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SunTec wins two strategic customers in Middle East

September 17, 2009 By admin Leave a Comment

Trivandrum/United Arab Emirates, Sept 16 (ANI/Business Wire India): SunTec, the leading provider of Relationship-based Pricing and Centralized Billing solutions, has announced two strategic wins in the Middle East region, one of which has helped the company to gain a foothold in Port Operations Billing – its fifth operating domain.

One of the largest banks in UAE has invested in SunTec’s Relationship-based and Centralized Billing solution, while a leading Port Operator of the region has signed up to SunTec to automate and centralize the pricing and billing operations for their vessels as well as cargo operations, helping them to offer a convergent bill to customers and effectively manage multiple contracts.

The solution will be implemented in multiple phases at the leading bank, and by the end of phase-I in December 2009 their ‘Customer Benefits Program’ will go live for retail banking.

The bank will thus be among the first few in UAE offering comprehensive customer benefits programs. SunTec’s solution being the pivot, the bank will be able to scale up their benefits programs to customer with ease.

Furthermore, in future, the bank will leverage SunTec’s solution for streamlining and automating their pricing and billing functions across enterprise.

The solution offers pertinent pricing innovations for the leading port operator also.

The complex multi-national operations of modern-day ports call for streamlined Relationship-based Pricing. New models like cost-based billing have become more relevant, as containerised trade is gaining prominence across the globe.

The situation demands differential pricing to be offered to customers based on the value they bring in.

“With these wins, SunTec has not only gained considerable footprint in the Middle East region, but also established its multi-industry compatibility,” said Nanda Kumar, CEO of SunTec.

“We conceptualized and created our core pricing and billing platform, horizontal in nature and flexible enough to address the pricing and billing requirements of any transaction-based vertical, all the while, helping our customers to imbibe best practices from multiple industries,” added Kumar. (ANI)

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Dubai World debt amounts to dizzy 59 billion dollars

August 26, 2009 By admin Leave a Comment

Nicosia, Aug 26 (ANI): The Government-owned conglomerate Dubai World owed 59 billion dollars in debts at the end of 2008, its property subsidiary Nakheel said in a financial exchange filing to NASDAQ Dubai.

This represents a big part of the Dubai Government debt, believe to amount to 80 billion dollars.

Nakheel revealed details of its parent firm as part of its obligations on a 3.5 billion dollars sukuk due in December.

Khaleej Times newspaper says that Government-owned companies in Dubai are under pressure to restructure as the emirate struggles to bolster its slowing economy amid the rising costs of financing its heavy debts.

Dubai recently announced plans to raise the second 10-billion dollars tranche of a 20 billion dollars bond issue later this year, and it has set up a support fund to distribute money raised from the bond.

Dubai but has been hit hard by a near 50 per cent drop in property prices in the emirate. It is entangled in a number of disputes over unpaid bills to foreign contractors.

Dubai World on Wednesday said it might withdraw from 4.5 billion dollars Malaysian maritime centre project, the latest in a series of setbacks for the emirate’s government-run investment arm.

The group, which owns port operator DP World DPW.DI and Istithmar World, the owner of high-end retailer Barneys New York, announced on August 6 that it has postponed several projects, including tourism developments in Africa. (ANI)

Filed Under: International News Tagged With: barneys new york, billion dollars, Bond Issue, conglomerate, dpw, dubai government, emirate, financial exchange, government debt, Investment Arm, istithmar, khaleej times newspaper, maritime centre, Nakheel, nasdaq, nicosia, port operator, setbacks, tourism developments, Unpaid Bills, world debt

PRESS DIGEST – Hong Kong – April 16

April 17, 2009 By admin Leave a Comment

HONG KONG, April 16 (Reuters) – These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

APPLE DAILY

– Container ship operator Orient Overseas (International) (0316.HK) said the number of standard containers it transported in the first quarter fell 15.6 percent to about 978,000. Earnings per container also dropped 18.5 percent.

MING PAO DAILY NEWS

– The “Big Four” accounting firms have launched initiatives such as no-pay leave schemes to reduce staffing costs as the number of initial public offerings has languished.

SOUTH CHINA MORNING POST

– China Huiyuan Juice Group (1886.HK) has been approached by more investors after Beijing blocked Coca-Cola’s (KO.N) attempt to buy the mainland’s biggest juice maker, the firm’s chairman Zhu Xinli said.

– Hongkong International Terminals, Hong Kong’s biggest port operator, has sacked 28 staff amid the economic downturn, and warned that 2009 will be an extremely challenging year.

THE STANDARD

– John Ho, Asia chief of hedge fund The Children’s Investment Fund Management will leave the firm after a disagreement with its founder over strategy, according to a source familiar with the situation.

– Four unions representing staff from Cathay Pacific Airways (0293.HK) and its unit Dragonair will meet company management today amid mounting speculation that the airlines will soon force all staff to take unpaid leave.

WEN WEI PO

– PCCW’s (0008.HK) appeal court hearing over its privatisation plan begins today. The court has changed the judge for the case as the initial judge was reported to be an acquaintance of PCCW chairman Richard Li.

For Chinese newspapers, see……………[PRESS/CN]

For Taiwan newspapers, see…………[PRESS/TW]

Filed Under: International News Tagged With: Apple Daily, big four accounting firms, Cathay Pacific, cathay pacific airways, china morning post, Chinese Newspapers, economic downturn, Hong Kong Newspapers, hongkong international, Initial Public Offerings, international terminals, investment fund management, Juice Maker, port operator, privatisation plan, richard li, ship operator, south china morning, south china morning post, Taiwan Newspapers

Shanghai port to supend Maersk venture – paper

April 13, 2009 By admin Leave a Comment

SHANGHAI, April 13 (Reuters) – Shanghai International Port (Group) Co (600018.SS) expects slower throughput and profit growth this year and will suspend cooperation with A.P. Moeller-Maersk Group (MAERSKb.CO) to run a container terminal, the China Securities Journal reported on Monday.

Throughput is expected to reach 29 million twenty-foot equivalent units (TEUs) in 2009, up 3.6 percent from a year earlier, while profit growth of more than 20 percent seen in the past few years is not likely to be achieved in the future, the newspaper said, quoting its president Chen Xuyuan.

Last year, net profit of China’s biggest port operator jumped 26.9 percent to 4.62 billion yuan ($676 million) on a 13.8 percent rise in revenue. Throughput in 2008 grew 7 percent, the newspaper said.

The company signed a framework agreement in September 2006 to buy 40 percent of a container terminal in Zeebrugge, Belgium, built by APM Terminals, part of Moeller-Maersk, and to jointly run the project.

Shanghai International Port has decided to suspend an agreement to run the project with Maersk, Chen said.

($1=6.832 Yuan)

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Shanghai port delays Belgium terminal stake buy

April 13, 2009 By admin Leave a Comment

SHANGHAI, April 13 (Reuters) – Shanghai International Port (Group) Co (600018.SS) has postponed its stake purchase in a Belgium terminal from A.P. Moeller-Maersk Group (MAERSKb.CO) and expects slower container throughput growth this year as a slowdown hits global trade, a company executive said on Monday.

Shanghai port, China’s biggest port operator, signed a framework agreement in September 2006 to buy 40 percent of a container terminal in Zeebrugge, which was built by APM Terminals, part of A.P. Moeller-Maersk.

“We have decided to put the project on hold as the outlook in global container traffic is very different from two years ago,” Jiang Haitao, the company’s board secretary, told Reuters.

“But we have not shelved the project.”

Jiang clarified a report by the China Securities Journal which said the Chinese port operator had completed the stake purchase in 2006 but was only delaying cooperation in running the terminal.

“It’s not accurate. If we had bought the stake, we should have been jointly running the Belgium port already,” he said.

Container throughput at Shanghai port is expected to grow to 29 million twenty-foot equivalent units (TEUs) in 2009, up 3.6 percent from a year earlier, slowing from a 7 percent increase in 2008, Jiang added.

Last year, the port’s net profit jumped 26.9 percent to 4.62 billion yuan ($676 million) on a 13.8 percent rise in revenue.

($1=6.832 Yuan)

Filed Under: International News Tagged With: 600018, apm terminals, board secretary, China Securities, chinese port, company executive, container terminal, container throughput, container traffic, Foot Equivalent Units, Framework Agreement, global container, net profit, port group, port operator, reuters, s board, shanghai china, shanghai international, shanghai port, zeebrugge

SunTec wins two strategic customers in Middle East

Dubai World debt amounts to dizzy 59 billion dollars

PRESS DIGEST – Hong Kong – April 16

Shanghai port delays Belgium terminal stake buy

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