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    Business Wire India

    The Valence Group provided a fairness opinion to the Board of Directors of US Silica (NYSE:SLCA) on its announced acquisition of EP Minerals for $750 million. The transaction is expected to close during the second quarter of 2018.

     

    About US Silica

     

    U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products.

     

    About EP Minerals

     

    EP Minerals, with sales of over $200 million, is a global producer of engineered materials derived from industrial minerals, including diatomaceous earth (DE), clay (calcium bentonite) and perlite. The company is the number one or number two player in each of its global markets.

     

    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 IndiaDasCoin, the blockchain-based currency at the center of an innovative digital asset system, has invited Haute Couture designer Julien Fournié to inspire a blockchain solution securing the entire fashion design value-chain. The fashion industry, like many, requires confidential sharing of designs among multiple parties. Protecting intellectual property in this fluid ecosystem has always been a challenge and, the solutions to date are expensive and lack efficiency.
     
    Julien Fournié is a pioneer in the French fashion industry due to his early adoption of technology as a key element in fashion design. Heavily involved in research and development of 3D design tools with leading system and advocating the use of mobile hardware for fashion designers (using Apple iPad pro,) Julien Fournié's vision of the future for global fashion dovetails seamlessly into DasCoin's blockchain based IP solution.
     
    “A fashion designer needs to protect his designs on a daily basis, at various phases of the design process in an easy, secure, efficient manner. Each and every tool contributing to these needs will prove key in the future so that fashion designers remain the real decision-makers for all of their collections. I am delighted to collaborate with DasCoin to achieve that goal,” says Julien Fournié.
     
    Using their own fast, secure and scalable blockchain technology, DasCoin is creating an auditable, traceable and efficient solution for sharing and protecting designs and authenticating final products. Smart contracts, automated non-disclosure and other legally binding agreements will ensure that designs are only released to authenticated partners, and that their use is controlled and audited. Individual designs can be coded and registered on the blockchain to prove authenticity. All this can happen seamlessly, quickly and at very low cost meaning that no parts of the supply chain are excluded.
     
    DasCoin CEO, Michael Mathias will join Haute Couture designer Julien Fournié at an exclusive event at Salon Gustave Eiffel at the Eiffel Tower on March 26, 2018.
     
    Special interactive session between the esteemed dignitaries at the event aims to deliberate upon transforming the industry with the Blockchain technology. Details of the bespoke blockchain being exclusively architected, will also be revealed alongside a Julien Fournié fashion show.
     
    “Our unique network design gives us the speed, efficiency and security to offer blockchain solutions to a whole range of industries that are suffering from huge third-party costs to protect their creative work. By creating a solution for the fashion industry, we are hoping that a new generation of designers can protect their creations affordably and with total peace of mind using the power of the technology we’ve developed at DasCoin. We’re very excited to reveal more in the near future not only just in fashion but across a whole range of industries including music, sports, film, supply chain, insurance and beyond,” said Michael Mathias.
     
    Key facts about DasCoin

    • The DasCoin blockchain fully confirms transactions in just 6 seconds, and always will, no matter how big the network grows
    • The DasCoin blockchain can process over 100,000 transactions per second, so the whole world can use DasCoin to do business, without slowing down
    • Combined with a secure wallet system, an inbuilt growth engine and array of services and applications, DasCoin sits at the heart of DasNet, the world’s most integrated blockchain economy
    DasPay is the world’s first cryptocurrency mobile wallet that enables you to spend your DasCoin in 60 million merchants worldwide, directly from your smartphone. Built with the technology partner Carta Worldwide, DasPay allows any business that accepts Visa and Mastercard to accept DasCoin without changes to their point-of-sale technology. DasPay is on track to go live in 2018.
     
    DasCoin runs and constantly maintains its network to the highest standards ensuring DasCoin remains secure and ahead of threats. A permissioned consortium blockchain ensures every node is licensed and verified, and wallet partner, web wallet, requires every member of the community to be KYC authenticated and use the Validator hardware device to access and protect their funds.
     
    Individuals and partners are required to undergo KYC authentication before joining the community. This ensures greater regulatory compliance and alignment with AML and CFT standards. Designed with an integrated system of governance, DasCoin can evolve to keep up with changes in regulation, compliance and the continued demands of the marketplace.
     
    An eco-friendly network design ensures minimum energy consumption without compromising on performance. The DasCoin blockchain has been live since March 31st, 2017. Over 600 million DasCoin have been minted of a total supply of 8.5 billion units.
    About DasCoin

    DasCoin is the blockchain-based currency at the center of an innovative digital asset system that seeks to optimize the strengths and eliminate the weaknesses of existing currency systems. It is fast, efficient, balanced, secure and scalable. DasCoin is focused on creating a digital currency that delivers superior performance through greater operational efficiency, increased transaction capacity, wider distribution, better governance and greater regulatory compliance. Protected by industry leading security protocols and a permissioned blockchain, DasCoin is a pioneer in the sector with the goal of becoming the world’s first mainstream digital currency. DasCoin encompasses a fully-authenticated global community of users, world-class consortium blockchain technology, an integrated ecosystem, decentralized wallet access, a powerful incentivized growth engine, best-in-class payment system architecture and an interoperable blockchain protocol.

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    Business Wire India

    * Several Oasis proposals win support from nearly 90% of voting minority shareholders
    More information available at www.GMOCorpGov.com
     

    GMO Internet Inc. (9449 JT) (“GMO Internet” or the “Company”) held its annual general shareholders meeting for the fiscal year ending December 2017 on March 21, 2018. In the final tally, Oasis proposals won significant support from the majority of minority shareholders.

     

    We sincerely thank our fellow minority shareholders, including international and domestic institutional and retail shareholders, for their overwhelming support. We view this support as evidence of the growing momentum shift around improving corporate governance at GMO Internet, and across Japan. Minority shareholders must continue to raise their voices, and cast their votes, to push for these necessary improvements.

     

    GMO Internet’s founder and President, Mr. Kumagai, wields considerable control of the Company with a 41% stake. Yet despite this, Oasis won approximately 45% of the overall vote on its Proposal No. 5 and Proposal No. 6, indicating that nearly 90% of voting minority shareholders voted for these agendas, according to calculations based on voting results published by the Company. This support from minority shareholders tells us that Mr. Kumagai will not be allowed to continue running GMO Internet unchecked.

     

    We extend our gratitude to those who joined us in this effort to push for these improvements at GMO Internet, which still suffers from many governance failures. We implore GMO Internet’s Board of Directors, including Mr. Kumagai, to hear the voices of the overwhelming majority of investors and take action to resolve the issues we have highlighted.

     

    Oasis will continue our engagement with GMO Internet to implement governance restructuring and improve the company for the long-term for all stakeholders. We call on GMO Internet to carry out governance restructuring and commit to improving corporate value for the common interest of all shareholders.

     

    Oasis’s shareholder proposals:

     

    Proposals related to the abolition of the takeover defense measure:

     
    • Proposal No. 5: Abolishment of policy for large scale purchase of the Company’s shares.
    • Proposal No. 6: Partial amendment of the articles of incorporation (introduction method for Takeover Defense Measures).

    Proposals related to governance restructuring:

     
    • Proposal No. 7: Partial amendment of the articles of incorporation (change to the system for company with nominating committee, etc.).
    • Proposal No. 8: Partial amendment of the articles of incorporation (Prohibition of concurrent posts of president and chairperson of the board of directors).
    • Proposal No. 9: Partial amendment of the articles of incorporation (election of directors by cumulative voting).
    • Proposal No. 10: Setting compensation amount for directors (excluding Audit and Supervisory Committee Members, and hereinafter the same in this Agenda Item unless particularly noted otherwise) (meaning adoption of a compensation structure linked with the interests of minority shareholders).

    For all other inquiries, please contact Taylor Hall at thall@hk.oasiscm.com.

     

    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.

     

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

     

    More information about Oasis is available at https://oasiscm.com.

     

     

     

     

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    Business Wire IndiaAfter the boom in payment’s solution with Paytm, Tez, PhonePe and others, do we need another application that can make bill payments, do shopping, buy tickets? The team at PayTezo.com says yes.

    PayTezo is a Cryptocurrency Payments App launching in April. But this is not just an exchange wallet. PayTezo’s main aim is to make the crypto-currency useful for day to day life of common people.

    PayTezo envisions to be the Alipay of Southeast Asian and the Indian market. It will allow payments and booking through both fiat and cryptocurrency.

    With PayTezo app, users will be able to send money, manage finances, do shopping, book tickets & pay bills with their favorite cryptocurrency. Users can scan QR code and make payment. They will also be able to make direct payments to PayTezo partners such as Vodafone, Uber etc.

    PayTezo instantly converts cryptocurrency to fiat at almost zero exchange rate. The client can choose from multiple methods to make payments to the merchant including QR code and NFC payment. The process crypto conversion and transfer of Fiat to the merchant is seamless and happens in seconds. PayTezo has also focused on reducing the time taken on verifying the KYC documents for the user.

    PayTezo has already tied-up with 15+ large partners such as Vodafone, Uber, Amazon etc. PayTezo will allow its users to make direct Crypto-based payments to its partners.

    PayTezo was founded by IIT & ISB alumni – Ajay Gupta, Chethan and Alex Holland. Ajay who is a veteran in the payments industry says that he is on a mission to make crypto part of the day to day lives of people. The trio is also looking at South-East Asian markets for expansion.

    PayTezo team is ready with the initial prototype of the application. The application currently supports Bitcoin, Ethereum, Litecoin as the payment mode. They intend to add 4 more cryptocurrencies as the payment medium in the near future.

    PayTezo team also plans to raise $30mn as the initial funding for this project through an ICO. The ICO is planned for launch in March end. 1bn PTezo coins will be offered to public via crowdsale. These coins will be listed on multiple exchanges such as CoinGeto. The team has also got large private investors to fund the project.

    Interested investors need to join the whitelist on the website. Whitelisting has been opened and only whitelisted members will be eligible to participate in Pre-ICO, ICO and future airdrops.

    To become a part of PayTezo community
    Join their telegram channel: https://t.me/paytezo/
    Email at: token@paytezo.com
    Or visit: www.paytezo.com

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    Business Wire India

    Regulatory News:

     

    With the publication of the Offer Document today and with reference to the joint press release dated 17 December 2017, Thales (Euronext Paris: HO) and Gemalto (Euronext Amsterdam and Paris: GTO) announced today that Thales is launching its recommended all-cash offer (the "Offer") to all holders of issued and outstanding shares in the capital of Gemalto for EUR 51.00 per share, cum dividend.

     

    Patrice Caine, Thales’s Chairman and Chief Executive Officer, commented: “The publication of the Offer Document is the first major step of the proposed acquisition of Gemalto, to create a world leader in digital security.”

     

    Philippe Vallée, Gemalto’s Chief Executive Officer, added: “Thales’s and Gemalto’s teams are working together to obtain the required authorizations for the success of the operation.

     

    Alex Mandl, Chairman of Gemalto’s Board of Directors, stated: “After full and careful review with its financial and legal advisors of the various options available to the company, the Gemalto Board of Directors unanimously recommends Gemalto’s shareholders tender their shares into the Offer. I am counting on the support of all the company’s shareholders for the upcoming general meeting.

     

    Transaction highlights

     
    • Recommended all-cash offer for all the issued and outstanding ordinary shares in the capital of Gemalto (each, an “Ordinary Share”), including Ordinary Shares represented by American Depositary Shares (each, an “ADS”), with every two ADSs representing one Ordinary Share (Ordinary Shares and ADSs are collectively referred to in this press release as the “Shares” and each, a “Share”), at an offer price of EUR 51.00 (cum dividend) per Ordinary Share (the "Offer Price") and EUR 25.50 per ADS.
    • The Gemalto’s Board of Directors fully supports the Offer and unanimously recommends shareholders tender their Shares. All members of the Gemalto Board who have Shares have irrevocably committed to tender all of their Shares into the Offer.
    • Thales and Gemalto have agreed on certain non-financial terms, including:
      • Thales to combine its digital assets with Gemalto, creating a world leader in digital security;
      • increased R&D expenses which remain at the heart of the digital security businesses of Thales and Gemalto;
      • existing rights of Gemalto employees will be respected;
      • Gemalto’s brand will be maintained.
    • The acceptance period (the “Acceptance Period”) will commence on 28 March 2018 at 9:00 hours CET (3:00 am New York time), and will end on 6 June 2018 at 17:40 hours CET (11:40 am New York time). Thales plans to extend this period until customary conditions for a transaction of this kind are met, in particular obtaining the required regulatory clearances. The payment of the Offer Price to the shareholders who tendered their Shares into the Offer is expected in the course of the second half of 2018, provided that the Offer is declared unconditional.
    • In parallel, Gemalto shareholders will be invited to attend the shareholders’ meeting on 18 May 2018.
    • The consummation of the Offer is subject to the satisfaction or waiver of conditions that are customary for transactions of this kind, including:
      • a minimum acceptance level of at least 67% of Gemalto shares;
      • having obtained the required regulatory clearances;
      • no material adverse effect having occurred and continuing;
      • no material breach of the merger agreement having occurred; and
      • no Superior Offer having been made or agreed upon.
    • Gemalto has made available on its website the Position Statement (as defined below) providing further information to shareholders, including the recommendation on the Offer and the agenda for Gemalto’s annual general meeting.
    • Thales and Gemalto have also made available on their websites a French summary of the Offer Document including in particular the description of the tendering procedures applicable to French shareholders and the material French tax aspects of the Offer.

    Creation of a global digital security leader

     

    By combining their businesses, Gemalto and Thales have the intention to create a leading global player in digital security.

     

    Acceleration of Thales’s digital strategy

     

    Over the past three years, Thales has significantly increased its focus on digital technologies, investing over EUR 1 billion in connectivity, cybersecurity, data analytics and artificial intelligence, in particular with the acquisition of Sysgo, Vormetric and Guavus. The integration of Gemalto strongly accelerates this strategy, reinforcing Thales’s digital offering, across its five vertical markets (aeronautics, space, ground transportation, defence and security).

     

    Unique and innovative technology portfolio in IoT, mobile and cloud worlds

     

    Combined with Gemalto’s unique leading digital security portfolio, Thales will be ideally positioned to offer end-to-end solutions to secure the full critical digital decision chains, from data creation in sensors to real-time decision making. This unrivalled and innovative technology portfolio will put Thales in a highly differentiated position to provide enterprises and government agencies with a seamless response to the data security challenges that lie at the heart of their digital transformation.

     

    Creation of a global leader in digital security and cybersecurity

     

    By acquiring Gemalto, Thales adds around EUR 3 billion of revenue to its digital business sales and acquires a set of technologies and competencies that have applications across Thales’s five vertical markets. The combination creates a powerhouse with a solution portfolio including security software, expertise in biometrics and multifactor authentication, and the issuance of secure digital and physical credentials. These technologies, which combine diverse and constantly evolving use cases, are expected to yield significant commercial opportunities and revenue synergies in the years ahead.

     

    Capacity to address all customer digital security needs

     

    Thales will combine its digital businesses with Gemalto, which will continue to operate under its own brand as one of the seven Thales global business units. Both Thales and Gemalto management teams share a common industrial vision and endorse the growth project of this newly created digital security global business. The Gemalto CEO, Mr. Philippe Vallée, will lead this newly created “Digital Security” global business unit.

     

    R&D: the common DNA of Thales’s and Gemalto’s digital businesses

     

    Gemalto and Thales are technology-driven companies with world-class R&D capabilities. R&D is at the core of Thales’s and Gemalto’s digital security businesses, and will remain so. The future entity can access five Thales R&D centers worldwide and its portfolio of 16,500 patents. In 2017, Thales increased its R&D investments by 9% and will continue its efforts in 2018, with growth of 10%, faster than sales. The combination will result in a combined group of more than 28,000 engineers and 3,000 researchers, which will invest more than EUR 1 billion annually in self-funded R&D.

     

    Offer fully supported and unanimously recommended by the Board of Directors of Gemalto

     

    The merger agreement regarding the combination of Thales and Gemalto was entered into at the time when a unilateral unsolicited offer for Gemalto’s shares was announced by Atos. The Board of Directors of Gemalto considered that Atos’s unsolicited and conditional offer was not compelling when compared with Gemalto’s standalone strategy. Thales’s subsequent approach to Gemalto set into motion constructive discussions on the terms of a combination and the strategic rationale thereof.

     

    Throughout the process, Gemalto has discussed on a frequent basis the progress of the discussions and negotiations with Thales and the key decisions in connection therewith. The Board of Directors of Gemalto, with the support of its financial and legal advisors, has given careful consideration to all aspects of the Offer, including the strategic, financial, operational and social points of view.

     

    Each of Deutsche Bank AG, Paris Branch and J.P. Morgan Securities plc delivered a fairness opinion to the Board of Directors of Gemalto dated 16 December 2017 indicating that - as of such date and based upon and subject to the factors, qualifications and assumptions set forth in the fairness opinions - the Offer Price to be paid to the shareholders pursuant to the Offer was fair from a financial point of view to the shareholders.

     

    In the merger agreement, Thales and Gemalto agreed on the undertakings that the Board of Directors of Gemalto had identified as relevant for its support of the proposal put forth by Thales. The merger agreement signed between Thales and Gemalto thus provides for (i) a strategic direction that is in the best interest of Gemalto and promotes the sustainable success of its business, (ii) adequate protection for all stakeholders, (iii) deal-certainty and (iv) a fair price.

     

    Consistent with its fiduciary duties the Board of Directors, following a careful review of alternatives and of the different stakeholders’ interests with the support of its advisors, unanimously concluded that the Offer is in the best interests of Gemalto, the sustainable success of its business, and its stakeholders, in particular its clients, employees and shareholders.

     

    The Gemalto’s Board of Directors unanimously decided to fully support the Offer, to recommend Gemalto’s shareholders tender their Shares into the Offer and to vote in favour of the Gemalto resolutions to be taken at Gemalto’s annual general meeting.

     

    Gemalto Annual General Meeting on 18 May 2018

     

    Gemalto has convened its annual general meeting. This shareholders meeting will be combined with the shareholders’ meeting to discuss the Offer, which is required under the Dutch offer rules, and shall be held at 10:00 hours CET on 18 May 2018 at the hotel Hilton Amsterdam Airport Schiphol, Schiphol Boulevard 701, 1118 BN Schiphol, The Netherlands. Separate convocation materials are available on Gemalto’s website (www.gemalto.com).

     

    A position statement of Gemalto’s Board of Directors including the information that is required pursuant to Section 18 paragraph 2 of the Dutch Decree on Public Takeover Bids(Besluit openbare biedingen Wft) (the "Position Statement") is available on Gemalto’s website (www.gemalto.com).

     

    ****

     

    This is a joint press release by Thales and Gemalto pursuant to Section 4, paragraphs 1 and 3, Section 10 paragraph 1 sub c and 3 and Section 18, paragraph 3 of the Dutch decree on public takeover bids (Besluit openbare biedingen Wft) and Article 17 of the Market Abuse Regulationin connection with the recommended all-cash offer by Thales for all the issued and outstanding shares in the capital of Gemalto, including all American depositary shares. This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in Gemalto. Any offer will be made only by means of the Offer Document, which is available as of today.

     

    About Thales

     

    The people we all rely on to make the world go round – they rely on Thales. Our customers come to us with big ambitions: to make life better, to keep us safer. Combining a unique diversity of expertise, talents and cultures, our architects design and deliver extraordinary high technology solutions. Solutions that make tomorrow possible, today. From the bottom of the oceans to the depth of space and cyberspace, we help our customers think smarter and act faster - mastering ever greater complexity and every decisive moment along the way. With 65,000 employees in 56 countries, Thales reported sales of €15.8 billion in 2017.

     

    www.thalesgroup.com

     

    About Gemalto

     

    Gemalto is the global leader in digital security, with 2017 annual revenues of €3 billion and customers in over 180 countries. We bring trust to an increasingly connected world.

     

    From secure software to biometrics and encryption, our technologies and services enable businesses and governments to authenticate identities and protect data so they stay safe and enable services in personal devices, connected objects, the cloud and in between.

     

    Gemalto’s solutions are at the heart of modern life, from payment to enterprise security and the internet of things. We authenticate people, transactions and objects, encrypt data and create value for software – enabling our clients to deliver secure digital services for billions of individuals and things.

     

    Our 15,000 employees operate out of 112 offices, 43 personalization and data centers, and 30 research and software development centers located in 48 countries.

     

    www.gemalto.com

     

    Annex - further details on the Offer

     

    The Offer

     

    Thales announces that it is making the Offer on the terms and subject to the conditions and restrictions contained in the offer document that is published today (the “Offer Document”). Terms not defined in this annex have the meaning ascribed to them in the Offer Document.

     

    Shareholders that have tendered their Shares pursuant to the Offer and not validly withdrawn such tender will be paid, subject to the Offer being declared unconditional, in consideration of each Share validly tendered (or defectively tendered, provided that such defect has been waived by Thales) for acceptance and transferred, a cash amount of EUR 51.00 cum dividend per Ordinary Share (the “Offer Price”), and for each ADS 50% of the Offer Price, or EUR 25.50 (the “ADS Offer Price”), paid in cash in an equivalent amount of U.S dollars, with the U.S. dollar equivalent being calculated by Thales using the spot market exchange rate for the U.S. dollar against the euro published on Bloomberg at 12:00 p.m., New York time on the day immediately prior to the date on which funds are received by American Stock Transfer & Trust Co., LLC, in its capacity as ADS Tender Agent, to pay the ADS Offer Price following the Offer being declared unconditional.

     

    The Offer Price represents a premium of 57% over Gemalto’s unaffected closing share price as of 8 December 2017 and values Gemalto at approximately EUR 4.8 billion.

     

    Thales confirmed in the joint press release of 17 December 2017 that Thales will be able to finance the Offer through its available cash resources and through new debt arrangements. Reference is made to Section 6.5 (Financing of the Offer) of the Offer Document for further details.

     

    Regulatory clearances

     

    Thales and Gemalto are in the process of making all necessary filings to obtain the required clearances from the competent antitrust authorities in Australia, the European Union, China, Israel, Mexico, New Zealand, Russia, South Africa, Turkey, and the United States. In addition to approval from the Committee on Foreign Investments in the United States, Thales and Gemalto will seek similar regulatory clearances from the competent authorities in Australia, Canada and Russia.

     

    Thales and Gemalto expect to have obtained all regulatory clearances in the course of the second half of 2018. Thales will timely request an exemption from the AFM and subject to receipt of such exemption extend the Acceptance Period until such time as Thales, in consultation with Gemalto, reasonably believes is necessary to obtain the required regulatory clearances.

     

    Governance

     

    After the successful completion of the Offer, and assuming a successful passing of the relevant resolutions at Gemalto’s annual general meeting, the Board of Directors of Gemalto will be composed of three non-executive directors selected by Thales, being Mr. Pascal Bouchiat, Mr. Pierre-Eric Pommellet and Mrs. Isabelle Simon, and two non-executive directors as “Independent Members”, being Mr. Philippe Alfroid who is currently a member of the Board of Directors of Gemalto, and Mrs. Marie-Hélène Sartorius. In addition, Mr. Philippe Vallée shall maintain his position as executive director and Chief Executive Officer of Gemalto (and will become head of the “Digital Security” global business unit (“DIS GBU”)).

     

    The Independent Members are considered independent members within the definition of the Dutch Corporate Governance Code, and they are not representatives of Thales. The Independent Members (or their successors) will continue to serve on the Board of Directors of Gemalto for the duration of the Non-Financial Covenants Duration further detailed in Section 6.20.10 (Duration) of the Offer Document.

     

    Non-Financial Covenants

     

    Thales has agreed to certain non-financial covenants with regard to, inter alia, strategy, R&D, employees, location and brand. The non-financial covenants are set out in detail in Section 6.20 (Non-Financial Covenants) of the Offer Document and will apply for at least two years following the Settlement Date, except as otherwise provided. Any material deviation from the non-financial covenants requires the prior written approval of the non-executive directors of the Board of Directors of Gemalto, with the two Independent Members having a veto right. Certain non-financial covenants are highlighted below.

     

    Thales shall create the DIS GBU by contributing its world class digital-security business to Gemalto. The DIS GBU will be one of the world leaders in the digital security industry. The headquarters of the DIS GBU will be located in the Paris region.

     

    R&D is at the core of Thales’s and Gemalto’s digital-security businesses and will remain so. R&D expenditures in the coming years will be in excess of the current combined R&D expenditures of Thales and Gemalto. The current Gemalto R&D activity will remain within the DIS GBU.

     

    To facilitate the integration of the Gemalto Group within Thales, an Integration Committee will be established as of the Settlement Date and composed of representatives of both Thales and Gemalto. The Integration Committee will determine an integration plan, monitor its implementation and do all things necessary to assist and facilitate the integration

     

    Irrevocable undertakings by members of the Board of Directors of Gemalto

     

    As described in more detail in Section 6.8 (Irrevocable undertakings of Gemalto shareholders) of the Offer Document, each of Mr. Mandl, Mr. Vallée, Ms. Akbari and Mr. Piou has irrevocably undertaken to tender his/her Shares and/or ADSs into the Offer, under the same terms and conditions as the other Shareholders, and to vote in favor of the Gemalto Resolutions at Gemalto’s annual general meeting, in each case subject to the conditions that the Board of Directors of Gemalto continues to support and recommend the Offer and that the Merger Agreement has not been terminated in accordance with its terms.

     

    None of Mr. Mandl, Mr. Vallée, Ms. Akbari or Mr. Piou received any information from Thales or Gemalto relevant for a Shareholder in connection with the Offer that is not included in the Offer Document.

     

    Acceptance Period

     

    The Acceptance Period will begin at 9:00 hours CET (3:00 am, New York time), on 28 March 2018 and, unless extended in accordance with Section 5.4 (The Acceptance Period and extension of the Acceptance Period) of the Offer Document, will end at 17:40 hours CET (11:40 am, New York time), on 6 June 2018. Acceptance under the Offer must be made in the manner specified in the Offer Document. Thales has agreed that it will accept book-entry tenders of ADSs (including pursuant to the guaranteed delivery procedures set forth in Section 5.3.4 (Acceptance by holders of ADSs) of the Offer Document) until 5:00 pm, New York time, on the Acceptance Closing Date.

     

    Any Shares tendered on or prior to the Acceptance Closing Time may be withdrawn at or prior to the Withdrawal Deadline but may not be withdrawn thereafter, subject to the rights of withdrawal set forth in Section 5.3.7 (Withdrawal Rights) of the Offer Document, in particular the right of withdrawal of any tender during an extension of the Acceptance Period in accordance with the provisions of article 15, paragraph 3 of the Decree.

     

    Extension of the Acceptance Period

     

    Thales reserves the right to extend the Offer past the Acceptance Closing Date. If the Offer is extended past the Acceptance Closing Date, Thales will make an announcement to that effect in accordance with the Decree. The provisions of article 15, paragraph 2 of the Decree, require that such an announcement be made within three business days following the Acceptance Closing Date. As described in further detail in Section 5.4 ( The Acceptance Period and extension of the Acceptance Period) of the Offer Document, Thales will timely request an exemption from the AFM to further extend the Acceptance Period until such time as Thales, in consultation with Gemalto, reasonably believes is necessary to cause the offer condition relating to the required regulatory clearances to be satisfied.

     

    Unless the Acceptance Period is extended, Thales will, in accordance with article 16 paragraph 1 of the Decree, announce whether the Offer is declared unconditional within three business days following the Acceptance Closing Date. See Section 5.5 (Declaring the Offer unconditional) of the Offer Document for further details.

     

    Declaring the Offer unconditional

     

    The Offer is subject to the satisfaction or waiver (either in whole or in part and at any time) of the Offer Conditions set out in Section 6.6.1 (Offer Conditions) of the Offer Document. Thales reserves the right to (either in whole or in part at any time) waive certain Offer Conditions under the conditions set out in Section 6.6 (Offer conditions, waiver and satisfaction) of the Offer Document. If Thales (either in whole or in part at any time) waives one or more Offer Conditions, Thales will inform the Shareholders.

     

    No later than on the third business day following the acceptance closing date, Thales will determine whether the Offer Conditions have been satisfied or waived. On that date Thales will announce, in accordance with article 16, paragraph 1 of the Decree, whether the Offer (i) has been declared unconditional, (ii) will be extended in accordance with article 15 of the Decree, or (iii) is terminated as a result of the Offer Conditions not having been satisfied or waived.

     

    Post-Closing Acceptance Period

     

    If and when the Offer is declared unconditional, Thales will publicly announce, in accordance with Article 17 of the Decree, a Post-Closing Acceptance Period to enable Shareholders that did not tender their Shares during the Acceptance Period to tender their Shares during such Post-Closing Acceptance Period under the same terms and conditions applicable to the Offer.

     

    Settlement

     

    In the event that Thales declares that the Offer is unconditional, Thales will accept transfer of all tendered Shares under the terms of the Offer and at the latest on the Settlement Date, transfer the Offer Price in respect of each tendered Ordinary Share and the ADS Offer Price in respect of each transferred tendered ADS, respectively. The Settlement Date shall be no later than five business days after the Offer having been declared unconditional.

     

    Liquidity and delisting

     

    The purchase of Shares by Thales pursuant to the Offer will reduce the number of Shareholders, as well as the number of Shares that might otherwise be traded publicly.

     

    Should the Offer be declared unconditional, Thales and Gemalto intend to procure the delisting of the Shares on Euronext Amsterdam and Euronext Paris as soon as possible. This may further adversely affect the liquidity and market value of any Shares not tendered.

     

    In addition, Thales may initiate any of the procedures set out in Section 6.12 (Intentions following the Offer being declared unconditional) and Section 6.15 (Possible post-Settlement Restructuring and future legal structure) of the Offer Document.

     

    Squeeze-out Procedure

     

    If, following the Settlement Date or the settlement of the Shares tendered during the Post-Closing Acceptance Period, Thales and its affiliates hold at least 95% of the issued share capital of Gemalto, Thales intends to commence a compulsory acquisition procedure in accordance with article 2:92a or 2:201a of the DCC or the takeover buy-out procedure in accordance with article 2:359c of the DCC to buy out the Shareholders that have not tendered their Shares into the Offer.

     

    Post-Settlement restructuring measures

     

    Shareholders who intend not to tender their Shares into the Offer should carefully review Section 6.11 (Implications of the Offer being declared unconditional) up to and including Section 6.15 (Possible post-Settlement Restructuring and future legal structure) of the Offer Document which describe certain implications to which such Shareholders will be subject if the Offer is declared unconditional and settled. These risks are in addition to the exposure of such Shareholders to the risks inherent to the business of Gemalto, as such business and the structure of Gemalto may change from time to time after the Settlement Date.

     

    If the Offer is declared unconditional, Thales may effect or cause to effect any restructuring of the Gemalto Group for the purpose of acquiring 100% of the Shares, delisting Gemalto, and fully integrating the respective businesses of Thales and Gemalto and realise the operational, commercial, organisational, financial and tax benefits of the combination in accordance with the merger rules and the applicable laws, even though some of which may have the (side) effect of diluting the interest of any remaining minority Shareholders.

     

    Announcements

     

    Any further announcements in relation to the Offer will be issued by press release. Any joint press release issued by Thales and Gemalto will be made available on the websites of Thales (www.thalesgroup.com/en/investors) and Gemalto (www.gemalto.com/investors).

     

    Offer Document, Position Statement and further information

     

    The Offer will be made on the terms and subject to the conditions and restrictions contained in the Offer Document, dated 27 March 2018, which is available as of today. In addition, as of today, Thales and Gemalto have made available a French summary of the Offer Document and Gemalto has made available the Position Statement, containing the information required by Article 18, paragraph 2 and Annex G of the Decree in connection with the Offer.

     

    This announcement contains selected, condensed information regarding the Offer and does not replace the Offer Document and/or the Position Statement. The information in this announcement is not complete and additional information is contained in the Offer Document and the Position Statement.

     

    Shareholders are advised to review the Offer Document and the Position Statement in detail and to seek independent advice where appropriate in order to reach a reasoned judgment in respect of the Offer and the content of the Offer Document and the Position Statement. In addition, shareholders may wish to consult with their tax advisors regarding the tax consequences of tendering their Shares into the Offer.

     

    Digital copies of the Offer Document and its French summary are available on the website of Thales at www.thales.com and the website of Gemalto at www.gemalto.com. Such websites do not constitute a part of, and are not included or referred to in, the Offer Document. Copies of the Offer Document are also available free of charge from the Settlement Agent for Ordinary Shares, ADS Tender Agent, the Information Agent for Ordinary Shares and the U.S. Information Agent for ADSs at the addresses mentioned below.

     

    The Settlement Agent for Ordinary Shares:
    ING BANK N.V.
    Address: Bijlmerplein 888, 1102 MG Amsterdam, The Netherlands
    Telephone: +31 20 56 36 619
    E-mail: iss.pas@ing.nl

     

    The ADS Tender Agent:
    AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
    Address: 6201 15th Avenue, Brooklyn, New York, 11219, United States
    Telephone: +1 (877) 248 6417
    E-mail: dapisa@astfinancial.com

     

    The Information Agent for Ordinary Shares:
    IPREO
    Address: 10, rue du Colisée, 75008 Paris, France
    Telephone: +33 (0)1 79 73 12 12
    E-mail: Thales-Gemalto@ipreo.com

     

    The U.S. Information Agent for ADSs:
    D.F. KING & CO., INC
    Address: 48 Wall Street, 22nd Floor, New York, New York, 10005, United States
    Telephone: +1 (877) 536 1556
    Email: GTO@dfking.com

     

    Transaction advisors

     

    In connection with the transaction, Thales's financial advisors are Lazard, Messier Maris & Associés and Société Générale and its legal counsel are Cleary Gottlieb Steen & Hamilton LLP and NautaDutilh N.V.

     

    Gemalto’s financial advisors are Deutsche Bank and J.P. Morgan and its legal counsel are Allen & Overy LLP and Darrois Villey Maillot Brochier.

     

    Notice to U.S. holders of Gemalto Shares

     

    The Offer will be made for the securities of Gemalto, a public limited liability company incorporated under Dutch Law, and is subject to Dutch disclosure and procedural requirements, which are different from those of the United States of America. The Offer will be made in the United States of America in compliance with Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"), and the applicable rules and regulations promulgated thereunder, including Regulation 14E (subject to any exemptions or relief therefrom, if applicable) and otherwise in accordance with the requirements of Dutch law. Accordingly, the Offer will be subject to disclosure and other procedural requirements, including with respect to the Offer timetable, settlement procedures, withdrawal, waiver of conditions and timing of payments that are different from those applicable under U.S. domestic tender offer procedures and laws.

     

    The receipt of cash pursuant to the Offer by a U.S. holder of Gemalto Shares may be a taxable transaction for U.S. federal income tax purposes and under applicable state and local, as well as foreign and other tax laws. Each holder of Gemalto shares is urged to consult his independent professional advisor immediately regarding the tax consequences of accepting the Offer.

     

    To the extent permissible under applicable laws and regulations, including Rule 14e-5 under the U.S. Exchange Act, and in accordance with normal Dutch practice, Thales and its affiliates or its broker and its broker’s affiliates (acting as agents or on behalf of Thales or its affiliates, as applicable) may from time to time after the date of the joint press release by Thales and Gemalto dated 17 December 2017, and other than pursuant to the Offer, directly or indirectly purchase, or arrange to purchase Shares or any securities that are convertible into, exchangeable for or exercisable for such Shares. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. In no event will any such purchases be made for a price per Share that is greater than the Offer Price. To the extent information about such purchases or arrangements to purchase is made public in The Netherlands, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of Gemalto of such information. No purchases will be made outside of the Offer in the United States of America by or on behalf of the Thales or its affiliates. In addition, the financial advisors to Thales may also engage in ordinary course trading activities in securities of Gemalto, which may include purchases or arrangements to purchase such securities. To the extent required in The Netherlands, any information about such purchases will be announced by press release in accordance with Section 5 paragraph 4 or Section 13 of the Dutch decree on public takeover bids (Besluit openbare biedingen Wft) and posted on the website of Thales at www.thalesgroup.com.

     

    Restrictions

     

    The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Thales and Gemalto disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither Thales, nor Gemalto, nor any of their advisors assumes any responsibility for any violation by any of these restrictions. Any Gemalto shareholder who is in any doubt as to his position should consult an appropriate professional advisor without delay.

     

    Forward Looking Statements

     

    This press release may include '"forward-looking statements" and language indicating trends, such as the words "anticipate", "expect", “approximate”, “believe”, “could”, “should”, “will”, “intend”, “may”, “potential” and other similar expressions. These forward-looking statements are only based upon currently available information and speak only as of the date of this press release. Such forward-looking statements are based upon management’s current expectations and are subject to a significant business, economic and competitive risks, uncertainties and contingencies, many of which are unknown and many of which Thales and Gemalto are unable to predict or control. Such factors may cause Thales and/or Gemalto’s actual results, performance or plans with respect to the transaction between Thales and Gemalto to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Neither Thales nor Gemalto, nor any of their advisors accepts any responsibility for any financial information contained in this press release relating to the business or operations or results or financial condition of the other or their respective groups. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

     

     

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    Business Wire India

    Global Life and Health insurer MetLife and WeSure, digital insurance provider owned by Tencent, announced a strategic partnership to offer insurance solutions to travellers through Tencent’s WeSure online insurance platform.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180330005101/en/

     
    WeSure Chairman, Alan Lau and Siyi Sun, CEO of MetLife China. (Photo: Business Wire)

    WeSure Chairman, Alan Lau and Siyi Sun, CEO of MetLife China. (Photo: Business Wire)

    This alliance marries WeSure’s extensive base of 1 billion monthly active users on Tencent’s mobile social communications platform, WeChat, with MetLife’s global expertise in life and health protection solutions, and enables both parties to collaborate in fields such as big-data analysis, tailor-made and intelligent value-added services to deliver easier to use, more transparent end-to-end protection solutions for Chinese travellers.

     

    MetLife has been accelerating its digital footprint through collaboration with well-established online platforms in China to develop new products and services, and this partnership underlines MetLife's determination to improve customer experience through omnichannel options in the digital age.

     

    “MetLife China is dedicated to providing life and health protections through career agency, telemarketing and digital channels and bank partners. The partnership with WeSure is our answer to customers’ needs for simpler, more transparent, fast, and convenient experiences in the digital era,” said Siyi Sun, CEO of MetLife China. “Our collective resources and competencies will ensure customers have the right products and services that are easy to access and use.”

     

    The partnership’s first solution is an aviation accident insurance product which will be provided on the WeSure platform and focus on an optimized customer experience, protection level and price. According to the Annual Report of China Domestic Tourism Development 2017, the number of domestic travellers in China reached 4.5 billion in 2016, with a steady year-on-year growth of 15%. The simple, cost-effective solution is a truly differentiated offering in the travel accident insurance segment.

     

    Alan Lau, Chairman and CEO of WeSure, said “WeSure would like to connect insurance company and end users. On the one hand, we collaborate with leading insurance companies to develop competitive products and make it simple for users to find quality products. On the other hand, by serving the user via Tencent’s WeChat now and QQ platform in future, we are to deliver more user-driven products and services.”

     

    Since entering the market in 2004, MetLife China has been committed to providing long-term protection products for customers while operating its business according to strict corporate governance and robust risk management systems. The company continues to see healthy growth, underpinned by solid financial performance including guaranteed solvency capability and a growing track record of customer satisfaction.

     

    About Sino-US United MetLife Insurance Company Limited

     

    Sino-US United MetLife Insurance Company Limited (MetLife) was incorporated as a joint venture company formed by a subsidiary of MetLife, Inc. and Shanghai Alliance Investment Ltd. (SAIL). Supported by the MetLife companies' experience in the insurance industry and SAIL's expertise in the Chinese market, MetLife is committed to provide the trusted and professional insurance solutions to consumers in China. MetLife offers life and accidental insurance and savings products to individuals over twenty cities in China through its career agency, bank partners, direct & digital Marketing. For more information about MetLife, please visit the company's website at www.metlife.com.cn.

     

    SAIL is a state-owned investment company affiliated to Shanghai National Capital Bureau. By fully utilizing its resources and strengths, SAIL is focused on the investment in the financial services and high-tech industries. SAIL contributes to the national economic growth by committing itself to promote industry innovation and development in Shanghai, as well as national growth.

     

    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.

     

     

     

     
    MULTIMEDIA AVAILABLE :
    https://www.businesswire.com/news/home/20180330005101/en/

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    Business Wire IndiaIn line with its strategic growth plans, Capri Global Capital Limited (CGCL) today announced that it has raised Rs. 100 crore through Non-Convertible Debentures (NCDs) from Reliance Mutual Fund. Owing to the company’s strong credit track record and its growth trajectory, CGCL has so far been able to successfully raise over Rs. 2200 crore through Non-Convertible Debentures (NCDs), Commercial Papers and long Term Bank loans. Insurance companies such as Kotak Life and HDFC Life have also invested in the debentures issued by the Company.
     
    The long-term banking facilities have also been raised from 19 Institutions consisting of Public Sector banks such as State Bank of India, Bank of Baroda, Union Bank, Indian Bank, Vijaya Bank and Private / Foreign Banks such as Yes Bank, ICICI Bank, Kotak Bank, HDFC Bank & Shinhan Bank. The Company has also raised funds in commercial papers and is gradually increasing its capital market exposure and diversifying its investor base.
     
    Mr. Rajesh Sharma, Founder, Capri Global Capital Ltd., stated, “We’ve been working with a focused passion on providing financial assistance to the underserved and underbanked MSME business units. Through our tech-enabled processes and smart analytics, we offer the suitable products to this under-served segment. We aim at delivering credit to a wider spectrum of small and medium enterprises having limited credit history, with minimal documentation, simple eligibility criteria and flexible repayment model. Our aim is to serve client needs efficiently and help MSME businesses flourish progressively.

    Our strong focus on growth and our impeccable credit track record has helped us gain the trust & support of some of the country’s most reputed banks and financial institutions. To further capitalize opportunities and expand our footprint, we are prudently and gradually increasing our leverage and tying up with banks and financial institutions for funding. Based on our strong repayment track record, CGCLs wholly owned subsidiary Capri Global Housing Finance Company Limited (CGHFL) has also received support from 8 banks in less than 12 months.”
     
    The lending AUM as on December 31, 2017, was over Rs. 2300 crores. With a strong Networth of over Rs. 1200 crores, the group is actively seeking establishing relationship with reputed lenders. The Profit after tax for the period ended December 31, 2017, of the Company has grown by 50% on YoY basis.
     
    The Company has been assessed with the highest Short-Term Credit rating of A1+ and Long-Term Credit Rating of A+ by CARE Ratings Limited. With a strong focus on good governance, transparency and customer-centric solutions, CGCL’s philosophy is to thrust forward holistic inclusive growth beyond mere economic progress, thus empowering the low and middle-income individuals and enterprises that have limited access to formal channels of financing.
    About Capri Global Capital Limited

    Established in 1997, Capri Global Capital Limited (CGCL) is one of the most widely extended, RBI registered, Non-Deposit Taking Systemically Important Non-Banking Financial Company (NBFC-ND-SI) in the country. The equity shares of CGCL are listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Capri group has expanded its network to 65 branches with a strong presence across North & West India covering 8 states with a headcount of 1,200+ employees. CGCL is focussed to Bridge the current gap in the market with innovative and flexible credit products for SMEs, delivered in an efficient and customer-friendly manner. The underlying objective is to support promising entrepreneurs in getting quick funds and realise their new business ideas.

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    Business Wire IndiaFixed deposit (FD) or Term Deposits is a term dedicated to any deposit made with a bank or NBFC for a set period bearing a fixed rate of interest. FD (Fixed Deposit) is also considered a stepping stone towards savings for an individual and is generally considered a safe mode of investment. Many reasons could be attributed to the massive popularity of FD’s in India:-

    Features of Fixed Deposits

    • A safe method of investment with consistent interest yield
    • Higher interest rates than savings accounts. Up to 0.5% additional interest for senior citizens
    • No credit checks or formalities are required. It only takes a few hours and minimal documentation to get a fixed deposit receipt.
    • Flexible tenure from 7 days to 10 years
    Features of Fixed Deposits by Bajaj Finance Ltd

    Bajaj Finance Ltd., the lending arm of Bajaj Finserv, offers investors an opportunity to earn higher returns through its Fixed Deposit. Bajaj Finance Ltd., offers Fixed Deposits at an attractive interest rate of 7.85% to its customers, which can go up to 8.20%, in case of Senior Citizen Fixed Deposit. With ICRA’s MAAA (Stable) Rating and CRISIL’s FAAA/Stable Rating, Bajaj Finance Ltd., has been deemed with the highest degree of safety with regards to timely payment of interest and principal on the instrument.
    • Guaranteed Returns: - Bajaj Finance Ltd has been rated a secure investment option by multiple rating agencies, its FD’s are free from market fluctuations and offer assured returns.
    • Flexible Tenor: - Bajaj Finance Ltd Fixed Deposit accords the investors with a high degree of flexibility in terms of the tenor of the fixed deposit ranging from 12 months to 60 months.
    • Flexible Deposit Amount: - Investors have the option to start investing from as low as Rs. 25,000/- onwards with Baja Finance Ltd FD.

    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.

    For any query & concern please check Bajaj Finance Ltd Contact Details

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    Business Wire India

    • Lead investors include Temasek and Sailing Capital
    • Food tech startup’s $114 million convertible note brings total investments to nearly $400 million
    • Impossible Foods will launch its first international market later this month when the Impossible Burger debuts in Asia


    Impossible Foods announced today the successful closing of about $114 million in convertible note financing.

     

    The food technology startup has raised approximately $214 million in the past 18 months for a total venture funding of about $396 million since the company’s founding, according to documents filed with the US Securities and Exchange Commission.

     

    Started in 2011 by Stanford biochemistry professor and former pediatrician Dr. Patrick O. Brown, Impossible Foods makes meat directly from plants — with a much smaller environmental footprint than meat from animals. The company uses modern science and technology to create wholesome food, restore natural ecosystems and feed a growing population sustainably.

     

    Impossible Foods’ flagship product, the Impossible Burger, is made through a simple combination of plant-based ingredients. In only a handful of premium restaurants one year ago, the award-winning Impossible Burger is now in more than 1,000 restaurants from Hawaii to Maine, with more mainstream outlets coming every week. Click here for a list of restaurants that serve the Impossible Burger.

     

    BACKED BY LEADING INVESTORS

     

    The company’s newest investors include Temasek and Sailing Capital. Temasek is an investment company headquartered in Singapore with a portfolio covering a broad spectrum of sectors including telecommunications, media and technology, financial services, transportation, consumer products, life sciences, energy, agriculture and biotech. Sailing Capital is a Shanghai- and Hong Kong-based global private equity firm that invests in market-leading companies across a range of sectors including healthcare, technology and consumer goods.

     

    Open Philanthropy Project, Temasek, Bill Gates and Horizons Ventures have invested in multiple rounds of funding. Early investors include Google Ventures, UBS and Viking Global Investors.

     

    The startup’s original venture capital backer was Khosla Ventures, which provided seed funding and invested in multiple subsequent financing rounds. Khosla Ventures shares Impossible Food’s mission to eliminate the need for animal agriculture, which currently occupies nearly half of the planet’s arable land and consumes 25% of global freshwater.

     

    “Our world-class investors enable us to ramp up rapidly and accomplish our urgent mission,” said Impossible Foods’ CEO and Founder Dr. Patrick O. Brown. “We are proud of the progress we’ve made — but frankly there are still millions of restaurants and billions of people who want meat. We won’t stop until the global food system is truly sustainable.”

     

    RAPID GROWTH AND SCALEUP

     

    Impossible Foods began ramping up its first large-scale production facility in September 2017. As the factory scaled up, the number of restaurants selling the Impossible Burger increased quickly, to more than 1,000 restaurants today.

     

    With demand still outstripping supply, the company plans to add a second shift at its factory in Oakland, Calif., this spring. To learn more about Impossible Foods’ plant in Oakland, watch this video.

     

    As a direct result of its rapid growth in demand, all of the financing from the past 18 months — about half the total investment raised — is convertible debt, according to SEC filings. The company currently expects this financing can convert to stock based on a higher future valuation of the company.

     

    “We are growing so rapidly that we don’t want to narrowly define our valuation today,” said Chief Financial Officer and Chief Operations Officer David Lee.

     

    Impossible Foods will announce availability in additional mainstream American restaurants later this month. After that, the company will launch in Asia. Asia drives 44% of the world’s demand for meat, and the rate of consumption is growing faster than any other region.

     

    BIG TASTE, SMALL FOOTPRINT

     

    In development since 2011, the Impossible Burger debuted in July 2016 at Chef David Chang’s Momofuku Nishi in Manhattan. The Impossible Burger is the only plant-based burger to win a 2017 Tasty Award and a 2018 Fabi Award from the National Restaurant Association.

     

    The Impossible Burger is the only plant-based burger featured in America’s most beloved “better burger” concepts FatBurger, Umami Burger, Hopdoddy, The Counter, Gott’s and B Spot, the Midwest burger restaurant owned by Chef Michael Symon.

     

    The Impossible Burger is produced without hormones, antibiotics, cholesterol or artificial flavors. It uses about 75% less water, generates about 87% fewer greenhouse gases, and requires around 95% less land than conventional ground beef from cows.

     

    The Impossible Burger is made from simple ingredients, including water, wheat protein, potato protein and coconut oil. One special ingredient — heme — contributes to the characteristic taste of meat and catalyzes all the other flavors when meat is cooked.

     

    Heme is an essential molecular building block of life, one of nature’s most ubiquitous molecules. Although it’s found in all living things and in virtually all the food we eat, it’s especially abundant in animal tissues, where it plays a critical role in respiration. It is most familiar as the molecule that carries oxygen in your blood, but it’s also super abundant in animal muscle. Impossible scientists discovered that it’s the abundance of heme that makes meat taste like meat.

     

    You can’t make meat without heme. To satisfy the global demand for meat at a fraction of the environmental impact, Impossible Foods discovered a scalable, affordable way to make heme without animals. The company genetically engineers and ferments yeast to produce a heme protein naturally found in plants, called soy leghemoglobin. The heme in the Impossible Burger is identical to the essential heme humans have been consuming for hundreds of thousands of years in meat — and while it delivers all the craveable depth of beef, it uses far fewer resources.

     

    ABOUT IMPOSSIBLE FOODS

     

    Based in Redwood City, California, Impossible Foods makes delicious, nutritious meat and dairy products directly from plants — with a much smaller environmental footprint than those produced from animals. The privately held company was founded in 2011 by Patrick O. Brown, M.D., Ph.D., formerly a biochemistry professor and Howard Hughes Medical Institute investigator at Stanford University. Investors include Sailing Capital, Temasek, Open Philanthropy Project, Khosla Ventures, Bill Gates, Google Ventures, Horizons Ventures, UBS and Viking Global Investors.

     

    More information:

     

    www.impossiblefoods.com
    www.twitter.com/impossiblefoods
    www.facebook.com/impossiblefoods
    www.instagram.com/impossible_foods

     

    Press kit: https://impossiblefoods.app.box.com/v/presskit

     

    Media b-roll of Oakland plant:
    https://impossiblefoods.app.box.com/v/presskit/file/220599143994

     

     

     

     

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    Business Wire India

    Moody’s Analytics is pleased to announce the publication of The New Impairment Model under IFRS 9 and CECL, a new book compiled and edited by Jing Zhang, Managing Director and Global Head of Research and Modeling, and published by Risk Books. Several other Moody’s Analytics experts contributed to the book as authors, including Cristian deRitis, Douglas W. Dwyer, Amnon Levy, Juan M. Licari, and Yashan Wang.

     

    In response to problems experienced with loss reserves during the 2008 financial crisis, the International Accounting Standards Board and the Financial Accounting Standards Board now require financial institutions to provision against credit loss based on a forward-looking, or “expected” credit loss (ECL). The new accounting requirements – International Financial Reporting Standard (IFRS) 9 and Current Expected Credit Loss (CECL) – aim to streamline and strengthen risk measurement and the reporting of financial instruments. IFRS 9 and CECL are already having a far-reaching and profound impact on institutions’ accounting practices and performance results across the globe.

     

    The New Impairment Model provides comprehensive and insightful coverage of the new requirements, their implementation, and business and strategic implications. Editor Jing Zhang gathered contributors from regulatory bodies, banks, consulting firms, and analytics providers, all with deep experience and expertise in their respective spheres. Their perspectives are wide-ranging and complementary.

     

    “As we highlight in the book, organizations can and should use the impetus and opportunity of ECL to strengthen and improve their data, IT and systems infrastructure, modeling and risk-management practices, and governance and control for applications beyond accounting and regulatory compliance,” said Mr. Zhang. “However, they should also be cognizant regarding potential negative and unintended consequences. We hope that this book will help initiate much-needed discussion and debate on these topics, which will be constructive to the industry as a whole.”

     

    For more information or to purchase a copy of the book, click here. The book is also available from Amazon.

     

    For information on IFRS 9 and CECL solutions from Moody’s Analytics, click here.

     

    About Moody’s Analytics

     

    Moody’s Analytics provides financial intelligence and analytical tools supporting our clients’ growth, efficiency, and risk management objectives. The combination of our unparalleled expertise in risk, expansive information resources and innovative application of technology, helps today’s business leaders confidently navigate an evolving marketplace. We are recognized for our industry-leading solutions, comprising research, data, software and professional services, assembled to deliver a seamless customer experience. Thousands of organizations worldwide have made us their trusted partner because of our uncompromising commitment to quality, client service, and integrity.

     

    Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO). MCO reported revenue of $4.2 billion in 2017, employs approximately 11,900 people worldwide and maintains a presence in 41 countries. Further information about Moody’s Analytics is available at www.moodysanalytics.com.

     

     

     

     

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    Business Wire India

    The National Institute of Securities Markets (NISM) and Moody’s Analytics are pleased to announce the launch of the NISM-Moody's Analytics Certificate in Fixed Income Trading and Sales (CFITS). The Certificate is the second in a series of advanced qualifications designed to elevate proficiency standards in India’s financial services industry.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180403006571/en/

     
    Ari Lehavi, Executive Director of Learning Solutions at Moody's Analytics, Gurumoorthy Mahalingam, W ...

    Ari Lehavi, Executive Director of Learning Solutions at Moody's Analytics, Gurumoorthy Mahalingam, Whole Time Member of the Securities Exchange Board of India (SEBI) and Sandip Ghose, Director of the National Institute of Securities Markets (NISM), launch the NISM-Moody's Analytics Certificate in Fixed Income Trading and Sales (CFITS) at the Moody's Analytics and NISM Fixed Income Conclave in March 2018.

    Sandip Ghose, Director of NISM, and Ari Lehavi, Executive Director of Learning Solutions at Moody’s Analytics, introduced the Certificate to senior members of India’s financial community at the Moody's Analytics and NISM Fixed Income Conclave held in Mumbai in March 2018.

     

    Gurumoorthy Mahalingam, Whole Time Member of the Securities Exchange Board of India (SEBI), gave the keynote address at the Conclave, stating, “It gives me great pleasure to see NISM and Moody’s Analytics launch a certification programme in fixed income. I am optimistic that this will go a long way in enhancing the proficiency of Indian financial market professionals.”

     

    Also speaking at the conference, Sudarshan Sen, Executive Director of the Reserve Bank of India (RBI), said, “It’s important that organizations have a structured approach to training their employees, which allows them to be measured and tested through benchmarked qualifications. Certifications should not be viewed as a compliance requirement but rather as a natural approach to building knowledge and skills. The financial services industry is about the people and they have to be equipped to tackle the demands of an evolving capital market.”

     

    The CFITS covers international fixed-income concepts, practices, and applications while providing an Indian context. The two-level qualification provides individuals with the relevant skills to participate in fixed-income markets as an investor, analyst, issuer, trader, or salesperson. Mr. Lehavi said, “CFITS builds a strong foundation in fixed-income principles, emphasising both knowledge and practical application within the context of India’s evolving capital markets.”

     

    The launch of the CFITS follows the launch of the Derivatives Market Strategies certification in 2017. Moody’s Analytics is also accredited by RBI as a provider of bank credit training programmes.

     

    Mr. Ghose noted that together with the CDMS, CFITS is the next building block in the foundation of advanced proficiency in India’s capital markets. “The two qualifications combine the extensive experience, skill, and knowledge of capital markets at NISM and Moody’s Analytics with modern training technologies,” he said.

     

    About Moody’s Analytics

     

    Moody’s Analytics provides financial intelligence and analytical tools supporting our clients’ growth, efficiency and risk management objectives. The combination of our unparalleled expertise in risk, expansive information resources, and innovative application of technology helps today’s business leaders confidently navigate an evolving marketplace. We are recognized for our industry-leading solutions, comprising research, data, software and professional services, assembled to deliver a seamless customer experience. Thousands of organizations worldwide have made us their trusted partner because of our uncompromising commitment to quality, client service, and integrity.

     

    Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO). MCO reported revenue of $4.2 billion in 2017, employs approximately 11,900 people worldwide and maintains a presence in 41 countries. Further information about Moody’s Analytics is available at www.moodysanalytics.com.

     

    About NISM

     

    NISM is a leading provider of high end professional education, certifications, training and research in Indian Financial Markets. NISM engages in capacity building among stakeholders in the securities markets through professional education, financial literacy, enhancing governance standards and fostering policy research.

     

    NISM is globally one of the largest financial market certifying institutions, issuing 22 certificates covering various critical market functions such as sales, advice, operations and compliance across financial market products such as equities, derivatives of equity, currency and interest rates, mutual funds and pensions.

     

    More than 600,000 professionals have been certified by NISM. More than 150,000 market professionals take NISM certification examinations annually at 200+ test centres across India. NISM also provides continuing professional education training to more than 40,000 professionals a year across 100+ locations. Further information about NISM is available at http://www.nism.ac.in/.

     

     

     

     
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    Business Wire IndiaThe Reserve Bank of India’s (RBI’s) six-member monetary policy committee (MPC), headed by Governor Urjit Patel, had maintained the status-quo on the key short-term borrowing rate (repo) in its last three policy meets. In what is best described as ‘déjà vu’, on 05 April too, the MPC maintained ‘status quo’ and kept unchanged the key repo rate, the rate at which the RBI lends money to commercial banks @ 6 per cent and cash reserve ratio, the amount banks have to mandatorily maintain with the RBI, @ 4 per cent. Dr. Niranjan Hiranandani said it had been expected. “When the RBI started its two-day meet on 04 April, there was little hope of a rate cut, given the trend in global crude oil prices,” he pointed out.
     
    Given the Government’s stance on affordable housing, as also the Prime Minister’s initiative, ‘Housing for All by 2022’, the real estate industry would have been happier with some move on part of the RBI that would have further reduced home loan interest rates. “Traditionally, April and May are months when families look at shifting to a new home keeping the new academic year in mind which begins in June. Also, the monsoon will slow down site visits post June, and any positive step on part of the RBI this time around would have been welcome,” said Dr. Niranjan Hiranandani.
     
    The RBI remained firm on its neutral stance, which has been changed from the earlier stance of ‘accommodative’. The decision of maintaining ‘status quo’ is consistent with the neutral stance of monetary policy, given the objective of achieving medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. “The decision of the MPC was on expected lines, no surprise as RBI maintains ‘status quo’,” concluded Dr. Niranjan Hiranandani.
     
    Dr Niranjan Hiranandani is Founder & CMD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is also Founder and First President, National Real Estate Development Council (NAREDCO-Maharashtra), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.

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    Business Wire India

    SIRIN LABS (https://sirinlabs.com/) and FIH Mobile will debut the design and manufacturing of FINNEY™, the world’s first blockchain-based smartphone.

     

    In December of 2017, SIRIN LABS carried out the 4th largest crowdsale in history, raising $157.8M for the development of the FINNEY™ family of consumer devices, which will include a smartphone and all-in-one PC.

     

    FINNEY™ devices are embedded with a state of the art, ultra-secure cold storage crypto wallet, which will enable seamless and automatic token conversions for the use of different decentralized applications, without the hassle of obtaining the different tokens through an exchange, thus solving the complicated user experience.

     

    The agreement will have FIH Mobile lead the original design and manufacturing of the phone with SIRIN LABS leading the development of the cold storage wallet hardware, and the SIRIN OS™.

     

    Following the co-development, FIH Mobile will manufacture the FINNEY™ devices in its facilities.

     

    Moshe Hogeg, Co-CEO, SIRIN LABS: “Bringing the first blockchain-based smartphone to market obligates us to partner with the very best in the market. FIH Mobile – the gold-standard in smartphone manufacturing – was ultimately the clear and natural partner for us.”

     

    About SIRIN LABS
    SIRIN LABS, the developer of SOLARIN™, an ultra-secure mobile phone – is currently developing FINNEY™, the first open source blockchain smartphone and all-in-one PC. Backed by significant investment from some of the most respected players at the forefront of new technologies, the company vision is to bridge the gap between the mass market and the blockchain economy by creating a simple to use, feeless, ultra secure standard that will solve the current blockchain pains of security and poor user experience. Learn more at: sirinlabs.com Follow us on Telegram: https://t.me/sirinlabs

     

     

     

     

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    Business Wire IndiaWNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced it will release its fiscal 2018 fourth quarter and full year financial and operating results at approximately 6:00 a.m. Eastern on Thursday, April 26, 2018.
     
    Following the release, WNS management will host a call on April 26, 2018 at 8:00 a.m. Eastern. Chief Executive Officer, Keshav Murugesh, Chief Financial Officer, Sanjay Puria and Chief Operating Officer, Ronald Gillette will review the results of the fiscal 2018 fourth quarter and full year ended March 31, 2018 on the teleconference.
     
    To participate in the call, please use the following details: +1-888-656-9018; international dial-in +1-503-343-6030; participant passcode 66953338.
     
    A replay will be available for one week following the call at +1-855-859-2056; international dial-in +1-404-537-3406; passcode 6695338, as well as on the WNS website, www.wns.com, beginning two hours after the end of the call.
    About WNS

    WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 300+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer care, technology solutions, research and analytics and industry specific back office and front office processes. As of December 31, 2017, WNS had 35,657 professionals across 53 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit www.wns.com.

    Safe Harbor Provision

    This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. Factors that could cause actual results to differ materially from those expressed or implied are discussed in our most recent Form 20-F and other filings with the Securities and Exchange Commission. WNS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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    Business Wire India

    Keshav Murugesh, Group CEO, WNS, receiving the CNBC Asia's India Disruptor of the Year Award
    Keshav Murugesh, Group CEO, WNS, receiving the CNBC Asia's India Disruptor of the Year Award

    WNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced that Keshav R. Murugesh, Group CEO, WNS, has been recognized with CNBC Asia's India Disruptor of the Year award. The ‘Disruptor’ award recognizes business leaders in Asia who have made a significant contribution to their respective industries through innovative thinking and strategic vision.
     
    “It is an honor to receive this award from the CNBC Group. This recognition reflects the contributions of over 35,000 employees at WNS, who tirelessly work to accomplish one goal -- Outperformance,” said Keshav R. Murugesh, Group CEO, WNS. “WNS’ ground-breaking vertical approach has completely changed the BPM industry. As a result, today WNS is firmly positioned as one of the fastest growing and most impactful BPM companies in the space.”About WNS

    WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 350+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer interaction services, technology solutions, research and analytics and industry specific back office and front office processes. As of December 31, 2017, WNS had 35,657 professionals across 53 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit www.wns.com.
     
    Safe Harbor Provision

    This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. Factors that could cause actual results to differ materially from those expressed or implied are discussed in our most recent Form 20-F and other filings with the Securities and Exchange Commission. WNS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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    Business Wire India

    Hong Kong based blockchain technology platform PRIVATEMARKET.IO has announced that former CEO at Citibank Private Bank, Aamir Rahim, along with former Managing Director at Nomura, Richard Byworth, have joined the company’s board of advisors.

     

    Aamir Rahim has spent 30 years in the finance industry and is currently a Fellow at Harvard University on a mission to affect positive social change. Prior to that, Aamir held several senior posts at Citi in Asia-Pacific. He was the CEO of Citi Private Bank, Co-Head of Fixed Income Currencies and Commodities and Head of Fixed Income Capital Markets. Most recently, he led the Public Sector Group for Citi in Asia-Pacific.

     

    Richard Byworth, currently Chief Operating Officer of HK based Blockchain startup Diginex, is an 18 year finance veteran most recently running a global derivatives distribution franchise for Nomura. He was part of Nomura’s Asia Fintech committee, and has been investing in the private equity and venture capital space for a number of years. He has a proven track record of leading, developing and growing trading and sales teams across London, Tokyo, New York and Hong Kong. Richard has a broad network across the Asian investment community, within traditional finance as well as the alternative asset management space.

     

    Upon their appointment, Loic Engelhard, CEO and Founder of PRIVATEMARKET.IO said: “It is an honour and privilege for our young company to welcome such high-profile figures of the financial industry looking to make a difference in today’s Economy. Aamir and Richard both strongly related to our underlying mission of using meaningful technology for the democratisation of Finance. With their help we are very excited to pursue our quest of designing and offering new solutions that improve transparency and fairness in the outdated private capital markets.”

     

    “PRIVATEMARKET.IO is harnessing the power of cutting edge technology to revolutionize and democratize investment in the Alternatives space. I am excited to be part of this journey,” said Aamir Rahim.

     

    “Loic is building the next generation investment platform, filling in the many gaps that exist in secondary markets for alternative investment products,” said Richard Byworth. “PRIVATEMARKET.IO is a great example of fintech that is changing the way business will be done in the future.”

     

    About PRIVATEMARKET.IO

     

    Established in 2016, PRIVATEMARKET.IO is a fully compliant digital asset marketplace built on blockchain technology that serves as a distribution and investment platform for private equity, venture capital, co-investments, direct deals and real estate financial products.

     

    Our services include product structuring, administration and custody as well as portfolio implementation, including reporting and support for the lifetime of the product. The open platform provides investors with a simplified access to world-class managers and strategies, on demand professional investment services and unique liquidity management solutions.

     

    For more information, visit us at www.privatemarket.io, follow us on Twitter and on LinkedIn.

     

     

     

     

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    Business Wire IndiaSvatantra Microfin Pvt. Ltd., in a prudent move announces a 350 bps reduction in its interest rate. The new interest rate of 19.25% will be effective from 10th April, 2018. This is the lowest in the Microfinance sector in India and move is in line with the central objective of this new age microfinance company to further the cause of financial empowerment and inclusion of rural women in the country and contribute to the larger vision of banking the unbanked.

    Concurrently, Svatantra Microfin is now amongst the large NBFC-MFIs with AUM of more than INR. 500 crs, which is also a threshold for becoming a systemically important NBFC-MFI for Reserve Bank of India.

    Commenting on company growth, Ms. Ananya Birla, Founder and Chairperson of Svatantra Microfin Pvt. Ltd and Co-Chairperson of ASSOCHAM Microfinance, said, “We are extremely pleased to announce the rate cuts and crossing of INR 500 GLP. This move will allow us a strong footing to deliver better pricing to our clients and scale-up operations further in the country. We have grown at a CAGR of 159% since 2014 and have been offering cashless loan at low interest rates since inception. As a company, it has been our constant endeavour to maximise the benefit to our rural customers and implement initiatives, which have immense scope and extrapolate our vision of economic and social empowerment to deep rural pockets. Likewise, we continue to work towards creating a basket of impactful financial service product such as SME finance and affordable housing to low income households.”

    The robust growth has further strengthened company’s commitment towards offering disruptive yet socially viable solutions. In many such moves, company adopted a 100% end-to-end mobility for an entire spectrum of operations in areas such as loan originating system, loan management system, and collections. Also, in partnership with third-party service providers, it has successfully created unique and extremely affordable cashless medi-claim insurance, less than INR 20 per INR 1,000 (annually) of cover for a family of 5 members, including parents (or parents-in-law). More than 55,000 families have enrolled for this product and 1000 families have already availed hospitalisation coverage totalling a claim amount of over INR 1.22 crs.

    Svatantra since its commencement has disbursed loans of more than INR 1025 crs with a current portfolio of INR 570 crs. The company achieved break-even in FY17 and since it has been constantly fortifying its network to varied geographies and growing at a phenomenal space. Perennially increasing strong workforce of 1200+ employees fuels company’s exponential growth, Svatantra has 130  branches serving 15,000 villages in 8 states of India, in the meantime ensuring customers transact through formal banking channels.
    About Svatantra Microfin Private Limited (Svantantra)

    Svatantra, headquartered in Mumbai, is India’s one of the fastest growing MFI with 1200+ members strong workforce having served about 3,00,000 rural women since inception. The MFI has a growing network of 130 branches serving 15,000 villages across 8 states.

    Svatantra in collaboration with NPCI (National Payment Corporation of India) has been a pioneer in adopting APBS (Aadhaar Payment Bridge system) for disbursements of loans. Under the leadership of Ms. Ananya Birla, the company has always been on the path of differentiation as a new-age MFI. With a central aim of financial inclusion, Svatantra is the only MFI with 100% cashless disbursements facilitating activation of bank accounts for its clients. Ms. Birla was invited to participate for Champions of Change initiative by the Hon’ble Prime Minister – Shri Narendra Modi. Ms. Birla was also felicitated by Honourable Chief Minister of Maharashtra – Shri. Devendra Fadnavis for contributions in the microfinance sector. She also has in her kitties’ coveted titles of ‘Leading Woman in Microfinance’ by iiGlobal Business Information Pvt. Ltd and Forbes Asia’s Women to Watch 2016. Industry recognition awarded to the company - Skoch Financial Inclusion and Deepening Award in 2014, Skoch order of merit 2017, and BFSI CTO Summit best technology initiative 2017.

    For more information about the company please visit www.svatantramicrofin.com

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    Business Wire India

    Lebara and WorldRemit, two leading brands serving international residents, have entered into a strategic partnership making WorldRemit the exclusive global money transfer partner of Lebara, including transfers to India.

     

    The deal allows over 3 million Lebara Mobile and Lebara Money users to use WorldRemit’s digital money transfer service seamlessly, directly from the Lebara app and website. This supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

     

    Lebara customers living in the UK, France, Germany, Spain, Denmark and Netherlands will benefit from WorldRemit’s extensive payout network in over 145 countries. This will provide a more convenient and lower cost alternative to the 90% of migrants who still send money through offline routes.

     

    As part of the deal, WorldRemit will also benefit from co-branding in Lebara’s full retail estate stores and advertising in Lebara Mobile simpacks sold in 260,000 stores across western Europe.

     

    Ismail Ahmed, founder and CEO at WorldRemit said: “We are delighted to be partnering with one of the world’s premier MVNO brands targeting international residents in Europe, giving its users access to our mobile-first service. With more than 260,000 points of sale, Lebara’s visibility and brand awareness complements WorldRemit’s strong digital capability. This partnership will introduce our safe, fast and low-cost remittance service to millions of new customers.

     

    “WorldRemit has been working with telecommunication partners on the receive side, but this is our first strategic partnership with a mobile operator on the send side. We look forward to strengthening our leading position in the market with equally ambitious partnerships in the future.”

     

    Graeme Oxby, CEO of Lebara Group adds: “This initiative is in response to a growing need of our valued customer base. Many of Lebara’s customers send money home to relatives and friends and we are delighted to be able to partner with WorldRemit to offer a simple to use and highly cost effective service.

     

    “Lebara mobile’s leadership position in the growing international residents market in Europe, coupled with a surge in smartphone users, creates an ideal platform for launching new and exciting services through partnerships. Our partners get unique access to a customer base which few other mobile companies can match.”

     

    WorldRemit handles a growing share of the $600 billion migrant money transfer market - better known as remittances. Known for its mobile-first approach, one third of its transactions go to mobile money accounts; it currently handles 74% of international money transfers to mobile money accounts globally.

     

    WorldRemit’s digital model allows customers to complete their transactions in just a few taps from a smartphone. WorldRemit customers make more than 1 million transactions every month, using its app or website.

     

    For more information on how Lebara customers can send money to India using WorldRemit, visit https://www.worldremit.com/en/India

     

    WorldRemit was advised by William Blair in this transaction as its financial advisor.

     

    * * ENDS * *

     

    ABOUT WORLDREMIT

     

    WorldRemit is changing the way people send money.

     

    It’s easy – just open the app or visit the website – no more agents.

     
    • Transfers to most countries are instant – send money like an instant message.
       
    • More ways to receive (mobile money, bank transfer, cash pickup).
       
    • Available in over 50 countries and 145+ destinations.
       
    • Backed by Leapfrog as well as Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
     

    WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Malaysia, Singapore, the Philippines, Japan, Hong Kong, Australia and New Zealand.

     

    ABOUT LEBARA

     

    Lebara is a leading European mobile telecoms operator enhancing the lives of foreign resident communities by providing high quality and low cost mobile products and services. Lebara provides pay-as-you-go mobile SIM cards and related products and services customised to serve the international communities in 6 European countries - UK, Germany, Holland, France, Spain and Denmark. Customers have recognised Lebara for being trustworthy, honest, simple and offering great value.

     

     

     

     

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    Business Wire India

    QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2018.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180410005994/en/

     
    QNB Group Head office in Doha - Qatar (Photo: AETOSWire)

    QNB Group Head office in Doha - Qatar (Photo: AETOSWire)

    For the three months ended 31 March 2018, Net Profit reached QAR3.4 billion (USD0.9 billion), up by 7% compared to previous year. Total assets increased by 12% from March 2017 to reach QAR834 billion (USD229 billion), the highest ever achieved by the Group.

     

    Key driver of growth in total assets was from loans and advances which grew by 12% to reach QAR598 billion (USD164 billion). Also QNB Group was successful in attracting funding, which resulted in increased customer funding by 12% to reach QAR604 billion (USD166 billion). This enabled the Group to maintain its loans to deposits ratio at 99%.

     

    The Group’s prudent cost control policy and strong revenue generating capability helped to improve the efficiency ratio (cost to income ratio) to 27.8%, which is considered one of the best ratios among financial institutions in the region.

     

    The stock of non-performing loans ratio of 1.8% as at 31 March 2018 has been witnessed on a consistent basis, year on year, reflecting the high quality of the Group’s loan book and the effective management of credit risk. The Group’s conservative policy in regard to provisioning continued with the coverage ratio maintained at 110% as at 31 March 2018.

     

    Total Equity increased by 2% from March 2017 to reach QAR73 billion (USD20 billion) as at 31 March 2018. Earnings per Share reached QAR3.6 (USD1.0), compared to QAR3.3 (USD0.9) in March 2017.

     

    Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 16.0% as at 31 March 2018, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.

     

    As part of QNB Group’s continued drive to enhance its status as a global financial institution, the Board of Directors have recommended to the Extraordinary General Assembly Meeting of shareholders (to be held on 17 April 2018), to approve the increase of non-Qatari ownership limit from 25% to 49% as well as increasing single ownership limit to be increased from 2% to 5%, in accordance with the applicable laws and regulations.

     

    QNB’s successful funding from the international markets during the first three months of 2018 which mainly included capital market issuances of AUD700 million with a 5 and 10-year maturity in Australia, USD720 million Formosa bonds in Taiwan, private placements totalling USD2.5 billion with two – three year maturity and a three year senior unsecured syndicated term loan facility of USD3.5 billion in February 2018.

     

    QNB Group serves a customer base of more than 22 million customers with more than 28,000 staff resources operating from 1,200 locations and a network comprising more than 4,300 ATMs.

     

    *Source: AETOSWire

     

     

     

     
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    Business Wire India

    Keshav Murugesh, Group CEO, WNS, receiving the CNBC Asia's India Disruptor of the Year Award
    Keshav Murugesh, Group CEO, WNS, receiving the CNBC Asia's India Disruptor of the Year Award

    WNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced that Keshav R. Murugesh, Group CEO, WNS, has been recognized with CNBC Asia's India Disruptor of the Year award. The ‘Disruptor’ award recognizes business leaders in Asia who have made a significant contribution to their respective industries through innovative thinking and strategic vision.
     
    “It is an honor to receive this award from the CNBC Group. This recognition reflects the contributions of over 35,000 employees at WNS, who tirelessly work to accomplish one goal -- Outperformance,” said Keshav R. Murugesh, Group CEO, WNS. “WNS’ ground-breaking vertical approach has completely changed the BPM industry. As a result, today WNS is firmly positioned as one of the fastest growing and most impactful BPM companies in the space.”About WNS

    WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 350+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer interaction services, technology solutions, research and analytics and industry specific back office and front office processes. As of December 31, 2017, WNS had 35,657 professionals across 53 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit www.wns.com.
     
    Safe Harbor Provision

    This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. Factors that could cause actual results to differ materially from those expressed or implied are discussed in our most recent Form 20-F and other filings with the Securities and Exchange Commission. WNS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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