enable you to calculate your EMI through the Home Loan EMI calculator. If you fulfil all the eligibility criteria, the loan is approved within 5 minutes and a representative gets in touch with you immediately. Bajaj Finserv offer’s a door step service for collecting your documents by scheduling an appointment.
We always assume that applying for home is a difficult process and will require numerous documents. Bajaj Finserv allows you to apply for a Home Loan with basic documents like identity proof, address proof, income details and bank statement.
If you have used your own funds to purchase a house in the last 12 months, then you can opt for the refinance option offered by Bajaj Finserv and avail a loan amount that’s less than or equivalent to the registered value of your property. If you are planning to opt for Home Loan balance transfer, you avail the benefit of the reduced interest rate offered in this limited period.
Personal Loan Interest Rate Starting At 12.99%
A Personal Loan is a solution to most of our financial needs. With special rates offered by Bajaj Finserv it now a time to fulfil your dreams. Bajaj Finserv in this limited will offer Personal Loan for an interest rate starting at 12.99%.
Opting for a Personal Loan, all you have to do is go on to Bajaj Finserv website, filling in the details and if you meet the eligibility criteria the application is approved instantly. Also, the loan money is disbursed and credit in your bank account in 72 hours.
The loan amount can range up to 25lakhs and repayment tenure can range between 24 months to 60months. You can also calculate the monthly outgo through the Personal Loan EMI calculator offered by Bajaj Finserv. The advantage of personal is that you don’t need any collateral or security to avail this loan.
About Bajaj Finance Ltd
Bajaj Finance Limited, the lending arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle re-financing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
Business Wire India
OT (Oberthur Technologies), a leading global provider of embedded security software products and services, today announces that nubia Mobile embarks PEARL by OT® embedded Secure Element (eSE), in their recently released Z11miniS and Z17mini smartphones. Thanks to OT’s eSE, nubia will enable smartphone owners to securely access all public transportation services in Beijing and Shenzhen in the coming months.
Once the Beijing or Shenzhen transport application is installed on their nubia smartphone, end-users will no longer need to go to their transport company counters to buy tickets. They will be able to recharge their digital transport card online directly via their application and will simply need to hold their smartphone near the contactless reader in the bus or the subway to pass the gates. They will also be able to use their phone to pay in retail stores accepting contactless payments, as they are used to doing with their current transport cards. PEARL by OT® will allow them to securely enjoy the convenience of these NFC services.
PEARL by OT® enables handset and wearable device makers to deploy new contactless services certified by key payment schemes worldwide and transport authorities of the largest cities in the world. It has recently been granted MTPS certification for all Mobile Financial Services technologies in China. This unique multi-application platform also supports access control, biometrics, secure storage use-cases and value added services such as keyless car entry.
“We are happy to offer nubia users with a convenient, secure and easy-to-use way of commuting in partnership with OT.” commented Ni Fei, Senior Vice President of nubia. “This new service will extend the existing NFC transport services offered to Z9 and Z9 Max owners in Shenzhen and already relying on OT’s eSE, to a much larger number of users.”
“The support of Chinese, as well as international transit technologies, enabled by our eSE, is a key asset for handset makers wanting to address the fragmented market of transport systems throughout the world.” said Viken Gazarian, Deputy Managing Director of the Connected Device Makers business at OT. “We are very pleased to support nubia for the deployment of NFC transport services in major megalopolis like Beijing and Shenzhen with their latest smartphones.”
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
Business Wire India
The pace at which technology is disrupting the economy is creating an inflection point for the financial services sector. The ubiquity of internet and mobile penetration in India has radically transformed the way customers seek and consume information. This has, in turn, changed the way how they perceive and assign value to the relationships they want to have with companies. Financial services CEOs are finding it challenging to address consumer demands and real-time expectations.
If financial services brands are to match the pace of changing expectations and demands of their consumers that comprises an increasing base of Millennials, they need to overhaul their communication strategy, suggests MSLGROUP India’s insights report ‘Fincomm Imperatives 2017’. The report offers key insights into the changing nature of the financial industry and defines communication strategies to unleash the full potential of digitalization.
The report employed closed-group interactions among 50 CXOs from the Indian financial services industry. The findings were distilled and interpreted by financial experts at MSLGROUP India to offer key insights on the sector. In the survey, a whopping 87% respondents admitted that millennials are driving their communication strategies, while 90% said that their communications have shifted to digital mediums. With Millennials forming a growing consumer base, 88% respondents felt that performance on digital platforms has become an integral part of brand building. The report also revealed several other insights that point to an urgent need for brands to redesign their communications:
With the advent of new technologies and a consumer base that’s embracing new digital platforms, MSLGROUP India identified an urgent need to redefine communication strategies for the BFSI sector. With a finger firmly on the pulse of the BFSI sector and national presence that extends to tier-3 and tier-4 towns, MSLGROUP India has a deep understanding of changing trends in the industry. A well-established financial communications practice, backed by prowess in the digital space and in-house capabilities that span PR, content, events and creative services, allows MSLGROUP India to offer insight- and impact-driven solutions to the evolving needs of financial services brands.
Fincomm Imperatives 2017 was launched at a panel discussion with the BFSI industry experts. Acknowledging the imperatives, Mr. Munish Sharda, MD and CEO, Future Generali Life India, a panelist commented “We once only knew of face-to-face communications. Today offers many more ways to build trust and be transparent”. Mr. Sudhir Dash, MD of Investec, on the panel commented about the need for refining big data analytics even more to make targeting better
In the study, MSLGROUP India has defined how the nature of communications would need to change and adapt around three pillars
1. Consumer Intelligence: Aggregating, Assimilating and Deploying: Adopt data-driven intelligence leading to a stronger understanding of the customer and thus stronger, efficient and personalized customer services and managing reputation.
2. Discover, Design and Delivery: Optimizing Digital Consumerism: With digital consumerism leading a supercharged lifestyle of customers, brands need to meet the customers where they want to be met – in the new digital environment.
3. Innovation: Understand that digital platforms and technologies bring with them a large number of avenues to innovate at low investment. Quick and relevant adoption of technologies and platforms is a priority.
Further, leveraging the insights, MSLGROUP India lists six communications imperatives in the study: Fincomm Imperatives 2017
1. Digital-first brand communications: A digital-only brand approach is crucial to engage customers
2. Communicating to capture micro-moments: Engaging customers at moments when they make pivotal financial decisions by leveraging contextual signal like location, time of day, keywords – data-driven digital approaches are becoming more efficient
3. The need for C-suite conversations: In financial institutions, consumers trust brands with their money, they expect to have humanized connect with the organization. Direct and aptly timed CXO communications can create a strong connect reach and impact with the customer
4. Powerful Thought Leadership: Forward-looking, bold, compelling thought-leadership narratives on topics affecting the customer’s prosperity will yield powerful results
5. Content Marketing for the Millennials: Key to a strong content marketing strategy is simplifying and personalizing the experience for millennials. This allows for building a comfort level and easy digestion of complex information
6. Tackling Reputation Risks. Risks are inherent to the BFSI sector. Financial institutions and reputation managers should be cognizant and cautious about the customers’ concerns around identity theft. Optimization of user experience should not be at the cost of integrity of consumer data. In an industry with prevalent trust deficit, introduction of new financial instruments may face consumer scrutiny.
Commenting on the report Amit Misra, CEO, MSLGROUP India said, “The wave of digitalization that’s sweeping across the country has impacted the BFSI sector in a significant way. The idea behind this report was to use MSLGROUP India’s expertise in financial communications in interpreting the key insights that the survey revealed, and to provide a roadmap for India’s financial services brands to transform their businesses by using powerful communications in the online space.”
To read Fincomm Imperatives 2017, visit http://www.mslgroup.com/insights/2017/india-fincomm-imperatives-2017/About MSLGROUP India
Today MSLGROUP India has evolved from a traditional PR agency to an Integrated Communications Firm. Leveraging i3, its go-to-market Strategic Planning Model, MSLGROUP India offers Integrated Communications Solutions, Public Relations, Digital and Social Media, Public Affairs, Content and Design services to a broad spectrum of MNC and Indian clients. With 400 + passionate colleagues across 8 offices, MSLGROUP India partners over 250 clients nationwide. As part of MSLGROUP in Asia, the firm has been recognized as Asia Pacific 2016 Consultancy Of The Year by both Holmes Report and PRWeek.
MSLGROUP is Publicis Groupe’s strategic communications and engagement group, advisors in all aspects of communication strategy: from consumer PR to financial communications, from public affairs to reputation management and from crisis communications to experiential marketing and events. With more than 3,000 people across close to 100 offices worldwide, MSLGROUP is also the largest PR network in Europe, fast-growing China and India. The group offers strategic planning and counsel, insight-guided thinking and big, compelling ideas – followed by thorough execution.
About Publicis Groupe – The Power of One
Publicis Groupe [Euronext Paris FR0000130577, CAC 40] is a global leader in marketing, communication, and digital transformation. Active across the entire value chain, from consulting to creation, and production, Publicis Groupe offers its clients a transversal, unified and a fluid model allowing them access to all the Groupe’s tools and expertise around the world. Publicis Groupe is organized across four Solutions hubs: Publicis Communications, Publicis Media, Publicis. Sapient and Publicis Health. These 4 Solutions hubs operate across principal markets and are carried across all others by Publicis One. Publicis One is a fully integrated service offering making the Groupe’s expertise available to all clients, under one roof. Present in over 100 countries, Publicis Groupe.
Business Wire India
The Western Union Company (NYSE: WU), a leader in global payments, today announced that it has further strengthened its global digital money transfer footprint, with the activation of its 40th wu.com transactional website, now providing full digital access for cross-border person-to-person (P2P) money transfer services across major developed nations including the US, Canada and major parts of Europe*.
Wu.com is also active in Australia, New Zealand, Hong Kong and the United Arab Emirates. Western Union plans to continue to expand its digital presence across Asia Pacific, the Middle East and Latin America and the Caribbean in the next phase of its online expansion, augmenting the company’s retail Agent footprint in more than 200 countries and territories.
“The continuous advancement of our digital innovation over the past several years allows us to stay ahead of the needs of the modern money mover, and we are serving them across a multitude of currencies, languages and borders,” said Odilon Almeida, President of Western Union Global Money Transfer. “Our customers want different options to send and receive money around the globe, and our ability to bridge their digital and physical worlds – whether it is bank-to-bank, through web, app to cash or cash to cash – through our fast, reliable and convenient digital and retail cross-border money transfer platform, is Western Union’s key differentiator.”
According to the World Bank, while more than 75 percent of cross-border P2P transfers are sent into developing countries, people send money from nearly every country in the world. Western Union’s digital expansion provides further choice not only to consumers who may have migrated and are working and living in their host countries, but also to a new generation of consumers who live in their home countries and need to move money in an increasingly globalized world. These consumers send money for a variety of reasons, such as their child’s international college tuition, to scale up their small business, to fund travel and tourism, to buy goods and services, or for gifting purposes.
Digital-initiated money transfer remains a high growth area and is expected to be the major driver of overall market growth in the coming years. With over $340 million of westernunion.com money transfer revenue in 2016, Western Union is well poised to continue to meet the increasing consumer demand.
In Q1 2017, more than 60 percent of wu.com transactions were initiated on a mobile device. This digital ramp-up follows the recent launches of Apple Pay as a funding method for digital users in the U.S., and Western Union’s money transfer bot for Messenger, which enables users in the U.S. to make international money transfers without leaving the Messenger app.
For more information, visit the Western Union newsroom at www.westernunion.com/news.
(*) WU.com is live in the following countries:Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Kingdom, Canada, United States, Australia, New Zealand, Hong Kong, United Arab Emirates.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2017, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 550,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to billions of accounts. In 2016, The Western Union Company completed 268 million consumer-to-consumer transactions worldwide, moving $80 billion of principal between consumers, and 523 million business payments. For more information, visit www.westernunion.com.
Business Wire India
The Monaco Investment Corporation (MIC) was announced with the support of HSH Prince Albert II of Monaco to lead a direct investment program focused on acquiring controlling positions in companies around the world. The corporation is managed by Scepter Partners, an investment syndicate and merchant bank founded by financier Rayo Withanage and led by a Steering Committee of industry veterans including Brady Dougan, former CEO of Credit Suisse, William Doyle, former CEO of PotashCorp of Saskatchewan and Bob Diamond, founder and CEO of Atlas Merchant Capital and former CEO of Barclays. The new sovereign direct investment corporation is focused on serving select investors as invited by Scepter and the Principality. The MIC will initially lead an investment program in financial institutions and natural resources with expansion into other sectors as investment capabilities are acquired.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170510005927/en/
HSH Prince Albert II of Monaco (Photo: Business Wire)
HSH Prince Albert II of Monaco commented: “The Monaco Investment Corporation will change the way sovereign wealth and private investors engage with large cap investments globally. The founders of Scepter and I have both reaffirmed our commitment to back this institution and we will proactively use our capital and relationships for its success. We believe in the financial initiatives and strong leadership of Scepter and we are confident that the MIC will grow into an institution for which we can all be very proud.”
Scepter was established by members of Asian & Gulf based ruling families who assembled a standing syndicate of sovereign investors around $14 billion of discretionary assets from Scepter stakeholders. HH Prince Abdul Ali Yil Kabier, a Prince of Brunei and co-founder of Scepter affirmed: “Their Highnesses and I are collectively committed to supporting Monaco becoming a major player in global direct investment and building value for stakeholders through the lens of sustainable development. We have absolute confidence in Scepter’s leadership and support the development vision of HSH Prince Albert II of Monaco.”
Mr. Withanage, executive chairman of Scepter commented, “We are dedicated to thoughtfully building the MIC into a globally orientated corporation that combines world class investors and operators to develop a powerful stable of companies.” The corporation will be a supranational investment vehicle, exclusively open to sovereign and institutional investors. During its inaugural year, however, the corporation may invite select Forbes 500 families who are residents or friends of Monaco. These families are chosen by geography and industry focus as founding investors in the corporation and part owners of the management company. Mr. Mark Thomas, Vice Chairman of The Sovereign Trust, Scepter's largest shareholder added: "The MIC is the first time a sovereign direct investment structure marries significant long term capital with some of the most successful individual investors in the world. The MIC exists to work with one of Monaco’s most compelling assets, its friends and residents."
The MIC shall initially capitalize upon Scepter’s unique confluence of operating expertise in financial services and natural resources. Leadership will focus its energies primarily over the next few months on the MIC’s early investments and also decide the appointment of internal investment managers and financial institutions to serve the corporation. The MIC is positioned to work exclusively with those global financial institutions that have committed to activities in Monaco and to absorb investment managers who wish to move to a permanent capital platform. Scepter is moving its leadership to Monaco, where it is establishing its global headquarters.
For more information, please visit www.scepterpartners.com.
MULTIMEDIA AVAILABLE :
Business Wire IndiaMax India Limited (Max India) today announced that it will raise funds from its Sponsor, Max Group’s Founder and Chairman Emeritus Mr. Analjit Singh, by issuing warrants amounting to Rs. 300 crore at Rs. 154.76 per share of Max India, priced in accordance with SEBI guidelines. The total number of warrants issued will be 1,93,84,854 which translates to approx. 4% stake in the company for the Sponsors.
The Sponsors’ shareholding in the Company will increase to 45.12% as a result of this transaction.
A significant portion of the proceeds from this transaction will be utilized by Max India to acquire a 3.75% stake in its flagship business Max Healthcare (MHC) from International Finance Corporation (IFC), which owns a 7.5% stake in the latter company. IFC’s balance 3.75% stake in MHC will be acquired by Max India’s joint venture partner in MHC – the Life Healthcare Group, which is South Africa’s second largest hospital chain. The total consideration for the stake acquisition will be Rs. 423 crore, translating to Rs. 105 per share of MHC.
IFC has been a long-standing investor in MHC, who acquired stakes in multiple tranches over a period of 10 years. Post acquisition, both JV partners’ stake in MHC will increase to 49.7% each.
Mr. Rahul Khosla, President, Max Group, Chairman, Max India and Chairman Max Healthcare, said, “Max India’s stake increase in Max Healthcare reflects our confidence in the company’s potential. We remain committed to providing the capital the business needs to continue on its growth trajectory. Max Healthcare’s key specialities, including Neurosciences, Oncology, Cardiac and Renal Sciences continue to report strong growth, and we are excited about the growth potential from our new growth initiatives, such as Oncology Day Care, Digicare and Max Labs. In addition, we have significant headroom for growth as we build out new capacity at Max Smart Super Speciality Hospital, Saket, Max Vaishali and several other existing locations.”
Commenting on the Sponsors’ stake increase, Mr. Mohit Talwar, Managing Director, Max India said, “The increase in the Sponsors’ shareholding represents their unyielding commitment to the company, and more specifically, their confidence in the immense growth prospects of the underlying healthcare, health insurance and senior living businesses. IFC has been a critical supporter through MHC’s journey over the past decade and we hope to partner with them again soon.”
Mr. Andre Meyer, CEO, Life Healthcare said, “The increase in shareholding reflects Life Healthcare’s continued commitment to the Indian healthcare market and a furthering of the partnership with Max India.”
Max Healthcare, Max India’s flagship operating company, reported 23% growth in Gross Revenues to Rs. 1,939 Cr. in first 9 months, while its EBITDA grew 34% to Rs. 203 Cr. over the corresponding period last year. During 9M FY2017, a significant proportion of revenue contributions came from MHC’s major specialities.
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC, Fidelity, Wasatch, Ward Ferry, Nomura, New York Life and Invesco.
The Max Group comprises three listed companies, namely Max Financial Services, Max India and Max Ventures & Industries.
About Max India Limited
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 45.95% per cent (to be increased to 49.7%) stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
For further information, please visit:
Max Group: www.maxgroup.net
Max India: www.maxindia.com
Business Wire India
|UAE Exchange Celebrates Motherhood - Make it a Mummy Special Day, Happy Mother’s Day!|
Despite her endless responsibilities, a mother finds enough courage to balance through life unconditionally. Make it a mummy’s special day for all mummies who give out their days, nights and each moment bringing sparks of life for all around her despite her shortcomings, depressions, disabilities and much more. Watch it to understand how women become a complete creation being a mother though she is physically inadequate.Website: www.uaeexchangeindia.com
Business Wire India
UBS Asset Management ('UBS AM') announced that Suni P. Harford will join the firm as Head of Investments in July 2017. She will be responsible for c.500 investment employees and oversee approximately US$600 billion in assets under management across both traditional and alternative asset classes. She will be based in New York and report to Ulrich Koerner, President of UBS AM.
Suni joins UBS AM from Citigroup Inc. where she has worked for the past 24 years, most recently as Regional Head of Markets for North America, a role she held for nine years. In this role, she was responsible for sales, trading, origination and research across all fixed income, currencies, commodities, equities and municipal businesses. Suni was also a member of Citi's Pension Plan Investment Committee and a Director on the Board of Citibank Canada.
As a prominent diversity champion, both in the financial services sector and the wider business community, Suni served as the co-head of Citi Women and on the Board of Directors of The Forte Foundation, a US non-profit organization dedicated to increasing the number of women leaders in business. She is also passionate about awareness and support for the US veteran community, and is involved in many organizations in this regard.
"Suni is a highly experienced and impactful senior leader, with a Wall Street career spanning nearly 30 years. She brings strong leadership capabilities combined with a broad knowledge of the investment markets across multiple asset classes and deep understanding of macro-economics." said Ulrich Koerner, President, UBS AM. "Over the past two and a half years, we have transformed Investments from a multi-boutique structure into the integrated platform we have today. In her new role as Head of Investments for Asset Management, Suni will build on this by executing on our strategy to deliver sustainable performance for our clients."
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets.
UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 34% of its employees working in the Americas, 35% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
Business Wire India
Peter Bodin will lead Grant Thornton International Ltd (GTIL), the global entity of one of the world’s leading professional services networks with 47,000 people at member firms in over 130 countries, it was announced today. Bodin, the former CEO of Grant Thornton Sweden, will assume the role with effect from 1 January 2018 for a five year term, succeeding Ed Nusbaum who will retire at the end of this year after eight years as CEO.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170515005883/en/
Peter Bodin, Global CEO-elect of Grant Thornton (Photo: Business Wire)
Speaking from London where GTIL is based, Peter Bodin said, “I am honoured and excited to be given this opportunity to lead Grant Thornton into its next era of growth and expansion. I have always believed sustainable business success is built on having the right people, leadership and culture. My role will be to create an environment that allows Grant Thornton people and firms to collaborate, not just with each other but with clients and other stakeholders, to grow into the world’s best professional services organisation. That means building an innovative brand that stands out in the marketplace and having a resolute focus on digital transformation - - of our own business and for our clients around the world.”
Scott Barnes, Chair of GTIL’s Board of Governors (Board) commented, “As a former Chair of the Board, Peter has deep knowledge of the global organisation and will inspire confidence in our CEOs. He has a reputation for coaching and developing people at every level and I believe his passion for people and leadership and his open, transparent style will resonate with the next generation at Grant Thornton.”
Ed Nusbaum added, “I am delighted that the Board has chosen a strong, innovative leader in Peter who will inspire the people of Grant Thornton, our clients, and our communities throughout the world. I have worked closely with him over the years and I am confident that after a smooth transition he will continue the journey to execute our Growing Together 2020 strategy and continue to build an exciting future for this great organisation.”
Peter was the CEO of Grant Thornton Sweden for 16 years during which time the firm transformed from a traditional audit firm into a SEK1.3 billion professional services firm with over 1,100 people and a reputation for its strong brand, distinctive culture and its development of digital solutions. During this time, he also spent five years as Chairman of the Board. Peter, 51, received unanimous support from the GTIL Board, including CEOs of Grant Thornton member firms from 14 countries and two independent directors following a selection process carried out with the support of external experts.
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Business Wire India
OpenLink, the global leader in trading, treasury and risk management solutions for the energy, commodities, corporate and financial services industries, today announced the launch of OpenLink Cloud – the world’s first and most comprehensive enterprise Cloud platform for trading, treasury and risk management.
OpenLink Cloud is designed to transform trading, treasury and risk departments, combining the best of OpenLink’s flagship products with an extensible and transparent platform for unprecedented agility and innovation. Delivering the highest standards of security for highly regulated, data-intensive organizations, OpenLink Cloud combines the strength and security of the Microsoft Azure platform with best-of-breed OpenLink security and tools to ensure that our clients’ mission-critical systems and data are protected at all times.
Patrick Reames, Managing Partner of Commodity Technology Advisory the leading CTRM market analyst firm noted: “While Cloud deployment of commodity trading solutions in the low and mid-tiers of the market has increased in recent years, the investment by OpenLink in the OpenLink Cloud will undoubtedly accelerate this movement across all tiers of the market. The commitment by many of the world’s largest energy and commodity trading firms to adopt OpenLink’s enterprise-scale Cloud solutions is a pivotal development in terms of how these systems will be deployed going forward.”
Jack Large, Cash and Treasury Management Consultant and Analyst for CTMfile, said, “The wait is over. There is now enough power and security in the OpenLink Cloud to move mission critical systems to their Cloud platform, combined with OpenLink’s functional strength in cash and treasury management, extensive trading, commodities and risk management, could make this combination a game changer. Time will tell.”
Developed in collaboration with over 50 of OpenLink’s largest and most sophisticated energy and financial services clients, OpenLink Cloud has been rigorously tested by those who place the highest demands on the software. Supported by a robust set of custom tools and services, OpenLink Cloud is designed to help clients of all sizes get up and running quickly and to simplify management, monitoring and support of both production and non-production environments. Customers will have immediate access to almost limitless computing power with the introduction of OpenLink’s dynamic scaling capabilities, providing advanced data management and richer analytics that enable greater market understanding, speed and evidence-based decision-making.
John O’Malley, CEO of OpenLink, added: “If you think you knew OpenLink, take another look. We have made a significant investment in OpenLink Cloud in response to our clients’ feedback. They are looking to reduce costs, advance risk analytics and scale their operations to transform how they run their businesses. The response from clients and pent-up demand from prospects has been staggering. OpenLink Cloud enables us to deliver our market leading solutions faster and with attractive subscription pricing models.”
Scott Rompala, Head of the Cloud Solutions Group at OpenLink, said: “The real untapped benefit our clients are sharing is how this new flexibility and efficiency will allow them to reimagine their business, take advantage of intraday volatility in the markets, and provide accurate and real-time views of their risk and exposures to management and the board on demand.”
OpenLink Cloud facilitates calculations of P&L and VaR-type metrics more frequently and with broader data sets. These enhanced capabilities will enable departments to produce real-time analytics and improved hedging strategies, optimize capital movement and provide greater insight into profitability drivers, enhancing overall the information available for decision-making.
The OpenLink Cloud platform integrates an ecosystem of multiple tools and partners to provide a complete solution with comprehensive security, supported 24x7 by OpenLink Cloud experts. With new subscription-based pricing and dynamic scaling our clients can now better manage cost, risk and implement a platform for unrivalled innovation.
For further information please visit openlink.cloud
Business Wire IndiaDHFL, one of India’s leading housing finance company in the private sector has strengthened its leadership team with the induction of Santosh Nair as Chief Business Officer. In his new role Santosh will lead DHFL’s business distribution channels across all retail asset product verticals and focus on further strengthening the effectiveness of the organisation’s revenue generation process. Santosh will be based out of the National Office, Mumbai.
Santosh brings with him over two decades of multifaceted experience in the banking industry with expertise in Sales & Distribution, P & L management, Operations, Manpower & Team leadership. He has strong track record in optimal utilization of resources leading to enhanced profitability, possesses valuable industry insights and an excellent team player with expertise to implement best practices to achieve business excellence.
Commenting on the development, Mr. Harshil Mehta, Chief Executive Officer, DHFL said, “DHFL is at an exciting and dynamic growth phase as the organization undertakes rapid expansion across India and augments outreach to serve the LMI segment through its comprehensive bouquet of financial products. As one of India’s leading housing finance companies, DHFL is placed well to leverage the high growth potential presented by the affordable housing finance industry. We welcome Santosh on board as DHFL infuses key capabilities into its leadership team to reinforce the organisation’s focus on growth, productivity, customer centricity and take strong strides to strengthen the brand further.”
Prior to joining DHFL, Santosh served as Executive Vice President, Business Head – Home Loans and Unsecured Loans with HDFC Bank Ltd. During his earlier assignments Santosh was associated with American Express Bank, Citicorp Maruti Finance Ltd and Kotak Mahindra Primus Ltd.
DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE AAA rated and reckoned as one of India’s leading financial institutions with a large presence across the country, in addition to representative offices in Dubai and London.
Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. The Company’s Asset under Management stands at Rs. 83,560 crore for the year ended March 31, 2017. DHFL’s wide network, coupled with insights into local customer needs, has enabled the company to provide meaningful financial access to customers even in India’s smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is a respected and trusted financial services company in India with a concerted focus towards enabling home ownership to the low and middle income customer. For further information, please visit www.dhfl.com.
Business Wire India
|Ezetap in CNBC Disruptor 50 2017|
Ezetap, the leading provider of universal mobile payments, has been named to the 2017 CNBC Disruptor 50, an exclusive list ranking the top private companies whose innovations are transforming the economy and changing industries. Ezetap landed at the number 16 spot this year, and marks the company’s second consecutive appearance on the list.
“It is incredibly validating for Ezetap to make the Disruptor 50 list for the second year in a row because it affirms our sustained growth and potential to revolutionize financial technology in India and beyond,” said Abhijit Bose, CEO & Co-Founder of Ezetap. “What was a vision for India one year ago has turned into a reality, beyond our most optimistic predictions, thanks to a push from the government and rapid adoption by both consumers and merchants. India will be the template and architecture for how payments is managed globally 10 years from now.”
India is in the middle of a transformation in which it will move from a paper-based, opaque, non-inclusive economy to one which is online, digital, transparent and built from scratch using the latest technology in the world. Ezetap is one of the companies in India driving this transformation, providing a single, unified solution for digital payments to businesses of all sizes. In November 2016, the market got a hyper boost when Prime Minister Narendra Modi decided to make financial inclusion and a digital economy the top priority of his government. Prime Minister Modi’s decision to remove 86 percent of currency in circulation fast-tracked consumer adoption of digital payments, putting pressure on merchants and large-scale businesses to transact in multiple ways.
Ezetap is the only company to have built a full stack, configurable payments platform, allowing any business – from independent merchants to large-scale enterprises – to accept all forms of payment, whether physical debit or credit cards, online payments, mobile wallet, or an instant consumer-to-consumer money transfer via mobile apps through the Indian Government’s new “UPI” network. Through simple configuration from Ezetap – and without any technical effort from a merchant – the business is not only set up to accept payments, but also can act as a bill payment center, eGovernment service point, ATM, full service bank branch, and more.
View the complete list of companies on the 2017 CNBC Disruptor 50 here.About Ezetap
Ezetap is India’s leading mobile payments platform. The company was co-founded in 2011 by CEO Abhijit Bose, CTO Bhaktha Kesavachar, and mobile payments pioneer Sanjay Swamy, who serves as the company’s Vice Chairman. The Ezetap service is PCI-DSS compliant, has been certified by multiple, leading financial institutions. Ezetap has more than 150,000 Smart POS services points ranging from well-known enterprises to tens of thousands of small retail businesses. The company has raised over $35 million in funding to-date and its investors include Social+Capital, the Silicon Valley firm led by former Facebook executive Chamath Palihapitiya, Helion Advisors, American Express, and Li Ka-shing’s Horizons Ventures. Ezetap is based in Bangalore.
For more details, visit www.ezetap.com.
Business Wire India
Murex, a global leader in trading, risk management and processing solutions, has been recognized by IBS Intelligence as the top selling treasury and capital markets solution of 2016. In addition to topping the ranking, Murex has been included in the new IBS Leadership Club thanks to the impressive sales figures for the MX.3 platform. MX.3 also placed prominently in the IBS Risk Management Systems table.
The annual Sales League Table ranking is based on the number of new client wins in 2016. Murex topped this year’s ranking, with fifteen new clients signed in the treasury and capital markets category. As part of the SLT survey, IBS recorded a 44% investment increase in treasury applications for 2016. Over the past three years, the total number of deals in the wholesale treasury and capital category hovered around 50. However, in 2016, perhaps driven by increasingly complex regulatory requirements, the number of new client signatures increased significantly to 75.
“In a highly competitive market, it is very rewarding to see MX.3 positioned as the technology vendor of choice for financial institutions” said Philippe Helou, Co-founder and Managing Partner at Murex. “We believe that the signing of a new deal marks the start of a strong partnership. Murex is committed to delivering successful projects around the globe and working closely with clients to help them achieve their business objectives.”
This is the first year that Murex has led the category, highlighting how our vision and product strategy is resonating with the market. The IBS Sales League Table caps off a stream of recent award wins for Murex, including a leading position in the 2016 Gartner Magic Quadrant for Trading Platforms, and Market Risk Technology Vendor of the Year in the 2017 Risk Awards.
About Murex (www.murex.com)
For more than 30 years, Murex has been providing enterprise-wide, cross-asset financial technology solutions to capital markets players. Its cross-function platform, MX.3, supports trading, treasury, risk and post-trade operations, enabling clients to better meet regulatory requirements, manage enterprise-wide risk, and control IT costs. With more than 45,000 daily users in 65 countries, Murex has clients in many sectors, from banking and asset management to energy and commodities.
Murex is an independent company with over 2,000 employees across 17 countries. Murex is committed to providing cutting-edge technology, superior customer service, and unique product innovation.
Business Wire India
Global real estate investment company Kennedy Wilson (NYSE:KW), in a joint venture with Fairfax Financial Holdings Limited and the National Asset Management Agency (‘NAMA’) today announces that J.P. Morgan Bank (Ireland) plc (‘J.P. Morgan’) is to become the first major occupier to commit to the highly-sought after Capital Dock campus development through a forward-funding sale agreement.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170515005539/en/
(Photo: Business Wire)
Extending over 4.8 acres, Capital Dock is designed to meet the needs of the many rapidly expanding international businesses based in Dublin. Positioned on Sir John Rogerson’s Quay, in the heart of Dublin’s Docklands, Capital Dock is one of the largest single phase ground up developments to be delivered in Dublin with over 660,000 sq ft of new mixed-use space. The campus-style scheme is designed by award-winning Irish architecture firm O’Mahony Pike and will include 345,000 sq ft of office space across 100, 200 and 300 Capital Dock and 190 high-quality rented residential units with waterfront views across three aspects, including a 23-storey tower marking the gateway to the city.
The residents at Capital Dock will enjoy the signature Kennedy Wilson Residential range of amenities and professional services as part of their daily living along with 1.5 acres of new public realm space, retail and restaurant offerings. Kennedy Wilson has delivered a premium amenity offering in Dublin since 2012 and Capital Dock will provide a further elevated level of service.
J.P. Morgan will acquire ‘200 Capital Dock’, a prime office building of c. 130,000 sq ft fronting onto the River Liffey, through a forward-funding sale agreement to coincide with completion of the building, expected in Q3 2018. The building is capable of accommodating over 1,000 staff, and will be one of the highest specification buildings in Dublin, with LEED Gold certification.
“We are excited to welcome J.P. Morgan, through its acquisition of 200 Capital Dock, as the first major office occupier to commit to this best-in-class mixed-use campus development, to grow its existing business and meet its long-term plans in Ireland,” said William McMorrow, Chairman and CEO of Kennedy Wilson.
“Our commitment to Capital Dock began in 2012 when we acquired a loan secured by the State Street Building and its adjoining site. Our team’s execution of converting that loan to direct real estate, strategic site assembly and structuring the joint venture with NAMA and securing master planning has culminated in the construction and delivery of our vision for this dynamic campus, which will be full of energy as we welcome J.P. Morgan employees to Capital Dock.”
“Securing such a prominent occupier to anchor the office component of Capital Dock is a significant endorsement of the value and our vision for this vibrant iconic scheme,” added Mary Ricks, President and CEO of Kennedy Wilson Europe. “The Dublin occupier market is buoyant and we are in active and advanced dialogue with both Irish and international companies attracted to our visionary Capital Dock development and looking to base themselves in the heart of Dublin.”
“Dublin has the vibrant business and technology communities that suit a global firm like ours,” said Carin Bryans, senior country officer for J.P. Morgan in Ireland. “Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union.”
In addition to the sale of 200 Capital Dock, a construction loan of €125 million has also been secured from Deutsche Bank for the entire 660,000 sq ft development. In total, these will fund the majority of all remaining project costs.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. KW owns, operates, and invests in real estate both on its own and through its investment management platform. KW focuses on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement its investment business, KW also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit www.kennedywilson.com
NAMA [the National Asset Management Agency] is committed to facilitating the development of Grade A office space, commercial, residential and cultural accommodation in the Dublin Docklands SDZ [Strategic Development Zone] and works closely with joint venture partners, debtors and receivers with that objective in mind.
NAMA originally held an interest in 75% of the 22 hectares of undeveloped land in the Docklands SDZ. It is estimated that 4m sq ft of commercial space and in excess of 2,000 apartments will ultimately be delivered on the 15 sites in which NAMA originally held an interest.
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Business Wire India
Moody’s Corporation (NYSE:MCO) announced today that it has entered into a definitive agreement to acquire Bureau van Dijk, a global provider of business intelligence and company information, for €3.0 billion (approximately $3.27 billion). The acquisition extends Moody’s position as a leader in risk data and analytical insight.
“Bureau van Dijk is a high growth information aggregator and distributor that positions Moody’s at the center of a unique network of global risk data,” said Raymond McDaniel, President and Chief Executive Officer of Moody’s. “This acquisition provides significant opportunities for Moody’s Analytics to offer complementary products, create new risk solutions and extend its reach to new and evolving market segments.”
“Moody’s is a highly regarded, authoritative source of credit ratings and analytical tools, with a strong brand and global reach,” said Mark Schwerzel, Deputy CEO of Bureau van Dijk. “The addition of Bureau van Dijk’s powerful information platform to Moody’s Analytics’ suite of risk management solutions presents a wide range of opportunities for us to better serve our combined customer base.”
Bureau van Dijk, operating from its Amsterdam headquarters, aggregates, standardizes and distributes one of the world’s most extensive private company datasets, with coverage exceeding 220 million companies. Over 30 years, the company has built partnerships with more than 160 independent information providers, creating a platform that connects customers with data that addresses a wide range of business challenges. Bureau van Dijk’s solutions support the credit analysis, investment research, tax risk, transfer pricing, compliance and third-party due diligence needs of financial institutions, corporations, professional services firms and governmental authorities worldwide.
In 2016, Bureau van Dijk generated revenue of $281 million and EBITDA of $144 million. Bureau van Dijk will be reported as part of Moody’s Analytics’ Research, Data & Analytics (RD&A) unit. Moody’s expects approximately $45 million of annual revenue and expense synergies by 2019, and $80 million by 2021. On a GAAP basis, the acquisition is expected to be accretive to Moody’s EPS in 2019. Excluding purchase price amortization and one-time integration costs, it is expected to be accretive to EPS in 2018.
Moody’s will fund the transaction through a combination of offshore cash and new debt financing. The acquisition is subject to regulatory approval in the European Union and is expected to close late in the third quarter of 2017.
Bureau van Dijk is owned by the fund EQT VI, part of EQT, a leading alternative investment firm with approximately €35 billion in raised capital across 22 funds. EQT funds have portfolio companies in Europe, Asia and the U.S. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
"We are very pleased with Bureau van Dijk's development under EQT ownership and want to thank management and employees for their hard work and dedication. We see an excellent fit between Bureau van Dijk and Moody’s Analytics, and congratulate Moody’s on acquiring this uniquely positioned company," said Kristiaan Nieuwenburg, Partner at EQT.
The sellers were represented by Quayle Munro and JP Morgan.
Moody’s will hold a conference call to discuss this acquisition on May 15, 2017, at 8:30 a.m. ET. Individuals within the U.S. and Canada can access the call by dialing +1-877-400-0505. Other callers should dial +1-719-234-7477. Please dial into the call by 8:20 a.m. ET. The passcode for the call is “Moody’s Corporation.”
The conference call will also be webcast with an accompanying slide presentation which can be accessed through Moody's Investor Relations website, http://ir.moodys.com under “Featured Events and Presentations”.
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 $3.6 billion in 2016, employs approximately 10,700 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 Moody’s 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, Moody’s 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, (i) as it relates to the proposed transaction: the costs incurred in negotiating and consummating the proposed transaction, including the diversion of management time and attention; the ability of the parties to successfully complete the proposed acquisition on anticipated terms and timing, including obtaining regulatory approvals (without any significant conditions being imposed); the possibility that the conditions to closing may not be satisfied and the transaction will not be consummated; the fact that, under the Securities Purchase Agreement entered into in connection with the proposed acquisition, the risk of the business of Bureau van Dijk shifts to Moody's as of December 31, 2016; not incurring any unforeseen, but significant liabilities; risks relating to the integration of Bureau van Dijk’s operations, products and employees into Moody’s and the possibility that anticipated synergies and other benefits of the proposed acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the proposed acquisition could have an adverse effect on the business of Bureau van Dijk or its prospects, including, without limitation, on relationships with venders, suppliers or customers; claims made, from time to time, by venders, suppliers or customers; changes in the European or global marketplaces that have an adverse effect on the business of Bureau van Dijk; the outcome of legal proceedings if any which may arise following the announcement of the proposed acquisition; any meaningful changes in the credit markets to the extent that they increase the cost of financing for the transaction; and the ability of Bureau van Dijk to comply successfully with the various governmental regulations applicable to its business, as they exist from time to time, and the risk of any failure relating thereto; and (ii) as it relates to Moody's generally, those factors, risks and uncertainties described in Moody’s annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2016, and in other filings made by Moody’s from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on Moody’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for Moody’s to predict new factors, nor can Moody’s assess the potential effect of any new factors on it.
Business Wire India
Andersen Global is excited to announce a presence in Nigeria with the addition of the practice formerly run under WTS ADEBIYI & Associates. Effective July 1st, 2017, the collaborating firm will join Andersen Global in Nigeria as Adebiyi Tax & Legal, and later adopt the Andersen name with locations in both Lagos and Abuja. This kickstarts Andersen’s expansion into Africa.
Lead Partner Olaleye Adebiyi commented, “As an Arthur Andersen alumnus, I look forward to rejoining the culture that helped shape my values—for me, this is like going back to my heritage. The collaboration with Andersen Global will allow us to develop better solutions to serve our clients and provide more extensive and quality coverage internationally.”
The firm will provide tax and legal services for international, multinational and individual clients in Nigeria, West Africa and globally. Their areas of specialization will include Tax Advisory & Regulatory Services, Transfer Pricing, Energy & Infrastructure, Consumer & Industrial Markets, Family Wealth and Private Clients, and Tax Adjudication/Litigation.
“Olaleye and his team have consistently shown a commitment to their clients and they will play a significant role in enhancing our client solutions in Africa,” said Andersen Tax CEO, Mark Vorsatz. “Adding a location in Nigeria is a strategic move and is our first entry into the region. Currently, we have other discussions in process and will continue to expand our capabilities in Africa as we add similar groups who share our core values.”
Andersen Global has more than 2,000 professionals worldwide and a presence in 63 locations through its member firms and collaborating firms.
Business Wire IndiaWipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting, and business process services company, today announced that it has developed nine blockchain-based solutions for the Banking Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods industries. Defined, designed and co-developed with clients in Wipro’s Blockchain Innovation Lab, these solutions demonstrate what block chain can accomplish for global enterprises.
The industry solutions span across areas such as Delivery v/s Payments (DvP), Tri-party collateral management, Skip Trace Consortia, Trade finance, P2P insurance for the sharing economy and Loyalty Rewards Management in the BFSI sector. Wipro has developed solutions that address areas like Anti-counterfeit solutions and Air Worthiness certificate tracking in the manufacturing industry and supply chain traceability across industries. The benefits of these solutions include improved process efficiency, optimized costs and the ability to foster innovative business models.
Wipro’s Blockchain Innovation Lab enables rapid provisioning of blockchain environments to prototype and build use-case specific blockchain industry solutions for clients. By leveraging the blockchain environments in a cloud-based lab, clients are able to fast-track the development of blockchain solutions by leveraging pre-defined use-case blueprints and ready-to-use solutions. Along with the lab, clients have access to Wipro’s domain experts, technology specialists, proprietary tools and process assets to jump-start their blockchain journey. The lab hosts technology platforms from Wipro’s partner ecosystem, which includes blockchain platform providers, blockchain application providers and technology providers who specialize in specific blockchain use cases.
In addition, Wipro’s consulting assets for blockchain use case identification and prioritization, business case creation and blockchain platform selection are key enablers for clients in their blockchain journey.
“While the first generation brought us the 'Internet of Information', the second generation, powered by Blockchain, is bringing us the 'Internet of Value',” said Don Tapscott and Alex Tapscott , Co-authors of Blockchain Revolution and founders of the Blockchain Research Institute in conversation with Naveen Rajdev, CMO of Wipro Ltd. for a special blockchain feature in the company’s WOOL magazine.
Don and Alex added, “Blockchain promises to radically simplify many business processes, reducing risk and boosting transparency. That’s a good thing. And this is really the tip of the iceberg: Personal and commercial lending, risk management, investment banking, treasury services, global markets, insurance, technology, operations and asset management will all feel the effect.”
Krishnakumar N Menon, Vice President, Service Transformation, Wipro Limited said, “Our approach to blockchain is innovation-led, powered by our industry acknowledged advisory and consulting capability and a strong CoE (Centre of Excellence) focus, designed to help client businesses innovate. Global clients are keen to de-mystify blockchain technology and actively pursue blockchain solutions for identified use cases, which can rapidly scale to production. The next-generation of digital ecosystems will be built on blockchain, and hence we recognize the importance of investing in, and scaling blockchain programs in line with client requirements.”
With global advisory and consulting capabilities, a strong partner ecosystem on blockchain and industry specific blockchain solutions, Wipro drives blockchain adoption in a way that is pragmatic and contextualized to the client enterprise. Wipro’s clients are actively pursuing blockchain solutions for specific use cases such as cross-border payments and Know Your Customer (KYC) in banking, post-trade settlement processes in financial services, provenance in the supply chain, peer-to-peer insurance in the sharing economy and ‘track and trace’ solutions in the healthcare and life sciences sector.
To know more about blockchain at Wipro, click here
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have a dedicated workforce of over 170,000, serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Business Wire India
WEX Card Australia Pty Ltd, a subsidiary of WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced that it has signed two significant agreements with Chevron International Pte. Ltd.
Chevron, a leading global integrated energy company, has selected WEX to develop, support and manage a fuel card processing platform for Chevron in 5 countries namely, Singapore, Hong Kong, Malaysia, Thailand and the Philippines. The second pillar of the deal includes an agreement to process Chevron’s fuel cards over the next 10 years.
“These agreements are testament to the capability of the WEX business in the Asia Pacific region. Increasingly we are seeing that WEX is the fuel card provider of choice for the major fuel companies in the region,” said George Hogan, WEX International Senior Vice President. “This agreement demonstrates that we are able to deliver complex projects and leading solutions for our partners to allow them to concentrate on their core function of getting fuel to their customers.”
While WEX has already been growing its footprint in Asia, this new deal represents its expansion into three additional countries in the region for the fuel arm of the business specifically Malaysia, Thailand and the Philippines.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,700 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol "WEX." For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
For more information about WEX Australia, please visit www.wexaustralia.com.
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Business Wire India
Intuit Inc. (Nasdaq:INTU) announced today the availability of free Practice Management features in QuickBooks Online Accountant, significantly reducing the number of tools accounting professionals need to manage their practice. Accountants in Australia, Canada, France, the United Kingdom and United States can now access the features directly in QuickBooks Online Accountant. The new work dashboard is fully mobile-enabled and gives accountants the power to track their work in the same place where they get it done. The availability of this first set of practice management features is the first step toward providing an end-to-end practice management solution designed with the accounting professional in mind.
“The Practice Management features in QuickBooks Online Accountant allow accountants to seamlessly track and coordinate all the work associated with their clients and firm, in one place, to help ensure nothing falls through the cracks,” said Rich Preece, leader of Intuit’s Accountant Segment, Small Business Group. “Accountants can now get high-level visibility across their initiatives – all in the cloud – and collaborate with clients and staff members much more efficiently.”
To develop the first Practice Management feature set, Intuit watched accountants complete their work and designed the new dashboard to solve three key challenges:
Practice Management User Quotes:
Intuit Inc. is committed to powering prosperity around the world for consumers, small businesses and the self-employed through its ecosystem of innovative financial management solutions.
Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. QuickBooks Self-Employed provides freelancers and independent contractors with an easy and affordable way to manage their finances and save money at tax time, while Mint delivers financial tools and insights to help people make smart choices about their money.
Founded in 1983, Intuit serves 42 million customers in North America, Europe, Australia and Brazil, with revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.