Are you the publisher? Claim or contact us about this channel

Embed this content in your HTML


Report adult content:

click to rate:

Account: (login)

More Channels

Channel Catalog

older | 1 | .... | 57 | 58 | (Page 59) | 60 | 61 | .... | 69 | newer

    0 0

    Business Wire India

    April-June 2018
    Year to date
    Year to
    Sales Volume – Cement Millions tonnes 6.37 6.05 12.59 12.07
    Net Sales Rs in Crore 2,927 2,817 5,690 5,347
    Operating EBITDA Rs in Crore 622 651 1,129 1,045
    Net Profit after Tax Rs in Crore 499 392 771 639
    Better off-take in infrastructure projects, improved sand availability, and increased Government spending resulted in steady demand growth trends in H1’18. Demand is expected to grow more strongly in the rural belt on account of the impetus from the increased MSP of Kharif crops and prospects of a normal monsoon.
    “Ambuja is well positioned to benefit from the upsurge in rural demand and the encouraging external environment. Our consistent customer-connect initiatives, pursuit of operational excellence and continued focus on the retail segment is helping us reduce the impact of rising cost pressures,” said Ajay Kapur, MD & CEO, Ambuja Cements.

    Cement volumes increased in Q2 2018, compared to the corresponding quarter of the previous year, backed by healthy demand. Net Sales stood at Rs 2,927 crore compared to Rs 2,817 crore. Sales of premium products have grown strongly and outperforms the normal growth trend.
    Operating EBITDA for the quarter stood at Rs 622 Crore against Rs 651 Crore in the corresponding quarter of the previous year. Better top line, improvements in productivity and efficiency parameters helped largely mitigate the rising cost pressures particularly from power & fuel in this quarter.
    Net profit after tax is Rs 499 crore (includes dividend from ACC Rs 141 crore) against Rs 392 in the corresponding quarter of the previous year.
    Performance of Material Subsidiary – ACC Limited
    Cement volume grew in a sustained manner at 7%. Net Sales during the quarter went up by 13% to Rs 3,768 Crore compared to Rs 3,329 Crore for the same quarter last year.

    Consolidated (Ambuja Cement and ACC Limited) Financial Results for the Quarter ended 30th June 2018
    • H1 2018 Consolidated Net Sales up by 10%
    • H1 2018 Consolidated Operating EBITDA up by 7%
    • H1 2018 Consolidated PAT up by 8%
    Year to date
    Year to
    Sales Volume – Cement Million tonnes 13.61 12.78 26.94 25.40
    Net Sales Rs in Crore 6,683 6,145 12,997 11,782
    Operating EBITDA Rs in Crore 1,250 1,290 2,252 2,099
    Net Profit after Tax Rs in Crore 685 718 1,199 1,115
    Net Profit after Tax and minority interest Rs in Crore 525 555 915 847
    The combined annual cement capacity of both the companies stands at 63 million tonnes.

    The company expects the economy to grow strongly in 2018 post successful GST transition and due to the various initiatives of the Government.
    Improved rural demand on account of government interventions such as the increase in the Minimum Support Price for Kharif crops, job creation and spending on rural and labour intensive infrastructure and expectations of a normal monsoon, combined with Government’s focus on infrastructure development (roads, ports, irrigation and metro projects), affordable housing and housing for all programme is expected to create buoyancy in the construction sector which will have a positive impact on cement demand. However, the Company expects that the increase in fuel prices and input material costs will continue in the near term.
    The Company is well placed to benefit from the above initiatives taken by the Government.

    About Ambuja Cements Ltd.

    Ambuja Cements Ltd. is one of the leading cement companies in India. It is part of the LafargeHolcim Group, the world leader in the building materials industry, with a presence in 80 countries, and a focus on cement, aggregate and concrete since 2006. For three decades, Ambuja Cements has provided hassle-free home building solutions with its unique sustainable development projects and environment-friendly practices.

    0 0

    Business Wire IndiaGuru Purnima, the festival honoring the sacred bond between teachers and students, is celebrated today with enthusiasm and fervor across the entire country. There could be no better occasion than this holy day for everyone to start nurturing their hard-earned money and see it grow and prosper.
    With the economy slowly recovering to its normal state and future prospects looking good, after the big policy decisions of demonetization and implementation of goods and services tax, time is ripe for investors to jump back into the market and find out the best investment option to park their money.
    At present the best investment options that one can avail in India are as follows: -

    • Fixed Deposits: - The most favored investment option for all investors, big or small. India’s love affair with FD is going strong. Not only do they offer consistent returns but are free from all market risks.
    • Equity: - Investment in the share market offers good returns over a long period which might be much higher than other investment options. But it requires one to have good knowledge about the market and also the capacity to bear losses.
    • Mutual Funds: - Mutual funds are generally a safer option than equity market and have offered consistent returns in the past but are susceptible to market fluctuations.
    • Gold: - One of the favorite investment options for Indians and offers stable returns over the years but it is also exposed to global market risks, and returns are not too high.
    • Cryptocurrencies: - Cryptocurrencies are based on the blockchain technology which is fast becoming popular all over the world. But in India there is a restriction placed by Government on cryptocurrency and value of major cryptocurrencies has tumbled consistently over the last year.
    Out of all the options mentioned above, Fixed Deposits are the only investment option that has offered consistent returns over the years and is free from all market risks. If one has not yet started investing in fixed deposits, then the occasion of Guru Purnima is the most opportune time to start investing now, as interest rates offered by financial institutions have begun to rise again.
    Why Bajaj Finserv Fixed Deposits
    One of the most popular fixed deposit offerings in the market comes from India’s leading financial institution, Bajaj Finserv. Bajaj Finserv, through its lending arm Bajaj Finance Ltd., offers its customers the opportunity to invest in high interest bearing fixed deposits which offer returns of up to 8.75% p.a. Bajaj Finserv fixed deposits are rated high on safety and stability with ICRA’s MAAA (stable) rating and CRISIL’s FAAA/Stable rating, assuring timely payments of interest and principal. Some of the most attractive features of Bajaj Finserv Fixed Deposits are:-
    • High-Interest Income: - Bajaj Finance fixed deposits offer one of the highest interest rates in the market starting @8.40% and can go up to 8.75%. There are additional benefits for existing customers.
    • Easy Liquidity: - Customers can break their Bajaj Finance fixed deposit conveniently using the online portal and get the money in their account within a few hours.
    • Flexibility: - Bajaj Finserv allows its customers to start investing in a fixed deposit from Rs. 25,000/- onwards with tenor ranging from 12 months to 60 months.
    • Loan against fixed deposits: - In the case of financial emergency, customers need not break their fixed deposits. They can avail Loan against fixed deposit from Bajaj Finserv at nominal interest rates.
    • Online account management: - Bajaj Finserv offers its customers complete control over their fixed deposits through the Experia portal.
    Fixed deposits from Bajaj Finance offer its customers an excellent option to secure their investment from market risks and earn a stable income.
    Still Confused about whether you should invest in Bajaj Finance FD or not? Check Bajaj Finserv Customer Portal to read unbiased reviews or directly call Bajaj Finserv Customer Care to clear all your doubts.

    0 0

    Business Wire IndiaThe EMIs of home loan determine the affordability of the loan and the ease of repayment. In this regard, a Flexi Hybrid Home Loan scores higher than a regular home loan. This unique loan offering allows the customer to buy a home now, without delaying the decision or saving up for the purchase first.
    Customers can easily purchase a home of their choice by borrowing a feature-rich Flexi Hybrid Home Loan from Bajaj Finserv. This loan offers various benefits like a nominal rate of interest, flexible tenor and high loan amount of Rs.10 crore.
    But, first, take a look at how flexi hybrid home loan works.
    4 years principal holiday
    Let’s assume that customer have borrowed a loan of Rs.60 lakh for a tenor of 20 years at an interest rate of 8.4%. Total interest amount will be Rs.64,05,762, with EMIs of Rs.51,690 each, and a total repayment amount of Rs.1,24,05,762.
    When a customer opts for a term loan, each EMI of Rs. 51,690 consists of a portion that goes towards repaying the interest, while the balance goes towards repaying the principal. This EMI is constant throughout the tenor. When one opts for Flexi Hybrid Home Loan, the EMI is low for the first 4 years of the tenor, as during this period customers only have to pay the interest. From the 5th year onwards, the EMI will comprise interest and principal repayment. So, for the first 4 years, EMI will be less than Rs. 51,690, and then it will increase to this amount. Home buyers can use these 4 years to organise the finances and prepare for the rest of the tenor, when they will have to repay interest and principal each month.
    Access extra funds and pay low EMIs
    Home buyers also have an option to make part-prepayments as and when they choose to, at no extra charge. Let’s assume that they pre-pay Rs.6 lakh. If one opts for term loan, the principal would have become Rs.54 lakh and they would be able to pay a lower EMI. There lies the difference in Flexi Hybrid Home Loan and term loan.
    In this case, the lender will take the prepayment and set it aside. As a result, the principal will stay the same, as will the EMIs. However, home buyers have the option to take the amount that they have prepaid as a loan if they need additional funds further along in the tenor. If the customer avails this option, they only have to repay the interest on Rs.6 lakh. Besides, the rate of interest is extremely low. This also helps keep the value of the EMIs to a minimum.
    So, when home buyers opt for Flexi Hybrid Home Loan, they can enjoy great flexibility and affordability. Besides, when the loan is availed from Bajaj Finserv, customer can avail it on a pre-approved basis. This will help in making the loan availing experience even more convenient and rewarding.

    0 0

    Business Wire India

    Visa (NYSE: V), the Official Payment Services Partner of FIFA, announced its final results for the FIFA World Cup™, showcasing the positive impact of the tournament throughout the 64 matches played across Russia from June 14 to July 15, 2018.


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


    Overall, contactless payment technology – including payments made using contactless cards, mobile devices or wearables - took centre circle, increasing in the host cities during the duration of the tournament. During the FIFA World Cup™, contactless payments accounted for 45 percent of all Visa purchases in the 11 host cities. Fans from Poland made the most of the contactless purchasing options in-stadium, making 74 percent of Visa transactions using contactless technology.


    “Being the exclusive payment services partner at the FIFA World Cup™ has a demonstrable impact on Visa’s business and brand,” said Lynne Biggar, chief marketing and communications officer, Visa Inc. “At the tournament, we debuted innovative payment technologies that made the fan experience better and drove our global priorities. Meanwhile, among the billions of fans who watched on screens around the world, we were able to drive Visa brand preference through a diverse, high-impact multi-channel media campaign.”


    Foreign Tourists Outspend Russian Fans


    Visa data illustrates the economic boost that the FIFA World Cup™ provides for its host country. Throughout the tournament, international travellers outspent Russian locals at the matches: specifically, international Visa cardholders spent 15% more in total in-stadium than Russian cardholders. The increase of international traveler spend positively impacted tourism-related categories, with the biggest three merchant categories being lodging, airlines and restaurants.


    In the end, attendees of the final match were the biggest spenders of all: the France vs. Croatia match on July 15 had the highest payment volume of the 64 matches.


    Visa Extends its Brand through Coordinated Partner Campaigns


    The FIFA World Cup™ presents an unmatched opportunity to deepen partnerships, highlight Visa’s payment innovation and connect clients and consumers to the evolving portfolio of Visa offerings. In Russia, Visa curated unforgettable experiences for more than 250 clients and 3,000 consumers who traveled from over a hundred different countries. In 103 markets around the world, Visa partnered with more than 500 issuers and 40 merchants in 24 languages on a variety of FIFA-related activities, whether to run custom marketing programs, host in-market viewing parties or utilize Visa’s exclusive marketing campaign assets to drive mutual business priorities.


    Visa Reaches Fans at Home


    According to FIFA data, the 2018 FIFA World Cup Russia™ saw record-breaking global viewership, with an estimated three billion fans tuning in for some of the tournament this summer. FIFA data also shows that 22 percent of viewers watched the tournament digitally, through mobile or desktop, or through out-of-home viewing. In fact, the tournament is on track to be the most-viewed sporting event ever on digital platforms, setting streaming records in major markets including China, France, United Kingdom and United States.


    Visa built brand equity among this global, multi-channel audience by having the Visa logo on field boards for more than seven hours on broadcast during the 64 matches of the 2018 FIFA World Cup Russia™. The company’s digital-first marketing approach was designed to reach fans no matter where they watched, through a multi-channel global campaign featuring international football superstar, Zlatan Ibrahimović, who helped fans defeat fear of missing out (FOMO) this summer. Visa’s FIFA World Cup™ campaign, “Visa's Ultimate FIFA World Cup™ FOMO” documented Zlatan’s journey to the tournament and his return to the FIFA World Cup™ stage, highlighting the ease of contactless payment technology throughout his adventure.


    “Visa brought me to Russia to defeat FIFA World Cup™ FOMO and to check out the cool payment technology,” said Zlatan Ibrahimović, star athlete and FIFA World Cup™ legend. “Together, Visa and Zlatan made sure fans were the real winners of the FIFA World Cup™.”


    Cashless from Kick-off to the Final Match


    For the 2018 FIFA World Cup Russia™, Visa was the exclusive payment service in all stadiums where payment cards were accepted. In-stadium, fans could pay with contactless Visa credit and debit cards and mobile payment services at the more than 3,500 point-of-sale terminals and 1,000 mobile concessionaires that were equipped with the latest in payment innovation. Visa also provided fans in Russia innovations for fast, easy and cash-free payment experiences, including the ability to purchase 6,500 payment rings, 30,000 payment bands and commemorative contactless Visa prepaid cards. Four years ago, many of these payment innovations did not exist and Visa looks forward to seeing how payments evolve by 2022 FIFA World Cup Qatar™.


    About Visa


    Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, and @VisaNews.



    0 0

    Business Wire India

    Starr Insurance Companies today announced the appointment of Santiago Mora as head of international accident & health. He will be responsible for the profitable growth of the Accident & Health Division outside of the U.S. and Canada.


    “We are excited for Santi to join Starr, as he brings more than 20 years of industry experience in sales, distribution, underwriting and pricing,” stated Jim Herbert, president of Starr Insurance & Reinsurance Limited. “His wealth of knowledge will benefit the growth of our Accident & Health Division and his leadership will strengthen the relationships Starr has and with its customers and partners.”


    Starr’s Accident & Health Division provides personal accident and travel insurance to companies, associations, schools, non-profit organizations and individuals to protect against accidents and emergencies at home, at work, or away.


    About Starr Insurance Companies


    Starr Insurance Companies (or Starr) is a worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on five continents; through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, China, Hong Kong, Singapore and U.K. each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong).


    Visit us at or follow us LinkedIn and Twitter.


    0 0

    Business Wire India

    Henley & Partners, the leading global investment migration firm, has welcomed the announcement by the Government of Montenegro that it will launch its long-awaited citizenship-by-investment program in October. It follows the decision a few weeks ago by another European nation, Moldova, to award Henley & Partners the mandate to design, implement, and promote its much-anticipated Moldova Citizenship-by-Investment (MCBI) program.


    Henley & Partners has accumulated over 20 years of experience working with governments in North America, the Caribbean, Europe, and Asia on the design, set-up, operation, and promotion of some of the world’s most successful residence and citizenship programs, raising more than USD 7 billion in foreign direct investment (FDI).


    The firm has been advising the Montenegro Government for more than eight years on the possible introduction of an investment migration program. Dr. Juerg Steffen, Chief Operating Officer at Henley & Partners, says they are looking forward to working with the government to make it a success story for the country. “With Moldova and Montenegro, these two new attractive European programs will significantly diversify and expand the global citizenship-by-investment market. These programs have the potential to create a series of genuinely significant liquidity injections into an economy, both in and of themselves, and as pathfinders for more strategic investments that can help modernize and diversify the economy of often smaller nations, creating a better life for their citizens,” explains Dr. Steffen.


    The Montenegro Citizenship-by-Investment Program will be limited to just 2000 applicants during a period of three years with a minimum investment of EUR 250,000. The government will, in addition, charge a fee of EUR 100,000 per application which will be directed to a special fund for underdeveloped areas. Montenegro is ranked 42nd on the Henley Passport Index, offering citizens access to 123 destinations, including Hong Kong, Singapore, the UAE, and all the countries in Europe’s Schengen Area.


    “The investment migration industry is maturing. There is both a growing demand from investors for European options, just as developing European sovereign states understand the potentially transformative value of effectively managed citizenship-by-investment programs. It is a mutually beneficial exchange, and it is also very much the direction in which the world is heading, as globalization becomes an undeniable feature of modern life,” concludes Dr. Steffen.





    0 0

    Business Wire IndiaWhen the new International Financial Reporting Standard 17 (IFRS 17) takes effect on January 1, 2021, it will upend decades-old insurance financial reporting standards. Though seemingly the tiniest glimmer on a distant horizon, navigating the intricacies of IFRS 17 will require painstaking planning and precision. Only insurers that act now put themselves on the best footing for success – and they now have the benefit of relying on analytics leader SAS to tackle the new standard head-on.
    SAS® Regulatory Content for IFRS 17 provides for all of the requirements of IFRS 17 in one platform for users of all disciplines – actuaries, accountants and IT alike. The new solution is built on the same flexible, high-performance analytics environment that’s helping insurance firms meet Solvency II and the banking industry tackle its own regulatory disruption in IFRS 9. Key features include:

    • Predefined, comprehensive data model.
    • A powerful computation engine inclusive of IFRS 17’s required calculation methods (BBA/GMM, PAA and VFA approaches).
    • Repeatable, customizable end-to-end processes those are fully transparent and auditable.
    • Advanced financial reports with drill-down capabilities for accessing the details and source data behind the figures.
    • Seamless integration with existing accounting and actuarial solutions.
    “The disparate nature of incumbent accounting systems, actuarial tools and data sources, conventionally with weak workflow and integration capabilities, will pose a significant hurdle for insurers to overcome in complying with IFRS 17, particularly as many grapple with IFRS 9 compliance in tandem,” said Cubillas Ding, Research Director at Celent. "Beyond robust analytics and calculations optimized for performance, the imperative for insurers will be to bolster the integrity, transparency and governance of relevant data supply chains in an automated and industrialized manner, yet without compromising flexibility in adapting to methodological and system changes.”
    Will insurers be ready for IFRS 17?

    Issued by the International Accounting Standards Board (IASB) in May 2017, IFRS 17 redefines insurers’ accounting standards in more than 100 countries. Its primary objective is to increase industry transparency by improving comparability of financial statements across organizations – how each earns profits or incurs losses through underwriting services and investing customer premiums. Whatever the compliance approach, IFRS 17 will have a significant impact on financial performance, operational processes, and data and systems.

    So how are insurers reacting to the forthcoming standard? Of 100 UK-based insurance executives surveyed by SAS in early 2018, 61 percent said they have already begun preparing for its mandates, with 19 percent declaring it a top strategic priority. Eighty-three percent indicated they will need to change existing systems and processes to comply with IFRS 17. And nearly half anticipate either making additional investments (24 percent) or replacing entirely their current systems and processes (23 percent). To delve deeper into the survey results, download the report.
    “IFRS 17 will undoubtedly represent the most significant change to Indian insurance accounting requirements recent times and its impact will go beyond the actuarial & finance functions of the industry — with a major impact across Data, Systems and Processes.
    SAS helps insurers manage this complexity with a consistent, transparent and comprehensive approach – right from data quality to the required calculations and reporting – to successfully implement IFRS17.” said Kunal Aman, Head of Marketing at SAS India.
    Tackling the biggest insurance reporting shake-up in decades

    IFRS 17 will bring greater complexity to insurers’ accounting practices and require a complete overhaul of the workflow between actuaries, risk managers and accounting. Forward-thinking insurers aren’t wasting any time on the road to compliance.
    German financial group Wüstenrot & Württembergische (W&W), for example, has long relied on SAS’ risk management and data quality solutions to help it meet banking regulations and compliance requirements. Now facing the regulatory upheaval of IFRS 17 in its insurance business, W&W is expanding its SAS footprint and analytic capabilities to create a risk management platform that complies with the latest regulatory requirements.
    “To meet IFRS 17 requirements, W&W needs a solution that automates the end-to-end processes for data import, makes calculations using the relevant IFRS 17 methods and creates the essential, granularly auditable accounting records,” says Carmen Hess, Senior Project Manager at W&W Informatik GmbH. “The SAS solution ticks all those boxes while also fostering greater cohesion and cooperation between the accounting, actuarial and IT departments via a unified, customizable platform.”
    HDI Seguros, the Mexican branch of Hannover, Germany-based HDI Global Insurance Company, is another company investing strategically in analytic tools for IFRS 17 compliance.
    “Introducing new functions in the framework of IFRS 17’s regulatory requirements led us to acquire the SAS risk solution, with which we also cover our own objectives in the areas of financial planning, claims, pricing and analytics for greater business intelligence,” said Mauro Soria, Actuary Director of HDI Mexico. “We believe that market-leading analytical technology is important to ensuring that we will maintain a good role in the face of regulatory entities and, at the same time, continue to optimize our business.”
    A once-in-a-lifetime change in insurance accounting: Where to start?

    To learn more about how SAS is helping organizations prepare for the new insurance accounting paradigm, register for the on-demand webinar, IFRS 17: Turning Compliance Into an Opportunity. From defining an overall strategy to the essential implementation steps, SAS experts summarize what insurers need to know to jump-start their journey to IFRS 17 compliance.
    “January 2021 seems far away, but keep in mind that insurers will be expected to present comparative results in 2020 based on 2019 data. That means most of the implementation and training should already be done by that time,” said Troy Haines, Senior Vice President and head of the risk management division at SAS. “Whatever an organization’s current level of readiness, the time to take action is now.”
    About SAS
    SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.
    Note: Click to view the 3 product screenshots & a video clip are included with this release.

    0 0

    Business Wire India

    As part of its strategic growth plan, Fitch Solutions today announced the launch of its Macro Intelligence Solutions which integrates BMI Research into the Fitch Solutions content suite and combines Fitch Ratings credit insights with BMI expertise, providing clients with one authoritative voice for credit and macro intelligence.


    “The full integration of BMI Research is a key milestone for Fitch Solutions. The addition of BMI’s 150 expert analysts to the Fitch Solutions offering is a further step forward in our strategy to expand our content portfolio, invest in our macro intelligence platform and provide clients with a comprehensive and consolidated suite of solutions that leverage technology, research, data and analytics,” said Dr. Ranjit Tinaikar, President, Fitch Solutions.


    “Closely following the acquisition of Fulcrum Financial Data, this is an important step forward in the growth plans and trajectory of Fitch Solutions and we look forward to continuing expansion and momentum in our business,” Dr. Tinaikar added.


    “The creation of our Macro Intelligence Solutions offering, incorporating BMI’s proprietary macro data and unparalleled breadth of coverage and sector research covering more than 200 markets and 22 industries, is an important development in the ongoing expansion of our solutions capabilities and allows us to provide our clients with a truly integrated offering via our Fitch Connect platform,” said Brian Filanowski, Global Head of Product and Solutions, Fitch Solutions.


    As an industry leading data provider, the Fitch Solutions business is built on three solutions-based offerings: Macro Intelligence Solutions, Counterparty Risk Solutions and Debt Market Solutions.


    BMI research coverage remains unchanged. Going forward, all BMI Research content - across research, data and reports - will be fully integrated into Fitch Solutions Macro Intelligence Solutions and available to all subscribers on Fitch Connect ( The BMI brand will be replaced by Fitch Solutions Macro Intelligence Solutions.


    Fitch Solutions is an industry-leading provider of credit, debt market, and macro intelligence solutions, and the primary distributor of Fitch Ratings content. Today, 90% of the world’s leading banks and financial institutions, as well as multinational companies, government agencies, and consulting firms based across the globe depend on Fitch content to inform their business decisions.


    Fitch Solutions is part of Fitch Group, a global leader in financial information services with operations in more than 30 countries. Fitch Group is wholly-owned by Hearst.





    0 0

    Business Wire India

    • 18% growth in the overall loan book on an Assets Under Management (AUM) basis for the quarter ended June 30, 2018
    • 25% growth in individual loans (after adding back loans sold in the preceding 12 months) 
    • 37% of home loans approved in terms of numbers during the quarter are towards the Economically Weaker Section & Low Income Group[1]
    • 20% growth in Net Interest Income 
    • Spreads at 2.28%, Net Interest Margin at 3.5% 
    • Under Ind AS, Profit After Tax (Before Other Comprehensive Income) stood at Rs 2,190 crore (Previous Year: Rs 1,424 crore) 
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited financial results for the quarter ended June 30, 2018, following its meeting on Monday, July 30, 2018 in Mumbai. The accounts have been subjected to a limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
    In accordance with the notifications issued by the Ministry of Corporate Affairs and National Housing Bank, the Corporation has adopted the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) notified under Section 133 of the Companies Act, 2013 with effect from April 1, 2018. 
    For the quarter ended June 30, 2018, the Corporation has adopted Ind AS for its standalone financials. The comparative Statement of Profit and Loss for the quarter ended June 30, 2017 is based on the erstwhile Indian Generally Accepted Accounting Principles (Previous GAAP). This has been restated to meet Ind AS requirements.

    The effective date of transition to Ind AS is April 1, 2017.
    The summary of the reconciliation of the Net Profit as reported under the erstwhile Indian GAAP and Ind AS is given in the Annex.
    Financials for the quarter ended June 30, 2018
    The profit before tax, dividend and sale of investments for the quarter ended June 30, 2018 stood at Rs 2,484 crore compared to Rs 1,960 crore in the corresponding quarter of the previous year, representing a growth of 27%. 
    For the quarter ended June 30, 2018, the Corporation received dividend of Rs 511 crore from HDFC Bank Limited, while in the previous year, dividend from HDFC Bank was received in the second quarter. 
    The profit before tax for the quarter ended June 30, 2018 stood at Rs 3,070 crore compared to Rs 2,022 crore in the corresponding quarter of the previous year. 
    The reported profit after tax before other comprehensive income as per Ind AS for the quarter ended June 30, 2018 stood at Rs 2,190 crore compared to Rs 1,424 crore in the corresponding quarter of the previous year, representing an increase of 54%. 
    Focus on Affordable Housing
    In support of the government’s flagship scheme, ‘Housing For All’, the Corporation has increased its efforts towards loans to the Economically Weaker Section (EWS) and Low Income Group (LIG).
    During the quarter ended June 30, 2018, 37% of home loans approved in volume terms and 19% in value terms have been to customers from the EWS and LIG segment.
    The Corporation on an average has been approving ~ 8,300 loans on a monthly basis to the EWS and LIG segment, with monthly such average approvals at approximately Rs 1,346 crore. 
    The average home loan to the EWS and LIG segment stood at Rs 10.1 lac and Rs 17.6 lac respectively.
    The Corporation has been recognised by the Ministry of Housing and Urban Affairs for its contribution towards the Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Scheme (CLSS) for the second consecutive year. On July 29, 2018, the Honourable Prime Minister, Shri Narendra Modi presented an award to the Corporation for being the best performing primary lending institution in the EWS & LIG segment and the second best in the MIG segment of the CLSS.
    Overall Lending Operations
    Total individual loan disbursements grew by 17%. The average size of individual loans stood at Rs 26.7 lac. 
    On an Assets under Management (AUM) basis, the growth in the individual loan book was 18% and the non-individual loan book was 17%. The growth in the total loan book was 18%.
    As at June 30, 2018, individual loans comprise 72% of the AUM.
    As at June 30, 2018, the loan book stood at Rs 371,988 crore as against Rs 3,13,573 crore in the previous year.
    During the quarter, the Corporation sold individual loans amounting to Rs 9,714 crore (PY: 2,922 crore). All the loans assigned during the quarter were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank. Income on these loans will continue to be recognised over the life of the loan.
    The increase in the amount of loans assigned to HDFC Bank was due to the fact that no loan assignments were done to HDFC Bank since August 2017. Thus, the entire loan assignments during the quarter ended June 30, 2018 pertained to the backlog under the arrangement.
    Total loans sold during the preceding twelve months was Rs 13,245 crore as against Rs 13,841 crore in the previous year.
    As at June 30, 2018, the outstanding amount in respect of individual loans sold was Rs 46,810 crore. HDFC continues to service these loans and is entitled to the residual income on the loans sold. The residual income on the individual loans sold stood at 1.25% per annum and is being recognised over the life of the loans.
    The growth in the individual loan book, after adding back loans sold in the preceding 12 months was 25% (19% net of loans sold). The non-individual loan book grew at 18%. The growth in the total loan book after adding back loans sold was 23% (19% net of loans sold). 
    Non-Performing Assets (NPAs)
    Under Ind AS, the Corporation’s assets have been classified as follows based on Exposure at Default:
    • Stage 1: Performing Assets
    • Stage 2: Under Performing Assets
    • Stage 3: (a) Performing but identified as assets having some degree of stress; (b): Non-Performing Assets
    Under Ind AS, asset classification and provisioning moves from the ‘rule based’, incurred losses model to the Expected Credit Loss (ECL) model of providing for expected future credit losses. Thus, loan loss provisions are made on the basis of the Corporation’s historical loss experience, future expected credit loss and after factoring in various macro-economic parameters. (For further details, refer to Statement on Analysis of HDFC’s Transition to Ind AS).

    As per NHB norms, the gross non-performing loans as at June 30, 2018 stood at Rs 4,409 crore. This is equivalent to 1.18% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.66% while that of the non-individual portfolio stood at 2.32%.
    As per National Housing Bank norms, the Corporation is required to carry a total provision of Rs 3,006 crore.
    As against this, the balance in the Provisions and Loan Losses Account as at June 30, 2018 stood at Rs 4,758 crore. This is equivalent to 1.27% of the loan portfolio.
    Net Interest Income
    The net interest income for the quarter ended June 30, 2018 stood at Rs 2,890 crore compared to Rs 2,412 crore in the corresponding quarter of the previous year, representing a growth of 20%.
    Spread and Margin
    The spread on loans over the cost of borrowings for the quarter ended June 30, 2018 stood at 2.28%. The spread on the individual loan book was 1.91% and on the non-individual book was 3.14%.
    Net Interest Margin stood at 3.5%.


    As at June 30, 2018, the unaccounted gains on listed investments in subsidiary and associate companies amounted to Rs 1,68,000 crore.

    For the quarter ended June 30, 2018, the cost to income ratio excluding expenses on employee stock option scheme pursuant to Ind AS and spend on corporate social responsibility stood at 9.8%.
    The Corporation’s capital adequacy ratio stood at 16.3%, of which Tier I capital was 15.0% and Tier II capital was 1.3%. As per the regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 12% and 6% respectively.

    HDFC’s distribution network spans 491 outlets which include 159 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
    To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in the Middle East.
    Summary of the reconciliation of the Net Profit as reported under the erstwhile Indian GAAP and Ind AS:
    Particulars  Quarter ended June 30, 2017
      Rs cr
    Net Profit After Tax as per Previous GAAP 1,552.42
    Adjustment on account of effective interest rate / forex valuation / net interest on credit impaired loans (106.31)
    Adjustment on account of expected credit loss (50.55)
    Adjustment due to fair value of stock options (95.16)
    Fair value change in investments 17.49
    Reversal of Deferred tax liability on Section 36(1)(viii) for the quarter 105.21
    Other Adjustments 1.37
    Total effect of Transition to Ind AS (127.95)
    Net Profit After Tax as per Ind AS 1,424.47
    Other Comprehensive Income (net of tax) (14.56)
    Total Comprehensive Income (net of tax) as per Ind AS 1,409.91

    In accordance with the notifications issued by the Ministry of Corporate Affairs and National Housing Bank, HDFC Limited (the Corporation) has adopted the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) notified under Section 133 of the Companies Act, 2013 with effect from April 1, 2018. 

    For the quarter ended June 30, 2018, the Corporation has adopted Ind AS for its standalone financials. These financials have been subjected to limited review by the statutory auditors of the Corporation.

    The comparative Statement of Profit and Loss for the quarter ended June 30, 2017 is based on the erstwhile Indian Generally Accepted Accounting Principles (Previous GAAP). This has been restated to meet Ind AS requirements. The difference in the accounting principles adopted by the Corporation on transition to Ind AS has been subjected to limited review by the statutory auditors.

    Effective Date

    The effective date of transition to Ind AS is April 1, 2017. Accordingly, the net worth as at March 31, 2017 will be adjusted through the Transition Reserve and will be reported with the financials as at September 30, 2018. Earnings for the previous year have been restated.

    Transition to Ind AS
    Key Changes and its Impact on HDFC Limited
    1. Effective Interest Rate on Interest Earning Assets and Borrowings
    1. Interest Earning Assets
    Under Ind AS, all income on assets are recorded on Effective Interest Rate (EIR)[2] basis.
    Key Changes:
    Fees on interest earning assets which were earlier booked upfront on a cash basis are included in the calculation of EIR resulting in temporary deferral of revenue;
    Similarly DSA commission is also included in the calculation of EIR.
    Interest on Non Performing Assets (NPA): Interest income on NPAs which was not accrued earlier is now recognised as part of Ind AS adjustment, if the security is adequate and the present value of realisation of the security is greater than the outstanding loan dues.
    1. Borrowing Costs
    Under Ind AS, all expenses on borrowings are recorded on EIR basis.
    Thus, redemption premium on zero coupon bonds, discount and issue expenses on rupee denominated bonds issued overseas (which was earlier routed through the Securities Premium Account) and interest on step-up non-convertible debentures have been charged to the Statement of Profit and Loss on an EIR basis.
    Impact: For the quarter ended June 30, 2017, the adjustment in net interest income (net of tax) pursuant to the adoption of EIR under Ind AS was Rs 106 crore lower compared to the previous GAAP.
    1. Classification of Assets
    The Corporation’s assets have been classified based on expected performance. Exposure at Default (EAD) is the total amount outstanding including accrued interest as on the reporting date.
    Under Ind AS, the Corporation’s assets have been classified as follows based on EAD:
    • Stage 1: Performing Assets
    • Stage 2: Under Performing Assets
    • Stage 3: (a) Performing but identified as assets having some degree of stress; (b): Non-Performing Assets
    Classification of Assets for Computation of Expected Credit Loss (ECL):
    Exposure at Default (EAD) % Quarter ended June  30, 2018 Quarter ended June 30, 2017 Year ended March     30, 2018
    Stage 1 94.76%   94.90% 94.17%
    Stage 2 1.54% 2.50% 1.48%
    Stage 3(a): Standard, stressed assets 2.52% 1.49% 3.24%
    Stage 3(b): Non Performing Loans 1.18% 1.11% 1.11%
      100.00% 100.00% 100.00%
    1. Expected Credit Loss (ECL)
    Asset classification and provisioning moves from the rule based, incurred losses model to the ECL model of providing for expected future credit losses. Thus, loan loss provisions are made on the basis of the Corporation’s historical loss experience, future expected credit loss and after factoring in various macro-economic parameters.
    Impact: The application of the ECL model (as against provisioning made in accordance with NHB prudential norms) has resulted in an increase of Rs 51 crore (net of tax) for the quarter ended June 30, 2017 under Ind AS compared to the previous GAAP.
    Ind AS requires the Corporation to provide for the entire ECL on the legacy portfolio as at April 1, 2017. Accordingly, excess provisions carried by the Corporation are to be adjusted to the opening reserves as on April 1, 2017.
    The table below provides the classification of the Corporation’s assets based on EAD and the ECL computation under Ind AS
    As per Ind AS Qtr Ended
    June 30, 2018
    Qtr Ended June 30,  2017
      Rs cr Rs cr
    Gross Stage 3*        13,866           8,222
    ECL Provision Stage 3**          3,863           2,396
    Net Stage 3***         10,003           5,826
    Coverage Ratio% Stage 3 28% 29%
    Gross Stage 1 & 2       360,738       308,301
    ECL Provision Stage 1 & 2             565              586
    Net Stage 1 & 2       361,173       307,715
    ECL Provision % Stage 1 & 2 0.16% 0.19%
    * Gross value of total dues (principal and interest thereon) where some degree of stress is perceived
    ** Total dues (principal and interest thereon) which are unlikely to be received in respect of stressed loans
    *** Total dues (principal and interest thereon) likely to be received in respect of stressed loans
    1. Investments
    Under Ind AS, the Corporation has opted to value its equity investments in subsidiary and associate companies at cost. Consequently, profits will be booked through the Statement of Profit and Loss if and when any of the investments are sold.
    Other equity investments are measured at Fair Value Through Profit or Loss or Fair Value Other Comprehensive Income. Debt instruments are valued at amortised cost.
    Impact: Under Ind AS, for the quarter ended June 30, 2017, the increase in fair value of investments through the P/L was Rs 17 crore. 
    1. Fair Valuation of Employee Stock Option Schemes (ESOS)
    Even though the Corporation has always granted stock options at market price, expense for obligations under ESOS issued during the period has to be fair valued and amortised as part of employee benefit expenses over the period of vesting.
    On June 1, 2017, the Corporation granted stock options under ESOS-17. The vesting period was primarily for 1 year with effect from that date and the last vesting date for ESOS-17 is December 1, 2020. Accordingly, the expense for obligations under ESOS-17 has to be fair valued and amortised as part of employee benefit expenses primarily over the period June 1, 2017 to May 31, 2018.
    Impact: For the quarter ended June 30, 2017, fair market value of ESOS resulted in an increase in employee benefit expenses to the extent of Rs 95 crore under Ind AS.
    1. Deferred Tax Liability (DTL) on Special Reserve
    Ind AS does not require the creation of DTL on the amount transferred to the Special Reserve. Accordingly, DTL created on special reserve as at March 31, 2017 will be reversed and the charge through the Statement of Profit and Loss Account in earlier years will also be reversed.
    Impact: For the quarter ended June 30, 2017, DTL on Special Reserve of Rs 105 crore has been reversed.
    1. Assignment of Loans to HDFC Bank
    The income on the loan assignment transactions with HDFC Bank is being received as a servicing income, which is recognised over the life of the asset.
    Impact: There is no impact due to transition to Ind AS on account of the arrangement between the Corporation and HDFC Bank on sourcing and servicing of loans.
    All subsidiary and associate companies of the Corporation whose accounts are consolidated with the Corporation are required to restate their accounts except for HDFC Bank Limited, HDFC Life Insurance Company Limited and HDFC ERGO General Insurance Company Limited. This is because Ind AS is applicable for banks from April 1, 2019 and insurance companies from April 1, 2020. 
    Thus the Corporation will disclose standalone quarterly/year to date financials and not consolidated financials in FY19, except for the quarter/year ended March 31, 2019.
    Summary of the reconciliation of the Net Profit as reported under the erstwhile Indian GAAP and Ind AS:
    Particulars  Quarter ended June 30, 2017
                              Rs cr
    Net Profit After Tax as per Previous GAAP 1,552.42
    Adjustment on account of effective interest rate / forex valuation / net interest on credit impaired loans (106.31)
    Adjustment on account of expected credit loss (50.55)
    Adjustment due to fair value of stock options (95.16)
    Fair value change in investments 17.49
    Reversal of Deferred tax liability on Section 36(1)(viii) for the quarter 105.21
    Other Adjustments 1.37
    Total effect of Transition to Ind AS (127.95)
    Net Profit After Tax as per Ind AS 1,424.47
    Other Comprehensive Income (net of tax) (14.56)
    Total Comprehensive Income (net of tax) as per Ind AS 1,409.91
    [1] Economically Weaker Section: Household income up to Rs 3 lac p.a.
      Low Income Group: Household income greater that Rs 3 lac up to Rs 6 lac p.a.
    [2] EIR is defined in Ind AS as ‘the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the  amortised  cost of a financial liability.’

    0 0

    Business Wire India

    Over the 3 month proof-of-concept with the National Payment Corporation of Vietnam (“NAPAS”), IDEMIA and NAPAS together found that under laboratory conditions, the WISE (White label Independent Secure EMV) kernel was proven to produce an open platform that was compatible with various form factors, applets and NAPAS chip card specifications. IDEMIA’s WISE HCE (Host Card Emulation) SDK Mobile Payment Engine designed to bring about HCE mobile payments was also covered by the proof of concept.


    WISE is an EMV-compliant special feature that will pave the way for contactless payments. The feature is broadly supported, so it should be soon taken up by other parties involved in payment transaction security.


    WISE is highly flexible and has been shown to support a large range of systems from domestic payment networks to ATM networks. Additional applications include “closed loop” public transit networks and non-cash transactions (such as passes and loyalty schemes). With 50 million-plus cards issued worldwide to date, WISE supports over 35 customers in several developed markets.


    Minh Nguyen Quang, Napas Deputy CEO, said: “Backed by tremendous help from IDEMIA and ETC people, this successful proof of concept establishes beyond doubt that WISE is adaptable and can satisfy all payment needs. Buoyed by this initial success, we look forward immensely to teaming up with IDEMIA again to explore further how to bring about an open NFC payment ecosystem in Vietnam.”


    Pierre Barrial, IDEMIA Executive VP, proudly exclaimed: “Our joint proof of concept with NAPAS is our first big step together and we will now ramp up joint projects with NAPAS looking to pave the way for a totally seamless payment experience in banking and other industries. IDEMIA has developed EMF-compliant WISE to support payment ecosystems when they switch over to chip and mobile payments. WISE features have been made flexible and scalable to satisfy local requirements and regulations.”


    About IDEMIA


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


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


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


    For more information, visit / Follow @IdemiaGroup on Twitter





    0 0

    Business Wire India

    IDEMIA today announced that it is the first and, to date, only one to be certified to manufacture and personalise RuPay chip contact and contactless cards, on the qSPARC v2 platform.


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


    (Photo: Business Wire)

    (Photo: Business Wire)

    qSPARC is a Dual Interface Open loop payment specification, with the option of loading multiple payment applications on a single card. This certification is issued by NPCI, after testing all payment scenarios and thus ensuring that, the cards manufactured by IDEMIA will work seamlessly at all payment acceptance devices.


    The cardholders get the convenience of using a single card for multiple payment use cases such as; Metro, Bus, toll, loyalty, Parking and payments at retail. There is an option of loading up to 20 such payment applications on a single card.


    The qSPARC is likely to steer the National Common Mobility Card (NCMC) and will be widely used in the Smart Cities. The first version of this card is deployed in Kochi Metro, Bangalore Bus Transport, Ahmedabad Smart City and will soon be delivered to prospective customers in Nagpur, Noida Metro and Navi Mumbai bus transport ticketing.


    As of now, more than 1.5 million cards have been issued.


    "This certification recognizes IDEMIA’s commitment to continually invest in the development of technologies for enhancing and securing the payment experience for Indians and establishes once again our leadership in this space”, said Sanjeev Shriya, Regional President for IDEMIA’s activities in India. "This qSPARC certification will increase the usability of bank issued cards with an enhanced value proposition for all stakeholders”.


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


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


    OT (Oberthur Technologies) and Safran Identity & Security (Morpho) have joined forces to form IDEMIA. With close to $3 billion in revenues and 14,000 employees around the world, IDEMIA serves clients in 180 countries.


    For more information, visit / Follow @IdemiaGroup on Twitter







    0 0

    Business Wire India

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


    There are lawsuits impacting individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with 17 banks on the U.S. Dollar LIBOR panel from 2007 to 2010 and that received payments tied to U.S. Dollar LIBOR. Settlements totaling $340 million have now been reached with Deutsche Bank Aktiengesellschaft and HSBC Bank plc. Earlier, settlements totaling $250 million were reached with Barclays and Citibank. A Litigation Class represented by the Plaintiffs in this litigation continues to assert claims against Bank of America, N.A. and JPMorgan Chase Bank, N.A. The lawyers for the Litigation Class will have to prove their claims in Court and a trial will be scheduled for a later date. The Litigation Class is seeking to recover money for its members.


    The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in class members receiving lower interest payments for their U.S. Dollar LIBOR-based instruments from the banks than they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. Deutsche Bank, HSBC, Bank of America, and JPMorgan Chase deny all claims of wrongdoing.


    There are two groups of individuals and institutions that are impacted by these lawsuits.


    Litigation Class: Individuals and institutions are included if they reside in the U.S. and directly purchased certain U.S. Dollar LIBOR-based instruments (interest rate swaps or bond/floating rate notes) from Panel Banks (Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Citibank, Credit Suisse, Deutsche Bank, HBOS, HSBC, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, and WestLB), or any of their subsidiaries or affiliates; and pursuant to the instruments, a Panel Bank paid them interest indexed to a 1-month or 3-month U.S. Dollar LIBOR rate set at any time between August 2007 and August 2009. (This means they must have owned the instrument(s) between August 2007 and August 2009.)


    Settlement Classes: Individuals and institutions are included if they directly purchased certain U.S. Dollar LIBOR-based instruments from Deutsche Bank, HSBC, Barclays, Citibank, Bank of America, Bank of Tokyo-Mitsubishi, Citizens Bank, Credit Suisse, HBOS, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, or WestLB (or their subsidiaries or affiliates) in the United States; and owned the instruments at any time between August 2007 and May 2010. The instruments in the Settlement Classes include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and bonds/floating rate notes.


    The Deutsche Bank and HSBC Settlements will create Settlement Funds totaling $340 million that will be used to pay eligible Class Members who submit valid claims. Additionally, Deutsche Bank and HSBC will cooperate with the Plaintiffs in their ongoing litigation against the remaining defendants.


    Class Members must submit a Proof of Claim to get a payment. They can submit a Proof of Claim online or by mail. The deadline to submit a Proof of Claim is December 20, 2018. Class Members are entitled to receive a payment if they have a qualifying transaction with Deutsche Bank, HSBC, Barclays, Citibank, Bank of America, Bank of Tokyo-Mitsubishi, Citizens Bank, Credit Suisse, HBOS, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, or WestLB (or their subsidiaries or affiliates). At this time, it is unknown how much each Class Member who submits a valid claim will receive.


    There is no money available now for the Litigation Class and no guarantee that there will be. If money or benefits are obtained in a future trial, Class Members will be notified about how to ask for a share.


    Settlement Class Members who do not file a timely claim or who opt out of the Settlements will lose their right to receive money or benefits from the $340 million in settlements with Deutsche Bank and HSBC. Litigation Class Members who elect to opt out of the Litigation Class will not be eligible for any money or benefits obtained in a future trial against, or class settlements with, JPMorgan Chase or Bank of America, unless they timely file their own lawsuit. If Class Members would like to retain their right to file their own lawsuit against Deutsche Bank, HSBC, JPMorgan Chase, or Bank of America, they must opt out of the appropriate Class by September 28, 2018. If they stay in the Settlement Classes, they may object to the Settlements by September 28, 2018.


    The Court will hold a hearing on October 25, 2018 to consider whether to approve the Settlements and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Funds, plus reimbursement of costs and expenses. Class Members or their lawyers may appear and speak at the hearing at their own expense.


    More information is available about the Settlement Classes on the website,, and in the Long Form Notice accessible on that website, or by calling 1-888-568-7640.





    0 0

    Business Wire IndiaIn order to help its customers to realise the dream of owning a house, Bajaj Finance Ltd., the lending arm of Bajaj Finserv, is offering its customers the facility of availing high-value home loans of up to Rs. 3.50 crore at a competitive interest rate. This facility is available for new home buyers as well as for customers who opt to transfer their existing home loan to Bajaj Finserv.

    This offering from Bajaj Finserv is loaded with additional home loan offers such as 3 EMI Holiday and doorstep service for documentation. Customer can also opt for an additional top up amount of up to Rs. 50 Lakhs to supplement their personal finances, without any additional documentation.

    Bajaj Finserv also offers Flexi Hybrid Home Loan facility, wherein home buyer needs to pay only the interest component as EMI for the first four years and start paying principal component thereafter. This facility enables the customers to organise their finances effectively which are affected after incurring significant expenses during the process of buying a new home and reduces the chances of default.

    Customers can opt for repayment tenor of up to 240 months, according to their repayment capacity. There are no pre-payment or foreclosure charges applicable allowing the customers to close their loan as soon as their financial situation improves. To apply for Home Loan from Bajaj Finserv, customers just need to visit the company website and fill in the application with necessary details. They can also use online tool such home loan emi calculator to know the monthly EMI amount that you need to pay towards your loan.

    These high-value home loans from Bajaj Finserv offer an excellent way for its customers to fulfil their cherished dream of owning their own house.
    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 Loan, 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 on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.

    0 0

    Business Wire India

    Watts Miners ( today announces it is steadily emerging as the next big name in the thriving global market for cryptocurrency mining. The company recently launched three crypto miners equipped with hash rate powers that are unprecedented in the industry. Developed using advanced ASIC chip technology, each of these miners can be used to mine Bitcoin, Litecoin, Ethereum, Monero, and Dash. The easy-to-use miners have become known for their ability to provide a complete return on investment within a month.


    Though cryptocurrency mining has now become commonplace amongst many crypto enthusiasts, earning quick and assured profits from mining has never been an easy process. Moreover, the profit-making potential of a miner can suffer significantly because of the high initial expenses, electricity cost, and mining difficulty. Watts Miners has addressed these limitations by creating multi-algorithm miners with extraordinarily high hash rate powers coupled with low power consumption.


    For those unfamiliar with the term hash rate, it is the measure of a miner's performance. Higher hash rate means there is more processing power available to run and solve the different hashing algorithms associated with generating new cryptocurrency as reward for enabling transactions to occur on the network.


    “Our goal was not only to create the best miners that are easy to use, but also to assure our customers the best return rate of investment,” said Watts Miners Chief Financial Officer Nancy Lopez. “Today, we are proud to announce that our mining rigs are second to none in the industry when it comes to power, efficiency, and profitability.”


    Mentioned below are some of the most attractive features of the new cryptocurrency miners from Watts Miners.

    • Extraordinary hash power of up to 1000 TH/s for Bitcoin, 200 GH/s for Litecoin, 28 GH/s for Ethereum, 6.8 TH/s for Dash, and 1200 KH/s for Monero
    • Low power consumption of 800W±10%, 1200W±10%, and (1200W±10%) x4 for the three products
    • Operating Temperature of 10°C to 45°C
    • Less than 45 dB noise
    • Original Watts Miners water cooling noiseless system
    • Durability with more than 70,000 hours of ongoing performance
    • Customizable solutions for large mining farms
    • Ability to be installed in residential areas

    To learn more about Watts Miners and their advanced range of products, please visit


    About Watts Miners: Watts Miners is a manufacturer of high-quality cryptocurrency miners that deliver extremely high hash power without consuming a lot of power. Their team is comprised of several top-level professionals from renowned organizations such as Samsung, Microsoft, IBM, and many others. Headquartered in New York, the company currently has manufacturing facilities in USA, Germany, China and Russia.


    Company Contact
    Watts Miners
    1740 Broadway 14th Floor
    New York, NY 10019
    Tel: 929-220-9148
    Tel: 929-220-1825


    Corporate Communications Contact
    1324 Lexington Ave.
    New York, NY 10128
    Tel: 212-418-1217





    0 0

    Business Wire India

    Cushman & Wakefield plc (“Cushman & Wakefield”) today announced the pricing of its initial public offering of 45,000,000 of its ordinary shares, at a price to the public of $17.00 per share. The shares will be listed on the New York Stock Exchange and will trade under the symbol “CWK” beginning August 2, 2018. In addition, Cushman & Wakefield has granted the underwriters a 30-day option to purchase up to an additional 6,750,000 ordinary shares at the public offering price less underwriting discounts and commissions.


    Cushman & Wakefield expects to use the net proceeds from the ordinary shares offered by it to reduce outstanding indebtedness, in particular to repay its second lien loan, to pay the outstanding amount of the deferred payment obligation related to its acquisition of Cassidy Turley and any remaining net proceeds for general corporate purposes.


    Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC and UBS Investment Bank are acting as joint book-running managers and representatives of the underwriters for the offering. Barclays Capital Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and William Blair & Company, L.L.C. are also acting as joint book-running managers for the offering. TPG Capital BD, LLC, HSBC Securities (USA) Inc., Credit Agricole Securities (USA) Inc., JMP Securities LLC, China Renaissance Securities (US) Inc., Fifth Third Securities, Inc., Academy Securities, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Siebert Cisneros Shank & Co. L.L.C. and The Williams Capital Group, L.P. are acting as co-managers for the offering.


    The offering is being made only by means of the written prospectus forming part of the effective registration statement. Copies of the final prospectus related to the offering, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email:, Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526 or email: and UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: 888-827-7275 or email:


    A registration statement relating to these securities was declared effective as of August 1, 2018 by the Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state or jurisdiction.


    About Cushman & Wakefield


    Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.


    Cautionary Note Regarding Forward-Looking Statements


    Any statements in this release that are not historical or current facts are forward-looking statements. Forward-looking statements convey Cushman & Wakefield’s current expectations or forecasts of future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Cushman & Wakefield’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” section of the Registration Statement on Form S-1. Unless required by law, Cushman & Wakefield undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date of this press release.





    0 0

    Business Wire India

    Mr. Rajiv Ranjan Singh
    Mr. Rajiv Ranjan Singh

    There was a big round of cheer from people in the industry and the corporate as well, when the economic data pertaining to the GDP was released by government agencies. According to sources, the Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion The Real GVA expansion for Q4FY18 congregated a respectable pace and clocked 7.6% YoY (higher than anticipated 7.2%) versus 6.6% in previous quarter. The upswing was strongly aided by low base with the government spending and agriculture doing better than expected although the impetus in private sector GVA was just a tad weak. However, on the GDP front private consumption and exports were mostly weak. But encouragingly, GFCF (Gross Fixed Capital Formation) maintained its improving trend, perhaps reflecting the strong pace of government spending. 

    Going ahead, with the base effect being on the favorable side, and with the broader economy reviving from aftershocks of the demonetization and the bumpy implementation of the GST, reasonable acceleration is expected as far as the GVA growth in FY19 is concerned. Although being in its blossoming stages, sequential pick-up in investment rate (GFCF to GDP) for the quarter to 29.1% versus 28.2% in 3QFY18 is an encouraging sign in itself. So far, as mentioned earlier this keeps up a correspondence largely to push from the public sector and possibly some momentum in housing sector as well.
    India, in order to maintain a tag in the long run and achieve an incredible feat, needs to work consistently on the growth of rural India, needs to focus on core requirements for middle class, needs to take steps to eradicate malnutrition and last but not the least work towards strengthening an important pillar of the country’s destiny i.e Woman Empowerment.

    The government undoubtedly has floated several schemes – Jan Dhan Yojana, Fasal Bima Yojana, Suraksha Bima Yojna, Garib Kalyan Yojna for the upliftment of rural economy, but due to the corruption at every level, these schemes are not implemented in the manner they should be. As a result, the outcome is not at all in line with the expectations of anyone. Secondly, the pace of economic development is largely dependent on the middle class for any country. Hence one needs to focus on improvising the quality of life and their lifestyle so that major part of the population can contribute to the real economic growth. Thirdly, around 38% of Indian children between the age group of 0-5 are malnourished to such an extent that there is a definite permanent damage to their physical and mental capabilities which is irreversible. Hence, the government needs to focus on this issue sooner rather than later.

    Lastly, In India only 27% of the women are working and there are clear evidences of further decline in the said percentage. As per a study, out of 188 countries across the world in terms of working women population, India stands amongst the last few at the 170th rank. Due to improper working environment in offices, Indian women are not able to work properly.

    Going forward, IMD’s forecast of a normal monsoon and the governments focus on housing and infrastructure may boost our economy further in the coming quarters and even the corporate recovery cycle which has just shown first signs of picking up. With a proper strategy in place to deal with the looming threats of global trade wars and rising oil prices, India can achieve and sustain a double-digit growth in the upcoming quarters. 

    0 0

    Business Wire IndiaPidilite Industries Limited, India’s leading manufacturer of adhesives, sealants and construction chemicals today announced its financial results for the quarter ended June 30, 2018.
    Consolidated Performance

    • On a comparable basis*, net sales at Rs 1,818 Cr grew by 23% (excluding sales of Cyclo division of Pidilite USA Inc., which was sold by Pidilite USA Inc. in June 2017) over the same quarter last year.
    • EBITDA, before non-operating income, stood at Rs 384 Cr for the quarter and grew by 20% over the same quarter last year.
    • Profit after tax at Rs 240 Cr grew by 6% over the same quarter last year. The lower rate of growth in consolidated PAT is mainly on account of elimination of profit on inter-company transfer of certain intangible assets and effect of tax thereon during the current quarter, and the profit on sale of Cyclo business in the first quarter of last financial year.
    Standalone Performance
    • On a comparable basis*, net sales at Rs 1,592 Cr grew by 21% over the same quarter last year with underlying sales volume & mix growth at 18%. This was driven by a 20% growth in sales volume & mix of Consumer & Bazaar products and 7% growth in sales volume & mix of Industrial Products.
    • EBITDA, before non-operating income, stood at Rs 359 Cr and grew by 17% over the same quarter last year, on the back of input led contraction in gross margin and higher A&SP spends.
    • Profit after tax at Rs 267 Cr grew by 23% over the same quarter last year.
    *Reflecting accounting impact of GST for the quarter.
    Commenting on the quarter performance, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd, said:
    Q1 2018-19:
    “We have delivered another quarter of strong double-digit volume growth. We see gradually improving demand conditions, while input cost volatility and currency led inflation remain areas of concern. We remain committed to our strategic agenda of delivering consistent and profitable volume led growth.”
    About Pidilite

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

    0 0

    Business Wire India

    • Plans to emerge as a full-fledged Non-Banking Financial Services Company with a wider bouquet of products in its portfolio.
    • Appoints industry veteran Amit Saxena as MD and CEO of India operations.
    As part of its global rebranding exercise, UAE Exchange, a leading global money transfer, foreign exchange, payments and credit solutions brand, has rebranded its India operations to “Unimoni”.
    Unimoni India seeks to transform into a full-fledged Non-Banking Financial Services Company (NBFC) by adding a range of financial services for consumers and corporates, including small business loans, housing, and consumer loans, to its offerings.
    This transformation in India will be led by Mr. Amit Saxena, who recently joined as the Managing Director and Chief Executive Officer of Unimoni India. An industry veteran, Mr. Saxena has prior experience in setting up Karvy and Standard Chartered NBFC businesses and has had early exposure in Consumer Finance with Citigroup. He is an alumnus of BITS Pilani, IIM Lucknow, and Harvard Business School.
    Unimoni, coined from “Universal Money”, will provide a broader spectrum of innovative financial services across geographies, currencies and channels, enabling customers to achieve their financial ambitions, through a seamless network. Currently, Unimoni is present pan-India with 376 exclusive branches and has a 3,500-strong workforce.

    UAE Exchange’s global rebranding exercise follows the creation of “Finablr” by noted UAE-based Indian businessman and philanthropist, Dr. Bavaguthu Raghuram Shetty. Finablr brings together Dr. Shetty's portfolio of category-leading global financial services brands including Unimoni, UAE Exchange, Travelex, Xpress Money and Remit2India under one holding company.
    Speaking on the occasion, Dr. B. R. Shetty, Founder and Chairman at Finablr, said, “The last decade, India has witnessed multi-fold economic growth and gave us the opportunity to grow with it. However, a large portion of the country’s population is still grappling with issues of capital inaccessibility. With the new brand Unimoni, we are committed to driving the agenda of financial empowerment through technological innovation and bridging this gap.”
    Mr. Promoth Manghat, Executive Director at Finablr and Group CEO, added, “We are witnessing rapid growth and major transformation across our business verticals in different countries of operations. India is a particularly important market for our group with significant investments earmarked for new innovative offerings, enhancements and capability development through in-house efforts and strategic associations. We are all set to expand our portfolio of retail and digital assets to further enrich the experience and value we provide to our customers through our vast network, underpinned by our technology prowess. We are confident that India will play a key role in taking the group’s global and regional ambitions forward, while also contributing to our vision of financial enablement and empowerment.”
    Chalking out the roadmap, Mr. Amit Saxena, MD and CEO, Unimoni India, said, “Our aim is to serve 150 million households in middle India or ‘India 2’ and offer the emerging Middle Class, small businesses and conventional borrowers with high quality retail financial services. Our affordable offerings are easily accessible through our technologically-advanced and widespread distribution network. We are well-poised to take Unimoni on its projected path in India as we look to expand our loan book eight folds over the next few years and increase our footprint through both digital and physical networks.”
    About Unimoni

    Unimoni (formerly UAE Exchange) is a global provider of money transfer, foreign exchange, payments and credit solutions. Unimoni facilitates seamless movement of money across geographies, currencies, and channels with a focus on delivering convenience, speed and value to its customers. With multiple touchpoints spanning retail stores and digital channels, Unimoni offers secure and simplified financial solutions for its customers. 

    For more information, visit the Unimoni website:
    About Finablr

    Finablr brings together a portfolio of category-leading global financial services brands under one network. With technology innovation at its core, Finablr seeks to drive the agenda of financial enablement and empowerment of customers through R&D efforts, industry ecosystem engagements, investments and potential acquisitions. With over four decades of industry experience and 18,000+ employees, the Finablr network brands have a direct presence in 45 countries and a network reach across 165 countries. Collectively, the Finablr network touches over a billion lives through its retail stores, agents and digital channels. 

    For more information, visit the Finablr website:

    For media queries, contact:

    0 0

    Business Wire India

    • Giving away $10 million worth rewards, including mobile houses
    • Selling Ruby Token (RBY) at its half price only during the public sale!

    Ruby-x, a new-concept of cryptocurrency exchange that provides both simple currency transactions and funds trading services at the same time, will hold a grand opening event with approximately $10 million worth of prizes and rewards to celebrate the launch of Ruby-x beta service.


    Ruby Exchange has announced its main grand opening event, ‘Ruby-x Trading Contest.’ This Trading Contest will proceed over two rounds from August 17 to September 14. Ruby Exchange is currently bringing a giveaway event with many prizes that are much bigger and much more attractive than anything you would have heard before - a MOBILE HOUSE. On top of that, Ruby-x has also prepared many more prizes and awards for the winners, including an opportunity to become a Ruby fund-crypto manager. The rewards will be distributed to those who earn the most profit rate from their trading activities. Besides, a great variety of events are planned for its users, and the total rewards amount sums up to $10 million, including airdrops through telegrams.


    Ruby-x is considered to be the safest crypto-exchange, as it provides ‘Cold Wallet’ to its users. Cold Wallets cannot be hacked, while trading cryptocurrency. The users who use the cold wallets with 100% use rate will be able to take a service called “Ruby Vault” from which they can receive a certain amount of fees. Also, Ruby-x will provide the users with a transparent disclosure of transaction fees and histories, in order to keep a transparent exchange platform. One characteristic feature that makes Ruby-x different from any other crypto-exchange is that it will share the profits with its holders by paying them dividends every quarter season. Besides, it will sell a variety of fund products on Ruby platform which will bring profits to the investors, even without making any direct transaction.


    Ruby (RBY) token sale will begin on 10 August. Ruby officials have delivered that it will be the first and last public sale of RBY, and this is the only chance to buy RBY token at its half price.

  is a Cryptocurrency Trading Platform founded by RED SAIL GLOBAL LTD.





    0 0

    Business Wire India

    Ørsted entered into an agreement today with I Squared Capital and management shareholders to acquire a 100 percent equity interest in Lincoln Clean Energy LLC (LCE) for an enterprise valuation of USD 580 million.


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


    LCE is a leading U.S.-based developer, owner and operator of wind farms. Since I Squared Capital acquired a 90 percent stake in the company in 2015, with the management team owning the remaining 10 percent, LCE has developed and built over 500 MW of operating capacity, is constructing another 300 MW onshore wind project, and has a pipeline of more than 1.5 GW expected to be completed by 2022.


    Ørsted is the world leader in offshore wind and in February 2018 announced plans to invest in other renewable energy technologies to reinforce its position in renewable energy.


    Ole Kjems Sørensen, EVP at Ørsted and Head of Partnerships, M&A & Asset Management, says, “The U.S. is a leading market in renewable energy generation. We are delighted to announce this transaction, which will provide Ørsted with a strong growth platform in one of Ørsted’s strategic growth markets. With the acquisition of LCE, we acquire an attractive portfolio with a good mix of operating and development capacity. We have been impressed with the skills and ambition of the LCE team and we believe I Squared Capital has supported the business well in bringing it to its current market position. We look forward to working with LCE’s highly experienced and successful team in further developing this attractive business.”


    Adil Rahmathulla, Partner of I Squared Capital, commented, “We are proud to have worked with Declan Flanagan and his outstanding team to build LCE into the largest non-utility owner of U.S. wind commissioned in 2017. We wish the team every continued success and congratulate Ørsted on the transaction.”


    Declan Flanagan, founder and CEO of LCE, says, “I have long admired Ørsted for their leadership in offshore wind power. The team and I at LCE look forward to replicating that leadership in onshore wind in the U.S. I also want to thank I Squared Capital for their deep financial and operating expertise and commitment to LCE during what has been a period of rapid and successful growth.”


    LCE’s existing management team will continue to run the business, which will be a separate unit outside of Ørsted’s Wind Power business.


    The transaction is subject to approval by the U.S. competition authorities and is expected to close prior to the end of 2018.


    About I Squared Capital


    I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.


    About Ørsted


    As the world’s leading developer of offshore wind farms, Ørsted has installed 5.1 GW offshore wind capacity in Europe and has a further 3.8 GW under construction. It is Ørsted’s ambition to have installed a total offshore wind capacity of 11-12 GW worldwide by 2025.


    Ørsted entered the U.S. in 2015 and sees the U.S. renewables market as an attractive, strategic growth opportunity.

    • Ørsted holds the right to develop Bay State Wind and Ocean Wind, in total up to 4 GW of potential offshore wind capacity.
    • In Virginia, Ørsted will be constructing two 6 MW wind turbines for phase one of Dominion Energy’s Coastal Offshore Wind Project. The two companies have signed a memorandum of understanding giving Ørsted exclusive rights to discuss potential development of up to 2 GW of offshore wind capacity.
    • In addition, Ørsted is active in battery storage and solar development and last year established a presence in Austin, Texas, to lead those efforts.

    About Lincoln Clean Energy

    • LCE is a leading developer of U.S. onshore wind projects with offices in Chicago, Illinois and Austin, Texas.
    • Founded in 2009 by CEO Declan Flanagan, LCE has developed over 1.8 GW of renewable power projects in California, New Jersey and Texas. In 2017, LCE was the largest non-utility wind developer in the U.S.1
    • LCE owns a portfolio of 513 MW recently commissioned wind and solar assets2 and 300 MW of under construction wind assets located primarily in Texas. All projects are fully contracted with long-term offtake agreements with high quality counterparties.
    • LCE also owns more than 1.5 GW of development projects spread across the wind-rich U.S. markets of ERCOT, SPP and MISO.

    1 Source: AWEA.
    2 The operating portfolio includes 10 MW of solar PV.



older | 1 | .... | 57 | 58 | (Page 59) | 60 | 61 | .... | 69 | newer