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Adyen Enters U.S. Market With Next Generation Internet Payment Solution

April 6, 2010 By vani Leave a Comment

BOSTON, MA, Apr 05 (MARKET WIRE) —
Adyen Inc., a leading provider of global internet payment and e-commerce
solutions, announced today the expansion of the company and its solutions
to the U.S. marketplace. Adyen, the pre-eminent provider of next
generation internet payment solutions in Europe and first to provide
global interchange plus pricing, is now expanding operations to the U.S.
market based on overwhelming merchant demand.

Adyen was started and funded by the founders of Bibit which was
successfully acquired by the Royal Bank of Scotland (RBS Group) in 2004.
Adyen executives include Chief Executive Officer, Pieter van der Does;
President of North America, Peter Caparso; Chief Commerce Officer,
Roelant Prins; and Chief Technology Officer, Arnout Schuijff. Taking a
fiscally responsible approach, Adyen executives wanted to achieve
profitability before formally launching the company in the United States.

“With the advent of the Adyen Internet Payment Solution, we have
established the next generation e-commerce payment solution for mid,
large and enterprise e-commerce merchants,” said Peter Caparso, President
of North America, Adyen Inc. “With an experienced team which has
previously built two payment platforms, we were first in Europe to
introduce real-time global interchange-plus pricing for credit cards. We
provide a one-stop shop for accepting Internet payments worldwide with
one contract and one connection while operating in a non-exclusive
environment, providing our merchants complete control.”

“E-commerce is an important and growing market opportunity for our
merchant processing partners,” said Donald Boeding, President, Merchant
Services at Fifth Third Processing Solutions (FITB). “Our customers rely
on us as their partner to provide innovative solutions to help them grow
their businesses. The Adyen Internet Payment Solution helps enable our
customers to offer a broad-base of payment solutions for their expanding
business needs and desire to access new markets.”

Adyen’s Internet Payment Solution enables e-commerce merchants to
significantly increase online conversion rates by providing a more
effective and user-friendly experience to consumers. Adyen’s unique skin
technology gives merchants complete customization of the payment pages
while assisting in PCI compliance by outsourcing certain responsibilities
to Adyen.

Nick Holland, Senior Analyst, Aite Group, LLC, said, “Adyen offers a
compelling merchant value proposition based around transparent
interchange fees, user-friendly diagnostic capabilities and a streamlined
customer checkout experience.”

Adyen has relationships with key U.S. and international financial
institutions, providing online merchants access to top-tier credit and
debit offerings in the Americas, the United Kingdom, Europe and parts of
Asia. The Adyen Internet Payment Solution is available today. To learn
more, contact Adyen sales at www.adyen.com.

About Fifth Third Processing Solutions

Fifth Third Processing Solutions, LLC delivers innovative payment
transaction processing and acceptance solutions to create and support
complex payment strategies for merchants, businesses, and financial
institutions around the world. A pioneer in card payment acceptance in
the early 1970s, Fifth Third Processing Solutions is headquartered in
Cincinnati, Ohio and is a joint venture with Advent International and
Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).

As a premier full service payment solutions provider, the Company
provides servicing solutions and product engineering for financial
institutions’ and retailers’ credit card, debit card, merchant and
private label programs processing over 33.3 billion ATM and point of sale
transactions and over $315.5 billion in debit and credit card sales
volume annually. The Company supports over 180,000 merchant and financial
institution locations and 11,000 ATMs in 44 states and 11 countries.
According to the Nilson Report (March 2009), the Company is the fourth
largest U.S. merchant purchase transaction acquirer. Learn more at
www.FTPSLLC.com.

About Adyen Inc.

Adyen Inc. is the leading provider of global internet payment and
e-commerce solutions for mid, large and enterprise e-commerce merchants.
Providing the industry’s first global interchange-plus pricing model,
Adyen’s PCI compliant Internet Payment Solution enables merchants to
significantly increase online conversion by optimizing the online payment
process. Adyen’s one-stop solution can be implemented within days and
connects merchants to global customers through an expansive offering of
payment methods. To learn more, visit us today. www.adyen.com

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Contact:

Adyen Inc.
Jonathan Fuller
Jonathan.Fuller@adyen.com

Next Step Strategies
Marci Rodgers
marci@nextstepstrategies.biz
925-980-4973

Filed Under: International News Tagged With: Adyen, diagnostic, Pieter van, platforms, pricing

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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SunTec, Seachange partnership offers integrated IPTV billing solution

September 14, 2009 By admin Leave a Comment

Amsterdam (Netherlands)/ Trivandrum (Kerala), Sep 14 (ANI/Business Wire India): SunTec, the leading provider of convergent transaction pricing and billing solutions for the Communication, Media and Entertainment industry, has partnered with video-on-demand, IPTV and advertising software and systems leader SeaChange International to offer television service providers globally automated provisioning of IPTV consumers and accounts in ‘near real time’, while supporting complex revenue sharing business rules.

The SunTec and SeaChange partnership has already resulted in the integration of SunTec’s convergent billing solution, TBMS-T, with SeaChange’s TV Navigator IPTV middleware for the Smart Digivision’s MyWay (http://www.myway.in) IPTV service. Available in 54 cities across India on Bharat Sanchar Nigam Ltd. (http://www.bsnl.co.in) (BSNL) and Mahanagar Telephone Nigam Ltd. (http://www.mtnl.net.in) (MTNL) broadband networks, MyWay is expected to reach three million subscribers in the first five years.

“Integrating SunTec’s convergent billing system with SeaChange’s middleware opens a compelling opportunity to the IPTV Service Provider to roll out innovative services and programs for its consumers. SunTec is happy to have a strategic association with SeaChange and I see this partnership complement both the companies’ growth in the emerging IPTV markets,” said Rajesh BL Narashimha, Vice-President and Sales Head APAC and MEA, SunTec.

SunTec’s convergent billing solution, TBMS-T interfaces in near real time with SeaChange’s, TV Navigator middleware, electronic program guide, video-on-demand systems and set top box applications. The flexibility of TBMS-T, coupled with SeaChange’s open middleware, allows the service provider to design innovative services and pack programs/content to attract more usage and consumers. In addition to this, SunTec’s TBMS-T supports the service provider with complex revenue sharing business rules and settlement with IPTV service carriers and content providers/aggregators.

“IPTV operators require open solutions that allow flexibility to choose best of breed vendors and components,” said, Lincoln Owens, Director Broadband Sales, APAC, SeaChange International. Our TV Navigator middleware is rooted in this open approach, which has given way to beneficial alliances across markets. Our tie-up with SunTec has helped create one of the most promising IPTV efforts in Asia and we anticipate further success.” (ANI)

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Anil Ambani welcomes government’s fresh plea on gas row dispute with brother Mukesh

September 2, 2009 By admin Leave a Comment

Mumbai, Sep 2 (ANI): Anil Ambani of Reliance Natural Resource Limited (RNRL) welcomed a fresh application filed by central government in the Supreme Court on a row over gas price with estranged elder brother Mukesh Ambani’s Reliance Industries Limited (RIL).

Top Indian conglomerate Reliance Industries, headed by Mukesh Ambani, and Reliance Natural, led by Anil Ambani, have been fighting over terms of a gas-supply agreement struck when the Reliance empire was split in 2005.

The fresh application by the government said that the government’s policies and contracts on production and gas pricing would prevail over any private arrangement.

“Reliance Natural Resource on behalf of its over 26 lakh shareholders is grateful to the Government of India for its neutral stand in proposing these amendments,” Anil Ambani told reporters in Mumbai.

“With the filing of application, the role of government in Reliance Natural Resource-RIL matter remains limited only to interpretation of just two issues. Issue A – the gas utilisation policy and issue B – provisions of the Production Sharing Contract. This is exactly the same scope of intervention that was permitted to the government of India by the Bombay High Court,” he added.

The latest tussle between the feuding brothers, which stems from the 2005 break-up of the Reliance empire built by their father, has raised concerns it could discourage investment in the sector as India scrambles to shore up its energy security.

In July, India’s apex court said it would club all petitions and applications in the case together.

The Indian government had earlier made a petition to intervene in the case, arguing that the gas is ‘state property’ and that the private agreement between the Ambanis over the gas is not valid. (ANI)

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Airfares to Srinagar touch all time high as inflow of tourists increases

July 1, 2009 By admin Leave a Comment

Srinagar, July 1 (ANI): Airfares to Srinagar in Jammu and Kashmir has increased almost four times the normal cost, as the number of tourists visiting the valley multiplied in the recent weeks.

During the month of May, the airfare from national capital to Srinagar was reported to be in the range of rupees 2500 to 3500, which has now touched the mark of rupees 14,000 to 15,000.

“We come here every year and used to pay around rupees 3000 for each ticket, which this year has gone up to rupees 15,000 for one way. Fares have really skyrocketed,” said Sarvesh Joshi, a tourist in Srinagar.

Travel experts across the country have termed this increase unprecedented.

“It’s an open market, open skies, open pricing policies of government of India so it is natural that prices would go up when there is demand. But in my 40 years of service, I have never seen such hike in airfares to Kashmir,” said Nazir Bakshi, a travel agent.

The main reason for the sudden rush of tourists has been attributed to the severe heat wave conditions prevailing in the many parts of the country.longside, the ongoing pilgrimage to the revered shrine of Amarnath cave is another reason for such a hike in airline fares from mid-June to early August.

Meanwhile, Nasir Shah, Secretary, Jammu and Kashmir Tourism Alliance, reckoned that fares would remain the same till end of July when the Amarnath pilgrimage concludes.

“The flow of tourists right now is good and the demand is also high. It’s a good sign for us that if the air fares are high that means there is more demand and I hope that this demand would last till end of this month,” said Nasir Shah. (ANI)

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Introducing ‘congestion pricing’ at airports could help avoid delays

April 24, 2009 By admin Leave a Comment

Washington, Apr 23 (ANI): London’s “congestion pricing”-the fee motorists pay to drive into certain parts of the city during peak traffic hours- could solve the problem of flight delays, says an economist at Tel Aviv University.

Dr. Itai Ater, from TAU’s Faculty of Management, is suggesting that introducing “congestion pricing” at airports could save travellers time and airlines money.

“What I propose is a policy to reduce the amount of delays in the airline industry,” said Ater.

In his opinion, airlines that want to use an airport’s runways during the busiest times of the day should pay an additional fee.

And such premium access fee to the runway could reduce airport congestion – and the inevitable delays, as well as the risks, linked with crowded skies.

His suggestions are aimed to save airlines from future catastrophes as airports, and skies, get busier.

He said: “Airport congestion is a big problem in the U.S. and around the world. The estimated annual costs of delays are $10 billion. When there are delays on take off or landing, a cascading effect is created, with lots of associated problems, risks and financial costs.”

Ater, who evaluated flight records from America’s busiest airports for his doctoral thesis at Stanford University, said that some airlines would prefer not to pay the charge and operate during non-congested periods.

As a result, overall congestion would drop.

Currently, airlines at most airports pay for runway use depending on the weight of the aircraft, except for a few such as Chicago O’Hare, where airports use pre-determined slots to determine charges and time of operation.

Ater has warned that not all airports can benefit from his plan.

“At airports where there is a monopoly or almost a monopoly by a single airline, charging a tariff during peak hours has less meaning. In these airports, like those in Atlanta, Charlotte, or Detroit, we already find fewer delays. So why intervene? Individual airlines that dominate an airport do a better job of organizing flights more intelligently and efficiently to reduce the level of delays,” he said.

He will present his advice at the National Bureau of Economic Research conference in Boston this May. (ANI)

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Introducing ‘congestion pricing’ at airports could help avoid delays

April 24, 2009 By admin Leave a Comment

Dr. Itai Ater, from TAU’s Faculty of Management, is suggesting that introducing “congestion pricing” at airports could save travellers time and airlines money.

“What I propose is a policy to reduce the amount of delays in the airline industry,” said Ater.

In his opinion, airlines that want to use an airport’s runways during the busiest times of the day should pay an additional fee.

And such premium access fee to the runway could reduce airport congestion – and the inevitable delays, as well as the risks, linked with crowded skies.

His suggestions are aimed to save airlines from future catastrophes as airports, and skies, get busier.

As a result, overall congestion would drop.

Ater has warned that not all airports can benefit from his plan.

He will present his advice at the National Bureau of Economic Research conference in Boston this May. (ANI)

Cohen and Steers Funds Quarterly Data Now Available

April 17, 2009 By admin Leave a Comment

NEW YORK, April 15 /PRNewswire-FirstCall/ — Cohen and Steers, Inc. (NYSE: CNS)
announced today that March 31, 2009 quarter-end data for its open-end and
closed-end funds, including portfolio holdings, are now available on the
firm’s Web site, cohenandsteers.com.

The information for Cohen and Steers’ funds includes pricing, performance, share
price, NAV, premium/discount history, distribution history and expense ratios.
Additional information that is updated regularly includes portfolio holdings,
earnings per share, declared distributions and distribution tax
characteristics.

About Cohen and Steers
Cohen and Steers is a manager of income-oriented equity portfolios specializing
in U.S. and international real estate securities, large cap value stocks,
utilities and listed infrastructure, and preferred securities. The company
also offers alternative investment strategies such as hedged real estate
securities portfolios and private real estate multimanager strategies.
Headquartered in New York City, with offices in London, Brussels, Hong Kong
and Seattle, Cohen and Steers serves individual and institutional investors
through a broad range of investment vehicles.

SOURCE Cohen and Steers, Inc.

Francis C. Poli, Executive Vice President, General Counsel, Cohen and Steers,
Inc., +1-212-446-9112

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UPDATE 1-World Bank guarantee agency expands risk coverage

April 17, 2009 By admin Leave a Comment

By Lesley Wroughton

WASHINGTON, April 15 (Reuters) – The World Bank’s guarantee agency said on Wednesday it will offer coverage for investors who are hesitant to commit to projects in developing countries because they fear lengthy legal battles if a government fails to honor its financial obligations.

The so-called “non-honoring of sovereign financial obligations” is part of tweaks to some existing policies and broader changes endorsed by the Multilateral Investment Guarantee Agency (MIGA) in response to turmoil in global financial markets.

The financial crisis and global downturn have increased competition for investment capital but also have unnerved investors about the potential for projects to fail given tighter financing conditions and falling demand.

Established in 1988, MIGA promotes foreign direct investment in developing countries by guaranteeing the safety of investments through political risk insurance.

Among the broader changes approved, MIGA has also extended its “breach of contract” coverage to creditworthy state-owned enterprises whose obligations the government may not be legally liable for but are still controlled by the state.

“MIGA’s breach of contract coverage will be enhanced by extending coverage to state-owned enterprises and to accommodate situations in which the investor does not have recourse to a dispute resolution forum, or legal proceedings are taking an unreasonably long time,” MIGA said in a statement.

In addition, the agency said it was also expanding its war and civil disturbance coverage by offering guarantees to private-sector clients for temporary business interruptions.

Izumi Kobayashi, MIGA’s executive vice president, said the changes will allow the agency to respond more flexibly in the wake of a global recession and credit crunch, which has affected access to financing and dampened growth and demand.

“The urgency for institutional renewal is heightened given the turmoil in the financial markets and it is incumbent on the World Bank Group to be especially adaptive and responsive at this time,” Kobayashi said.

“These modifications will also aid MIGA in achieving greater development effectiveness, particularly in our areas of focus, which include the world’s poorest countries, complex projects, promotion of south-south investments, and countries affected by conflict.”

Demand for MIGA’s product has grown rapidly as business opportunities and the search for profit took investors into untapped markets in Africa, the Middle East and Asia.

But the financial market turmoil has increased the perception of risk among investors and driven up pricing of political risk insurance in the market. (Reporting by Lesley Wroughton; Editing by Chizu Nomiyama, Gary Hill)

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CSX profit down but beats Wall Street view

April 16, 2009 By admin Leave a Comment

CHICAGO (Reuters) – CSX Corp (CSX.N), the No. 3 U.S. railroad, on Tuesday posted a better-than-expected quarterly net profit, sending its stock up 7 percent as it took steps to cut costs and keep prices steady amid a steep drop in freight volumes due to the recession.

The Jacksonville, Florida-based company reported first-quarter net income of $246 million or 62 cents per share, down nearly 30 percent from $351 million or 85 cents per share in the same quarter in 2008.

Analysts, on average, expected earnings per share for the quarter of 51 cents, according to Reuters Estimates.

In after-market trade, CSX shares were up 7.2 percent at $30.60 from their official closing price on the New York Stock Exchange at $28.39.

Revenue in the quarter fell 17 percent to $2.25 billion from $2.71 billion on a 17 percent decline in freight volumes.

The railroad said the decline was due to “significant weakness in industrial production, housing starts, and consumer spending, as well as in the agriculture and energy sectors” and it was taking action to cut costs.

“We are taking tough actions to right-size our operations in this challenging environment,” Chief Executive Michael Ward said in a statement. The railroad said a “wide range” of productivity initiatives had helped it trim operating expenses for the quarter by 17 percent to $1.73 billion from $2.09 billion a year ago.

CSX cut its fuel bill for the quarter to $191 million from $441 million last year.

In a filing with the U.S. Securities and Exchange Commission, CSX said that automotive-related freight volumes were down 53 percent, metal products fell 48 percent, lumber declined 25 percent, while phosphates and fertilizers dropped 34 percent. Coal carloads were down 6 percent.

Revenue per carload — a telling benchmark for the railroads as it provides an indication of how strong their prices are — was virtually flat at $1,584 from $1,580 in the first quarter of last year, CSX said in the filing.

Credit Suisse analyst Chris Ceraso described the revenue per carload as a “very big surprise” in a research note to clients. Credit Suisse had expected CSX to post a 9 percent decline in volumes. Ceraso said the drop in fuel costs was also another big surprise.

“We think it is more likely that the railroads fall short of the consensus rather than surprise to the upside,” the Credit Suisse analyst wrote earlier in the day in an earnings preview note on CSX.

The major U.S. railroads have all posted robust profits in recent quarters despite weak freight volumes, thanks to strong pricing. But with the precipitous decline in the U.S. economy over the past few months, analysts are watching the railroads carefully to see if they can maintain high prices in the downturn.

According to data released by the Association of American Railroads last week, U.S. railroads saw freight volumes down 16.7 percent in the first 13 weeks of 2009.

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UDPATE 1-Rio sells $3.5 bln bond to 1,000 investors-IFR

April 15, 2009 By admin Leave a Comment

SYDNEY, April 15 (Reuters) – Rio Tinto Finance (USA) Ltd,
an arm of mining giant Rio Tinto (RIO.AX) (RIO.L), on Tuesday
sold $3.5 billion of notes in two parts, said IFR, a Thomson
Reuters service.

The Rio offer received overwhelming demand with both
tranches of the deal pricing at the tight end of the
preliminary ranges, according to IFR.

Initial pricing indicated a yield of 9.25-9.375 percent for
the five-year tranche and 9.375-9.5 percent for the 10-year
tranche, IFR said.

Size of the order book ended up at $15 billion with around
1,000 investors, IFR said.

Deutsche Bank, JP Morgan and Morgan Stanley were the active
joint bookrunning managers, and RBS, Credit Suisse and Societe
Generale were the passive joint bookrunning managers for the
sale.

The notes, registered with the U.S. Securities Exchange
Commission, will help refinance a $40 billion credit facility
for the acquisition of Alcan, IFR said.

Deal details are as follows, according to IFR:

BORROWER: RIO TINTO FINANCE (USA) LIMITED* FIRST TRANCHE:
AMT $2.0 BLN COUPON 8.95 PCT MATURITY 5/1/2014 TYPE
NOTES ISS PRICE 98.805 FIRST PAY 11/1/2009 MOODY’S
Baa1 YIELD 9.25 PCT SETTLEMENT 4/17/2009 S and P TRIPLE-B

SPREAD 752 BPS/ PAY FREQ SEMI-ANNUAL FITCH BBB-PLUS
MORE THAN TREAS MAKE WHOLE CALL 50 BPS SECOND TRANCHE: AMT
$1.5 BLN COUPON 9.00 PCT MATURITY 5/1/2019 TYPE NOTES

ISS PRICE 97.586 FIRST PAY 11/1/2009 MOODY’S Baa1
YIELD 9.375 PCT SETTLEMENT 4/17/2009 S and P TRIPLE-B
SPREAD 658 BPS/ PAY FREQ SEMI-ANNUAL FITCH BBB-PLUS MORE
THAN TREAS MAKE WHOLE CALL 50 BPS * Guaranteed by Rio Tinto
Plc and Rio Tinto Ltd; COC PUT AT 101
(Reporting by Cecile Lefort)

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Tymoshenko, Putin to meet end-April: Ukraine government

April 12, 2009 By admin Leave a Comment

KIEV (Reuters) – Ukrainian Prime Minister Yulia Tymoshenko is to meet her Russian opposite number, Vladimir Putin, later this month, the Ukrainian government said in a statement on Friday.

But Russia said the date of any meeting had yet to be decided. “The final date is yet to be agreed,” government spokesman Dmitry Peskov said.

Relations between the two countries have been dogged by a series of disputes, especially over Russian gas supplies. A row over pricing and payment arrears in January cut off Russian gas to Europe via Ukraine for more than two weeks. It ended when Tymoshenko led negotiations to clinch a long-term supply deal.

Both sides said the two prime ministers had spoken on Thursday. The Ukrainian statement said an intergovernmental committee on economic cooperation would meet after April 20.

Tymoshenko, quoted by news agencies on a visit to central Ukraine, said differences between the two neighbors over how to modernize Ukraine’s gas transport system had been resolved.

Tymoshenko and Putin had been due to meet in Moscow at the beginning of April but Russia put off the talks after Moscow strongly objected to a Ukrainian plan to modernize its gas transport system together with the European Union.

Tymoshenko, speaking in the central city of Dnipropetrovsk, was quoted as saying: “We have made it clear that we are partners in modernizing the gas transport system. We believe the issue has been solved and we can carry on working.”

Russia angrily denounced a conference in Brussels last month devoted to modernizing the Ukrainian system which sends Europe about 20 percent of its gas needs. Tymoshenko urged the EU to allocate $5.5 billion to improve the system rather than embark on expensive alternative routes bypassing Ukraine.

Moscow said it had not been consulted on the plan, though Tymoshenko said Russia was welcome to take part in any program of modernization.

(Editing by Mark Trevelyan)

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India Inc to pay higher premium from April 1

April 2, 2009 By admin Leave a Comment

The Indian economy may be witnessing a deflationary situation at present, where pricing of a commodity dips significantly. However, Indian corporates, which are renewing their insurance covers from April 1 will have to pay more premium for the same cover.

A majority of the general insurance business from corporate clients are renewed on April 1.

Last year, when full detariffing was implemented, the insurance premium for the traditional corporate covers including fire and property, which constitute a majority of the domestic general insurance industry, had fallen almost 80-90%.

This was because cut-throat competition among the domestic general insurers was rampant; the companies were seeking to expand their top line growth.

However, thanks to changing economic and financial conditions, reinsurers–GIC Re as welkl as other major reinsurers Swiss Re and Munich Re– are refusing provide support like last year.

They are now demanding a hike in premiums from general insurers.

Sources point out that GIC Re has reduced its reinsurance commission for general insurers, which contribute to their balance sheet in a major way.

Sources say reinsurers like Swiss Re and Munich Re, which have suffered losses due to the global financial crisis have also cut down their exposures to the Indian market substantially.

“General insurers, for the first time, have approached a lot of new international reinsurers for getting reinsurance covers. Some of these reinsurers are not of good quality,” say industry experts, adding that top line reinsurance companies like Swiss Re and Munich Re are no longer enthusiastic on India. They have not participated in proportional treaties.

Other reinsurers like SCOR, Allianz Re and Hannover Re have, instead, participated in Indian renewals.

Rakesh Jain, director, corporate, ICICI Lombard General Insurance, while speaking to FE, said, “I do agree that the premiums have gone up, though marginally. The reason is that there is a strong push for improving the risk features by increasing deductibles, which should commensurate in better risk pricing of my company. Also, the extent of discounts in premiums has hardened a little bit. Thus, the discount percentages are slowly reducing. Reinsurance commissions have come down slightly.”

“We have major support from GIC Re. Swiss Re and Munich Re are also players in my company’s case, but to a small extent. As they are impacted by the global meltdown, their support to us may fall. But, with a partial participation, I don’t think their falling support will have any impact on the company,” said Jain. ICICI Lombard General Insurance is the number one private sector general insurance company in the country.

George Kurien, chief financial officer, Bharti AXA General Insurance, said that the market is very competitive and prices are being discounted substantially.

“We may feel the heat in the short term. But, we expect prices to improve in the medium term. Reinsurance prices have not hardened despite the low prices and heavy discounting,” he said.

“GIC Re provides the major support; Swiss Re and Munich Re are present in the form of follow-shares only in our case,” said Kurien.

Crunching numbers

and#149; Majority of the general insurance business from corporate clients are renewed on Apr 1

and#149; Last year, premiums fell 80-90%

and#149; Now, reinsurers are demanding a hike in premiums from general insurers

and#149; GIC Re has reduced its reinsurance commission for general insurers

and#149; Swiss Re and Munich Re have also cut their exposure to the Indian market substantially

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Gold loses glitter to diamond

March 18, 2009 By admin Leave a Comment

Chennai, Mar 18 (ANI): Gold has lost much of its glitter to diamond. Though considered auspicious for a family, gold prices have shot through the roof. It coincides with steep fall in diamond prices in Chennai.

According to reports, the price of diamonds has also come down by 30 to 40 per cent. It may have been the reason for spurt in demands for diamond.

“The impact is more on jewellery industry rather than the diamond industry. People who want to buy gold jewellery, they are now buying diamond jewellery,” said N Anantha Padmanabhan, Managing Director, Nathalla Anjeneyar Chetty Jewellers and Chariman of Gold Club.

Diamonds have increasingly occupied the space traditionally meant for gold in a household, functions and marriages.

There can’t be a better time to buy diamonds. Reeling under economic recession, gold has lost its investment value.

“The pricing that you have for stones right now is steep. It’s truly worth because 20 to 30 per cent skid on solitaire diamond is a lot. A stone that cost five lakh one and half months back is now three and half lakh that is one and half lakh discount on stone. The fact that once the economic meltdown is over then the rates are going to go back up. So it’s a fabulous investment,” said Aishwariya Lakshmi, a customer.

Gold prices stood at rupees 15, 000 per 10 gram on Tuesday. (ANI)

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Orissa’s iron ore processing units ask Oil-mining Corporation to cut ore prices

February 28, 2009 By admin Leave a Comment

Bhubaneshwar, Feb. 27 (ANI): Orissa’s small-scale iron crushing units are facing severe crisis, as they are not assured of ore lumps supply at reasonable rates from the Oil Mining Corporation.

The 300 crore rupees small units provide employment to 40,000 persons in the district.

Secretary of Keonjhar Industries Federation Soumya Patnaik said the present requirement of the local processing units is about ten percent to 15 percent of the total production of Gandhamardan region. But, the OMC is not ready to allot them even that.

“Why don’t they formulate a policy for the local small scale industry? If there is a small policy, if somebody could pick one out of anybody’s head whether it is the Chief Minister or Chairman OMC or the GM sales and just point out and say there are about 30 crore crushers, 40, 000 families depending on them. We are asking to have us an allotment for maybe a 10,000 or 5,000 tonnes of ore. Cannot OMC allot 5, 000 tonnes of ore when we are asking at the same price sponge baron people are beckoned,” said Patnaik.

However, the state mining minister said the demand of the crushing unit owners will be looked into but the fixed prices won’t be compromised.

“As per their demand the department is considering the case and as per rate it is fixed rate of OMC. With regard to the rate there will be no compromise because the rate fixed by OMC as per tender will be applicable to industrialists, crushing units or anybody else. Regarding other demands the department is looking into it and examining their application and very shortly a decision will be taken on it,” said Pradip Kumar Amat, Orissa’s Steel and Mines Minister.

The federation has now sought an appointment with Chief Minister Naveen Patnaik to ventilate their grievance against the arbitrary pricing policy.

The crushing unit owners have also threatened to take an agitation path if the government fails to resolve their issue. ANI)

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Touch Diamond 2 and Pro 2 handsets announce by HTC at MWC 2009

February 17, 2009 By admin Leave a Comment

Today an announcement related to the latest handsets was made by HTC at the Mobile World Congress in Spain, which also included the Touch Diamond 2 and the Touch Pro 2. It would be nice to know that both the sets run Windows Mobile and will be upgradable to Windows Mobile 6.5.

The unique TouchFLO 3D interface by HTC is used as an overlay on both handsets to Windows Mobile 6.1.

It has been ensured by TouchFLO that it would streamline application access and the menus, which are not so easy to navigate on Windows Mobile alone. One of the chief features of TouchFLO is the quick access to frequently used applications like messaging and email.

The features of Diamond 2 include a 3.2-inch VGA display packed into a profile 13.7mm thick. A touch-sensitive zoom bar is used by HTC in order to achieve fast webpage, email, and photo zooming. Furthermore, the entire device is optimized for one-handed use. It is being ensured by the maker that the device which provides a
5-megapixel camera, expandable memory, gravity sensor and an ambient light sensor has 50 percent better battery life than the original.

It should be mentioned here that the Pro 2 is heavily optimized for email use and features a 3.6-inch widescreen VGA display and a large QWERTY keyboard. The users are allowed to move from email to conference calls easily via a new feature called Straight Talk that integrates email, voice and speakerphone use.

The users in Europe and Asia would be able to avail the Diamond 2 in early Q2 2009 with other markets getting the device later this year. All major global markets will receive the Pro 2 this summer. There has been no word about the pricing as of now.

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Pawar inaugurates conference of VCs of Agricultural Universities

February 16, 2009 By admin Leave a Comment

New Delhi, Feb 16 (ANI): Union Agriculture Minister Sharad Pawar inaugurated a two-day conference of Vice-Chancellors of the agricultural universities on Monday.

Inaugurating the conference, Pawar said that the Integrated Farming System needs a good fertilizer policy for its support.

“The Integrated Farming System needs a good fertilizer policy for its support, the Government has recently taken a historical decision by moving to nutrient-based pricing and subsidy, and allowing additional cost of fortification and coating of fertilizers to manufactures,” Pawar said.

Pawar informed that the Indian Council of Agricultural Research (ICAR) is going to launch an Integrated Farming System Project at 31 locations in the country.

“In the Integrated Farming System approach, there is appropriate combination of crop husbandry, livestock, horticulture, vegetable, goatry, piggery, fishery, apiculture, mushroom, sericulture etc. This project will help to improve the livelihood of the farmers,” Pawar said.

The Minister also informed the new policy would broaden the basket of fertilizers and enable fertilizer use as per soil and crop requirements.

“The freight subsidy on actual basis would ensure wider spread of fertilizers and their availability in distant areas from the manufacturing sites. The upward revision of rate of concession on SSP would revive SSP industry suffering sickness for long, due to ad hoc and low rate of concession. Needless to say, the SSP containing 11% sulphur would correct widespread sulphur deficiency in Indian soils as well, besides serving as a source of phosphorus, ” he added.

The two-day Conference is being attended by representatives from different central ministries and institutions engaged in agricultural research and education besides the Vice-Chancellors of Agricultural Universities. (ANI)

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Patel against cartelization of airlines

February 11, 2009 By admin Leave a Comment

New Delhi, Feb.11 (ANI): Civil Aviation Minister Praful Patel on Wednesday came out strongly against reports of cartelization amongst airlines.

“The Ministry is against any cartelization amongst airlines. We will keep watch and take strict action in any such case. The national carrier Air India will never be a part of it and will ensure that competitive pricing ensures better prices to the passengers. Air India shall act as a counter with better pricing and competitive fares,” Patel said.

Meanwhile, the Government today approved the handing over of the Dr. Babasaheb Ambedkar International Airport in Nagpur to a Joint Venture Company (JVC) comprising of Airports Authority of India (AAI) and Maharashtra Airport Development Company (MADC) Ltd., with 49 percent and 51 percent equity respectively.

Under the proposed JV, the airport will be upgraded to a world class multi-nodal international passenger and cargo hub in accordance with the MoU signed on December 18, 2006.

The AAI has been permitted to invest an amount of Rs. 4.90 crores in the equity of the JVC.

AAI will hand over all assets to MADC by February 28, 2009. (ANI)

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CCEA approves policy for conversion of existing urea units

February 11, 2009 By admin Leave a Comment

New Delhi, Feb 11 (ANI): The Cabinet Committee on Economic Affairs (CCEA) today approved a policy to offer compensation to urea plants running on other fuels for conversion into gas-based units.

The new policy provides for a special fixed cost towards reimbursement of the cost of conversion to the urea unit after its conversion to gas is completed.

The conversion of these units will lead to increase in efficiency of urea production in the country and also add to usage of natural gas, which is the most efficient and cleaner fuel for production of urea in the country.

It also approved a special dispensation under New pricing Scheme, Stage-III, to enable restart of production of urea from the Trombay-V unit of M/s. Rashtriya Chemicals Limited which has remained closed for last more than 4 years.

The restart of RCF Trombay will add to indigenous production of urea and reduce import dependence towards meeting the requirement of urea in the country.

It has also approved restart of existing Naphtha based units which are under shutdown, on naphtha, provided they convert to gas before March 2010, as is necessary for other operational Naphtha based units. (ANI)

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Software growth rate could be less than 16-17 percent: Infosys

February 7, 2009 By admin Leave a Comment

New Delhi, Feb. 5, (ANI): Infosys Director T. V. Mohandas Pai said on Thursday that India’s software export growth rate could be less than 16-17 percent during the current fiscal.

The shares of country’s second-largest software company, Infosys, were fallen down 3.35 percent at Rs. 1,240 on the Bombay Stocks Exchange.

“The customer is not spending on IT and there is a pricing pressure on the software companies,”Pai said.

The National Association of Software and Services Companies (NASSCOM) had also stated yesterday that the sector’s export revenue would touch 47 billion dollars with a growth rate of 16-17 percent in 2008-09. (ANI)

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Tymoshenko, Putin to meet end-April: Ukraine government

India Inc to pay higher premium from April 1

Gold loses glitter to diamond

Orissa’s iron ore processing units ask Oil-mining Corporation to cut ore prices

Pawar inaugurates conference of VCs of Agricultural Universities

Patel against cartelization of airlines

CCEA approves policy for conversion of existing urea units

Software growth rate could be less than 16-17 percent: Infosys

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