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    Business Wire India 

    • Announces strategic alliances with Mahindra Finance, Bajaj Finserv, Religare, Capital Float, and
    • Available to more than 14 million merchants using AskMe, AskmeBazaar, AskmePay, AskmeGrocery & AskmeFurniture 
    • Loans of upto Rs. 1 crore basis transaction volume, available for a period of 15 days to 6 months
    AskmePay, the payment initiative by AskMe group, today announced the roll out of a wide portfolio of financing options to the SMEs with the launch of its new program ‘AskmeFin’. This is in line with the group’s ‘Grow with Us’ campaign launched earlier this month and is aimed at providing a variety of working capital loans to SMEs including short term working capital loans, overdraft limit, loans against receivables and bill discounting facility for SMEs.
    The group has also announced a series of strategic alliances to facilitate faster financing for SMEs, irrespective of the size of their business. It has tied up with Mahindra Finance, Bajaj Finserv, Capital Float, Religare, and, and will be offering loans ranging from Rs. 50,000 to Rs. 1 crore to its sellers, available for tenure ranging from 15 days to 6 months. The financing options will be in addition to its array of services that serve SMEs from AskMe, AskmeBazaar, AskmePay, AskmeFurniture and AskmeGrocery.
    The alliance partners will be extending easy and quick disbursement of finance to SMEs at competitive interest rates. The unsecured loans will be collateral free and available through easy documentation, thereby equipping them with more working capital. The other USPs of the loans offered by AskmeFin includes quicker approval for loans as well as pre-approved offers and easy repayment methods. 
    Speaking about these alliances, Mr. Kiran Murthi, CEO,, said “At AskMe, we are committed to help our SMEs partners to grow their business. AskmePay has launched this innovative campaign that does away with the conventional paper-based process of lending and enables speedier working capital finance approval to our SME partners, based on digital information available for SMEs and their sales on our portals. The SMEs who are using AskmePay for their offline transactions will also be eligible to avail these financing options.”
    Added Mr. Murthi, “The working capital loans will be available to any SME who has been selling on any of our portals and transacting through AskmePay. The loan amount will be decided basis the turnover or the transaction history of the seller on AskmeBazaar or AskmePay. We hope that SMEs will come forward and make the most of the offerings under AskmeFin, thereby giving us a chance to be a partner in their growth story.”
    Speaking on the alliance, Mr. R Balaji, Vice President, Mahindra Finance said, “We are excited to partner with AskmeBazaar and be a part of the e-commerce growth story. Accordingly, we have developed unique financial solutions for their SME vendors. We will be offering both short and long duration loans that provide the SMEs with both working capital and growth capital. Our financial solutions would be convenient and hassle free and ensure that the SMEs are able to get adequate credit to fuel their growth. We look forward to this association with AskmeBazaar and work with them in changing the shopping landscape of the country.”
     “Working capital loans must evolve with technological advancements. Bajaj Finserv believes that e-commerce platforms have provided ready access to data likes sales volumes, market trends and seller’s return percentage and his customer satisfaction rating. These data points enable us to not only create smart line allocation but also create seamless operating platforms for sellers to avail easy finance. Our proposition in partnership with AskmeBazaar is 100% digital and sellers will definitely benefit out of the swift processes, with disbursement amounts upto Rs 1 crore, lower interest rates and benefits like nil Part payment and nil foreclosure charges. We will be able to service seller’s needs in a smarter way, providing finance to sellers easily and at cheaper costs providing AskmeBazaar seller loyalty as well as improved inventory management due to availability of finance,” added Mr. Devang Mody, President Consumer Finance, Bajaj Finance Ltd

    Mr. Gaurav Hinduja, Co-Founder, Capital Float said, “We understand the pain-points of small businesses with regards to working capital finance. Therefore at Capital Float, it is our mission to make access to capital easier for SMEs/MSMEs by leveraging technology and data. We are excited about our partnership with AskmeBazaar as it would help us reach out to and serve millions of small businesses, with our fast, flexible and affordable business finance.

    Speaking on the association, Mr. Manish Kumar, CEO, Mandii said, "Mandii's strategic partnership with AskmeBazaar should be a game changer for the sellers. Our innovative platform for receivables discounting will ensure quick and easy access to funds for the sellers, without needing any collaterals! In addition, for the sellers, these are advance payments on the invoices and therefore aren't additional loans on their books. Access to these funds can help accelerate their business by getting better terms from their suppliers in exchange for cash payments, or increasing their offerings on AskmeBazaar. Mandii will support funding for all the seller's receivables on AskmeBazaar on an ongoing basis, growing along with their business."

    Added Mr. KK Jain, Founder and CEO,, “ is an online lending market place for SMEs; wherein anyone can lend their savings to aspiring entrepreneurs (SME’s) in India to meet their business needs without the hassles of documents, collateral or guarantor. uses its proprietary algorithm to arrive at one’s credibility on various data points & behavioral patterns to approve loans to SMEs. We are quite excited to partner with AskMe and are committed to work closely with them in our joint endeavour to empower our SMEs across India.”

 is the payment initiative by AskMe that is committed to helping the SMEs with a wide range of offerings including easy acceptance of payment through mobile devices, easy availability of loans as well as individual CRM and Marketing offerings for the SME community.

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    Business Wire IndiaMax Life Insurance offers heartfelt condolences to all the people affected by recent floods in Chennai, Tamil Nadu. To provide support in these difficult times, Max Life has set up Special Claims Helpdesk to expedite claim settlement process for all the people affected by floods.
    In order to expedite and simplify the evaluation process for the claimants, Max Life Insurance has simplified death claim requirements to:

    • ​Any evidence of death/missing from Government / Designated District officials of the State Government or Hospital Authorities /Municipal Record
    • Claim Intimation Form/Claimant Statement (with Bank passbook copy or cancelled cheque of Nominee/ Beneficiary)
    • Photo ID Proof of Nominee/Beneficiary
    Claimants can directly write to Max Life Insurance at or call us at our dedicated toll free number: 1800 419 0919
    Alternatively, for any information claimants can also contact the following people:
    • Mr. Shankar Raman (Tamil caller) @ +91 9560 861 333.
    • Mr. Akash Keswani @ +91 9582 348 062.
    • Mr. Padmanaban K @ +91 9094 701 639 / 9566 540 478.
    • Mr. Sabari D @ +91 9043 811 228
    • Mr. Anil D Raj @ +91 9866 678 141
    Chennai Office details:
    Max Life Insurance Co. Ltd., 184/2, 2nd floor, Chanda mama building,
    NSK salai, Vadapalani, Chennai - 600026
    Landline no.: +91-44-42915500

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    Business Wire India

    Emtec, Inc. (“Emtec”), a leading IT consulting firm providing industry-specific transformative digital solutions, announced that the company has received new senior secured credit facilities from LBC Credit Partners, a provider of financing solutions to middle-market companies. The proceeds were used to refinance the company’s existing debt and to acquire Summit Technology, Inc. In addition, the new facilities provide a source of funding for limited share repurchases, working capital and future acquisitions.


    Dinesh Desai, Chairman and Chief Executive Officer of Emtec, stated, “I am very thankful to our team who has done an outstanding job positioning Emtec as one of the leading IT consulting firms in the U.S. We are pleased to add LBC Credit Partners to our team of financing partners to help accelerate our growth going forward.”


    Greg Chandler, Chief Financial Officer of Emtec, stated, “As announced earlier this year, Emtec has entered into a new stage of growth and that growth will be fueled by the support of our new financing partners. This transaction will enable us to move more quickly in the future on larger opportunities. The Summit team joining us at the same time is a great catalyst. In addition I would like to thank NewSpring Capital, we could not have achieved the success we had over the last few years without them. Steve Hobman and the team at NewSpring have been a tremendous partner for us and we thank them for their unwavering support since 2011.”


    Emtec’s advisors on the Transaction included Griffin Financial Group, Stevens & Lee, and Dechert LLP. Cozen O’ Connor represented Emtec in the acquisition of Summit.




    Emtec, Inc. provides industry specific transformative digital solutions to world class organizations in the enterprise, government, and education markets. With offices in the U.S., Canada, and India, Emtec is big enough to address our client needs but small enough to care. Our local offices, highly-skilled associates, and global delivery capabilities ensure the accessibility and scale to align client’s technology solutions with their business needs. Emtec’s singular mission is to create “Clients for Life”: long-term relationships that deliver rapid, meaningful, and lasting business value. Our offerings span the entire IT lifecycle: from Advisory through Enterprise, Custom, Mobile and Cloud Applications, as well as Analytics and Infrastructure Services. For more information, visit




    LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With over $1.75* billion of capital commitments, LBC has made investments in companies located throughout North America across a wide range of industries and is committed to a long-term approach to debt investing. Headquartered in Philadelphia, LBC has additional offices in Chicago and Greenwich. To learn more, visit


    *Information as of June 30, 2015





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    Business Wire India

    • HSBC Skills for Life programme will skill over 75,000 young people and women
    • Partners with Swades Foundation for rolling out the first vertical of the programme
    HSBC launched HSBC Skills for Life, a skill development programme that aims to provide young people and women with requisite skillsets to enable them to earn a sustainable livelihood. HSBC has committed a sum of INR100 crore towards this programme and aims to cover 75,000 young people and women spread over the next five years.

    The HSBC Skills for Life programme was announced on 12 November 2015 in London in a joint statement by the Indian Prime Minister Narendra Modi and UK Prime Minister David Cameron.

    Through this flagship skill programme HBSC will support non-profit organisations in the following three focus areas.
    • Employment linked skills development of disadvantaged young people – HSBC will work with non-profit organisations on enterprise and employment linked training wherein young people will be taught skills that can help them earn a sustainable livelihood. The programme will map demand with industry requirements and link skill building with relevant jobs. It will also develop an entrepreneurial ecosystem through collaborations with organisations working in this space
    • Upskilling of educators and teachers – The programme will focus on enhancing the skills of educators and teachers and will support different scalable models that include Train the Trainers (TOT) approach, digitisation of content, curriculum translation into different languages etc. to scale learning and multiply impact
    • Women’s empowerment through livelihood enhancement – The key focus on this vertical will be to enhance the capacities and improving the livelihood potential of rural and urban disadvantaged women through financial literacy and building entrepreneurial capabilities
    HSBC also announced an INR 50 Crore partnership with the Swades Foundation to roll out the first vertical of the HSBC Skills for Life programme. This partnership will provide employment linked skills training to 30,000 disadvantaged young people over the next five years.

    The key pillars of the partnership with Swades Foundation are:
    • Strong emphasis on screening, partner selection and evaluation: Partnerships are being forged with reputed academic institutions to create a transparent and effective screening and evaluation process that takes into account regional differences. Tata Institute of Social Sciences (TISS) will be the Monitoring and Evaluation (M&E) partner for this Programme
    • Senior Advisory Group for project review and selection: An Advisory Group has been set up to review and select short-listed skill development projects. It will also provide key industry and sector insight and inputs to the programme. This will further the cause of employment and entrepreneurship for disadvantaged young people. The Advisory Group comprises of eminent industry and sector leaders. They are Anu Aga, Former Executive Chairperson, Thermax Group; Manish Sabharwal, Co-Founder & Chairman, TeamLease Services; Rati Forbes, Director, Forbes Marshall Ltd.; Richard Rekhy, CEO, KPMG India; Ronnie Screwvala, Founder Trustee, Swades Foundation; Sanjiv Mehta, CEO & MD, Hindustan Unilever Limited; K Satish Reddy, Chairman, Dr. Reddy's Laboratories; Stuart P Milne, Group General Manager & CEO, HSBC India; S Ramadorai, Chairman, National Skills Development Agency &  Chairman, National Skills Development Corporation (NSDC); Sunil Sood, MD & CEO, Vodafone India Ltd
    • Focus on priority sectors: The programme will support skill development in eight priority high growth sectors: Retail; BFSI (banking, financial services and insurance); Beauty and Wellness; Tourism, Travel and Hospitality; Healthcare; Transportation & Logistics; IT & ITES; and Electronic and IT Hardware
    The second and third verticals will be initiated from 2016 onwards in partnership with other NGOs.

    Stuart P Milne, Group General Manager and Chief Executive Officer, HSBC India, said: “I am delighted to launch this Programme today. Skills development is strategic need for India which fits very well with HSBC’s global focus on education for young people from disadvantaged communities. Our measure of success will be quality outcomes, in particular the number of young people we train who find long term employment, helping them to achieve their hopes and dreams. This flagship Programmed is made possible by the support of our customers across India and I, on behalf of those who will benefit from HSBC Skills for Life, thank you for your support.”
    Ronnie Screwvala, Founder Trustee, and Swades Foundation, said: “We are delighted to partner with the HSBC Skills for Life programme to further economic opportunity for disadvantaged young people. It is a reinforcement of our commitment of enabling the young people of India to build a better and brighter future for themselves, and a step forward towards creating One India - an India that is not marred by the rural and urban divide."
    HSBC and Sustainability
    HSBC's corporate sustainability strategy includes the development of sustainable business opportunities, management of its own environmental footprint, and its community investments. The bank has a long term commitment to the communities in which it operates. Our financial inclusion initiatives support education of children from underprivileged communities, life skills training for disadvantaged young people and financial literacy and entrepreneurship capacity building for rural women in marginalised communities. HSBC’s environmental initiatives support water harvesting, habitat and biodiversity conservation, sustainable livelihoods, water and climate change awareness.
    At HSBC, employee volunteering is a core component of our commitment to supporting the communities and also provides our employees with the opportunity to experience and learn about the issues that matter in their community and to apply this new knowledge and experience at work. 
    For more information on HSBC’s sustainability initiatives in India, please visit
    About HSBC India
    The Hongkong and Shanghai Banking Corporation Limited in India offers a full range of banking and financial services through 50 branches and 140 ATMs across 29 cities.
    HSBC is one of India's leading financial services groups, with over 32,000 employees in its banking, investment banking and capital markets, asset management, insurance, software development and global resourcing operations in the country. It is a leading custodian in India. Nearly 6% of India's trade passes through HSBC. The Bank is at the forefront in arranging deals for Indian companies investing overseas and foreign investments into the country. 

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    Business Wire India

    NTT Communications Corporation (NTT Com), the ICT solutions and international communications business within NTT (NYSE: NTT), announced today the immediate launch of the Thailand Bangkok 2 Data Center, which boasts some 3,800 m2 of server room, equivalent to 1,400 racks, putting it in the top scale of data centers in Thailand.


    The four-story dedicated facility, which cost nearly 32 million USD, is located in the Amata Nakorn Industrial Estate in the suburbs of Bangkok. This is the first data center to have been certified by the Board of Investment of Thailand (BOI). NTT Com’s new facility will leverage highly reliable, state-of-the-art equipment and NTT Com’s global network node to provide Nexcenter™ next-generation data center services, which are noted for their high quality, cost efficiency and flexibility.


    Advantages of Thailand Bangkok 2 Data Center

    • Safe location with low risk of flood and little effect by political demonstration
    The facility is located in an area with a low risk of flooding, more than four meters above sea level. Floodwalls or dikes standing 4.7 meters above sea level surround the facility and its entire perimeter, part of assuring safe operation during unforeseen natural disasters. Also, the area is approximately 70km from Bangkok, far from any likely political disturbance.
    • Top-class reliability suited to financial institutions
    A redundant dual-path guarantees 99.9999% power availability, unrivaled in Thailand. Air-conditioning features an N+1 redundant configuration. Robust security can be tailored for companies that require extra-rigorous solutions. Carrier-neutral policy enables the use of multiple carriers to establish redundant networks. NTT Com’s new data center is ideal for mission-critical financial institutions and the core systems of enterprises, as well as for backup purposes.
    • Fully equipped offices are suitable for BCP
    The data center offers customers use of large offices equipped with backup power from  emergency generators. The offices, which are fully integrated with the data center, are well suited to business continuity planning (BCP) purposes.

    Thailand Bangkok 2 Data Center
    (See attachment for more information.)


    Thailand, which is located in the middle of the Greater Mekong Subregion (GMS), continues to attract global enterprises. Locally based financial institutions and other multinational companies are increasingly demanding outsourced data centers to optimize their ICT environments. Extra-safe data centers located in Bangkok’s suburbs offer enhanced BCP assurances in view of occasional floods and political disruptions seen in certain Thai urban centers in recent years. NTT Com’s new data center leverages the local know-how of Digital Port Asia Ltd., a Thai firm in which NTT Com acquired a stake in 2013.


    Going forward, NTT Com expects to further strengthen its data center services and other ICT solutions in the growing market of Thailand.


    About NTT Communications Corporation


    NTT Communications provides consultancy, architecture, security and cloud services to optimize the information and communications technology (ICT) environments of enterprises. These offerings are backed by the company’s worldwide infrastructure, including the leading global tier-1 IP network, the Arcstar Universal One™ VPN network reaching 196 countries/regions, and 140 secure data centers worldwide. NTT Communications’ solutions leverage the global resources of NTT Group companies including Dimension Data, NTT DOCOMO and NTT DATA.

  | Twitter@NTT Com | Facebook@NTT Com | LinkedIn@NTT Com


    Attachment: Overview of Thailand Bangkok 2 Data Center

    Location   - 50 minutes by car from Suvarnabhumi International Airport in Bangkok

    - 60 minutes by car from downtown Bangkok (approx. 70km)


    - Amata Nakorn Industrial Estate is basically free of floods and political demonstrations

    Building   Structure   Reinforced concrete, four stories
      Maximum Load   1,240 kg/m2
    Power   Power Receiving   - Dual path

    - Total power: 9.5 MW


    - Total power for IT equipment: 4.5 MW

      Generator   - 2N redundant configuration

    - Power for more than 50 hours without refueling

      UPS   - 2N redundant configuration

    - Battery power for more than 15 minutes

      SLA   99.9999% availability
    Air-conditioning   - Water cooling

    - N+1 redundant configuration

    Fire Protection   - Nitrogen gas fire extinguishing systems

    - High Sensitivity Smoke Detector (HSSD)

    Security   - Online application for facility access

    - Requires IC card at security gate and biometric authentication


    - Security gate, surveillance cameras and individually locked racks


    - 24/7 security guards


    - Customizable for financial institutions, etc. requiring greater security

    Other Facilities   Rental offices (530m2 in total), meeting rooms, and parking lot
    Connectivity   Carrier neutral
    Operation (24/7)   - Service desk in English and Thai

    - Remote hand service by onsite staff

    Certifications   - ISO27001

    - First high-quality data center certified by BOI (BOI No. 10/2552)

    Tier level*   Tier III

    *NTT Com assessment based on Uptime Institute’s Tier Classification Define Site Infrastructure Performance




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    Business Wire IndiaBangalore-based Grameen Koota has been selected as the Microfinance Organization of the Year (Large) 2015, at the 7th edition of the Microfinance India Awards. The Union Minister of State for Finance, Mr. Jayant Sinha, presented the award during the Inclusive Finance India Summit on Tuesday, December 8, 2015 at Hotel Ashok in New Delhi. The Award honours a microfinance organization, “which has stood the test of time, has combined growth with effective and efficient delivery of responsible microfinance services,” said the citation.
    Instituted by ACCESS Development Services with support from HSBC, the award carries a cash prize of Rs.100,000 and a citation. In the last seven years since the Awards were first instituted, they have come to be highly respected within the sector and are highly coveted.
    “The 2015 Microfinance Awards are truly deserved for which I recall a quote: ‘There are four pillars on which you can build the platform, to reach the zenith of success: Dedication, Devotion, Discipline and Determination’-- Lakkoju Gautam. This is truly exemplified by the Microfinance India awardees,” said Mr. Vipin Sharma, CEO of ACCESS Development Services.
    The jury member and sector expert, Mr. N. Srinivasan, said, "At a time when the industry was witnessing moderate growth rate, Grameen Koota demonstrated an impressive growth without compromising on social development goals for the customer."
    Grameen Koota Managing Director and CEO Mr. Udaya Kumar, who received the award, said: “All these are possible only with strong and continuous support from our customers and employees, especially those who serve at the field every day. And an unstinted support from our Board of Directors, Management Team, Lenders and Regulators helped us in shaping Grameen Koota. It is a matter of great pride that our commitment to customers and our commitment to financial inclusion is being recognised.
    Founded in 1999 by Mrs Vinatha Reddy, inspired by the Grameen Bank model of Bangladesh by Prof. Muhammad Yunus, Grameen Koota is registered with the Reserve Bank of India under the NBFC-MFI category. While inaugurating their new corporate office in Bangalore recently, Prof. Yunus said, "During the microfinance crisis, I used to respond to media saying that there is good MFI and bad MFI and you should not mix both. I used to confidently cite Grameen Koota example as a good microfinance. They've stayed on the right course."
    Grameen Koota is one of the early financial institutions in the world to have been honoured by Smart Campaign for having met all the client protection principles and again re-certified in October 2015. With a top rating of ‘mfR1’ by CRISIL, Grameen Koota has 1.1 million customers and an outstanding portfolio of Rs.1,680 crore.

    About Grameen Koota:

    Grameen Koota Financial Services Pvt. Ltd. provides finance services to women from poor and low income households. The company offers income generation, home improvement, emergency, education, family welfare, and home construction loans; life and healthcare insurance products; and pension schemes, and non-financial services.

    Grameen Koota was founded in 1999 and is headquartered in Bengaluru, India. With 298 branches spread across Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh, Grameen Koota has 1.1 million customers, with an outstanding portfolio of over Rs.1,680 crore.

    Grameen Koota has been awarded for re-certification by Smart Campaign for having met all the client protection principles. It is also one of the few MFIs to be awarded with Truelift Certification of ‘Achiever’s level’ and Social Rating of ∑α for its commitment on social performance and pro-poor business. Grameen Koota is one among the few with a top grade of ‘mfR1’ by CRISIL for its quality. It has been accorded a high Credit rating of ‘A-‘ by ICRA among MFIs in India.

    Grameen Koota has been working with Joint Liability Groups formed exclusively of women belonging to poor and low income households by providing them with financial literacy and diverse credit products, catering all life-cycle needs such as income generation and access to water, sanitation, education, health care, home repairs, emergency loan etc. It gives its clients the option to repay weekly, fortnightly or monthly, depending on their cash flow and convenience. Grameen Koota’s social awareness campaign ‘Jagruti’ has become an important source of information across its women borrowers since 2011.

    For more information, please visit:

    Photo Caption: Grameen Koota Managing Director and CEO Mr. Udaya Kumar receiving the 'Microfinance Organization of the Year 2015 Award' from the Minister of State for Finance, Mr. Jayant Sinha, on Tuesday, Dec. 8, 2015, at the Inclusive Finance India Summit in New Delhi.

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    Business Wire India

    Hyperloop Technologies Inc. announced that the company has entered into agreements to locate their Propulsion Open Air Test (POAT) on an approximately 50 acre site it has secured in the Mountain View Industrial Park in Apex Industrial Park in the City of North Las Vegas, Nevada. Hardware will begin arriving this month, and testing is expected to begin early first quarter 2016.


    “This decision represents another major milestone in our journey to bring Hyperloop to commercial reality,” said Rob Lloyd, CEO, Hyperloop Technologies, Inc. “Hyperloop Technologies will invest first in regions where we receive government advocacy to move fast. We are grateful for the support we have received from Governor Sandoval, the Nevada Office of Economic Development and Mayor Lee and his team from the City of North Las Vegas.”


    The ability of the Office of Economic Development team and state and local officials to move at the pace that supports the test and future deployment of advanced technology was critical to location selection for the Propulsion Open Air Test.


    "As a state, we are working diligently to attract and grow innovative companies and technologies that advance industries of all kinds,” said Nevada Governor Brian Sandoval. “Through this exciting announcement by Hyperloop Tech and its selection of Apex Industrial Park for its Propulsion Open Air Test, Nevada is thrilled to be playing a role in the critical testing of its innovative advanced technologies. While this is a short-term endeavor, it is a critical step in the company’s development of a truly unique mode of transportation, and I am proud of the work that has been done by the Las Vegas Global Economic Alliance, the City of North Las Vegas, Clark County, the Governor’s Office of Economic Development, and Hyperloop Tech to reach this point today. Thank you, Hyperloop Tech, for your selection of Nevada for this phase of your company development and becoming a partner in the New Nevada.”


    Hyperloop is a transportation system in which a full-length tube is built between destinations, with a controlled environment inside the tube allowing people or cargo to travel at extremely fast speeds. The Propulsion Open Air Test will occur on a track of approximately 1km where the custom-designed linear electric motor will be tested at speeds of 540 km/hour. The Hyperloop technical team, led by CTO and co-founder Brogan BamBrogan, is pioneering unique innovations including advancements in propulsion, tube design and fabrication, levitation systems, pod designs and thermodynamics and systems engineering.


    “Hyperloop Tech is a cutting-edge company focused on changing the way the world views transportation, and we could not be more excited about the role the State of Nevada is going to play in this first phase of testing,” said Steve Hill, Director of the Governor’s Office of Economic Development. “It certainly is thrilling to see how Nevada is becoming a place to research, develop, test, and implement advanced technologies driven by innovation.”


    "I want to thank Governor Sandoval and his team for their hard work to bring this tremendous opportunity to North Las Vegas,” said Mayor John Lee. “He believes, like I do, that Hyperloop Tech will not only provide an economic boost to the region, it will demonstrate that Apex is the ideal location for visionary technology businesses.”


    This milestone is a critical first step towards the full Hyperloop system test. Hyperloop is in the final stages of site selection for the location of a Safety, Development and Test site where Hyperloop will construct a 3km full-scale, full speed prototype. The company is preparing to have this site fully operational in late 2016 / early 2017, as part of its goal to deliver a commercially viable, fully operational Hyperloop system by 2020.


    Hyperloop Technologies Inc. employs a team of over 72 full time employees at the company’s three-acre, three-building campus in the downtown Los Angeles Arts District. Hyperloop Technologies Inc. is financially backed by leading investors Khosla Ventures, Formation 8, Sherpa Ventures, Zhen Capital, Caspian VC and more. The company has raised $37 million in financing to date and is currently completing a Series B round of $80m.


    About Hyperloop Technologies, Inc.:


    Hyperloop Technologies, Inc., is the world’s next breakthrough in transportation, engineering unique transportation solutions worldwide for both cargo and passengers. The company was founded in 2014 and is headquartered in downtown Los Angeles, California. For more information, please visit


    About the Governor’s Office of Economic Development:


    Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development (GOED) is the result of a collaborative effort between the Nevada Legislature and Governor Brian Sandoval to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development. More information on the Governor’s Office of Economic Development can be viewed at





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    Business Wire India

    Scepter Partners, a direct investment and merchant banking specialist for sovereign wealth and large cap family offices, signaled its interest in acquiring new financial services businesses as part of its planned future business development. Regarding this new strategic direction, Group Executive Chairman and CEO Rayo Withanage commented, “While several of the large banks are selling off their non-core assets, Scepter is particularly attracted to markets such as Switzerland, Monaco and the Caribbean. We are also interested in seeding or acquiring alternative asset management businesses with a focus in Hedge Funds."


    This Smart News Release features multimedia. View the full release here:

    Rayo Withanage - Scepter Group Executive Chairman & CEO (Photo: Business Wire)

    Rayo Withanage - Scepter Group Executive Chairman & CEO (Photo: Business Wire)

    Scepter, which is supported by $14 billion of discretionary assets which have been allocated by its core stakeholders to support future activities, is exploring the purchase of an existing bank or the formation of a new banking entity. The Group sees this initiative as the next natural step in the expansion and development of its merchant banking division. Discussing the best way forward, Mr. Withanage added “We have been analyzing a number of options in Europe and Asia, where we see plenty of attractive assets. A significant bank acquisition at this time would be potentially synergistic to the future growth of the company.”


    About Scepter


    Scepter is a standing syndicate of ruling families, ultra-high-net-worth industrialists and sovereign wealth funds. Headquartered in Bermuda with offices in New York and representative offices in London and Beijing. Scepter was founded by financier Rayo Withanage to acquire large cap assets with a focus in natural resources, infrastructure, real estate and media and telecommunications. Scepter’s global merchant banking activities are led by banking veteran Anthony J. Steains and his former Blackstone Advisory Partners Asia team. As a principal investor, Scepter is supported by the discretionary assets of its core stakeholders and a syndicate of investors who have combined resources to invest in off-market large cap transactions globally. For more information, please visit


    Legal Notice


    Scepter Partners is a principal investor that does not require authorization by the Financial Conduct Authority or the Securities and Exchange Commission or by any financial services regulatory body. Scepter does not have any products open for third party investors. Nothing in this announcement is intended to be, or should be construed as an invitation, offer or inducement to any person or entity to engage in any investment activity.





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    Business Wire India

    NTT Communications today announced the opening of its Tier IV ready1FDC2 - the second phase of its Hong Kong Financial Data Center. FDC2 marks the completion of the HKD 4 billion purpose-built data center complex offering a total of 7000+ racks, which is currently the city’s largest in capacity2. Designed to help increasingly data-centric enterprises accelerate digital transformation, FDC2’s state-of-the-art, energy-efficient and high-density design not only reduces the Total Cost of Ownership (TCO) for its customers, but also delivers high visibility to the enhanced level of data center service commitment.


    “Hong Kong is at the crossroads of China’s ‘One Belt, One Road’ development initiative where the city’s trade with Asian and European countries along the trade corridor has reached USD 670 billion in 2014, accounting for 66 per cent of the city's total trade. However many local, Mainland China and global enterprises have yet to truly transform to a digital enterprise with a future-poof data center strategy to cope with the rampant growth of mobility, IoT, cloud and big data. The establishment of FDC2 is set to address the acute demand of enterprises’ digital transformation as they capitalize global business opportunities,” said Mr. Tetsuya Shoji, President & CEO, NTT Communications Corporation.


    “Data centers are part of the key infrastructure for a knowledge-based economy, playing a pivotal role in the development of our information and communications technology sector. Although land is a scarce resource in Hong Kong, we have made every effort in the past few years to make available suitable land for data center development, from greenfield sites to conversion of existing industrial buildings. The Government will continue to explore different means to make available more suitable land for data center use in Hong Kong such as through development of caverns,” said Mr. Nicholas Yang, the Secretary for Innovation and Technology, HKSAR Government.


    “In this digital age when everything goes online, the role of data centers has never been more important. Not only are they the essential infrastructure supporting our pillar industries such as trading and finance, but also the catalyst for the development of new industries and applications that add impetus to our economy”, said Mrs Fanny Law, Chairperson of Hong Kong Science and Technology Parks Corporation (HKSTP). "We at HKSTP are devoted to staying connected with the industry to foster collaboration and catalyse growth. I congratulate NTT Communications for its foresight in launching this new data center which will benefit both the industry and the society in this era of digital transformation”, added Mrs Law.


    High Power Density and Energy Efficient Cooling Technologies Reduce TCO


    Land scarcity and high rents in ICT hubs like Hong Kong, Tokyo and Singapore drive the need for smarter and more cost-efficient data center strategies, and increasing power density3 provides an answer by optimizing customers’ TCO, as more servers can be put on a rack on premises. Yet, failure to maintain stable temperature and humidity levels in ultra-high power density data centers can lead to IT asset failure costs and unplanned downtime for customers.


    Armed with highly energy efficient and uninterrupted cooling facilities, FDC2 can host an industry-leading power density up to 24kVA per rack with the ability to also host ultra-tall racks up to 54U, for accommodating a maximum number of IT equipment. This is enabled by the facility’s advanced cooling technologies such as its Cooling Wall (an innovative front-flow cooling design with hot aisle containment) and the Cooling Battery (the largest thermal energy storage system for data center in Hong Kong). These technologies together not just enable the ultra-high power density with 100% uptime guarantee, but also increases the cooling energy efficiency by over 20% and helps FDC2 achieves a market leading annualized PUE of below 1.5 at full load condition.


    Enhanced service visibility for risk management


    Increasingly stringent compliance and pressure to achieve better return-on-investment (ROI) intensify business’ need for enhanced service transparency, data visualization and end-to-end lifecycle management of data center critical facilities.


    FDC2 offers a data driven Virtual Data Center customer portal to provide unprecedented visibility to real-time and historical data center service performance including reliability, capacity and energy efficiency. Customers can reduce their business risk by making fast and informative decision through monitoring of real-time service performance as well as strategizing their data center approach based on historical information.


    To extend the service level agreement (SLA) guarantee, FDC2 covers the availability of power, cooling, connectivity, security and response time. NTT Communications’ unrivalled comprehensive risk management and guaranteed compensation raise the bar of SLA coverage industry-wide.


    In FY15 financial year, NTT Communications has already opened nine new data centers around the world, including India’s largest data center in Mumbai in October and the latest FDC2 in Hong Kong. The company has set aggressive plans to expand global data center footprints beyond Japan and especially in strategic markets like Hong Kong, to better serve the needs of the international enterprise customers.


    For more information about the FDC2, please visit:


    # # #


    1 Uptime Institute has categorized data centers into four tiers depending on the availability of services. Tier I has lowest availability while Tier IV has the highest availability.
    2 NTT Communications Hong Kong Financial Data Center is the largest in capacity among data center service providers in Hong Kong as of Dec 2015.
    3 Power density of data center refers to the maximum number of servers it can contain in each rack, and the maximum watts of power each rack can support to house a certain number of servers.


    About NTT Communications
    NTT Communications provides consultancy, architecture, security and cloud services to optimise the information and communications technology (ICT) environments of enterprises. These offerings are backed by the company’s worldwide infrastructure, including leading global tier-1 IP network, Arcstar Universal One™ VPN network reaching 196 countries/regions, and 140 secure data centers worldwide.


    NTT Communications’ solutions leverage the global resources of NTT Group companies including Dimension Data, NTT DOCOMO and NTT DATA. | Twitter@NTT Communications | Facebook@NTT Communications | LinkedIn@NTT


    About NTT Com Asia
    NTT Com Asia is NTT Communications’ East Asia headquarters covering Hong Kong, Macao, Taiwan and Korea. The company provides enterprise-class network, data centre, cloud, hosting, e-Commerce solutions, and managed services, and operates its’ wholly owned subsidiary HKNet in Hong Kong.


    Please visit | | | for further information.





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    Business Wire India

    • FIS acquires SunGard, one of the world’s leading software and technology services companies.
    • Acquisition propels FIS to a $9.3 billion company and uniquely positions it to offer a broad range of retail, enterprise and wholesale banking and payments capabilities that will further empower the financial industry worldwide.
    FIS™ (NYSE: FIS), a global leader in banking and payments technology as well as consulting and outsourcing solutions, today announced the closing of its acquisition of SunGard, one of the world’s leading financial software and technology services companies. The acquisition uniquely positions FIS to offer a broad range of enterprise banking and capital markets capabilities that will further empower the financial industry worldwide.

    With complementary technology solutions and services encompassing retail and institutional (or wholesale) banking, payments, risk management, asset solutions and insurance, the combined company now has more than 55,000 employees and $9.3 billion in revenue on a pro-forma basis.

    “At FIS, we are driving innovative solutions and delivering high-quality client experiences that move our clients’ business forward each and every day,” said Gary Norcross, president and CEO, FIS. “This acquisition creates one of the broadest sets of technology assets and market expertise in the industry, and allows FIS to present new opportunities to our existing client base as well as to financial services markets that we have not historically served.”

    “The global financial services sector is evolving rapidly, from regulatory headwinds to increasing capital requirements to new FinTech participants vying for customer engagement. With the combination of enterprise banking and payments expertise along with well-established solutions in capital markets, risk management and investment operations, FIS is positioning itself to help their clients better navigate the challenging waters of today's industry,” said Jerry Silva, research director, Global Banking at IDC Financial Insights. “Industry dynamics and global demands have increased the need for strategic IT partners with enterprise vision that can break down silos and drive innovation.”

    In connection with the acquisition, FIS will repay SunGard’s existing debt today except for SunGard’s senior notes which will be redeemed on Dec. 1, 2015, pursuant to previously issued redemption notices to noteholders.

    About FIS

    FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk & compliance, consulting and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit

    Follow FIS on Facebook ( and Twitter (@FISGlobal).

    Forward-Looking Statements

    This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbour provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’s historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, the risk that the SunGard transaction described herein will not provide the expected benefits, or that we will not be able to achieve the synergies we expect to achieve with respect to the transaction, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2014, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.

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    Business Wire India

    Murex, the leading provider of Trading, Risk management and Processing solutions, announces a packaged solution for the Standard Approach for Counterparty Credit Risk (SA-CCR) under Basel III.


    The solution is version-independent, and its rapid configuration-based implementation will help clients secure the 1 January 2017 deadline for the new rule and provide them with the flexibility to adapt to evolving regulatory requirements.


    MX.3 SA-CCR solution delivers Exposure at Default (EAD), as outlined in BCBS 279.


    It can be used in a number of regulatory reporting calculations, such as Risk Weighted Assets (RWAs) for counterparty credit risk, Credit Value Adjustment (CVA) capital, CCP risk charge or large exposures. The solution covers trading book positions across all derivatives, whether held in MX.3 or in external systems. The packaged implementation includes standard mapping facilities for complex products. In addition, clients benefit from Murex’s strong expertise to customize their exotic products.


    The SA-CCR solution delivers the EAD calculations in real time, both in pre trade and post trade, including limits check. Real- time calculation allows risk officers to monitor the contribution of new trades to the overall SA-CCR number and enables traders to adjust their trading decisions. The solution provides drill down into to all parameters of the EAD calculation, giving full transparency. It also enables comparison with other calculation methods such as Current Exposure Method (CEM) and Internal Model Method (IMM).


    Marwan Tabet, head of Murex Risk Product Division, comments: “Given the continuing stream and the breadth of change, a fragmented approach to regulations is neither cost-efficient nor sustainable. Our solutions are designed with a holistic approach enabling businesses to optimize risk and balance sheet resources while adapting to global and local regulations as they evolve.”


    MX.3 for Capital Charges SA-CCR solution is part of the Murex Risk and Regulatory suite, a comprehensive framework allowing financial institutions to build an overall strategy for regulatory and internal risk management, leveraging synergies in calculation engines, data and technology.


    About Murex


    Since its creation in 1986, Murex has played a key role in proposing effective technology as a catalyst for growth and innovation in capital markets, through the design and implementation of integrated trading, portfolio management, risk management, processing and post-trade platforms.


    Driven by innovation, Murex’s MX.3 Front-to-Back-to-Risk platform leverages the firm’s collective experience and expertise, accumulated through its strategic client partnerships, to offer an unrivalled asset class coverage and best-of-breed business solutions at every step of the financial trade lifecycle.


    Clients worldwide benefit from the MX.3 platform’s modular set of business solutions, specifically designed to solve the multi-faceted challenges of a transforming financial industry, while relying on the strength of 2,000 dedicated specialists.


    To stay up-to-date with Murex Announcements, follow us on Linked In and Twitter @Murex_Group.







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    Business Wire India

    Russell Reynolds Associates has opened an office in Dubai, located at the Dubai International Financial Centre (DIFC). The global leader in assessment, recruitment and succession planning for chief executive officers, boards of directors and key roles within the C-suite started doing business in the Middle East in 1975. The firm now has 46 offices in 26 countries spread across Europe, Asia, North and South America and the Middle East.


    "Our firm was first in our industry to establish a Middle East Practice, and we remain unique with dedicated consultants based both inside and outside of the region. Our Dubai office is another important step in the global expansion of Russell Reynolds Associates," says Clarke Murphy, CEO of Russell Reynolds Associates. "Our company continues to expand: the past calendar year was an history high."


    The executive search firm's presence in the Arab world will be boosted by the new office. "The Middle East continues to play a key strategic role for many of our clients, most major multinationals and world banks. Our Dubai office complements our clients' growing demands for physical presence in the region", explains Stephan Schönwälder, Managing Director at Russell Reynolds Associates and Area Manager for Dubai. The Dubai office will be tightly integrated with the firm’s Middle East desk in London. Senior members of this desk are Mat Green and Lamees Al-Ashtal, who have a combined 45 years of executive search experience.


    Stephan Schönwälder joined Russell Reynolds Associates from another search firm, where he led the Middle East Financial Services Practice for four years. He also worked on numerous assignments in the ICT and FMCG industries and served family-owned businesses. Previously, Schönwälder was a Partner with McKinsey & Company, serving as the head of the company’s Middle East Business Technology Practice and as a core member of the region’s Financial Services Practice. He also worked for numerous family conglomerates and government institutions, with a focus on Saudi Arabia and the United Arab Emirates. Earlier, Schönwälder spent time in the United States and Germany with Microsoft, where he held product development and marketing roles.


    As Schönwälder explains, "The region has considerable potential. Many of the Gulf States are successfully expanding their range of economic activities – moving away from oil toward promising sectors of the future such as tourism and hospitality, financial services and telecommunications. We advise companies and institutions in the region on all talent issues across all industries, with our wide-ranging executive search knowledge and international and local expertise."


    About Russell Reynolds Associates


    Russell Reynolds Associates is a global leader in assessment, recruitment and succession planning for boards of directors, chief executive officers and key roles within the C-suite. With more than 370 consultants in 46 offices around the world, we work closely with public, private and nonprofit organizations across all industries and regions. We help our clients build teams of transformational leaders who can meet today’s challenges and anticipate the digital, economic, environmental and political trends that are reshaping the global business environment.


    Find out more at and follow us on Twitter: @RRAonLeadership





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    Business Wire IndiaH&R Block values its client relationships above all else and this resonates in the way they make themselves available to their clients throughout the year. A proactive and holistic tax advice is what makes them stand out from the rest.

    December is a month when all those working as employees across the vast corporate landscape have to finish with the investments for the year to make sure they get maximum tax deductions from their salary. In the endeavour to maintain year round access to clients, H&R Block brings you a list of things to remember when you are about to submit proofs for the tax declarations that you made to your companies.

    1. Tax declarations submitted in April
    You must have already submitted your tax declarations in the month of April (for most companies) wherein you probably tried to maximize your deduction and exemption limits to receive the lowest possible tax cut in your salary. However you must think realistically and declare investments that you will be actually able to manage. Overestimating this amount can put you in a fix at the year-end since you might not end up saving that much amount of money that you declared and hence may end up losing a major chunk of your salary to taxes in the last few months. E.g. if you have declared that you will be making tax savings investments of Rs1,50,000 by December for the year then you must make sure that you save this amount and invest in parts until the end of the year else you lose the tax deductions.
    1. December and January – the time to finish all investments
    Once you have made all the investment declarations in April you must make some concrete plans to finish all these investments by the deadline of December or January when the declarations have to be finalised. Make sure you document all the investment proofs in hard as well as soft copies since these will enable you to claim the tax deductions. Some investments can be planned and made well before the December deadline. Examples are investment in PPF account, buying some tax saving ELSS mutual funds, insurance policies etc. since these can be planned and purchased within these time limits. For other annual payments like LIC and housing loan that are required to be paid on specific dates that might be beyond December and January, companies may accept proofs from last year. This is because the amounts of instalments are the same each year.
    1. Putting money in some new investment schemes
    Some investment schemes are launched after the April deadline to declare investments. If these investments are tax saving as well as pay a good amount of earnings on your money then you may wish to invest in these schemes. E.g. some tax savings mutual funds that might be launched in the month of July and you want to invest in them. In such a case if these were not a part of the declarations made earlier you need to make the accounts or HR department aware of these and declare them along with the other investments to claim the tax deductions.
    1. Managing tax declarations between a job switch
    If you have changed jobs during the year and made tax declarations in both the companies then make sure that you inform the declarations made in the previous company to the new company. This will help the HR department calculate accurate TDS deductions for you and avoid any excessive TDS deductions or short deductions that might lead to wrong amount of taxes being paid into the government account. In many cases if the amount of tax paid is less than what is due then you might be required to pay a penalty or fine at the time of tax filing. The best way to avoid this way is to make sure that you provide all the proper tax declarations to the new company and make sure to check the TDS amount from your salary. In case of any doubt you should immediately get in touch with the concerned department in order to get it rectified.
    Educating people about taxes and making them aware about how some events shape their tax situation, goes a long way in making the right investment decisions. In fact, H&R Block has a client communication program centered around this thought. Hetal Shroff who manages client experience for H&R Block says, “We at H&R Block, look at people’s life through taxes and see how we can help and that’s our purpose. Filing taxes is an annual requirement but we are here to build a lifelong relationship with our clients. A step in this direction is quarterly review of all our clients’ tax situations by connecting with them and understanding if there are any changes happening in their lives which could impact their tax situation. This helps us in tailoring the advice that we give them to help save taxes.”

    About H&R Block

    H&R Block is the world’s largest income tax filing company with over 25 Million returns filed worldwide annually. In India since 2012, it offers income tax return filing services for salaried individuals via three distinct methods – Free Online self e-filing, Assisted tax e-filing and In-person tax e-filing.
    H&R Block provides a highly intuitive online tool through their Free online self e-filing, which automatically extracts data from your Form 16, to help you file your taxes online yourself in 3 easy steps, free of charge. For people needing help with tax filing, you can utilize the Assisted Tax Filing Services. Here, you have a dedicated tax expert assigned to you, to help you understand your tax modalities and prepare your returns for you. If you prefer a personal interaction, you can walk into any of their 6 offices located across India and enjoy personalized services.
    They provide a blend of tax filing methods suited to the needs of clients as well as dedicated year round support. H&R Block makes the tax filing process simple, convenient and hassle free. This is what makes H&R Block India’s best tax filing service provider.

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    Business Wire IndiaNIIT Institute for Finance, Banking and Insurance (IFBI), India's largest Banking training institute, today announced the launch of a two month Certificate Program in Global Finance and Accounting: ‘FinVantage’ - a comprehensive fast track training program in Accounts Payable and Accounts Receivable. The program aims to provide skilled talent for the BPM industry all across India by identifying and equipping students with necessary skills for higher productivity and performance. Students will learn about international accounting standards, processes and terminologies and become competent in skills required for a career in Global Finance and Accounting. Certificate Program in Global Finance and Accounting is an industry recognised program aligned to the Transactional F&A QP of NASSCOM.

    The BFSI vertical has been experiencing a robust growth year-on-year in the BPM industry. BFSI continues to be the largest vertical growing at a rapid rate of 20% per year, requiring 1, 50,000 people every year. Therefore the need for qualified and skilled manpower, trained as per global standards is at an all-time high. Certificate Program in Global Finance and Accounting is imperative for the industry as it would create all-round professionals with good inter-personal and communication skills who are not only competent in Finance and Accounting but also good at business etiquettes and other professional skills. After successful completion of the program candidates will be awarded with a certificate and will be provided with 100% placement assistance. Over the last year NIIT IFBI has trained over 400 candidates in Finance and Accounting roles in BPM Industry. NIIT will leverage existing relationships with leading corporates for the same.

    Speaking on the launch Mr. Bimal Jain, President IFBI said, “This is an era of globalization and we have been witnessing a growing demand for Finance and Accounting professionals trained as per international standards. Indian companies prefer to recruit those candidates who have an expertise in these international standards apart from their normal specialisation in finance and accounting. We have therefore designed an exclusive ‘Certificate Program in Global Finance and Accounting’ to offer training as per international standards. The objective of this program is to create a sustainable, high-quality, cost-effective model to deliver trained resources for F&A and to build a talent pool for the BFSI and BPM industry.”
    Commerce graduates with minimum 50% marks can apply for this program. Candidates should have basic understanding of Accounting and should possess good communication skill.

    Candidates who wish to apply for this course can visit:

    About NIIT IFBI

    The Institute for Finance, Banking and Insurance (IFBI), India's largest banking training institute, was established in 2006 to meet the manpower challenges of multi-skilled and trained professionals in the fast evolving BFSI sector.
    NIIT IFBI has placed over 35000 candidates across BFSI organisations and trained over 150,000 working professionals in India for the Banking and Financial Services Industry in the last eight years.
    IFBI's offerings are designed in the context of modern-day Banking, Insurance and Financial Services by developing competencies on four dimensions – domain, technology, application and customer-service. IFBI created a benchmark in the industry by innovating the concept of "Appointment letter at the time of Enrolment".
    IFBI offers a range of programs for various categories of BFSI aspirants and professionals, such as:

    Career programs – Post Graduate Diploma in Banking Operations (PGDBO) program, Post Graduate Diploma in Retail Banking(PGDRB), Post Graduate Diploma in Branch Banking(PGDBB), BankVantage Career Programs, Certificate Course in Retail Banking Sales Management; Bank PO & Clerical Exam Preparation Programs; Corporate Training programs; Short term industry relevant certification programs.
    NIIT IFBI was recognized as the 'Most Innovative Recruitment Management initiative' at the Talent & HR Leadership Conference Awards by ET Now and World HRD Congress 2013; "Best Training School for Banking and Financial Services courses2013", at the Brands Academy Education Excellence award and the 'Best Training School in the Banking and Financial Services' by The Week- Nielsen Survey, May 2009.

    Visit us at:
    Follow us on:

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    Business Wire India

    Jefferies Group LLC announced financial results for its fiscal fourth quarter 2015.


    Highlights for the three months ended November 30, 2015, with adjusted amounts excluding the operating results and wind down costs of our Bache business:

    • Investment Banking Net Revenues of $373 million
    • Total Sales and Trading Net Revenues of $132 million
    • Total Adjusted Net Revenues of $513 million (excluding Bache)
    • Adjusted Net Earnings of $37 million (excluding Bache)
    • Net Earnings of $25 million (including Bache)

    Highlights for the year ended November 30, 2015, with adjusted amounts excluding the operating results and wind down costs of our Bache business:

    • Investment Banking Net Revenues of $1,439 million
    • Total Sales and Trading Net Revenues of $1,028 million
    • Total Adjusted Net Revenues of $2,395 million (excluding Bache)
    • Adjusted Net Earnings of $189 million (excluding Bache)
    • Net Earnings of $100 million (including Bache)

    Rich Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee, commented: “Our full year results did not meet our expectations and we have made significant changes and are committed to improving our performance in 2016. On the positive side, our diversification and depth of capability came through in the form of solid full year results in Investment Banking and Equities, despite market challenges. We reported strong Investment Banking Net Revenues for the year of $1.4 billion that included record Net Revenue years in both Equity Capital Markets and Advisory of $408 million and $632 million, respectively, offsetting a market driven slowdown in our leveraged finance and energy investment banking businesses in both of which we have leading market positions. We continued to gain market share in our Equities sales and trading business. Despite the challenges experienced by most of our Fixed Income credit businesses, we saw solid Net Revenues recorded by our U.S. and International rates businesses, as well as our U.S. investment grade corporate credit business.”


    "Fixed Income, which has been a solid to excellent business for Jefferies in prior years, did not perform well in 2015. Almost all our Fixed Income credit businesses were impacted by the prolonged anticipation of the lift-off in Federal Reserve rate-setting, the collapse in the global energy markets (where we have long been an active adviser, capital raiser and trader), reduced originations in leveraged finance and meaningfully reduced liquidity. There were a number of periods of extreme volatility, which were followed by periods of low trading volume."


    “As discussed during our Leucadia Investor Day in October, we conducted a detailed review and analysis of all our businesses and support areas during 2015, and, as promised, have now implemented reductions in our commitments of risk, balance sheet and capital that are consistent with the market environment and opportunity we currently envision. In addition, we have been aligning our overall resource commitments to achieve further operating efficiencies and to better match our expectations for 2016. At the same time, we recruited new leadership in certain areas of our Fixed Income and Equities businesses to strengthen both our client offering and our results, and continue to selectively add accomplished senior professionals to our Investment Banking effort. In Fixed Income particularly, we expect these efforts to return our business to more normal profitability in 2016. We have methodically implemented a range of changes which we believe will result in less volatility and risk, greater efficiency and better returns, all with no meaningful impact to our clients or our ability to generate revenues.”


    “Our balance sheet at November 30, 2015 was $38.5 billion, down $4.2 billion from three months prior and $6.0 billion from the end of fiscal 2014. Leverage (excluding the impact of the Leucadia transaction, which added significant goodwill and a corresponding increase in equity from the transaction's consideration) was less than nine times, its lowest level in about seven years. In addition to the absolute reduction in our balance sheet, our long securities inventory was $16.5 billion at November 30, 2015, down $2.4 billion from August 31, 2015, and down $2.1 billion from November 30, 2014. These reductions were substantially effected during our fourth quarter and, while the impact was to reduce our quarterly Fixed Income Net Revenues and profitability due to the challenge of liquidating positions in a volatile and less liquid environment, we believe this will best position Jefferies to succeed in 2016 and beyond. In this connection, we note that our net distressed trading energy exposure was $39 million at year-end. At the same time, the assets associated with our Prime Securities business, comprised primarily of securities held on behalf of clients, increased to $3.9 billion from $3.3 billion at the end of the prior quarter and $3.2 billion at the end of 2014. Separately, Jefferies Finance, our 50%-owned corporate lending joint venture with MassMutual, completed the syndication of a number of its committed financings during the quarter and, at year-end, our outstanding commitments were about 29% lower than the average of commitments outstanding at quarter-ends over the last two years and 33% lower when compared to the end of 2014. We remain actively involved serving our sponsor and corporate clients with leveraged finance solutions."


    "Our unsecured long-term debt has been reduced by $700 million to $5.6 billion at year-end 2015 from $6.3 billion one year ago. We plan to repay our $350 million March debt maturity from cash on hand. The reductions in our balance sheet are reflected in proportionate reductions in our risk and capital commitments, and should collectively dampen our volatility and downside in 2016, although one can never fully anticipate market conditions. As we reduced our balance sheet, our Level 3 assets remained at about 3% of our inventory, our liquidity buffer remained at $5.1 billion, despite the repayment of a $500 million debt maturity during the quarter, and our liquidity ratio increased to 13.2%. Average VaR for the quarter of $10 million was lower by 40% compared to $14 million for the third quarter.”


    “These significant changes to our Fixed Income business follow our decision to exit our Bache futures and commodities business, which removes a significant drag on Jefferies profitability. In 2015 we incurred pre-tax losses of $135 million and a net operating loss, including wind down costs, of $90 million with respect to Bache. All client accounts have now been transferred to Société Générale or other service providers. Total final costs in 2016 should be less than $5 million in aggregate.”


    “Our management team has navigated challenging periods at Jefferies before as 1990, 1994, 1998, 2001-02, 2008-09, 2011 and now 2015 each delivered unique dislocation. Each of these periods was also followed by similarly unique growth opportunities and a yet better competitive position for our firm. After all of the challenges and with the hard work and commitment of all our team, we believe we are now well positioned in our Investment Banking, Equities, and Fixed Income businesses. In addition, our tangible equity, total capital and liquidity profile are stronger than at the end of any of those prior periods of stress. During this year of challenges, we remained profitable every quarter, and were able to analyze, change and adapt our operating businesses, while we continued to serve our clients. In 2016, we will continue to focus on our clients, be relentless in finding areas where we can continue to improve our operating results, hire new quality partners, prudently manage our risk, and never stop appreciating our employee-partners whose hard work and dedication are the backbone and most important assets of Jefferies.”


    The attached financial tables should be read in connection with our Quarterly Report on Form 10-Q for the quarter ended August 31, 2015 and our Annual Report on Form 10-K for the year ended November 30, 2014. Amounts pertaining to November 30, 2015 represent a preliminary estimate as of the date of this earnings release and may be revised in our Annual Report on Form 10-K for the year ended November 30, 2015. Adjusted financial measures referenced above are non-GAAP financial measures, which management believes provide meaningful information to enable investors to evaluate the Company's results in the context of exiting the Bache business. Refer to the Supplemental Schedules on pages 6-8 for a reconciliation of Adjusted measures to the respective direct U.S. GAAP financial measures.


    This release contains "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements about our future results and performance, including our expectations for our Fixed Income business and overall positioning and performance for fiscal year 2016. It is possible that the actual results may differ materially from the anticipated results indicated in these forward-looking statements. Please refer to our most recent Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from those projected in these forward-looking statements.


    Jefferies, the global investment banking firm focused on serving clients for over 50 years, is a leader in providing insight, expertise and execution to investors, companies and governments. The firm provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and foreign exchange, as well as wealth management, in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Leucadia National Corporation (NYSE: LUK), a diversified holding company.

    (Amounts in Thousands)
        Quarter Ended
        November 30, 2015     August 31, 2015     November 30, 2014
    Commissions     $ 146,288         $ 172,284         $ 180,275  
    Principal transactions     (38,525 )       (50,297 )       (33,841 )
    Investment banking     372,930         389,820         316,012  
    Asset management fees and investment income from

    managed funds

        8,020         4,182         1,728  
    Interest income     221,962         230,805         237,911  
    Other revenues     (8,736 )       34,329         20,919  
    Total revenues     701,939         781,123         723,004  
    Interest expense     188,843         202,195         198,195  
    Net revenues     513,096         578,928         524,809  
    Non-interest expenses:                      
    Compensation and benefits     284,647         336,499         308,487  
    Non-compensation expenses:                      
    Floor brokerage and clearing fees     40,932         45,307         55,829  
    Technology and communications     78,918         89,378         66,363  
    Occupancy and equipment rental     26,567         25,967         26,115  
    Business development     27,098         30,527         27,791  
    Professional services     27,613         24,684         28,206  
    Bad debt provision     (5,483 )       5,158         50,772  
    Goodwill impairment                     54,000  
    Other     15,693         14,315         21,266  
    Total non-compensation expenses     211,338         235,336         330,342  
    Total non-interest expenses     495,985         571,835         638,829  
    Earnings (loss) before income taxes     17,111         7,093         (114,020 )
    Income tax expense (benefit)     (7,546 )       4,609         (13,901 )
    Net earnings (loss)     24,657         2,484         (100,119 )
    Net earnings (loss) attributable to noncontrolling


        148         427         (360 )
    Net earnings (loss) attributable to Jefferies Group LLC     $ 24,509         $ 2,057         $ (99,759 )
    Pretax operating margin     3.3 %       1.2 %       (21.7 )%
    Effective tax rate     (44.1 )%       65.0 %       12.2 %


    (Amounts in Thousands)
        Year Ended
        November 30, 2015     November 30, 2014
    Commissions     $ 659,002         $ 668,801  
    Principal transactions     172,617         532,292  
    Investment banking     1,439,007         1,529,274  
    Asset management fees and investment income from managed


        8,015         17,047  
    Interest income     922,189         1,019,970  
    Other revenues     74,074         78,881  
    Total revenues     3,274,904         3,846,265  
    Interest expense     799,654         856,127  
    Net revenues     2,475,250         2,990,138  
    Non-interest expenses:              
    Compensation and benefits     1,467,131         1,698,530  
    Non-compensation expenses:              
    Floor brokerage and clearing fees     200,032         215,329  
    Technology and communications     313,044         268,212  
    Occupancy and equipment rental     101,138         107,767  
    Business development     105,963         106,984  
    Professional services     103,972         109,601  
    Bad debt provision     (396 )       55,355  
    Goodwill impairment             54,000  
    Other     62,566         71,339  
    Total non-compensation expenses     886,319         988,587  
    Total non-interest expenses     2,353,450         2,687,117  
    Earnings before income taxes     121,800         303,021  
    Income tax expense     21,924         142,061  
    Net earnings     99,876         160,960  
    Net earnings attributable to noncontrolling interests     1,795         3,400  
    Net earnings attributable to Jefferies Group LLC     $ 98,081         $ 157,560  
    Pretax operating margin     4.9 %       10.1 %
    Effective tax rate     18.0 %       46.9 %


    (Amounts in Thousands)
      Quarter Ended November 30, 2015
      GAAP   Adjustments   Adjusted
    Net revenues   $ 513,096       $ (363 ) (1)   $ 513,459  
    Non-interest expenses:                
    Compensation and benefits   284,647       7,111   (2)   277,536  
    Non-compensation expenses   211,338       12,327   (3)   199,011  
    Total non-interest expenses   495,985       19,438   (4)   476,547  
    Operating income (loss)   $ 17,111       $ (19,801 )     $ 36,912  
    Net earnings (loss)   $ 24,657       $ (12,165 )     $ 36,822  
    Compensation ratio (a)   55.5 %           54.1 %
      Quarter Ended August 31, 2015
      GAAP   Adjustments   Adjusted
    Net revenues   $ 578,928       $ (4,289 ) (1)   $ 583,217  
    Non-interest expenses:                
    Compensation and benefits   336,499       22,117   (2)   314,382  
    Non-compensation expenses   235,336       37,708   (3)   197,628  
    Total non-interest expenses   571,835       59,825       512,010  
    Operating income (loss)   $ 7,093       $ (64,114 )     $ 71,207  
    Net earnings (loss)   $ 2,484       $ (44,318 )     $ 46,802  
    Compensation ratio (a)   58.1 %           53.9 %
      Quarter Ended November 30, 2014
      GAAP   Adjustments   Adjusted
    Net revenues   $ 524,809       $ 54,907   (1)   $ 469,902  
    Non-interest expenses:                
    Compensation and benefits   308,487       21,794   (2)   286,693  
    Non-compensation expenses   330,342       145,075   (3)   185,267  
    Total non-interest expenses   638,829       166,869       471,960  
    Operating income (loss)   $ (114,020 )     $ (111,962 )     $ (2,058 )
    Net earnings (loss)   $ (100,119 )     $ (82,338 )     $ (17,781 )
    Compensation ratio (a)   58.8 %           61.0 %

    (a) Reconciliation of the compensation ratio for U.S. GAAP to Adjusted is a derivation of the reconciliation of the components above.


    This presentation of Adjusted financial information is an unaudited non-GAAP financial measure. Adjusted financial information begins with information prepared in accordance with U.S. GAAP and then those results are adjusted to exclude the operations of the Company's Bache business. The Company believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate the Company's results in the context of exiting the Bache business. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

    (Amounts in Thousands)
      Year Ended November 30, 2015
      GAAP   Adjustments   Adjusted
    Net revenues   $ 2,475,250       $ 80,199   (1)   $ 2,395,051  
    Non-interest expenses:                
    Compensation and benefits   1,467,131       87,681   (2)   1,379,450  
    Non-compensation expenses   886,319       127,168   (3)   759,151  
    Total non-interest expenses   2,353,450       214,849   (4)   2,138,601  
    Operating income (loss)   $ 121,800       $ (134,650 )     $ 256,450  
    Net earnings (loss)   $ 99,876       $ (89,602 )     $ 189,478  
    Compensation ratio (a)   59.3 %           57.6 %
      Year Ended November 30, 2014
      GAAP   Adjustments   Adjusted
    Net revenues   $ 2,990,138       $ 202,797   (1)   $ 2,787,341  
    Non-interest expenses:                
    Compensation and benefits   1,698,530       98,618   (2)   1,599,912  
    Non-compensation expenses   988,587       249,586   (3)   739,001  
    Total non-interest expenses   2,687,117       348,204       2,338,913  
    Operating income (loss)   $ 303,021       $ (145,407 )     $ 448,428  
    Net earnings (loss)   $ 160,960       $ (99,468 )     $ 260,428  
    Compensation ratio (a)   56.8 %           57.4 %

    (a) Reconciliation of the compensation ratio for U.S. GAAP to Adjusted is a derivation of the reconciliation of the components above.


    This presentation of Adjusted financial information is an unaudited non-GAAP financial measure. Adjusted financial information begins with information prepared in accordance with U.S. GAAP and then those results are adjusted to exclude the operations of the Company's Bache business. The Company believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate the Company's results in the context of exiting the Bache business. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.






    (1) Revenues generated by the Bache business, including commissions, principal transaction revenues and net interest revenue, for the presented period have been classified as a reduction of revenue in the presentation of Adjusted financial measures.


    (2) Compensation expense and benefits recognized during the presented period for employees whose sole responsibilities pertain to the activities of the Bache business, including front office personnel and dedicated support personnel, have been classified as a reduction of Compensation and benefits expense in the presentation of Adjusted financial measures.


    (3) Expenses directly related to the operations of the Bache business for the presented periods have been excluded from Adjusted non-compensation expenses. These expenses include Floor brokerage and clearing fees, amortization of capitalized software used directly by the Bache business in conducting its business activities, technology and occupancy expenses directly related to conducting Bache business operations and business development and professional services expenses incurred by the Bache business as part of its client sales and trading activities, including estimates of certain support costs dedicated to the Bache business.


    (4) Total non-interest expenses for the quarter and year ended November 30, 2015 include costs of $11.2 million and $73.1 million, respectively, on a pre-tax basis, related to our exit of the Bache business. The after-tax effect of these costs is $8.1 million and $52.6 million for the quarter and year ended November 30, 2015, respectively. These costs consist primarily of severance, retention and benefit payments for employees, incremental amortization of outstanding restricted stock and cash awards, contract termination costs and incremental amortization expense of capitalized software expected to no longer be used subsequent to the wind-down of the business.

    (Amounts in Thousands, Except Other Data)
            Quarter Ended
            November 30, 2015     August 31, 2015     November 30, 2014

    Revenues by Source

    Equities     $ 123,702       $ 203,077       $ 158,452  
    Fixed income     8,444       (18,151 )     48,617  
      Total sales and trading     132,146       184,926       207,069  
    Equity     93,547       127,051       67,910  
    Debt     68,705       113,928       131,901  
    Capital markets     162,252       240,979       199,811  
    Advisory     210,678       148,841       116,201  
      Total investment banking     372,930       389,820       316,012  
    Asset management fees and investment income (loss)
    from managed funds:
    Asset management fees     5,864       7,067       4,930  
    Investment (loss) income from managed funds     2,156       (2,885 )     (3,202 )
      Total     8,020       4,182       1,728  
    Net revenues     $ 513,096       $ 578,928       $ 524,809  

    Other Data

    Number of trading days     63       65       63  
    Number of trading loss days     22       21       17  
    Number of trading loss days excluding KCG     23       18       16  
    Average firmwide VaR (in millions) (A)     $ 9.72       $ 13.77       $ 12.75  
    Average firmwide VaR excluding KCG (in millions) (A)     $ 8.46       $ 12.16       $ 8.77  

    (A) VaR estimates the potential loss in value of our trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value at risk" in Part II, Item 7 "Management's Discussion and Analysis" in our Annual Report on Form 10-K for the year ended November 30, 2014.

    (Amounts in Thousands, Except Other Data)
            Year Ended
            November 30, 2015     November 30, 2014

    Revenues by Source

    Equities     $ 758,456       $ 696,221  
    Fixed income     269,772       747,596  
      Total sales and trading     1,028,228       1,443,817  
    Equity     408,474       339,683  
    Debt     398,179       627,536  
    Capital markets     806,653       967,219  
    Advisory     632,354       562,055  
      Total investment banking     1,439,007       1,529,274  
    Asset management fees and investment income (loss)
    from managed funds:
    Asset management fees     31,819       26,682  
    Investment (loss) income from managed funds     (23,804 )     (9,635 )
      Total     8,015       17,047  
    Net revenues     $ 2,475,250       $ 2,990,138  

    Other Data

    Number of trading days     252       251  
    Number of trading loss days     64       44  
    Number of trading loss days excluding KCG     55       26  
    Average firmwide VaR (in millions) (A)     $ 12.40       $ 14.35  

    Average firmwide VaR excluding KCG (in millions) (A)

        $ 9.97       $ 9.54  

    (A) VaR estimates the potential loss in value of our trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value at risk" in Part II, Item 7 "Management's Discussion and Analysis" in our Annual Report on Form 10-K for the year ended November 30, 2014.

    (Amounts in Millions, Except Where Noted)
        Quarter Ended
        November 30, 2015     August 31, 2015     November 30, 2014

    Financial position:

    Total assets (1)   $ 38,537       $ 42,785       $ 44,518  
    Average total assets for the period (1)   $ 48,720       $ 48,327       $ 51,030  
    Average total assets less goodwill and intangible assets for the period (1)   $ 46,831       $ 46,432       $ 49,077  
    Cash and cash equivalents (1)   $ 3,510       $ 3,442       $ 4,080  
    Cash and cash equivalents and other sources of liquidity (1) (2)   $ 5,081       $ 5,151       $ 5,500  
    Cash and cash equivalents and other sources of liquidity - % total assets (1) (2)   13.2 %     12.0 %     12.4 %

    Cash and cash equivalents and other sources of liquidity - % total assets less goodwill
    and intangible assets (1) (2)



      13.9 %     12.6 %     12.9 %
    Financial instruments owned (1)   $ 16,540       $ 18,892       $ 18,637  
    Goodwill and intangible assets (1)   $ 1,891       $ 1,891       $ 1,904  
    Total equity (including noncontrolling interests)   $ 5,513       $ 5,514       $ 5,463  
    Total member's equity   $ 5,486       $ 5,481       $ 5,425  
    Tangible member's equity (3)   $ 3,595       $ 3,590       $ 3,520  
    Bache assets (4)   $ 45       $ 263       $ 4,202  

    Level 3 financial instruments:

    Level 3 financial instruments owned (1) (5) (6)   $ 501       $ 474       $ 485  
    Level 3 financial instruments owned - % total assets (1) (6)   1.3 %     1.1 %     1.1 %
    Total Level 3 financial instruments owned - % total financial instruments (1) (6)   3.0 %     2.5 %     2.6 %
    Level 3 financial instruments owned - % tangible member's equity (1) (6)   13.9 %     13.2 %     13.8 %

    Other data and financial ratios:

    Total capital (1) (7)   $ 10,802       $ 10,850       $ 11,269  
    Leverage ratio (1) (8)   7.0       7.8       8.1  
    Adjusted leverage ratio (1) (9)   8.8       10.3       10.4  
    Tangible gross leverage ratio (1) (10)   10.2       11.4       12.1  
    Leverage ratio - excluding impacts of the Leucadia transaction (1) (11)   8.8       9.8       10.3  
    Number of trading days   63       65       63  
    Number of trading loss days   22       21       17  
    Number of trading loss days excluding KCG   23       18       16  
    Average firmwide VaR (12)   $ 9.72       $ 13.77       $ 12.75  
    Average firmwide VaR excluding KCG (12)   $ 8.46       $ 12.16       $ 8.77  
    Number of employees, at period end   3,557       3,665       3,915  



    (1) Amounts pertaining to November 30, 2015 represent a preliminary estimate as of the date of this earnings release and may be revised in our Annual Report on Form 10-K for the year ended November 30, 2015.


    (2) At November 30, 2015, other sources of liquidity include high quality sovereign government securities and reverse repurchase agreements collateralized by U.S. government securities and other high quality sovereign government securities of $1,266 million, in aggregate, and $305 million, being the total of the estimated amount of additional secured financing that could be reasonably expected to be obtained from our financial instruments that are currently not pledged at reasonable financing haircuts. At November 30, 2014 amounts also included additional funds that were available under the committed senior secured revolving credit facility available for working capital needs of Jefferies Bache. The corresponding amounts included in other sources of liquidity at August 31, 2015 were $1,263 million and $446 million, respectively, and at November 30, 2014, were $1,057 million and $364 million, respectively.


    (3) Tangible member's equity (a non-GAAP financial measure) represents total member's equity less goodwill and identifiable intangible assets. We believe that tangible member's' equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible member's equity, making these ratios meaningful for investors.


    (4) Bache assets (a non-GAAP financial measure) includes Cash and cash equivalents, Cash and securities segregated, Financial instruments owned, Securities purchased under agreements to resell and Receivables attributable to our Bache business.


    (5) Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned.


    (6) In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The guidance removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at net asset value using the practical expedient under “Fair Value Measurements and Disclosures (Topic 820).” The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. Rather, those disclosures are limited to investments for which we have elected to measure the fair value using that practical expedient. The guidance is effective retrospectively and we have early adopted this guidance during the second quarter of fiscal 2015.


    (7) At November 30, 2015, August 31, 2015 and November 30, 2014, total capital includes our long-term debt of $5,289 million, $5,337 million and $5,806 million, respectively, and total equity. Long-term debt included in total capital is reduced by amounts outstanding under the revolving credit facility and the amount of debt maturing in less than one year, where applicable.


    (8) Leverage ratio equals total assets divided by total equity.


    (9) Adjusted leverage ratio (a non-GAAP financial measure) equals adjusted assets divided by tangible total equity, being total equity less goodwill and identifiable intangible assets. Adjusted assets (a non-GAAP financial measure) equals total assets less securities borrowed, securities purchased under agreements to resell, cash and securities segregated, goodwill and identifiable intangibles plus financial instruments sold, not yet purchased (net of derivative liabilities). At November 30, 2015, August 31, 2015 and November 30, 2014, adjusted assets were $31,639 million, $37,241 million and $36,906 million, respectively. We believe that adjusted assets is a meaningful measure as it excludes certain assets that are considered of lower risk as they are generally self-financed by customer liabilities through our securities lending activities.


    (10) Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and identifiable intangible assets divided by tangible member's equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio.


    (11) Leverage ratio - excluding impacts of the Leucadia transaction (a non-GAAP financial measure) is calculated as follows:

          November 30,     August 31     November 30,
    $ millions     2015     2015     2014
    Total assets     $ 38,537       $ 42,785       $ 44,518  

    Goodwill and acquisition accounting fair value adjustments on the
     transaction with Leucadia



        (1,957 )     (1,957 )     (1,957 )

    Net amortization to date on asset related purchase accounting



        124       120       108  
    Total assets excluding transaction impacts     $ 36,704       $ 40,948       $ 42,669  
    Total equity     $ 5,513       $ 5,514       $ 5,463  
    Equity arising from transaction consideration     (1,426 )     (1,426 )     (1,426 )
    Preferred stock assumed by Leucadia     125       125       125  

    Net amortization to date of purchase accounting adjustments, net
     of tax



        (52 )     (41 )     (9 )
    Total equity excluding transaction impacts     $ 4,160       $ 4,172       $ 4,153  
    Leverage ratio - excluding impacts of the Leucadia transaction   8.8       9.8       10.3  

    (12) VaR estimates the potential loss in value of our trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value at risk" in Part II, Item 7 "Management's Discussion and Analysis" in our Annual Report on Form 10-K for the year ended November 30, 2014.





    0 0

    Business Wire India

    GE Capital Aviation Services (GECAS), the commercial aircraft leasing and financing arm of GE, announced it signed an agreement with Virgin America, Inc., to lease 10 new Airbus A321neo aircraft powered by CFM’s LEAP-1A engines to expand the carrier’s fleet.


    The first aircraft is scheduled for delivery in Q1 2017 and the remainder will deliver in 2017 and 2018. All 10 aircraft are part of GECAS’ existing orderbook with Airbus.


    “We have been a partner with Virgin America since their founding and we’re thrilled they turned to GECAS to help them expand their fleet with new, more efficient aircraft under lease,” said Norman C.T. Liu, GECAS president and CEO.


    “As Virgin America continues to grow its network, there’s no question the Airbus A321neo is the right aircraft for us, and we were pleased to work with GECAS to make today possible,” said Virgin America President and CEO David Cush. “Not only will these aircraft allow us to further reduce our unit costs and improve our revenue position, they demonstrate our continued commitment to reducing carbon emissions and creating an even more sustainable airline.”


    The A321neo, featuring Airbus’ “Sharklets” and CFM’s LEAP-1A engines, delivers per seat fuel savings of up to 20 percent, and provide the best seat-mile costs of any single-aisle aircraft on the market.


    Virgin America currently operates a fleet of more than 55 aircraft to more than 20 destinations in the U.S. and Mexico.


    About GE Capital Aviation Services (GECAS)


    GE Capital Aviation Services (GECAS) is a world leader in aviation leasing and financing. With over 45 years of experience, GECAS offers a wide range of aircraft types including narrow-bodies, wide-bodies, regional jets, turboprops, freighters and helicopters, plus multiple financing products and services including operating leases, purchase/leasebacks, secured debt financing, capital markets, engine leasing, airframe parts management and airport/airline consulting. GECAS owns or services a fleet of over 2,150 aircraft (~1,840 fixed wing/ ~310 rotary wing) in operation or on order, plus provides loans collateralized on an additional ~400 aircraft. GECAS serves over 270 customers in over 75 countries from a network of 25 offices.


    GE (NYSE:GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.



    0 0

    Business Wire India

    Oliver Wyman, the international management consulting firm, is pleased to announce that Ted Moynihan will assume the role of Managing Partner of its Financial Services practice effective January 1, 2016. Based in London, Moynihan will join the Oliver Wyman Executive Committee and will report directly to Oliver Wyman President and Chief Executive Officer Scott McDonald.


    Moynihan joined the firm with a background in mathematics and control engineering. Over nearly two decades at Oliver Wyman, Moynihan has served the world’s leading investment banks on strategy and execution, reporting directly to their executive committees. Since the financial crisis, Moynihan has also focused on regulatory reform and restructuring, particularly in assisting banks to reposition their strategy and operations. He has also advised several policy makers, and industry and regulatory bodies.


    In 2010, Moynihan was named in the prestigious Financial News 'Rising Stars' list, which identifies the brightest up-and-coming professionals in European financial services. For the past three years he has led the Financial Services Practice in EMEA.


    “I believe Ted brings the vision, drive and leadership required to support Oliver Wyman in our next stage of growth,” notes Scott McDonald, Oliver Wyman’s President and Chief Executive Officer. “He has a rare command of the broad range of issues that our banking, insurance, and public sector finance clients are facing.”


    “It’s a tremendous honor to take on a role leading this incredible part of our business,” Moynihan comments. “I’m very excited about our future and I will do my utmost to find ways to continue to make our business, team, and culture even stronger.”


    Moynihan is a graduate of University College, Dublin, and holds a degree in Engineering from Cambridge University.


    About Oliver Wyman


    Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across 26 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm's 3,700 professionals help clients optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE:MMC]. For more information, visit Follow Oliver Wyman on Twitter @OliverWyman.





    0 0

    Business Wire India

    I Squared Capital has received approval for up to $200 million in financing from the Overseas Private Investment Corporation (OPIC) to be deployed through co-investments alongside the ISQ Global Infrastructure Fund. I Squared Capital was selected from among 150 managers and received one of the largest commitments that OPIC has made to a fund manager to date.


    OPIC’s co-investment financing will target middle-market infrastructure investments throughout South and Southeast Asia and anticipates investments in transportation, renewable energy, distributed combined heat and power, water resources and waste management projects.


    “Infrastructure provides a critical foundation for an economy. Our partnership with I Squared Capital will enable us to direct more capital to Asian infrastructure projects that support basic needs and promote economic development,” said Brooks Preston, OPIC’s Vice President for Investment Funds. “We share I Squared Capital’s commitment to the environment, workers’ and human rights in emerging markets and continue to make it a key component of our investment strategy.”


    “I Squared Capital’s ability to source deals and manage relationships with governments and communities comes from its on-the-ground teams which have a deep understanding of the cultures, languages and traditions of Asia,” said Sadek Wahba, Managing Partner at I Squared Capital. “South and Southeast Asia infrastructure will require enormous investment in the coming decade to keep pace with economic development. OPIC’s co-investment financing will have a significant impact in this vital sector.”


    About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.





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    Business Wire India

    Toshiba Corporation's (TOKYO:6502) Semiconductor & Storage Products Company today announced the launch of a new generation of highly efficient transistor arrays, the TBD62064A series and TBD62308A series, with a DMOS FET[1] type sink- output[2] driver. The new series succeed the TD62064A series and TD62308A series of bipolar transistor arrays that found wide use in applications including motors, relays and LED drives, and are the industry’s first[3] DMOS FET transistor arrays with a 1.5A sink-output driver.


    This Smart News Release features multimedia. View the full release here:

    Toshiba: "TBD62064AFG", a DMOS FET transistor array with industry's first 1.5A sink-output driver. ( ...

    Toshiba: "TBD62064AFG", a DMOS FET transistor array with industry's first 1.5A sink-output driver. (Photo: Business Wire)

    Mass production of TBD62064A series products is scheduled to start in February 2016. Sample shipments of TBD62308A series products start today, with mass production slated for March 2016.


    The new products are equipped with 4 channels of 50V/1.5A rated output, suitable for driving constant voltage unipolar stepping motors.


    Toshiba adopted DMOS FET output drivers for its new products to secure the high efficiency customer requires to reduce power loss—DMOS FET do not require a base current, and can accept high current density per device area, keeping on-resistance low.


    Main Features of New Products
    - High efficiency drive
    TBD62xxxA series transistor arrays cut power loss by about 38%[4] compared with the TD62xxxA series.
    - High-voltage, large-current drive
    The absolute maximum output rating is 50V/1.5A.
    - Packages to suit various needs.


    The line-ups include a DIP type, strongly demanded by the equipment market for hobbies, amusements and industrial fields, and an HSOP type with a heat sink that realizes both high current(1.5A) drive and surface mounting.


    Amusement equipment (pachinko and slot machines), home appliances (air conditioners and refrigerators) and industrial equipment (vending machines, banking terminals such as ATMs, office automation equipment and factory automation equipment)


    Comparison with in-line product

        In-line product
    TD62064A/308A series
      New-generation product
    TBD62064A/308A series
    Output block device   Bipolar transistor   DMOS FET
    Wafer manufacturing technology   Bipolar process   BiCD process of 130 nm
    Future standard technology
    Package   Same package line-up
    Pin assignment   Same pin assignment
    Function   Same function
    Electrical characteristics  
    • Absolute Maximum Ratings: Output current 1.5A / output voltage 50V (Same characteristics)
    • Input current of the new-generation products is lower, because base current is unnecessary.
    • Output voltage of the new-generation products necessary for the drive of the output current is lower than TD62xxxA series, because of the suppression of the on-resistance.

    Product line-up




      TBD62064A   TBD62308A
      FG   PG   FG   PG
    Output type   Sink output   Sink output
    Output channel   4ch   4ch
    Output   50V1.5A   50V1.5A
    Common   Built-in   Built-in
    VIN(ON) standard   2.5V to 25V   0V to Vcc-3.5V
    Package   HSOP16   DIP16   HSOP16   DIP16

    Mass production


    February 2016

      March 2016
    Equivalent in-line product   TD62064AFG   TD62064APG   TD62308AFG   TD62308APG

    [1] DMOS FET: Double-Diffused MOSFET
    [2] Sink output: a type of current output (Pull type).
    [3] As of December 17, 2015. Toshiba survey.
    [4] When Tj = 90oC and IOUT is 1.25A.


    For further information about this product, please visit


    Customer Inquiries:
    Mixed signal IC sales and marketing department
    Tel: +81-44-548-2826


    *Information in this document, including product prices and specifications, content of services and contact information, is current on the date of the announcement but is subject to change without prior notice.


    About Toshiba


    Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into five strategic business domains: Energy & Infrastructure, Community Solutions, Healthcare Systems & Services, Electronic Devices & Components, and Lifestyles Products & Services. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations and is contributing to the realization of a world where generations to come can live better lives.


    Founded in Tokyo in 1875, today’s Toshiba is at the heart of a global network of over 580 consolidated companies employing 199,000 people worldwide, with annual sales surpassing 6.6 trillion yen (US$55 billion).
    To find out more about Toshiba, visit





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    Business Wire IndiaThe common perception suggests that investors in any start-up are involved only in the financial aspect of the business, funding the venture with capital and reaping dividends in due course of time. That image, however, is about to be irrevocably changed with the entry of Venture Catalysts into the fray. With an aim to improve the Innovation Quotient in India, the Mumbai-based company has launched itself as India’s first Seed Investment & Innovation platform.
    Founded by Dr. Apoorv Ranjan Sharma, Mr. Anil Jain, Mr. Anuj Golecha and Mr. Gaurav Jain, VCats is established as a first-of-its-kind pioneering effort aimed at nurturing India’s first global start-up success. Through its angel network, venture fund, co-working facility and effective post-investment support, VCats has set about its task to revolutionise and reinvigorate the seed investment landscape in the country.
    Speaking on the launch, Dr. Apoorv Ranjan Sharma, Co-founder, Venture Catalysts, said, “The early stage investment sector in India is disorganised and in need of an urgent revival to match with the pace at which the start-up ecosystem is growing. Venture Catalysts has been launched as a pioneering attempt to revitalise the angel investment landscape by bringing HNIs to actively participate in the start-up growth while at the same time also provide start-ups with a comprehensive umbrella network for all their venture’s requirements. Be it funding, technology, infrastructural and logistics support, mentoring, industry connections or scaling-up, VCats will provide the most tailored solutions for all start-up needs with its unique, integrated, innovation-driven platform.”
    This unique understanding of the start-up ecosystem as well as the strong industry linkages are driven by the extensive expertise and industry acumen aggregated by its founders over their careers. Dr. Apoorv Ranjan Sharma, in particular, has been one of the doyennes of the early stage investment industry in India and has been associated with the market sector since its beginning in 2002. He is one of the very few professionals with a PhD in Incubation and Early Stage Investment who is currently active in the start-up field, and has been integral to the establishment of several angel networks as well as early stage investment initiatives such as Indian Angel Network (IAN), VentureNursery and Amity Incubator & Family Office Fund.  He has also led several investment drives into budding ventures, and has a portfolio including more than 10 companies with 100 crore valuation.
    The other co-founders at VCats further strengthen the team with invaluable experience in their respective fields. Anuj Golecha has been involved with over 1200 business houses as a part of his CA duties and has strong links to several business houses which can provide ventures with critical advantage. Anil Jain is a HNI individual with extensive experience in Financial and Real Estate business, whereas Gaurav Jain was previous associated with Reliance Pvt. Equity. He is also currently pursuing his Stanford graduation to gather quality academic insights into various business functions.
    The early stage investment industry in India is pretty nascent as compared to the global leaders, USA and China. The US has 3000 active angel networks with over 3 lakh angel investors driving 3000 seed investments annually, whereas China has nearly 16200 angels with an annual seed investment count standing at 2000. In comparison, India’s early stage investment network stands at 400-500 active angels who drive a total of around 200 investments annually through various angel networks, accelerators and incubators. This gap is what VCats is looking to fill through its first-of-its-kind services and disruptive business model. The company is aiming to create a new league of angels comprising seasoned investors as well as a vibrant network of high net-worth individuals such as stockbrokers, businessmen and builders etc. These individuals, with their extensive industry connections and experience as well as their capital resources, will participate in the early stage investment and contribute to growth of the start-up ecosystems in the country.
    Explaining the concept behind its inception, Dr. Apoorv said, “India’s seed stage investment industry is much below par as compared to the global leaders despite the country’s start-up segment considered to be a high-growth proposition. Venture Catalysts was established as a response to this glaring disparity in the global and Indian standards through seed investment as well as post-investment support to start-ups in the country in order to facilitate growth and add value for all key stakeholders. We are targeting raising a fund of INR 100 crore from multiple investors that will drive seed stage investments. We will initially invest in about 15-20 start-ups through our angel network on an annual basis before rapidly increasing the scale of our operations to a much higher number.”
    However, VCats’ offerings go much beyond just seed investments. To better understand the potential impact that it can create on the start-up ecosystem, consider a small example. Any start-up venture requires three primary requirements to commence operation – an operations team, capital funds and office space. Once operations kick-start, the venture then requires a technological framework to support its business offerings across a digital medium, CA and financial advisory services to keep a tab on the finances, mentoring to attract Series investments and guide growth strategy as well as myriad other services and products that support it and aid in its business journey. VCats brings together all these start-up requirements under a single integrated platform to provide comprehensive early stage support to budding ventures, delivered by a highly experienced team with deep, in-depth understanding of various start-up requirements such as Finance, Investments, Incubation, Technology, Team building, CA services, Community and Connections.
    “As there are no Indian competitors who have the capability for the integrated, one-stop start-up solutions that we offer, we have the advantage of being the pioneers of a new seed investment approach in India which promotes a focus on early stage investment and innovation. This unique brand proposition is further enhanced by our extensive industry links and strong tie-ups with corporate and global accelerators. Additionally, with our dedication to add even more value for entrepreneurs, investors and all other key stakeholders, not only do we optimise investments through robust, structured programmes, but also offer technological support to our investee companies as well as other start-ups looking to leverage our holistic business solutions for fuelling their growth,” he added.
    In order to provide comprehensive single-point start-up solutions, Venture Catalysts incorporates various verticals such as Start-ups, Mentors, Seed & Angel Investors, Venture Capital & Private Equity, Investment Banking Services, Co-working space, Accelerators/Incubators, OEMS/Vendors, Technology Enablers, Co-founders & Technologists, Business Coaching with specialised domain expertise, Start-up Events & Media, Researchers, Traction & Data Analysts, Global Access & Exposure, Tech/Business/Financial Audit and connections to enhance business. VCats will also be introducing a new breed of Angel investors called Catalysts, who will enable investments and investors.

    With the launch of its services, VCats will now be looking at incorporating 800-1000 active angels within its network.
    About Venture Catalysts
    Venture Catalysts is India’s first Seed Investment & Innovation Platform which adds value to start-ups through its angel network, venture fund, co-working facility and effective post-investment support. Founded by Dr. Apoorv Ranjan Sharma, former Executive Vice President at VentureNursery, Mr. Anil Jain (Co-founder, Wallfort Financial Services Ltd. One of the largest institutional broking firms of India), Mr. Anuj Golecha (Angel Investor & Partner, Banshi Jain & Associates) and Mr. Gaurav Jain, (Former Executive, Reliance Pvt. Equity, pursuing graduation from Stanford), Venture Catalysts brings lethal combination of Capital, Mentoring and Business Network to help investee companies to succeed.

    With an end-goal of disrupting the Seed Investment industry, VCats will be looking to integrate services to address the various start-up requirements on a single platform. The company is looking to have about 800-1000 active angels onboard its platform in the near future.

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