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    Business Wire IndiaMax Financial Services (MFS), Max India and Max Life today confirmed that the proposed merger with HDFC Life has been called off. The exclusivity agreement with HDFC Life, valid till 31st July 2017, will not be renewed.
     
    The prospective partners had evaluated several alternate structures over the last month. However, the inordinate time associated with finalization and approval of these structures led to this decision.
     
    Max Financial Services was created in 2016, as a result of a demerger of the erstwhile Max India, to provide investors specific and undiluted access to the Group’s life insurance business, provide sharper focus to Max Life and unlock shareholder value. This demerger resulted in significant value creation based on the strong intrinsic value and superior performance of Max Life.
     
    The quality of the Max Life business, its superior performance in the market, and the unique position of MFS as a listed entity with sole focus on the life insurance business, made Max Life and MFS attractive potential merger partners for HDFC Life. Max was therefore approached with this merger proposition.
     
    Max Life has grown into one of India’s largest, fastest-growing and highest quality private life insurance businesses. The business’ success comes through in a comprehensive set of parameters including sales, profits and customer retention and is driven by digital thinking, operational efficiencies, a robust and diversified distribution architecture, highly engaged bancassurance partners, a profitable own agency force and a highly competent and engaged talent pool led by a top quality leadership team.
     
    The company delivered its best performance since inception in FY 2017. It continues to remain strong and is poised for out-performance as the life insurance industry witnesses a return to growth. It reported consolidated revenues of Rs. 12,971 Cr. and shareholder Profit before Tax of Rs. 768 Cr. (50% YoY growth). Its Embedded Value (EV) stands at Rs 6,590 Cr., with 20% Operating Return on EV. Its Assets under Management (as at 31st Mar. 2017) are Rs. 44,370 Cr., a 24% growth over last financial year.
     
    The company will continue on its path to aggressively invest in organic and inorganic growth levers. This will be done through investments in enhancing own channels such as agency and digital, delivering superior policyholder experience, deepening and leveraging existing bancassurance partnerships, and forging new distribution alliances. In addition, it will pursue acquisition opportunities as the industry further consolidates.
     
    Max Life is committed and confident of delivering superior value to all its stakeholders to become India’s most admired life insurance company.
    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 2017, the Group recorded consolidated revenues of Rs. 16,798 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 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Vanguard, Ward Ferry, New York Life, Wasatch and Invesco.
     
    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
     
    About Max Financial Services Limited
     
    Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.
     
    About Max Life Insurance Company Limited
     
    Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

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    Business Wire India

    M.N. Gopinath, Chairman, Grameen Koota Financial Services Pvt. Ltd.
    M.N. Gopinath, Chairman, Grameen Koota Financial Services Pvt. Ltd.

    At the meeting of the Board of Directors of Grameen Koota Financial Services Pvt. Ltd. on July 25, 2017, Mr. M.N. Gopinath was elected as the Chairman of the company. The election of a new chairman was necessitated by Mrs. Vinatha Reddy the Founder Chairperson remitting office after a long stint of 18 years chairing the Board to pursue her new social ventures i.e., Yunus Social Fund, Bangalore and Grameen Affordable Shelters Pvt. Ltd.
     
    Mr. Gopinath is a career banker and has served Bank of India and ICICI Bank for over 35 years. After retirement from ICCI Bank, he served on the Boards of Bank of India for 6 years and Punjab National Bank for 3 years. He has been the Chairman of ICICI Prudential Trust Ltd. (Mutual Fund) since 2009 and a Director of ICICI Prudential Pension Fund Management Co. Ltd. since 2011. He has also served as a Nominee Director of ICICI Bank Limited on the boards of ICICI Home Finance Ltd, ICICI Web Trade Ltd., Loyalty Solutions and Research Ltd. and Stock Holding Corporation Ltd.  He has been a member of the SEBI Advisory Council since 2012.

    "Being elected the Chairman of such a professional Board is an honour " Mr. Gopinath said in his acceptance remarks. "We have a remarkable legacy of a business rooted in compassion for the poor, to protect and carry forward," he said.

    The Board also appointed Mr. Massimo Vita as Director.

    Mr. Massimo Vita is the Head of the Operations Support Team & Chief Risk Officer at CreditAccess Asia. He is Chairman of the Board for CAA’s two subsidiary companies in Indonesia and the Philippines and a Board Member of the subsidiary in Vietnam. Mr. Vita is also Chair of the Steering Committee for the Risk Management Initiative in Microfinance (RIM). He has over a decade’s experience in the MFI sector specializing in corporate governance and risk management, establishing Technical Assistance Facilities (TAF), rating & evaluation of microfinance institutions (MFIs), rural and urban microfinance.

    Mr. Vita has a Master’s degree in Development, Innovation and Change from the University of Bologna. His work in several institutions in Latin America, South America, Asia and Africa has given him a thorough understanding of the MFI sector.

    “We are pleased to welcome Mr. Gopinath as our new Chairman and Mr. Massimo Vita as Director,” said Udaya Kumar, Managing Director and CEO of Grameen Koota. “These appointments have strengthened the Board and we are confident of growing and expanding in the right direction.”

    In his congratulatory message, Paolo Brichetti, CEO, Credit Access Asia (CAA), said “I congratulate Mr.Gopinath and Mr. Vita on their appointment to the Board of Grameen Koota. I wish them well in their new roles which give them the opportunity to shape new possibilities.” The CAA Group provides financial services to social businesses in India, Indonesia and the Philippines. It is a majority shareholder and investor in Grameen Koota.About Grameen Koota

    Grameen Koota Financial Services Pvt. Ltd. (Grameen Koota) is an NBFC-MFI registered by the Reserve Bank of India. Grameen Koota serves over 17 lakh clients in 96 districts in the five states of Chhattisgarh, Madhya Pradesh, Maharashtra, Tamil Nadu and Karnataka through a network of 393 branches. Grameen Koota’s financial and non-financial services are designed for poor and low-income households, particularly women in rural India. Its financial products include microcredit for its customers’ life-cycle needs, while its non-financial services include affordable healthcare, water & sanitation awareness programs, customer education and financial literacy

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    Business Wire India

    The following is being released by Susman Godfrey LLP and Hausfeld LLP.

     

    There is a Settlement with Barclays Bank that impacts individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with Barclays or a Non-Settling Defendant that received payments tied to U.S. Dollar LIBOR. Barclays and the Non-Settling Defendants are U.S. Dollar LIBOR Panel Banks. Please visit www.BarclaysLiborSettlement.com for the list of Defendants. The instruments include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and floating rate notes.

     

    The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. Barclays denies all claims of wrongdoing.

     

    Individuals and institutions are included in the Settlement if they:

     
    • Directly purchased certain U.S. Dollar LIBOR-based instruments;
    • From Barclays or any Non-Settling Defendant (or their subsidiaries or affiliates);
    • In the United States; and
    • Owned the instruments at any time between August 2007 and May 2010.


    The Settlement will create a $120 million Settlement Fund that will be used to pay eligible Class Members who submit valid claims. Additionally, Barclays will cooperate with the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.

     

    Class Members must submit a Proof of Claim, online or by mail, by December 21, 2017 to get a payment. They are entitled to receive a payment if they have a qualifying transaction with Barclays or a Non-Settling Defendant. At this time, it is unknown how much each Class Member who submits a valid claim will receive.

     

    Even if they do nothing, Class Members will lose the right to sue Barclays for the alleged conduct and will be bound by the Court’s decisions concerning the Settlement. This Settlement will not result in a release of claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If Class Members want to keep their right to sue Barclays, they must exclude themselves from the Settlement Class by October 9, 2017. If they stay in the Settlement Class, they may object to the Settlement by October 9, 2017.

     

    The Court will hold a hearing on October 23, 2017 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses. Class Members or their lawyers may appear and speak at the hearing at their own expense.

     

    For more information, please visit www.BarclaysLiborSettlement.com, or call 1-888-568-7640.

     

     

     

     

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    Business Wire India

    I Squared Capital, an independent global infrastructure investment manager, has signed an agreement, through its ISQ Global Infrastructure Fund II, to acquire a 100 percent interest in Hutchison Global Communications Investment Holding Limited (HGC) from Hutchison Telecommunications Hong Kong Holdings Limited (HTHKH) for approximately HKD14.5 billion. The transaction is expected to close by October 2017.

     

    HGC is a leading fixed-line service provider to fixed and mobile carriers, OTT service providers, corporate and business, residential and data centers in Hong Kong and around the world. Its over 1.4-million-kilometer fiber network connects to over 14,200 buildings and it is also one of Hong Kong’s largest-scale Wi-Fi service providers with over 25,000 Wi-Fi hot spots. The company’s extensive international network has four highly prized land routes into mainland China. The company extends its global reach into different continents through multiple submarine and terrestrial cable systems. Much of HGC’s revenue is under long-term contracts to a diverse base of customers, including the major mobile providers in the region.

     

    Commenting on the acquisition, Gautam Bhandari, Partner at I Squared Capital, said: “As a premier global hub for commerce and telecommunications, Hong Kong benefits from innovative products and world class services. With I Squared Capital’s investment, HGC will continue to provide the same quality of service that mobile telecommunication providers, corporate and residential customers have come to expect. Fresh capital will also enable the company to develop new solutions to meet the ever-increasing demand for high-speed information infrastructure throughout the region and beyond.”

     

    About HGC Group: The HGC Group is a leading fixed-line operator, IT service provider, carrier’s carrier and one of Hong Kong’s largest-scale Wi-Fi service providers. The HGC Group empowers local and overseas customers with one-stop international, carrier, corporate, data centre and residential broadband services. The HGC Group owns and runs an extensive optical-fibre network, coupled with four cross-border routes integrated with three of mainland China’s tier-one telecoms operators, plus a world-class international network. The HGC Group is committed to developing cloud computing services and offering high-speed Wi-Fi service under the “HGC On Air“ brand. HGC is a subsidiary of Hutchison Telecommunications Hong Kong Holdings Limited (stock code: 215), a group member of CK Hutchison Holdings (stock code: 1).

     

    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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    Business Wire IndiaMax Financial Services (MFS), Max India and Max Life today confirmed that the proposed merger with HDFC Life has been called off. The exclusivity agreement with HDFC Life, valid till 31st July 2017, will not be renewed.
     
    The prospective partners had evaluated several alternate structures over the last month. However, the inordinate time associated with finalization and approval of these structures led to this decision.
     
    Max Financial Services was created in 2016, as a result of a demerger of the erstwhile Max India, to provide investors specific and undiluted access to the Group’s life insurance business, provide sharper focus to Max Life and unlock shareholder value. This demerger resulted in significant value creation based on the strong intrinsic value and superior performance of Max Life.
     
    The quality of the Max Life business, its superior performance in the market, and the unique position of MFS as a listed entity with sole focus on the life insurance business, made Max Life and MFS attractive potential merger partners for HDFC Life. Max was therefore approached with this merger proposition.
     
    Max Life has grown into one of India’s largest, fastest-growing and highest quality private life insurance businesses. The business’ success comes through in a comprehensive set of parameters including sales, profits and customer retention and is driven by digital thinking, operational efficiencies, a robust and diversified distribution architecture, highly engaged bancassurance partners, a profitable own agency force and a highly competent and engaged talent pool led by a top quality leadership team.
     
    The company delivered its best performance since inception in FY 2017. It continues to remain strong and is poised for out-performance as the life insurance industry witnesses a return to growth. It reported consolidated revenues of Rs. 12,971 Cr. and shareholder Profit before Tax of Rs. 768 Cr. (50% YoY growth). Its Embedded Value (EV) stands at Rs 6,590 Cr., with 20% Operating Return on EV. Its Assets under Management (as at 31st Mar. 2017) are Rs. 44,370 Cr., a 24% growth over last financial year.
     
    The company will continue on its path to aggressively invest in organic and inorganic growth levers. This will be done through investments in enhancing own channels such as agency and digital, delivering superior policyholder experience, deepening and leveraging existing bancassurance partnerships, and forging new distribution alliances. In addition, it will pursue acquisition opportunities as the industry further consolidates.
     
    Max Life is committed and confident of delivering superior value to all its stakeholders to become India’s most admired life insurance company.
    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 2017, the Group recorded consolidated revenues of Rs. 16,798 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 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Vanguard, Ward Ferry, New York Life, Wasatch and Invesco.
     
    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
     
    About Max Financial Services Limited
     
    Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.
     
    About Max Life Insurance Company Limited
     
    Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

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    Business Wire India

    GA Telesis and Tokyo Century Corporation announced today the launch of a new technology engine financing initiative focusing on a select group of new technology jet engines. GA Telesis has been an industry leading engine lessor since its inception in 2002 and has consummated well over 1,000 engine transactions. The new joint initiative will enhance GA Telesis’ current technology engine leasing business by implementing a more competitive cost of capital for longer-term and more structured transactions.

     

    The target portfolio will consist of the following engine models: General Electric GEnx, Rolls-Royce Trent 1000 and Trent XWB, Pratt & Whitney GTF and CFM International LEAP engines. GA Telesis and Tokyo Century are targeting the origination and closing of $1 billion new-technology engine transactions over the next 24 months.

     

    “This is an unprecedented time in the history of aviation where each engine manufacturer is delivering a new technology engine simultaneously," said Abdol Moabery, President & CEO of GA Telesis. “With over ten thousand new-technology engines in the backlog, we are prepared to help our airline customers by providing them a customized financing solution to meet their needs,” he added.

     

    “As a company that has built a global reputation for its leasing products, the initiative will continue to define Tokyo Century Corporation’s commitment to the aviation industry,” said Koichi Nakajima, Deputy President, Director and Executive Officer of Tokyo Century Corporation. We are very enthusiastic about the market’s demand for leasing products such as this and we are committed to growing this,” he added.

     

    About GA Telesis

     

    GA Telesis is a global provider of integrated aviation solutions serving the aerospace industry. The Company helps its customers achieve higher levels of performance by creating custom-tailored, multi-faceted solutions integrating its financial asset structuring expertise with component supply chain solutions, jet engine, aircraft systems and aerostructures MRO services. GA Telesis serves over 2,000 customers on six continents supporting all Airbus, Boeing, Bombardier and Embraer aircraft as well as CFM International, General Electric, International Aero Engines, Pratt & Whitney, and Rolls-Royce jet engines.

     

    About Tokyo Century Corporation

     

    Tokyo Century Corporation is a highly specialized and unique financial services company that pioneers new business fields combining finance, services and business expertise, working alongside customers in pursuit of their growth and goals. Through its four core businesses (Equipment Leasing, Specialty Financing, Domestic Automobile Financing, and International Business) Tokyo Century seeks to provide solutions that help increase the corporate value of customers. The Company is a 20% shareholder of GA Telesis.

     

    For further information: please contact: marketing@gatelesis.com

     

     

     

     

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    Business Wire India

    The Award is presented by (from L to R) R Chandrasekaran, Secretary General, General Insurance Council and V. Manickam - Secretary General, Life Insurance Council to Subhrajit Mukhopadhyay - Chief & Appointed Actuary, Edelweiss Tokio Life and Nilesh Parmar - COO, Edelweiss Tokio Life at the Fintelekt Insurance Awards 2017
    The Award is presented by (from L to R) R Chandrasekaran, Secretary General, General Insurance Council and V. Manickam - Secretary General, Life Insurance Council to Subhrajit Mukhopadhyay - Chief & Appointed Actuary, Edelweiss Tokio Life and Nilesh Parmar - COO, Edelweiss Tokio Life at the Fintelekt Insurance Awards 2017

    Edelweiss Tokio Life Insurance, a joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, has been conferred the ‘Best Product Innovation’ award for its product, Wealth Ultima, at the prestigious Fintelekt Insurance Awards 2017.

    As a philosophy, Edelweiss Tokio Life believes that finding and articulating the problem is the first half of any solution, and the other half is then to solve it. This product was an outcome of a need gap research which identified the lack of a methodical way of managing wealth and unavailability of a single life insurance product to address various financial needs of customers. Edelweiss Tokio Life believes in creating products designed basis the principles of Financial Planning.

    Commenting on the win, Mr.Deepak Mittal, MD & CEO of Edelweiss Tokio Life Insurance, said, “At Edelweiss Tokio Life, we constantly strive to create products that are innovative and provide value to our Customers. Wealth Ultima is one such product, which is differentiated due to its unique benefits offered all in one plan. We are deeply gratified that customers, as well as the industry, have acknowledged this.”

    Edelweiss Tokio Life’s Wealth Ultima for which this accolade was bestowed, is a Unit Linked Insurance Plan offering three benefits in one - systematic investment plan, systematic transfer plan and systematic withdrawal plan.About Edelweiss Tokio Life Insurance

    Edelweiss Tokio Life Insurance Company Limited (‘the Company’), registered with Insurance Regulatory and Development Authority of India (Regn. no. 147), is a joint venture between Edelweiss Financial Services Limited and Tokio Marine Fire Nichido Insurance Company Limited (a Japan based company), having a shareholding of 51% and 49% respectively in the Company. This lineage brings together a deep understanding of customer needs and international expertise. The Company offers proprietary need-based solutions to help customers meet their life stage financial goals.

    Edelweiss Tokio Life Insurance Company Limited is the “Winner – Best Life Insurer of the Year”, presented at the 15th Annual Outlook Money Awards 2016.

    To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in
    To learn more about the Edelweiss Group, please visit www.edelweissfin.com
    To learn more about Tokio Marine Holdings Inc., please visit www.tokiomarinehd.com/en

    Facebook: @EdelweissTokioLife
    Twitter: @edelweiss_tokio
    LinkedIn: Edelweiss Tokio Life Insurance

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    Business Wire India

    Today Visa (NYSE:V) announced its support of the new global QR Code Payment Specifications from EMVCo, the global technical body that manages the EMV Specifications. The specifications cover consumer-presented and merchant-presented QR code use cases for digital payment acceptance. QR codes are two-dimensional machine-readable barcodes, used to facilitate mobile payments at the point-of-sale.

     

    Visa and the other EMVCo Members worked to develop these new globally interoperable EMV specifications. Visa has already successfully enabled the merchant-presented QR technology in 15 countries around the world, with India, Kenya and Nigeria currently live in market with both bank and merchant partners.

     

    “We’ve already seen tremendous progress towards adoption of standardized, interoperable QR code payment systems in the developing world,” said Sam Shrauger, SVP, Digital Products, Visa. “We are working with governments and central banks in countries like India to develop and implement QR code payment solutions that provide the convenience and security that are synonymous with Visa and help the journey toward a cashless future.”

     

    Easy Implementation for Merchants

     

    Visa has enabled the growth of merchant-presented QR code payments around the world with its innovative mobile payments solution, mVisa. mVisa allows consumers to pay for goods and services by scanning a QR code on a smart phone or entering a merchant number into their feature phones. Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties. mVisa is completely interoperable, meaning that the consumer and the merchant do not need to be customers of the same bank. This brings the same convenience, security and reliability provided by the trusted Visa brand.

     

    For merchants eager to harness the power of QR code payments, the Visa Ready Program has adopted the interoperable QR standards to develop tools and capabilities which help easy generation and deployment of QR code merchants by banks, processors and merchant aggregators. Once enrolled, merchants can freely accept payments from any country or bank given mVisa’s interoperability while trusting Visa will securely and efficiently process each transaction.

     

    QR Code Payments Driving a Cashless Future

     

    As digital payments help continue a shift toward a cashless future, this new global specification is an important step that promotes interoperability and standardizes the fast growing ecosystem of QR code payments across the world. Already, 33 banks and more than 328,000 merchants across India, Kenya and Nigeria have adopted the interoperable standards as they accelerate their QR code digital payment programs.

     

    “mVisa enables successful completion of the transaction independent of the mobile operator service on both the consumer and the merchant’s phone, and the consumers and merchant’s banks,” said Shrauger. “This addresses a major challenge with mobile money programs, and lets consumers and merchants choose their own bank or mobile operator.”

     

    Reserve Bank of India has encouraged the adoption of standardized QR code payments to provide access to low-cost, secure digital payments to millions of consumers and merchants. Working with our partners, Visa is converting both everyday and recurring cash purchases to digital payments through direct integrations with supermarket chains and large utility billers. By presenting dynamic QR codes to consumers that provide a seamless payment experience, billers such as Tata Sky, Idea Cellular, Reliance Energy, Mahanagar Gas, as well as Pizza Hut and supermarket chains Nakumatt, Spar, and Zucchini, are bringing benefits of digital payments to millions of potential customers.

     

    Visa intends to replicate this success in 12 other countries where mVisa has been enabled: Cambodia, Egypt, Ghana, Indonesia, Kazakhstan, Malaysia, Pakistan, Rwanda, Tanzania, Thailand, Uganda and Vietnam.

     

    About Visa

     

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

     

     

     

     

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    Business Wire India

    Swiss Market Maker & Securities AG is a source of data in the Private Equity environment. This company publishes quotes and market data regarding the instruments traded at over-the-counter markets through recognized market data systems.

     

    OTC (over-the-counter) Rate Notifications

     

    The valuation rate is fixed daily. While the exchange rate may be the same with the closing rate, it is often calculated using the last sales.

     

    Quotes and market data provide parameters and guiding information for depositors and investors.

     

    With our offers that we make through publication, you can reach millions of people actively following the events on financial markets. The information is sent to the exact target group, i.e. depositors, consultants, marketing organizations, and all people that are professionally or privately interested in the financial sector.

     

    In addition to its vision to become a leading company in the international OTC market, Swiss Market Maker & Securities AG also tries to achieve greater objectives.

     

    Financial Revolution– Blockchain

     

    The 21st-Century trading has begun. The new technological development called Blockchain will radically transform the financial industry.

     

    The Blockchain, or in other words, the “Internet of the Values” transports the cryptocurrency papers and securities directly from User to User. Transactions can be executed over the Internet at any time desired, independent of the country and banks. Blockchain allows for seamless execution of transactions among participants without any intermediary.

     

    New markets are opened. Securities can now be traded from anywhere on the world for the first time in the history of finance. Thus, the investors in Asia can easily invest in the European companies and the investors in Europe in the companies in Asia as well.

     

    The process of transfer of values through banks used as intermediaries has been the same for over 150 years. Blockchain can change it completely. The execution of transactions and transfer of values doesn’t take days any longer; and are completed in just a few minutes.

     

    As one of the first information service companies, the Swiss Market Maker & Securities AG transfers real financial data to the emerging crypto-market.

     

    We have decided to convert some of our shares into Blockchain securities in order to realize our visions and to promote the Blockchain based on NEM technology.

     

    Further information is available on our website at:

     

    www.SwissMarketMaker.com and www.PrivateEquityQuote.com

     

     

     

     

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    Business Wire India

    GA Telesis announced today the launch of a specialty finance unit, Structured Credit Products (SCP) to focus on structured financial solutions for airline, MRO, and OEM customers. The initial focus strategy will be inventory leasing. Going forward SCP will explore other aviation finance products including originated secured lending, trading in public and private debt, and investments in other aviation related financial instruments. SCP will be led by Stuart Weinroth, Vice President, an industry veteran with over 20 years of experience in the aviation finance and leasing sector.

     

    The initial SCP growth initiative will be enhancing the Company’s existing inventory leasing platform with a three-year capital allocation of $1 billion towards providing enhanced inventory leasing solutions to airlines around the globe. The forthcoming transition into new-technology narrowbody and widebody aircraft types has put a significant capital investment burden on operators to procure spare parts to support essential operations. GA Telesis’ innovative inventory leasing product provides medium to long-term financing under a lease structure, allowing airlines complete operational flexibility for a fixed monthly rent amount. GA Telesis has been an industry leader in the aircraft and engine parts market since its inception in 2002 and has consummated billions in parts sales over the past 15 years. GA Telesis pioneered the inventory leasing product to address the increasing capital needs of the evolving global commercial airline sector to support new aircraft deliveries.

     

    SCP will focus on spare parts related to Boeing 787 and 737MAX and Airbus A350 and A320NEO families of aircraft; however, lease opportunities for equipment related to other aircraft types will also be considered. GA Telesis has already closed and has financing commitments for over $200 million of inventory leases and expects to close over $800 million of new opportunities over the next 36 months.

     

    “This is an unprecedented time in the history of aviation where all of the aircraft manufacturers are delivering new technology aircraft and engines across four aircraft families simultaneously,” said Abdol Moabery, President & CEO of GA Telesis. “With over 8,700 new technology 787, 737MAX, A350, and A320NEO aircraft in the current back-log, we are prepared to help our airline customers by providing them a customized financing solution to meet their inventory provisioning needs,” he added.

     

    Earlier this week, GA Telesis, along with its shareholder Tokyo Century Corporation announced an additional $1 billion joint initiative for the financing of new-technology jet engines, including, but not limited to certain LEAP, the GTF, the GEnx and Trent models.

     

    For further information: please contact: marketing@gatelesis.com

     

     

     

     

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    Business Wire IndiaMax Ventures and Industries Ltd (MaxVIL) today announced its Standalone Financial Results for the first quarter ended June 30, 2017. In Q1 FY 2018, MaxVIL has reported a Net Profit After Tax of Rs. 60 Crores on a Standalone Basis, aided by a gain on stake sale of its subsidiary Max Speciality Films (MSF).

    The Board of Directors of MaxVIL also noted the status of key business initiatives and achievements in the previous 12 months since the listing of equity shares of MaxVIL. The shares were listed at BSE and NSE on Jun 22, 2016.
     
    Max Ventures and Industries Limited (MaxVIL) is the newest listed entity in the Max Group. It was formed after the erstwhile Max India was demerged into Max Financial Services Limited, Max India Limited and Max Ventures and Industries Limited. MaxVIL has four distinct business verticals Max Speciality Films (Manufacturing), Max Estates (Real Estate), Max Learning (Education) and Max I. (providing intellectual and financial support to high-potential start-ups/ early growth stage companies).
     
    Max Speciality Films Limited (a material subsidiary of MaxVIL)
     

    • Toppan Printing Co. Ltd, Japan (Toppan) has become a joint venture partner in Max Speciality Films Limited (MSFL) by acquiring a 49% stake in the company on a fully diluted basis through a mix of secondary sale by MaxVIL and primary share issuance by MSF. MaxVIL has transferred 35.84% equity of MSFL for INR 145.41 crore to Toppan. In addition, MSFL has issued and allotted 13.16% equity share to Toppan for INR 53.36 crores.
    • MSFL is undergoing a capacity expansion by setting up an additional Line for manufacture of BOPP films (Line 5), with a capital investment of Rs. 250 crores. This line will increase production capacity from 45,000 tonnnes per annum to 75,000 tonnes per annum. Line 5 is expected to commence commercial production in first quarter of FY 2019.
    Max Estates Limited (MEL)
     
    • Villa Development Project (Dehradun, Uttarakhand): MEL’s inaugural project on Rajpur Road at Dehradun (Uttarakhand) comprises luxury, bespoke villas. MEL has pre-sold 20% of inventory prior to formal launch of the project. The project is likely to completed and delivered to its customers during second quarter of FY 2018-19.
    • Commercial Tower at NCR: A commercial tower project, called Max Towers, with a total developable area of 6,00,000 sqft. on a land parcel of 3,352 sqmt. has been acquired by MEL through a SPV. Some floorplate of Max Towers has been purchased by various Max Group entities. The project is strategically located on Delhi-Noida-Delhi expressway (DND), near South Delhi, and is part of a larger project - Delhi 1. Upon completion, Max Towers is envisioned to become the most admired office development in Delhi - NCR.
    • Office Space redevelopment - Okhla, New Delhi: MEL, subject to necessary approvals, has an opportunity to redevelop an industrial plot with 1,40,000 sq. ft. of developable area at Okhla Phase 3 (South Delhi) under an asset light model of development. The project is likely to commence during next quarter of FY 2018 and will be completed in 36 months. 
    Max I. Limited
     
    • Investment in Azure Hospitality Pvt. Ltd. (Azure): MaxVIL made investment in Azure, which owns and operates Mamagoto, a mid-scale casual dining restaurant chain and Speedy Chow/Roll Maal, a quick service restaurant (QSR) format for Indian & Chinese street food and an Institutional Catering Service. Azure Hospitality has also acquired the ‘Dhaba’ brand which is a fine dining north Indian cusine restaurant. MaxVIL has recently invested an additional Rs. 37 crore as a part of the second round of fund raising by Azure for its expansion in domestic and international markets.
    • Investment in FSN E-Commerce Ventures Private Limited (FSN): MaxVIL acquired approx. 2% equity stake, at fully diluted basis in FSN. The company is engaged in selling cosmetic products and personal and homecare accessories in India through an e-commerce and offline retail platform called ‘Nykaa’.

    About Max Ventures and Industries Limited
     
    Max Ventures and Industries, is the holding company of Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others. With this vision, MaxVIL has incorporated three new subsidiaries, which are Max Estates, the real estate arm of the Max Group with the vision to bring the Group’s values of Sevabhav, Excellence and Credibility to the Indian real estate sector, Max I. Limited, a fully owned special purpose vehicle, will facilitate Intellectual & Financial Capital to promising and proven early-stage organizations across identified sunrise sectors and Max Learning Limited, which is focused on the education sector.
     
    MaxVIL is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. As on date, MaxVIL has 7,24,33,552 outstanding shares at a face value of Rs 10 per share. The current promoter shareholding in MaxVIL is 38.21%.
     
    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 FY2017, the Group recorded consolidated revenues of Rs. 16,798 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 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Vanguard, Ward Ferry, New York Life, Wasatch and Invesco.
     
    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries

    For further information, please visit:

    Max Group: www.maxgroup.net
    MFS: www.maxfinancialservices.com
    Facebook: https://www.facebook.com/themaxgroup
    Twitter: https://twitter.com/maxgroup
    [1] Comprises of capital gain
       

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    Business Wire India

    Taro Pharmaceutical Industries Ltd. (NYSE:TARO) announced today that it plans to release its financial results for the quarter ended June 30, 2017, after the close of market on Tuesday, August 8, 2017. Consistent with the Company’s policy, Taro will conduct its next earnings call when it announces its financial results for the six months ending September 30, 2017.

     

    The release will be accessible on Taro’s website at www.taro.com.

     

    About Taro

     

    Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.

     

     

     

     

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    Business Wire India

    From left to right: Mr. Sabarinathan (Vice President Sales – Beyontec), Mr. Vivek Sethia (Cofounder – Beyontec), Mr. Philip K Philip (Group CEO – Muscat Insurance Company), Mr. Tiju John (IT Manager – Muscat Insurance Company)
    From left to right: Mr. Sabarinathan (Vice President Sales – Beyontec), Mr. Vivek Sethia (Cofounder – Beyontec), Mr. Philip K Philip (Group CEO – Muscat Insurance Company), Mr. Tiju John (IT Manager – Muscat Insurance Company)

    Beyontec, a leading insurance information and technology firm specializing in providing configurable solutions to the P & C Insurance industry announced today that Muscat Insurance Company (MIC), one of the leading insurance companies in Oman has selected Beyontec as their preferred technology partner. Beyontec will implement their award-winning insurance solution Beyontec Suite for MIC.
     
    After evaluating various available solutions, MIC concluded that the Beyontec Suite, a core solution suite that supports the complete policy lifecycle across wide variety of products, would help MIC achieve their goals to obtain market leadership. Beyontec's proven delivery proposition will also provide MIC with the ability to introduce new products to market quickly.
     
    "After a comprehensive evaluation and selection process that included Tender and Detailed Demonstration of Beyontec Suite, MIC chose Beyontec Suite in order to achieve our vision of becoming Oman's leading Insurance Company” said Mr. Philip K Philip, Group CEO at MIC. As our Industry is in the process of consolidation, we have set certain ambitious growth plans for our group. It was important for us to select a right technology partner with an established delivery record and industry expertise to help us achieve our objectives."
     
    "Our workflow-driven Beyontec software, with its fully integrated modules crossing all activities in insurance transactions, will enable Muscat Insurance Company to quickly and completely respond to their Customers. It was a pleasure to meet people as committed to customer care as we are at Beyontec. We warmly welcome Muscat Insurance Company to the Beyontec family and we’re looking forward to long-term relationship,” said Mr. Vivek Sethia, Cofounder at Beyontec Solutions DMCC.
     
    Beyontec Suite supports all lines of insurance business such as General, Life and Medical, enabling carriers to explore new product offerings and hybrid designs.
     
    Beyontec and Muscat Insurance Company signed a strategic agreement to implement the Beyontec Suite on June 21, 2017.About Muscat Insurance Company

    Muscat insurance company was founded in 1995 as a public share holding co. In 1999 the company was restructured into an investment company Muscat National Holding S.A.O.G. listed on the Muscat Securities Market and its two 100% owned subsidiaries as Muscat Insurance Company SAOC (MIC) which markets all classes of general insurance and Muscat Life Assurance Company SAOC (MLAC) which markets life and health insurance products.
     
    The Company has twenty locations and its head office is in Al Khuwair. New locations are being added to the current network. MIC’s focus is not to be the biggest in terms of market share but to maintain excellent service at all times, and to be 'the best' in Oman.
     
    About Beyontec Solutions

    Beyontec Solutions is a global insurance solution provider, addressing all aspects of insurance business including general insurance, Takaful, life insurance, medical insurance and Insurance Broking. The Beyontec Suite is a workflow driven solution designed to provide cost-effective solutions by focusing on our customers’ requirements and business challenges. Our diverse insurance experience and knowledge has enabled us to create solutions that incorporate the world’s best insurance practices. Supported by experienced insurance professionals and support centres equipped with secure infrastructure, we provide the best service and support to global insurance companies. 

    Website: www.beyontec.com

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    Business Wire India

    Khushru Jijina – Managing Director, Piramal Finance
    Khushru Jijina – Managing Director, Piramal Finance

    • Piramal Finance ranked 4th in the Great mid-size Workplaces
    • The survey identified Piramal Finance for creating a culture of high performance and employee benefit
    Piramal Finance Limited (PFL), a subsidiary of Piramal Enterprises Limited has been recognized as one of India’s Top 10 Great Mid-size Workplaces, 2017. The annual reputed survey that is conducted by Great Place to Work Institute has ranked Piramal Finance 4th for the MSME category over 650 organisations who participated in the survey this year.
     
    For over 25 years, Great Place to Work® has been conducting pioneering research on the attributes of workplaces and is considered the benchmark for assessing and certifying great workplace cultures. Organisations make an effort to build trust and create an environment that delivers outstanding business performances. Over time, Great Place to Work has been distinguishing organizations’ efforts to make workplaces employee friendly and create a strong culture with employee value proposition.
     
    Piramal Finance Ltd. has embarked on a comprehensive HR Transformation Journey through many efforts, one such effort is implementation of SEEDS (strategy for employee engagement & development support). SEEDS is a comprehensive research driven, collaborative HR strategy (covering the entire spectrum of HR) chalked out to meet the 2020 goals of the organisation. Piramal Finance was given the prestigious honour based on the annual Trust Index© by Great Places to Work’s employee assessment survey of 650 participating organizations in the MSME category, across the country. 
     
    Khushru Jijina, Managing Director, Piramal Finance Limited, said “At Piramal Finance, employees come together as a family, to work in the best interests of our organization. Piramal Finance has charted successful territories and paved new paths in the last few years, built on the foundation of unwavering commitment of our employees to this family. This award is a testament to the passion and dedication of our employees, in tandem with our constant efforts to enable a truly empowered work culture based on strong values.”
     
    The survey analyses companies on a host of dimensions such as credibility, respect, fairness, pride and camaraderie. It also measures the company on factors including employee engagement, trust, work-life balance, career development, and rewards & recognition.
     
    Piramal Finance Limited exceeded survey benchmarks across several areas covering innovation, diversity and workplace environment. 98% of employees participated in the survey and rated Piramal Finance in the following areas:
    • 93% employees felt pride in the company and looked forward to coming to work
    • 95% agreed to a strong sense of family and community in the organization – camaraderie
    • 96% of employees believe in the integrity of their management and that it is honest and ethical in its business practices
    About Piramal Finance Limited:
     
    Piramal Finance is the financial services division of Piramal Enterprises, the flagship company of Piramal Group. Piramal Finance provides both wholesale and retail funding opportunities within real estate and non-real estate sectors (under its Corporate Finance Group). The platform is capable of funding across the entire capital stack ranging from early stage private equity, structured debt, senior secured debt, construction finance as well as Flexi Lease Rental Discounting (within real estate). Piramal Finance also has a third party fiduciary business advising institutional and retail investors alike through customized fund strategies such as the Mumbai Redevelopment Fund focused on slum rehabilitation and the Apartment Fund focused on bulk buying individual units as well as larger separate account mandates with leading global pension funds such as CPPIB, APG and Ivanhoe Cambridge. Piramal Finance has also recently set up a housing finance vertical and is awaiting the requisite licenses from the NHB before commencing full-fledged operations.
     
    About Piramal Enterprises Limited:
     
    Piramal Enterprises Limited (PEL) is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Insights & Analytics and Financial Services. PEL’s consolidated revenues were over US$1.3 billion in FY2017, with 51% of revenues generated from outside India. In Pharma, through an end-to-end manufacturing capabilities across 13 global facilities and a large global distribution network to over 100 countries, PEL sells a portfolio of niche differentiated pharma products and provides an entire pool of pharma services (including in the areas of injectable, HPAPI etc.). The Company is also strengthening its presence in the Consumer Product segment in India.
     
    PEL’s Healthcare Insights & Analytics business, Decision Resources Group, is the premier provider of healthcare analytics, data & insight products and services to the world’s leading pharma, biotech and medical technology companies and enables them to take informed business decisions.
     
    In Financial Services, PEL, through its Piramal Fund Management Division, provides comprehensive financing solutions to real estate companies. The Division’s Corporate Finance Group (CFG) also provides senior and mezzanine growth capital to various businesses across varied sectors that are integral part of India’s growth story.
     
    The Division has also launched Distressed Asset Investing platform that will invest in equity and/or debt in assets across sectors (other than real estate) to drive restructuring with active participation in turnaround. The total funds under management under all these businesses are ~US$5 billion. The Company has recently applied for HFC license. The Company also has strategic alliances with top global funds such as APG Asset Management, Bain Capital Credit, CPPIB Credit Investment Inc. and Ivanhoé Cambridge. PEL also has long term equity investments worth ~US$700 million in Shriram Group, a leading financial conglomerate in India.
     
    PEL is listed on the BSE Limited and the National Stock Exchange of India Limited in India.
     
    About Great Place to Work®
     
    Great Place to Work® is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, including Best Workplaces lists and workplace reviews, Great Place to Work® provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures. In the United States, Great Place to Work® produces the annual Fortune 100 Best Companies to Work For® list and a series of Great Place to Work® Best Workplaces lists, including lists for Millennials, Women, Diversity, Small and Medium companies, as well as lists representing many different industries. Great Place to Work® provides executive advisory and culture consulting services to businesses, non-profits, and government agencies in over 50 countries across six continents.

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    Business Wire IndiaCloud services supported by converged networks present huge opportunities for enterprises to make informed decisions and gain competitive advantages. Data is the new currency for the digital enterprise and high-speed, dedicated and secure network connections are crucial for decision makers to monetize data residing in the cloud. An integrated network with cloud services will ensure a secured network to deliver business-critical applications and data to support executives in their business decisions. Industry verticals, both traditional and emerging, are already investing heavily in networks as part of their “cloud-first” journey to leverage next-generation technologies, such as big data, artificial intelligence, blockchain and Internet of Things.
     
    “Converged infrastructure offers a more evolved cloud platform to derive better cost efficiencies and time savings,” said Mayuri Ghosh, Senior Consulting Analyst, Digital Transformation (ICT) Practice, Frost & Sullivan. “Network-enabled cloud with next-generation security features will provide the reliability of a private network, such as multiprotocol label switching (MPLS) and Ethernet, allowing enterprises to take advantage of a flexible and multi-tenant, usage-based billing model.”
     
    Converged Infrastructure Market provides insights on the future of convergent networks that yield cloud benefits. It includes value chain analysis of network and cloud service providers, industry verticals leveraging converged network and cloud technologies for business benefits, and key network technologies that are widely used to deploy cloud. Also discussed, is the roadmap for evolution of network services.
     
    To access more information on this analysis, please click here.
     
    Verticals that are currently adopting MPLS, Ethernet, and leased lines to create a seamless network experience include banking, financial services and insurance (BFSI), information technology (IT)/IT-enabled Services (ITes), manufacturing, eCommerce, services, retail, healthcare, and hospitality. Deploying network-enabled cloud will:

    • Allow cloud services to seamlessly fit into existing enterprise network architecture;
    • Act as an extension of the enterprise wide-area network (WAN), enabling remote employees and partners to connect to cloud-based applications in a secure manner;
    • Extend the flexibility of the cloud model to network services so that network resources can scale as required; and
    • Help enterprises take advantage of increased application performance resulting from improvements through network functions virtualization (NFV) and software-defined networking (SDN). 
    “Cloud and network value chain providers together can realize the network-enabled cloud for the enterprise,” said Ghosh. “For network value chain providers— including network managed service providers, Telcos, internet service providers, and network original equipment manufacturers—network ownership and maintenance is the key value proposition, and effectiveness is vital to success.”
    About Frost & Sullivan

    Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
     
    Website: http://ww2.frost.com
     
    Social Media Handles - 

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    Business Wire India

    Yamaha Motor Co., Ltd. (TOKYO:7272)(ISIN:JP3942800008) announced today that in the first half of its fiscal year ending December 31, 2017, consolidated net sales of 828.1 billion yen were up 6.4% from the previous year. The company achieved all-time highs in operating income of 82.2 billion yen (up 25.7%), ordinary income of 83.5 billion yen (up 51.1%), and net income for the period attributable to parent company shareholders of 60.8 billion yen (up 87.5%).

     

    In emerging markets, motorcycle sales rose and operating income was significantly higher thanks to sales of higher priced products and cost reductions due to the advancement of platform-based products. In developed markets, motorcycles, marine, industrial machinery & robot products and electrically power-assisted bicycles contributed to increased sales and income.

     

    Motorcycle net sales rose 6.6%, supported by brisk business in emerging markets, and operating income soared 86.8% due to a more competitive product mix and lower costs. Marine business net sales rose 5.5% on the strength of outboard motor sales in North America. Power products declined 4.0% but industrial machinery and robots climbed 30.4%, boosted by surface mounter unit sales. Drive units for electrically power-assisted bicycles surged in Europe.

     

    For the year, Yamaha Motor forecasts net sales rising 8.5% to 1,630.0 billion yen, operating income rising 24.3% to 135.0 billion yen, and net income attributable to parent company shareholders rising 42.5% to 90.0 billion yen. All figures have been upwardly revised from initial forecasts. The full-year dividend forecast has been raised to 78 yen, up 18 yen from the previous year.

     

    Documents & Photo: http://bit.ly/2uTFp5t

     

    About Yamaha Motor

     

    Yamaha Motor (TOKYO:7272) is a world-leading producer of motorcycles, marine products, power products and intelligent machinery. The company’s diverse business and wide variety of products are built around its proprietary technologies focused on engines, chassis & hull and electronic control. Yamaha Motor conducts global development, production and marketing operations through 140 subsidiaries and equity-method affiliates in 30 countries. About 90% of consolidated net sales are generated in more than 200 countries outside of Japan. The company is steadily restructuring its global engineering, manufacturing and marketing capabilities for sustainable long-term growth. Please visit https://global.yamaha-motor.com/ir/report/.

     

     

     

     

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    Business Wire India

    • Vivifi is looking to raise INR 100 crore
    • The Indian Lending Business Size is put at $ 1.2 Trillion
    A Hyderabad-based Fintech Startup, Vivifi India Finance Pvt Ltd, a Non-Banking Finance Company (NBFC), announced today the national launch of FlexSalary, an online virtual unsecured personal emergency line of credit which is built with the vision to help individuals steer away from the awkwardness of short-term cash crunches.
     
    Currently the start-up is self-funded and is looking to raise INR 100 crore, towards Lending Capital and Operations. The Indian Lending business with a size of $ 1.2 Trillion with over 40% being under-served or unorganized, is ripe for disruption with innovative lending models
     
    The startup founded by Anil Kumar Pinapala, Srinath Kompella and industry veterans, offers as its first product, salary advance loans to salaried employees in the Organized and Unorganized sectors.
     
    Many salaried individuals fail to secure credit with traditional financial institutions since they fail to meet the narrow, stringent and traditional lending norms from the service provider. Sometimes the causes, for which money is required, do not qualify for a typical bank or traditional NBFC loan, and in many cases, there is no loan product that addresses short-term credit needs which may last just for a few days.
     
    Consumers, especially millennials, are more comfortable using technology to find and sign up for quicker credit informs Patrick Kishore, the Chairman of the company who has 37 years of experience in the Indian Banking and Financial Services Sector while addressing a press conference here in Hyderabad today. He has served as the COO of IDRBT and was instrumental in the implementation of RTGS/NEFT and has worked directly with RBI on several Regulatory Framework and Guidelines.
     
    Vivifi, is set-up with an objective of serving the financial needs of the Under-Served customers with a Risk-based pricing model and a customer acquisition and loan origination process that is technology-driven. Our first product offering is where you get an instant line of credit against your salary anytime. In other words, it is “your salary in advance,” said Anil Kumar Pinapala. CEO of the company, Anil has over 17 years of experience in the Fintech domain.
     
    Anil is a Technology thought leader in the small ticket sub-prime lending and has immense experience in Machine Learning Risk Algorithms for Underwriting and automated loan origination and servicing.
     
    FlexSalary is an open-ended line of credit, where borrower decides the loan tenure, says Srinath, Co-Founder & COO who has 15 years of experience in the Fintech domain. He has been instrumental in devising Credit Service Organization-based subprime lending operations.
     
    Customers can sign-up for FlexSalary with an easy and simple one-time application with an instant approval, instant disbursals and the ability to access credit anytime. This is a unique product with no fixed EMI payment and providing the customer continuous access to cash from their available credit limit. The customers, can avail discounted interest for seven days on cash for their emergencies, by opting into the membership program.
     
    This product is ideally suited to handle any short or long-term cash crunch to pay for vehicle expenses, to head off on holiday, to make credit card payments, to pay tuition or school fee, to not miss an EMI payment, to protect credit score, to meet unplanned medical expenses or for medical emergencies.
     
    An emergency is a serious, unexpected, and often dangerous situation requiring immediate action. When life presents such a case, it threatens financial well-being and causes stress. At these times, is there enough cash available to pay for these unexpected expenses? Can you borrow money in an emergency? Could you get a loan from friends, family or your bank? Or would you rather have access to an easy online line of credit to handle emergencies? FlexSalary is the solution. It is the futuristic product.
     
    The virtual unsecured personal Line of Credit will be extended from as little as two thousand to two lakh to qualified individuals in India.
     
    Banks do not offer such products and only entertain borrowers who earn above a certain limit. If salaried individuals are looking for small loans for a few days, weeks, banks might not show interest, due to the costs they incur.
     
    Now, such left-out borrowers can turn to an online platform like flexsalary.com.
     
    None of the existing banks are leveraging technology for salaried lending. So we have built an entirely paperless lending platform which will revolutionize the way consumer loans are executed, says Srinath.
     
    There is a gap in the Indian credit system, where there is a large under-served segment stretching across Organized and Unorganized sectors estimated to be as much as 40% of the consumer lending market. There are no existing solutions for these under-served customers, which are offering true risk-based pricing models thereby providing access at a fair price. There is a massive opportunity. India is a credit hungry economy. Alternative lending space is the solution, says Anil.
     
    There is a regulatory and physical limitation for banks in meeting this burgeoning demand. With 7,935 towns and cities in the country, even the largest of the large banks have limited reach. Online lending and omni-channel customer acquisition can meet this unmet need, added Anil.
     
    But, lending is not easy, Anil added quickly, so we built a robust system to provide personal loans instantly.
     
    We, through an online platform, just work more like a bank on consumer lending. The Borrowers go through Know Your Customer (KYC) requirements. Using our proprietary machine learning-based Credit Decision Model we go beyond the traditional score as provided by CIBIL or Experian, so we layer in Income, Social, Spend Analysis, Educational, Employment, Behavioral and data to determine the true credit worthiness of the customer and their Ability to Repay.
     
    The alternative lending space has shown strong signs of growth. USA and China are the two countries, which are making swift progress in the Online Lending space. The old rules of the game need to change. The traditional way of hunting for loans offline replaced with an online credit line. Because of customers comfort using smartphones coupled with technology the process of online loan disbursal even smoother with the arrival of India Stack (which includes Aadhar, e-KYC, e-Signatures and UPI).

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    Business Wire India

    Andersen Global announces a presence in Rio de Janeiro, Brazil by way of a Collaboration Agreement with Branco Consultores, a tax and legal firm. The addition of Branco Consultores demonstrates Andersen’s growing presence in Latin America. Andersen Global has an existing presence in São Paulo and Campinas through Andersen Tax in Brazil, a member firm that joined in August of 2015.

     

    The Branco Consultores team is led by Rubens Branco, who founded the firm in 2001. “Our goal is to provide seamless solutions to our clients globally, and collaborating with Andersen Global will allow us to better meet their increasingly international and complex needs,” said Rubens. “In addition, for us, there is nothing more valuable than being a most trusted resource for our clients. We recognize that Andersen Global shares our same commitment to outstanding, best-in-class service.”

     

    Branco Consultores provides tax, legal and accounting services to both Brazilian and global corporations and individuals, including tax planning, negotiations, international operations, corporate restructuring, tax reviews, and transfer pricing.

     

    “Rubens was one of the first tax partners at Arthur Andersen in Latin America. He has had a premier practice in Rio for decades,” commented Andersen Tax CEO, Mark Vorsatz. “In addition, he is truly a steward of the business as evidenced by his son, Daniel, also being a partner in the firm.”

     

    Andersen Global has more than 2,000 professionals worldwide and a presence in 70 locations through its member firms and collaborating firms.

     

     

     

     

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    Business Wire IndiaMax Life Q1 FY2018 Highlights:

    • Revenues1: Rs. 2,560 Cr., grew 15%
    • New Sales: Rs.  554 Cr., grew 18%
    • Solvency Surplus: Rs. 1,953 Cr.; Solvency Ratio: 295%
    Max Financial Services Ltd. (MFS) today announced financial results for the first quarter of financial year 2017-18 (Q1 FY2018). MFS, one of the only two listed companies providing pure access to the Indian private life insurance sector, reported strong financials with consolidated revenues1 of Rs. 2,566 Cr., growing 14% over the previous year.

    MFS’ sole operating subsidiary Max Life Insurance reported revenues1 of Rs 2,560 Cr., growing 15% over the same period last year. In Q1, Max Life reported New Sales of Rs. 554 Cr., growing 18%, while Individual Adjusted Sales totalled Rs. 458 Cr., growing 19% over last year. The company’s normalised2 Shareholders’ Profit Before Tax in Q1 was Rs. 106 Cr., in line with last year. Max Life also reported a Solvency Surplus of Rs. 1,953 Cr., with a healthy Solvency Ratio of 295% and the company’s Assets Under Management, as at 30th June 2017, stood at Rs. 45,870 Cr, making it the 5th largest fund manager among private life insurers in India.

    Earlier this year, Max Life had announced its Embedded Value3, which stood at Rs. 6,590 Cr. as at 31st March 2017 with an Operating Return on EV (RoEV) of 20%. The Value of New Business (VNB) written during FY2017 was Rs. 499 Cr, growing 29% over the previous year, and the new business margin stood at 18.8%.

    Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Following a year of unprecedented growth in financial year 2017, Max Life’s performance in the first quarter of financial year 2018 has laid a strong foundation for steady organic growth in the near future. In the coming months, it will be our priority to optimise market share and profitability while focusing on organic and  inorganic growth opportunities.”

    Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “A robust growth of 19% in Individual Adjusted Sales further cements Max Life’s position as one of the leading life insurers in the country. While our key bancassurance partnerships including those with Axis Bank and Yes Bank continue to contribute significantly to our growth, we will pay special attention to driving profitable growth in our proprietary channels such as Corporate Agency and e-Commerce. With a strong emphasis on solvency and embedded value growth, we will continue to ensure the best returns to our stakeholders.”

    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 FY2017, the Group recorded consolidated revenues of Rs. 16,798 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 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Morgan Stanley, Nomura, Temasek and Wasatch.


    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.


    About Max Financial Services Limited

    Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.


    About Max Life Insurance

    Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.
     

    For further information, please visit:

    Max Group: www.maxgroup.net
    MFS: www.maxfinancialservices.com 
    Facebook: https://www.facebook.com/themaxgroup 

    Twitter: https://twitter.com/maxgroup

     
    1 Excludes Max Life Unit Investment Income 
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    Business Wire IndiaHCL Technologies (HCL), a leading global IT services company, has been identified as a leader in two of the Everest Group’s 2017 PEAK Matrix™ assessments. HCL was recognized for its Global Banking Application Outsourcing Services as well as for its Global Capital Markets Application Outsourcing Services.
     
    Positioning on both the Global Banking Application Outsourcing Services and Global Capital Markets Application Outsourcing Awards are based on criteria across two dimensions. The PEAK Matrix looks at market success by vertical-specific revenue, the number of large active deals, and the yearly vertical-specific revenue growth. The delivery capability of a company is also measured, and this criterion includes the scale of operations, scope, domain expertise and innovation, delivery footprint, and buyer satisfaction.
     
    “Receiving this leadership award for the third year in a row demonstrates HCL’s commitment to going beyond the contract to keeping our Financial Services clients ahead of market demands, technology trends, and customer behaviour,” said Rahul Singh, President & Global Head – Financial Services, HCL Technologies. “Our vision to simplify, digitize, and disrupt helps us build futuristic solutions that enable our clients to in-turn provide a superior experience to their digital native consumers.”
     
    “Financial institutions are redesigning their technology sourcing strategies to respond to changing consumer demands, new technologies, regulatory pressures, and intense competition from FinTech competitors,” said Jimit Arora, Partner, Everest Group. “Consistent successes in winning new deals, a willingness to invest in clients through co-innovation labs, and sustained investments in new capabilities such as application modernization, API services, and automation, have positioned HCL Technologies as a leader for the third consecutive year on Everest Group’s 2017 PEAK Matrix™ Assessment for Applications Outsourcing in Banking and Capital Markets.”
     
    The Global Banking Application Outsourcing Services can be downloaded here.
     
    The Global Capital Markets Application Outsourcing Services can be downloaded here.

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