EMQ, a Fintech innovator with an extensive financial settlement network in Asia, and HDBank, one of Vietnam’s leading commercial banks, announced a strategic partnership to penetrate into Vietnam. This partnership will support the growing demand for instant remittances across Southeast Asia.

“Remittances from overseas workers constitute a vital part of the economy of many developing nations such as Vietnam, a leading recipient of global remittances and contributes to 7% of the country’s GDP, according to the World Bank,” said Max Liu, Co-founder and CEO of EMQ. “Our partnership with HDBank will boost our capabilities in Vietnam, making financial services more accessible and inclusive for the overseas workers and their families across the country.”

As one of the top 10 joint stock commercial banks in Vietnam, HDBank has built strong financial capabilities to offer a wide variety of financial services across its 240 branches/banking units in the country. The partnership leverages EMQ's financial settlement network across Asia, which will significantly enhance HDBank’s ability to deliver accessible and convenient remittance services for the people of Vietnam.

Mr. Liu added, “This is an exciting milestone for EMQ as we continue our strategic expansion across Southeast Asia and deliver innovative value-added financial services in the region. We are very pleased to expand our relationship with HDBank and to further support the financial inclusion initiatives in Vietnam.”

EMQ currently has footprint in Hong Kong, India, Indonesia, Vietnam and the Philippines, with plans underway to expand across other key business markets first in Asia and then globally, covering North America, Europe and the Middle East. The company received its Money Service Operator license from the Hong Kong Customs and Excise Department in September 2014 and its Fund Transfer Operator license from Bank Indonesia in March 2017.

About EMQ
EMQ is a financial settlement network in Asia, providing secure and affordable money transfer options for businesses and individuals. With our assets anchored in Asia, EMQ has established an extensive and regulatory-approved network that provides immediate access to thousands of distribution points across North and Southeast Asiaý. For more information, please visit EMQ’s website at www.emq.com

About HDBank
HDBank is one of the first Joint Stock commercial Banks in Vietnam and is currently among the top private commercial banks in the country which has been operating for more than 28 years in Vietnam. HDBank has built strong financial capabilities and up-to-date technologies, offering a wide variety of financial services to retail customers, corporations and investors. As of 31 December 2017, HDBank has 240 branches and transaction offices, more than 11,000 points of sale and over 4.8mm customer base. In the international market, HDBank has set up correspondent relationship with about 400 foreign banks and their branches in many countries and territories.

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Oath, a Verizon (NYSE, Nasdaq: VZ) subsidiary announces that K. Guru Gowrappan will join the company as President and COO. Guru previously served as Global Managing Director at Alibaba Group. He will play a pivotal role in leading the company’s operations and global growth strategy, as Oath enters its second year. Leveraging his experience in scaling businesses globally, Guru will work with CEO Tim Armstrong and the Oath and Verizon leadership teams to cement Oath’s position as a powerhouse of trusted media and technology brands including AOL, BUILD, HuffPost, MAKERS, TechCrunch, Yahoo Mail, Yahoo News and Yahoo Sports. He will report to Armstrong.

“Oath serves a billion global consumers and the world’s most important brands in the most disruptive area of the economy and adding Guru as President and COO will accelerate our clear vision into a platform for growth for years to come,” said Tim Armstrong, CEO, Oath. “We have an amazing ecosystem of digital brands and platforms, the backing of the best mobile company in the world - Verizon, and a culture centered around the best external and internal talent we can work with as a company - and those strengths are only going to get stronger by adding Guru to help lead the company into the future.”

“There’s no other industry that can change history like ours can, and no company better poised for rapid global growth than Oath,” said Gowrappan, President and COO, Oath. “Very few companies in the world have the ecosystem potential that Oath has. The content and technology across Oath and Verizon creates a huge market opportunity, and I look forward to joining the team to help the company through the next phase of global growth.”

In his role as President & COO, Guru will be responsible for the day-to-day operating businesses at Oath including all of the consumer and customer brands, operations, products, and technology.

At Alibaba, Guru was the Global Managing Director focused on international expansion for key consumer and enterprise products across ecommerce, entertainment & media, payments and the entire commerce enabling stack. Previously, he was Chief Operating Officer at Quixey, a mobile startup, and prior to that he was the COO for Growth / Emerging Initiatives at Zynga. He has also held several leadership roles at Yahoo and Overture.

About Oath

Oath, a subsidiary of Verizon, is a values-led company committed to building brands people love. Oath reaches one billion people around the world with a dynamic house of media and technology brands. A global leader in digital and mobile, Oath is shaping the future of media. For more on Oath, visit www.oath.com.

About Verizon

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated $126 billion in 2017 revenues. The company operates America's most reliable wireless network and the nation's premier all-fiber network, and delivers integrated solutions to businesses worldwide.

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Horasis, a global visions community dedicated to inspiring our future, announces the 2018 Horasis Global Meeting to be held in Cascais, Portugal from the 5th-8th of May. The Horasis community of more than 600 selected world leaders, from 70 countries, will gather to discuss this year’s theme, “Inspiring our Future”.

Launched in 2016, the annual Horasis Global Meeting is one of the world's foremost gatherings of business leaders who interact with key government officials and eminent thought leaders. The meetings are held to advance solutions to the most critical challenges facing corporations today.

This year, politicians and business leaders will meet to discuss and devise novel ideas which will help sustain and nurture development in the future. Throughout the four day event, talks and discussions are set to be held on topics such as sustainable development, modelling sustainable migration, blockchain, closing the gender gap, the digital future, embracing AI, youth employment, business as an agent of change, religion's role in business and many more.

The event will gather an international roster of the world’s most prominent leaders. Among the political leaders to attend are Peter Mutharika, President of Malawi, Armen Sarkissian, President of Armenia, Ulisses Correia e Silva, Prime Minister of Cape Verde, Kristian Jensen, Minister of Finance of Denmark, HRH Prince El Hassan bin Talal of Jordan, and Mohamed ElBaradei, former Vice-President of Egypt and winner of the Nobel Peace Prize, to name a few. Joining them will be a variety of CEO´s and representatives of the world´s most respected corporations, including Jose Manuel Barroso, Chairman of Goldman Sachs International, Nobuyuki Idei, CEO of Quantum Leaps Corporation, John D. Negroponte, Vice Chairman, McLarty Associates, and more.

“At Horasis we recognise that identifying globally relevant issues and growth strategies require thought leadership and peer-to-peer networks,” said Frank-Jürgen Richter, Chairman of Horasis. “With a number of leaders already confirmed I am excited to see how this year’s collaborative efforts can inspire our future.”

2018 Horasis Global Meeting is co-hosted by the Portuguese Government and the City of Cascais. The event will be held at the seaside resort of Cascais.

“We welcome Horasis with the certainty of a well succeeded and enduring partnership. During the last couple of years we have proved not only that Horasis is one of the most distinguished discussion forums around the world, but also that Cascais is the best place to welcome it,” said Carlos Carreiras, Mayor of Cascais.

About Horasis

Horasis: The Global Visions Community is an independent international organization dedicated to inspiring our future. Horasis hosts annual meetings to advance solutions to the most critical challenges facing corporations today. Flagship events include the annual Horasis Global Meeting as well as regional summits focusing on China, India, and South East Asia. For more information, visit: www.horasis.org

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J.P. Morgan announces a new suite of global fixed income indices, the J.P. Morgan ESG (“JESG”), which integrates environmental, social, and governance (ESG) factors in a composite benchmark. The idea for the index was conceived in collaboration with BlackRock to address growing demand from bond investors looking for a benchmark that targets emerging market (EM) issuers with strong ESG practices.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180418005765/en/

The new index is independently managed by J.P. Morgan and will cater to investors looking to gradually incorporate ESG and responsible investing in their overall fixed income investment strategies by anchoring its methodology around the bank’s widely used flagship indices such as the EMBI, GBI-EM and the CEMBI.

Joyce Chang, Global Head of Research for J.P. Morgan said, “We are launching the J.P. Morgan ESG index (JESG), the first of its kind in emerging markets fixed income, to promote responsible investing. BlackRock played a critical role in its inception and we are excited to see this idea come to fruition.”

Gloria Kim, Head of the Global Index Research Group at J.P. Morgan added, “Responsible investing is becoming the cornerstone of many of our clients’ strategies and having access to a proper global fixed income benchmark that integrates ESG is essential. We are pleased to help investors access ESG investments on a global scale through our new index line-up.”

Sergio Trigo Paz, Head of BlackRock Emerging Market Debt, commented, “Sustainable investing is about investing in progress and pioneering better ways of doing business. Strong ESG practices positively impact creditworthiness in the long-term, and up until now ESG in emerging market debt has been more bespoke and project-based, as opposed to providing solutions at scale. Establishing these benchmarks will be instrumental in redefining the investment universe and setting an industry standard to help make ESG investment within EMD more broadly accessible to all investor types. This is a big step forward for emerging market investment.”

The initial JESG is available for the EMBI Global Diversified, GBI-EM Global Diversified and CEMBI Broad Diversified. There are five components in the JESG methodology once the baseline index is selected: define the data inputs; establish JESG index scores; apply integration mechanics; consider ethical factors and exclusion and calculate new ESG weights. These newly calculated JESG index scores will be systematically applied to determine the new ESG weights in the index, and issuers with better ESG scores will have their weights increased relative to their baseline index weights. The JESG suite will also overweight Green Bond issuances.

J.P. Morgan is committed to advancing ESG investing. The firm publishes reports on environmental, social, and governance issues and shares insights and best practices on sustainability with JPMorgan Chase’s corporate and investor clients to advance efforts globally. In July 2017, JPMorgan Chase built on its long-term commitment to sustainability by facilitating $200 billion in clean financing through 2025, the largest commitment by a global financial institution, and pledging to source renewable energy for 100 percent of its global power needs by 2020.

Notes to Editors

• JESG index scores for over 170 countries and 650+ issuers are calculated daily, using data from Sustainalytics, RepRisk, and Climate Bonds Initiative (CBI) as inputs
• The JESG indices are produced every business day and rebalanced on the last business day of the month. Index data is available on Bloomberg (JPMX) and on DataQuery via J.P. Morgan Markets
• Ethical screening is also applied for the following controversial sectors: Thermal Coal, Tobacco, Weapons and any violator of the United Nations Global Compact (UNGC) principles.

About J.P. Morgan’s Corporate & Investment Bank

J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $24 trillion of assets under custody and $423 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.

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Andersen Global expands its presence in Portugal through a Collaboration Agreement with CNA - Curado, Nogueira & Associados (CNA), a law firm located in Porto. The addition of CNA as a collaborating firm of Andersen Global is part of the firm’s growth strategy in Europe.

The CNA team is led by Founding Partners Luisa Curado, Teresa Nogueira and Carla Malhão, who founded the firm in 2005. “We recognize that Andersen Global shares our same commitment to transparency, stewardship, and best-in-class client service, and not only are these values consistent with our own, we also appreciate working with like-minded professionals and understand its benefit to our clients,” said Teresa. “Additionally, we are excited to be part of an international operating tax and legal firm.”

Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz, added, “The team at CNA is an excellent fit with our organization and Luisa, Teresa and Carla bring with them the experience and values that continue to play a significant role in our development of a seamless professional services model. The addition of CNA is complementary to our existing practice in Lisbon and provides another location in the Iberian Peninsula as we look to expand our practice in this part of the world.”

The firm will continue to provide legal services, both domestic and foreign, in a wide range of practice areas including business and corporate law, mergers and acquisitions, labor law, tax law, tax litigation, intellectual property law, arbitration and public law. CNA specializes in a variety of sectors, such as automotive, water and waste, electronics and IT, energy and environment, real estate and tourism, healthcare, fashion, transportation and logistics, and food and beverage.

Andersen Global is an international association of legally separate, independent member firms comprised of tax and legal professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 2,500 professionals worldwide and a presence in over 91 locations through its member firms and collaborating firms.

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• Revenue of $7.8 billion decreased 4% sequentially
• Pretax operating income of $974 million decreased 16% sequentially
• EPS was $0.38
• Cash flow from operations was $568 million

Schlumberger Limited (NYSE:SLB) reported results for the first quarter of 2018.

Schlumberger Chairman and CEO Paal Kibsgaard commented, “As forecast, our results in the first quarter of 2018 largely reflected transitory factors, with seasonal reductions in activity in the Northern Hemisphere and planned project startup costs including the equipment mobilization, reactivation, and redeployment associated with recent contract wins.

“The underlying international businesses started the year well, as business units in the Middle East, the North Sea, and Russia were all in line with our first-quarter activity expectations, while activity upsides in Asia were offset by continued weakness in Latin America and Africa.

“On land in North America, our Drilling services business continued to grow, driven by strong demand for horizontal drilling technologies. Revenue also increased due to the ramp-up of activity in Canada. The US land pressure pumping business, however, was impacted by weaker than expected activity as well as by softer pricing, inefficiency, rising supply chain costs, and rail logistical challenges. In spite of this, we continued to deploy available fracturing assets, including equipment from our newly acquired capacity. We expect the US land hydraulic fracturing market to improve during the second quarter, both in terms of pricing and in operational efficiency and, therefore, we are continuing with our aggressive fleet reactivation and recommissioning program.

“Overall, the first-quarter sequential revenue decline was led by the Cameron Group, which fell 7%, driven by seasonally lower project volumes and reduced product sales. Reservoir Characterization Group revenue decreased 5% sequentially due to the seasonal reduction in sales of SIS software and WesternGeco multiclient seismic licenses. Drilling Group and Production Group revenues were respectively 2% and 4% lower sequentially, also as a result of the seasonal reductions in activity in the Northern Hemisphere.

“Looking at the global oil market, the absence of global stock builds in the first quarter, supported by the OPEC- and Russia-led production cuts, confirm that the oil market is in balance. More importantly, after three consecutive years of dramatic underinvestment in global E&P spending, the worldwide production base has started to show the anticipated signs of weakness with noticeable year-over-year production declines appearing in several countries such as Angola, Norway, Mexico, Malaysia, China, and Indonesia. With Libya and Nigeria producing at near-full capacity, Venezuelan production in free fall, the potential of new sanctions against Iran, and rising geopolitical risks, the only major sources of short-term supply growth to address global production decline and strong worldwide demand are Saudi Arabia, Kuwait, the UAE, Russia, and the US shale oil industry. However, production challenges in US shale are emerging that are linked to infill drilling well-to-well interference, the potential lower production of step-out drilling from Tier 1 acreage, and significant infrastructure constraints. It is, therefore, becoming increasingly likely that the industry will face growing supply challenges over the coming year and a significant increase in global E&P investment will be required to minimize the impending deficit.

“We remain optimistic about the outlook for sustainable activity growth in our global business over the course of 2018 and into 2019. This is driven by higher customer activity and our ability to capture a major share of the emerging opportunities as performance-based contracts and integrated projects continue to gain traction as the preferred business models for many of our customers. Recent contract awards, which include the major lump-sum turnkey (LSTK) contracts in Saudi Arabia, additional wins elsewhere in the Middle East and Latin America, and new projects in the US Delaware Basin, are examples of this market trend. Our increased R&E focus in recent years on systems innovation and design is now enabling us to create additional value for both our customers and Schlumberger on these projects. This is achieved by integrating a new generation of purpose-built hardware and software with our deep domain expertise and the latest advances in digital technologies.

“Therefore, we are excited about the outlook for Schlumberger. We are ready and primed to deliver superior growth, financial returns, and free cash flow in the coming years by building on the broadest technology offering and expertise in the industry, our unmatched scale and operational efficiency, strong capital discipline, and a clear desire to provide industry-leading cash returns to our shareholders.”

Other Events

During the quarter, Schlumberger repurchased 1.4 million shares of its common stock at an average price of $69.79 per share, for a total purchase price of $97 million.

On February 23, 2018, Schlumberger and Subsea 7 S.A. announced that they entered into exclusive negotiations to form a joint venture that builds on the success of Subsea Integration Alliance, which was established in 2015. The joint venture will be owned 50% by Subsea 7 and 50% by Schlumberger.

On April 18, 2018, the Company’s Board of Directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on July 13, 2018 to stockholders of record on June 6, 2018.

Consolidated Revenue by Area

First-quarter revenue of $7.8 billion decreased 4% sequentially with North America revenue increasing 1% while International revenue decreased 7% as a result of seasonality.

North America

North America Area revenue increased 1% sequentially as increased land activity was partially offset by lower offshore revenue due to reduced WesternGeco multiclient license sales following the usual, but muted, year-end sales. North America land revenue excluding Cameron grew 4% sequentially in line with total US land rig count growth. Growth was driven by the ramp-up of activity in Canada and higher Drilling Group activity in North America land due to continued high demand for rotary steerable systems in drilling longer lateral sections of shale oil wells in the US. In OneStim^SM we continued to add hydraulic fracturing fleets, but less than planned due to market over capacity that led to lower utilization, inefficiencies, and softer pricing. Widespread disruptions in rail deliveries of sand also impacted activity. Cameron Group revenue was seasonally lower sequentially following the year-end product sales of Surface Systems and Valves & Measurement.

International

Revenue in the Latin America Area decreased 16% sequentially from lower SPM project revenue in Ecuador on project delays and decreased Production Group activity in Argentina due to a lower hydraulic fracturing stage count. Activity decreased in Brazil despite the start up of new offshore projects, and activity in Venezuela continued to decline. Revenue in the Mexico & Central America GeoMarket was slightly higher from increased onshore workover activity although the start of new Integrated Drilling Services (IDS) projects was delayed. Seasonally lower Cameron Group revenue also contributed to the decrease.

Europe/CIS/Africa Area revenue decreased 6% sequentially primarily due to the seasonal activity reduction in Russia and the Caspian Sea region that impacted all product lines. The UK & Continental Europe GeoMarket also experienced lower activity that was accentuated by delays from both weather and customer drilling plans as well as reduced Software Integrated Solutions (SIS) software sales. Revenue in the Sub-Saharan Africa GeoMarket was slightly lower sequentially on integrated project startups late in the quarter in Gabon, Nigeria, and Ghana as activities were largely concentrated on project planning and equipment mobilization. The North Africa GeoMarket was also slightly lower sequentially due to weaker product sales, although this effect was partially offset by new onshore project startups in Libya and Chad. The decline in the Area’s revenue was partially offset by higher Cameron Group revenue in the Russia & Central Asia GeoMarket.

Middle East & Asia Area revenue decreased 4% sequentially driven by pricing pressure and lower drilling and hydraulic fracturing activity on land in the Middle East. Revenue in the Far East & Australia GeoMarket was lower due to reduced SIS software sales while well construction project activity declined. South East Asia GeoMarket revenue decreased from fewer WesternGeco multiclient seismic license sales. Cameron Group revenue was slightly lower sequentially with growth in Asia offset by seasonally lower revenue in the Middle East. These declines were partially offset by higher revenue on a long-term surface facility project in the Middle East.

Reservoir Characterization Group

Reservoir Characterization Group revenue of $1.6 billion, of which 77% came from the international markets, decreased 5% sequentially. This was driven by the effects of a seasonal decline in Wireline activity in Russia and reduced WesternGeco multiclient license sales in the US Gulf of Mexico, Asia, and Australia. Lower SIS software sales also contributed to the revenue decline. This decline was partially offset by higher Testing Services activity in Brazil, Qatar, and Egypt and higher revenue on a long-term surface facility project in the Middle East.

Group pretax operating margin of 20% was 224 bps lower sequentially due to seasonally lower high-margin Wireline activity in Russia and decreased sales of SIS software.

The Reservoir Characterization Group benefited from Integrated Services Management (ISM) operations, contract awards, and the application of integrated software and domain knowledge to strengthen operational performance.

Offshore Newfoundland, ISM provided services related to the drilling and completions on the Hebron platform that started up in November.

In West Africa, Petro Kouilou—a subsidiary of Anglo African Oil & Gas PLC in the Republic of Congo—awarded Schlumberger an ISM contract to provide drilling support services for a well in the Tilapia field in the lower Congo Basin. Petro Kouilou owns a 56% stake in the Tilapia field and expects drilling operations to commence in June 2018. Schlumberger services include mud logging, wireline, cementing, drilling, drillstem testing, and tubing-conveyed perforating.

The DELFI* cognitive E&P environment enables collaboration across E&P teams and leverages the full potential of all available data and science to optimize E&P assets. The DrillPlan* digital well construction planning solution is the first step in the DELFI environment, and can deliver a well planning program in days rather than weeks. Recent awards for the DELFI environment and operational results using the DrillPlan solution include:

• Cantium LLC awarded Schlumberger a five-year SIS contract for the Bay Marchand and Main Pass fields in the US Gulf of Mexico. The software as a service (SaaS) contract is for the provision of the DELFI cognitive E&P environment.

• Petro-Hunt trialed the DrillPlan solution on its wells in the Williston Basin and decreased well plan development time by more than 50%.

• PRI Operating LLC used the DrillPlan solution in West Texas to reduce the drilling planning time for seven horizontal wells in the Delaware Basin. The DrillPlan solution helped to plan the first well in four days and six subsequent wells were planned in a little more than one day each, which saved the customer 18 days of planning time.

In Egypt, Well Services used Kinetix Shale* reservoir-centric stimulation-to-production software for Kuwait Petroleum Corporation to help increase production by 500% in a horizontal well in the Apollonia JD gas field as compared with offset vertical wells. This carbonate reservoir is primarily comprised of high-porosity soft chalk and low-permeability limestone that requires multiple hydraulic fracturing stages. The Kinetix Shale software enabled a seamless and comprehensive seismic-to-simulation workflow for the multilevel optimization of this unconventional reservoir.

Also in Egypt, Schlumberger and TGS-NOPEC Geophysical Company announced a new project in the Egyptian Red Sea that will comprise acquisition of a 10,000-km 2D long-offset broadband multiclient seismic survey using a third-party vessel. The project is part of an agreement with South Valley Egyptian Petroleum Holding Company (GANOPE) in which Schlumberger and TGS have a minimum 15-year period of exclusive multiclient rights in an approximately 70,000-km2 open area offshore the Egyptian Red Sea.

Karachaganak Petroleum Operating BV—a consortium of ENI, Shell, Chevron, LUKOIL, and KazMunaiGaz—awarded a three-year contract with two optional one-year extensions to SLS Oil LLP, a joint venture between Schlumberger and Smart Oil LLP (a Kazakh oil service company) for the provision of advanced slickline services in Kazakhstan. Operations are expected to begin in the second quarter of 2018.

Drilling Group

Drilling Group revenue of $2.1 billion, of which 71% came from the international markets, decreased 2% sequentially as strong directional drilling activity on land in North America was more than offset by seasonally lower drilling activity in the International Areas that mostly impacted M-I SWACO operations. The improved revenue in North America resulted from the increased uptake of Drilling & Measurements products and services both offshore and, in particular, on land. This is due to the continued high demand for the rotary steerable systems required to drill longer laterals in shale oil wells and the ramp up of winter drilling activity in Western Canada. Decreased revenue in the International Areas was due to the seasonal drop in rig-related activity in the Northern Hemisphere, weather-related project delays in the North Sea, completion of IDS projects in the UK & Continental Europe and Far East & Australia GeoMarkets, and a continued decline in drilling activity in Venezuela. The weaker international activity was, however, partially offset by stronger IDS project activity in Kuwait and Iraq.

Group pretax operating margin of 14% declined 85 bps sequentially as continued pricing momentum from the increased uptake of Drilling & Measurements and Bits & Drilling Tools technologies in the US was more than offset by the pricing pressure and seasonally lower activity in the international markets.

Drilling Group performance in the first quarter was underpinned by integrated services contract awards, IDS operational efficiencies, and a broad range of drill bit technologies that helped lower cost per barrel.

In Russia, Schlumberger was one of the key service providers that worked with the Sakhalin-1 Consortium to drill the world’s longest extended-reach well of 15,000 m from the Orlan platform at Chayvo field in the Sea of Okhotsk. The technically challenging environment required two years of collaborative planning between the Sakhalin-1 Consortium and the integrated Schlumberger team to optimize the drilling plan and integrate other critical services and product lines through the Sakhalin-based Extended-Reach Drilling Center of Excellence.

Saudi Aramco has awarded Schlumberger a three-year LSTK drilling contract to provide rigs and well construction services for 70 onshore oil wells in different fields. The contract has an optional two-year extension period, with operations expected to begin in the second quarter of 2018.

In Denmark, Mærsk Olie og Gas, a Total company, awarded Schlumberger a seven-year contract with three one-year extension options valued at $140 million for the provision of production chemicals, chemical management services, and tank management. The scope of work includes standard chemistry and the design of custom solutions for the North Sea, including laboratory analysis, product testing, qualification, and implementation. This award follows a similar contract that spanned from 2012 to 2018.

In North America, Shell awarded Schlumberger a three-year contract for the provision of drilling fluids, specialized tools, and filtration services for eight wells in the US Gulf of Mexico for the Vito development project. Technologies include M-I SWACO DIPRO* high-density divalent reservoir drill-in fluid, BREAKDOWN HD* high-density filtercake breaker system, and the Torrential* high-flow filtration unit.

In the Norwegian sector of the North Sea, IDS helped Aker BP save $12 million compared with the authorization for expenditure (AFE) for a challenging well section in the Tambar field. The IDS team worked closely with the customer to reduce drilling time by 14 days compared with AFE. The well was drilled to a total depth of 4,360 m in approximately seven days in a single bit run compared with 37 days for nine bit runs in neighboring wells. The technologies deployed included the OptiWell* well construction performance service, PowerDrive Orbit* rotary steerable system, AxeBlade* ridged diamond element bit, and RheGuard* low-ECD invert-emulsion fluid system.

In Kuwait, Kuwait Oil Company added a third rig to an existing IDS contract that extends through 2019 for the supply of integrated well construction services in the Sabriyah and Raudhatain fields. To date, the project has drilled 24 wells. IDS introduced several technologies, including the PowerDrive* rotary steerable systems family as well as drillbit technologies such as the StingBlade* conical diamond element and AxeBlade ridged diamond element bits.

ln Norway, IDS and Wintershall Norge increased meterage drilled per day by 225% over a five-well campaign in the Brage field, delivering each well ahead of schedule and under budget. Prior to the new drilling campaign, operational well construction challenges commonly experienced in this late-life field led to a one-year halt in drilling operations. During the drilling halt, IDS collaborated with Wintershall Norge to develop a lean-well approach under an incentive-based contract. Due to this success, the lifetime of the field has been extended.

BW Offshore awarded Schlumberger several well construction services contracts along with an award to Borr Drilling for the rig contract on a project in Gabon. The Schlumberger contracts include measurement- and logging-while-drilling, drilling fluids and solids control, cementing, wireline logging, mud logging, drilling bits and reamers, contingency fishing equipment and services, well completions, and sand management services. Drilling started late January 2018 and the first well has been completed. A Schlumberger integrated project manager is coordinating multiple Schlumberger product lines under the supervision of the BW Offshore drilling and operations team. The combination of Schlumberger services with the Borr Drilling rig offering is the next step in delivering safe, reliable, and efficient drilling operations.

Offshore Brazil, Bits & Drilling Tools deployed Stinger* conical diamond element technology to help Petrobras decrease drilling time by more than five days in the Búzios field. This presalt play in the deepwater Santos Basin comprises hard carbonates and layers of low porosity sediments that pose drilling challenges. Stinger element technology enabled Petrobras to achieve the longest well section drilled in a single run, 634 m, and at the lowest cost per meter in the Búzios field.

Production Group

Production Group revenue of $3.0 billion, of which 49% came from the international markets, decreased 4% sequentially. Most of the decline was in the international markets due to the seasonal drop in activity in Russia and lower hydraulic fracturing stage counts in Argentina and Saudi Arabia. Sequentially, Production Group revenue in North America was marginally higher. OneStim performance was impacted by transient headwinds in the hydraulic fracturing market, which included modest increases in customer completions activity, resulting in subdued sequential stage count growth. The industry-wide hydraulic fracturing capacity additions combined with the disruptions to industry sand rail deliveries led to lower utilization and inefficiency as well as softer pricing. Overall, SPM revenue was slightly higher sequentially.

Group pretax operating margin of 7% decreased 291 bps sequentially due to the previously mentioned transient headwinds that impacted the hydraulic fracturing market in North America. Despite industry-wide sand rail delivery disruptions, we successfully ensured sufficient sand supply, strong service quality, and overall business continuity across our customer base, although this led to additional costs that impacted the Group’s operating margin.

The Production Group benefited from Integrated Production Services (IPS) contract awards as well as the deployment of stimulation and artificial lift technologies.

In India, Vedanta Resources—whose oil and gas operations in India are managed by Cairn Oil & Gas—awarded Schlumberger an IPS contract valued at $214 million for two of its fields in the onshore RJ-ON-90/1 Block. The contract award comprises integrated development of 42 wells in the Raageshwari deep gas field and 39 wells in the Aishwariya oil field with technologies from multiple product lines.

In Russia, Well Services used BroadBand Sequence* fracturing service for Slavneft-Megionneftegaz to refracture a multistage horizontal well in a conventional sandstone oil reservoir in the Tailakovskoye field, increasing production by 180%. The BroadBand Sequence service sequentially isolated the openhole section of the wellbore to ensure every cluster in each zone was fractured and contributed to the well’s production potential.

In North America land, Schlumberger deployed BroadBand Sequence fracturing and WellWatcher Stim* stimulation monitoring services in a high-pressure, high-temperature well for BP to improve contact with the reservoir. The BroadBand Sequence service overcame the challenge of a casing patch that limited plug and perforation methods. These services enabled the stimulation of an additional 3,000-ft lateral well section below the casing patch, and the WellWatcher Stim service confirmed that the corresponding perforation clusters were effectively treated.

In the Russian sector of the Caspian Sea, Well Services used OpenPath Reach* extended-contact stimulation service for LUKOIL-Nizhnevolzhskneft to increase the injectivity index in two horizontal wells in the Korchagina field by an average of 300% compared with previous production levels. The horizontal sections of the wells pass through conventional sandstone and carbonate formations, posing stimulation and permeability challenges. The VDA* viscoelastic diverting fluid diverted the treatment fluid into lower injectivity carbonate zones, maximizing reservoir contact and optimizing stimulation of both wells.

In the Permian Basin, an integrated team of petrotechnical experts performed a completions optimization study in the San Andres formation for Mack Energy Corporation. A combination of technologies was used to optimize a completion in a well that led to a 412% increase in baseline production compared with the first year, as well as a 250% increase over the average production in the basin. Data acquired from CMR-Plus* combinable magnetic resonance tool, a Sonic Scanner* acoustic scanning platform, and an FMI* fullbore formation microimager were incorporated into building a 3D basin model. Kinetix Shale reservoir-centric stimulation-to-production software and the INTERSECT* reservoir simulator were used to optimize the fracturing treatment design and production uplift. ThruBit* through-the-bit logging services measurements in the lateral were incorporated for optimum placement of perforations to ensure cluster efficiency.

In North Dakota, Artificial Lift Solutions used a combination of technologies in a Bakken Shale well to save equipment replacement and workover costs. The well’s initial high production rate had declined and was operating in a harsh environment due to abrasion from proppant flowback. The customer needed to draw down the well with a single electric submersible pump (ESP) before switching to low-flow artificial lift. Installing the REDA Maximus* ESP system equipped with Continuum* unconventional extended-life ESP stage technology increased pump life to more than double the average for the field and avoided deferring oil production.

In Kuwait, Well Services used AllSeal* water and gas conformance service for Kuwait Oil Company to increase oil production in a well by 900 bbl/d in the Khashman field. This well was originally producing at 96% water cut, and the initial solution was to remove the pump, isolate the water zone, and perforate a new interval, which would require a workover rig on location. Instead, the AllSeal service injected particulate gel into the water zone to isolate it, thus saving operating costs by eliminating the need for a rig. When the new interval had been perforated, water cut decreased by 90% and oil production increased by 300%.

Cameron Group

Cameron Group revenue of $1.3 billion, of which 56% came from international markets, fell 7% sequentially primarily due to seasonally lower project volumes and reduced product sales. OneSubsea revenue was lower on declining project backlog. The other Cameron product lines—Drilling Systems, Surface Systems, and Valves & Measurement—posted sequential revenue declines on seasonality. By geography, Russia and Asia revenue grew sequentially, but this was more than offset by seasonally lower revenue in North America, the Middle East, and Latin America.

Group pretax operating margin of 13% decreased 169 bps sequentially, largely due to the declining project backlog in OneSubsea.

Cameron Group performance in the first quarter benefited from contract awards for OneSubsea integrated capital-efficient solutions and managed pressure drilling (MPD) systems.

Noble Energy awarded Schlumberger an engineering and supply contract for a 2,000-ton single-lift process module to be installed on the Leviathan platform in the Eastern Mediterranean. Contract scope includes pretreatment, salt removal, and regeneration of monoethylene glycol. The PUREMEG* reclamation and regeneration system is part of the OneSubsea integrated capital-efficient solution offering. This follows the Noble Energy contract award to OneSubsea in 2017 for the supply of 10,000-psi horizontal production trees, tree-mounted controls, off-tree controls, and topside controls for the same project.

The Cameron Group received a purchase order valued at $6.7 million from Seadrill Limited for an integrated riser joint for its third MPD system delivered by Schlumberger. An integrated riser joint enables effective riser gas handling and MPD operations in a modular, flexible design, providing real-time operational adaptability.

In the US Gulf of Mexico, OneSubsea and its Subsea Services Alliance member, Helix Energy Solutions, completed the first operation of the jointly developed 15,000-psi intervention riser system for a major international E&P company. This uses a unique business model, the first of its kind available on a rental basis, which is saving the customer up-front capex as well as lifetime maintenance and storage operating costs. The system, whose construction was launched mid-2015, addresses the growing intervention needs of high-pressure subsea wells.

Financial Tables

Condensed Consolidated Statement of Income

Condensed Consolidated Balance Sheet

Liquidity

Charges & Credits

In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this first-quarter 2018 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). Net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; Schlumberger net income, excluding charges & credits; and effective tax rate, excluding charges & credits) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures enables it to evaluate more effectively Schlumberger’s operations period over period and to identify operating trends that could otherwise be masked by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures.

Product Groups

Supplemental Information

About Schlumberger

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Schlumberger Limited has principal offices in Paris, Houston, London, and The Hague, and reported revenues of $30.44 billion in 2017. For more information, visit www.slb.com.

*Mark of Schlumberger or Schlumberger companies.

Notes

Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, April 20, 2018. The call is scheduled to begin at 8:30 a.m. US Eastern Time. To access the call, which is open to the public, please contact the conference call operator at +1 (800) 288-8967 within North America, or +1 (612) 333-4911 outside North America, approximately 10 minutes prior to the call’s scheduled start time. Ask for the “Schlumberger Earnings Conference Call.” At the conclusion of the conference call, an audio replay will be available until May 20, 2018 by dialing +1 (800) 475-6701 within North America, or +1 (320) 365-3844 outside North America, and providing the access code 444396.

The conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. A replay of the webcast will also be available at the same web site until May 31, 2018.

This first-quarter 2018 earnings release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology, including our transformation program; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger’s customers; the effects of U.S. tax reform; our effective tax rate; the success of Schlumberger’s SPM projects, joint ventures and alliances; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, global economic conditions; changes in exploration and production spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and development; general economic, political and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; operational modifications, delays or cancellations; production declines; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; the inability to retain key employees; and other risks and uncertainties detailed in this first-quarter 2018 earnings release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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Mr. Akshay Mehrotra, Co-Founder & CEO, EarlySalary and Amit Gainda, CEO, Avanse Financial Services

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Noted UAE-based businessman and philanthropist, Dr.Bavaguthu Raghuram Shetty announced the creation of “Finablr”, a new holding company which, subject to regulatory approvals, will consolidate his global portfolio of financial services brands under one single umbrella. Incorporated in the UK, Finablr will provide strategic direction and oversight for the category-leading brands across its network.

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Finablr Leadership Team (L-R): Binay Shetty (Executive Director, Finablr), Dr. B.R. Shetty (Founder and Chairman, Finablr) and Promoth Manghat (Executive Director, Finablr) (Photo: AETOSWire)

Finablr also seeks to drive financial enablement and empowerment by accelerating customer-focused technology innovation through R&D efforts, industry ecosystem engagements, investments and potential acquisitions. As a diversified network, Finablr will combine the cumulative industry expertise of its trusted network brands including UAE Exchange, Travelex, Xpress Money etc. to deliver innovative-technology-driven and market-leading experiences. As a platform of complementary capabilities, the Finablr network will facilitate seamless and connected experiences for individuals and enterprises.

With over four decades of industry experience, 18,000+ employees, and handling more than 150 Million customer transactions annually, the Finablr network brands boast an impressive global footprint. Collectively touching over a billion lives through its retail stores, agents and digital channels, the Finablr network brands have a direct presence in 45 countries and a network reach across 165 countries. Technology innovation and integration into the new economy is key to Finablr’s growth strategy.

Commenting on the announcement, Finablr Founder and Chairman, Dr. B.R. Shetty, said: “Finablr is driven by our desire to lead the evolution of the financial services industry to meet the customer demands of tomorrow. Our strength comes from over four decades of trust that we have built with our customers through a track record of innovation and excellence in service. Through investment in research and technology, we will bring forth game-changing products and services across our portfolio of brands, to ensure we maintain our competitive edge. We are inspired by our customers and Finablr will focus on creating an engaged customer community.”

Binay Shetty, Executive Director at Finablr, explained:“Finablr will bring together the strengths across its network brands and investments in digital technologies to build scalable, cost-efficient customer propositions to enable and empower them. We see Finablr as an innovation platform that converges the strengths and capabilities of our network companies and a range of ecosystem partners.In effect, we are bringing together leading-edge capabilities across people, processes and technology.”

In its efforts to embrace new technologies that transform the way customers and businesses engage, Finablr is setting up Innovation Hubs (i-Hubs) across its global network. i-Hubs will identify disruptive trends in the industry and implement innovations that deliver enhanced business benefits to its network of brands. Through its investment arm, Finablr will seek to acquire capabilities that complement its portfolio through inorganic pursuits. The Finablr investment arm will continue the inorganic pursuits on behalf of its network brands, including strategic investments and acquisitions plans (of USD 250-300 Million) announced by UAE Exchange.

Promoth Manghat, Executive Director at Finablr, added: “As a network of category-leading and trusted brands, Finablr is uniquely positioned to lead the future of financial services for a seamless world. Keeping the innovation agenda squarely in sight, we have started our journey by collaborating with strategic partners and globally-renowned industry accelerator programmes. The formation of i-Hubs builds upon our early investments in technology and accelerates our pace in delivering cutting-edge solutions. Moreover, on the investment front, we are constantly on the lookout for the right opportunities that help further our innovation efforts be it on the industry capability or the technology side.”

Finablr has also announced the intent to rebrand the non-UAE operations of UAE Exchange as “Unimoni. Short for “Universal Money”, Unimoni will offer a broad spectrum of financial services and will build on the brand equity and legacy of UAE Exchange.

*Source: AETOSWire

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• Gross Revenue was Rs 544.9 billion ($8.4 billion¹), a decline of 1.0% YoY.
• IT Services Segment Revenue was $8,060.2 million, an increase of 4.6% YoY.
• Non-GAAP constant currency IT Services Segment Revenue grew 2.9% YoY.
• IT Services Segment Revenue in Rupee terms remained flat at Rs 528.4 billion ($8.1 billion¹).
• IT Services Margin was 15.8%. Excluding the impact of insolvency of two customers and the impairment loss in one of our acquisitions, IT Services Margin for the year was 16.8%*.
• Net Income³ was Rs 80.1 billion ($1.2 billion¹), a decrease of 5.7% YoY.

• Gross Revenue was Rs 137.7 billion ($2.1 billion¹), an increase of 0.7% sequentially.
• IT Services Segment Revenue in dollar terms was $2,062.0 million, up 2.4% sequentially and 5.5% YoY.
• Non-GAAP constant currency IT Services Segment Revenue grew 1.1% sequentially and 2.5% YoY.
• IT Services Segment Revenue in Rupee terms at Rs 134.1 billion ($2.1 billion¹), an increase of 1.3% sequentially.
• IT Services Margin for the quarter was 14.4%. Excluding the impact of insolvency of a customer and the impairment loss in one of our acquisitions, IT Services Margin for the quarter was 16.0%*.
• Net Income³ for the quarter was Rs 18.0 billion ($277 million¹).

• A large US-based healthcare company has selected Wipro to support the consolidation and standardization of its CRM processes;
• Wipro was selected by a social purpose-driven software company to standardize the user experience of their organization and its sub-brands on a cloud platform;
• A global financial services firm has selected Wipro to upgrade its existing CRM solution; and
• An international non-profit organization has chosen Wipro to transform its financial accounting processes.

• IT Products Segment Revenue for the quarter ended March 31, 2018 was Rs 4.2 billion ($64 million¹).
• IT Products Segment Revenue for the year ended March 31, 2018 was Rs 18.0 billion ($276 million¹).
• IT Products Margin for the year was 2.0%.

Quarterly Conference Call
 

About Wipro Limited 
 

Forward-looking statements

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 65.11, as published by the Federal Reserve Board of Governors on March 31, 2018. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2018 was US$1= Rs 65.04
2. Segment Profit refers to Segment Results Total.
3. Net Income refers to ‘Profit for the period attributable to equity holders of the Company.
4. * For the year, we recognized provisions totaling Rs 5,255 million ($81 million¹) with respect to insolvency of two customers and the impairment loss in one of our acquisitions. For the quarter, we recognized provisions totaling Rs 2,080 million ($32 million¹) with respect to insolvency of a customer and the impairment loss in one of our acquisitions.

FII Tech Growth, a fund managed by Fondo Italiano d’Investimento SGR, announces its second investment in SECO SpA, one of the European leaders in the embedded electronics market.

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(Photo: SECO)

SECO, headquartered in Arezzo, Tuscany, with subsidiaries in the U.S.A., Germany and Taiwan, was founded in 1979 by entrepreneurs Daniele Conti and Luciano Secciani. The company designs and manufactures micro-computers and integrated systems for industrial applications. With more than 250 employees, SECO supports customers with a worldwide presence such as Cimbali, Esaote, Technogym and Vimar, and generated revenue in excess of Euro 50 million in 2017.

The ability to offer innovative solutions by using cutting-edge technologies has allowed SECO to grow steadily over time. The company developed a network of collaborations with universities and research centres La Sapienza, the National University of Singapore, Politecnico di Milano, University of San Diego, INFN, ESIEE Paris, Politecnico di Torino, CERN, Carnegie Mellon University and Barcelona Supercomputing Centre.

In 2013, SECO launched UDOO, an open source single board micro-computer designed for several markets: education, the world of Makers and Internet of Things. Today, UDOO has a worldwide community of more than 100.000 developers that use it on a regular basis constantly update its platform and development tools.

The transaction is a capital increase of Euro 10 million entirely provided by FII Tech Growth, which will be used to accelerate the company international expansion and to support the M&A strategy. Massimo Mauri, former Executive Vice President of listed Eurotech, who has worked on the transaction on behalf of the company and its shareholders, will join the group’s Board of Directors with an executive role to support the company’s growth.

SECO
SECO is one of the European leaders in the high value embedded electronics market. Since 1979 the company designs and manufactures single board micro-computers and integrated "ready to use" systems. SECO’s products have applications in numerous sectors, ranging from industrial automation to the field of medicine, wellness, automotive, transport, telecommunications and infotainment.

The company is also one of the founders of the international micro-computer standard Qseven®. Its technology partners are the most advanced high-tech companies in the world such as Intel®, Microsoft®, Google®, AMD®, NXP®, NVIDIA® and Qualcomm®.

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• Odisha becomes the first State in the country to achieve this distinction
• Over 2500 Primary Agriculture Credit Societies digitally linked to District Co-operative Central Banks through VSoft’s Core Banking Platform

Munich Re Automation Solutions Ltd. has announced that its long-established client, VitalityLife, has been recognized in Celent’s 2018 Model Insurer awards for its exemplary work in re-writing the rules of underwriting to achieve operational excellence.

VitalityLife was rewarded for its novel use of technology in its Vitality Nurse initiative, reducing the time needed to fix underwriting terms for a life cover application from an average of 14 working days to as little as two hours. This initiative deploys a new team of Vitality nurses, equipped with the powerful third party data processor ALLFINANZ Evidence Analyzer from Munich Re. The nurse visits the client at home, carries out the blood test and enters their medical screening results directly into the ALLFINANZ Evidence Analyzer on their iPad, producing an immediate underwriting result.

“We’re well known for our innovative products which are rooted in a culture of creativity and a desire to do what’s best for society” said Deepak Jobanputra, Deputy CEO, VitalityLife. “We look to collaborate with organisations like Munich Re that have the ability to think differently and bring ideas to life, helping us to continually engage with our members and develop a loyal customer base.”

"VitalityLife is an organisation that wants to stand out, and is not afraid to do things differently” says Paul Donnelly, Executive Vice President EMEA at Munich Re. “The team at VitalityLife has shown drive, tenacity and leadership to bring this initiative to fruition, I wholeheartedly congratulate them on receiving such well-deserved international recognition. It is a fitting reward for their hard work and innovation.”

Celent is a global research and advisory firm for the financial services industry.The Model Insurer Awards recognise the best practices of technology usage in areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. This year, Celent received a record number of nominations from all over the world. Around a hundred companies with headquarters in 29 countries submitted a total of 132 nominations.

“The Model Insurer Awards recognize how insurers are harnessing technology to change the face of insurance.” says Nicholas Michellod, Senior Analyst at Celent “Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.”

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Members of the Private Office of H.H. Sheikh Ahmad Bin Obaid Al Maktoum L.L.C., AL KASIR JEWELLERY TRADING L.L.C. and AL KASIR PORTAL L.L.C. announced the launch of Diamond Trading on Blockchain with three Diamond-backed Blockchain-Assets. These Assets are stored in highly secure Digital Blockchain Wallets.

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Dr. Amit Lakhanpal, Founder and CEO of Money Trade Coin Group and Mohammed Al Jariri, Director of Companies, Private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum along with other dignitaries (Photo: AETOSWire)

The launch event, held April 15, 2018 at Burj Al Arab, was witnessed by the managements of the Private Office and Al Kasir Group. The guests included Shehab Bin Nouri, Walid Bin Nouri and Mohammed Aljariri. India's leading economist Dr Sharad Koli and 40 other VIPs. Over 140 members of the Press from across the globe were also present.

Al Kasir Group is a joint venture between Dr. Amit Lakhanpal and Private Office of H.H. Sheikh Ahmad Bin Obaid Al Maktoum.

Dr. Lakhanpal is an Indian entrepreneur, Founder and CEO of the Money Trade Coin Group, cointradingplatform.com, Estonia's leading cryptocurrency exchange and wallet service provider and author of "The World of Crypto Currency". He is also the CMD of Flintstone Group, a real estate development agency, and FlintBeats, an event agency.

For the first time, a set of three Blockchain-Assets, backed by Indian Diamond & Gemological Institute (IDGI) certified real Diamonds were introduced. Backed by a real-world asset, AL MAS, AL HAQEEK & AL FALAH are secure, convenient and easier to store and translate value due to a base measure around which their value revolves. This asset-backed feature differentiates Blockchain-Assets from Cryptocurrencies.

Diamonds are an ideal backing for Blockchain-Assets. They are rare, take a billion years to develop, have several millennia of history as a recognized store of value and can be easily stored and transported.

The Blockchain-Assets can be exchanged on the Company In-House Exchange at a later stage with the flexibility of interchangeability of assets and barter-exchange against diamonds, gemstones, oud, bakhoor and attar. The company is offering storage facility for Blockchain-Assets for a minimum period of 25 years.

The Blockchain-Assets will be available for purchase across the counter as the company aims to open 1,000 stores across the world.

The company announced the Pre-Initial Blockchain-Asset Offering commencement, during which these asset Units can be purchased on the company’s online portal.

Inter-Exchange of the Assets will commence tentatively between August 21-24, 2018.

For more photographs: https://alkasirportal.com/gallery/

*Source: AETOSWire

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Gemalto, the world leader in digital security, announced that its Trusted Service Hub (TSH) is enabling the secure digitization of Octopus contactless smart cards into Samsung Pay. Named Smart Octopus in Samsung Pay, this new mobile payment service allows consumers to securely pay and travel by simply tapping their designated Samsung smartphones against an Octopus acceptance reader for payment or even door access.

Smart Octopus in Samsung Pay leverages Gemalto’s TSH to securely digitize Octopus cards into Samsung Pay, including the transfer of the balance and any associated loyalty programs. Consumers can also easily register their credit card details onto Samsung Pay, providing one more option to top up their digital Octopus cards when necessary.

The Octopus card is a contactless stored value smart card commonly used to pay for public transport and purchases at more than 80,000 touch-points in Hong Kong, including retail outlets, online shopping, recreational facilities, vending machines, and self-service kiosks. There are currently more than 34.5 million active Octopus cards and O! ePay accounts, which make more than 14.5 million transaction counts amounting to over HK$200 million daily.

“We are pleased to work with Gemalto again, given the trusted and success of our previous partnerships, and their sound understanding of the nature of our business,” said Mr Sunny Cheung, Chief Executive Officer of Octopus Holdings Limited. “This partnership has enabled us to be among the first contactless smart card payment system operator in the world to bring great convenience to consumers by allowing them to pay via their smartphones. We believe this service will resonate well with consumers seeking a payment method that is hassle-free and safe to use, providing them with more payment methods to choose from.”

“Smart Octopus in Samsung Pay delivers a convenient yet secure payment option for consumers in Hong Kong, and help the city realize its vision of transforming into a cashless society.” said Michael Au, senior vice president Banking and Payment in Asia for Gemalto, “Given its robustness, the TSH is already in use by various organizations such as banks and retailers wanting to offer secure mobile payment solutions to their customers. We hope that the success of Smart Octopus in Samsung Pay will spur other global operators to roll out mobile payment offerings that are easy to use and do not compromise on security.”

Smart Octopus in Samsung Pay is currently compatible with Samsung Galaxy Note8, S8+, S8, S9, S9+, A8+ and C Pro series including C5 Pro, C7 Pro and C9 Pro models.

About Gemalto

Gemalto (Euronext NL0000400653 GTO) 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 114 offices, 40 personalization and data centers, and 35 research and software development centers located in 47 countries.

For more information visit www.gemalto.com, or follow @gemalto on Twitter.

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Vistra, one of the world’s leading providers of international incorporations, trust, fiduciary, private office and fund administration services, today announced it has entered an agreement to acquire Radius, a specialist US-based provider of international expansion services. Vistra is acquiring Radius from the private equity firm Hg.

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Martin Crawford, Chief Executive Officer of Vistra (Photo: Business Wire)

The transaction doubles Vistra’s International Expansion Services (IES) business, making it a market leader in IES services, including the number one market position in the USA. Vistra’s IES business helps clients navigate expansion into new markets, including establishing offices, obtaining the necessary licensing to operate in foreign markets and ongoing services, such as compliance and payroll.

Radius, headquartered in Boston with offices across the United States and in the United Kingdom, India, China, Singapore, Brazil and the Netherlands, provides managed services, advisory services and OverseasConnect, its integrated cloud-based software platform, to more than 500 clients operating in 80 countries. The firm has 880 employees globally. Radius is led by CEO Stephen M. Chipman, who will become the Group Managing Director of Vistra’s IES business.

Following the acquisition, Vistra will have a global IES team of 1,300 employees and a support network of over 3,300 staff, operating in over 70 offices and 40 jurisdictions.

Stephen Chipman, CEO of Radius, said: “The combination of Vistra and Radius creates a leading global provider of quality international expansion services. Vistra is the ideal partner for Radius given our values and culture align so closely. We are excited about the future opportunities for our clients and employees.”

Martin Crawford, CEO of Vistra, said: “The Radius team has developed a highly successful global business, which is a natural fit with Vistra’s IES operations. Joining forces means our clients will have the highest quality people, technology and processes to help them grow with confidence when they are expanding internationally. We are delighted to welcome Stephen and his team to the Vistra family.”

Radius will be rebranded under the Vistra brand following completion of the transaction.

About Radius

Radius helps companies expand and win globally. Clients from startups to larger multinationals take advantage of Radius’ international accounting, finance, banking, tax, HR, legal and compliance support to simplify their core operations, reduce their risk exposure and improve the management and control of their overseas businesses. For more information, please visit www.radiusworldwide.com.

About Vistra

Ranked in the top four corporate service providers globally, Vistra is a versatile group of professionals, providing a uniquely broad range of services and solutions. Our capabilities span across company formations to trust, fiduciary, private client services, and fund administration. Vistra employs over 3,300 employees across over 40 jurisdictions. For more information, please visit www.vistra.com.

Annex: Biographies

Martin Crawford, Chief Executive Officer of Vistra, joined the OIL Group as CEO in 2009, and led the successful merger of OIL with Vistra in 2011. As the CEO, Martin leads the firm towards its aspiration to become the ‘best in breed’ among the global players in terms of client opinion and as a place to work. He is involved in managing the financial performance of the Group, the interactions with our majority shareholder and the setting and execution of the Group’s strategy, with a specific focus on building relationships with strategic clients and M&A projects.

Stephen Chipman, Chief Executive Officer of Radius, is a recognized global leader and experienced CEO with a lifelong passion for international business and successful global growth. Before joining Radius, Stephen capped his 34-year career with Grant Thornton as CEO in the U.S. where he led the $1.5 billion firm through the post financial crisis period, returning it to growth with double-digit increases in revenue and profitability. Prior to this role, Stephen was CEO of Grant Thornton in China where he headed the restructuring of start-up operations to create a national firm with more than 2,500 people in 17 offices. A U.S. and British citizen, Stephen is a certified public accountant in Illinois and Texas as well as a chartered accountant in England and Wales.

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Ripple, the enterprise blockchain solution for global payments, is announcing that five new customers across Europe and Asia - FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia) - will use xVia to power frictionless payments over RippleNet.

Requiring just one standard integration, xVia is an API solution enabling payment originators - those sending a payment on behalf of a customer, but not actually processing and paying it out - to access and reap the benefits of RippleNet. This includes faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over a payment’s journey.

“By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently,” said Asheesh Birla, senior vice president of product at Ripple. “All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.”

Payment originators can now maintain one standard connection through xVia and power payments over RippleNet, reducing the high failure rates commonly associated with traditional wire transfers, and lowering manual reconciliation costs.

“xVia will allow us to reach more people, more efficiently and at a lower cost,” said James Hickman, Chief Commercial Officer at FairFX. “It will also enable us to deliver on our commitment to give customers the most transparent, efficient and truly global money transfer experience possible using RippleNet.”

Chris Humphrey, CEO of RationalFX, said, “This is an exciting new partnership for RationalFX, and we look forward to passing on the benefits of xVia to our clients across the globe.”

About Ripple

Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.

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