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- 11/13/18--04:54: _Active Client Tradi...
- 11/11/18--21:28: _CommScope to Acquir...
- 11/12/18--20:58: _Takeda Announces Pu...
- 11/13/18--03:03: _Aster DM Healthcare...
- 11/14/18--02:55: _Citco Launches New ...
- 11/14/18--04:20: _Kenetic Bucks Crypt...
- 11/15/18--03:28: _LaLa World Enters t...
- 11/15/18--23:27: _MultiBank Group Exp...
- 11/16/18--01:09: _The Valence Group A...
- 11/14/18--23:31: _TechGig Geek Goddes...
- 11/15/18--20:30: _Money Matters Finan...
- 11/16/18--00:30: _Andersen Global Add...
- 11/16/18--00:49: _Avolon Places 15 Ai...
- 11/16/18--01:15: _A-Nex Launches Init...
- 11/16/18--02:10: _HealthFin Adjudged ...
- 11/16/18--02:32: _Alipay Teams with N...
- 11/16/18--03:35: _Global FinTech Inno...
- 11/16/18--04:19: _Telstra: Capital Pl...
- 11/19/18--03:40: _IIFL Wealth Managem...
- 11/19/18--04:41: _IndusInd Bank Launc...
- 11/13/18--04:54: Active Client Trading Starts on OTCXN Block Trading Venue
- Customer Premises Equipment (CPE), featuring access devices such as broadband modems, gateways and routers and video set-tops and gateways;
- Network & Cloud (N&C), combining broadband and video infrastructure with cloud-based software solutions; and
- Enterprise Networks, incorporating the recently acquired Ruckus Wireless® and ICX Switch® businesses, and focusing on wireless and wired connectivity, including Citizens Broadband Radio Service solutions.
- Positioned to Capitalize on Positive Industry Trends: The combined company will be well positioned to benefit from key industry trends by combining best-in-class capabilities in network access technology and infrastructure and creating end-to-end and comprehensive solutions. We believe trends such as network convergence, fiber and mobility everywhere, the advent of 5G and fixed wireless access, Internet of Things and rapidly changing network and technology architectures will provide compelling long-term opportunities for the combined company and its unique end-to-end communications infrastructure capabilities.
Unlocks Significant, High-Growth Segments and Increases Product Addressable Market: The company expects to more than double its total product addressable market to more than $60 billion, with a unique set of complementary assets and capabilities that enable end-to-end communications infrastructure solutions such as:
- Converged small cell solutions for licensed and unlicensed wireless spectrum;
- Complementary wired and wireless communications infrastructure;
- Integrated broadband access;
- Private network solutions for industrial, enterprises and public venues; and
- Comprehensive connected and smart home solutions.
- Expanded Product Offerings and R&D Capabilities to Meet Diversified Customer Base: CommScope and ARRIS will share strong technical expertise with approximately 15,000 patents and approximately $800 million in average annual research and development investments. With a stronger global footprint, the combined company is expected to serve customers across more than 150 countries.
- Strong Financial Profile with Cost Savings Opportunities: For the 12 months ended September 30, 2018, on a pro forma basis, the combined company would have generated revenues of approximately $11.3 billion with adjusted EBITDA of approximately $1.8 billion. As a result of the combined company’s increased scale, CommScope expects to achieve annual run-rate cost savings of at least $150 million within three years post-close, with synergies of more than $60 million expected to be realized in the first full year after closing and more than $125 million expected to be realized after the second year post-close, driven from natural synergies primarily in direct procurement and SG&A.
- Significantly Accretive to CommScope’s Earnings: The transaction is expected to be more than 30 percent accretive to CommScope’s adjusted earnings per share by the end of the first full year after closing, excluding purchase accounting charges, transition costs and other special items.
- Maintains CommScope’s Strong Balance Sheet, Credit Position and Financial Flexibility: With a unique set of complementary assets and capabilities that enable end-to-end communications infrastructure solutions, the combined company is expected to generate approximately $1 billion in cash flow from operations1 in the first full year after closing. Upon completion of the transaction, CommScope’s net leverage (debt less cash) ratio based on pro forma adjusted EBITDA1 for the 12 months ended September 30, 2018 is expected to be 5.1x, including full run-rate synergies of $150 million. Given the increased scale and cash flow generation, as well as both companies’ track records of successful integration, CommScope expects to rapidly de-lever, targeting a net leverage ratio of approximately 4.0x in the second full year after closing. Long term, the company is targeting a net leverage ratio of 2.0x to 3.0x.
- The Acquisition will create a global, values-based, R&D-driven biopharmaceutical company incorporated and headquartered in Japan, with an attractive geographic footprint and leading positions in Japan and the United States, respectively the third and first largest pharmaceutical markets globally.
- The Acquisition will strengthen Takeda’s presence across two of its three core therapeutic areas - gastroenterology (GI) and neuroscience – and provide leading positions in rare diseases and plasma-derived therapies. Following completion of the Acquisition, Takeda will continue to focus on the acceleration of its oncology business, following its recent acquisition of ARIAD Pharmaceuticals. In addition, Takeda’s vaccine business will continue to address the world’s most pressing public health needs.
- The Acquisition will also create a highly complementary, modality-diverse pipeline and a strengthened R&D engine focused on breakthrough innovation. As a result of greater scale and efficiencies in commercial activities, the Acquisition will enable the combined group to further fuel its R&D investment, better positioning Takeda to deliver highly-innovative medicines and transformative care to patients around the world.
- In addition to the significant strategic benefits of the transaction, the Acquisition will also deliver compelling financial benefits for the combined group. The Acquisition is expected to deliver substantial pre-tax cost synergies of at least $1.4 billion each year by the end of the third fiscal year following completion1, with the potential for additional revenue synergies from the complementary geographic and therapeutic focus.
- The Acquisition is expected to be significantly accretive to underlying earnings per Takeda share from the first full fiscal year following completion and to produce strong combined cashflows. The Acquisition is also expected to be earnings accretive per Takeda share on a reported basis within three years post completion.
- The Acquisition is expected to result in attractive returns for Takeda shareholders, with the return on invested capital (ROIC) expected to exceed Takeda's cost of capital within the first full fiscal year following completion.
- The substantial cash flow generation expected to result from the Acquisition will enable the combined group to de-lever quickly following completion. Takeda intends to maintain its investment grade credit rating with a target net debt to Adjusted EBITDA ratio of 2.0x or less within three to five years following completion of the Acquisition, without the need to issue new shares. To help accelerate the de-leveraging process and ensure an optimal business mix, Takeda will consider selected disposals of non-core assets.
- An enlarged and well-positioned combined portfolio will strengthen the combined group’s ability to invest in the business and deliver returns to Takeda shareholders. Takeda’s dividend policy has remained consistent over the past 9 years, with an annual dividend of JPY 180 per share having been paid to Takeda shareholders. Takeda has remained disciplined with respect to the terms of the Acquisition and intends to maintain its well-established dividend policy of JPY 180 per share.
- The Acquisition is expected to result in Takeda being the only pharmaceutical company listed on both the Tokyo Stock Exchange in Japan, where it will continue to have its primary listing, and the New York Stock Exchange in the U.S., enabling it to access two of the world’s largest capital markets.
- Revenue from operations improves by 17% to Rs. 1,837 crore compared to Rs. 1,566 crore
- EBITDA (excluding other income) reduces by 9% Y-o-Y to Rs. 125 crore compared to Rs. 138 crore
- PAT increases to Rs. 11 crore compared to Rs. 0.51 crore
- Diluted Earnings Per Share up to Rs. 0.22 as compared to Rs. 0.01
- Revenue from operations improves by 16% to Rs. 3,612 crore compared to Rs. 3,123 crore
- EBITDA (excluding other income) grew by 40% Y-o-Y to Rs. 249 crore compared to Rs. 178 crore
- PAT increases to Rs. 23 crore compared to loss of Rs. 76 crore
- Diluted Earnings Per Share up to Rs. 0.47 as compared to loss of Rs. 1.65
- For the first time in North Kerala, Aster MIMs hospital performed an Endoscopic Vein Harvesting for CABG (Coronary artery bypass grafting)
- A benign tumor that weighed 4.5 KG was removed from the thoracic cavity of a patient by the Cardiac team at Aster MIMs Hospital in Calicut, Kerala
- A fully amputated arm was reimplanted successfully by a plastic surgeon and the team at Aster MIMs
- Phrenic Nerve Stimulation for diaphragmatic palsy was performed by Neurosurgery team at Aster CMI Hospital in Bangalore
- Mechanical Thrombectomy performed by Neurosurgery team at Aster CMI Hospital in Bangalore
- Dorsal column stimulation for traumatic paraplegia was performed by the Neurosurgery team at Aster CMI Hospital in Bangalore
- Integrated Liver Care Team at Aster CMI Hospital used a deceased donor liver with an exsitu split to benefit 2 patients at Aster CMI Hospital in Bangalore
- An Obstetrics and Gynaecology Consultant at Aster Sanad Hospital delivered a baby on-board a flight from Saudi to Philippines
- Aster Medcity completed 100 Liver transplants in July 2018 and100 Robotic Gynae Surgeries in August 2018
- New procedures have been introduced at Aster MIMS Hospital, Calicut: Deep Brain Stimulation surgery, Laser Surgery for Hemarhoid and Varicose Veins, Minimally Invasive Spine Surgery
- Aster Medcity Launched a Vertigo Clinic in September 2018
- Medcare partnered with The United Medical Eastern Services (UEMedical) to launch a new HealthPlus Fertility Centre in Dubai
- Medcare Women and Children Hospital announced the opening of the first DHA accredited Fetal Medicine Unit in the UAE
- New specialty clinics launched by Ramesh Hospitals: Cardiology Clinic in Markapuram, Gastroenterology Clinic and Pulmonology Clinic in Tenali
- Aster CMI Hospital received NABH Accreditation
- “Aster Volunteers” a global programme launched on the occasion of Aster’s 30th anniversary, aims to bridge the gap between people who would like to help with those in need. Some of the key highlights between July – September include:
- Aster Homes Fund of Rs. 15 crore was promised as an effort to rebuild Kerala after the floods. The Aid Kerala project which was initiated to provide humanitarian aid to the victims right after the flood benefitted more than 50,000 people
- Around 41,716 individuals were treated through mobile medical services in GCC and India through 340 medical camps
- Basic Life Support training was conducted for 9,842 individuals
- Around 3,618 free investigations and surgeries were conducted
- 70,727 individuals were treated through 422 medical camps
- The Aster DM Foundation has been contributing through the following activities across various geographies:
- Free Dialysis benefitted 36,141 people
- Free Treatment Subsidy worth ~INR 4.3 million provided
- Community Good Health Programme benefitted 47,520 people (UAE, Qatar, Philippines, India)
- The Diseases Detection & Cancer Screening Programme benefitted 2,462 people
- Education & Social Empowerment Programmes MILEs benefitted 110 people
- Cloud-based treasury tool supports alternative fund managers
- Adds value through improving operational efficiency and enhances security
- Centralizing management and eliminating the need to log into individual bank portals
- Providing security, scalability and accessibility
- Providing global accessibility through all web enabled devices, including mobile
- Allowing collaborative and segregated user management workflows
- Supporting real-time SMS & Email notifications for specified users
- 11/14/18--23:31: TechGig Geek Goddess 2018: On Course to Become a Roaring Success
- 11/16/18--00:30: Andersen Global Adds Tax & Legal Services in Argentina
- 11/16/18--00:49: Avolon Places 15 Airbus A320neo Aircraft with Vistara
- Cyber Advanced Technology, the technology provider for A-Nex, has developed an innovative crypto-trade platform that plans to take the crypto-industry to a new level of security and profitability.
- A-Nex will be powered by the Operational Technology-Operation Centric Networks (OT-OCNTM), a secure, Next GEN internet technology created by CAT.
- 11/16/18--02:10: HealthFin Adjudged as the Best Startup in Healthcare Sector
- 11/16/18--04:19: Telstra: Capital Planning & Delivery Named PMO of the Year
- Premium card offering with no pre-set spending limit, tailored to enable and enhance lifestyle needs of HNIs
- Access to attractive benefits that span built-in insurance, elite hotel programmes, lifestyle experts, concierge services and by-invitation events
- No pre-set spending limit on the Card, which opens up a range of choices for members
- 3X Membership Rewards on all overseas spends on the Card
- Exclusive wellness offers curated by American Express
- Card members are enrolled into elite hotel programmes and have access to travel and lifestyle experts as well as concierge services
- Members have exclusive access to world-class events, including concerts and fine dining events, rewarding them at every stage
- Empowers customers with a choice of payment options such as EMI, Reward Points or Credit at the push of a button, on the card, at the Point of Sale
- Makes redeeming Reward Points or opting for EMI payments convenient
Business Wire India
OTCXN, a blockchain-powered capital markets infrastructure company, announced that it has launched its OTC Block Trading venue for Crypto trading. This is the first of several trading venues that will be launched for institutional-only digital asset trading. After a period of successful testing, the venue is now open to all clients with accounts at custodians on the OTCXN network, including Kingdom Trust and Prime Trust, both of whom are regulated US entities that offer custody services for Fiat and Cryptocurrencies. Trading on the venue includes Fiat-for-Crypto, Crypto-for-Crypto and Fiat-for-Fiat.
“We are extremely pleased to announce that our institutional clients are now trading with each other on our OTC Block Trading venue. Clients can now trade without risk to their counterparty and without waiting for settlement payments to hit their account or wallet. The immediate re-tradability of crypto assets with no public ledger transactions means more trading opportunities for our clients,” stated Rosario M. Ingargiola, CEO and Founder of OTCXN.
The OTCXN solution has strong appeal to institutional clients because the cryptocurrency is always held in deep, cold storage, and neither side of the trade ever sends funds or crypto first. An immutable record of all transactions on a proprietary blockchain layer brings transparency and provability to facilitate the audit, fund administration and regulatory requirements of institutional clients.
Later this year, OTCXN will be launching its high-performance matching engine, LiquiMatch, as both a Dark Pool and Lit Central Limit Order Book-style exchange for Cryptocurrencies. Clients will be able to access liquidity across all OTCXN trading venues via a single account at a custodian. OTCXN also plans to launch a marketplace for coin lending and leverage financing in early 2019.
OTCXN is a capital markets infrastructure company using asset digitization, proprietary blockchain technology, real-time collateral management and an array of institutional trading venues to organize global liquidity and make it tradable via a single account at a custodian on the network. OTCXN has developed the first technology platform that eliminates counterparty and settlement risk without the use of balance sheet and credit, and without becoming a counterparty to transactions. For more information, visit www.otcxn.com and @OTCXN.
Business Wire India
CommScope (NASDAQ: COMM), a global leader in infrastructure solutions for communications networks, has agreed to acquire ARRIS International plc (NASDAQ: ARRS), a global leader in entertainment and communications solutions, in an all-cash transaction for $31.75 per share, or a total purchase price of approximately $7.4 billion, including the repayment of debt.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181108005272/en/
The combined company is expected to drive profitable growth in new markets, shape the future of wired and wireless communications, and position the new company to benefit from key industry trends, including network convergence, fiber and mobility everywhere, 5G, Internet of Things and rapidly changing network and technology architectures. (Graphic: Business Wire)
In addition, The Carlyle Group, a global alternative asset manager, has reestablished an ownership position in CommScope through a $1 billion minority equity investment as part of CommScope’s financing of the transaction.
The combination of CommScope and ARRIS, on a pro forma basis, would create a company with approximately $11.3 billion in revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately $1.8 billion, based on results for the two companies for the 12 months ended September 30, 2018.
The combined company is expected to drive profitable growth in new markets, shape the future of wired and wireless communications, and position the new company to benefit from key industry trends, including network convergence, fiber and mobility everywhere, 5G, Internet of Things and rapidly changing network and technology architectures.
ARRIS, an innovator in broadband, video and wireless technology, combines hardware, software and services to enable advanced video experiences and constant connectivity across a variety of environments – for service providers, commercial verticals, small enterprises and the people they serve. ARRIS has strong leadership positions in the three segments in which it operates:
For the 12 months ended September 30, 2018, ARRIS generated revenues of approximately $6.7 billion, consisting of $3.9 billion from CPE, $2.2 billion from N&C and $568 million from Enterprise Networks (reflecting only a partial year of Ruckus since its acquisition in December 2017).
“After a comprehensive evaluation of our business and the evolving industry we operate in, we are confident that combining with ARRIS is the best path forward for CommScope to grow and provide the greatest returns for shareholders,” said Eddie Edwards, president and chief executive officer, CommScope. “CommScope and ARRIS will bring together a unique set of complementary assets and capabilities that enable end-to-end wired and wireless communications infrastructure solutions that neither company could otherwise achieve on its own. With ARRIS, we will access new and growing markets, and have greater technology, solutions and employee talent that will provide additional value and benefit to our customers and partners.
“CommScope and ARRIS share a customer-first culture that emphasizes innovation, made possible by incredibly talented and experienced teams of people. As we have with numerous transactions in the past, we expect to work together with Bruce McClelland and the ARRIS team to create a best-in-class management team and achieve a seamless integration. Together, CommScope and ARRIS will be well positioned to serve a more diverse set of customers and generate substantial value for our shareholders.”
ARRIS Chief Executive Officer Bruce McClelland said, “CommScope is an ideal partner for ARRIS. In addition to providing immediate and substantial cash value to our shareholders, we are excited for what this combination will deliver for our customers, partners and employees around the world. Today’s agreement is a testament to the strength of ARRIS: our leading technology, talented employees and established competitive position. With CommScope, we expect to further advance ARRIS’ strategy to drive innovation across our iconic brands and pioneer the standards and pathways for tomorrow’s personalized, connected always-on consumer experience. ARRIS will become part of an even stronger, more global industry leader, and I look forward to working with the CommScope team to achieve great results for the combined company.”
Transaction is a critical step in fueling growth, shareholder value and customer benefits:
Terms and Financing
The per share cash consideration represents a premium of approximately 27 percent to the volume weighted average closing price of ARRIS’ common stock for the 30 trading days ended October 23, 2018, the day prior to market rumors regarding a potential transaction.
The transaction is not subject to a financing condition. CommScope expects to finance the transaction through a combination of cash on hand, borrowings under existing credit facilities and approximately $6.3 billion of incremental debt for which it has received debt financing commitments from J.P. Morgan Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc.
In addition, The Carlyle Group, a former CommScope owner, is reestablishing a minority ownership position in the company through a $1 billion equity investment, equal to approximately 16 percent of CommScope’s outstanding shares.
“We are delighted to resume our collaboration with CommScope’s accomplished management team,” said Cam Dyer, Carlyle managing director and global co-head of Technology, Media and Telecom. “We believe in the company’s long-term strategy, customer-centric culture and ability to deliver results. This optimism has fueled our desire to be a part of such a promising transaction with ARRIS.”
Leadership and Headquarters
Following completion of the combination, Eddie Edwards will continue in his role as president and chief executive officer of CommScope, with Bruce McClelland and other members of the ARRIS leadership team joining the combined company.
CommScope will remain headquartered in Hickory, NC, and the combined company will maintain a significant presence in Suwanee, GA. Upon completion of the transaction, CommScope will continue to be led by an experienced board of directors and management team that leverage the strengths of both companies.
The transaction, which is expected to close in the first half of 2019, is subject to the satisfaction of customary closing conditions; expiration or termination of the applicable waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act; receipt of certain regulatory approvals; and approval by ARRIS shareholders.
Allen & Company LLC, Deutsche Bank, J.P. Morgan Securities LLC, and BofA Merrill Lynch are serving as financial advisors to CommScope, and Alston & Bird LLP, Latham & Watkins LLP, Cravath, Swaine & Moore LLP, Pinsent Masons LLP and Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal counsel. Evercore is serving as financial advisor to ARRIS. Troutman Sanders LLP, Herbert Smith Freehills LLP and Hogan Lovells LLP are serving as legal counsel to ARRIS. Simpson, Thacher & Bartlett LLP is serving as Carlyle’s legal counsel.
Conference Call and Webcast
CommScope and ARRIS will host a conference call today, November 8, 2018, at 8:30 a.m. ET to discuss the transaction. The conference call can be accessed by dialing +1 844-397-6169 (U.S. and Canada only) or +1 478-219-0508 and giving the passcode 1458698.
A live webcast of the conference call will be available on the investor relations section of each company’s website at ir.commscope.com and ir.arris.com. The webcast will be archived on the investor relations section of each company’s website.
Presentation and Infographic
CommScope (NASDAQ: COMM) helps design, build and manage wired and wireless networks around the world. As a communications infrastructure leader, we shape the always-on networks of tomorrow. For more than 40 years, our global team of greater than 20,000 employees, innovators and technologists have empowered customers in all regions of the world to anticipate what’s next and push the boundaries of what’s possible. Discover more at http://www.commscope.com/
Follow us on Twitter and LinkedIn and like us on Facebook.
ARRIS International plc (NASDAQ: ARRS) is powering a smart, connected world. The company's leading hardware, software and services transform the way that people and businesses stay informed, entertained and connected. For more information, visit www.arris.com.
For the latest ARRIS news:
1 Financial metrics presented are adjusted to exclude purchase accounting charges, transaction and integration costs and other special items.
Caution Regarding Forward Looking Statements
This press release or any other oral or written statements made by CommScope or ARRIS, or on either company’s behalf, may include forward-looking statements that reflect the current views of CommScope and/or ARRIS (collectively, “us,” “we,” or “our”) with respect to future events and financial performance, including the proposed acquisition by CommScope of ARRIS. These statements may discuss goals, intentions or expectations as to future plans, trends, events, results of operations or financial condition or otherwise, in each case, based on current beliefs of our management, as well as assumptions made by, and information currently available to, such management. These forward-looking statements are generally identified by their use of such terms and phrases as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “potential,” “anticipate,” “should,” “could,” “designed to,” “foreseeable future,” “believe,” “think,” “scheduled,” “outlook,” “target,” “guidance” and similar expressions, although not all forward-looking statements contain such terms. This list of indicative terms and phrases is not intended to be all-inclusive.
These statements are subject to various risks and uncertainties, many of which are outside of our control, including, without limitation: dependence on customers’ capital spending on data and communication systems; concentration of sales among a limited number of customers and channel partners; changes in technology; industry competition and the ability to retain customers through product innovation, introduction and marketing; risks associated with sales through channel partners; changes to the regulatory environment in which our customers operate; product quality or performance issues and associated warranty claims; the ability to maintain effective management information systems and to implement major systems initiatives successfully; cyber-security incidents, including data security breaches, ransomware or computer viruses; the risk our global manufacturing operations suffer production or shipping delays, causing difficulty in meeting customer demands; the risk that internal production capacity or that of contract manufacturers may be insufficient to meet customer demand or quality standards; changes in cost and availability of key raw materials, components and commodities and the potential effect on customer pricing; risks associated with dependence on a limited number of key suppliers for certain raw materials and components; the risk that contract manufacturers we rely on encounter production, quality, financial or other difficulties; our ability to integrate and fully realize anticipated benefits from prior or future acquisitions or equity investments; potential difficulties in realigning global manufacturing capacity and capabilities among global manufacturing facilities or those of our contract manufacturers that may affect our ability to meet customer demands for products; possible future restructuring actions; substantial indebtedness and maintaining compliance with debt covenants; our ability to incur additional indebtedness; our ability to generate cash to service our indebtedness; possible future impairment charges for fixed or intangible assets, including goodwill; income tax rate variability and ability to recover amounts recorded as deferred tax assets; our ability to attract and retain qualified key employees; labor unrest; obligations under defined benefit employee benefit plans may require plan contributions in excess of current estimates; significant international operations exposing us to economic, political and other risks, including the impact of variability in foreign exchange rates; our ability to comply with governmental anti-corruption laws and regulations and export and import controls worldwide; our ability to compete in international markets due to export and import controls to which we may be subject; the impact of the U.K. invoking Article 50 of the Lisbon Treaty to leave the European Union; changes in the laws and policies in the United States affecting trade, including recently enacted tariffs on imports from China, as well as the risks and uncertainties related to tariffs or a potential global trade war that may impact our products; costs of protecting or defending intellectual property; costs and challenges of compliance with domestic and foreign environmental laws; the impact of litigation and similar regulatory proceedings that we are involved in or may become involved in, including the costs of such litigation; risks associated with stockholder activism, which could cause us to incur significant expense, hinder execution of our business strategy and impact the trading value of our securities; and other factors beyond our control. These risks and uncertainties may be magnified by CommScope’s acquisition of ARRIS, and such statements are also subject to the risks and uncertainties related to ARRIS’ business.
Such forward-looking statements are subject to additional risks and uncertainties related to CommScope’s proposed acquisition of ARRIS, many of which are outside of our control, including, without limitation: failure to obtain applicable regulatory approvals in a timely manner, on acceptable terms or at all, or to satisfy the other closing conditions to the proposed acquisition; the risk that CommScope will not successfully integrate ARRIS or that CommScope will not realize estimated cost savings, synergies, growth or other anticipated benefits, or that such benefits may take longer to realize than expected; risks relating to unanticipated costs of integration; the potential impact of announcement or consummation of the proposed acquisition on relationships with third parties, including customers, employees and competitors; failure to manage potential conflicts of interest between or among customers; integration of information technology systems; conditions in the credit markets that could impact the costs associated with financing the acquisition; the possibility that competing offers will be made; and other factors beyond our control.
These and other factors are discussed in greater detail in the reports filed by CommScope and ARRIS with the U.S. Securities and Exchange Commission, including CommScope’s Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the period ended September 30, 2018 and ARRIS’ Quarterly Report on Form 10-Q for the period ended June 30, 2018. Although the information contained in this press release represents our best judgment as of the date hereof based on information currently available and reasonable assumptions, neither CommScope nor ARRIS can give any assurance that the expectations will be attained or that any deviation will not be material. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date made. Neither CommScope nor ARRIS are undertaking any duty or obligation to update this information to reflect developments or information obtained after the date of this report, except as otherwise may be required by law.
Non-GAAP Financial Measures
CommScope and ARRIS’ management believe that presenting certain non-GAAP financial measures provides meaningful information to investors in understanding operating results and may enhance investors' ability to analyze financial and business trends. Non-GAAP measures are not a substitute for GAAP measures and should be considered together with the GAAP financial measures. As calculated, CommScope and ARRIS’ non-GAAP measures may not be comparable to other similarly titled measures of other companies. In addition, CommScope and ARRIS’ management believe that these non-GAAP financial measures allow investors to compare period to period more easily by excluding items that could have a disproportionately negative or positive impact on results in any particular period. GAAP to non-GAAP reconciliations for historical periods are included in the reports CommScope and ARRIS file with the U.S. Securities and Exchange Commission.
Important Additional Information Regarding the Transaction and Where to Find It
In connection with the proposed transaction, ARRIS will prepare a proxy statement to be filed with the Securities and Exchange Commission (the “SEC”). When completed, a definitive proxy statement and a form of proxy will be mailed to the stockholders of ARRIS. INVESTORS AND STOCKHOLDERS OF ARRIS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, INCLUDING ARRIS’ PROXY STATEMENT WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS WITH RESPECT TO THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. Those documents, if and when filed, as well as ARRIS’ other public filings with the SEC may be obtained without charge at the SEC’s web site, http://www.sec.gov, or at ARRIS’ website at http://ir.arris.com. ARRIS’ stockholders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing a request by mail to ARRIS Investor Relations, 3871 Lakefield Drive, Suwanee, GA 30024 or at http://ir.arris.com.
Participants in the Solicitation
ARRIS and its directors and certain of its executive officers, and CommScope and its directors and certain of its executive officers, may be deemed to be participants in the solicitation of proxies from ARRIS’ stockholders in connection with the proposed transaction. Information about the directors and executive officers of ARRIS is set forth in its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on March 23, 2018, and its proxy statement for its 2018 annual meeting of stockholders, which was filed with the SEC on March 23, 2018. Information about the directors and executive officers of CommScope is set forth in the proxy statement for CommScope’s 2018 annual meeting of stockholders, which was filed with the SEC on March 20, 2018. Additional information regarding potential participants in the solicitation of proxies from ARRIS’ stockholders and a description of their direct and indirect interests, by security holdings or otherwise, will be included in ARRIS’ proxy statement when it is filed.
MULTIMEDIA AVAILABLE :
Business Wire India
Further to the announcement on May 8, 2018, by Takeda Pharmaceutical Company Limited (“Takeda” or the “Company”) regarding the proposed acquisition (the “Acquisition”) of Shire plc (“Shire”), Takeda announces the publication of a circular (the “Circular”) containing a notice of its decision to hold an Extraordinary General Meeting of Shareholders (the “EGM”) to vote on the necessary matters relating to the Acquisition. The EGM is to be convened at 10:00 a.m. on December 5, 2018 at INTEX Osaka, Hall 6B Zone.
The procedures and timings for shareholders to vote on the resolutions are set out in the notice of the EGM in the Circular. The Circular will shortly be available to view on the Company's website at www.takeda.com/investors/offer-for-shire.
“The acquisition of Shire will accelerate our strategic transformation to create a stronger, more global and more competitive company with the financial strength to continue investing in delivering highly innovative medicines and transformative care to patients around the world,” said Christophe Weber, President and Chief Executive Officer of Takeda. “With the date of our Extraordinary General Meeting of Shareholders now set, we are looking forward to continuing our dialogue with shareholders regarding the compelling strategic and financial benefits of this transaction.”
Further to the announcement on October 26, 2018, Takeda and Shire have held discussions with the European Commission (“EC”) in relation to the future potential overlap in the area of inflammatory bowel disease between Takeda’s marketed product Entyvio (vedolizumab) and Shire’s pipeline compound SHP647, which is currently in Phase III clinical trials. As a result of those discussions, Takeda has offered commitments to divest SHP647 and certain associated rights, with a view to the EC granting a Phase I conditional clearance for the Acquisition and not initiating proceedings under Article 6(1)(c) of Council Regulation (EC) 139/2004. The EC will issue its decision in relation to the Acquisition on or before November 20, 2018 and an announcement containing the substance of that decision will be made in due course.
Subject to receiving the necessary regulatory and shareholder approvals, Takeda intends that completion of the Acquisition will take place on January 8, 2019 or as soon as practicable thereafter following approval from the EC to proceed to completion. Further announcements will be made as appropriate.
Compelling Strategic and Financial Rationale for the Acquisition
Takeda also reaffirms the compelling strategic and financial rationale for the Acquisition:
1 This statement includes a quantified financial benefits statement which has been reported on under Rule 28.1 of the City Code on Takeovers and Mergers in the UK. Related reports can be found in the Rule 2.7 Announcement made by Takeda on May 8, 2018, as well as information regarding the method of calculation of the synergies and the costs to achieve such synergies.
Shire Scheme Document and Shareholder Meetings
Takeda also notes that Shire has published its scheme document (the “Scheme Document”) in relation to the Acquisition and plans to hold its shareholder meetings in connection with the Acquisition on December 5, 2018, following Takeda’s EGM.
The Scheme Document and certain other documents relating to the Acquisition will shortly be available to view on the Company's website at www.takeda.com/investors/offer-for-shire.
About Takeda Pharmaceutical Company
Takeda Pharmaceutical Company Limited (TSE: 4502) is a global, research and development-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines. Takeda focuses its R&D efforts on oncology, gastroenterology and neuroscience therapeutic areas plus vaccines. Takeda conducts R&D both internally and with partners to stay at the leading edge of innovation. Innovative products, especially in oncology and gastroenterology, as well as Takeda's presence in emerging markets, are currently fueling the growth of Takeda. Approximately 30,000 Takeda employees are committed to improving quality of life for patients, working with Takeda's partners in health care in more than 70 countries. For more information, visit https://www.takeda.com/newsroom/.
This Announcement is provided for information purposes only. It is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Acquisition or otherwise nor will there be any sale, issuance, exchange or transfer of securities of Shire or Takeda pursuant to the Acquisition or otherwise in any jurisdiction in contravention of applicable law.
Forward Looking Statements
This Announcement contains certain statements about Takeda and Shire that are or may be forward looking statements, including with respect to a possible combination involving Takeda and Shire. All statements other than statements of historical facts included in this Announcement may be forward looking statements. Without limitation, forward looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or words or terms of similar substance or the negative thereof. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this Announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the possibility that a possible combination will not be pursued or consummated, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the possible combination if it is pursued, adverse effects on the market price of Takeda’s ordinary shares and on Takeda’s or Shire’s operating results because of a failure to complete the possible combination, failure to realise the expected benefits of the possible combination, negative effects relating to the announcement of the possible combination or any further announcements relating to the possible combination or the consummation of the possible combination on the market price of Takeda’s or Shire’s ordinary shares, significant transaction costs and/or unknown liabilities, general economic and business conditions that affect the combined companies following the consummation of the possible combination, changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax laws, regulations, rates and policies, future business combinations or disposals and competitive developments. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this Announcement.
Additional risk factors that may affect future results are contained in Shire’s most recent Annual Report on Form 10-K and in Shire’s subsequent Quarterly Reports on Form 10-Q, in each case including those risks outlined in ‘ITEM1A: Risk Factors’, and in Shire’s subsequent reports on Form 8-K and other Securities and Exchange Commission filings (available at www.Shire.com and www.sec.gov), the contents of which are not incorporated by reference into, nor do they form part of, this Announcement. These risk factors expressly qualify all forward-looking statements contained in this Announcement and should also be considered by the reader.
All forward-looking statements attributable to Takeda or Shire or any person acting on either company’s behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by applicable law, neither Takeda nor Shire undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
No profit forecasts or estimates
Unless expressly stated otherwise, nothing in this Announcement (including any statement of estimated synergies) is intended as a profit forecast or estimate for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per share or dividend per share for Takeda or Shire, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share or dividend per share for Takeda or Shire, as appropriate.
This Announcement contains information about products that may not be available and in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs, including the ones under development.
Publication on Website
In accordance with Rule 26.1 of the Code, a copy of this Announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on Takeda's website at www.takeda.com/investors/offer-for-shire by no later than 12 noon (London time) on November 13, 2018. The content of the website referred to in this Announcement is not incorporated into and does not form part of this Announcement.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
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Business Wire IndiaAster DM Healthcare, one of the largest private healthcare service providers in multiple GCC states and an emerging healthcare player in India, today announced its financial results for the quarter & half year ended September 30, 2018.
The Company recorded a net profit of Rs. 11 crore for the quarter ending September 30, 2018. This represents a year-on-year increase when compared to a PAT of Rs. 0.51 crore registered in the same quarter of 2017.
Revenue from operations for Q2FY19 recorded an increase of 17% reaching Rs. 1,837 crore on sustained organic growth from its existing operations that includes 21 hospitals, 113 clinics and over 216 pharmacies in nine countries, including India.
The Company’s strong growth is a reflection of its focus on quality healthcare, the strength of its diversified healthcare offerings and a strong thrust on enhancing efficiencies.
Financial Performance Highlights
Performance Review for Q2FY19 vs. Q2FY18
Our India operations too improved despite the unfortunate floods in Kerala. India has embarked on a potentially path breaking initiative of Ayushman Bharat which we believe will have far reaching consequences in the tackling of morbidity & mortality rates across states in India, enabling quality affordable healthcare to all and creating a strong collaborative opportunity between the public and private sectors.
As we enter the second half of the year we look forward to further improved financial and operating performance backed by enhanced levels of clinical excellence.”
Aster DM Healthcare is a 30-year-old integrated and comprehensive healthcare service organization. The Company is one of the few entities across the globe providing the complete circle of care from primary, secondary, tertiary to quaternary medical care. These are manned by its 17,700+ employees from across the world, delivering on a simple yet strong promise to its people: “We’ll treat you well.”
The Company has the unique distinction of serving people by providing quality healthcare to all segments of the society regardless of their economic or social positioning. In line with this, Dr. Azad Moopen, Founder Chairman and Managing Director at Aster DM Healthcare conceptualized the Company’s three brands - Medcare for the high income, Aster for the middle-income and Access for low-income strata of the population. The Company has an asset light business model wherein the land and civil structure of most of its hospitals are leased. It is also optimally positioned in the Medical tourism sector with a large number of GCC residents visiting India to avail quality and cost-effective healthcare.
Seasonality is unique to GCC businesses and skews the picture significantly for the first and second half-financial year results.
There is a decline in volumes across hospitals, pharmacies and segments during the summer months in the GCC countries. Expats form a major proportion of the population in GCC countries barring Saudi Arabia and during the extreme summer season and school holidays, a large amount of population leave the GCC region. Some doctors also travel back to their home country during this period as well. The impact is visible across industries and reflected particularly more in primary care facilities like clinics and pharmacies.
H1 and H2 revenues in GCC are usually split in 45%-55% but the EBITDA split can vary as much as 30% and 70% for H1 and H2. Increase in revenue in H2 results in proportionately larger increase in profitability due to operating leverage. Seasonality variation has consistently been visible over several years and can be expected to continue.
Aster DM Healthcare’s Hospital network consists of 10 hospitals in GCC states and 11 multi-specialty hospitals in India. Our hospitals in India are located in Kochi, Kolhapur, Kozhikode, Kottakkal, Bengaluru, Vijayawada, Guntur, Wayanad and Hyderabad and are generally operated under the “Aster”, “MIMS”, “Ramesh” or “Prime” brands.
Revenues increased by 18% to Rs. 1,825 crore in H1FY19 from Rs. 1,547 crore in H1FY18. EBITDA increased by 55% from Rs. 128 crore in H1FY18 to Rs. 198 crore in H1FY19. The EBITDA margin was at 10.8% in H1FY19 compared to 8.3% in H1FY18. This performance was driven by addition of new specialties, services and increase in beds. In-patient count was 106,200+ H1FY19 as compared to 100,200+ in H1FY18, a growth of 6%. Out-patient visit was 1.53 mn in H1FY19 as compared to 1.4 mn in H1FY18 with a growth of 9%.
One of the largest and most widespread network of clinics across the Middle East. Our clinics in India are located at Kochi, Kozhikode, Eluru and Bengaluru. The Aster DM network has 113 clinics in total with 104 clinics in GCC states and 9 clinics in India.
Clinics have been critical in developing Aster’s brand salience, principally in new locations and geographies. Clinics act as a referral for Aster hospitals. Clinics also crucial for pharmacies and most pharmacies are integrated with clinics, which ensure higher footfalls and faster breakeven. The asset light nature of clinics along with higher return ratios has helped Aster expand its network of clinics rapidly without impacting its balance sheet.
Revenues for GCC clinics increased by 13% to Rs. 915 crore in H1FY19 from Rs. 811 crore in H1FY18. EBITDA for GCC clinics increased 44% from Rs. 68 crore in H1FY18 to Rs. 98 crore in H1FY19. The EBITDA margin was at 10.7% in H1FY19 compared to 8.4% in H1FY18. This performance was driven by ramp up in new clinics set up in GCC states in the recent past and increase in footfalls from existing clinics.
We are the largest pharmacy chain in the GCC with 216 retail stores including 183 in UAE, 7, 12, 6, 6 and 2 in Kuwait, Jordan, Qatar, Oman and Bahrain respectively. An improving product mix combined with exclusive tie ups and strong associations with various pharma companies have all resulted in a healthy profitability profile.
Revenues increased by 23% to Rs. 952 crore in H1FY19 from Rs. 774 crore in H1FY18. EBITDA increased 14% from Rs. 54 crore in H1FY18 to Rs. 62 crore in H1FY19.
Medical Excellence Highlights
Since inception, Aster DM Healthcare has been in continuous pursuit to push boundaries of excellence in health care and cater to the needs of patients, thereby setting global benchmarks in the field of medicine and patient care. It has accomplished numerous milestones and performed several surgeries that were “firsts”. Mentioned below are some of the significant achievements, in the quarter under review, that are a testament to our clinical excellence:
Milestones and introductions
The Company strongly believes that profit should be a by-product and not the purpose in healthcare, as a result of which there are key initiatives to give back to the society. Through the initiatives undertaken by Aster Volunteers Global Programme and the Aster DM Foundation, around 775,723 lives were touched till date. Some of the key highlights include:
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Aster DM Healthcare will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Business Wire India
The Citco Group of Companies (“Citco”), a leading global services provider for the financial services industry, today announced the launch of Æxeo Treasury, a Software-as-a-Service (SaaS) offering.
The new product, Æxeo Treasury is an inaugural “born-on-the-cloud” solution that gives alternative fund managers a state-of-art method of managing treasury functions through a SaaS tool running on Amazon Web Services (AWS). It adds value by improving operational efficiencies and workflows, and provides a secure, centralized module for treasury operations.
Æxeo Treasury is a stand-alone solution that enables firms to centralize their treasury functions, including funding investments, settling OTC trades and margin, making transfers between accounts or paying invoices, and other transactions through Citco’s SWIFT Service Bureau functionality. Additionally, this new platform offers unprecedented flexibility and utility by:
Jay Peller, Head of Fund Services at Citco, commented “We continually partner with our clients to bring them innovation in technology. Æxeo Treasury is our latest SaaS-based technology tool which provides flexibility to support efficient middle office processing and frees our clients to focus on what makes them great – generating alpha. Citco’s commitment to technology excellence using our Fintech+ approach drives our leading-edge technology and continues to ensure that clients’ interaction and information assets are safe and secure. As our clients’ needs expand, so will our solutions. We remain dedicated to developing user-friendly and easy to implement products that create new levels of flexibility and customization. Citco is redefining best-in-class technology available in the Alternative Asset manager space.”
The new Æxeo Treasury product is available immediately and is fully integrated with AWS cloud services. Built using multiple AWS Availability Zones, it offers an added layer of security through RDS storage encryption with full features for SWIFT compliance.
“The move to the new Citco Æxeo Treasury product has improved both the workflow and security in our process simultaneously. This has increased the efficiency of our operations team and allowed them to better focus on more complex tasks.” Commented Citco’s client, Jonathan Isler, Partner and Chief Financial Officer at Deerfield Management.
Æxeo Treasury was developed by Citco’s in-house team of technologists, who combine Citco’s deep experience in developing award-winning technology products with the latest advancements in cloud-based technology to produce commercially available software. Citco’s commitment to service excellence using this Fintech+ approach will continue to ensure that clients’ interaction and information assets are safe and secure.
For more information on the product and other Citco technology offerings, please visit https://citco.com/our-technology/saas/aexeo-treasury
About Citco Group of Companies
The Citco Group of Companies is a worldwide network of independent financial service companies serving the world's elite hedge funds, private equity and real estate firms, institutional banks, Global 1000 companies and high net worth individuals. Citco companies service these sectors in their respective geographic areas by offering hedge fund administration, custody and fund trading, financial products and corporate governance solutions. Citco has offices in over 40 countries with more than 6,000 staff.
Business Wire India
Kenetic, a blockchain investment and advisory firm based in Hong Kong, has revealed that its proprietary investment portfolio has recorded year-to-date returns of 77 percent as of October 31, 2018, against a backdrop of major losses in the cryptocurrency market.
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After hitting its record high in December 2017, Bitcoin has fallen over 50 percent in 2018 and the overall crypto market is down around 65%.
Kenetic’s proprietary investment portfolio is comprised of its best ideas that have undergone thorough due diligence by its experienced investment team. Its alpha-generating strategies are largely focused on early stage investments, catalyst driven events and macro themes, complemented by prudent risk management and proprietary in-house trading tools.
“As active leaders in the global blockchain community, we see where the strongest investment opportunities lie and rising trends that are influencing traditional industries,” said Daniel Weinberg, CEO of Kenetic. “During this volatile period, our proprietary investment portfolio continued to outperform many crypto funds as a result of our deep institutional investment experience and strong risk management.”
To facilitate professional investor access to these opportunities, Kenetic and Venture Smart Asia Limited (VSAL), a wholly-owned subsidiary of Venture Smart Financial Group (VSFG) and a Hong Kong Securities and Futures Commission-licensed corporation that provides wealth management and asset management services, have established a strategic partnership that will give qualified professional investors access to cryptocurrency investment funds.
Through this partnership, the two companies will work together to develop cryptocurrency investment funds for professional investors leveraging the respective expertise and resources of both entities. Distributed by VSAL, the new funds will offer eligible investors the ability to diversify their portfolios with digital assets across different passive and active strategies.
“VSAL and Kenetic have a strong partnership and are building institutional-grade investment products in the digital asset space,” said Mark Brady, Executive Director at VSFG. “We work with the best partners to build products that will meet the highest standards of any buy-side institution. Pairing Kenetic’s blockchain expertise with VSAL’s customized asset management solutions will help institutional investors gain access to fund products that suit their needs.”
Kenetic is a blockchain firm committed to expanding the development and adoption of blockchain technology through investments, advisory services, markets and trading. At Kenetic, we believe in building a sustainable community around blockchain, and have built a world-class team and network of partners across our platform of services. For more information, please visit www.kenetic.capital.
Venture Smart Financial Group (VSFG) is a diversified financial services group that provides clients with customized asset management solutions through its subsidiaries to seize global investment opportunities. VSFG is committed to helping individuals, families and corporations meet their financial objectives. For more information, please visit www.vsfg.com.
Venture Smart Asia Limited is a licensed corporation regulated by the SFC for types 1 (dealing in securities), 4 (advising on securities) and 9 (asset management) regulated activities pursuant to the SFO (“VSAL”) with CE No. BCO 369.
This press release is for general information only and should be used solely for reference and not for any other purposes, commercial or otherwise.
For the avoidance of doubt, this press release is not intended to be and does not constitute (a) investment advice or recommendation or (b) an offer to sell or issue or a solicitation of an offer to purchase or subscribe for any securities. This press release does not form the basis of and should not be relied upon in connection with any contract or commitment.
Any investment decision must be made solely on the basis of your own due diligence and assessment and you should seek professional advice as appropriate. Neither VSFG nor Kenetic nor their respective subsidiaries, affiliates, shareholders, directors, officers, employees, consultants or agents accept any liability whatsoever for any decisions taken based upon this press release.
No representation or warranty, express or implied, is given or made. The information in this press release has not been audited. Actual realised returns on unrealised or illiquid investments may differ materially. All forward-looking statements, estimates and opinions in this press release, by their very nature, may be based on certain assumptions and may or may not turn out to be true, and will be subject to change without notice. Any reference to past performance or return should not be taken as an indication of future performance or return.
MULTIMEDIA AVAILABLE :
Business Wire IndiaLaLa World, an Asian Blockchain-based social business, announced the acquisition of UK based remittance company First Mobile Money Limited (FMML) today. This move is a part of its strategy to create a simplified financial services ecosystem that provides remittance services to the UK’s migrant workforce, refugees, and the unbanked, as well as, partner with other remittance companies in the UAE (United Arab Emirates) and the CIS (Commonwealth of Independent States).
LaLa World’s FMML’s acquisition of FMML is a part of its planned expansionary roadmap to drive greater adoption of its services through global partnerships. The strategy also includes leveraging existing infrastructure, engaging corporate houses, NGOs, governments, local companies, and distributors to improve the options available to the 9.5MM migrant workforce that resides in the UK.
“International remittance is one of the biggest pain-points for international workers everywhere. LaLa World is developing a user-centric financial ecosystem that enables faster and cheaper money transfers the world over. With the acquisition of First Mobile Money Limited, we are moving closer towards our goal of global financial inclusion and becoming the go-to financial services providers for those who do not have access to banking services,” said Sankalp Shangari, Founder and CEO of LaLa World.
The Blockchain-based financial ecosystem will be a one-stop solution with a digital wallet that provides a globally verifiable identity for improved access to payments, credit, lending, and other financial services with a clear focus on financial inclusion
Founded in 2016 & headquartered in Singapore, LaLa is an established and fast-growing Asian technology company using Blockchain & AI. LaLa supports FIAT and other Blockchain protocols like Stellar & Ripple to create a comprehensive financial ecosystem for those historically left unbanked, such as the migrant workforce and the refugees, apart from the underprivileged. Its vision is to reach 100 million users by 2021 and enhance the scope of financial services accessible to the general public.
About LaLa World
LaLa World is an established and fast growing Asian technology company using blockchain to create a connected financial ecosystem for the unbanked, migrants and refugees around the world. Founded in 2016 and headquartered in Singapore, LaLa World is a social business with a presence in 5 countries and over 100 global partners including government agencies and NGOs.
Find out more at www.lalaworld.io
Join Discussions on Telegram - https://t.me/lalaworld
Business Wire India
In December 2017, MultiBank Group announced the launch of its Asset Management business and the establishment of its European headquarter in Frankfurt, Germany. Since then, the Group’s asset management business has taken off, while the performance of the MultiBank Index linked Note, listed on the Frankfurt Stock Exchange, has reached an all time high at EUR 1,357 today.
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MultiBank Group Global Presence. (Photo: Business Wire)
As such, with the expansion in Europe, the Group has now offices in Hong Kong, Frankfurt, Sydney, Vienna, Barcelona, Beijing, Guangzhou, Ho Chi Minh City, Los Angeles, Cyprus, the British Virgin Islands and the Cayman Islands, with further prompt expansion anticipated in Dubai, London, Santiago (Chile) and Jakarta (Indonesia). This will make MultiBank Group one of the largest online financial derivatives providers with over 310,000 clients and a daily turnover of $5 billion. Throughout its history, MultiBank Group has maintained an impeccable and unblemished record with all its financial regulators worldwide.
The latest expansion was in Spain with a new branch office opening in Barcelona just last month. Led by experienced industry professional Ivan Gonzalez, MEX Spain is in the perfect position to service Spanish speaking clients not only from the Iberian Peninsula, but also from across Latin America where the Group expects to strengthen its presence in 2019. Furthermore, there is a forthcoming expansion of the Group in December 2018 wherein it will launch its Dubai office which will focus on the MENA Region.
The Board of Directors had a meeting last week, during which the Group’s CEO Yahya Taher stated, “I am very excited to be sharing this moment with everyone. This is just the beginning of our global ambitions. Along with our recent expansions in Europe, and our continued efforts to develop and provide cutting edge products and services, we anticipate further substantial expansion in 2019 worldwide.”
MULTIMEDIA AVAILABLE :
Business Wire India
The Valence Group acted as financial advisor to INEOS Enterprises on its announced acquisition of the Composites business and BDO facility in Germany of Ashland Global Holdings Inc. (“Ashland”) for $1.1 billion. The transaction is expected to complete in the first half of 2019, subject to regulatory approval and consultation processes.
The Composites business is a global leader in unsaturated polyester resins, vinyl ester resins and gel coats. In addition to its wide range of gelcoats, the business also provides corrosion-resistant fiberglass reinforced plastics which provide exceptional durability, superior heat resistance, low maintenance and high performance for challenging environments. The BDO facility in Marl, Germany produces key intermediates for high performance polyesters and polyurethanes. The businesses included in the transaction comprise 20 manufacturing sites in Europe, North and South America, Asia and the Middle East, employ 1,300 people and generate combined sales of more than $1.1 billion per annum.
About INEOS Enterprises
INEOS Enterprises comprises a portfolio of businesses manufacturing chemical products in Northern Europe USA and Canada, with sales of €2bn around the world. The business is focused on the developing needs of its customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. It employs c. 2,000 people across sites in the UK, Germany, Sweden, Switzerland, Canada and the USA.
Ashland Global Holdings Inc. (NYSE: ASH) is a global specialty chemicals company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Ashland employs approximately 6,000 people in more than 100 countries.
About The Valence Group
The Valence Group is a specialist investment bank offering M&A advisory services exclusively to companies and investors in the chemicals, materials and related sectors. The Valence Group team includes a unique combination of professionals with backgrounds in investment banking and strategy consulting within the chemicals and materials industries, all focused exclusively on providing M&A advisory services to the chemicals and materials sector. The firm’s offices are located in New York and London.
Business Wire IndiaThe under-representation of women employees, especially in the technology domain, has always been a major concern with most industry players. To probe the on-ground situation at the corporate floors, TechGig – India’s largest online technology community - recently conducted the ‘Gender Diversity Survey 2018’.
The survey results re-established that the road to the top is extremely difficult for women technologists. More than 80% of women respondents in the survey revealed that they have a formal education/degree in Computer Science, and still, less than 10% women were in senior management positions. Even at the team lead level, the representation of women was poor with just 13% survey respondents occupying this position. As many as 70% of women surveyed claimed that gender bias existed in their organisation.
These findings again reinforce that Diversity and Inclusion programs need to be a top priority at all organisations.
Platforms like TechGig Geek Goddess are a step in that direction with an aim to provide the right environment and career advancement opportunities for women technologists. Presently, TechGig Geek Goddess 2018 edition is underway with more than 68,000+ registrations.
Other than the main coding contest, this edition also hosted two theme-based hackathons, namely IoT Hackathon and Machine Learning Hackathon. Among these, Machine Learning emerged as the most popular skill based on the number of registrations.
TechGig Geek Goddess 2018 is presented by American Express, a globally integrated payments company. Goldman Sachs, a global investment bank and active investor in India, is the title sponsor of TechGig Geek Goddess 2018.
"In its fourth edition, TechGig Geek Goddess 2018 has received a remarkable response so far. I’m happy to mention that quite in line with all our previous editions we have seen a surge in the number of registrations and submissions this year. Way to go, ladies! Our best wishes are with you," said Ramathreya Krishnamurthi, Business Head, TimesJobs and TechGig.
Sharing her thoughts on the association with TechGig Geek Goddess, Ruchika Panesar, Head - Technology, American Express India said, “It is overwhelming to see women coders turn up in huge numbers for this iconic event. We are proud to be associated with this flagship event, aimed at bringing the women tech gurus of our industry to the forefront and showcasing their technology prowess. TechGig Geek Goddess serves as the cornerstone of our strategy to embrace diversity and at the same time encourage other industry organisations to recognise and utilise the abundant potential of these talented women.”
Shubha Iyer, a Managing Director in Technology at Goldman Sachs Bengaluru said, “At Goldman Sachs we share a passion to build an ecosystem to support women in technology and have aligned our efforts through an array of programs dedicated to ‘Women in Engineering’. As a fellow female in technology, I am encouraged to see the active participation and embrace the vision to strengthen our national workforce by fostering more women engineers.”
Sanjay Goyal, Vice President and Product and Technology Head at TimesJobs and TechGig said, “It's heartening to see such enthusiastic participation at TechGig Geek Goddess 2018. Going by the participation level in this edition, Machine Learning is the most popular skill with women technologists. This bolsters the fact that women programmers are second to none when it comes to experimenting with new technologies. Kudos to all the participants."
Some of the popular programming languages this year are C, C++, Java and Python. India’s Silicon Valley Bengaluru is presently leading the race with the maximum participants, closely followed by Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. All details are available @ https://www.techgig.com/geekgoddess
TechGig is a culmination of everything related to technology. TechGig is a platform exclusively for IT professionals to synergize, share, exchange ideas, facts and information as well as showcase their work and express their views on the vast repertoire that the IT industry encompasses. Garnering cutting-edge insights, jobs, reviews and news, as well as providing a platform for connecting with colleagues and peers are the mainstay of TechGig.
Business Wire IndiaMoney Matters (www.money-matters.in) is a new online financial services education portal that simplifies financial concepts by Cartoon Mascot Duo - CMD Rajesh Sharma and Brajesh Sharma. Both are brand mascots of the education portal. The website has detailed information in the form of short articles, educational videos, infographics and question-answers by Money Matters CMD - Cartoon Mascot Duo Rajesh Sharma and Brajesh Sharma.
Research has shown that most Indians still park majority of their financial savings in traditional bank fixed deposits (FDs). The small percentage of people who have ventured into high risk investment avenues for better returns have mostly faltered due to their limited understanding of financial concepts or mis-selling. For Money Matters Financial Services education led by Cartoon Mascot Duo - CMD Rajesh Sharma and Brajesh Sharma aims to deliver financial literacy and drive awareness in a simple, easy and fun manner.
According to Money Matters Financial Services is still a nascent area where instead of trust-based solutions, a sales push is the key focus. A recent Standard & Poor’s survey suggests that three out of four Indians are not financially literate. At Money Matters Financial Services need to be delivered while enabling financial education and awareness in parallel. The online portal has been founded with a mission to ensure that every Indian with a basic smartphone and internet connection should be able to benefit digitally from financial knowledge to make informed decisions. As per the report, India constitutes 17.5% of the world’s population out of which 76% of the adults do not even understand basic financial concepts.
Today, any family first goes to a PSU bank like SBI, Punjab National Bank, Syndicate Bank, Dena Bank, Bank if India, Central Bank, BOB, etc. to open a savings bank account and FD. Next, they go to Life Insurance Corporation of India (LIC) for buying insurance or savings for retirement or for life events like daughter’s marriage or child’s education. As a next step, Indians dream of building a home or buying a flat for which they go to mostly PSU housing finance companies - PNB Housing Finance, LIC Housing Finance or HDFC. In recent times, private banks like HDFC Bank, Axis Bank have grown, and MNC insurance companies and mutual funds have come into the picture. However, other than FDs and regular LIC policies, financial products with higher risk-return ratios like mutual funds and income-linked insurance schemes have not garnered much success.
Basic concepts like simple interest, cumulative interest, principal amount and financial asset classes like mutual funds, real estate etc. are not well understood. In the current scenario, Indians need to graduate to understand the implications of inflation and risk. Even a basic understanding of investing idle cash to work and earn interest in a bank account (Cash Bank Interest - CBI) are not understood by most people. According to our research, most financial services education content is focused towards the knowledgeable or sophisticated buyer, and simple financial concepts are not explained in layman language by companies or content developers.
For Money Matters Financial Services concept simplification is the key motto. The logo of the portal with the tagline “Finance made easy” has been created with the aim of bringing a sense of education and learning towards financial well-being. Reckless decisions or ignorance about “Money Matters” can ruin the financial journey and security of the entire family. Thus, to engage in a trust-driven yet fun way, the fictitious characters of two brothers - CMD Rajesh Sharma and Brajesh Sharma - will provide cartoon examples-led financial education. This will help in making a serious finance topic simple and non-intimidating for any online visitor.
The names of the Cartoon Mascot Duo - CMD Rajesh Sharma and Brajesh Sharma are fictional and inspired by common names that any Indian can relate to and recognize in a middle-class family. In the future, tricky and difficult financial concepts will be launched through conversational cartoons by CMD Rajesh Sharma and Brajesh Sharma, instead of regular descriptive articles.
For more information, please visit the Money Matters website www.money-matters.in or email us at firstname.lastname@example.org
Business Wire India
Andersen Global announced today it signed a Collaboration Agreement with Goldemberg Saladino Hermida Rolando & Asociados, in Buenos Aires. This is the second Andersen Global collaborating firm in the commerce hub of Buenos Aires, and the 20th location in nine different Latin American countries.
For thirty years, the team at Goldemberg Saladino Hermida Rolando & Asociados has provided tax consulting and compliance, international tax planning, transfer pricing, tax and customs litigation, payroll, bookkeeping, wealth management services, financial and business consulting to high-profile private and public entities, including local, national and international corporations and non-profits, foundations and similar organizations. The firm joins the global association with over 100 personnel and eight Partners.
“The addition of Goldemberg Saladino Hermida Rolando & Asociados only further strengthens an impressive roster for the Andersen name in Latin America,” said Mark Vorsatz, Andersen Global Chairman and Andersen Tax LLC CEO. “All of the professionals at Goldemberg Saladino Hermida Rolando & Asociados have a high-caliber reputation in Argentina and provide a broad platform to assist on legal and tax matters. At the end of the day, we want to bring best-in-class experts into the fold to serve clients worldwide.”
“This was an important decision for our firm,” said Gabriel Hermida, Senior Partner at Goldemberg Saladino Hermida Rolando & Asociados. “Andersen Global’s reputation of excellence, stewardship, and transparency lines up well with what our clients value and have come to expect from us. The synergistic collaboration yields great benefits for our clients and our people as it enhances our ability to provide best-in-class services and allows us to continue to grow internationally.”
“Our motto is ‘excellence can always be higher,’” said Valeria D’Alessandro, Partner at Goldemberg Saladino Hermida Rolando & Asociados. “Collaborating with Andersen Global is a move to that end, enabling us to offer even more seamless services to our clients.”
Andersen Global is an international association of legally separate, independent member firms comprised of tax and legal professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 3,500 professionals worldwide and a presence in over 122 locations through its member firms and collaborating firms.
Business Wire India
Avolon, the international aircraft leasing company, announces the placement of fifteen Airbus A320neo aircraft with Vistara, one of India’s leading full-service carriers and a joint venture of Tata Sons and Singapore Airlines. Delivery of the aircraft will commence in June 2019 and continue up to August 2021. These are the first aircraft Avolon will have on lease to Vistara.
Simon J. Hanson, Head of Asia Pacific, Avolon, commented: “Avolon is delighted to confirm the placement of fifteen A320neo aircraft with Vistara. These aircraft will open new route possibilities for Vistara; help to significantly modernize their fleet; provide operational efficiencies and unit cost improvements; and offer them new opportunities to carry more passengers and enhance their customer base. These will represent the first Avolon aircraft placed with Vistara beginning in June 2019 and continuing up to August 2021.”
Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Capital Holding Co. Ltd., a Chinese public company listed on the Shenzhen Stock Exchange (SLE: 000415), and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation, which is listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is the world’s third largest aircraft leasing business with an owned, managed and committed fleet, as of 30 September 2018, of 890 aircraft.
Business Wire India
A-Nex, a cyber coin company, announces its initial coin offering (ICO). This innovative crypto enterprise is designed for the sale and exchange of virtual currencies, smart contracts and tokens. Non-US crypto-enthusiasts, particularly the community in Korea, will be able to start their transactions immediately. Those who wish to participate will be able to invest in a new, digital advancement that is expected to grow and to provide numerous benefits for the crypto economy. It promises to revolutionize the decentralized financial landscape.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181115005017/en/
Bruce Khavar, Founder and CEO, of Cyber Advanced Technology (Photo: Business Wire)
The company providing its technology, Cyber Advanced Technology (CAT), is one of the leaders of the digital scene. They have invented an unhackable cloud technology that will keep the cryptobusiness secure and well-protected. Investor’s monies will be safe.
The key substance of the unhackable cloud technology lies in the introduction of the Operational Technology-Operation Centric Networks (OT-OCNTM). This eliminates all the flaws and deficiencies of the current Internet into blockchain standards which is inalterable, decentralized and trackable by the users involved in the transactions.
A-Nex is a victory for the crypto-enthusiast community and future investors since the platform responds to the needs of the modern market that craves for decentralized solutions.
About Network Security
The digitalization of the economy has brought problems such as hacking and cyber-crime. This has spread to every area within the Web from social networks such as Facebook and Linkedin, to e-commerce platforms such as eBay or Amazon and to mobile phone companies such as Apple.
Traditional financial institutions like banking platforms have suffered as well. Even state policies have been created exclusively designed to deal with hackers and the data market that take advantage of the weaknesses of the online ecosystems.
In the same way, the translation of the traditional economic systems into the digital sphere not only created a list of benefits for societies at a global level, but it also entailed many, new obstacles as well. Since, there was no backup of a physical and verifiable asset of the fiduciary currency in the same way as was commonly done, the difficulties regarding payments bring out the skepticism towards the virtual businesses.
As a response, since 2008, the increase in popularity regarding the blockchain and the representation of funds in liquid tokens (crypto-currencies) meant a significant improvement in this situation, as it is an alternative to centralized financial methods; instead, it was now the users who had control.
The distributed protocols of public ledger distribute and support the transaction data in nodes scattered over the network. More recently, the smart contract technology brought by Ethereum made possible that financial conditions and business deals between parts can be digitally settled and automatically executed. However, this system continued to run on an imperfect architecture, so part of the investment capital and experts have questioned whether the blockchain represents a viable alternative or not. It was necessary for the introduction of an on-chain tool that provided its users with robust safety guarantees.
An Inside Look Into CAT'S Solution
With more than 15 years of research and development, OT-OCN emerges as the first intelligent and undecipherable cloud software framework that provides a superior level of network security and stability. The infrastructure handles more than 1 million packet inspections per second and analyzes more than 2,000 rules, while disabling malicious attacks in real time without disrupting the user's operations.
After its success in South Korea, CAT has become an important benchmark for the blockchain industry, and more specifically, crypto finances.
This month, at the November 1 – 3, 2018, Busan Money Show in South Korea, select top, world-class hackers gathered from different countries for a hacking competition to see if they could penetrate and defeat the CAT technology and security system. Competitors included GON, a two-time gold medalist Korean hacking team from international hacking competitions and 3 other nation’s internationally respected and well-known hacking teams.
The competition started early in the morning. As announced, all 4 hacking teams broke into the “control system” with conventional firewall security in under 10 minutes.
Next, they tried all day until 5 p.m. to get into the CAT security infrastructure. They used all the possible existing hacking knowledge, and none of them were able to make a scratch in the CAT security system. They could not even pass the first stage of hacking “reconnaissance” of the CAT security.
The CAT technology and security system proved unhackable. This has been the successful, consistent result CAT has achieved for the last 3 years in international hacking events.
Furthermore, different countries are interested in using the CAT cryptocurrency technology. Aspiring to be a global company, it is receiving welcoming responses from major operations in different countries.
Professor Park of Korea Poly Tech University, a cyber security expert in Korea believes that “Bruce Khavar, founder and CEO of CAT, is like the Christopher Columbus of the cyber world.”
To learn more about A-Nex, or if you are interested in investing with A-Nex, please visit our website at www.a-nex.io.
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Business Wire India
|(L to R) Smt. Vidya Thakur, Minister of State for Women and Child Development, Food and Civil Supplies, Consumer Protection, Food & Drugs Administration presenting an award to Mr. Parvaiz Hussain, CEO, HealthFin & Dr. Sonia Basu, Chief Operating Officer, HealthFin at the Navbharat Healthcare summit & Awards|
HealthFin - emerging startup in the financial technology sector was declared as the Best Startup in Healthcare sector in the recently-concluded Navbharat Healthcare Summit & Awards 2018.
The Health Care Awards organised by Navbharat recognizes contribution of leading and emerging names from the healthcare sector for the valuable contribution to the sector. The award felicitates healthcare and wellness providers for their critical contributions and services to the industry. Those institutions who have played a significant role in increasing the efficiency as well as performance of the industry as whole. This Award has become the Gold Standard for the country’s healthcare & wellness industry. This has been possible because of the deep involvement and commitment by an Eminent Jury drawn from the healthcare sector and financial sector.
HealthFin today has emerged as very effective facilitators of better health which provides a 360 engagement with the patient. Not only do we help him find an apt solution to his medical problems but also to find a solution to fund his medical procedure in the most hassle free manner, providing him the best deal. A technology-enabled marketplace to get the best deals from different partner banks to fund medical treatment at the best hospitals.
Using technology as an enabler HealthFin today is creating a new ecosystem wherein the customer is empowered to make the best choices as per his needs. The emerging startup strives for excellence and makes it a point that in the process it gets the best value for the customer. HealthFin’s lending platform gives customer its healthcare provider the ability to access finance companies at the point of services from any desktop or mobile device.
The award was given by Smt. Vidya Thakur, Minister of State for Women and Child Development, Food and Civil Supplies, Consumer Protection, Food & Drugs Administration and was received by Mr. Parvaiz Hussain, Chief Executive Officer & Dr. Sonia Basu, Chief Operating Officer, HealthFin.
Speaking about the achievement, Mr. Parvaiz Hussain, Chief Executive Officer, HealthFin, said, “It's really wonderful to be recognised as the best startup in the health sector in India. This award is dedicated to the entire HealthFin family. HealthFin is what it is today because all of us aspired to make a huge impact in the industry.”
Business Wire India
Alipay, the world’s largest mobile and online payment platform operated by Ant Financial Services Group (“Ant Financial”), and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (“NUS”), today announced the launch of a new initiative to support digital technology innovation throughout Southeast Asia.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181115005418/en/
The Alipay-NUS Enterprise Social Innovation Challenge aims to identify and support the growth of start-ups in Southeast Asia that are using digital technology to build a more inclusive society. Areas of focus include, but are not limited to, enabling low-income groups to gain access to better educational opportunities, supporting elderly individuals leverage digital technologies to enhance their lifestyle, and helping people with disabilities through upskilling and reskilling initiatives.
“Since Alipay’s inception in 2004, we have been dedicated to using digital technology to bring equal opportunities to the world. In particular, we want to make financial services simple, low-cost and accessible to the many, rather than the few. While the impact of one company may be limited, an ecosystem of partners who stand behind the same vision will be able to achieve much more. We look forward to working with our new partner NUS Enterprise, to identify and support the growth of the most innovative start-ups in Southeast Asia. It is exciting for us to be involved with teams creating lasting impact for their communities and addressing real world problems, such as aging, poverty and lack of access to development opportunities,” said Geoff JIANG, Vice President, General Manager of Technology and Business Innovation Group at Ant Financial.
“We are delighted to partner with Ant Financial and Alipay in this worthy initiative, to seek out the most innovative start-ups involved in developing digital technologies that will build a more inclusive society and a better world for everyone. NUS Enterprise will help these innovators scale their efforts and maximise social impact, through our strong support ecosystem and extensive entrepreneurial networks, which include mentors, impact investors, corporate CSR teams, capacity builders and community partners,” said Professor Wong Poh Kam, Senior Director, NUS Entrepreneurship Centre, a division of NUS Enterprise.
The inaugural Alipay-NUS Enterprise Social Innovation Challenge will take place in Singapore, Malaysia and Indonesia. Applicants can participate by registering online at www.alipaynusseachallenge.com. Applications will close in January 2019. The first round of judging will determine the top three winners within each country, who will each receive a cash prize of SGD $10,000. The nine finalists will compete for the top cash prize of SGD $50,000 in the grand finale, to be held in Singapore in March 2019.
The winning teams will not only receive financial rewards to invest toward increasing their social impact, but also receive support to accelerate their growth through networks, mentorship and partnership opportunities with Ant Financial, NUS and other partners in the ecosystem. Top teams will also receive three-month incubation support by NUS Enterprise, as well as access to its BLOCK71 community and co-working space in Singapore, Bandung, Jakarta, Yogyakarta, Suzhou and San Francisco.
A series of workshops and roadshows will be held in Singapore, Malaysia and Indonesia, to build awareness of the challenge, encourage applications and support further growth for the participating teams. Alipay and NUS Enterprise will offer direct access to experts from different parts of the business, alongside other social entrepreneurs and established innovators, who will share their expertise and experiences.
In addition, the winners will become eligible for the 10x1000 Tech for Inclusion programme jointly provided by International Financial Corporation (“IFC”), a member of the World Bank Group, and Alipay. The comprehensive training programme will support the cultivation of 1,000 technology experts in emerging markets from both public and private sectors over the next 10 years. There will also be potential opportunities to work with Ant Financial and Alipay on CSR initiatives.
This latest initiative builds on the work and strategic partnerships that Ant Financial has been carrying out in Southeast Asia. Ant Financial has been sharing its technology capabilities with strategic e-wallet partners such as TrueMoney in Thailand, DANA in Indonesia, GCash in the Philippines and Touch ‘n Go in Malaysia, to enable them to innovate and better service their customers.
“The Alipay-NUS Enterprise Social Innovation Challenge brings together the entrepreneurs, technologists, innovators, educators, investors, mentors and change-makers who are all passionate about building a more inclusive society. It is through such collaborative efforts that we can maximise the benefits of digital technologies, and create a better world for everyone,” said NUS President Professor Tan Eng Chye.
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. 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.
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.
About National University of Singapore (NUS)
The National University of Singapore (NUS) is Singapore’s flagship university, which offers a global approach to education, research and entrepreneurship, with a focus on Asian perspectives and expertise. We have 17 faculties across three campuses in Singapore, as well as 11 NUS Overseas Colleges across the world. Close to 40,000 students from 100 countries enrich our vibrant and diverse campus community.
Our multidisciplinary and real-world approach to education, research and entrepreneurship enables us to work closely with industry, governments and academia to address crucial and complex issues relevant to Asia and the world. Researchers in our faculties, 29 university-level research institutes, research centres of excellence and corporate labs focus on themes that include energy, environmental and urban sustainability; treatment and prevention of diseases common among Asians; active ageing; advanced materials; as well as risk management and resilience of financial systems. Our latest research focus is on the use of data science, operations research and cybersecurity to support Singapore's Smart Nation initiative. For more information on NUS, please visit www.nus.edu.sg.
About NUS Enterprise
NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), plays a pivotal role in advancing innovation and entrepreneurship at NUS and beyond. It actively promotes entrepreneurship and cultivates global mind-sets and talents through the synergies of experiential entrepreneurial education, active industry partnerships, holistic entrepreneurship support and catalytic entrepreneurship outreach. Its initiatives and global connections support a range of entrepreneurial journeys and foster ecosystem building in new markets. These initiatives augment and complement the University’s academic programmes and act as a unique bridge to industry well beyond Singapore’s shores. For more information, please visit www.enterprise.nus.edu.sg
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Business Wire India
The leading global FinTech event, Money 20/20 is held in Hangzhou, China, during November 14-16. It is its first time entering the China market after it was successfully held in the USA, Europe and Asia. Smart Finance Group CEO Jiao Ke was invited to attend the meeting and participated in the panel of “Case studies on how technology is solving problems in lending companies today”. The three-day conference is endorsed by the People's Government of Zhejiang, the People's Government of Hangzhou and the People's Government of Xiaoshan. It has gathered more than 3,000 global FinTech industry experts, over a hundred media outlets and nearly 300 speakers. Top tier companies, such as Visa, Ant Financial, Tencent, J.P. Morgan, Citibank, and Smart Finance Group, all come to the conference to share and discuss industry trends, investment opportunities and the major drives of the industry prospects.
As the largest global innovative conference in the field of payment, FinTech and financial services, Money 20/20 was founded in 2011, and entered China for the first time after its successful USA Conference, Europe Conference and Asia Conference. The first Money 20/20 China Conference covers the entire financial ecosystem with 10 major themes, including “bank innovation”, “smart lending”, “inclusive finance” and so on.
At the conference, the international and domestic participants from the FinTech field proactively and passionately expressed their viewpoints. Smart Finance Group CEO Jiao Ke, Youxin Financial CFO Wang Haichen and Founder & Chairman of Tongbanjie He Jun have a fruitful and deep discussion on “how technology is solving problems in lending companies today”. With its practice in using AI in credit lending, Smart Finance Group CEO Jiao Ke explained how technology can be integrated into financial industry. “At present, the proportion of people in the China market served by traditional financial institutions is still limited. The risk management of traditional financial institutions is based on a small number of strong features, such as bank statements, pay slip, etc. But if we use innovative technology, such as AI, as the risk management, we can serve more people.”
Smart Finance Group is the first large scale player in China to integrate AI technology into the entire credit lending process. It has a self-developed I.C.E. risk management engine, has successfully applied into its own personal credit APP, and has also provided risk management service to other partners in the ecosystem. Now, I.C.E. has found and demonstrated 12,000 effective weak features, and its machine learning models can iterate more than a hundred times each month. The average evaluation speed of I.C.E. is around 8 seconds.
Jiao Ke also shares his wish to the FinTech industry, “We hope there will be more smart, professional and visionary people joining us in the FinTech industry. We also want to have more close connection and collaboration with partners in the whole ecosystem. Then, we can talk about helping more people to enjoy the smart finance.”
The Money20/20 China Conference aims to deepen China in an international perspective. Tracey Davies, president of Money20/20, cited, “China's unique market and domestic appetite to both invent and embrace new FinTech products as the reason to launch this new edition of the leading payments and FinTech event. The rise of FinTech in China is something that no one in this industry can ignore.”
About Smart Finance Group
Smart Finance Group was founded in 2013. Its mission is to leverage technology to enable China’s underbanked population to access credit online quickly and conveniently. The company was the first large scale player in China to integrate AI into the entire credit lending process. Up to now, the company has raised more than RMB 670 million financing.
Business Wire India
Today, Project Management Institute (PMI), the world’s leading association for the project, program and portfolio management profession, announced that Telstra: Capital Planning & Delivery (Melbourne, Australia) has been awarded the 2018 PMO of the Year Award.
In 2012, Telstra created the Capital Planning and Delivery (CP&D) function as a dedicated capability within the Finance and Strategy organization. Their purpose was clear – support the annual capital investment allocation, prioritization, and planning processes to better support investment programs and projects. Since that time, it has created a single enterprise wide investment gating model, created a sponsorship engagement model going from 0% of sponsors engaged at the start to 77% today, and enabled a culture of never stopping projects to one that stops non-viable efforts. With many other accomplishments, the core was a cultural transformation.
Engagement of sponsors, enabling project management development opportunities and creating a project management community internally to support and guide careers, they are presently managing over 1,265 initiatives, with an average project value of AU$5.4M. Through strong project management practices and teamwork, they continue to create roadmaps and improve, including providing an executive dashboard and adjusting their PM framework to support multiple methodologies, including agile, waterfall, hybrid, and lean.
"Our PMO helps to advance the project management profession, to move it forward in a purposeful way," said Peter Moutsatsos, PMP, chief project officer at Telstra. "The project management profession is crucial to all public and private organizations that transform industries and services that create opportunities for people to thrive," said Moutsatsos.
Rob Loader, Director of Capital Planning and Delivery at Telstra, said, "PMI plays a crucial global role in helping to create the world's next generation of leaders and ensures that they are equipped with the project management tools and skills they need to be truly successful."
Telstra's Capital Planning PMO is world class in bringing strategic and economic discipline to the largest capital budget portfolio in corporate Australia. It helps Telstra achieve its competitive advantage by forming a clear link between the corporate strategy, business cases and where capital is deployed. The PMO also ensures large, complex projects are delivered to quality, time and cost and the anticipated benefits are realized.
The PMO of the Year Award honors a PMO that has demonstrated superior organizational project management capabilities by adding value to its organization through its support of successful strategic initiatives. The award recognizes a PMO that has established a vision for value delivery and has had a positive and clear impact on business results.
This year’s award was presented in Washington, D.C., USA as part of PMI’s seventh annual PMO Symposium®.
About Project Management Institute (PMI)
Project Management Institute (PMI) is the world's leading association for those who consider project, program or portfolio management their profession. Founded in 1969, PMI delivers value for more than three million professionals working in nearly every country in the world through global advocacy, collaboration, education and research. We advance careers, improve organizational success and further mature the project management profession through globally-recognized standards, certifications, communities, resources, tools, academic research, publications, professional development courses and networking opportunities. As part of the PMI family, ProjectManagement.com creates online global communities that deliver more resources, better tools, larger networks and broader perspectives.
Business Wire India
|From L to R - Karan Bhagat, MD & CEO, IIFL Wealth Management, Manoj Adalaka, CEO, American Express Banking Corp. India, Nirmal Jain, Founder & Chairman, IIFL Group, Venkataraman R, Executive Director, IIFL and Yatin Shah, Executive Director, IIFL Wealth Management|
IIFL Wealth Management Limited (IIFL WM), one of the India’s fastest growing wealth management firms, has partnered with American Express, the world’s largest card issuer by purchase volume, to distribute American Express Platinum Cards to meet the needs of its high-value clients. The newly released metal charge card will be offered on ‘invite-only’ basis by IIFL WM to its client-base.
Clients of IIFL-One will receive the American Express Platinum Card, which offers the powerful backing of American Express through its Membership Rewards program, superior customer experience and access to a worldwide network of millions of merchants spread across 200 countries. IIFL WM will promote the premium offering that features both IIFL WM and American Express logos, to clients in Mumbai and Delhi.
The American Express Platinum Card offers unique benefits that enable a premium lifestyle, such as:
The Card is bundled into offering under IIFL-One, a recently-launched platform that institutionalises a range of investment and service options for clients under a transparent ‘all-in fee’* structure. IIFL-One was launched so that high net worth (HNI) and ultra HNI clients could decipher the net of fees alpha/value-add and go past the opacity of the total expense ratio, which makes it a game-changer.
Through IIFL-One, clients not only get institutional grade portfolio management processes and portfolio discipline at competitive and transparent all-in fees, they also get a host of privileges such as preferred lending terms, wealth structuring and other services such as the charge card. This ‘Netflixification’ – enabling the switch from product to subscription – also eliminates the conflict of interest that is so common in the industry.
Yatin Shah, Executive Director of IIFL Wealth Management, said: “This exclusive card fits perfectly into our bouquet of services and IIFL-One. We serve the specialised and sophisticated needs of HNIs, ultra HNIs, affluent families, family offices and institutional clients through a comprehensive range of tailored solutions. American Express is the perfect partner because, like us, it believes in long-term relationships built on trust, transparency and thought leadership. The card is among the many innovative enhancements we regularly introduce to our offering.”
Manoj Adlakha, CEO – American Express Banking Corp., India, said: “We are delighted to partner with IIFL Wealth Management Limited, to help strengthen the suite of offerings to their high net worth customers while allowing us to expand our customer base. This partnership marks a significant step towards enhancing our reach in the premium segment as we widen our base across the country. We are confident that the American Express Platinum Card will be well received by IIFL Wealth Management Limited’s HNI clients and we welcome them into the American Express family.”
IIFL Wealth Management (IIFL WM) is the leading wealth and asset management company in India. Since its inception in 2008, IIFL WM has built a practice based on three core principles: modesty, simplicity and client-centricity.
IIFL WM is the investment and financial advisor to more than 12,000 influential families in the HNI and Ultra HNI segments, aggregating more than INR 140,000 Crore of assets under advice, distribution and custody. Headquartered in Mumbai, IIFL WM has presence in 23 locations in India and around the world.
About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.
Business Wire India
|IndusInd Bank Nexxt Credit Card|
This Card has been created in partnership with Dynamics Inc., which is headquartered in Pittsburgh USA, and designs and manufactures intelligent, battery powered payment cards.
It incorporates technology that is revolutionary for a payment card, and provides exceptional consumer functionality as well as value. It indicates a customer's desired payment choice using LED lights associated with the three options. A customer does not need to fill any paperwork, or call their bank, or log in to any banking channel to convert their POS transactions into EMIs, or to redeem their Rewards Points.
On the launch, Sumant Kathpalia - Head, Consumer Banking at IndusInd Bank said, "We are pleased to announce the launch of the IndusInd Bank Nexxt Credit Card. With this card, our aim is to give the customer multiple options on how to make a payment using his or her Credit Card. The Power of Choice moves completely to the customer. For us, customer experience is the key touchstone, and our objective is to always elevate and enhance customer experience with our innovative products and service propositions."
Anil Ramachandran - EVP & Head, Marketing and Retail Unsecured Assets at IndusInd Bank said, "At IndusInd Bank, responsive innovation has been our mantra to design financial products that enhance customer empowerment and boost convenience for them. We are delighted to launch the IndusInd Bank Nexxt Credit Card, which redefines the payment experience for customers by giving them the freedom to choose their mode of payment at the Point of Sale. They now have convenience at the push of a button. It does not get simpler than this."
Porush Singh, Division President, South Asia, MasterCard said, "We are happy to partner with IndusInd Bank to introduce the Nexxt Credit Card, India's first Credit Card with built in dynamic features. Using this card, they can shop, take credit and also use rewards at a merchant terminal, making it the most innovative product till date. MasterCard has always put its customers first and our innovations are focused towards providing better shopping experiences and conveniences for our cardholders."
The IndusInd Bank Nexxt Credit Card is loaded with features that will elevate the shopping experience for customers through entertainment offers, concierge services, lounge access, fuel surcharge waiver, reward earnings and reward redemptions. The Card also comes with the exclusive Nexxt Reward Points, which further add to the bouquet of customer benefits.About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on September 30, 2018, IndusInd Bank has 1466 branches including 203 specialized branches, and 2372 ATMs spread across geographical locations of the country. The Bank also has representative offices in London, Dubai, Abu Dhabi and Doha. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index.
Recently, IndusInd Bank was awarded Best Commercial Bank of the Year (India) and Best Innovation in Retail Banking (India) by International Banker 2018 Awards.
For more information, visit: https://www.indusind.com
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IND AA+ for Senior bonds program by India Ratings and Research
IND AA for Additional Tier I Bonds program by India Ratings and Research
IND A1+ for Short Term Debt Instruments by India Ratings and Research
YouTube Demo video: https://www.youtube.com/watch?v=yneR1sXOCYs&feature=youtu.be
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