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David Capdevila Appointed New Chief Executive Officer (CEO) of Atradius N.V.

AMSTERDAM, Nov. 1, 2019 /PRNewswire/ — From 1 January 2020, he will replace Isidoro Unda who has announced his departure after 12 years as the insurance company’s Chief Executive Officer.

David Capdevila


David Capdevila

At its meeting on 31 October 2019, the Board of Directors of Grupo Catalana Occidente and the Supervisory Board of Atradius N.V. approved the appointment of David Capdevila as the new Chief Executive Officer (CEO) of Atradius. Capdevila succeeds Isidoro Unda, who has announced his departure after 12 years as the credit insurer’s CEO. These changes will take effect from 1 January 2020.

The Chairman of Grupo Catalana Occidente, José María Serra, thanked Isidoro Unda for his dedication throughout his career within the insurance group and particularly highlighted his role “in the development and consolidation of Atradius as the leading company in international credit insurance.”

Unda was appointed CEO of Atradius N.V. in April 2007 when the companies Crédito y Caución, and Atradius N.V. announced their merger. Previously, Unda had served as CEO at Crédito y Caución since 2001.

Career of the new CEO

David Capdevila holds a degree in Economics and Business Studies and a Master’s Degree in Economics and Business Management from the IESE. He joined Grupo Catalana Occidente in 1992 as Director of Organization and Quality and has since assumed various responsibilities in the Group and its different companies.

In 2016, he was appointed CEO of Plus Ultra Seguros. Previously, between 2006 and 2013, he was the CEO of Crédito y Caución, and was Chief Market Officer (CMO) and a member of Atradius’ Management Board between 2010 and 2013.

José María Serra also praised the commitment of David Capdevila. “I am convinced that the appointment of David as the CEO of Atradius will boost the positioning of Atradius as a global credit insurer,” he said.

About Atradius

Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world.

You can find more information online at http://group.atradius.com.

Connect with Atradius on Social Media:
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LinkedIn
YouTube

 

For further information:
Head Office
Christine Gerryn
Director of Group Communication & Commercial Development
Phone: +31-20-553-2047
E-mail: christine.gerryn@atradius.com
http://group.atradius.com

Related Links :

http://group.atradius.com

BNY Mellon Steps Up Commitment to Becoming a Driving Force in Singapore’s Digital and Fintech Ecosystem

SINGAPORE, Nov. 1, 2019 /PRNewswire/ — BNY Mellon, a global leader in investment management and investment services, is reaffirming its commitment to being a leader in Singapore’s vibrant and emerging fintech and innovative technology environment. The company, which established a Singapore presence in 1974, has continued to grow its influence in the region – including the opening of its Singapore Innovation Center in 2016. BNY Mellon is today announcing a number of new initiatives to further embed BNY Mellon into the fabric of Singapore’s digital and financial ecosystem.

Singapore has continued to cement its position as a global hub of innovation in financial services due to the leadership of the Monetary Authority of Singapore (MAS). We are excited to deepen our relationships with MAS and other financial leaders to drive innovation and collaboration. Given our role of providing infrastructure for the world’s financial markets, our early adoption of emerging technologies and partnerships with fintechs and other ecosystem participants, we can help strengthen and contribute to the dialogue influencing the evolution of the financial sector,” said Roman Regelman, BNY Mellon Head of Digital.

1.  ASEAN Financial Innovation Network (AFIN): BNY Mellon has joined AFIN, which was established in 2018 to facilitate innovation and cooperation between financial institutions and fintechs in an effort to digitally transform the banking and financial sectors across southeast Asia to ultimately drive financial inclusion. BNY Mellon will be an advisor to the board through representation on the Strategic Advisory Council (SAC). Hans Brown, Global Head of Innovation, will represent BNY Mellon on the SAC.

“I am delighted that BNY Mellon has joined AFIN’s Strategic Advisory Council. BNY Mellon has been active in Singapore and has strong engagements in Asia driving digital initiatives. BNY Mellon will provide advice and support to the Board of AFIN, including the sharing of knowledge and expertise as an industry participant and direct user of APIX,” said Sopnendu Mohanty, Chief Fintech Officer of the MAS.

2.  Singapore FinTech Festival: BNY Mellon will have a robust presence at the Singapore FinTech Festival (SFF), from 11 to 15 November 2019.

    • Roman Regelman will participate on a panel discussion on digital transformation on 11 November.
    • Hans Brown will join the panel “CEO Perspectives on Financial Services Innovation” on 12 November.
    • Innovation Lab Crawl: As part of the festival, BNY Mellon will host a tour of its Singapore Innovation Center on 14 and 15 November from 10 a.m.12 p.m. Visitors will participate in panel discussions on “The Power of Diversity & Inclusion in Innovation.” BNY Mellon will also showcase innovation stories and offer the opportunity to network with user Experience/User Interface (UX/UI) and AI/Machine Learning experts and to experience interactive augmented reality content from BNY Mellon’s art collection.

In addition to participating in SFF, BNY Mellon’s Executive Committee will be in Singapore to host a number of employee and client activities, reaffirming the company’s commitment to building its presence in the region.

About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of Sept. 30, 2019, BNY Mellon had $35.8 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Media Contacts:

Sai Man
+852 2840 6632
sai.man@bnymellon.com

Roy Chew
+65 6372 6974
roy.k.chew@bnymellon.com

Related Links :

http://www.bnymellon.com

Cision

Ossen Innovation Announces the Date of Annual General Meeting of Shareholders of 2019

SHANGHAI, Nov. 1, 2019 /PRNewswire/ — Ossen Innovation Co., Ltd. (“Ossen” or the “Company”) (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that it will hold its 2019 annual general meeting of shareholders at 10:00 a.m. Beijing time on November 25, 2019 at the Company’s headquarters located at 518 Shangcheng Road, Floor 17, Shanghai, China.

Details about the meeting, including proposals to be presented, will be included in the notice of the meeting and related proxy materials, which the Company expects to distribute to its shareholders on November 4, 2019. The proxy documents will be posted on the Company’s website at http://ir.osseninnovation.com. Please visit http://ir.osseninnovation.com for more details.

About Ossen Innovation Co., Ltd.

Ossen Innovation Co., Ltd. manufactures and sells a wide variety of plain surface pre-stressed steel materials and rare earth coated and zinc coated pre-stressed steel materials. The Company’s products are mainly used in the construction of bridges, as well as in highways and other infrastructure projects. Ossen has two manufacturing facilities located in Maanshan, Anhui Province, and Jiujiang, Jiangxi Province.

Safe Harbor Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s annual report on Form 20-F. All information provided in this press release is as of the date hereof. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

For more information, please contact:

Ossen Innovation Co., Ltd.
Wei Hua, Chief Executive Officer
Email: int.tr@ossengroup.com
Phone: +86-21-6888-8886

Investor Relations

GCI IR

Phone: +1-917-828-3419

Email: info@goldenir.com

 

Cision View original content:http://www.prnewswire.com/news-releases/ossen-innovation-announces-the-date-of-annual-general-meeting-of-shareholders-of-2019-300949213.html

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ArtMarket.com – 24 October 2023: How the Art Market Saves the World From Economic and Financial Apocalypse

PARIS, Nov. 1, 2019 /PRNewswire/ — Artprice by Art Market invited a number of social science fiction authors to write near-term finance-fiction, as a prospective experiment including the Art Market.   

Salvator Mundi ©2019 thierry Ehrmann - courtesy of Organ Museum / Abode of Chaos


Salvator Mundi ©2019 thierry Ehrmann – courtesy of Organ Museum / Abode of Chaos

It is Tuesday, 24 October 2023… here is the economic column by the editorial team of “Protect your Money”: 

The French government has just issued 45 billion euros of long-term debt in a single day at negative rates. This is the second time France has issued tens of billions worth of 30-yr bonds at negative rates. The issue rate on its long-term debt has risen from -1.10% to -1.15% today.  

Like every EU country, France is now borrowing at negative rates on short, medium and long-term debt. In the United States, President Trump’s insistent demands in 2019 that the Fed adopt negative rates were heard after his re-election in 2020. Meanwhile… Larry Gagosian – America’s wealthiest man – has been appointed as Donald Trump’s personal advisor. His acquisition, for $4.8 billion, of Leonardo da Vinci’s Salvator Mundi, now hanging in the Oval Office, undoubtedly played a role in his nomination. 

Salvator Mundi ©2019 thierry Ehrmann – courtesy of Organ Museum / Abode of Chaos

[http://imgpublic.artprice.com/img/wp/sites/11/2019/10/salvator-mundi-999-thierry-ehrmann.jpg]

In stark defiance of rationality, investors looking for safe investments are ready to lend more and more money at a loss… a paradox that masks the fundamental reality that many financiers are actually gambling on an abysmal pursuit of negative rates throughout the world.

Numerous economists and commentators have alerted policy-makers to this practice, which is contrary to the fundamental rules of money-lending that have governed the global economy since time began. They point to the growing danger that the longer negative rates become the norm, the harder it will be to return to the healthier and sounder foundation of positive interest rates.

In his editorial in the New York Times, Chinese economist Wan Huan Xi – this year’s Nobel Prize winner for Economics – says This process is irreversibleIt basically signals the death of the banking system as we know it, adding… The only way out is the concentration of the banking system… a planetary ‘nationalization’ by global supra-central regulatory authorities.

Faced with the destructive spiral that savings and capital have entered, a number of bold and enlightened investors have been exploring successful alternative investment paths for several years:

  • Cryptocurrencies,
  • Gold,
  • Art.

Cryptocurrencies had the wind in their sails in the late 2020s, but demand tailed off because the crash of a “helicopter money” causes massive dilution that destroys its value. Eurobit, for example, lost 44% of its value last week, triggering a major panic amongst savers, investors and central banks alike. A joint statement from the ECB and the FED has announced a cryptocurrency rescue plan with negative rates of up to -3.6% and an immediate restart of QE (Quantitative Easing). The CEO of the startup Bitcoin Europa admitted that the risk is increasing every day. If the helicopter money strategy continues, we fear a collapse of prices… since cryptocurrencies essentially obey the same economic rules as physical currencies… they devalue with each new issue

Moreover, we urgently need to reiterate our warnings about the permanent associated IT risk, the likes of which we saw in October 2021 when a complete paralysis of trading and trading systems for five days led to the first full-scale crash on cryptocurrency markets. 

Gold has always been a safe haven and its value peaked not long ago. However, since the Chinese quantum calculator World Master defined the basis of an alchemical equation that is reasonably foreseeable in the near-term, gold prices have contracted substantially on profit-taking and are down 35% versus their peaks.

According to the Icelandic chemical engineer, Ragnar Eriksson, who participated in an international team to develop the Chinese World Master programme, conversion to gold is no longer a dream. We know how to produce gold using a reasonable amount of energy and producing a metal that fetches USD 450 an ounce.

Our advice on gold is now ‘neutral’ given that we can now envisage its industrial production under controlled costs.

Art has maintained its values for 25 years. In fact, it’s the big winner from globalization and dematerialization. As Artmarket.com (formerly Artprice) – a global player in the Art Market – points out, we have stable returns on Old Master Art and growing returns on Modern and Contemporary Art.

The “Artprice 100” art investment fund managed by Artmarket.com – whose assets are steadily growing with new subscriptions from investors and savers – generates an annual yield of 27% on Contemporary Art. Indeed, people all over the world, seduced by its novelty and originality, are turning towards art as a means of social distinction. Today Artmarket has 18 representatives of the largest banks in North America, Europe and Asia on its supervisory board.

Regularly cited by the IMF and the World Bank, the Artmarket conglomerate has become the standard reference to which savers and investors burned by repeated disasters turn for stability, growth and security in the Art Market. The Art market is now controlled by Artmarket via its presence on five continents.

thierry Ehrmann, founder/CEO of Artmarket.com, the world’s leading Art Market reference, says: We knew the Art Market would be a haven, but the reality has far exceeded our most ambitious forecasts. The rush towards art has been so strong we are now receiving offers from the GAFAs almost every day… because they understand that our knowledge goes back almost three centuries, with the largest collection of scrolls, manuscripts and catalogues tracing the history of artworks in an ultra-secure bunker in a secret location. (However, the Wall Street Journal / Wired says that reliable sources, in secret collaboration with the Icelandic government, have located the bunker in a militarized zone in the middle of the volcanic island…). Our ultra-secure servers based on Artificial Intelligence hold all of the meta-data without which any investment in Art would be similar to Russian Roulette.

thierry Ehrmann concludes… “Since 1999 we have understood that the Art Market is essentially the oldest in the world… Man exchanged artworks commercially before money was ever minted… In this time of global financial and economic chaos, we are holding the key to the world’s financial salvation.

Artprice by Art Market invited social science fiction authors to write near-term finance-fiction as a prospective experiment. Naturally, because of its fictional nature, this press release cannot be interpreted in any shape or form as an element of legal, financial or economic information.

Copyright 1987-2019 thierry Ehrmann www.artprice.com – www.artmarket.com

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: http://en.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©:

http://imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 700,000 artists.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 4.5 million ‘members log in’ users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket with its Artprice department, has been awarded the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.

Artprice by Artmarket’s 2018 Global Art Market Report published in March 2019: http://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2018

Index of press releases posted by Artmarket with its Artprice department:

http://serveur.serveur.com/press_release/pressreleasefr.htm

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:

https: // www .facebook.com / artpricedotcom  (4.5 million followers)

http://twitter.com/artmarketdotcom

http://twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department http: //web.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): http://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L’Obs – The Museum of the Future: http://youtu.be/29LXBPJrs-o

http://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999   
(4 million followers)

http://vimeo.com/124643720 

http://www.facebook.com/the.demeure.du.chaos.theabodeofchaos999 

Contact Artmarket.com and its Artprice department  

Contact: Thierry Ehrmann, ir@artmarket.com 

Photo: http://mma.prnewswire.com/media/1020880/Artprice_Salvator_Mundi.jpg    

Related Links :

www.artprice.com

#dltledgers executes First ever Digital Avalisation on blockchain for IFFCO with Standard Chartered.

ISPL has developed a state of the art blockchain platform with #dltledgers for an end to end digital process in Agro-commodities value chain bringing the key ecosystem partners in a single network enabling an easier, faster and a more efficient digital transaction. A key differentiator of this transaction was that the transaction involved world’s first Digital execution of the Avalisation of Bill of Exchange, which is a specific endorsement by the importer’s bank digitally to guarantee payment of the bill at maturity if the importer defaults.

SINGAPORE, Oct. 31, 2019 /PRNewswire/ — IFFCO Singapore Pte Ltd (ISPL), regional arm of the IFFCO Group based in UAE has announced the launch of its new and innovative enterprise grade blockchain platform in collaboration with #dltledgers, an award winning blockchain platform developer based in Singapore. ISPL today reported completion of its first live end-to-end trade in blockchain, moving cross border goods on Palm Oil and its extracts, which is USD100Mn worth of business annually for IFFCO Group from Malaysia/Indonesia to the Middle east. ISPL has pioneered the digital flow running an end to end blockchain trade finance transaction using Invoice Financing on the Buy Side and Digital Avalisation for Document against Acceptance (DA) on the Sell side of the trade in the live production platform of #dltledgers. The digital endorsement of the Bill of Exchange by Buyer Bank is the first of its kind in a live blockchain environment proving the dynamic consensus mechanism using blockchain as a powerful feature- functionality that banks will adopt in the future to ensure authenticity and security in trade finance transactions.

The end to end fully digitised trade execution and trade finance transaction, involving both import and export processes and multiple parties was executed in 3 hours as against a 10-day paper process otherwise in a seamless flow with digital connectivity on #dltledgers blockchain platform. ISPL could execute multiple transactions in a day via the #dltledgers blockchain platform improving their process efficiency and realised margins in dollar value terms.

“This move to a digital system based on #dltledgers blockchain is part of our business strategy to enter the digital space to leverage on innovative emerging technologies involving smart contracts, smart documentation and digital consensus in blockchain, we are able to access earlier financing from bank as the documentation flow is much closer to real-time,” says P R Thakore, CEO, IFFCO Singapore (ISPL).

“The real value lies in potentially having more transactions and having real reduction in  our financing costs by at least 20-25% by using #dltledgers blockchain technology. We have taken a phased approach and have seen a reduction in cycle time from 10 days to 2 days, saving of 8 days in the end to end execution process via #dltledgers platform which is humungous,” says Anupam Basak, HeadRegional Finance, IFFCO Singapore (ISPL).

Samuel Mathew, MD, Global head of documentary Trade, Trade digitisation and Chief Product Owner Trade Platform Transformation in Singapore said, “Standard Chartered is a key player in the digital transformation space. We are seeing a strong adoption by Corporate clients like ISPL for #dltledgers blockchain platform for cross-border trade. We are excited to be part of the execution of World’s first Digital Avalisation on Blockchain. Being part of this digital space has helped banks with more visibility into the customers operations, increasing transparency of the trade. This will surely reduce fraud and related risk and build cross border interconnectivity helping bank to move away from paper-based manual complex transactions involving multiple buys and sell into a seamless, more secure and efficient flow.

In one of the many ISPL transaction executed on the platform it had 50 plus documents and 8 Bill of Ladings (BLs). Such complex transactions involving multi parties involves a lot of paper-intensive manual activities which are now streamlined on the #dltledgers blockchain platform. Digitisation of all parties and a secure repository of digital documents which are in a trade life cycle are of immense value for trading houses and companies involved in huge turnovers and experience higher trade volumes. The digitalisation of the post trade execution reduces cycle times, allowing fulfilment of more orders. The various transaction by ISPL on the #dltledgers blockchain platform involved multiple parties in different geographies – Singapore, Indonesia, Malaysia, South Korea and UAE. ISPL has created a private network on blockchain of their 100 plus existing suppliers in South East Asia Region, multiple banks, Logistics and Insurance companies generating a truly blockchain experience.

#dltledgers blockchain platform provides ISPL with end-to-end trade visibility across the entire life cycle of post trade execution with authenticated and consented digitized documents at every step of the trade execution with multiple ecosystem partners. With the deployment of ISPL’s private network powered by #dltledgers, ISPL has become the first enterprise to do a digital end-to-end trade finance digitisation with digital avalisation of Document Against Acceptance (DA) enabling “Aval Bank” digital authentication and digital endorsement using #dltledgers blockchain platform improving efficiencies and access to faster cash in digital cross-border trade.

“This journey is undertaken with the objective of not just process efficiency, ISPL has a strategic objective of ensuring that all company produces are sourced sustainability and develop a virtual registry of provenance with trajectory of product blockchained for a fool-proof system to track n trace goods. ISPL believes that this will open up new revenue streams and multi-fold business benefits that may not even be envisaged at present within the industry,” adds Anupam Basak, Head-Regional Finance.

As trades intertwine and evolve, demands for a networked and collaborative model will intensify. Not only do transactions need to be seamless and safe, clients are increasingly looking for innovative solutions that save them time and costs. 

“#dltledgers platform capabilities (dynamic consensus engine, digital assets engine, control trigger table, trade execution engine, network collaboration, digital trade documents engine, digital file cabinet, financial institution integration engine, Integrated API layer, digital identity engine, BC Link integration w ERP layer) will add strengths to digital leadership and create their private multi party network with unique nodal architecture, reliant on the easy availability and robustness of financing mechanisms. Considering that trade finance is widely viewed as the fuel for global commerce, it’s easy to see why customer centric blockchain platforms like ours is dominating conversations in the trade finance world. We will continue to grow and expand,” says Samir Neji, CEO, #dltledgers.

“#dltledgers is a blockchain platform that has been built from the point of view of a Trader/Trading house. The adoption of production live blockchain based solutions like #dltledgers, which is on Hyperledger fabric is recording strong growth this year and we believe that customers like ISPL has started seeing the immense value add in using #dltledgers blockchain platform. We will continue to penetrate the market with our offerings and expanding into new markets. We are opening our office in UAE and this is part of our deliberate strategy to enter where the Trader/Trading houses needs such Blockchain based Solution to grow and prosper their business by creating Trust and authenticity in the value chain,” added Samir Neji, CEO, #dltledgers.

About dltledgers: 

dltledgers is a global platform company with Singapore as its HQ. We are a customer centric platform for cross border trade execution. Several regional and global banks have signed up and operate as network partners in offering trade financing services in the platform. Apart from counter party assignment in blockchain, we network shipping, logistics, ports and other network partners into a trusted trade network for our customers.

With digitisation and blockchain, Cross border trade is being transformed like never before. #dltledgers blockchain platform leads the pack with over 400+ global traders, USD 1 billion+ trade executed across 30+ banks and a wider network which is growing on a global scale.

Each step in executing cross-border trade may involve so many documents, contracts, movement of money and complex supply-chain. A lot of aspects of the business is performed across multiple parties who are trustless – strangers dealing with strangers Its natural that the process is mired with issues like mistrust, failed promises, & inefficiencies in several aspects of contracts, finance, goods mismanagement, and fraud. Our customers benefit from our blockchain innovation in 12 core modules and 68 code bases, which resolves and builds a trusted trade network for private, permissible and secure trade.

About ISPL: IFFCO Group is a leading Food manufacture HQ in UAE with many winning brands in its portfolio and spanning the middle east and Africa markets. The group is part of the Allana Holdings who established their business in UAE in the 1970’s. They have expanded over the years in to multiple geographies.

Micheal_Ludwig__Peter_Hanke__Norbert_Kettner

New Era for Tourism: Vienna Presents Visitor Economy Strategy 2025

VIENNA, Oct. 31, 2019 /PRNewswire/ — Building on its tourism concepts of recent years, the City of Vienna is now unveiling its Visitor Economy Strategy 2025, under the aegis of the Vienna Tourist Board. Guided by “Shaping Vienna”, it completely redefines tourism and its effect on the destination, while targeting sustainable development and balancing the needs of residents and visitors. 

Mayor of Vienna Michael Ludwig (centre), Executive City Councilor of Finance, Business, Digital Innovation and International Affairs Peter Hanke (right) and Director of Tourism Norbert Kettner (left) presented Vienna's Visitor Economy Strategy 2025. © PID/David Bohmann


Mayor of Vienna Michael Ludwig (centre), Executive City Councilor of Finance, Business, Digital Innovation and International Affairs Peter Hanke (right) and Director of Tourism Norbert Kettner (left) presented Vienna’s Visitor Economy Strategy 2025. © PID/David Bohmann

The new approach means continuing to provide top offerings and services for guests while equally targeting added value from tourism for the whole city, resident satisfaction and added value for businesses. The following goals have been defined for 2025, with 2018 as the baseline:

  • Contribution of tourism to Vienna’s GDP to increase from EUR 4bn to EUR 6bn
  • Revenue from overnight stays to advance from EUR 900m to EUR 1.5bn
  • Visitor satisfaction levels to remain at their current high level, with nine out of ten guests recommending Vienna
  • Attitudes to tourism to stay overwhelmingly positive, with nine out of ten residents seeing tourism in a positive light
  • Number of tourism providers certified with the “Österreichisches Umweltzeichen” ecolabel to double from 112 to 224
  • Proportion of arrivals by train (21%) and car (26%) to be reversed    

“Our participative approach represents a completely new management approach internationally: when drawing up the strategy, we gathered feedback from the tourism industry, as well as residents, international experts and numerous representatives of different areas of activity in the city,” explained Mayor of Vienna Michael Ludwig. All of the measures in the Vienna Visitor Economy Strategy 2025, developed under Executive City Councilor for Business and President of the Vienna Tourist Board Peter Hanke and Director of Tourism Norbert Kettner, are described at www.shaping.vienna.info.

Long version of the press release: http://bit.ly/2JgkWAb 

Picture: http://www.apimages.com

Contact: 
Vienna Tourist Board  
Isabella Rauter   
+43-1-21114-301   
media.rel@vienna.info   
www.vienna.info     
www.b2b.vienna.info 

The City of Vienna (C) Vienna Tourist Board/Christian Stemper


The City of Vienna (C) Vienna Tourist Board/Christian Stemper

Photo – http://mma.prnewswire.com/media/1019688/Micheal_Ludwig__Peter_Hanke__Norbert_Kettner.jpg
Photo – http://mma.prnewswire.com/media/1019689/The_City_of_Vienna.jpg

Related Links :

http://www.wien.info/en

International Alliance AAE Files Lawsuit Against Brazilian Electricity Giant Eletrobras in Federal Court in New York

FRANKFURT, Germany, Oct. 31, 2019 /PRNewswire/ — AAE Management for Energy Equipment LLC (“AAE”), a company of the Al Mazrouei Group, one of the most important business groups in the United Arab Emirates, along with its North American affiliate Eagle Equity Funds LLC, and German affiliate AHG Vermögensverwaltung, has filed a lawsuit in the United States District Court of the Southern District of New York (No.  19-cv-09344) against Centrais Elétricas Brasileiras S/A – Eletrobrás (“Eletrobras”), the largest producer and distributor of electric and nuclear energy in South America, and several of its officers/directors, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and accompanying regulations, as well as state law.

694 Bearer Bonds, worth more than U.S. $5.2 billion

AAE’s claims arise out of statements in Eletrobras’ filings with the United States Securities and Exchange Commission (“SEC”) regarding Eletrobras’ obligations under certain Bearer Bonds and other obligations that were issued under Brazil’s Compulsory Loan Program. AAE and its affiliates are the holders of 694 of these Bearer Bonds, which are worth more than U.S. $5.2 billion. Eletrobras has refused to honor or convert these Bearer Bonds into shares, pursuant to the terms of the Bonds. The lawsuit alleges that Eletrobras has misrepresented in its SEC filings and other public statements that the Bearer Bonds are unenforceable, thereby omitting billions of dollars in liability under those Bonds from its balance sheet, and has minimized billions of dollars more in other obligations under the Compulsory Loan Program. By doing so, AAE alleges that Eletrobras has devalued the Bearer Bonds and has inflated the value of its stock.

In 2015, as a result of facts uncovered during the “Operation Carwash” investigation of the other state-run Brazilian oil company PetróleoBrasileiro S.A. (“Petrobras”), Eletrobras commenced an internal investigation, which did not conclude until April 2018. As a result of these issues, Eletrobras was not able to timely file its 2014 or 2015 annual reports and, as a result, the New York Stock Exchange suspended trading in Eletrobras’ ADRs and commenced de-listing procedures in May 2016. Although trading in Eletrobras’ ADRs ultimately resumed on October 12, 2016, Eletrobras acknowledged as a result of the investigation that it did not have adequate internal controls. Eletrobras later settled a securities class action in the Southern District of New York in connection with its involvement in that fraud for $14.75 million, and shortly thereafter, in December 2018, Eletrobras agreed to pay an additional U.S. $2.5 million in civil penalties in a settlement with the SEC for “inadequate internal controls” and violations of the Foreign Corrupt Practices Act in connection with Operation Carwash.

AAE is represented by Kahn Swick & Foti, LLC

AAE is represented by Lewis Kahn, Michael Palestina, and Melissa Harris of Kahn Swick & Foti, LLC, one of the United States’ premier boutique securities litigation law firms. Among the many federal securities fraud and shareholder derivative lawsuits around the country in which they have achieved substantial recoveries, KSF was Co-Lead Counsel in In Re Eletrobras Securities Litigation, Case No. 1:15-cv-05754 (Consolidated) (S.D.N.Y.) against Eletrobras and several of its former directors and officers. KSF represented U.S. investors after the company reported large losses related to a sprawling corruption scandal in Brazil. After nearly three years of protracted litigation, KSF achieved a settlement of $14.75 million for investors. In In re Petrobras Securities Litigation, No. 1:14-cv-9662 (S.D.N.Y.), KSF was a Member of the Plaintiffs’ Steering Committee for the Individual Actions (“PSC”), in coordination with the federal securities class action against Brazil’s state-controlled petrochemical company arising from “Operação Lava Jato,” the largest corruption scandal in the history of Latin America, whereby Plaintiffs alleged Defendants deliberately overpaid on various construction contracts in return for kickbacks. As a Member of the PSC, KSF was found by the Court to have “made a substantial contribution to the class,” June 22, 2018 Opinion and Order at 39 (D.E. 834), the result of which was a settlement of $3 billion for investors, which returned approximately 65% more to shareholders than received in other individual actions.

MGM China Reports 2019 Third Quarter Financial Data

MGM China Adjusted EBITDA Grew 39% Year-on-Year MGM COTAI Continues to Ramp

HONG KONG, Oct. 31, 2019 /PRNewswire/ — MGM China Holdings Limited (“MGM China” or the “Company”; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the three months and nine months ended September 30, 2019.

  • During the third quarter, MGM China saw adjusted EBITDA up 39% year-on-year to approximately HK$1.5 billion. Total revenue grew by 22% year-on-year to approximately HK$5.8 billion. While MGM COTAI continues to ramp and improve efficiency, adjusted EBITDA margin improved to 26.8% from 23.5% a year ago.
  • Overall occupancy reached 93.7% (2018: 92.0%).
  • While Macau market saw third-quarter gross gaming revenue (GGR) down by 4% year-on-year, MGM China’s GGR was up by 25% from a year ago. MGM China gained market share to approximately 9.9% in the third quarter from 7.9% last year.
  • For the period, main floor table games win for the Group increased 47% year-on-year to approximately HK$3.9 billion. Slot win was up 3% to approximately HK$572 million. VIP table games win was up 4% to approximately HK$2.5 billion.
  • MGM China sees approximately 86% of profit from non-VIP businesses for the period.
  • MGM COTAI continues to grow since the property opened in February 2018. It recorded growth across all business segments. Adjusted EBITDA was up 433% to HK$693 million from a year ago. Main floor table games win was up 84% year-on-year to approximately HK$1.9 billion. Slot win was up 56% to HK$276 million. VIP table games win was up 1723% to approximately HK$1.2 billion.
  • All villas at The Mansion were opened before October Golden Week and have been receiving highly positive feedbacks. Our unique high-end offerings and our premium services boosted player retention and new player acquisition.
  • MGM COTAI has currently more authentic dining options directly on the gaming floor. They are well received by the players with prolonged gaming hours on the gaming floor.
  • Meanwhile, MGM MACAU recorded adjusted EBITDA of approximately of HK$856 million (2018: HK$987 million) for the period. Main floor table games win up 22% to approximately HK$2.0 billion (2018: HK$1.6 billion). Slot win was approximately HK$297 million (2018: HK$380 million). VIP table games win was down by 44% to approximately HK$1.3 billion amid headwinds and uncertainties in the market.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We are encouraged to see profit at MGM COTAI reaching new high. MGM COTAI continues to ramp with solid sequential growth amid market uncertainties.

“We embrace the growth opportunities in the market especially in the mass segment. We constantly evaluate our strategies, gaming as well as non-gaming offerings to offer unique MGM experiences, supporting our government’s vision to develop Macau as the World Center of Tourism and Leisure.”

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. 

MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.

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Suning.com Reports Strong Growth with Revenue Over 200 billion Until Q3

NANJING, China, Oct. 31, 2019 /PRNewswire/ — On the evening of October 30, Suning.com (002024.SZ), China’s leading O2O smart retailer, owned by Suning Holdings Group, released its 2019 Q3 financial result. According to the report, the company achieved revenue of RMB 201 billion in the previous three quarter of 2019; the sales volume of omni-channel commodities was RMB 275.9 billion, among which sales volume from online platforms was RMB 171.43 billion, increased by 24.27% year-on-year; the net income attributed to shareholders was RMB 11.9 billion.

Suning.com continues to enhance the ability to acquire customers online and offline. As of September 30, the number of registered members of Suning.com retail platform reached 470 million; Suning.com has a total of 8,407 self-operated and franchised stores. During the reporting period, the number of active users of Suning.com increased by 48.29% year-on-year, and Suning.com online product orders (excluding Suning.com Tmall flagship store) increased by 61.83%.

Following the acquisition of Wanda department store and Carrefour China, the company further enhanced its full-scenarios layout, and gradually built in the most comprehensive business format in retail industry in China.

At the end of September, Suning.com officially completed the acquisition of 80% stake of Carrefour China, which marks a milestone of the company’s effort in complete the supply chain construction in Fast Moving Consumer Goods (FMCG) sectors. It has now formed a full-scenario network coverage of Suning supermarket, offline Carrefour supermarket, SuFresh boutique supermarket and Suning Xiaodian (neighborhood convenience store). As a new member of the Suning family, 210 stores of Carrefour China nationwide will launch a full upgrade by the end of the year. The introduction of Carrefour’s supply chain capabilities will effectively leverage the advantages of large-scale procurement, and help establish an efficient warehouse allocation system to promote the rapid development of Suning.com’s FMCG categories.

In the previous three quarters of the year, Suning.com continued to increase investment in logistics, technology and building of other core capacities to lay a solid foundation for growth over the next decade.

In terms of logistics infrastructure, by the end of September 2019, the total area of warehousing and related support facilities for Suning Logistics was over 11 million square meters. There are 50 logistics bases in 41 cities are under operation, and 23 logistics bases are under construction and expansion in 17 cities. Together with the newly integrated 8 large distribution center of Carrefour China, Suning’s logistics supply chain competitiveness has been greatly enhanced. .

Based on the strong logistics capability of Suning.com, this year’s 11/11 shopping festival, Suning.com announced “One-Hour-Scenario Life Circle” plan to enable customers in selected regions to get their purchases delivered within half an hour to one hour.

In terms of technology, Suning strengthened its technology support capabilities and built supply cloud, user cloud, marketing cloud, logistics cloud and financial cloud to create a smart retail OS, which promoted the rapid development of Suning’s self-operated business and smart retail capability. From January to September this year, Suning invested more than RMB 2.4 billion in research and development, saw a year-on-year increase of 61.14%.

End –

About Suning Holdings Group

Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan. In 2019, Suning Holdings Group ranked as the top three brands among the top 500 non-state owned enterprises in China with annual revenues of RMB 602.5 billion (approximately EURO 77.24 billion) and continued to top the list of Internet retailing category. Adhering to the enterprise mission of “Leading the Ecosystem across Industries by Creating Elite Quality of Life for All”, Suning has strengthened and expanded its core business as retail through a corporate ecosystem comprised by multiple vertical industries, including commercial real estate, financial services and sports. Suning.com, the main subsidiary pioneering in online and offline retailing, has been listed in the Fortune Global 500 for three successive years from 2017 to 2019.

ATC Drivetrain Continues to Expand Global Presence by Establishing Joint Venture in China

OKLAHOMA CITY, Oct. 30, 2019 /PRNewswire/ — ATC Drivetrain (“ATC”), a leading independent global remanufacturer of automotive drivetrain components, announced today that it has launched a joint venture with Luwote (Zhangjiagang) Power Remanufacturing Technology Co., Ltd. (“Luwote”) in Zhangjiagang, China.

The joint venture will focus on providing a local solution for the remanufacturing of automotive engines and transmissions for ATC’s existing global customer base in China as well providing local automobile manufactures with the highest quality remanufactured engines and transmissions in the China market.  ATC is the majority partner in the JV with a 72.5% ownership stake and brings over 80 years of remanufacturing experience as well as state of the art manufacturing processes and engineering knowledge to the joint venture.  Luwote will own 27.5% of the joint venture and provides local market expertise.

Greg Heald, ATC’s President and CEO and a member of its board of directors, said, “The teams at ATC and our private equity sponsor, Crestview Partners, have been relentlessly focused on expanding our global presence and product offerings in support of our customers’ evolving needs.  This joint venture in China is a strategic move for us to ensure the worldwide support of our customers and continue to position us a global leader in the remanufacturing industry.”

Alex Rose, Partner and Co-Head of Industrials at Crestview Partners, said, “Since our acquisition of ATC in February 2018, ATC’s leadership team and board have been focused on pursuing global expansion and technology diversification in support of ATC’s customers’ needs.  The expansion into China furthers ATC’s ability to provide products and services to the company’s growing customer base around the world.”

About ATC Drivetrain:
ATC Drivetrain is a global remanufacturer of powertrain, electronic and mechatronic products for both OEM and aftermarket sectors.  The company’s services include process and salvage engineering, warranty root cause analysis and testing, diagnostics systems, machining for repair and salvage of components, as well as recycling of non-reclaimable material.  ATC Drivetrain serves automotive original equipment manufacturers (OEM) for both in-warranty and out of warranty products and services in North America, Europe and Asia.  For more information, please visit www.atcdrivetrain.com.

About Crestview Partners:
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $9 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: industrials, media, energy and financial services. For more information, please visit www.crestview.com.

Media Relations Contacts
Jeffrey Taufield / Daniel Yunger
Kekst CNC
212-521-4800
jeffrey.taufield@kekstcnc.com 
daniel.yunger@kekstcnc.com

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