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    Business Wire India

    BAI announced the finalists for the BAI Global Innovation Awards, a prestigious awards program celebrating innovation in the financial services industry. Winners will be announced at BAI Beacon in Atlanta on October 4-5.

     

    The BAI Global Innovation Awards recognizes industry leaders changing the industry and positively impacting profitability, efficiency and customer experience. Since 2011, BAI’s Global Innovation Awards has grown from two to 10 categories plus three special awards recognizing outstanding achievements across the primary Awards categories. Nominations are evaluated by the Innovation Circle Judging Panel, a worldwide roster of leaders who carefully weigh each application to uncover the brightest in innovative offerings based on originality and the impact to consumers and the industry.

     

    The 2017 BAI Global Innovation Awards finalists are:

     

    Product and Service Innovation

    • Bank Millennium S.A.
    • Emirates NBD Bank
    • MaxMyInterest.com
    • Metromile
     

    Channel Innovation

    • Alior Bank
    • CaixaBank
    • Emirates NBD Bank
    • HDFC Bank Limited
     

    Innovation in Payments and Wallets

    • B2B Pay
    • Standard Bank Group (also trading as Stanbic Bank)
    • Transaction Analysts (India) Pvt. Ltd
     

    Innovation in Societal and Community Impact

    • EasyEquities
    • HDFC Bank Limited
    • Neyber
    • Taqanu
     

    Innovation in Marketing

    • CaixaBank
    • Emirates NBD Bank
    • Yapi Kredi
     

    Innovation in Human Capital

    • Alior Bank
    • First National Bank (FNB)
    • Intesa Sanpaolo
    • Yapi Kredi
     

    Innovation in User Experience

    • Bank Millennium S.A.
    • Yapi Kredi
    • Yapi Kredi
     

    Internal Process Innovation

    • Bank of East Asia, Limited
    • DenizBank
    • Emirates NBD Bank
    • Yapi Kredi
     

    Innovative Accelerator or Incubator

    • Emirates NBD Bank
    • Fidelity Information Services, LLC
    • Finnovating
    • Stone & Chalk
     

    Breakthrough Collaboration in Financial Services

    • Bank Millennium S.A. and PKO-Bank Polski
    • ICICI Bank and Emirates NBD Bank
    • ID Analytics
    • SpringFour, Inc. and U.S. Bank
     


    Additionally, all nominees are considered for BAI’s Outstanding Achievement Awards. The finalists are:

     

    Disruptive Innovation in Financial Services

    • MaxMyInterest.com
    • Metromile
    • Taqanu
     

    Disruptive Business Banking Solution

    • B2B Pay
    • BankSight, Inc
    • DigiVation Digital Solutions Pvt Ltd
     

    Most Innovative Financial Services Organization of the Year

    • CaixaBank
    • Emirates NBD Bank
    • Yapi Kredi
     


    For more information, visit www.BAIGlobalInnovations.com.

     

    About BAI

     

    As a nonprofit, independent organization, BAI delivers the financial services industry’s most actionable insights, enabling leaders to make smart business decisions every day. BAI is passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to drive positive change and move the financial services industry forward. For more information, visit www.bai.org.

     

     

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    Business Wire India

    Boston-based law firm Markham & Read today announced that in the case of Bruce Cahill et. al. versus Paul Pejman Edalat et. al. (U.S. Federal Court Docket: 8:16-cv-00686), a federal jury has determined that Edalat deliberately acted with oppression, fraud or malice toward Cahill, the former CEO by of Pharma Pak, Inc. who claimed Edalat had launched a smear campaign against him on social media over a year-long period.

     

    The jury issued an award of $600,000 in damages suffered by Cahill and ruled that Edalat is liable for punitive damages. A hearing will take place in U.S. District Court, Central District of California (Santa Ana division) on August 22nd to determine the extent of punitive damages.

     

    The jury also found that Edalat was liable for damages to Pharma Pak investors Greg Cullen, Ron Franco and Shane Scott.

     

    “We are pleased that the jury sent a clear message to Paul Edalat while fully supporting Bruce Cahill and his longstanding good reputation in the community,” said John J. Markham, attorney for Cahill and the Pharma Pak investors. “The verdict and resulting damages are proof positive that Mr. Cahill was completely vindicated against Edalat’s unscrupulous actions and defamatory statements, along with others who the jury determined were damaged by Edalat.”

     

    During the trial, Markham and attorney Bridget A. Zerner set forth evidence and testimony showing that Edalat induced more than $4 million of investment into Pharma Pak from Cahill, Cullen, Franco, Scott and others by making numerous claims regarding the company’s value, its intellectual property, its existing customer base and roster of prospective clients.

     

    Throughout the proceedings, jurors heard direct evidence that Edalat, an Orange County native who previously filed bankruptcy in Southern California (U.S. Bankruptcy Court Docket: 8:14-bk-14529-TA) and in 2014 was “permanently restrained and enjoined … from directly or indirectly manufacturing, preparing, packing, labeling, holding, or distributing any dietary supplements” by the U.S. District Court for the Central District of California (U.S. Federal Court Docket: SACV 14-01759-JLS), used investment money to pay for gambling debts in Las Vegas and other lavish expenses. They also reviewed many postings Edalat made on social media regarding the former Pharma Pak CEO’s personal life, which formed the basis of Mr. Cahill’s claims in court that Edalat sought to defame him after litigation was filed in federal court.

     

    Further, the jury ruled that Edalat’s co-defendant, Olivia Karpinski, was liable for $11,000 in damages to Cahill based on defamatory claims she made on social media.

     

    During the trial, the jury heard the testimony of an Irvine police officer that discredited Karpinski’s attempt to falsely claim that she was a victim of sexual battery. Karpinski went to the Irvine Police Department on October 13, 2016, the day before she was deposed in the case and filed a report (Irvine CA Police Department Record #16-15720) claiming she was the victim of “stalking” and returned to the station two hours later to make an additional claim of sexual battery. According to the report, the officer explained her account was not sexual battery and questioned why she waited 11 months to report the allegations. Karpinski had previously posted the false battery claims against Cahill on her Instagram account, where they remained visible to the public for several months.

     

    “As an entrepreneur and philanthropist in Southern California for over 30 years, I am grateful that the jury acknowledged my reputation as an honest, successful businessman in sectors such as technology, semiconductors, publishing, and real estate industries,” said Cahill. “I’m also pleased that they recognized the damages caused by the numerous false claims and defamatory statements made against me by Paul Edalat.”

     

     

     

     

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    Business Wire India

    Moody’s Corporation (NYSE: MCO) announced today that it has completed its acquisition of Bureau van Dijk, a global provider of business intelligence and company information. The acquisition strengthens Moody’s position as a leader in financial risk data and analytical insight.

     

    Moody’s announced that it had agreed to acquire Bureau van Dijk on May 15, 2017 and, on July 28, 2017, that it had received clearance under the EU Merger Regulation from the European Commission.

     

    Bureau van Dijk aggregates, standardizes and distributes one of the world’s most extensive private company datasets, with coverage exceeding 220 million companies. It has 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.

     

    Starting today, Moody’s financial results will include Bureau van Dijk’s operations. Moody’s expects to provide updated full year 2017 guidance, inclusive of the impact of Bureau van Dijk, in its third quarter 2017 earnings release. In addition, beginning with the third quarter 2017 earnings release, Moody’s will present adjusted net income and adjusted diluted EPS measures as well as results in accordance with U.S. GAAP. The adjusted measures will exclude all of Moody’s acquisition-related amortization expenses, as well as other costs associated with the purchase of Bureau van Dijk, such as the accounting impact of purchase price hedging, transaction fees and certain integration costs. Adjusted net income and adjusted diluted EPS will also exclude the previously reported gain from the strategic realignment and expansion of Moody's Chinese affiliate, China Cheng Xin International Credit Rating Co. Ltd. (CCXI).

     

    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 11,500 people worldwide and maintains a presence in 41 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, world-wide credit market disruptions or an economic slowdown, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates and other volatility in the financial markets such as that due to the U.K.’s referendum vote whereby the U.K. citizens voted to withdraw from the EU; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting world-wide credit markets, international trade and economic policy; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations, including provisions in the Financial Reform Act and regulations resulting from that Act; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquires to which the Company may be subject from time to time; provisions in the Financial Reform Act legislation modifying the pleading standards, and EU regulations modifying the liability standards, applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of the Company’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if the Company fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which the Company operates, including sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of the Company to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. Other factors, risks and uncertainties relating to our acquisition of Bureau van Dijk could cause our actual results to differ, perhaps materially, from those indicated by these forward-looking statements, including 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 acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the acquisition could have an adverse effect on the business of Bureau van Dijk or its prospects, including, without limitation, on relationships with vendors, suppliers or customers; claims made, from time to time, by vendors, suppliers or customers; changes in the European or global marketplaces that have an adverse effect on the business of Bureau van Dijk; and other factors, risks and uncertainties relating to the transaction as set forth under the caption “‘Safe Harbor’ Statement under the Private Securities Litigation Reform Act of 1995 ” in Moody’s report on Form 8-K filed on May 15, 2017, which are incorporated by reference herein. 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 the Company’s annual report on Form 10-K for the year ended December 31, 2016, and in other filings made by the Company 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 the Company’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 the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it.

     

    # # #

     

     

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    Business Wire IndiaMindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2017.

    The company’s consolidated revenue for the quarter stood at Rs. 77.76 crores as against Rs. 79.23 crore for corresponding quarter ended June 30, 2016. Net profit for the quarter stood at Rs. 1.58 crore as against Rs. 2.90 crore for the corresponding quarter.

    Yusuf Lanewala, Non-Executive Chairman, commented, “We are very pleased to have closed out a productive quarter with the Smart Parking Bhopal Letter of Award received in June. This is an important, end-to-end, ten-year project from the Bhopal Municipal Corporation (BMC) – one of the 20 cities designated a smart city in the first phase of India’s Smart Cities Mission.” He added, “It may also be India’s first city-wide smart parking solution that covers both on-street and off-street parking.”

    Other notable highlights for the quarter include:

    • Acquired the largest, New England service contractor, a leading EDA, and a storage company as clients in the US.
    • Won contract extensions for four onsite resources for a Swedish company that provides radiation therapy, radiosurgery, related equipment and clinical management.
    • Won a new ZigBee stack development project with a company involved in innovative and high-performance RF solutions for advanced wireless devices, defence radar and communications in Belgium.
    • Obtained new MS opportunities with an electronic manufacturing services company, and a life sciences company, in APAC.

    About Mindteck

    Mindteck, a global technology company established in 1991, provides Product Engineering solutions and Information Technology services to top-tier Fortune 1000 companies, start-ups, leading universities and government entities. The company is among a select group of global companies appraised at Maturity Level 5, Version 1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). Its depth of knowledge and niche expertise in embedded systems and enterprise applications is complemented by dedicated Centers of Excellence in wireless design and storage testing. Office Locations: India, Singapore, Malaysia, Philippines, Netherlands, Germany, Bahrain, UK and US. Development Centers: US, Singapore and India (Kolkata and Bangalore). Founding Member: ‘The Atlas online’ (www.atlas.cid.harvard.edu) for the Center for International Development at Harvard University.

    Website: 
    www.mindteck.com

     

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    Business Wire India

    Extreme Right - Mr. Prithviraj Kothari receiving award from The Bullion Federation
    Extreme Right - Mr. Prithviraj Kothari receiving award from The Bullion Federation

    One of the top bullion companies of India, RiddiSiddhi Bullions Ltd. (RSBL), was conferred with the top honours at the recently concluded awards from the Bullion Federation. The apex body of the bullion trade in India, honoured RSBL as the “Best Gold Seller in India”. RSBL (Managing Director), Mr. Prithviraj Kothari, was felicitated as “Maharajah of the Bullion Industry” at the glittering award ceremony held on August 6, 2017 at JW Marriott, New Delhi.
     
    The Bullion Federation represents the might of the burgeoning bullion market in India. It is the only highly regarded federation in India, which closely monitors bullion trades & industry and thus awarding the best of the companies at their annual event. Apart from maintaining best practices in the industry and representing the interests of the trade, it annually recognises the most achievements in the industry. The yearly celebration is well attended and keenly followed to keep pace with the top and emerging players in the sector. This year, the 2-day event included covered enlightening interactions on a variety of subjects such as Impact of GST on the value chain and Vision 2025. The event ended with an awards night that honoured the top achievers. RSBL was conferred with the “Best Gold Seller in India” for its best-in-the-business online platforms for trading in gold and silver. Its benchmark gold and silver price, by RSBL SPOT, had the highest turnover in the industry, without a nominated agency and without cashless.
     
    Said Mr. Prithviraj Kothari, (Managing Director) – RSBL, “We are thrilled with our double win this year! RSBL, since two decades, has focused on good work and honest practices. We have a passionate team that relentlessly works towards these goals. The award for “Best Gold Selller in India” is a huge honour and a testament to the team work we’ve displayed while marching towards our objective. My award for “Maharajah of the Bullion Industry” is special as it comes from my colleagues in the industry. We accept these awards with humility and a promise to keep working harder!”
     
    These awards join the Hall of Fame at RSBL, joining other prestigious trophies such as Golden Arm, Best Bullion Dealer, Emerging India and EPCES Export Awards that it has earned over the years. The ISO 9001:2008 certified RSBL, renews its commitment to being responsible leaders of the bullion trade in India that is steadily getting India noticed on the global platform. With this big wins, RSBL further cemented its position as an innovative company, led by the pioneering visionary, Mr. Prithviraj Kothari.

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    Business Wire India

    • PC and Smart Devices business maintained industry-leading profitability; PCSD average unit selling price up 7.8 percent year-over-year
    • Data Center business introduced its most comprehensive new product portfolio ever including new ThinkSystem and ThinkAgile lines; revenue grew 14.2 percent quarter-to-quarter, up in both Europe and North America
    • Mobile business introduced cutting-edge new phones including Z2 Force available on all major U.S. carriers; revenue up 2.4 percent year-over-year; pre-tax income margin improved 2.2 pts.
    • Revenue was US$10 billion, flat year-over-year; up 4.5 percent quarter-to-quarter
    • Operating profit improved US$110 million quarter-to-quarter; net loss was US$72 million
    • Basic loss-per-share of 0.66 US cents or 5.15 HK cents

    Behind the strength of its 3-wave strategy, Lenovo’s business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targeted growth areas, including the data center and mobile businesses.

     

    Fueled by new investments in people and products, Lenovo’s Data Center Group (DCG) introduced the most comprehensive product lineup in its history, with the new ThinkSystem and ThinkAgile portfolio, and continued to build out its end-to-end sales organization. Similarly, Lenovo’s Mobile Business Group launched significant new products led by the Moto Z2 Force, available now on all major U.S. carriers, and ramped up its branding efforts worldwide.

     

    “In the first quarter this fiscal year, we had stable performance as we executed our 3-wave strategy with commitment. We maintained our industry leading profitability in PC, built the foundation in mobile and data center, and further invested in ‘Device + Cloud’ and ‘Infrastructure + Cloud’ powered by Artificial Intelligence,” said Yang Yuanqing, Lenovo Chairman and CEO. “We have made solid progress on every front of our strategy. Particularly MBG continued to improve, and is on track to breakeven by second half of this fiscal year. DCG gained good momentum as well. As the two new growth engines gain speed, we believe the sustainable results will soon follow.”

     

    For its first fiscal quarter ended June 30, 2017, Lenovo’s quarterly revenue was US$10 billion, flat year-over-year, but an increase quarter-to-quarter of 4.5 percent. First quarter pre-tax loss was US$69 million, with a net loss of US$72 million.

     

    Operating profit was up US$110 million quarter-to-quarter. The Company’s gross profit for the first fiscal quarter decreased 11 percent year-over-year to US$1.4 billion, yet remained flat quarter-to-quarter, with gross margin at 13.6 percent. Basic loss per share for the quarter was 0.66 US cents, or 5.15 HK cents.

     

    Lenovo introduced its 3-wave strategy, namely balancing PCSD growth and profit, accelerating our DCG and MBG growth engines, and investing in non-hardware areas, to both meet today’s market dynamics while positioning the Company for longer-term profitable growth. Lenovo is investing in core technology and next-generation platforms that will help customers move towards a smart internet era where all smart devices will be connected to the cloud and powered by Artificial Intelligence (AI).

     

    While Lenovo is focused on new technologies with our ‘Device + Cloud strategy’, the Lenovo Capital and Investment Group (LCIG), the Company’s provider of IoT solutions, reached a first quarter milestone of over three million users on its Global API platform.

     

    In addition, as Lenovo continued to expand its ecosystem, LenovoID (a unique identification of directly reachable users across Lenovo devices) reached 225 million users in the first quarter. The progress Lenovo is making in its non-hardware businesses, such as software, services, and big data, is already gaining significant traction and winning new customers.

     

    At its third annual Tech World event, held last month in Shanghai, Lenovo demonstrated several new consumer and commercial products, such as SmartVest wearable technology and daystAR glasses to help with industrial maintenance. Lenovo also announced a US$1.2 billion investment in AI research and development, and is pursuing smart solutions and partnerships in the manufacturing, healthcare and transportation sectors.

     

    Business Group Overview

     

    In our PC and Smart Devices(PCSD) business group, which includes PCs, tablets and smart devices, the average selling price of our PC + tablet products improved 7.8 percent year-over-year, meaning that customers were gravitating to Lenovo’s more innovative, higher-end products. Despite industry-wide component shortages and subsequent cost-hike pressures, Lenovo maintained its industry-leading profitability.

     

    PCSD revenue was US$7 billion, with flat growth year-over-year. However, quarter-to-quarter, PCSD revenue grew 4.8 percent. Pre-tax income was US$291 million and pre-tax income margin fell to 4.2 percent, mainly due to the industry-wide increased component costs.

     

    Lenovo’s PC business in the first quarter recorded share gains in Asia Pacific, Europe and Latin America, and worldwide shipped 12.4 million units. In China, where Lenovo still enjoys almost 36 percent market share, the Company appointed a strong new consumer-focused leader to run its PCSD business. In North America as well, where the PCSD business has been flat, new leadership is now in place to help boost sales.

     

    Lenovo’s Mobile Business Group (MBG), which includes Moto and Lenovo-branded smartphones, saw encouraging revenue growth outside of China to US$1.7 billion, 7.6 percent increase year-over-year. As an example of the Company’s continuing momentum in this business, Lenovo achieved its publically-stated goal of selling three million Moto Z smartphones within the first 12 months.

     

    For the second consecutive quarter MBG has continued to grow revenue and improve profitability, with revenue up two percent year-over-year to US$1.7 billion and a pre-tax income margin improvement of 2.2 pts. during the same period.

     

    With 11 million smartphones shipped in the first quarter, Lenovo grew 12.3 percent year-over-year outside of China, driven by significant gains in both Western Europe and Latin America, up 137 percent and 56 percent respectively year-over-year.

     

    Lenovo’s Data Center Group (DCG), which includes servers, storage, software and services, continued to focus on the transformative actions that will help drive long-term DCG competitiveness, such as strengthening our sales teams, investing in the channel, revamping our product lines, building our brand strategy, and adding new partnerships.

     

    These actions helped to stabilize the business outside of China in the first quarter with quarter-to-quarter revenue growth of 14 percent. Particularly encouraging was the year-over-year revenue growth in Western Europe and North America of 11 percent and eight percent respectively, including quarter-over-quarter revenue growth of 22 and 19 percent respectively. In both geographies, new leadership, a restructured sales organization, and new products are beginning to pay the expected dividends, and we expect that trend to accelerate into other geographies, including China, as we execute our DCG transformation worldwide.

     

    Another positive sign in DCG was a pre-tax income margin improvement of 1.7 pts. quarter-to-quarter. In addition to these financial indicators, DCG set 42 world-record benchmarks on the new Intel platform, more than any of our competitors and Lenovo continued to be the world’s fastest-growing super-computing provider, number #1 in China and under recent new leadership there, secured a major win with Peking University.

     

    Lenovo (HKSE: 0992) (PINK SHEETS: LNVGY) is a US$43 billion global Fortune 500 company and a leader in providing innovative consumer, commercial, and enterprise technology. Our portfolio of high-quality, secure products and services covers PCs (including the legendary Think and multimode YOGA brands), workstations, servers, storage, smart TVs and a family of mobile products like smartphones (including the Motorola brand), tablets and apps. Join us on LinkedIn, follow us on Facebook or Twitter (@Lenovo) or visit us at www.lenovo.com.

     
                       

    LENOVO GROUP

     

    FINANCIAL SUMMARY

     

    For the fiscal quarter ended June 30, 2017

     

     (in US$ millions, except per share data)

                       
         

    Q1
    17/18

       

    Q1
    16/17

       


    Y/Y CHG

    Revenue     10,012       10,056       -  
    Gross profit     1,365       1,534       -11%  
    Gross profit margin     13.6%       15.3%       -1.7pts
    Operating expenses     (1,371)       (1,289)       6%  
    Expenses-to-revenue ratio     13.7%       12.8%       0.9pts
    Operating (loss)/profit     (6)       245       N/A  
    Other non-operating expenses     (63)       (39)       60%  
    Pre-tax (loss)/income     (69)       206       N/A  
    Taxation     15       (38)       N/A  
    (Loss)/profit for the period     (54)       168       N/A  
    Non-controlling interests     (18)       5       N/A  
    (Loss)/profit attributable to equity holders     (72)       173       N/A  
    EPS (US cents)                

     

    Basic     (0.66)       1.57       N/A  
    Diluted     (0.66)       1.56      

    N/A

     

     

     

     

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    Business Wire IndiaSagoon (www.sagoon.com), a social commerce start up with operations in the United States and India, announced in a small gathering in London today that it is reopening an investment opportunity to a massive pool of potential investors around the world who already form a large part of its users, fans and supporters. The company also announced that for the first time in the history, investors can now also invest in Sagoon using their Credit Cards or Debit Cards.

    The US  Securities and Exchange Commission (SEC) recently re-qualified Sagoon’s offering statement on Form 1-A. The company plans to sell more than 800,000 shares of Class C Common Stock to the general public at $23 per share with the minimum investment being $1,000. Sagoon is conducting the offering on a best efforts basis through its own website www.sagoon.com/invest, where the Offering Circular is also available. Interested investors should read the offering circular before investing.

    Govinda Giri, the founder of Sagoon, said “We have hundreds of thousands of fans and supporters in India, United Kingdom, United States and other parts of the world who want to be a part of Sagoon family. In our earlier offering, the payment methods were not quite investor-friendly and the payment process was too much hassle and time killing, especially for international investors. They had to print the subscription agreement first, then go to the nearest bank and finally ask the banker to help them wire the money. Due to this long and inconvenient process, we believe a large number of interested investors could not become a part of the Sagoon family”. He further said, “Today, I am so happy to say that we have solved this problem and that we are inviting all our users, fans and supporters to join us to change the world together.”

    Since the previous fundraising round, Sagoon has made a lot of progress that includes expanding the team size from 12 to 37 in India, moving from a small office space to a bigger one in India, solidifying product engineering infrastructure, and finally completing the mobile app development that we will soon launch in New Delhi, India.

    With the money raised from this funding round, Sagoon plans to expand the platform’s user base, develop and launch the much-awaited “social smart card,” enhance product infrastructure and expand the team in India, US and Nepal.

    Scott Purcell, the CEO of Prime Trust and FundAmerica, said “Sagoon is launching the very first Reg A of the crowdfunding industry that accepts credit cards and debit cards. I think it is a revolutionary step to allow potential investors to invest from the comfort of their homes. It will save them a lot of time and effort, and act as the cue to other fundraising companies to keep investors’ comfort in mind.”

    In order to make investing in Sagoon easier and enable potential investors to make payments with credit and debit cards, the company has partnered with Vantiv, a leading payment processing and technology provider. Vantiv processes over 25 billion payment transactions annually and supports more than 800,000 merchant locations.

    “Sagoon is the first Reg A+ certified company we have partnered with to power crowdfunded investments. Vantiv is offering a new layer of convenience to potential investors with credit and debit transactions, and we’re excited to help Sagoon meet their investment goals,” said Greg Worch, Head of Enterprise Sales at Vantiv. “It’s innovative companies like Sagoon that give us the opportunity to demonstrate our smarter, faster, easier solutions.”
    About Sagoon

    Sagoon is an early-stage social commerce platform. The word “Sagoon” is derived from the Sanskrit word “Shakuna”, meaning “an auspicious moment” or “good luck”. Sagoon was first launched as a search engine in 2009, but later in 2014 developed into a social commerce platform.
    To know more, please visit www.sagoon.com

    Disclaimer

    An offering statement regarding this offering has been filed with the SEC. The SEC has qualified that offering statement, which only means that the company may make sales of the securities described by the offering statement. It does not mean that the SEC has approved, passed upon the merits or passed upon the accuracy or completeness of the information in the offering statement. You may obtain a copy of the Offering Circular that is part of that offering statement at https://www.sec.gov/Archives/edgar/data/1639953/000114420417037373/v471033_partiiandiii.htm
    You should read Offering Circular before making any investment. 
     

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    Business Wire India

    The Valence Group has provided a fairness opinion to SK Capital Partners, LP in connection with its recapitalization of Archroma, including investments made by various affiliates of SK Capital. Terms of the transaction were not disclosed.

     

    About SK Capital

     

    SK Capital is a private investment firm focused on the specialty materials, chemicals and pharmaceutical sectors. The firm builds strong and growing businesses that generate substantial long-term value for its investors. SK Capital utilizes its industry, operating and investment experience to identify opportunities to transform businesses into higher performing companies with improved strategic positioning, growth, profitability and risk profiles. The firm currently has approximately $1.9 billion of assets under management and its portfolio companies generate revenues of over $5.0 billion annually and employ approximately 8,700 people.

     

    About Archroma

     

    Archroma is a global color and specialty chemicals company headquartered in Reinach near Basel, Switzerland. It operates with 3,000 employees in over 35 countries and with 24 production sites. Its three businesses – Brand & Performance Textile Specialties, Packaging & Paper Specialties, and Coatings, Adhesives & Sealants – deliver specialized performance and color solutions to meet customers’ needs in their local markets, touching and coloring people’s lives every day, everywhere.

     

    About The Valence Group

     

    The Valence Group is a specialist investment bank offering M&A advisory services exclusively to companies and investors in the chemicals, materials and related sectors. The Valence Group team includes a unique combination of professionals with backgrounds in investment banking and strategy consulting within the chemicals and materials industries, all focused exclusively on providing M&A advisory services to the chemicals and materials sector. The firm’s offices are located in New York and London.

     

     

     

     

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    Business Wire IndiaThrough yet another customer first initiative, Max Life Insurance, one of the leading life insurers of India, has been able to reduce the unclaimed overdue amount to customers to just Rs. 50 cr. as on 31st March 2017 as compared to Rs. 213 cr. a year ago. This is possibly lowest in Industry wherein Unclaimed Overdue to the customer has increased to Rs. 10,469 Crores as on March 17. Over the last five years, Max Life Insurance has recorded average reduction of 25%. This substantial reduction assumes greater significance in the light of average 51% increase in unclaimed overdue at the industry level. In fact, 22 other private players have recorded increase in unclaimed overdue with Max Life Insurance is the only exception. Unclaimed overdue is customer monies that remain unpaid due to a variety of reasons and is ultimately a loss to the customer which is not in the spirit of trust bestowed upon Life Insurance companies by customers.

    Commenting on the achievement, Mr. Prashant Tripathy, Sr. Director & Chief Financial Officer said, “As a customer centric organisation we always look for opportunities to delight our customers. Internal data analysis revealed that only 1/4th of our customers were banking their cheques within one month of despatch of cheques. Of the total unclaimed overdue, 75% was related to cases where cheques were issued more than 6 months back. This analysis made us deep-dive into the root cause of the problem and come out with an effective solution. As an organisation where customer is core to all our strategies and initiatives, it was important for us to take immediate corrective actions to maximize benefits to our policyholders”

    The root of the problem lies in lower customer contactability and bank account details not being updated by customers. It is coupled with fact that banking penetration in India is low, a large number of bank account being dormant and limited use of electronic payments. A cross-functional team having members from finance, distribution, and operations team were formed in Max Life Insurance to come out with solutions that are easy to execute and serve the customer need of timely payment of what is due to them.

    Within the first year of implementation of this change in process, Max Life Insurance has been able to bring about a reduction in the unclaimed overdue amount to just Rs. 50 cr. and will continue to work completely wipe it out over the next few years.

    Unclaimed overdue monies not only inflated funds under management for life insurance companies but also provided them with investment income which belongs to no policyholder. Hence, accumulation of such unclaimed monies was not a problem, clearance of which will not be a priority of Insurance companies.

    Sharing his views the on regulations that will help drive proper utilization of the unclaimed funds made available by the Life Insurance Industry, Mr. Mandeep Mehta, Sr. Vice President & Financial Controller, Max Life Insurance said IRDAI regulations in this regard will go a long way in keeping business of Life Insurance transparent, which is very important to deliver promise of financial  assurance.More recently Ministry of Finance has asked Insurers to deposit long overdue unclaimed monies to Senior Citizen Funds. This Fund will be available for making payments to legitimate customers as and when they approach insurers. It will ring fence unclaimed money but still leaves a much to be done by Industry to not only segregate such funds but avoid accumulation by establishing necessary practices, keeping customer interest in the forefront.

    The achievement reiterates Max Life’s customer first approach. The mammoth project involved tracing and approaching customers with their long forgotten money, which they were not even expecting. This not only helped in reinforcing customer trust in life insurers but also assured that Max Life’s customers feel financially secure and are treated fairly. The success of this project has given a clear message to the customers that, Max Life cares for them. 
    About Max Life Insurance Co. Ltd. 

    Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive life insurance solutions for 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.

    During the Financial Year 2016-17, Max Life Insurance achieved gross written premium of Rs.10,780 crore and had sum assured in force of Rs. 3,77,572 crore. As on 31st March 2017, the company had Rs. 44,370 crore of Assets Under Management and the share capital including reserves and surplus of Rs. 2,506 crore. The Company has more than 32 lakh customers serviced by its 9,446 employees and 54,283 agent advisors through 210 offices across the country.  

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    Business Wire IndiaCanAm Investor Services, LLC. is proud to announce that Jeff DeCicco, the chief executive officer and chief compliance officer of the company is invited to speak at two significant EB-5 events in Mumbai, India this October. He will be among the prominent speakers at the 2017 Mumbai EB-5 & Investment Immigration Expo and Invest in the USA’s (IIUSA) Members’ Banquet.
     
    The 2017 Mumbai EB-5 & Investment Immigration Expo on Oct. 4-5, 2017 is being hosted by the EB-5 Investors Magazine. As the leading promoter in the industry, CanAm Investor Services, LLC. is a proud sponsor of the two-day networking and educational event which will feature educational panels moderated by professionals experienced in the EB-5 Immigrant Investor Program, as well as in-depth workshops for attorneys and migration agents.
     
    In conjunction with the expo, IIUSA, a not-for-profit industry trade association for the EB-5 Regional Center Program, will host a Members’ Banquet on 3rd October 2017. CanAm Enterprises CEO Tom Rosenfeld serves as the Director Emeritus of the Association and CanAm is honored to be one of the sponsors of the event. IIUSA represents 280+ Regional Center members and 240+ Associate members across U.S.A.
     
    Jeff DeCicco, CEO, and CCO, CanAm Investor Services LLC. said, “It's truly an honor and an appreciable opportunity to be amongst the prominent speakers on behalf of CanAm Investor Services, LLC. With India being one of the top three EB-5 visa countries in 2016, it is one of the fastest growing markets. The two events present a great platform for us to discuss the latest trends and opportunities for Indian investors. I also look forward to meeting our esteemed colleagues and other business professionals at the event.” Jeff DeCicco has over 20 years of experience on Wall Street in institutional sales, trading and private equity. He holds the FINRA Series 7, 63, 24, and 4 licenses and the Certified Anti-Money Laundering Specialist (CAMS) designation from the Association of Certified Anti-Money Laundering Specialists (ACAMS).CanAm Investor Services, LLC. is proud to announce that Jeff DeCicco, the chief executive officer and chief compliance officer of the company is invited to speak at two significant EB-5 events in Mumbai, India this October. He will be among the prominent speakers at the 2017 Mumbai EB-5 & Investment Immigration Expo and Invest in the USA’s (IIUSA) Member's Banquet.
    About CanAm Investor Services, LLC

    CanAm Investor Services, LLC (CAIS) is an affiliate of CanAm Enterprises, LLC. CAIS is a registered brokerage firm with the Financial Industry Regulatory Authority (FINRA) in the United States, and a member of The Securities Investor Protection Corporation (SIPC). Offerings will be made pursuant to exemptions from registration requirements set out in the applicable securities laws.
     
    About CanAm Enterprises, LLC

    With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Based on a reputation of credibility and trust, CanAm has financed 54 project loans and raised more than $2.5 billion in EB-5 investments. CanAm exclusively operates several USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the county of Los Angeles, the metropolitan region of New York, Hawaii, Florida, and Texas.
     
    For more information, please visit: www.canamenterprises.com

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    Business Wire India

    Nationstar Mortgage Holdings Inc. (NYSE: NSM) (“Nationstar”) officially unveiled a new brand name, Mr. CooperSM, on Monday for its mortgage servicing and originations operation. The new brand is a tangible expression of the company’s dedication to making the mortgage process more rewarding for its more than 3 million customers.

     

    “We’re excited to officially become Mr. Cooper and will continue our efforts to transform the way we do business,” said Jay Bray, Chairman and CEO of Nationstar. “We took a look in the mirror and realized that in order to build trust with homeowners and those who wish to own a home one day, our organization and our industry needed a change. Mr. Cooper is a symbol of the transformation we’re undergoing to create an incredible customer experience.”

     

    More than just a brand name change, the company has made significant investments in its team, technology and processes to ensure customers have a caring, transparent and seamless experience that best fits their needs.

     

    Customer Experience:

     
    • The company eliminated all online transaction fees for on-time payments, enhancing the customer experience.
    • Additionally, in the past year alone, team members across the entire company engaged in more than 50,000 hours of incremental customer experience training to ensure everyone is equipped with the tools and resources needed to deliver the Mr. Cooper promise.

    Tools and Technology:

     
    • Mr. Cooper is investing in research and development, coupling the latest technology with a personal and customized experience. On top of a completely upgraded user-friendly website, the company rolled out Street SmartsTM from Mr. CooperSM, a digital home loan advisor that can deliver custom insights on a customer’s loan, home and neighborhood all through the ease of the company’s website and mobile app.
    • In the near future, Mr. Cooper will be launching an exciting new technology that will further help current customers and prospective homeowners optimize their household finances.
    • Mr. Cooper will be offering a unique service to homebuyers and sellers that allows them access to a panel of qualified local real estate agents in their area and may also allow them to earn cash rebates at the sale or purchase of a home.

    Mr. Cooper Home Rewards Credit Card:

     
    • Mr. Cooper customers will soon be able to apply for a credit card that offers rewards to be applied to the principal balance of their home loan with Mr. Cooper.

    After vetting name options with customers, the name Mr. Cooper was selected to personify the next generation of home loan servicing and lending. It represents a more personal relationship customers can have with their home loan company by recognizing the critical role of a customer advocate in delivering a positive home loan experience.

     

    “Driven by our purpose to keep the dream of homeownership alive, each of our 7,000 team members strives every day to emulate the core values of Mr. Cooper as we continue on our journey to put the service back in servicing,” said Bray.

     

    Mr. Cooper Team in Chennai:

     

    Nationstar commenced operations in Chennai, India, in late 2015 and currently employs approximately 600 team members on the Mr. Cooper team supporting product development, technology and corporate functions. To celebrate the launch of Mr. Cooper, Ramesh Lakshminarayanan, Executive Vice President and Chief Business and Analytics Officer, will visit the Chennai office.

     

    “With a focus on technology development and process reengineering, our team in Chennai plays a meaningful and important role in our transformation to Mr. Cooper,” said Lakshminarayanan. “Our customers want to manage their mortgage digitally, so we are building tools using the latest technology to give our customers a better home loan experience.”

     

    Customers can visit www.mrcooper.com to learn more about the brand transformation. Other Nationstar Mortgage Holdings Inc. brands that will not be impacted and will continue operating under their current brand names include Champion Mortgage and Xome®.

     

    About Mr. Cooper

     

    Mr. Cooper is the consumer brand for the forward mortgage servicing and originations operation of Nationstar Mortgage Holdings Inc. (NYSE: NSM). Based in Dallas, Texas, Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies to make the home loan process more rewarding and less worrisome. Please visit www.mrcooper.com for the latest news and information.

     

    About Nationstar Mortgage Holdings Inc.

     

    Based in Dallas, Texas, Nationstar Mortgage Holdings Inc. (NYSE: NSM) provides quality servicing, origination and transaction based services related principally to single-family residences throughout the United States. Please visit www.nationstarholdings.com for the latest news and information about Nationstar.

     

     

     

     

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    Business Wire IndiaBajaj Finance Ltd, India’s leading diversified financial services company has reported a significant growth their deposit in the Q1. Deposit witnessed a rise of 74% to Rs 5,095 crores Q1FY18. The company intends to take this to 20-25% levels in the next 4-5 years. Currently, BFL retail deposit constitutes of around 10% of overall borrowing and in the coming years, this number is expected to rise significantly. The company expects that in the next five years the 20-25% of BFL borrowing is expected to come from the retail deposit.
     
    The Indian Fixed Deposits market is estimated to be Rs. Rs.110,00,000 crore of which the corporates FDs is approximately 50%. Bajaj Finance will continue to leverage its better operational efficiencies to offer Fixed Deposits which are one of the safest investments at one of the best interest rates in the country.
     
    Bajaj Finance offers 7.85% interest rate on FDs and is amongst the leading corporate in the FD segment. The interest rate can go up to 8.10% depending on the customer type. This makes Fixed Deposits investment more lucrative option than keeping one’s money in a savings bank account. One can start a Fixed Deposit with Bajaj Finance with a minimum deposit of Rs. 25,000.
     
    Bajaj Finance has a wide geographic network to help any customer open a Fixed Deposit account in 200+ cities in the country. This means that a customer can easily access any of company branches to open their Fixed Deposits. Bajaj Finance’s Fixed Deposits are available in various tenors from 12 to 60 months according to the customer needs. Additionally, they have the flexibility to close their FD account and start another one for a different duration.
    About Bajaj Finance Ltd.

    Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 19 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product 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 Refinancing Loans along with Fixed Deposits and Advisory Services. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
     
    To know more please visit:
    https://www.bajajfinserv.in/finance/
    https://www.bajajfinserv.in/investment​

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    Business Wire India

    Mr. J A Chowdary, IT Advisor to the Government of Andhra Pradesh addressing the Fintech Valley Vizag press conference in Mumbai
    Mr. J A Chowdary, IT Advisor to the Government of Andhra Pradesh addressing the Fintech Valley Vizag press conference in Mumbai

    • Launches BFSI Use Case Repository and Fintech Valley Accelerator Program
    • Rolls out the strategic program in collaboration with 14 corporate partners 
    Fintech Valley Vizag, a sustainable global Fintech ecosystem, in association with knowledge partner KPMG in India, today, announced the launch of the BFSI Use Case Repository Program and Fintech Valley Accelerator Program, setting the tone for the year ahead to develop a high potential Fintech ecosystem in Vizag. The launch event, attended by Indian corporates, was presided by Mr. J A Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister - Govt. of AP in Mumbai.

    Fintech Valley Vizag’s Strategic Roadmap for the year ahead

    Fintech Valley Vizag was set up in 2016 to bring together industry, academia and investors to innovate, co-create & build the fintech ecosystem. Proceeding on Andhra Pradesh’s enterprising motive to be a global hub for fintech innovation, Fintech Valley Vizag has charted out an ambitious plan as the fintech hub expands into a fully operational facility with innovation programs executed in the Valley. The Valley has outlined a series of initiatives such as formulating use case repository, setting up accelerator programs, the Blockchain Business Conference 2017  in October and the International Fintech Festival in Feb 2018 amongst other initiatives which will transform Vizag into a thriving fintech ecosystem not only in India, but achieve scale globally.
     
    Blockchain, key to India’s fintech ecosystem

    Blockchain is undoubtedly key to India’s digital future. With security issues all over the world and changing financial regulations, Blockchain will be the biggest disruptor not only in the financial world but also a number of online and offline sectors. Fintech Valley Vizag’s Blockchain Business Conference 2017 is an endeavor to pave the way for new business models by revolutionizing the existing complex and expensive systems and transaction processes for several industries.

    Launch of the BFSI Use Case Repository program and Accelerator Program

    Fintech Valley Vizag’s focus is on co-creating innovative solutions to address the evolving needs of India’s dynamic financial services landscape. The use cases in the BFSI Use Case Repository has been contributed by leading Indian corporates. While the accelerator program is in collaboration with leading financial institutions and technology partner.

    The ‘BFSI Use Case Repository’, in collaboration with market leading banks, insurance companies, NBFCs, and capital markets companies has collated more than 100 use cases around the problem areas in the industry. To operationalize the ‘use case repository’, APEITA is launching Hackathon and Innovation Challenge to invite fintech community to present their ideas and solutions around the identified use cases. The objective is to have the fintech set base in Vizag and provide them market access and growth opportunities through the corporate connects.

    The innovation challenge is live as ‘Fintech Valley Blockchain Challenge Series’ around three use cases in areas of - Supply chain finance, Business processes and International remittances. The aim of the challenge is to seek innovative solutions and execute proof of concepts with the promising ones. The innovation challenge will conclude in a demo day showcasing solutions to the corporates at the Blockchain Business Conference 2017 at Vizag in October.
     
    As Fintech Valley Vizag aims to become a vital financial technology hub, it is introducing a host of robust methodologies that makes it a sustainable innovation ecosystem in the long term. The ‘Fintech Valley Accelerator Program’ aims to act as a catalyst in the growth of startups by connecting them to the leading Fintech ecosystem players. The three-month intensive program will support selected startups by providing business opportunities through POCs, market access from partner financial institutions, access to technology resources, mentoring on fund raising, legal guidance apart from a financial incentive of INR 4 lakhs to speeden up the process of scaling their businesses.

    Shri Lokesh Nara – Hon’ IT Minister, Panchayati Raj and Rural Development in the Andhra Pradesh Cabinet said, “Under the visionary leadership of the esteemed CM Shri Nara Chandrababu Naidu, Andhra Pradesh is on a fast track to go digital and provide the impetus for Fintech community.  With a potential of 50 million Fintech users in the state, the government is enabling market access through PSUs, Banks and Financial Institutions and promoting self-help platforms with fintech solutions.

    Mr. J A Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister - Govt. of AP - ‎Government of Andhra Pradesh said, “The platforms launched today aims to connect, educate, support and promote all its entrepreneurship-centric stakeholders. While the use case repository will document top problem areas for corporates across the BFSI sector, the accelerator program aims to promote self-sustainable fintech startups that can create and tap large avenues of growth in the market globally by supporting the participants with world-class infrastructure, entrepreneurship incentives and innovation platforms.”
    About Fintech Valley Vizag

    The Fintech Valley Vizag created by APEITA, Government of Andhra Pradesh, is a self-sustainable, global fintech ecosystem that focuses on converging finance and technology, to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation. Visit http://www.fintechvalleyvizag.com for more information. Interact with us on FacebookTwitterInstagram and YouTube.

    #FintechValleyVizag
     
    Click here to register and know more about the Use Case Repository Program
    Click here to register or know more about the Fintech Accelerator Program
    Click here to register to Blockchain Innovation Challenge

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    Business Wire IndiaBajaj Finserv, one of the most diversified financial companies in India, through its lending arm, Bajaj Finance Ltd, has announced the lowest ever interest rates on Home Loans in its limited period offer. Home buyers can now avail a loan at 8.35% for a Home loan above Rs.75 lakhs.
     
    The offer is open to all customers applying for new loans and ones seeking home loan balance transfer between August 29 to September 4, 2017. Bajaj Finserv will offer a special interest rate of 8.40% for customers availing balance transfer, along with a top-up loan. For a loan amount of Rs. 50 Lakhs to Rs. 74.99 Lakhs the interest rate is revised at 8.45%. And for a loan below Rs. 50 Lakhs the interest rate will be 8.50% in this limited period offer.
     
    Home loans from Bajaj Finserv come bundled with added advantages like instant approval, 3 EMI Holiday, speedy disbursal and much more.
     
    Bajaj Finserv Home loans benefits
     
    Customers availing a home loan from Bajaj Finserv can avail a 3 EMI holiday which allows the customer to start repaying the loan 3 months post the disbursal. In this period customers can divert the funds towards setting up their home and plan their finances better.
     
    Even the home loan application is an easy and convenient process wherein the customer can check their eligibility online and calculate their EMI through the home loan EMI calculator with the flexibility of choosing their tenure.

    On fulfilment of the eligibility criteria, the loan is approved within 5 minutes and a representative gets in touch with the customer immediately. Bajaj Finserv offers a door step service for collecting the customer’s documents as per schedule convenient for the customer. Bajaj Finserv also allows its customers to apply for a home loan with minimum and basic documents like identity proof, address proof, income details and bank statement.
    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.
     
    To know more please visit:
    https://www.bajajfinserv.in/finance/
    https://www.bajajfinserv.in/investment

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    Business Wire India

    BMI Research today announced that it has been named to The Silicon Review’s ‘50 Innovative Companies to Watch’ list for 2017. Published annually, the list recognises companies around the world that successfully deliver creative and innovative solutions and add value to their core constituents. BMI Research has been recognised for its customer retention record, approach to customer solutions and track record of collaboration.

     

    “The 50 Innovative Companies to Watch list identifies companies that successfully bring solutions to the IT and Business world,” said Sreshtha Banerjee, Editor-in-Chief of The Silicon Review Magazine. “Winning a spot on this list indicates the company has distinguished itself from peers and demonstrated value in terms of service quality, vast customer base, innovation, and market position,” Ms. Banerjee added. “We selected BMI Research based on its customer retention health, open innovation, partnerships/collaborations, financial status, and the ability to overcome uncertainties.”

     

    “We are honoured to be recognised by The Silicon Review Magazine as the one of the 50 Innovative Companies to Watch in 2017,” said Ranjit Tinaikar, President of Fitch Information Services. “From producing unique market insights to delivering client focused solutions through our Fitch Connect platform, BMI is committed to innovation at every step of the way.”

     

    “The Silicon Review is a highly respected publication in the technology space, and this recognition is a wonderful testament to our people and their relentless focus on our clients,” added Terry Alexander, Managing Director, BMI Research.

     

    The Silicon Review is a platform that shares innovative enterprise solutions developed by established and up-and-coming providers. Its community of readers includes CEOs, CIOS, CTOs and IT professionals.

     

    To read more about BMI Research in The Silicon Review, please visit the website (http://thesiliconreview.com/magazines/bringing-a-unique-approach-to-understand-the-changing-market-environment-bmi-research/)

     

    About BMI Research:

     

    BMI Research is an independent provider of country risk and industry analysis, covering 22 industries and 200 global markets. A unit of Fitch Group’s information services business, BMI Research is committed to delivering comprehensive data, analytics and forecasting solutions to help improve the financial and operational performance of its clients. The world’s most renowned financial institutions, corporations and governments rely on BMI’s macroeconomic and political risk coverage, breadth of industry data and financial market analysis to inform their decision making. www.bmiresearch.com

     

    About Fitch Group:

     

    Fitch Group is a leading independent provider of essential financial information and services to the global financial markets, including credit ratings, research, analytical tools, data, and education. With operations in more than 30 countries, Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; BMI Research, an independent provider of country risk and industry analysis specializing in emerging and frontier markets; and Fitch Learning, a preeminent training and professional development firm. Fitch Group is majority owned by Hearst.

     

     

     

     

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    Business Wire India

    Sahil Kohli - Founder
    Sahil Kohli - Founder

    Bitindia - Exchange & Wallet - Pre ICO on 11 September
    Cryptocurrencies and blockchain technology are creating waves throughout the world. The blockchain technology has started to attract a lot of common people and investors in the world, thus people are considering this revolutionizing technique to implement in their lives for several reasons.

    Blockchain experts and enthusiasts have great expectations from the technology, since its commendable features can provide the solutions for many of the existing problems.

    What is Blockchain?

    Blockchain is a digital ledger of transactions that everybody in the particular network can view. It is designed with lot of creditable attributes, which makes for the total trust in the data. It is not controlled by any single user and only intended users can see the data, and if there is any attempt to alter the data, it's instantly noticeable. As a result, it lets you to deal with the public, on whom you have no reason to believe, and without having to run through a neutral third party or regulator.

    Despite of the benefits, only few people have moved to blockchain or are into it. The technology is still passive in India. This may be due to the lack of awareness about the latest technology. India needs to get into the trending technologies, where blockchain is at the top of the list. The blockchain is a technology that backs the major cryptocurrencies and also helps in keeping records transparent with a very smooth functioning. It is not the case that our nation does not know about blockchain technology, but there are no proper platforms for it.

    To fight the lack of awareness and complexities with the blockchain in India, BitIndia aims to provide proper guidance and knowledge to the people of India by designing and developing a platform powered by the blockchain technology providing a cryptocurrency exchange and wallet for India. BitIndia will be the most suitable and secure way of buying and selling Bitcoins, Ethereum, Ripple that are cryptocurrencies or digital assets with the help of Indian Rupees; to trade or keep the digital assets as savings. BitIndia will let its users to purchase, sell and secure Bitcoin, Ethereum and Ripple in the BitIndia Wallet App and will let the users to trade on all major cryptocurrencies with Indian rupees through the BitIndia Exchange. It will a global platform which ensures to provide security with a convenient method of payment over the Internet.

    BitIndia will provide a global platform for exchange and trade in cryptocurrencies, and is cited to be India's largest and first upcoming blockchain technology platform to deal in cryptocurrencies apart from bitcoin. BitIndia will be the most convenient method to trade Bitcoins, Ethereum and Ripple from every corner of the country.

    Currently only 0.5% of Indian Population is believed to be knowing what bitcoin is, what to talk about blockchain and other cryptocurrencies. BitIndia aims to take up the numbers up to 20% by designing the easiest and fastest blockchain platform for any layman to easily understand.
    BitIndia is launching its Venture Capitalists Pre Token Swap (only for the Venture Capitalists) on 11th of September 2017 where it will distribute BitIndia tokens to the Venture Capitalists and entitle them for the company's share of profits before offering them to the general public. BitIndia will also launch its Pre Token Swap for general public on 11th October 2017 where BitIndia calls for public investors from all around the world to be a part of India’s Blockchain Revolution.

    BitIndia aims introduce all the major altcoins in the Bitindia Exchange and wants to create a user friendly, secure, decentralized atmosphere for blockchain enthusiasts in India, so that people can carry out their everyday transactions conveniently through the BitIndia wallet.

    BitIndia envisions to cover 20% of the population of India and get them aware of bitcoin and other cryptocurrencies.

    BitIndia’s aims is to launch the largest, easiest, simplest and the fastest platform to trade in cryptocurrencies or buy and sell digital assets.

    Website: https://bitindia.co/

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    Business Wire India

    MetLife announced today that Joyce Au-Yeung has joined the company as vice president, Head of Health covering the Asia region. Au-Yeung will be based in Hong Kong and will report to Serge Raffard, MetLife senior vice president and Regional Head of Strategy, Product, Health for Asia.

     

    "I am pleased that Joyce is joining the MetLife Health team in Asia," said Raffard. "Health is a centre piece of our regional strategy, and we are investing in resources and capabilities to adapt our offering to suit the changing needs and wants of the customer. Joyce’s broad based expertise and understanding of the health insurance business will be advantageous as we bolster the range of health services along the Care Pathway for serious diseases and develop our digital capabilities around health."

     

    Au-Yeung joins from FWD Insurance where she served as the Group Vice President, Distribution strategy focusing on the development and regional deployment of the omni –channel distribution model across Asia. Prior to that role, she was the Chief Officer – Health Business at Sovereign, the insurance arm of Commonwealth Bank of Australia and was based in New Zealand where Au-Yeung was responsible for the establishment of their vertically integrated health business and digital platform. Earlier in her career, Au-Yeung held various roles in areas such as M&A, strategy and actuarial consulting.

     

    Au-Yeung holds a Bachelor of Laws/ Bachelor of Commerce (Actuarial Studies) from the University of Melbourne, Australia and is an alumnus from Melbourne Business School, Australia from where she holds an MBA (Senior Executive). She is also a Fellow of the Institute of Actuaries Australia (FIAA) and a legal practitioner admitted in the Supreme Court of Victoria, Australia.

     

    About MetLife

     

    MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

     

     

     

     

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    Business Wire IndiaDisintermediation or eliminate the middle men has been the mantra of the startups like Power2SME, OfBusiness, WYDR, Bizongo which have mushroomed in the past couple of years. The Business model of these startups is tailored to suit the buyers who can either pay upfront or can avail loan from Banking institutions for Procurement. Startups, Venture Capitalists and NBFCs have looked at the solution from predominantly disintermediation dimension. This approach can cater to about 25% of the market and they are already facing headwinds in terms of credit, recovery, technology adaption etc. 

    Indian B2B commerce which is currently a USD 400 Billion market is all set to undergo a transformation. Indian B2B market is unique compared to other global markets due to our legal system, credit related practices and unorganized logistics. B2B is very different compared to B2C. It is characterized by bulk and repetitive buying, lesser SKUs, many people in the trade, significant role of credit, lack of transparency etc. 65% of Indian B2B Market is credit driven but banks and NBFCs can cater only to about 20% of the credit financing. About 60% of credit requirements are met by intermediaries like dealers and distributors who play a vital role in the trade. A city like Bangalore alone has about 6000 dealers and distributors across verticals. Despite all the challenges, it is set to grow to USD 700 Billon by 2020. All the major Venture Capitalists have just begun to invest in this play and it has received approximately USD 120 million cumulatively in the last 2 years.

    A new wave is emerging. Empower the intermediaries to play a vital role in credit and managing last mile relationships which are crucial for B2B commerce. Intermediary lead model is a new dimension which has the capability to address 65% of the B2B market and thus is a bigger opportunity to go after. 
     
    Avysh and Udaan which are both Bangalore based have business models and technology to empower the intermediaries in B2B trade. Udaan is dealing with wholesale consumer products like mobile accessories, clothes, fashion accessories etc. and Avysh is dealing with commodities like Steel, Cement, Polymers, Chemicals etc. Chatbots, conversational commerce are the suitable technology components that are being adapted in this space. This dimension is set to receive big impetus from the onset of block chain. In the era of Block Chain these intermediaries can efficiently perform like financial institutions.

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    Business Wire India

    EMQ and Globe Telecom's mobile commerce subsidiary G-Xchange Inc.,announced a partnership that would further expand EMQ’s reach in the Philippines through GCash, offering overseas workers greater flexibility and convenience.

     

    “Remittances provide a lifeline for millions of households and drive financial inclusion in the developing countries such as the Philippines, currently the third largest recipient of remittances according to the World Bank,” said Max Liu, Co-founder and CEO of EMQ. “Our expansion with GCash complements our existing capabilities in the Philippines, while offering the best possible choices and flexibility for the overseas workers to send money home effortlessly within minutes.”

     

    With the partnership, EMQ users can now send money to users with GCash accounts, where the recipients can pay bills and make online purchases, buy load or cash out at over 7,000 GCash payment outlets across the Philippines.

     

    “We always strive to create the highest customer value with our innovative solutions and EMQ shares our passion,” said Albert Tinio, CEO of G-Xchange, Inc. “Our strategic partnership with EMQ would further boost mobile wallets usage and accelerate local economic growth. But most importantly, we want to ensure that Filipinos who rely on remittances from their loved ones overseas will receive their money fast and securely without any hassle.”

     

    EMQ currently has footprint in Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines, with plans underway to expand across other key business markets first in Asia and then globally, covering North America, Europe and the Middle East. GCash international partners has over 1,000,000 outlets worldwide with over 7,000+ GCash Partner Outlets across the Philippines.

     

    About EMQ

     

    Headquartered in Hong Kong, EMQ is a financial technology startup that is building a financial network across Asia with a focus on remittance. With a footprint across Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines, the company partners with financial institutions and other strategic partners in each country to enable and settle cross-border remittance via banks and various modes for top-up and cash pickup. The company received its Money Service Operator license from the Hong Kong Customs and Excise Department in September 2014 and its Fund Transfer Operator license from Bank Indonesia in March 2017. For more information, www.emq.com

     

    About GCash

     

    GCash is an internationally-acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer. GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online, and even purchase goods without the need to bring any cash. For more information, please visit https://www.globe.com.ph/gcash.

     

     

     

     

     

     

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    Business Wire India

    Amit Prakash Singh, Principal Partner, Square Capital
    Amit Prakash Singh, Principal Partner, Square Capital

    Square Capital, the digital lending arm of India’s largest real estate transaction platform Square Yards has underlined its market dominance by becoming the largest organized distributor of secured mortgages in the country. It is currently facilitating USD 30- 40Mn (INR 200cr – INR 260cr) of loan disbursals every month, contributed majorly by secured mortgages spread across 50+ banking partners for their different products in home loan, home against property and business loan. Its impressive growth is attributed to the rise in availability of affordable housing in India as well as the increasing consumer propensity to rely on fintech platforms for a full spectrum of financial needs. 
     
    Speaking on the recent numbers, Amit Prakash Singh, Principal Partner, Square Capital said Real estate and fintech aggregation are a synergistic match to a vast degree and Square Capital, was able to build on the established best practices of Square Yards to become one of the largest mortgage distributors in India today. We are betting big on affordable housing to drive future growth, particularly with the Pradhan Mantri Awas Yojana offering interest subsidies and of course, the huge number of untapped first-time home buyers that can be catered to in the home loan segment up to Rs. 30 lakh.
     
    Government schemes such as the Pradhan Mantri Awas Yojna which offers interest subsidy between 3-6.5% for loans between Rs.6-12 lakh for EWS and LIG categories and subsidy of 4% and 3% for loans of Rs.9 lakh (for those with income up to Rs.12 lakh annually) and Rs.12 lakh (for those with income up to Rs.18 lakh annually) respectively, are driving consumers to opt for home loans that they can repay easily and fulfill their dream of real estate ownership. In fact, several studies have shown that loans have gone up by more than 20% over the last few years for affordable housing purchases. Square Capital is optimizing this opportunity to the hilt by enabling easier access to credit for potential home owners. 
     
    In the absence of any national-level mortgage distributor that has managed to scale up over the last decade, Square Capital has not only been able to generate massive digital leads but is also enabling fulfilment, either digitally or through its hybrid online to offline (O2O) approach.About Square Capital
     
    Square Capital is a marketplace lending platform that aggregates offers from financial institutions on a single platform and provides end to end fulfilment support in the lending process that includes assessing the credit worthiness/risk of clients, helping them choose the right product from the appropriate lending organization, managing their documentation, advising on professional issues pertaining to taxation & insurance and assisting the client till the entire lifecycle of loan disbursement.

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