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    Business Wire India

    Leading analyst and advisory firm Gartner has named decision-making platform provider BOARD International as a Visionary in both its 2018 Magic Quadrant for Cloud Financial Planning and Analysis Solutions & Magic Quadrant for Cloud Financial Close Solutions.

     

    The Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions (Christopher Iervolino, John Van Decker, 24 July 2018) states that “Financial planning and analysis solutions support the office of finance's efforts to manage financial planning and budgeting as well as financial modeling and performance reporting.” BOARD International was positioned in the Visionaries quadrant.

     

    The Gartner Magic Quadrant for Cloud Financial Close Solutions (John Van Decker, Christopher Iervolino, 26 July 2018) states that “Financial close solutions help the office of finance manage the financial close and apply appropriate controls throughout the accounting cycle.” BOARD International was positioned in the Visionaries quadrant and improved its overall position compared to the previous report.

     

    “Organizations are increasingly seeing the benefits of moving from disjointed point solutions to a more centralized approach,” said Giovanni Grossi, CEO of BOARD International. “Through unified decision-making platforms, management teams can empower employees to analyze, simulate and plan centrally, using up-to-date information to deliver informed decisions. This is BOARD’s vision and I feel it is reflected in our positioning within the quadrants.”

     

    Gartner Disclaimer

     

    Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

     

    About BOARD

     

    BOARD is the #1 decision-making platform. Founded in 1994 and Headquartered in Chiasso, Switzerland, and Boston, MA, BOARD International has enabled more than 3000 companies worldwide to effectively deploy Business Intelligence, Corporate Performance Management and Predictive Analytics applications on a single platform. With BOARD, global enterprises such as Coca-Cola, KPMG, Puma, and ZF have deployed end-to-end decision-making applications in a fraction of the time and cost associated with traditional solutions. www.board.com

     

     

     

     

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    Business Wire India

    Razorpay Founders (Shashank Kumar & Harshil Mathur) and Anuradha Bharat, Head, People Operations, Razorpay receiving the award from GPTW
    Razorpay Founders (Shashank Kumar & Harshil Mathur) and Anuradha Bharat, Head, People Operations, Razorpay receiving the award from GPTW

    Razorpay, India’s First Converged Payments Solution Company has been recognized among ‘India’s Top 50 Great Mid-Size Workplaces’ by the Great Place to Work (GPTW) Institute. Great Place to Work recognition is one of the most prestigious workplace achievements for an organization across the globe and Razorpay has been ranked 25th as India’s Best Companies (Mid-Size) to work for. The recognition is bestowed after a careful assessment of various parameters including level of trust that the employees feel towards the management, respect and fairness at workplace, the sense of pride they feel for being associated with the Company and the overall workplace camaraderie.
     
    Speaking on building a high-trust, high-performance culture at Razorpay, Anuradha Bharat, Head of People Operations, said, “Being recognized as one of India’s Great Mid-Size companies to work for is truly humbling and encouraging at the same time. It is a strong testimony of the trust and confidence that our employees invest in us. Over the last three years, we have put in efforts towards cultivating a culture of ownership and belongingness amongst employees, ensuring they get ample opportunities to grow and lead impactful careers. This ranking is indicative that our efforts are in the right direction, inspiring us to take excellence to new heights.”
     
    While Razorpay breeds a transparent work culture, encouraging employees to develop the hunger to learn and do more, the company is also known for its employee friendly work culture and a low attrition rate. Razorpay has achieved many significant milestones early on in their journey, witnessing growth both in terms of market share and mindspace with customers and industry peers alike.
     
    GPTW is globally recognised for its rigorous and objective methodology for identifying and defining great workplaces across business and government organisations. Every year, more than 10,000 organizations from over 58 countries, choose Great Place to Work®, for assessment, benchmarking, and recognition. Great Place to Work® Institute’s methodology is globally considered as the gold standard for defining great workplaces across business, academia and government organizations. India’s Great Mid-Size Workplaces – 2018 have been identified from the companies having employee strength between 100 to 500 employees.About Razorpay Software Private Limited
     
    Razorpay, India’s first Converged Payments Solution company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Beyond payment acceptance via Credit/Debit Card, Net banking, Digital Wallets & UPI, Razorpay helps businesses manage cash flows, disbursement of money; automate NEFT and bank wires and collection of scheduled payments among others. Established in 2014, the company has over 100,000 online businesses on board. Founded by alumni of IIT Roorkee, Shashank Kumar & Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, Y Combinator and MasterCard have invested a total of $31.5 million through Series A & Series B funding. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.
     
    About Great Place to Work® Institute
     
    Great Place to Work® Institute is a global management research and consulting firm dedicated towards enabling organizations achieve business objectives by building better workplaces. GPTW is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, GPTW recognizes the Best Workplaces across the globe through our best workplaces lists. Great Place to Work® Institute works with over 7000 organizations globally every year to help them assess, change, learn and share.

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    Business Wire India

    • Cooperation to deliver a comprehensive offer of a holistic approach of leading RPA software, process support and consulting
    • Focus on accounting


    Softomotive, a leading Robotic Process Automation (RPA) vendor announced a comprehensive, strategic cooperation with Warth & Klein Grant Thornton, one of the ten largest German accounting companies, who offer an expanding range of digital advisory services.

     

    “We are delighted to enter this new strategic cooperation for the benefit of our mutual clients”, said Marios Stavropoulos, Softomotive’s CEO. “This represents a significant step forward to support enterprises, especially medium-sized companies, to realize the full potential of RPA by helping them to transform their businesses and change daily working lives forever.”

     

    Through this cooperation, the clients of Softomotive and Warth & Klein Grant Thornton receive the comprehensive offer of a holistic approach of leading RPA software, process support and consulting.

     

    “Robots are becoming efficiency and quality drivers in accounting”, as Dr. Frank Hülsberg, Senior Partner at Warth & Klein Grant Thornton and responsible for the Digital Advisory business unit, emphasizes. “The cooperation is another component in the expansion of the digital capacities of Warth & Klein Grant Thornton and we are pleased to be working closely with Softomotive.”

     

    Warth & Klein Grant Thornton have their own multidisciplinary teams consisting of technologically experienced auditors, developers, IT and process experts as well as cooperations with market-leading partners like Softomotive.

     

    About Softomotive

     

    Softomotive is one of the leading worldwide providers of Robotic Process Automation solutions, trusted by more than 7,000 companies worldwide. By delivering the smoothest RPA journey through starting small, growing quickly and scaling seamlessly, Softomotive enables people and businesses to put their work on autopilot, enhancing working lives and transforming performance. Both attended and unattended RPA are delivered through powerful, robust RPA technology from desktop installation to server based software which is quick to deploy, easy to use and provides best value for money.

    • WinAutomation is the world’s best desktop automation tool and provides a powerful, robust and easy to use Windows based platform for building software robots.
    • ProcessRobot is a leading enterprise RPA platform, including enterprise grade security and controls, with links to best-of-breed AI technologies.


    About Warth & Klein Grant Thornton:

     

    Warth & Klein Grant Thornton is one of the ten largest German accounting companies. Around 900 employees at ten locations in Germany serve the wide mid-sized sector in addition to listed companies. Traditional focus of the company's work is auditing, tax consulting, private finance and corporate finance & advisory services, as well as qualified legal advice from the Warth & Klein Grant Thornton Rechtsanwaltsgesellschaft.

     

    The service Governance, Risk, Compliance & Technology is one of the fastest growing areas at Warth & Klein Grant Thornton and provides extensive support in the digital transformation.

     

    The company advises globally on Grant Thornton's network of approximately 50.000 employees at more than 700 locations in over 135 countries.

     

     

     

     

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    Business Wire India

    DBS Bank’s technology hub in Hyderabad – DBS Asia Hub 2, has been honoured with the Centre Transformation award at the prestigious Zinnov Awards 2018. The award recognises DBS Asia Hub 2 (DAH2) for its rapid transformation, from a pure cost centre into a value centre.

    Established in 2016, DAH2 is DBS Bank’s first technology development centre outside Singapore that supports the bank in strengthening its technological capabilities across the region as well as its digital banking strategy.

    “Transformation and innovation have been at the core of our operations to re-imagine banking. It is an honour to receive such a prestigious award as it strengthens our belief in the niche that we have carved for ourselves,” said Mohit Kapoor, Head - DBS Asia Hub 2.

    DAH2 has built a strong ecosystem, building over 200 live Application Program Interfaces leading to about 50 live partners. The centre focuses on Big Data, Artificial Intelligence, automation and cloud besides other latest technologies, to reimagine banking.

    Zinnov Awards recognises achievements and contributions of Global Innovation Centres in India and honours excellence in technology, digitisation and innovation. DBS participated alongside large global R&D, product development, technology, IT and digital native companies from countries like India, USA, Germany and France.

    In addition to this, DBS has earned a reputation for being one of India’s finest workplaces. This year, it has been recognised as one of the top 25 companies where India Wants to Work in 2018 by LinkedIn and featured by ET Now as India’s Finest Workplaces. It has also been bestowed with AON’s best employer award and the Transformation Catalyst Award by NASSCOM. DBS has a robust process in hiring the best talent, and recruits most of its engineers through a series of renowned national hackathons like ‘Hack2Hire’ & ‘Hacker In Her’.

    “We will continue to focus on our digital journey and enable a start-up culture to shape the future of banking,” Kapoor added.

    About DBS

    DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

    DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named ‘World’s Best Digital Bank’ by Euromoney. The bank has also been recognised for its leadership in the region, having been named ‘Asia’s Best Bank’ by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named ‘Safest Bank in Asia’ by Global Finance for nine consecutive years from 2009 to 2017.

    DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

    With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities.

    For more information, please visit www.dbs.com.

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    Business Wire India

    Ant Financial Services Group (“Ant Financial” or “the Company”) today announced that 14 newly approved target-date retirement funds will be made available on the Company’s wealth management platform, Ant Fortune.

     

    On August 6, 2018, China Securities Regulatory Commission (CSRC) approved the launch of the first batch of 14 target-date retirement funds operated by leading Chinese asset management firms including China AMC, Bosera Funds, GF Funds Management and ICBC Credit Suisse Asset Management. The funds are designed to stimulate the growth of personal retirement savings and complement China’s existing pension system.

     

    After the asset management companies complete an initial preparation phase, Ant Fortune users will be able to subscribe to the approved funds.

     

    Guoming Zu, Vice President of Ant Financial's Wealth Management Business Group said, “Ant Fortune is dedicated to advocating healthy investment habits and providing access to a diverse range of financial products and investor education initiatives. Target-date funds are specifically designed to encourage individuals to save for retirement and plan for the long term. We are pleased to work with asset management partners to make them available to our users.”

     

    Some asset management companies offering target-date funds, such as China AMC, Bosera Funds, GF Funds Management and ICBC Credit Suisse Asset Management have established corporate Caifuhao accounts on the Ant Fortune platform. Launched in 2017, Caifuhao accounts provide fund managers a channel to better connect and engage users, as well as enable them to provide more customized wealth management services for investors.

     

    Ant Fortune provides a range of AI-powered services for Caifuhao account holders, including operational optimization, smart marketing and content generation as well as compliance and risk management. 27 asset management companies have leveraged these services to increase their operational efficiency by 70%, while reducing their overall operational costs by 50%. These asset managers have also benefited from a 10-fold increase in the number of daily visitors, a three-fold increase in the amount invested by returning customers, and an 89% increase in the average holding period of individual investors.

     

    Since Ant Fortune’s establishment in 2015, all of the 116 mutual-fund asset management companies in China have signed up to join the platform. As a result, over 4,000 wealth management products have been made available to tens of millions of Ant Fortune users.

     

    About Ant Fortune

     

    Launched in 2015, Ant Fortune serves as a comprehensive wealth management platform that caters to individual consumers with little financial management expertise. In the past, a vast majority of wealth management products were designed for high-net worth investors and portfolio management which requires both time and expertise. Ant Fortune aims to provide investment options for those who have little time or know-how to increase their wealth by lowering the threshold of participation.

     

    About Ant Financial

     

    Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide.

     

    Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. By the end of March 2018, together with its global JV partners, Ant Financial served 870 million users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.

     

    For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.

     

     

     

     

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    Business Wire India

    Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter ended June 30, 2018.

     

    Quarter ended June 30, 2018 Highlights - compared to June 30, 2017

     
    • Net sales of $154.6 million, decreased $6.7 million, or 4.2%, the result of continuing increased competition and the challenging pricing environment; despite an overall increase in volumes of 11.1%.
    • Gross profit of $100.1 million, decreased $16.5 million and as a percentage of net sales, was 64.7% compared to 72.2%.
    • Research and development expenses of $13.3 million decreased $1.3 million.
    • Selling, marketing, general and administrative expenses of $23.6 million decreased $0.7 million.
    • Operating income of $63.2 million decreased $14.5 million and as a percentage of net sales was 40.8% as compared to 48.1%.
    • Interest and other financial income increased $3.3 million to $7.8 million.
    • Foreign Exchange (FX) income of $10.0 million compared to FX expense of $19.6 million ─ a favorable impact of $29.6 million, principally the result of the weakening of the Canadian dollar vs. the U.S. dollar.
    • Tax expense of $14.1 million increased $4.1 million with the effective tax rate increasing to 17.3% from 15.5%.
    • Net income attributable to Taro was $67.3 million compared to $54.5 million, resulting in diluted earnings per share of $1.71 compared to $1.35.

    Cash Flow and Balance Sheet Highlights

     
    • Cash flow provided by operations was $82.4 million compared to $72.7 million for the three months ended June 30, 2017.
    • As of June 30, 2018, cash, including short-term and long-term bank deposits and marketable securities, increased $63.6 million to $1.7 billion from March 31, 2018. Cash reflects the $24.7 million impact from the Company’s share repurchases during the current quarter.

    Mr. Uday Baldota, Taro’s CEO stated, “We continue to face an overall market trend, particularly in the U.S., that is not dramatically changing, and depending on the product(s), price deflation continues to be a challenge. We continue to maintain a development pipeline investing only in those products which are viable. From a business development perspective, we will continue to evaluate opportunities that make strategic sense and remain disciplined in our approach.”

     

    FDA Approvals and Filings

     

    The Company recently received two approvals from the U.S. Food and Drug Administration (“FDA”) for Abbreviated New Drug Applications (“ANDAs”); Benzoyl Peroxide; Clindamycin Phosphate Topical Gel 5%; 1% and Clindamycin Phosphate and Benzoyl Peroxide Gel, 1.2%/3.75%. The Company currently has a total of thirty-two ANDAs awaiting FDA approval, including five tentative approvals.

     

    Share Repurchase Program - Returning Capital to Shareholders

     

    On November 23, 2016, the Company announced that its Board of Directors approved a $250 million share repurchase of ordinary shares. Under this authorization, repurchases may be made from time to time at the Company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions. The repurchase authorization enables the Company to purchase its ordinary shares through open market purchases, negotiated transactions or other means, including 10b5-1 trading plans in accordance with applicable securities laws or other restrictions. On November 7, 2017, the Board extended the share repurchase program for one year.

     

    During the quarter, the Company repurchased 202,325 shares at an average price of $100.34. Through June 30, 2018, in total under the authorization, the Company has repurchased 1,806,984 shares at an average price of $102.86; with $64.1 million remaining.

     

    Form 20-F Filings with the SEC

     

    On June 21, 2018, the Company filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended March 31, 2018.

     

    The Company cautions that the foregoing financial information is presented on an unaudited basis and is subject to change.

     

    ************************

     

    About Taro

     

    Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.

     

    SAFE HARBOR STATEMENT

     

    The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company.The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC.

     

    Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2019.Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained.Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F.Forward-looking statements are applicable only as of the date on which they are made.The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

     

    **Financial Tables Follow**

     

     

     
                   
    TARO PHARMACEUTICAL INDUSTRIES LTD.
    SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (U.S. dollars in thousands, except share data)
                   
            Three Months Ended June 30,  
            2018   2017  
    Sales, net       $ 154,618     $ 161,321    
    Cost of sales         54,536       44,778    
    Gross profit         100,082       116,543    
                   
    Operating Expenses:              
    Research and development         13,345       14,658    
    Selling, marketing, general and administrative         23,582       24,249    
    Operating income         63,155       77,636    
                   
    Financial (income) expense, net:              
    Interest and other financial income         (7,804 )     (4,476 )  
    Foreign exchange (income) expense         (9,962 )     19,642    
    Other gain, net         603       2,119    
    Income before income taxes         81,524       64,589    
    Tax expense         14,096       9,987    
    Income from continuing operations         67,428       54,602    
    Net loss from discontinued operations attributable to Taro               (47 )  
    Net income         67,428       54,555    
    Net income attributable to non-controlling interest         151       58    
    Net income attributable to Taro       $ 67,277     $ 54,497    
                   
    Net income per ordinary share from continuing operations attributable to Taro:          
    Basic and Diluted       $ 1.71     $ 1.35    
                   
    Net loss per ordinary share from discontinued operations attributable to Taro:          
    Basic and Diluted       $     $ (0.00 ) *
                   
    Net income per ordinary share attributable to Taro:              
    Basic and Diluted       $ 1.71     $ 1.35    
                   
    Weighted-average number of shares used to compute net income per share:          
    Basic and Diluted         39,260,218       40,489,470    
                   
    * Amount is less than $0.01              
    May not foot due to rounding.              
                   
                 
    TARO PHARMACEUTICAL INDUSTRIES LTD.
    SUMMARY CONSOLIDATED BALANCE SHEETS
    (U.S. dollars in thousands)
                 
            June 30,   March 31,
            2018   2018
    ASSETS       (unaudited)   (audited)
    CURRENT ASSETS:            
    Cash and cash equivalents       $ 641,989   $ 576,611
    Short-term and current maturities of long-term bank deposits         174,158     296,188
    Marketable securities         597,533     549,821
    Accounts receivable and other:            
    Trade, net         209,135     206,455
    Corporate tax receivable         44,166     100,380
    Other receivables and prepaid expenses         25,184     22,585
    Inventories         141,034     144,595
    TOTAL CURRENT ASSETS         1,833,199     1,896,635
    Long-term deposits and marketable securities         298,145     225,639
    Property, plant and equipment, net         194,797     193,727
    Deferred income taxes         122,408     87,257
    Other assets         29,340     29,952
    TOTAL ASSETS       $ 2,477,889   $ 2,433,210
                 
    LIABILITIES AND SHAREHOLDERS' EQUITY            
    CURRENT LIABILITIES:            
    Trade payables       $ 26,513   $ 25,697
    Other current liabilities         166,116     190,059
    TOTAL CURRENT LIABILITIES         192,629     215,756
    Deferred taxes and other long-term liabilities         5,196     7,055
    TOTAL LIABILITIES         197,825     222,811
                 
    Taro shareholders' equity         2,274,672     2,205,158
    Non-controlling interest         5,392     5,241
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       $ 2,477,889   $ 2,433,210
                     
                 
    TARO PHARMACEUTICAL INDUSTRIES LTD.
    SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (U.S. dollars in thousands)
                 
            Three Months Ended June 30,
            2018   2017
    Cash flows from operating activities:            
    Net income       $ 67,428     $ 54,555  
    Adjustments required to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization         4,299       3,775  
    Realized gain on sale of marketable securities and long-lived assets         (7 )     (247 )
    Change in derivative instruments, net         3,546       (3,093 )
    Effect of change in exchange rate on inter-company balances, marketable securities and bank deposits         (28,918 )     22,078  
    Deferred income taxes, net         1,575       4,825  
    (Increase) decrease in trade receivables, net         (2,897 )     18,270  
    Decrease (increase) in inventories, net         2,653       (2,114 )
    Decrease (increase) in other receivables, income tax receivable, prepaid expenses and other         52,479       (21,483 )
    Decrease in trade, income tax, accrued expenses, and other payables         (17,408 )     (3,377 )
    Income from marketable securities, net         (310 )     (521 )
    Net cash provided by operating activities         82,440       72,668  
                 
    Cash flows from investing activities:            
    Purchase of plant, property & equipment         (6,078 )     (4,557 )
    Investment in other intangible assets         (45 )     (2,056 )
    Proceeds from short-term bank deposits, net         51,345       46,940  
    Proceeds from long-term deposits and other assets         70,685        
    Investment in marketable securities, net         (107,644 )     (275,128 )
    Net cash used in investing activities         8,263       (234,801 )
                 
    Cash flows from financing activities:            
    Purchase of treasury stock         (24,655 )     (8,489 )
    Net cash used in financing activities         (24,655 )     (8,489 )
                 
    Effect of exchange rate changes on cash and cash equivalents         (670 )     936  
    Increase (decrease) in cash and cash equivalents         65,378       (169,686 )
    Cash and cash equivalents at beginning of period         576,611       600,399  
    Cash and cash equivalents at end of period       $ 641,989     $ 430,713  
                 
    Cash Paid during the year for:            
    Income taxes       $ 36,830     $ 29,595  
    Cash Received during the year for:            
    Income taxes       $ 60,544     $  
    Non-cash investing transactions:            
    Purchase of property, plant and equipment included in accounts payable       $ 1,823     $ 1,180  
    Non-cash financing transactions:            
    Purchase of marketable securities       $ 8,629     $  

     

     

     

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    Business Wire India

    • First bank in India to introduce iris  biometric authentication feature on micro ATMs for Aadhaar-based transactions
    • Iris scan technology to offer enhanced biometric success rate and better performance speed over currently used modalities
    • Initiative to provide a fillip to overall Financial Inclusion agenda of the Bank; especially benefitting rural customers & senior citizens 
    Axis Bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar-based transactions through its micro ATM tablets. This service, which requires a customer to scan their iris on a tablet, will boost the Bank’s Financial Inclusion efforts by making Aadhaar authentication process hassle-free and offering easier access to digital banking for consumers especially in the rural parts of the country.

    Micro ATMs completely eliminate the requirement of debit cards, passwords, PINs, user IDs, etc. and empower consumers to avail banking services using only their Aadhaar numbers and biometrics (iris scan/fingerprint scan). The Bank has deployed highly secure iris powered micro ATM tablets which are STQC certified & UIDAI compliant registered devices with completely integrated iris sensors. Iris scan technology is completely contactless and provides up to 98.2% authentication success rate (as per study conducted by the International Centre for Biometric Research) and offers an edge over other prevalent biometric modes.

    Speaking on the new feature, Rajiv Anand, Executive Director – Retail Banking, Axis Bank said, “We are delighted to introduce the iris authentication feature for Aadhaar-based transactions. We have built this feature in a way that improves transaction experience over micro ATMs by making Aadhaar authentication process hassle-free and simple for our customers, especially senior citizens and those from far-flung rural regions who often face rejections while using other biometric modes. We feel that the iris scan technology has profound potential in authentication space in the future, as India continues its push to becoming a less-cash society.”

    The process of transaction through iris scan is very simple. Customer need to select the desired service (funds transfer, cash withdrawal, etc.) and feed-in their Aadhaar numbers in the micro ATM.  Next, they will have to choose ‘IRIS’ as the desired mode of authentication. Verification will be done by scanning the eyes of the customers through the tablet’s iris sensor camera in 3-5 seconds. The transaction will be completed after the biometric details are verified from the UIDAI database.

    Axis Bank is presently running a pilot program for its customers at 8 branches in rural segment largely covering areas of Punjab, Haryana, Gujarat and Andhra Pradesh. The Bank is also exploring the application of iris-based Aadhaar authentication for varied services such as loan processing, insurance, eKYC account opening and others, most likely extending to the semi-urban and urban regions as well.

    About Axis Bank

    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 3,779 domestic branches (including extension counters) and 12,834 ATMs across the country as on 30th June 2018, the network of Axis Bank spreads across 2,211 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has ten overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi, Sharjah and Dhaka and an overseas subsidiary at London, UK.

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    Business Wire India

    The Deals of India
    The Deals of India

    • Sale highlights uniquely Indian products across games, food, beauty, and ethnic wear
    • Additional 20% instant discount to IndusInd Bank users, 10% instant discount to HDFC, SBI card users
    Snapdeal today announced the launch of its ‘Deals of India Sale’ from August 10th up to August 15th, to celebrate the spirit of our country. The sale will offer a selection of products that are uniquely close to Indians.
     
    The company plans to offer attractive discounts of up to 80% across categories like beauty, fashion, sweets, music and literature, artifacts, home decor, sports products, and more. The sale will have ethnic fashion items like silk sarees and lehengas; Indian favourite food items like namkeen, pickles, tea and sweets; beauty products made of traditional ingredients like multani mitti, sandalwood, ashwagandha, shilajit and henna; popular games like archery, kites and hockey, among others.
     
    The sale also encourages products from Indian brands like Khadi, Mufti, Intex, Blue Stone, Safari, Asian Paints, Prestige, Vaadi etc. To highlight and encourage India’s rich heritage, Snapdeal has set its focus on providing business to not just small sellers but also weavers selling terracotta diyas, torans and paintings. 
     
    Snapdeal Spokesperson said, "With Snapdeal’s Deals of India Sale, Snapdeal continues to provide the best shopping experience by making available a wide selection of products at attractive prices. This sale brings together the vibrant colors of our Indian culture and also offers a range of deals across all types of product categories."
     
    The sale boosts of over one lakh products across 20 categories.
     
    The Deals of India sale comes with attractive cash back offers. Additional 20% instant cashback is given to IndusInd Bank cards users, and 10% instant discount to SBI debit card users, and HDFC bank card users. Snapdeal is also offering an additional Rs. 50 discount on top of all the existing offers during this sale. To avail the offer users have to apply promo code SAVE50.
     
    Here are some glimpses from the Deals of India Sale:

    Ethnic Wear
    • Traditional Silk Sarees: Starting Rs. 399
    • Best selling Kurtis and Dress Materials: discount of up to 80%
    • Designer ethnic footwear - Rs. 270 - Rs. 699
    • Lehengas- discount of up to 82% 
    Food items
    • Bikaji Foods Sadabahar Desi Ghee Soan Papdi: Rs. 270
    • Bikaji Namkeen: Flat 15% off
    • Pickles & tea: Starting Rs. 120
    • Amla/Aloe Vera juice: Starting Rs. 179
    • Chyawanprash: Starting Rs. 200
    Beauty
    • Multani mitti: Starting Rs. 75
    • Sandalwood products: Starting Rs. 75
    • Ashwagandha products: Starting Rs. 135
    • Shilajit: Starting Rs. 245
    • Henna: Up to 30% off
    • Kajal: Starting Rs. 100
    • Sindoor and bindi combos: starting Rs. 100
    • Hair Oil: Up to 35% off
    Sports
    • Archery: Starting 899
    • Kites: Minimum 40% off
    • Hockey sticks: Starting Rs. 249
    • Yoga Essentials: Starting Rs. 180
    Handicraft Items
    • Brass articles - up to 60% discount
    • Marble showpieces - Starting from Rs.199
    • Aluminum Kettles - starting at Rs. 99
    For more information, please visit: https://www.snapdeal.com/offers/independence-day-pre;
    https://www.snapdeal.com/offers/pride-of-india-2018

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    Business Wire India

    The BMW 6 Series Gran Turismo
    The BMW 6 Series Gran Turismo

    BMW Group India has entered the festive season with unmatched financial offers for its customers. Customers can now get their dream BMW financed at an attractive interest rate of just 7.99% per annum.

    The offer is applicable on the entire product range covered by the 360º program which includes all locally-produced BMW models – the BMW 3 Series, the BMW 3 Series Gran Turismo, the BMW 5 Series, the BMW 6 Series Gran Turismo, the BMW 7 Series, the BMW X1, the BMW X3 and the BMW X5. The offer is valid for all cars purchased from authorized BMW dealerships from 1 August – 31 September 2018.

    Mr. Vikram Pawah, Chairman – BMW Group India, said, “BMW Group India offers premium products and services and is always committed to creating a rewarding ownership experience for its customers. We begin this from the first step – helping them choose the right financial solution. The joy of owning a luxury car does not have to mean dealing with unrealistic EMIs. The 360º program designed by BMW Financial Services India offers unrivaled loan options in the luxury car segment. We are the first brand in the Indian luxury car segment to offer such a comprehensive program across its entire locally-produced range. A 7.99% rate of interest, low initial down-payment combined with bespoke and flexible payment plans tailored to individual customer needs, present an irresistible opportunity to own a BMW. With this and other innovative financial solutions, we are bringing many of our customers closer to turning their dreams into a reality.”

    With attractive finance rates and low initial payments, BMW 360º offers better value and the freedom to appreciate every moment. The program also provides an Assured Buyback Value to the customer with a promise of buying back the car at a pre-defined value at the end of tenure. It offers benchmark buy-back value as high as 57%. Further, the buy-back value is defined on ex-showroom price instead of actual transaction price, guaranteeing a better return and almost 50% lower EMIs for the customer. The program also comes with a maintenance and service package as a choice for the customer to further lower down the cost of ownership. With the BMW 360º program, customers enjoy great flexibility to decide whether to trade in, keep, refinance or return the vehicle at the end of the contract.

    Internet: www.bmw.in
    Facebook: https://www.facebook.com/bmwindia
    Twitter: https://twitter.com/bmwindia
    YouTube: https://www.youtube.com/user/bmwindia
    Instagram: https://www.instagram.com/bmwindia_official

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    Business Wire India

    Mr. Prithviraj Kothari, MD, RSBL receiving an award
    Mr. Prithviraj Kothari, MD, RSBL receiving an award

    The past month has been phenomenal for India’s largest bullion company RiddiSiddhi Bullions Limited (RSBL). It has picked up three prestigious awards at two significant bullion industry events. The first two were at the Bullion Federation Global Convention, held at New Delhi’s swanky JW Marriott on July 28 and 29, where RSBL was conferred with the title of “Best Gold Seller in India – 2017-18” and “Best Bullion Dealer in India – 2017-2018”. This is RSBL’s second year of winning the “Best Gold Seller in India”, after being presented with the same for the year 2016-17. 

    The third award was the “Best Gold Bullion Dealer of the year 2017-18” that RSBL won at the India International Gold Convention 2018 held at the IIGC Excellence Awards from August 3-5 at Le Meridien, Kochi. This was RSBL’s hattrick at IIGC Excellence Awards, having won the honour in 2016, 2017 and now again in 2018. RSBL’s MD, Mr. Prithviraj Kothari was there in person at both events, to receive the award on behalf of his company.

    Founded in 1994, RSBL is one of India’s top bullion companies and has been a market leader in the wholesale and retail level deliveries in the spot, forward and futures market. With a combined leadership experience of 100+ years, RSBL has consistently featured in Business Standard 1000’s list of India’s Top 10 Unlisted Companies. The ISO 9001:2008 certified company offers numerous products, including the RSBL-administered eCoins. RSBL is also an Authorized Participant and India’s largest creator and redeemer of Gold Exchange Traded Funds. 

    This is Bullion Federation’s third annual convention that was attended by all industry stalwarts. It brought together all major stakeholders including miners, refiners, bullion dealers, importers, exporters, traders, retailers, banks, nominated agencies, financial institutions, logistics providers, and policymakers. The 2-day conference opened with an inaugural speech by Hon. Shri Giriraj Singh (MoS for Micro Small and Medium Enterprises). Over 2 days, there were invigorating master classes, panel discussions signature sessions curated to enhance a productive exchange of information. 

    The IIGC in Kochi had over 400 participants from the world’s most prominent names in the bullion industry including bullion banks, nominated banks, international refiners, leading jewelry manufacturers and official trade representatives from Canada, Singapore, Peru, Ghana, Liberia, and Myanmar. The event was inaugurated by Shri Senthil Nathan S IRS – Deputy Secretary, Ministry of Commerce.

    Said, Mr. Prithviraj Kothari, MD – RSBL, “We are absolutely honoured to win 3 titles consecutively in a months’ time. We were awarded the “Best Gold Bullion Dealer of the year 2017-18” title for the 3rd time in a row, “Best Gold Seller in India” title for the second year in a row along with the “Best Bullion Dealer in India”. For more than 24 years, RSBL has led the way for Indian bullion companies with innovative products, honest practices, enabling transparency and leveraging technology for taking gold and silver products to the deepest corners of India. I accept this award on behalf of our very dedicated team and visionary leadership that has paved the way forward for the bullion players in India. We thank the Bullion Federation for the honour and their relentless work for the industry!”

    In the past, RSBL has won numerous industry felicitations such as Golden Arm (MCX), Best Bullion Dealer (IBJA), Emerging India (CNBC) and EPCES Export Awards (GOI). With their sheer hard work and dedication, the company endures to bag many more awards and recognition in the future.About RSBL
     
    RiddiSiddhi Bullion Limited is an Indian multi-national, multi-commodities conglomerate with interests in precious metals, base metals, energy products and financial services.
     
    Its RSBL Spot is synonymous with gold & silver trading in India. Its prices are the benchmark prices with trades being delivered across India’s remote corners. 

    It also has a unique online platform that allows investors to own small quantities of physical Gold and Silver at wholesale prices. With RSBL, the retail investors get an opportunity to buy Gold and Silver in multiples of rupee one. This makes bullion investments affordable and accessible to all. Investors have the option of taking physical deliveries of their holdings as per their convenience from the vault to their doorsteps. RSBL gold and silver coins are equally popular and trusted for its purity, price and weight. RSBL has its own state of the art gold and silver refinery.
     
    Besides precious metals, RSBL is also into the trading of base metals, energy, PVC, etc. RSBL also operates white label ATMs under the State ATM brand with an RBI license.

    For More Details Visit: www.rsbl.co.in

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    Business Wire IndiaIn an effort to offer hassle-free and seamless financing options to its customers, Bajaj Finance Ltd., the lending arm of Bajaj Finserv along with RBL Bank Ltd. offer interest-free cash withdrawal facility for up to 50 days through Bajaj Finserv RBL Bank SuperCard. The SuperCard offer huge benefits apart from the regular features of the credit card. The card can be used as cash card, loan card and, EMI card. The customers can use the card to make regular spends and enhance shopping and lifestyle experience with interest-free EMI options.
     
    Customer can repay the cash withdrawn in 3 EMIs as only a flat 2.5% processing fee is charged, the EMIs are competitive and affordable. Thus, customer need not dip into their savings and impinge on other financial goals while repaying the loan.
     
    The Bajaj Finserv RBL Bank SuperCard also offers attractive reward point accrual structure, accelerated rewards program suited to their lifestyle, movie privileges, dining offers as well as added benefits of using the card as a cash card to withdraw cash from ATMs without any additional interest within the billing cycle. The SuperCard owner can enjoy other benefits like access to airport lounges, exciting offers on BookMyShow, annual fee waiver on yearly spends and accelerated reward points on reaching annual milestone.

    How to apply:

    Bajaj Finserv RBL Bank SuperCard can be applied easily through Bajaj Finserv website or RBL Bank website wherein the customer can be authenticated by entering the registered mobile number and e-mail address. The application process is initiated and the customer is solicited to enter personal information, finally routed to upload accepted KYC documents. The 4-step process makes application convenient and hassle-free.
    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 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.

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    Business Wire IndiaDigital consumer lending startup HappyEMI today announced it has secured USD 1 million from AJ Ventures, JAN and Anand Sankeshwar, Managing Director of VRL Logistics. The funding will be used to further broaden the reach of consumer digital loans at point-of-sale across new geographies as well as venture into lending for education, healthcare services and further increase its reach of no cost equal monthly installments loans for consumer durables like smartphones and televisions. The funding will also be utilized to strengthen HappyEMI’s unique technology platform based on India stack to disrupt point-of-sale consumer lending by catering to aspirations of millennials across India.
     
    Smartphones and feature phones penetration is rising across India including Tier 2 and Tier 3 cities where aspiration for owning consumer electronics like smartphones, televisions, laptops, air conditioners, refrigerators is on rise. There are over 478 million mobile internet users in India according to latest IAMAI report and millennials are digital natives who are disrupting traditional industries as well as services including embracing ecommerce, digital payments and digital lending for their aspirational needs including upgrading to latest gadget or consumer durable. The financing options available to millennials include credit cards, e-wallets that offer cash backs and no cost equal monthly installments. According to the latest consumer survey, almost 70 percent of smartphone buyers utilize non-cash modes to finance their purchase. It is this huge opportunity of digital lending that HappyEMI will be disrupting and participating in. Digital Lending is slated to be almost 1 trillion US dollars marketplace in India over course of next five years according to a report by Boston Consulting Group.
     
    HappyEMI disrupts digital lending by providing shoppers with instant financing including no-cost based equal monthly installments at the point-of-sale in stores such as Sangeetha Mobiles, Poorvika, Happi Mobiles and over 500 independent retail stores thereby making the lending process winning proposition for both stores as well as consumers. HappyEMI’s intuitive platform is CIBIL independent which makes the lending process almost paperless with minimal human involvement at a point-of-sale where it originates loans in the retail stores and assesses credit risk in 15 minutes.
     
    HappyEMI utilizes data-driven approach to underwrite risk beyond credit score to reach consumer base by using alternative data points like salary profile, bank account details, UPI Profile and social media. HappyEMI’s proposition helps its retail partners to improve sales conversions and boost their overall sales ticket size and increase customer happiness. To begin disrupting the lending market in India HappyEMI has already serviced over 10,000 customers as well as added 1000 point-of-sale retail partners.
     
    To further disrupt digital lending space in India HappyEMI has acquired QuikLo to deepen its technology expertise as it scales up across India as well as acquire QuikLo’s intellectual property. HappyEMI has also partnered with manufacturers like Oppo, Vivo, Karbonn, Symphony Air Coolers, Samsung to originate point-of-sale lending at attractive rates. HappyEMI has a presence across Bangalore, Hassan, Mysore, Belgaum, Hubli, Dharwad, Tumkur, Chennai, Coimbatore, Hyderabad, Warangal, Guntur, Mangalore, Vijayawada, and Vizag.
     
    “We are building digital lending ecosystem for Indian consumers at point-of-sale and are now focusing on Tier 2 and Tier 3 cities to further broaden our reach and give consumers access to wide variety of point-of-sale loans through our intuitive platform that is CIBIL independent and looks at other data points such as salary and social media profile,” said Suhas Gopinath, Founder and CEO of HappyEMI. “Millennials across India are digital natives with huge appetite for consumer durables and seek instant gratification through their purchases and our startup has unique proposition for both consumers as well as merchants through our unique digital lending platform,” further commented Gopinath.
    About HappyEMI

    HappyEMI is a consumer lending platform at point-of-sale in offline retail stores. HappyEMI offers no-cost EMI to finance smartphones and electronics at point-of-sale, and we monetise through retailer's commission and OEM subvention. We are present in over 1000+ stores now for point-of-sale lending, we have introduced defensive strategies to ensure we get retail partners push and exclusivity, and have expanded to Chennai, Mangalore, Mysore, Hassan, Belgaum, Pune, etc. Currently, we are adding a new city every week and growing at about 5% every week. Our NPAs have come down and also recently acquired QuikLo for team and IP. We are lending 2 crores every month now and growing. Our NPA stands at less than 2% and we are in the process of applying for our own NBFC or acquire one. We want converge loyalty and lending using point-of-sale lending platform similar to Vyze.com in the US.

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    Business Wire IndiaMarking the joyous occasions of Independence Day, Bajaj Finance Ltd., the lending arm of Bajaj Finserv, is offering high interest yielding fixed deposits for senior citizens that offer consistent returns and secures the money from market fluctuations. Bajaj Finance Ltd offers one the highest senior citizen FD interest rates in the market, going up to 8.60% with an additional 0.35% for senior citizens. Bajaj Finance Fixed Deposits can be opened with amounts starting from Rs. 25,000/- and customers can opt for a flexible tenor, ranging from 12 months to 60 months, depending on the financial requirements.
     
    Bajaj Finance Fixed Deposit is ranked high on stability and safety by leading credit rating agencies like ICRA and CRISIL, assuring customers of timely payment of their interest income and principal on a periodic basis. Fixed deposits from Bajaj Finance offer excellent liquidity as investors need not break the fixed deposits for their immediate financial requirements with loans against fixed deposits available at minimal interest rates. Cumulative and non-cumulative payout options offer the Independence of fixed monthly income or a lump sum payment, according to one’s financial requirements.
     
    Moreover, there is no need for senior citizens to travel to the branch office every time there is need for any action related to the fixed deposit, whether opening a new instrument or closing an existing instrument. With online account management through the Experia portal, customers can exercise complete control over their fixed deposit account and take any action that is required. With online FD calculator, customers can compute the exact returns before making an investment, thereby making it convenient to plan their long term financial goals.
     
    Bajaj Finance Fixed Deposits offers an excellent option for senior citizens to plan their financials efficiently, to enjoy the safety net of a substantial corpus to lead a peaceful and prosperous retired life.
     
    Want to invest in Senior Citizen FD but still has any confusion? Check Bajaj Finserv Customer Portal or directly call Bajaj Finserv Customer Care.
    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 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.

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    Business Wire India

    Remitly, the largest private digital remittance company headquartered in the United States, announced it has released an update to its money transfer service to India. The update moves its daily sending limit to $30,000 on money sent to India from the United States. The company also announces it has enlisted critically acclaimed Bollywood actor, R. Madhavan as its brand ambassador.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005193/en/

     
    Remitly increases 24-hour send limit to India to $30,000 as it works with the critically acclaimed a ...

    Remitly increases 24-hour send limit to India to $30,000 as it works with the critically acclaimed actor, Maddy, to better connect with India's overseas communities around the world. (Photo: Business Wire)

    “The remittance industry is undergoing a rapid digital transformation and India is the top receiver of remittances in the world, receiving over $69 billion in remittances in 2017, higher than any other country,” said Matt Oppenheimer, Remitly CEO. “This is a credit to India’s overseas communities around the world. They made the courageous decision to move to another country to live and work, sending their earnings back to loved ones in India. We’re committed to this community and honored to make the experience of sending money across borders easier for the hard-working individuals that contribute so much. We are delighted to welcome Maddy to the Remitly team and excited to launch our new campaign with him.”

     

    Remitly helps individuals in the United States, United Kingdom, Canada, and Australia send money to India easier, faster, and at a lower cost. The company remains committed to India’s overseas community as evidenced by its growing partner network of over 150 banks for receivers in India and its recent update to the U.S. to India daily sending limit.

     

    “I look forward to working with the Remitly team to build deeper connections with India's overseas community in service of their mission to transform the lives of immigrants and their families around the world,” said acclaimed Bollywood actor, R. Madhavan. “Remitly is excellent and makes it easier for NRIs to send money to India.”

     

    About Remitly

     

    Remitly is the largest independent digital remittance company headquartered in the United States, transferring $5 billion in annualized volume from its customers in the United States, United Kingdom, Australia, and Canada to loved ones throughout the world. The company’s proprietary global transfer network includes its easy-to-use mobile app, which makes the process of sending money faster, easier, more transparent, and less costly by eliminating the forms, codes, agents, extra time and fees typical of the traditional, century-old money transfer process. Remitly is backed by industry-leading investors Naspers’ PayU, World Bank’s International Finance Corporation (IFC), Silicon Valley Bank, Stripes Group, DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures. The company is headquartered in Seattle, with additional offices in London, the Philippines, and Nicaragua. For more information, visit Remitly.com.

     

    About R. Madhavan

     

    R. Madhavan is a critically acclaimed actor known most notably for his roles in Rehna Hai Tere Dil Mein, Alaipayuthey, Guru, 3 Idiots, Rang de basanti, Vikram Vedha, Tanu Weds Manu, and the new web series, Breathe. R. Madhavan joins Remitly as a brand ambassador as the company continues its international expansion efforts to bring its service to more overseas Indian communities worldwide.

     

     

     

     
    MULTIMEDIA AVAILABLE :
    https://www.businesswire.com/news/home/20180815005193/en/

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    Business Wire IndiaMonarch Networth Capital Limited (MNCL), a financial services provider which is a part of Monarch group, announced its financial results for the first quarter (Q1) of the financial year 2018-19, ended on June 30, 2018. The company reported a superior quarterly performance, having achieved 74.07% growth in profit after tax (PAT) for the quarter growing from Rs 243.26 lakh to Rs 423.45 lakh, on a year-on-year basis. The standalone total income for the quarter increased by 13.28% growing to Rs 1,864.73 lakh during the quarter, from Rs 1,646.18 lakh in the corresponding quarter of FY 2017-18.
     
    The standalone EBITDA for the quarter ended on June 30, raised to Rs 547.48 lakh from Rs 476.32 lakh in the immediate previous quarter that ended on March 31, 2018. The same in the corresponding quarter of FY 2017-18 stood at Rs 344.72 lakh, thus registering a growth of 58.82%.
     
    The company’s gross earnings went down from Rs 1,911.76 lakh in the immediate previous quarter ended on March 31, 2018; and settled at Rs 1,650.49 lakh in Q1 of FY 2018-19. However, the administrative and selling cost decreased from Rs 1,036.70 lakh during the immediate previous quarter, to Rs 730.70 lakh in the quarter that ended on June 30, 2018.
     
    As a result, the net operating margin of the company increased to Rs 333.26 lakh (20.19%) in Q1 against Rs 294.11 lakh (15.38%) in the immediate previous quarter. The same stood at Rs 223.88 lakh (14.66%) in the corresponding quarter of FY 2017-18.
     
    The standalone earnings per share decreased to Rs 1.43 in Q1 of FY 2018-19 from Rs 1.82 in the immediate previous quarter. The same increased against Rs 0.80 from the corresponding quarter of FY 2017-18.
     
    The profit before tax for the quarter amounts to Rs 476.87 lakh as compared to Rs 413.83 lakh in the immediate previous quarter and as against a profit of Rs 277.17 lakh for the corresponding quarter of FY 2017-18.
     
    Business spread and diversification during the quarter:

    • A total of 20 new business associates connected with MNCL
    • The company has aggressively started with its merchant banking operations and has launched four SME IPOs during the period. It has also raised multiple mandates which will provide additional business revenue to the existing line of business.
    • MNCL has also commenced with its business of Insurance Distribution through Life, Health and General Insurance selling.
    For more information, you may contact us cs@mnclgroup.com

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    Business Wire IndiaIn pursuit of its goal of technological dominance in the field of Digital Assets, MoonX has initiated a strategic tie-up with aSSIST (The Seoul School of Integrated Science and Technology) in South Korea.
     
    The technologies and innovations being deployed by MoonX are firing a trend towards (Initial Coin Offerings) ICOs which experts predict will upend and may eventually even replace the IPO. This as startup interest continues to grow in reverse ICO listing.
     
    MoonX is racing ahead of the game in Crypto Exchanges with its commitment to technology and decentralisation. Its servers are now placed in cryogenic bunkers. This is the ‘first truly decentralised ownership exchange ecosystem’.

    MoonX is also leveraging its nanosecond response time. This is light years ahead of traditional exchanges like Nasdaq, ICE, LSE. A clear indication that the future lies with truly decentralised exchanges.

    "Our brand is about creating a decentralized economy by not charging fees but providing members with Moon Money equivalent to shares within the company. We are doing away with employer-employee and customer-business owner relationships to create a more peer-to-peer, equal relationship, offering our co-owners the fastest and most secure exchange technology verified by independent third-party experts," says Dr. Nithin Palavalli, MoonX Founding Chief Executive.
     
    MoonX Founding Financial Controller Tony Lee adds, "We want to use our crypto exchange and revolutionary Coin mechanisms as a transaction hub for all crypto assets, benefiting other Coins and enabling more people to trade. The aim is to benefit society and solve existing, real-world social problems."

    MoonX is funded by BCH Angel Fund (backed by IDG & BITMAIN) and Fission Capital (backed by Shenbo of Fenbushi). Other investors include NGC (Neo Global Capital), Node Capital, DHVC, Pre Angel, Linear VC, Du Capital, FTIG and 20 more.
     
    MoonX is looking to fund PhD and research programs with top quality universities and research institutes across the world.

    Website: www.moon.family

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    Business Wire India

    Prof Arvind Sahay, Chairman of IGPC along with team receives award for excellence and contribution to policy research at ‘15th India International Gold Convention’ held at the Le Meridien Convention Centre in Kochi.
    Prof Arvind Sahay, Chairman of IGPC along with team receives award for excellence and contribution to policy research at ‘15th India International Gold Convention’ held at the Le Meridien Convention Centre in Kochi.

    The India Gold Policy Centre (IGPC), IIM Ahmedabad won an award for Outstanding Contribution to Gold Policy Research in 2017-18 at the 15th India International Gold Convention recently held in Kochi. The award was received by Professor Arvind Sahay, Chairman of IGPC, along with his team, on behalf of the Centre.
     
    The convention, that was held at Le Meridien Convention Centre, saw around 400 delegates representing different sections of the gold industry from India and abroad, trade organizations, financial institutions and policy experts holding deliberations over policy and trade matters related to gold ecosystem. The gathering consisted of 11 bullion banks, 6 nominated banks, 6 international refiners, 25+ domestic refiners, leading jewellery manufacturers from India, official / trade representatives from Canada, Peru, Ghana, Liberia, Myanmar and Singapore.
     
    Speaking on this occasion Prof. Arvind Sahay, Chairman at IGPC said, “We are honored to have received this award. IGPC has been doing extensive research work in the field since its inception. IGPC has organized two policy workshops and an academic research conference in the past 3 years. IGPC has published several papers on research studies undertaken by faculty and doctoral students of IIMA or other institutions funded by the Centre. We have a brilliant team and this award is testimony of the hard work we put in.”
     
    The convention was organized by Foretell Business Solutions where IGPC participated as a ‘Research Partner’. Prof. Arvind Sahay addressed the delegates on ‘Mapping Gold Policy-Present to Future’.
     
    The India Gold Policy Centre, a part of the Indian Institute of Management Ahmedabad (IIMA), is a Centre of excellence sponsored by World Gold Council (WGC). A pioneer Think tank in global gold industry, the Centre was set up in 2014 and aimed towards conducting cutting-edge research on all aspects of the Indian gold industry. It was established as a result of a collaboration between the World Gold Council and IIMA.
     
    The objective of the Centre is to develop insights into important questions relating to the gold industry. These include, but are not limited to, the role of the significant stocks of gold India owns that can be used to advance growth, employment, social inclusion and economic wealth of the nation, bullion banking, consumer participation in GMS, refining, etc. Located within the premises of the IIMA, the Centre connects closely with practice and was set up in line with the Institute’s vision to connect with industry as an important stakeholder.
     
    IGPC operates on various levels and conducts several activities under its aegis. These include carrying out high quality research, producing an annual gold policy report, disseminating research through a variety of channels including media outreach, participation in industry conferences, roundtable discussions and/or authored articles etc. It also engages with the government and policy makers about the role of gold in the financial architecture and gem and jewellery industry. It focuses on developing business case studies on the role of gold in the financial system and society.
     
    One of the Centre’s projects is to build relationships with other leading management institutions and global institutions on gold industry research, including WGC’s other global research initiatives. From time to time, it undertakes multi-disciplinary, thematic and applied research in several key areas relating to the use of gold as a fungible financial asset in India.

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    Business Wire India

    Alipay, the world’s leading mobile payment and lifestyle platform operated by Ant Financial Services Group, announced that it has partnered with Global Tax Free (“GTF”), a tax refund agency, to launch the world’s first paperless mobile tax refund function in South Korea.

     

    Alipay has consistently been at the forefront of innovation that supports mobile tax refund solutions globally. In early 2017, Alipay initiated a real-time tax refund service in Europe which enabled users to instantly receive tax rebates in their Alipay accounts after scanning their Alipay QR code at airport tax counters.

     

    The newly introduced tax refund service in South Korea further simplifies the process by enabling Chinese tourists to apply for and claim tax rebates on their mobile phone app, skipping in-city and airport tax refund counters altogether. After scanning their passports at self-service kiosks prior to leaving South Korea, Chinese tourists can process tax rebates and immediately receive RMB refunds by using the Alipay mobile app to scan tax refund receipts within 90 days of purchasing.

     

    “Since 2013, Alipay has continuously explored ways to expedite tax refunds for Chinese tourists to enhance the outbound travel experience. Alipay users can already receive tax refunds at more than 80 airports and a growing number of in-city shops globally after processing at a tax counter,” said Danny Chung, General Manager of Alipay Korea.

     

    “With this unique new function, Alipay users can skip the queue and process tax refunds on their mobiles, without filling out and submitting any paper work. This will both save time and make it easier to claim refunds. We look forward to working with our partners and leveraging our technological capabilities to bring more convenient tax refund solutions to outbound Alipay users,” added Mr. Chung.

     

    South Korea is the world’s most convenient destination for tourists to claim tax refunds and approximately 10,000 merchants in South Korea support the GTF tax refund service. The introduction of the mobile service will expedite the tax refund process in South Korea. Alipay and GTF have plans to expand the tax refund service to more merchants and other countries in Asia in the future.

     

    About Alipay

     

    Operated by Ant Financial Services Group, Alipay is the world’s largest mobile and online payment platform. Launched in 2004, Alipay currently works with over 200 domestic financial institution partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 40 countries and regions across the world, and tax reimbursement via Alipay is supported in 29 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.

     

     

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    Business Wire India

    MetLife Asia’s Singapore-based innovation center, LumenLab, has begun testing the world’s first, automated insurance solution using blockchain technology to offer pregnant women financial protection in case of gestational diabetes, without ever needing to make a claim.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180820005644/en/

     

    The experimental product, known as “Vitana,” is Singapore’s first dedicated insurance product for gestational diabetes – a condition affecting up to one in five expectant mothers in Singapore.[i] Vitana securely connects to customers’ electronic medical records via their mobile device to issue a policy within minutes. It triggers an automatic payout upon diagnosis, without the need to make a claim.

     

    “Vitana embodies MetLife’s commitment to its customers. In today’s world, people expect experiences to be simple, automated, and digital. We saw an opportunity to test how blockchain can make insurance more seamless and we’ve partnered with some of the best companies in their fields to create a blueprint to launch new parametric insurance products in the future,” said Zia Zaman, MetLife’s Chief Innovation Officer in Asia and Chief Executive Officer of LumenLab.

     

    In addition to an enhanced experience, Vitana offers customers improved data security as it performs parametric underwriting on the customer’s mobile device, meaning the insurance company doesn’t require access to the underlying medical data to confirm insurability.

     

    Vitana was built with partners: SwissRe, which helped drive product design and reinsure the risk; Cognizant, which provided the underlying technology and blockchain expertise; and Vault Dragon, an electronic medical records provider which supported on-the-ground implementation with forward-thinking doctors and clinics. Vitana was developed within the Monetary Authority of Singapore’s (MAS) regulatory sandbox, and was highlighted in MAS’ annual report as one of the key innovations to come out of the sandbox initiative.

     

    “Experimentation is crucial to invent and create the future. We are glad that the sandbox has enabled LumenLab to jumpstart an innovative experiment within safe boundaries, to understand if it could effectively address existing pain points of both the insured and insurer, before rolling it out on a broader scale,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.

     

    Customers can download Vitana via the App Store to receive up to SGD 2,500 coverage for medical expenses associated with gestational diabetes. The experiment will run over a six-month period and LumenLab is working with the Singapore Medical Group Women’s Health as well as other select clinics to offer the solution to Singapore-based patients in their first 23 weeks of pregnancy (see FAQs for a full list of clinics).

     

    To learn more about Vitana, visit http://www.vitana.sg/ or read the FAQs.

     

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

     

    About LumenLab
    As MetLife’s pioneer for disruptive innovation, LumenLab is charging ahead to create new businesses in health, wealth and retirement. Lumen, a measure of light, symbolizes our commitment to illuminating a new path for solving the problems that the people of Asia face today. Through our focus on building new products and services grounded in technology and data, we aim to help people achieve richer and more fulfilling lives. For more information, visit www.lumenlab.sg

     

    i Gusto, a longitudinal baby study at NUH and the KK Women’s and Children’s Hospital (KKH) (Khalik, S. 2016).

     

     

     

     
    MULTIMEDIA AVAILABLE :
    https://www.businesswire.com/news/home/20180820005644/en/

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    Business Wire IndiaProviding its customers with an effective option to take care of their financial requirements, Bajaj Finance Ltd., the lending arm of Bajaj Finserv, is offering high value top-up loans of up to Rs. 50 Lakhs on home loan balance transfer. The amount can be used by the customers for any financial requirement, as and when required.
     
    Bajaj Finserv offers home loans of up to Rs. 3.50 crores with various other benefits such as 3 EMI Holiday, Flexi Hybrid Loan and doorstep collection services. The maximum repayment tenor that can be chosen is 240 months, depending on the financial capacity of the customers.
     
    Maximize savings
    Transferring the existing high interest-bearing Home loan to low-interest Home Loans from Bajaj Finserv at 8.60% can help the customer maximize their savings during periods of financial turmoil. This will help the borrower plan finances efficiently.
     
    Additional Top up on Balance transfer
    Applicants opting for home loan balance transfer have a chance to opt for an additional top-up value of Rs. 50 lakh at a competitive interest rate. The top-up amount can resolve multiple financial requirements and can be availed through a convenient process.
     
    Flexible Payment Options
    Bajaj Finserv Flexi Hybrid Loan facility allows the customer to pay interest as their EMI for the initial four years and thereafter they need to pay interest and principal. Bajaj Finserv also offers 3 EMI holiday option, wherein customers can defer the repayment commencement for 3 months, which helps them organise their financials after incurring significant expenditure on home purchase.
     
    Easy application process
    To apply for Bajaj Finserv Home Loans, customers need to log-on to the company website and fill-up the online application form with their essential details. If their profile meets the eligibility criteria, the representatives from Bajaj Finserv will get in touch with them to take the process forward.
     
    While online, customers can access information regarding home loan interest rates, terms and conditions along with other necessary details including home loan balance transfer calculator. Existing Bajaj Finserv customers can avail the benefits of pre-approved offers that come with minimal documentation requirements and speedy disbursals.
    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 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.

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