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    Business Wire India

    Northern Trust (Nasdaq: NTRS) today revealed an expanded Asia-Pacific (APAC) Market Advocacy & Innovation Research function with the announcement of a new senior hire, Danielle Henderson.


    Based in Sydney, Henderson will be responsible for implementing market advocacy and innovation research activities in the APAC region. She assumes this new role which was created in response to the continued growth across the region and to expand the existing Market Advocacy & Innovation Research services offered by global teams across APAC.


    At Northern Trust, the Market Advocacy and Innovation function drives interaction with key industry bodies, regulators and governments to positively influence market change in line with the organization’s strategic direction. The function also supports new opportunities to accelerate profitable business growth while promoting the next-generation enterprise operating model for Northern Trust’s clients.


    Henderson joins Northern Trust from Kairos Enterprises where she was an independent consultant, advocating for market infrastructure development for the Australian securities industry. Previously, she was general manager for ASX’s Clearing Services where she led the market wide move to T+2 settlements. She has 20 years of industry experience across the global securities and market infrastructure sectors and holds a Master in Business Administration from Melbourne University and an honours degree in Economics from Sydney University.


    “As innovation continues apace in the custody and funds administration sector, we are delighted to appoint Danielle to this new role to further boost Northern Trust’s advocacy and innovation capabilities in the region,” said William Mak, president of APAC for Northern Trust.


    Justin Chapman, global head of Market Advocacy & Innovation Research said: “The APAC region is experiencing a transformational period of change in the light of new technologies, and Danielle’s deep market experience will ensure we continue to harness the opportunities to offer our clients the next generation operating model and products.”


    About Northern Trust


    Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2017, Northern Trust had assets under custody/administration of US$9.7 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit or follow us on Twitter @NorthernTrust.


    Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at





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    Business Wire IndiaMax Life Insurance, one of India’s leading Life Insurance companies, won the 1st position in service, IT, and ITES category at the prestigious 11th National Six Sigma Project Competition organized by CII (Confederation of Indian Industry) for its ‘Service to Recruitment’ (S2R) initiative. Under this initiative Max Life Insurance interacted with customers walking into the branches and analyzed their interest and understanding about the life insurance business. Basis the analysis the customers were offered an opportunity to work with Max Life Insurance as its agent advisors.
    In the award application, Max Life highlighted that significant positive result on pertinent business parameters were achieved by using the S2R recruitment model. The initiative strengthened Max Life’s agent base, thus helping the organization to reach more customers across different regions. What makes the recognition even important is the list of industry stalwarts whom Max Life competed with, such as HDFC Bank (1st runner up) and Tata Consultancy Services (2nd runner up).
    Speaking about the achievement Mr. V. Viswanand, COO & Senior Director, Max Life Insurance said, “It is indeed a proud moment for us at Max Life Insurance. Max Life has been a pioneer in Life Insurance in India to develop this unique agent recruitment channel. It was noticed that the agents recruited through S2R agents achieved higher productivity than the agents recruited through other routes. In addition, these agents recorded a lower grievance rate and achieved 8% higher 13th month persistency in comparison to other agents.”
    He further added, “For us, the most satisfactory moment in the project has been to see our existing customers getting benefited by taking up the agency career opportunities available with at Max life, and even referring their friends and family for the same.”
    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 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. As on 31st March 2017, the Company had 39,13,000 policies in-force which were procured and now services through its 9,446 employees, 54,283 agent advisors at its 210 own offices across the country.

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    Business Wire India

    Starr Companies wishes to reiterate its strong commitment to the Singapore insurance market. While Starr has decided to discontinue underwriting new business through the Starr Singapore Underwriting Agents representing its Lloyds Syndicate 1919, Starr International Insurance Singapore Pte. (SIIS), established in 2012, continues to operate normally.


    Starr is fully committed to growing its Singapore based businesses through SIIS, which also serves as an important part of Starr's Asia Pacific insurance operations. Starr’s Singapore based team underwrites a variety of commercial risks including, property, construction, power, engineering, marine, and liability. Additionally, Starr underwrites accident & health related insurance.


    About Starr Companies


    Starr Companies (Starr) is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C.V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on five continents; through its operating insurance companies, Starr provides property, casualty, and accident & health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. The following insurance company subsidiaries each have an A.M. Best rating of “A” (Excellent): Starr Indemnity & Liability Company, Starr Surplus Lines Insurance Company, Starr Syndicate Limited at Lloyd's of London, Starr International Insurance (Asia) Ltd., and Starr Insurance & Reinsurance Limited.


    For more information visit us at





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    Business Wire India

    EMQ, a Fintech innovator with an extensive remittance network in Asia, today announced its extended partnership with WeChat Pay HK, a payment service provider and a stored-value facility licensee in Hong Kong, to expand its remittance services in Indonesia. The newly launched Indonesia corridor is building on the success of the Philippines corridor, which has been fully deployed and operational since early this year.


    “Both Philippines and Indonesia are currently among the top 10 largest recipients of remittances according to the World Bank, with millions of households relying on the financial support of the overseas workers,” said Max Liu, Co-founder and CEO of EMQ. “We are proud to support and partner with Tencent’s WeChat Pay HK in making the services more accessible and inclusive to the hard-working overseas workers leveraging our extensive remittance network in Asia.”


    Powered by EMQ's scalable API platform, the partnership enables WeChat Pay HK to simplify the remittance process by allowing the overseas workers in Hong Kong to send money via a smart phone, providing a faster and seamless money transfer experience, while helping to drive greater financial inclusion across the Philippines and Indonesia. The Filipinos and Indonesians who live and work away from home can now use WeChat Pay HK to enjoy a full range of pay-out options including instant cash pickup, bank deposits to any bank, or mobile wallet wherever they are to support their families in hometown.


    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. The company received its Fund Transfer Operator license from Bank Indonesia in March 2017.


    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 last mile delivery.





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    Business Wire India

    Pitney Bowes (NYSE:PBI), a global technology company that provides innovative products and solutions to power commerce, is being recognized today by the Catalyst CEO Champions For Change initiative. Catalyst CEO Champions for Change is a collective of 50 high-profile CEOs who visibly support and drive diversity, inclusion and gender equality within their organizationsto advance women into leadership roles. According toa progress report released today by Catalyst, using baseline data mined from all Catalyst Champion companies, findings show that the Catalyst Champion organizations, including Pitney Bowes, are outperforming their peers in the S&P 500 in all areas of women’s representation.


    This press release features multimedia. View the full release here:


    Pitney Bowes has previously earned the Catalyst Award for its diverse and inclusive practices toward women who now represent 42% of its global workforce, 27% of its senior management, 30% of the CEO's senior management team, and 36% of its Board of Directors.


    “We commend Pitney Bowes along with the other Catalyst Champion CEOs who represent a passionate group of change agents. They are already leaders and champions of gender equality and inclusion. Now they are taking bold action, holding themselves publicly accountable for doing the right thing and inspiring all of us to do more,” says Deborah Gillis, President and CEO, Catalyst.


    “Our commitment to diversity, inclusion, and open markets is the right thing to do, it’s imperative for our business, and it is core to who Pitney Bowes has been for nearly 100 years,” said Marc Lautenbach, President and CEO of Pitney Bowes. “Our company has evolved and adapted throughout almost a century of change, guided by these unassailable truths. We will continue to be vigilant to our values which are that we do the right thing the right way.”


    Findings from the report include:

    • Catalyst Champion companies outperform their S&P 500 peers in advancing women at all levels of the organization, specifically among board seats (29.0% Catalyst Champion vs. 21.2% S&P 500), executive/senior-level positions (27.9% Catalyst Champion vs. 26.5% S&P 500) and first-/mid-level positions (38.4% Catalyst Champion vs. 36.9% S&P 500).
    • Catalyst Champion companies outperform their S&P 500 peers in advancing women of color at all levels of the organization, specifically among board seats (6.0% Catalyst Champion vs. 3.8% Fortune 5001), executive/senior-level positions (5.2% Catalyst Champion vs. 4.7% S&P 500) and first-/mid-level positions (11.3% Catalyst Champion vs. 10.5% S&P 500).

    To add context, even what looks like relatively small progress in some cases can have a large impact. For example, Catalyst’s analysis shows that improving the total number of women in leadership roles by 1% across all S&P 500 companies would result in 12,000 more women in these roles.


    About Pitney Bowes


    Pitney Bowes (NYSE:PBI) is a global technology company powering billions of transactions – physical and digital – in the connected and borderless world of commerce. Clients around the world, including 90 percent of the Fortune 500, rely on products, solutions, services and data from Pitney Bowes in the areas of customer information management, location intelligence, customer engagement, shipping, mailing, and global ecommerce. And with the innovative Pitney Bowes Commerce Cloud, clients can access the broad range of Pitney Bowes solutions, analytics, and APIs to drive commerce. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at


    About Catalyst


    Catalyst is a global nonprofit working with some of the world’s most powerful CEOs and leading companies to help build workplaces that work for women. Founded in 1962, Catalyst drives change with pioneering research, practical tools, and proven solutions to accelerate and advance the progress of women into leadership — because progress for women is progress for everyone.




    Due to the lack of available data on women of color among Boards of Directors in the S&P 500, the survey findings for this category were compared against the Fortune 500 index. See Alliance for Board Diversity and Deloitte, Missing Pieces Report: The 2016 Board Diversity Census of Women and Minorities on Fortune 500 Boards (February 6, 2017).





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    Business Wire India

    IDEMIA, the world leader in trusted identities for an increasingly digital world, supports financial institutions in Pakistan with their EMV (Europay Mastercard Visa) migration phase.


    Oberthur Technologies, renamed IDEMIA following its merger with Safran Identity & Security (Morpho), has been operating a personalization center in Karachi for several years. Strengthening its commitment to the market, IDEMIA has recently certified its PCI-CP compliant personalization center by Visa & Mastercard in order to support banks with EMV migration.


    Pakistan’s Payment market is rapidly adopting the Global EMV standard for payment cards which provides higher security and convenience for payment transactions.


    IDEMIA is the leader in bank cards personalization services in a full outsource model through its 40 personalization centers located all over the world. Many global and local banks trust IDEMIA’s expertise in providing these outsourced services.


    IDEMIA is increasing its investment to support the Pakistani market, and in this particular case the banking and payment industry. We are very optimistic regarding Pakistan’s economic prospects and will continue to be a key player in providing digital security solutions in this market”, said Eric Duforest – Executive Vice-President for Financial Institutions activities at IDEMIA.


    About IDEMIA
    OT-Morpho is now IDEMIA, the global leader in trusted identities for an increasingly digital world, with the ambition to empower citizens and consumers alike to interact, pay, connect, travel and vote in ways that are now possible in a connected environment.


    Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, we reinvent the way we think, produce, use and protect this asset, whether for individuals or for objects. We ensure privacy and trust as well as guarantee secure, authenticated and verifiable transactions for international clients from Financial, Telecom, Identity, Public Security and IoT sectors.


    With close to €3bn in revenues, IDEMIA is the result of the coming together of OT (Oberthur Technologies) and Safran Identity & Security (Morpho). This new company counts 14,000 employees of more than 80 nationalities and serves clients in 180 countries.


    For more information, visit / Follow @IDEMIAGroup on Twitter





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    Business Wire India

    Finova Financial, a digital financial services provider transforming the future of global banking, announced the creation of a fundraising process known as a JOBS Crypto Offering (JCO) which, when completed, will give investors the opportunity to invest in equity ownership of previously privately-held companies using cryptocurrency.


    The JCO is a hybrid of initial coin offering investments (ICOs), which allow companies to raise capital more readily through cryptocurrency investments and an initial public offering of stock. In a JCO, “tokens” representing ownership of shares of capital stock would be tracked on a distributed ledger or blockchain (Tokens) and would be sold pursuant to a registration statement filed under the Securities Act or a transaction which is exempt from registration under the Securities Act pursuant to Rule 251 under the Securities Act (i.e. Regulation A+).


    The JCO is the brainchild of serial fintech entrepreneur, Gregory Keough, who is the current CEO of Finova Financial and former CEO of Mobile Financial Services, a MasterCard and Telefonica Joint Venture for mobile financial services globally.


    “I liked the idea of the ICOs when they were first introduced as they looked like an exciting way for startups to raise funds from small investors, but I had concerns about regulatory compliance practices, especially for tokens that are clearly securities,” noted Finova CEO, Gregory Keough. “I designed the JCO as a process to open the doors of opportunity for the small investor, allowing them to participate using cryptocurrency in security offerings in compliance with SEC regulations. I envision the Tokens sold in JCOs being listed on an Alternative Trading System, creating a liquid security and providing companies with an alternative to a traditional initial public offering.”


    “We think the JCO has the potential to have a massive impact on the way startups raise funds, while creating some much-needed regulatory clarity in the crypto-investing space,” said Sheel Mohnot, Partner, 500 Startups.


    JCO: How it Works


    The JOBS Crypto Offering (JCO) is a new financing process that allows for companies to issue securities to the general public in exchange for cryptocurrency or other funds in compliance with SEC regulations. Ownership of such securities would be represented by entries in a distributed electronic network or database maintained by or on behalf of the Company in accordance with Section 224 of the Delaware General Corporation Law, which we refer to as Tokens. The Tokens would be listed on an Alternative Trading System that is compliant with Regulation ATS under the Securities Exchange Act of 1934, as amended.


    For more information, visit:


    *About the JOBS Act


    Passed in 2012, the Jumpstart Our Business Startups Act (JOBS Act) was designed to help small businesses raise capital by easing certain securities regulations, expanding options for entrepreneurs to seek out everyday investors to raise capital and grow their companies via online crowdfunding platforms. The JOBS Act was also known as the Crowdfund Act because under Title III it created a way for businesses to use crowdfunding to raise capital by issuing securities – which had never been done before. Along with the crowdfunding aspects of the JOBS Act, the act also changed a number of laws and regulations to make it easier for companies to raise capital privately and go public.


    About Finova Financial


    Working to transform the future of banking on a global scale, National Financial Holdings, Inc. (known as “Finova”) develops fair and affordable digital financial technologies to create a more inclusive financial system and provide a path to financial health for the two billion people outside of the traditional financial system. Founded in 2015 by a team of financial services, technology, and payment experts, Finova is backed by leading Silicon Valley venture capital firms and Wall Street private equity investors.


    For more information:



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    Business Wire IndiaPidilite Industries Limited, India’s leading manufacturer of adhesives, sealants and construction chemicals today announced its financial results for the quarter ended September 30, 2017.
    Standalone Performance

    • Net sales at Rs 1,348 Cr grew by 11.2% over same quarter last year with underlying volume & mix growth at 12%. This was driven by 15% growth in sales volume & mix of Consumer & Bazaar products and 1% decline in sales volume & mix of Industrial Products.
    • EBITDA, before non-operating income, at Rs 373 Cr is higher by 21.3% over the same quarter last year.
    • Profit after tax in current quarter is Rs 261 Cr increased by 15.4% over same quarter in the last year.
    Consolidated Performance
    • Net sales at Rs 1,514 Cr grew by 9% over the same quarter last year (excluding the sales of Cyclo division of Pidilite USA Inc., which was sold by Pidilite USA in June, 2017).
    • EBITDA, before non-operating income, stood at Rs 377 Cr for the quarter and grew by 16.9% over same quarter last year.
    •  Profit after tax in current quarter is Rs 253 Cr increased by 9.4% over same quarter in the last year.
    Commenting on the quarter performance, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd, said:
    Q2 2017-18:
    In a challenging business environment, we delivered strong overall performance. This quarter saw double digit growth in underlying volume and mix. We remain cautiously optimistic for the future and remain focused on driving profitable volume growth.
    About Pidilite

    Pidilite Industries Limited is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India. Our products range also includes paint chemicals, automotive chemicals, art materials and stationery, fabric care, maintenance chemicals, industrial adhesives, industrial, textile resins and organic pigments & preparations. Most of the products have been developed through strong in-house R&D. Our brand name Fevicol has become synonymous with adhesives to millions in India and is ranked amongst the most trusted brands in the country. Some of our other major brands are MSeal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax and Hobby Ideas.

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    Business Wire India

    Oasis Management Company Ltd. (“Oasis”) is the manager to funds that beneficially own approximately 4.8% of Pasona Group Inc. (2168 JT) (“Pasona” or “the Company”), making Oasis one of the Company’s largest minority shareholders. Oasis has adopted the Japan FSA “Principles of Responsible Ownership” (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies.


    We have been monitoring the Company for a long time and have sent our proposals on its strategic implementation and governance restructuring to the Board of Directors of the Company. Despite our efforts, to date we have neither received formal response to our proposal nor had a chance to meet with the Company’s Board members, even though we have requested a meeting several times. We are very disappointed with the Company’s lack of effort in engaging in dialogue with us, even though the consciousness towards interactive communication with shareholders is widely increasing in Japan. Therefore, we have today announced “A Better Pasona” campaign ( in response to the situation at the Company.


    The key objective of our campaign is to urge transformational change at Pasona and enhance the Company’s business and governance structure for every stakeholder, including employees, customers, lenders, creditors, and minority shareholders. Pasona is one of the least profitable companies in its industry, despite its history, expertise, and scale. We fear that there is a material risk in the short- and medium-term for every stakeholder if the company continues its very low level of profitability, including risk to:

    • Employees: Risk of stable employment and economic interest;
    • Clients: Risk of stable and value-added service from the company;
    • Lenders and creditors: Risk of debt collection; and
    • Minority shareholders: Breach of the board of directors’ duty to increase shareholder equity over the long term. The board has failed to increase profitability over the short, medium and long term.

    We believe that this is caused by 1) the lack of substantial investment into profitable and growing business in the industry, 2) no cost management, and 3) a poor governance structure. As a result of its weak profitability, the company’s stock price has underperformed industry peers over an extended period, and is currently valued at around half of the value of the Benefit One Inc. (2412 JT) stake that Pasona owns. Our proposed implementations are designed to resolve these issues, and have been compiled into a presentation uploaded to our “A Better Pasona” website.


    We will continue our effort to meet with Pasona's Board members in order to engage in a collaborative and positive dialogue with the Company to realize "A Better Pasona".


    We also welcome Pasona stakeholders to contact us via our “A Better Pasona” website to join the movement to improve Pasona.


    For all inquiries, please contact Taylor Hall at


    Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors.Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as its Chief Investment Officer.More information about Oasis is available at





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    Business Wire India

    Andersen Global announces legal services in Cyprus through collaborating firm, UnityFour Cyprus Ltd, and its cooperation with Theodosia Kyprianou, a litigation lawyer with over 14 years of experience. Theodosia’s specialty is employment law, which includes negotiation, drafting and termination of employment contracts, and providing legal advice to both local and international clients. With this announcement, the member firms and collaborating firms of Andersen Global now provide legal services in twenty countries worldwide.


    “Our cooperation with Theodosia is based on our expansion plan to add new services to the firm, and now our capabilities extend to corporate and commercial law advice, litigation and dispute resolution representation, and regulatory compliance services. With these added legal services, we will be more fully able to satisfy the needs of our clients,” said Managing Director of UnityFour Cyprus, Nakis Kyprianou.


    Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz, commented, “Our ability to provide combined tax and legal services globally is an extremely valuable benefit for our clients and a significant piece of our growth strategy. Theodosia enhances our capabilities in Cyprus, demonstrating the commitment of our member and collaborating firms to our overall vision of providing seamless service for clients worldwide.”


    Theodosia represents both corporate and individual clients and has extensive knowledge in legal research. She has issued advice on various legal matters, such as corporate transactions, mergers and acquisitions and various commercial contracts. Theodosia graduated from the University of Thessaloniki in Greece where she obtained a degree in Law. She was admitted to the Cyprus Bar Association in 2004 and is a member of the Nicosia Bar Association.


    Andersen Global is an international association of legally separate, independent member firms comprised of tax and legal professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 2,300 professionals worldwide and a presence in over 75 locations through its member firms and collaborating firms.





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    Business Wire IndiaIndia’s largest multinational flexible packaging materials and Solution Company, Uflex Limited has registered 6.12% (Y-O-Y) growth in its consolidated net profit for the first six months of the ongoing fiscal (FY 2017-18). In figures the Net Profit for H1 ended 30 September 2017 stood at Rs. 187.3 Crore as against Rs. 176.5 Crore in the previous fiscal.

    At operating level, the consolidated EBITDA in the first half of the current fiscal stood at Rs. 473 Crore while that in the year before was Rs. 461.5 Crore clocking in a Y-O-Y growth of 2.49%.

    Half-yearly consolidated Total Revenue for FY 2017-18 stands at Rs. 3224.5 Crore clocking a Top Line growth of 5.47% w.r.t previous fiscal when the Total Revenue stood at Rs. 3057 Crore.

    The Quarter ended 30 September 2017 witnessed a 4.31% (Y-O-Y) growth in the consolidated net profit with the bottom line standing at Rs. 94.3 Crore as against Rs. 90.4 Crore in the Quarter ended 30 September 2016.

    The consolidated Total Revenue for the Quarter ended 30 September 2017 stands at Rs. 1600 Crore as against Rs. 1540.7 Crore for the same period in the previous fiscal thereby growing by 3.84%.

    Talking more about the earnings, Mr. Rajesh Bhatia, Group President (Finance & Accounts) who has recently joined the organization said, “In the flexible packaging industry a reliable indicator of growth is volume which conspicuously reflects the demand of the company’s products. The overall sales volume grew by 9% in Q2 FY 2017-18 when compared to Q2 FY 2016-17 with Films and Packaging Businesses individually registering 9% and 7% growth respectively. Similarly for the Half Year ended 30 September 2017, the sales volume grew by 7% as compared to the same period in the previous fiscal. Individually both Films and Packaging Businesses also grew at 7% each. Owing to the fully backward integrated capabilities of our business and the rate at which we are coming up with bespoke value-added flexible packaging solutions and specialty films for our clients globally the demand for our products will only get better hereon. This coupled up with Asepto our liquid packaging material brand will further improve the bottom-line in the times to come.”

    In an official document released soon after the declaration of earnings for Q2 FY 2017-18, Mr. Ashok Chaturvedi, Chairman and Managing Director, Uflex Limited said, “Progressive Engineering is what we have always believed in and have never shied away from replacing our own products with newer and enhanced variants that our teams keep developing in order to add value to our clients’ businesses globally. We do this with the help of best-in-class cutting edge technology coupled up with immaculate R&D by some of the sharpest brains of the industry by our side.

    I am pleased to apprise you that Asepto our liquid packaging material brand has created a lot of excitement in the market and is all geared to help the Indian non-aerated liquid brands stand on two feet with a stable supplier base. Brand Asepto recently made its grand debut at Gulfood Manufacturing with an overwhelming response. I am extremely thankful to our clients for posing same faith and confidence in Asepto as they have been extending to our other flexible packaging solutions over the last three decades. These are exciting times and we will continue to delight our stakeholders with the most optimized, efficient, innovative and value-added packaging solutions as we grow from strength to strength!”
    About Uflex

    Uflex is India’s largest multinational flexible packaging materials and Solution Company and an emerging global player. Since its inception back in 1985, Uflex has grown from strength to strength to evolve as a truly Indian Multinational with consumers spread across the world. Uflex today has state-of-the-art packaging facilities at multiple locations in India with installed capacity of around 100,000 TPA and has packaging film manufacturing facilities in India, UAE, Mexico Egypt, Poland and USA with cumulative installed capacity in excess of 337,000 TPA.

    All Uflex plants are accredited with ISO 9001, 14001, HACCP & BRC certifications. Uflex caters to markets spanning across the globe in over 140 countries like USA, Canada, South American countries, UK and other European Countries, Russia, South Africa, CIS, Asian and African nations. Integrated within its core business profile are allied businesses like Engineering, Cylinders, Holography and Chemicals which further give Uflex a superior edge above competition.

    Uflex Limited is also a part of the D&B Global Database and winner of various prestigious national and international awards for its products’ excellence. Uflex offers technologically superior packaging solutions for a wide variety of products such as snack foods, candy and confectionery, sugar, rice & other cereals, beverages, tea & coffee, dessert mixes, noodles, wheat flour, soaps and detergents, shampoos & conditioners, vegetable oil, spices, marinades & pastes, cheese & dairy products, frozen food, sea food, meat, anti-fog, pet food, pharmaceuticals, contraceptives, garden fertilizers and plant nutrients, motor oil and lubricants, automotive and engineering components etc.
    Some of Uflex’s clients on the global turf include P&G, PepsiCo; Tata Global; Mondelez, L’ Oreal, Britannia, Haldiram’s, Amul, Kimberly Clark, Ferro Rocher, Perfetti, GSK, Nestle, Agrotech Foods, Coca-Cola, Wrigley, Johnson & Johnson among others.


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    Business Wire India

    DSF 2018 packages from UAE Exchange India
    DSF 2018 packages from UAE Exchange India

    Dubai is all set to entice tourists with its biggest celebration for 2018, full of excitements and wonders. It’s a place where wonders are documented and also known to be the paradise for shopping lovers. Get engaged themselves with adventurous episodes of Desert safari, City Tour, Dhow Cruise and the main attraction, shopping.
    For years, UAE Exchange India has been promoting Dubai Shopping Festival Packages in the most attractive and lucrative manner, making hundreds visit the city of wonders in the perfect luxury. To visit DSF 2018, the company offers of 3N/4D, 4N/5D, 5N/6D packages available for customers as per their choice. Customers can now book Dubai Shopping Festival which starts from December 2017- February 2018.
    Main attraction of DSF Packages:
    • Unforgettable day out at ‘Dhow Cruise’ 2
    • Thrilling ‘Desert safari’
    • Stunning ‘Jumeirah mosque’.
    • Marvelous ‘Miracle garden’& The Gorgeous ‘Gold village’
    • World famous ‘Burj Khalifa’
    • Fabulous views of skyscrapers
    Other special benefits are:
    • Reliable accommodation
    • Stress free services.
    • Hassle-free assistance of guides
    • Personalized care throughout the trip
    • Full insurance coverage for customers.
    About UAE Exchange India
    UAE Exchange India stands ahead as one of the pioneers financial service providers, extending a holistic financial supermarket to serve and satisfies varied needs of the customers. Connecting people and creating progress with the finest of quality is the vision of the company. The company has been instrumental in providing cost-effective service in Foreign Exchange, Money Transfer, Air Ticketing & Tours, Loans, XPay Cash Wallet, Insurance and Share Trading. An ISO certified company with prestigious global associations, UAE Exchange has also been recognized and awarded for its quality and business excellence.

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    Business Wire India

    • Value of New Business: Rs. 204 Cr, grew 16%
    • Max Life Individual Adjusted Sales: Rs. 1,112 Cr., grew 19%
    Max Financial Services Limited (MFS) today announced the Embedded Value (EV) for its life insurance business, Max Life, at Rs. 6,946 Cr.* as at 30th September 2017, based on Market Consistent methodology. The annualised growth in EV in the first half of FY2018 (H1 FY2018) was an impressive 17%.

    The Value of New Business (VNB) written during H1 FY2018 was Rs. 204 Cr., growing 16% over the corresponding period last year. The New Business Margin during this period was a strong 18%.

    For the quarter ended 30th September 2017 (Q2 FY2018), Max Life reported Individual Adjusted Sales of Rs. 654 Cr. growing 18% over the previous year. During H1, they grew 19% to Rs. 1,112 Cr.

    MFS reported consolidated revenues of Rs. 3,435 Cr. in Q2, growing 12% over the previous year and Rs. 6,002 Cr. in H1 FY2018, growing 13% over the same period last year.

    Commenting on the priorities for Max Life, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life said, “With the potential merger with HDFC Life behind us, our focus has firmly shifted to aggressively pursuing profitable growth through investments in our proprietary channels such as agency and digital, enhancing policyholder experience, leveraging our strong bancassurance partnerships and forging new distribution alliances. We have renewed our focus to strengthen our franchise by evaluating acquisition opportunities that have started to emerge in the insurance space.” 

    Mr. Mohit Talwar, Managing Director, MFS said, “The best-in-decade performance that we witnessed in FY2017, continues in the first half of FY2018. The quality of the business across various vectors remains top quartile. The robust growth in Embedded Value and Value of New Business reflects strong fundamentals in the existing business and a continued focus on profitable new business. All our channels are delivering a profitable growth powered by improved productivity. We have a balanced product mix with increasing contribution from protection products, which differentiates us from several of our competitors whose products are heavily skewed towards equity-linked products or are growing through cost-overruns.”

    The EV of a life insurance company comprises two key elements — a) Net Asset Value or the Net Worth of the company, which represents the market value of the company’s assets attributable to the shareholders, and b) the Present Value of the company’s future expected profits from its existing business portfolio as at the date of valuation.
    Max Life had transitioned its EV calculation to a Market Consistent methodology from the earlier traditional approach (Traditional Embedded Value – TEV) in FY2015. This follows market practice in developed markets, where life insurers have moved to adopt market consistent methodologies.

    A market consistent methodology approach better reflects the embedded value of an insurance company by explicitly and specifically allowing for insurance and economic risks rather than using an implicit overall allowance for risks through a Risk Discount Rate (RDR) in the traditional approach. In addition, the market-consistent approach is more objective where asset and liability cash flows are valued using assumptions consistent with those applied to similar cash flows in the capital markets, thus more accurately reflecting the health of the business. 
    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:


    * as at 30th Sep. 2017

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    As part of a major drive to identify and scale up zero-investment best practices by teachers in the country, Sri Aurobindo Society recently organised a grand exhibition in Agra GIC grounds. More than 150 teachers exhibited solutions to improve the quality of education in government schools, targeting a range of areas from girl child education, learning environment, enrolment and attendance, to school management. The exhibition saw eminent local leaders, school representatives, education officers from the entire Agra division present at the event and emerged as a platform to recognise teachers in the interiors of state and facilitate exchange of innovative ideas.

    Earlier, through its Zero Investment Innovations for Education Initiatives (ZIIEI) program funded by HDFC Bank, Sri Aurobindo Society has oriented 5.5lac teachers to innovation as a concept and ensured implementation of zero-investment ideas in nearly 1lac schools of Uttar Pradesh. In continuation of the effort, such exhibitions are being organised to reach out to thousands of teachers in Uttar Pradesh as well as 10 other states of the country.  

    “There are simple yet brilliant solutions devised by teachers that can significantly improve the quality of education in a classroom, at literally no cost to the school. ZIIEI and its exhibitions are to provide these teachers a platform to share their ideas and enable schools even in the remotest of areas or with bare minimum resources to replicate these best practices,” said Sambhrant, Director-Education, Sri Aurobindo Society.

    “Zero investment innovation concept has changed the way we think about education issues. We all have solutions and finally they are being heard through this event. Quality and equality in education seem like an achievable goal now with all our efforts combined,” said Meena Kumari, Teacher, Khera Garh, Agra.

    About Sri Aurobindo Society

    Sri Aurobindo Society, Puducherry ( is a charitable organization, a research institute and an Institution of Importance Throughout India. For 57 years, it is working across the country for social change and transformation in Education, Women and Youth Empowerment, Health, Development of Children with Special Needs, Palliative care, Leadership and Management, Indian Culture, Sustainable Development and Renewable Energy, and Integral Rural Development.

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    Business Wire IndiaPrudent Corporate Advisory Services Ltd. (Prudent) has launched online empanelment process for IFAs. Now, IFAs can become Prudent Partner by following 5 simple steps. The process is completely paperless and IFAs can immediately start their business with Prudent.

    Prudent, through its dedicated portal Prudent Connect, provides online platform to IFAs to grow and expand their business.

    Advantage Prudent:

    Ideally, IFA should spend more time on acquiring new clients, advising clients, educating clients about markets and investments and reviewing portfolio periodically.

    But majority of the IFA’s time goes into -

    • Continuously following up with 40 AMCs
    • Transaction related work
    • Back office and Customer Services related work
    • After sales services - Maintaining records, preparing account statements, etc.
    • Brokerage Reconciliation
    • Query Resolution
    Due to this they get very less time to focus on their business.

    The platform addresses this issue and it provides all the features and flexibility which helps an IFA in saving time and trimming costs.
    • Dedicated online desk for Partners and Clients
    • Client login facility through Partner’s website
    • Various analytical tools to grow business
    • Secure and user friendly Online Transaction facility – FundzBazar
    • Automated form filling
    • Mobile App for Partners (Android and iOS) and their clients (Android and iOS)
    FundzBazar: Do your Business Anytime and from Anywhere

    Now IFAs don’t have to fill forms, visit clients to get the forms signed & to collect cheques and submit forms to AMCs. FundzBazar, the online mutual fund investment platform launched by Prudent, provides online transaction facility to IFAs.

    With FundzBazar, IFAs can manage their business and clients anytime and from anywhere irrespective of any geographical boundaries.

    Not just that, FundzBazar comes with a unique feature – Partner Initiated Transaction. Here, IFAs can send a personalised transaction request to their clients and the same can be executed with the client’s consent at a simple click and completion of the relevant banking transaction. This not only saves time and transaction cost but also reduces the error and failure rate in transactions.

    Partner Recognition:

    Prudent organizes Prudent Loyalty Club program every year to recognise and reward the contribution of its Partners. The program is designed to drive new business, increase productivity and demonstrate business value for long term relationship.
    About Prudent Group

    Prudent is an Integrated Wealth Management group having more than 17 years of experience in financial advisory and distribution business. It has diversified business vertical across Mutual fund distribution, Life and General Insurance, Equities, Derivatives & Commodities, Fixed income Products, Third party Products and Real Estate distribution.

    Prudent manages Rs. 14, 644 Crore AUM and is having a wide network of 66 branches in 19 states with 9200+ channel partners catering to 4.45 lakhs+ clients with no. of live SIPs of 6.04 Lakhs+.

    For more information, visit:

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    Business Wire IndiaActive.Ai, a Singapore Headquartered Fintech platform with an innovation lab in Bengaluru, that delivers conversational banking through artificial intelligence (AI), announced a US$ 8.25 million Series A financing led by Vertex Ventures, Creditease Holdings and Dream Incubator. Existing investors Kalaari and IDG Ventures India will also participate in the round. Ben Mathias, Managing Partner at Vertex Ventures and Vani Kola, Managing Director at Kalaari Capital will join Sanat Rao from IDG Ventures India on the Company’s board of directors. Anju Patwardhan from Creditease will join as a board observer.

    Active-Ai’s proprietary AI engine, Triniti enables financial institutions to have a meaningful engagement with their customers in an intuitive natural format over multiple apertures covering messaging, voice and IOT devices. This full-stack solution has been built ground-up and comprises Machine Learning, Natural Language Processing and Natural Language Generation. Keeping in mind the requirements of financial institutions, the company offers flexibility of deployment: on-premise or in the cloud.

    Founded in early 2016, the company is working with some of the top-tier Banks and Insurance companies in India, Malaysia, Singapore and North America and is planning to expand into other verticals like Wealth Management and Securities Trading. The company’s vision is to become the AI platform of choice for leading Financial Services companies across the world.

    Ravi Shankar, Co-founder & CEO of Active Intelligence said: “I am excited by the future possibilities of AI and how this technology will shape the banking and financial world. There is very strong need for banks and financial institutions to evolve fast and empower customers with the ability to do transactions as part of their habitual daily micro-conversations. With the fresh injection of funds, will scale up and continue to hire talented people for the AI team and focus on building the best enterprise product in the market.”

    Ben Mathias from Vertex Ventures said: “I am very excited to partner with the team to redefine the paradigm of customer experience in financial services. The threat of fundamental disruption is very real in the financial services space, and companies such as are making it easy for incumbents to not just remain relevant, but to get ahead in an ever evolving market. At Vertex, we have been strong believers in Artificial intelligence helping solve problems specific to industry verticals, and that has been a key driver of our decision to partner with”

    Vani Kola, Managing Director at Kalaari Capital said “We are very excited to have Vertex, Creditease and Dream Incubator join us in this exciting journey of building a world class AI product from India. The fresh round of funding will help us invest even more into technology and expand our footprint into other geographies.”

    “Active.Ai’s NLP platform for conversational banking is rapidly gaining acceptance with key banking customers globally. We continue to be impressed with the passion and capabilities of the team, and are excited to be part of the next phase of their journey,” said Sanat Rao, Partner, IDG Ventures India.
    About Active Intelligence
 is a Singapore HQ Fintech startup with innovation lab in Bengaluru. Its artificial intelligence (AI) delivers conversational banking services that help banks redefine their future digital strategy. The company’s technology uses advanced NLP and machine intelligence to enable customers to have natural dialogues over messaging, voice or IOT devices. The company was founded in 2016 by Ravi Shankar, Shankar Narayanan and Parikshit Paspulati and employs 50 people out of its offices in Bangalore, India and Singapore. For more details, visit the company’s website at
    About Vertex Ventures
    Vertex Ventures is a network of funds that invests in early stage and series A companies across the world, spanning enterprise, consumer, and healthtech. It is part of a global venture fund network and a member of Temasek Holdings.Vertex Ventures Southeast Asia & India invests in high-growth start-ups seeking their first round of institutional venture capital funding across Asia (excluding China), with a focus on Singapore, Indonesia, Taiwan, and India, among other emerging hubs of innovation in this region. Till date, Vertex Ventures has a total of 750m capital deployed, over 100 startups invested, with over 90 active portfolio companies and 17 exits. For more information, please visit

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    Business Wire IndiaPayoneer, an innovative cross-border payments company that drives global commerce, held the first-ever eCommerce forum in India last week, bringing together over 500 Indian eCommerce exporters with top ranking global marketplaces, local leaders from the banking industry, export policy experts and service providers. The daylong event in Delhi, titled “International Commerce: Grow Beyond Borders” was a truly unique learning opportunity for India’s cross-border eCommerce community.
    “It was an incredible experience to take part in the Delhi event”, noted Payoneer CEO Scott Galit, who was a keynote speaker at the event. “While sellers in India have great products, and are hungry for growth, they are relatively new to digital commerce and to international sales. I look forward to working with our local team in India to continue to grow our presence and investment in the local eCommerce community. We see endless potential here and are always looking for opportunities to help local businesses in India grow.”
    At the forum, sellers heard from marketplace experts from Amazon, eBay, Etsy, Google, Teespring, Tophatter and Shopify. These platforms were looking to further expand globally and enrich their product offering by onboarding local Indian sellers, and spoke on topics such as building a global brand and understanding the global consumer.
    “I met new-to-India marketplace managers like Etsy and Tophatter. These marketplaces are a great way for me to expand my consumer reach for handmade and unique products made in India,” said Abhishek Middha, Founder, And Exports.
    Banking industry leaders and expert trade policy experts also met with Indian sellers to discuss the challenges in cross-border trade and shared insights to grow their businesses. In addition, service providers and Payoneer partners that specialize in a range of services for online sellers - be it shipping, imaging, cataloging or consumer trends – discussed how sellers can optimize their offering to compete on a global scale and get the required edge to succeed in a competitive marketplace. More than 12 service providers attended, including companies like Eunimart, Delhivery and SFC logistics.
    Rohit Kulkarni, Country Manager of Payoneer added, “We want sellers to put their best foot forward when it comes to global markets. Through events like these, sellers are able to increase their capabilities and truly become a world-class business. We look forward to many more local events like this in the future.” 
    About Payoneer

    Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. In today's borderless digital world, Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations including Airbnb, Amazon, Getty Images, Google and UpWork rely on Payoneer's mass payout services. With Payoneer's fast, flexible, secure and low-cost solutions, businesses and professionals in both developed and emerging markets can now pay and get paid globally as easily as they do locally. Founded in 2005 and based in New York, Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000's Financial Services companies, and was awarded a spot on the 2017 CNBC Disruptor 50 list.

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    Business Wire India

    Nexif Energy, an independent power producer in Australia and Southeast Asia, has announced that it has reached financial close for the first stage of the Lincoln Gap Wind Farm in Australia.


    Located near Port Augusta in South Australia, the Lincoln Gap Wind Farm project’s 126 megawatts (MW) first stage involves the construction and operation of 36 wind turbines, supported by innovative offtake contracts with Snowy Hydro and ERM Power. The full project, a 59-wind turbine farm, will produce 212MW, which is enough electricity to power approximately 155,000 homes. The project will feed into the State’s electricity grid via the ElectraNet transmission network.


    The project also includes installation of a utility scale battery system of 10MW, with potential expansion capability to utilize battery technology advancements. This will be one of Australia’s largest private sector-initiated and owned grid battery systems not underwritten by a government contract or funded by government grants.


    “As a new, independent participant to the Australian market, we are excited to implement an innovative contracting strategy that will not only provide renewable power to thousands of Australian homes but also optimise the use of grid-scale battery storage on a commercial basis,” said Matthew Bartley, a Founder and Co-Chief Executive Officer of Nexif Energy. “We value the support of all project stakeholders who have worked with us along the way to achieve this important milestone.”


    Lincoln Gap will be constructed under the terms of a turnkey contract with Senvion Australia and is expected to begin operation in Q1 2019. The Clean Energy Finance Corporation (CEFC) will act as financier, lending up to A$150M (US$115M) for construction of the first stage of the wind farm and Investec has provided facilities totalling A$39M (US$30M) for working capital and letters of credit.


    “We are committed to becoming a leading regional independent power generation company and are striving to achieve this by briskly executing on our active projects in Australia, Vietnam and other markets such as Thailand, Bangladesh and the Philippines,” added Surender Singh, a Founder and Co-Chief Executive Officer of Nexif Energy. “We are also seeking additional large-scale investment opportunities in Asia-Pacific as we continue to look toward the future.”


    Nexif Energy was formed in 2015 by independent power management company Nexif and global private equity firm Denham Capital. Nexif Energy’s equity commitment for Lincoln Gap represents its largest investment to date.


    “This is another landmark project for Nexif Energy and builds upon prior Denham investments in Australia. We are excited to continue expanding Denham’s international power investment footprint across the Australian and Southeast Asian markets with the Nexif Energy platform,” said Denham Capital Director Saurabh Anand. “The region presents significant growth opportunities and we look forward to investing in more projects in the near future alongside Surender, Matthew and their team.”


    About Nexif Energy


    Nexif Energy was formed in August 2015 by Nexif, a Singapore-based independent power management company, and Denham Capital, a leading global energy-focused private equity firm with more than US$9.0 billion of invested and committed capital across eight fund vehicles. Nexif Energy’s goal is to develop, finance, construct and opportunistically acquire conventional and renewable power generation assets across Southeast Asia and Australia.





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    Business Wire India

    Northern Trust (Nasdaq: NTRS) Asset Management has appointed Martha Fee as chief operating officer (COO) for Europe, Middle East, Africa and Asia-Pacific (EMEA & APAC).


    Based in London, Fee is responsible for managing international operations and infrastructure teams for Northern Trust across EMEA and APAC. Subject to regulatory approval, Fee will also hold directorship of various entities related to the Northern Trust Asset Management business. She will report to Wayne Bowers, CEO and CIO of Northern Trust Asset Management, EMEA and APAC.


    “Our international business continues to expand its investment capabilities, client service platform and range of pooled fund vehicles” said Bowers. “Martha brings extensive international experience and deep client knowledge across these areas and we’re pleased to appoint her to continue to drive growth and diversification of our products across the regions.”


    Fee joins Northern Trust Asset Management after two years at Northern Trust’s Global Fund Services where, working in relationship management, she was responsible for sophisticated, global asset managers. She has 18 years of global industry experience, particularly focused around offshore fund operations and client service. Prior to joining Northern Trust in 2015, Fee spent 10 years at Janus Capital International.


    About Northern Trust Asset Management


    Northern Trust Asset Management is a leading global asset management firm serving institutional and individual investors in 29 countries. Our robust investment capabilities span all markets and asset classes, from passive and risk-factor to fundamental active, multi-asset class and multi-manager strategies, delivered in multiple vehicles. As of September 30, 2017, Northern Trust has $1.13 trillion in total assets under management. For more information, please visit our website or follow us on Twitter @NTInvest.


    Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.


    About Northern Trust


    Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2017, Northern Trust had assets under custody/administration of US$9.7 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit or follow us on Twitter @NorthernTrust.


    Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at





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    Business Wire India

    V. Balasundaram, Senior Director, Finance - India, Middle East and China, Frost & Sullivan receiving the 2017 “CFO Leadership Award” from Harish Mehta, Founder & Executive Chairman, Onward Technologies Ltd., Founder Member & Past Chairman – NASSCOM
    V. Balasundaram, Senior Director, Finance - India, Middle East and China, Frost & Sullivan receiving the 2017 “CFO Leadership Award” from Harish Mehta, Founder & Executive Chairman, Onward Technologies Ltd., Founder Member & Past Chairman – NASSCOM

    V. Balasundaram, Senior Director, Finance - India, Middle East and China, Frost & Sullivan was felicitated with the 2017 “CFO Leadership Award” by the Indira Group of Institutes in a glittering ceremony at its annual, premier marketing conclave – 6th Indira Brand Slam Summit & Awards 2017 in Pune. Mr. Harish Mehta, Founder & Executive Chairman, Onward Technologies Ltd., Founder Member & Past Chairman – NASSCOM, presented the award to Balasundaram at the program.

    Indira Group of Institutes is a premier educational group based in Pune having 12 colleges/institutes under its brand; the prominent names include Indira Institute of Management, Indira Global Business School, Indira School of Business Studies, Indira School of Communication, Indira College of Pharmacy, Indira College of Engineering and Management, Indira College of Architecture & Design, etc. The “Indira Brand Slam” is presented by Indira Group, and is endorsed by CMO Asia and World Federation of Marketing Professionals & World Sustainability.

    Congratulating Balasundaram on the occasion, Aroop Zutshi, Global President & Managing Partner, Frost & Sullivan said, “I am very happy to hear that Balasundaram has been recognized by one more institution of repute, after the recognitions he received from CFO India, Chartered Institute of Management Accountants, UK, etc. This certainly reflects his contribution not only to Frost & Sullivan, but also to the professional and business world through his involvement in industry association activities. He played a key role in Frost & Sullivan's growth in India and expansion into the Middle East and Pakistan, along with managing the restructuring of some operations in India. Under his financial management, Frost & Sullivan India continues to get excellent credit ratings year after year.”

    Talking about this prestigious award and recognition, Balasundaram said, “I am humbled to have received this honor and recognition. I have received many awards from the industry, social organizations, and other institutions in the past, but this CFO Leadership Award from an educational group completes the spectrum of recognition one could receive. This distinction renews my motivation to continue doing my best for the benefit of my organization, profession, industry and society in general.”

    An intensive research process was undertaken by the Institute’s research cell to select the receiver of the “CFO Leadership Award”. The individuals were shortlisted based on their extraordinary performance and past record of their achievements in the field. The shortlisted names were then reviewed by an independent jury consisting of senior industry leaders, researchers and academicians such as:
    • Harish Mehta, Founder & Executive Chairman, Onward Technologies Ltd., Founder Member & Past Chairman – NASSCOM
    • Dr. R. L. Bhatia, Founder, World CSR Day and World Sustainability Congress
    • Nina E. Woodard, President & Chief "N" Sights Officer , Nina E. Woodard & Associates
    • Dr. Saugata Mitra, Chief People Officer & Head – HR, Mother Dairy Fruit & Vegetable Pvt. Ltd.
    • Dr. C. M. Dwivedi, Chief Human Resource Officer, Sopariwala Group 
    • Dr. Sanjay Muthal, Former Managing Director - RGF Management Search
    The award is bestowed on the visionary finance expert who leads in: Treasury and investment management; Budgeting and financial planning; Track record; Integrity and Ethics; Conformity of output to customer requirements; and time and cost of implementation.

    Balasundaram was also recognized by the Chartered Institute of Management Accountants (CIMA) UK as one of the "100 Most Influential CFOs of India" in 2016, and by CFO India for his exceptional contribution to the field of Corporate Finance in 2014 at their fourth annual CFO 100 Conference. He also serves on the Economic Affairs and GST Subcommittee of the Confederation of Indian Industry (CII).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?

    Twitter: @Frost_Sullivan & @Frost_MENASA

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