Delhi Metro planning multi-level parking systems
Delhi Metro is planning to build multi-level parking systems at three stations in west Delhi for which tenders have been invited.
By PTI |
NEWDELHI Delhi Metro is planning to build multi-level parking systems at threestations in west Delhi for which tenders have been invited.
The facility will come up inJanakpuri, Rohini and Pitampura, DMRC officials said today.
The Multi-Level Parking systemcan accommodate about 800 cars at Janakpuri, 550 cars at Rohini and 400 cars atPitampura.
Approximate area ofthe parking in Janakpuri is 8,500 sq. metre, Rohini 7,500 sq. metre andPitampura 3,500 sq. metre.
Adequate facilities will beprovided for accommodating two wheelers within the above limits, the officialssaid.
The present parking lotsat all these three locations are fully crowded and all these are located closeto important commercial hubs.
"Metro aims to select adeveloper through a competitive bidding process to set up these multi-levelparkings and the bidder will get a concession to run the same for 30 years," theofficials said.
In addition,the bidder can also do commercial development by setting up activities likeshopping malls or Hypermarket or Shopping Plazas or Retail Showrooms forconsumer goods, garments or restaurants or food courts.
The parking would be eithermanual, semi-automatic or fully automatic. In manual parking or elevated parkingthe depth and height will not exceed 3 floors.
In semi-automatic, theretrieval time for the parking will be less than five minutes while in fullyautomatic it will be three minutes.
The Metro is planning to opensimilar multi-levels parkings at other stations also in the future in a phasedmanner. PTI
------------------------------------------------------
Ennoreport to invest Rs 2,700 cr during 11th plan
New Delhi, July 9 (PTI)State-owned Ennore Port will invest Rs 2,700 crore during the eleventh five yearplan on projects located near Chennai.
The new projects are to beundertaken under the National Maritime Development Programme (NMDP) and willinclude private investment of Rs 1,300 crore on a one kilometre long world classcontainer terminal, an official release said.
The decision on the investmentwas taken during a review meeting held by Union Minister of Shipping, RoadTransport and Highways T R Baalu at New Delhi on July 8, it said.
The container terminal isproposed to have a quay capable of accommodating three mainline vessels of 8,000twenty-foot equivalent units (TEUs).
"Keeping in view the new ironore terminal under construction, the minister advised the (Ennore Port Limited)EPL to co-ordinate with the Southern Railways for early commencement of the newPuthur-Atthipattu broad gauge railway line...for which the EPL would contributeRs 223 crore as its share," the release said.
EPL is the 12th major port inIndia and the first corporate port and was set up in 2001. During 2007-08, EPLrecorded a revenue of Rs 143.72 crore and a gross profit of Rs 90.14 crore.
"EPL would also invest Rs 440crore for providing a depth of 16 metres at its new container berths and deepenthe iron berth to 18 metres, along with enhancing depth in the basin to 19metres and the entrance channel to 20 metres," it said.
About 45 per cent work ofphase I dredging for deepening of the berth area to 15 metres has beencompleted, the release said.PTI
-----------------------------------------
MMRDAto raise funds for Rs 7,600 cr Trans-Harbour Link
Mumbai, July 9 (PTI)Maharashtra Government today decided to give the financial responsibility of theambitious eight lane Mumbai Trans-Harbour Link (MTHL) to the Mumbai MetropolitanRegion Development Authority (MMRDA).
"A financial model for Rs7,600 crore MTHL project was discussed and the responsibility was given to MMRDAto raise funds for the project," Minister for Public Works, Anil Deshmukh saidafter the sub-committee meeting held at Mantralaya today.
Maharashtra State RoadDevelopment Corporation (MSRDC) would be the implementing authority for MTHL andit would be completed within five years, Deshmukh added.
The initial cost of theproject was raised by Rs 1,700 crore due to the addition of two more lanes inthe original six lane plan. But its a long term provision, he said.
The sources of revenue werealso presented at the meeting. The major source could be through toll and othersinclude betterment fees and development rights.
The betterment fees would beapplicable to the people in the impact areas - Uran, Panvel and Khopat. Thedevelopment rights would be given to MMRDA since it is the financing authority,Deshmukh said.
The finaldecision about raising of funds and sources of generating revenues would betaken by MMRDA officials, Deshmukh said. PTI
--------------------------------------------
BritishEnergy power output slips 17 pct in Q2
LONDON, July 9 (Reuters) - BritishEnergy Group PLC's electricty generation fell by more than 17percent in the second quarter of this year, the company said on Wednesday. FromApr. 1 to Jun. 29, 2008 Britain's largest nuclear power plant operator produced11.40 terawatt hours of electricity, down from 13.80 TWh in the second quarterof last year. Lower nuclear power output, which fell from 13.0 TWh in Q2 2007 to9.5 TWh in the same period of this year, was partly offset by an increase inproduction from the company's coal fired power plant at Eggborough from 0.8 TWhto 1.9 TWh. The decline in output during the quarter was in line withmanagement's expectation, the company said. The company's power generation hasbeen limited by planned maintenance and refuelling, long-term repairs andproblems related to ageing of its 16 nuclear power reactors, half of which werenot running on Wednesday, according to data from National Grid. (Reporting byDaniel Fineren)
-------------------------------------
Indiacopper slides; lead hits initial upper circuit
MUMBAI, July 9 (Reuters) - Indiancopper traded weak in the evening session on pressure from rising inventories,analysts said on Wednesday. At 6.50 p.m., the benchmark August copper on the Multi Commodity Exchange of India (MCX) was down 1.08percent at 349.25 rupees per kg. "Prices were pressured by strong inventoriesand a technical sell off after prices breached yesterday's lows on the LME,"said Somnath Dey, in-charge, metals and energy, Religare Commodities. Copperinventories on the London Metal Exchange were up 2,150 tonnes to 124,325 tonneson Wednesday. "News of falling copper shipments globally is also playing oninvestor sentiment as it indicates a clear lack of demand," said Roopa Kataria,an analyst with Anagram Securities Ltd. China is expected to have shipped in 4percent less refined copper in June than the previous month, as high worldprices, weak demand and strong domestic copper production continue to cut theneed for imports. Selling in August copper was recommended at 354 rupees with astop loss of 357 rupees and a target of 346 rupees, said Anagram's RoopaKataria. LEAD,ZINC Lead on Wednesday touched its initial upper circuit on risingcancelled warrants and expected demand for batteries in the upcoming months,analysts said. "Demand for replacement of batteries will go up in the upcomingsummer months in China, Europe, U.S. and will support prices," said an analystfrom Motilal Oswal Commodity Brokers Pvt Ltd. Cancelled warrants on the LME roseto 8.3 percent on Wednesday. Rising cancelled warrants indicate more stocks arebeing withdrawn from exchange warehouses leading to declining stockpiles, whichsupports prices. The benchmark lead for July delivery on the MCXwas up 4.42 percent at 74.45 rupees per kg from its previous close. Zinc futuresrose on bargain buying and after threats of mine closures started coming in dueto a sharp decline in prices since the start of the year. The July zinc on the MCX was up 1.81 percent at 78.60 rupees a kg . NICKELNickel futures traded sideways on Wednesday as the metal did not attract anybuying interest, analysts said. At 6.50 p.m., the benchmark July nickel was up 0.39 percent at 904.50 rupees. (Reporting by Nandita Bose;Editing by SunilNair)
----------------------------------------------
GoldmanSachs quits group after fair value criticism
By Olesya Dmitracova LONDON, July 9(Reuters) - Goldman Sachs Group Inc said on Wednesday it hadwithdrawn from the leading international banking lobby IIF, which it earliercriticised over its plans to change fair value accounting rules. "We believethat in times of market stress, it is particularly important to be rigorousabout the value of your assets and your liabilities," Goldman Sachs spokesmanLucas van Praag said. "We have always had a rigorous approach to fair valueaccounting," he said. The Institute for International Finance (IIF) is workingon new accounting and other guidelines, as financial supervisors ponder possiblechanges in regulation in response to the credit crunch that has cost banks morethan $300 billion in losses. In April, the institute called for an urgentrethink of standards that force banks to put a price on their assets despitechoppy markets, saying they could spark a downward spiral and make problemsworse. Critics have said the plans would boil down to relaxing the standards,and Van Praag said he had in May described the IIF plan to change the existingfair value standards as "Alice in Wonderland accounting". Goldman Sachs had leftthe body on June 2, Van Praag said. Fair value rules puts a price on assets andliabilities by looking at their current market value, as opposed to calculatinga value based on their original price. The IIF has been looking at refinementsin fair value accounting and has been discussing a range of alternativevaluation ideas, such as the use of underlying cash flow for illiquid marketconditions. The IIF said on May 28 more discussion of valuation methods isneeded, and it is due to release this month recommendations on valuation, riskmanagement, bank executive compensation and other issues. Morgan Stanley, an IIF member, also opposes changes to fair value accounting, asource close to the bank said. Morgan Stanley declined comment. The IIF ischaired by Deutsche Bank AG Chief Executive Josef Ackermann,and has more than 370 members. Its regular meetings are closely watched by thesector. (Editing by Paul Bolding)
----------------------------------------------------
China'sIndustrial Bank says H1 net up 70 pct
SHANGHAI, July 9 (Reuters) -Industrial Bank <601166.SS>, a medium-sized Chinese commercial bank,estimated on Wednesday that net profit rose at least 70 percent from a yearearlier in the first half of this year. The bank cited wider interest marginsand steady development of all its businesses in the first half. Asset qualityremained stable, it said. In the first half of last year, Industrial Bank made anet profit of 3.64 billion yuan ($421 million). In the first quarter of thisyear, profit climbed 119 percent. Listed Chinese companies must releasepreliminary estimates if they expect to report earnings swings of at least 50percent. Industrial Bank is expected to report first-half earnings next month.($1 = 6.85 yuan) (Reporting by Andrew Torchia)
...................
Railwaysregister growth in freight
NewDelhi, Jul 9 (PTI) Indian Railways have carried 202.99 million tonnes of freighttraffic during April-June 2008, an increase of 4.92 per cent as compared to thecorresponding period last year.
The freight carried during theperiod shows an increase of 17.48 million tonnes over the freight traffic of185.51 million tonnes carried during the corresponding period last year, anincrease of 4.92 per cent.
Railways carried 65.26 milliontonnes of freight in June this year, which is an increase of 4.73 million tonnesover the freight of 60.53 million tonnes carried during the same period lastyear, an increase of 7.81 per cent, according to an official release. PTI
-----------------------------
USstocks mixed as earnings season opens
NEW YORK, July 9, 2008 (AFP) -US stocks opened mixed Wednesday as investors adopted a cautious wait-and-seeapproach as major American corporations began reporting their second quarterearnings amid uncertain economic times.
The blue-chip Dow JonesIndustrial Average rose 21.82 points (0.19 percent) to 11,406.03 during openingmarket activity.
Thetechnology-dominated Nasdaq composite index lost 7.60 points (0.33 percent) to2,286.84 and the Standard & Poor's 500 index gained 2.91 points (0.23percent) to 1,276.61.
Stocksgot off to a lackluster start a day after Wall Street rallied in the wake of asharp fall in oil prices. Oil prices bounced back somewhat Wednesday amidrenewed geopolitical jitters over Iran's nuclear ambitions.
Aluminum giant Alcoa reportedan expected dip in profits Tuesday after the market close, and many analysts saythe credit crunch will likely have exacted a toll on bank earnings.
"More reports like Alcoa's,which convey the market's view on earnings has gotten too negative, could giveway to an earnings season rally if oil prices remain in check and the financialstocks start acting better," said Patrick O'Hare, a market analyst atBriefing.com.
---------------------------------
RatanTata to be conferred with Doctor of science degree
Coimbatore, Jul 9 (PTI) RatanN Tata, chairman, Tata group of companies, Mumbai would be among the threeeminent persons to be conferred with Degree of Doctor of Science (HonorisCausa), during the 29th Convocation of Tamil Nadu Agricultural University (TNAU)to be held here on July 25.
MRamasami, Managing Director, Rasi Seeds (P) Ltd, Attur and Bhavarlal HiralalJain, Chairman, Jain Irrigationl systems ltd, Jalgoan, Maharashtra, would be theother two to be confer red with the degrees, a tnau release said today.
Tamil Nadu governor, SurjitSingh Barnala, in his capacity as the chancellor would preside over theconvocation, while Pro-chancellor and state agriculture minister, Veerapandi SArumugam would announce the endowment of prizes and release TN AU publications,it said.
Prof.Abhijit Sen,member, planning commission, New Delhi, would be the chief guest and deliver theconvocation address.
A totalof 996 candidates (52 boys and 494 girls) would receive the degrees, whichincludes undergraduates, masters an doctorate degrees on the occasion. PTI
-------------------------------------------
ULexploring opportunities to build COE
Bangalore,Jul9 (PTI)Underwriters Laboratories (UL), a leader in product safety standards developmentand certification, is exploring opportunities to build a Centre of Excellence(CoE) in the area of photovoltaic technology in India.
Photovoltaics, or PV forshort, is a technology that converts light directly into electricity and is oneof the key renewable energy technologies being pursued globally.
UL has photovoltaic technologyCoE in San Jose and Suzhou/China. They offer a full portfolio ofpre-certification services, including R and D and training as well as testingand certification to global standards, it said in a statement.
"UL believes that the growthin the Indian Market offers excellent potential for the establishment of a CoEin India. Studies are currently underway to assess the market size as well asthe emerging trends", it said.
PV is an area where there aremultiple technologies being experimented which is a factor to be consideredwhile establishing a CoE, the company said. PTI
------------------------------------------
Canara Bank secures licence foropening branch in Shanghai
Bangalore, July 9 (PTI) CanaraBank has obtained licence from China Banking Regulatory Commission for opening abranch in Shanghai.
The Bankopened its Representative Office in Shanghai in August 2005, which is anecessary prelude for opening a branch, it said in a statement.
"Canara Bank is the fastestBank in upgrading its Representative Office into a branch at Shanghai", it said.
The Shanghai branch of thebank would handle business like L/C service/guarantees, trade finance, apartfrom taking public deposits, issuing short-term, medium-term and long-termloans, handling acceptances and discounting of negotiable instruments.
This is the third overseasbranch of the bank, after London and Hong Kong, in addition to a joint venturein Moscow.Bank also manages two exchange companies in the Middle East. PTI RS BNDK 07091920 DEL NNNN
Hexawaresubsidiary adds new clients in the UK, Middle-East
MUMBAI: RiskTech, a Hexawaresubsidiary and a leading provider of enterprise risk management and risktechnology services, today announced that it has won three new consulting andimplementation contracts in the UK and Middle-East.
The two UK contracts are withTier I banks. The first is in the area of operational risk and represents acommitment of over USD 1-million by the bank to define and implement a leadingoperational risk solution, a relesae said here.
The second contract is in thearea of credit risk management and Basel II technology and includes off-shoresupport.
The Middle-Eastcontract is in the area of credit scoring. RiskTech is leading the definition,design and project management for a leading bank in Saudi Arabia, the releasesaid.
In addition to therecent wins, RiskTechs Center of Excellence in India has launched a number ofintellectual property-driven solutions in the area of credit risk andoperational risk.
The companyhas developed a stress-testing toolkit and service that can be quicklyimplemented in banks. This tool will aid the bank's senior management, riskmanagers and portfolio managers to conduct stress test on the banks portfolios.
It also allows them to definetheir own scenarios and develop heat maps of their portfolios and conductsimulations, it said.
The facility will come up inJanakpuri, Rohini and Pitampura, DMRC officials said today.
The Multi-Level Parking systemcan accommodate about 800 cars at Janakpuri, 550 cars at Rohini and 400 cars atPitampura.
Approximate area ofthe parking in Janakpuri is 8,500 sq. metre, Rohini 7,500 sq. metre andPitampura 3,500 sq. metre.
Adequate facilities will beprovided for accommodating two wheelers within the above limits, the officialssaid.
The present parking lotsat all these three locations are fully crowded and all these are located closeto important commercial hubs.
ADVERTISEMENT
"Metro aims to select adeveloper through a competitive bidding process to set up these multi-levelparkings and the bidder will get a concession to run the same for 30 years," theofficials said.
In addition,the bidder can also do commercial development by setting up activities likeshopping malls or Hypermarket or Shopping Plazas or Retail Showrooms forconsumer goods, garments or restaurants or food courts.
The parking would be eithermanual, semi-automatic or fully automatic. In manual parking or elevated parkingthe depth and height will not exceed 3 floors.
In semi-automatic, theretrieval time for the parking will be less than five minutes while in fullyautomatic it will be three minutes.
ADVERTISEMENT
The Metro is planning to opensimilar multi-levels parkings at other stations also in the future in a phasedmanner. PTI
------------------------------------------------------
ADVERTISEMENT
Ennoreport to invest Rs 2,700 cr during 11th plan
New Delhi, July 9 (PTI)State-owned Ennore Port will invest Rs 2,700 crore during the eleventh five yearplan on projects located near Chennai.
The new projects are to beundertaken under the National Maritime Development Programme (NMDP) and willinclude private investment of Rs 1,300 crore on a one kilometre long world classcontainer terminal, an official release said.
The decision on the investmentwas taken during a review meeting held by Union Minister of Shipping, RoadTransport and Highways T R Baalu at New Delhi on July 8, it said.
The container terminal isproposed to have a quay capable of accommodating three mainline vessels of 8,000twenty-foot equivalent units (TEUs).
"Keeping in view the new ironore terminal under construction, the minister advised the (Ennore Port Limited)EPL to co-ordinate with the Southern Railways for early commencement of the newPuthur-Atthipattu broad gauge railway line...for which the EPL would contributeRs 223 crore as its share," the release said.
EPL is the 12th major port inIndia and the first corporate port and was set up in 2001. During 2007-08, EPLrecorded a revenue of Rs 143.72 crore and a gross profit of Rs 90.14 crore.
"EPL would also invest Rs 440crore for providing a depth of 16 metres at its new container berths and deepenthe iron berth to 18 metres, along with enhancing depth in the basin to 19metres and the entrance channel to 20 metres," it said.
About 45 per cent work ofphase I dredging for deepening of the berth area to 15 metres has beencompleted, the release said.PTI
-----------------------------------------
MMRDAto raise funds for Rs 7,600 cr Trans-Harbour Link
Mumbai, July 9 (PTI)Maharashtra Government today decided to give the financial responsibility of theambitious eight lane Mumbai Trans-Harbour Link (MTHL) to the Mumbai MetropolitanRegion Development Authority (MMRDA).
"A financial model for Rs7,600 crore MTHL project was discussed and the responsibility was given to MMRDAto raise funds for the project," Minister for Public Works, Anil Deshmukh saidafter the sub-committee meeting held at Mantralaya today.
Maharashtra State RoadDevelopment Corporation (MSRDC) would be the implementing authority for MTHL andit would be completed within five years, Deshmukh added.
The initial cost of theproject was raised by Rs 1,700 crore due to the addition of two more lanes inthe original six lane plan. But its a long term provision, he said.
The sources of revenue werealso presented at the meeting. The major source could be through toll and othersinclude betterment fees and development rights.
The betterment fees would beapplicable to the people in the impact areas - Uran, Panvel and Khopat. Thedevelopment rights would be given to MMRDA since it is the financing authority,Deshmukh said.
The finaldecision about raising of funds and sources of generating revenues would betaken by MMRDA officials, Deshmukh said. PTI
--------------------------------------------
BritishEnergy power output slips 17 pct in Q2
LONDON, July 9 (Reuters) - BritishEnergy Group PLC's
-------------------------------------
Indiacopper slides; lead hits initial upper circuit
MUMBAI, July 9 (Reuters) - Indiancopper traded weak in the evening session on pressure from rising inventories,analysts said on Wednesday. At 6.50 p.m., the benchmark August copper
----------------------------------------------
GoldmanSachs quits group after fair value criticism
By Olesya Dmitracova LONDON, July 9(Reuters) - Goldman Sachs Group Inc
----------------------------------------------------
China'sIndustrial Bank says H1 net up 70 pct
SHANGHAI, July 9 (Reuters) -Industrial Bank <601166.SS>, a medium-sized Chinese commercial bank,estimated on Wednesday that net profit rose at least 70 percent from a yearearlier in the first half of this year. The bank cited wider interest marginsand steady development of all its businesses in the first half. Asset qualityremained stable, it said. In the first half of last year, Industrial Bank made anet profit of 3.64 billion yuan ($421 million). In the first quarter of thisyear, profit climbed 119 percent. Listed Chinese companies must releasepreliminary estimates if they expect to report earnings swings of at least 50percent. Industrial Bank is expected to report first-half earnings next month.($1 = 6.85 yuan) (Reporting by Andrew Torchia)
...................
Railwaysregister growth in freight
NewDelhi, Jul 9 (PTI) Indian Railways have carried 202.99 million tonnes of freighttraffic during April-June 2008, an increase of 4.92 per cent as compared to thecorresponding period last year.
The freight carried during theperiod shows an increase of 17.48 million tonnes over the freight traffic of185.51 million tonnes carried during the corresponding period last year, anincrease of 4.92 per cent.
Railways carried 65.26 milliontonnes of freight in June this year, which is an increase of 4.73 million tonnesover the freight of 60.53 million tonnes carried during the same period lastyear, an increase of 7.81 per cent, according to an official release. PTI
-----------------------------
USstocks mixed as earnings season opens
NEW YORK, July 9, 2008 (AFP) -US stocks opened mixed Wednesday as investors adopted a cautious wait-and-seeapproach as major American corporations began reporting their second quarterearnings amid uncertain economic times.
The blue-chip Dow JonesIndustrial Average rose 21.82 points (0.19 percent) to 11,406.03 during openingmarket activity.
Thetechnology-dominated Nasdaq composite index lost 7.60 points (0.33 percent) to2,286.84 and the Standard & Poor's 500 index gained 2.91 points (0.23percent) to 1,276.61.
Stocksgot off to a lackluster start a day after Wall Street rallied in the wake of asharp fall in oil prices. Oil prices bounced back somewhat Wednesday amidrenewed geopolitical jitters over Iran's nuclear ambitions.
Aluminum giant Alcoa reportedan expected dip in profits Tuesday after the market close, and many analysts saythe credit crunch will likely have exacted a toll on bank earnings.
"More reports like Alcoa's,which convey the market's view on earnings has gotten too negative, could giveway to an earnings season rally if oil prices remain in check and the financialstocks start acting better," said Patrick O'Hare, a market analyst atBriefing.com.
---------------------------------
RatanTata to be conferred with Doctor of science degree
Coimbatore, Jul 9 (PTI) RatanN Tata, chairman, Tata group of companies, Mumbai would be among the threeeminent persons to be conferred with Degree of Doctor of Science (HonorisCausa), during the 29th Convocation of Tamil Nadu Agricultural University (TNAU)to be held here on July 25.
MRamasami, Managing Director, Rasi Seeds (P) Ltd, Attur and Bhavarlal HiralalJain, Chairman, Jain Irrigationl systems ltd, Jalgoan, Maharashtra, would be theother two to be confer red with the degrees, a tnau release said today.
Tamil Nadu governor, SurjitSingh Barnala, in his capacity as the chancellor would preside over theconvocation, while Pro-chancellor and state agriculture minister, Veerapandi SArumugam would announce the endowment of prizes and release TN AU publications,it said.
Prof.Abhijit Sen,member, planning commission, New Delhi, would be the chief guest and deliver theconvocation address.
A totalof 996 candidates (52 boys and 494 girls) would receive the degrees, whichincludes undergraduates, masters an doctorate degrees on the occasion. PTI
-------------------------------------------
ULexploring opportunities to build COE
Bangalore,Jul9 (PTI)Underwriters Laboratories (UL), a leader in product safety standards developmentand certification, is exploring opportunities to build a Centre of Excellence(CoE) in the area of photovoltaic technology in India.
Photovoltaics, or PV forshort, is a technology that converts light directly into electricity and is oneof the key renewable energy technologies being pursued globally.
UL has photovoltaic technologyCoE in San Jose and Suzhou/China. They offer a full portfolio ofpre-certification services, including R and D and training as well as testingand certification to global standards, it said in a statement.
"UL believes that the growthin the Indian Market offers excellent potential for the establishment of a CoEin India. Studies are currently underway to assess the market size as well asthe emerging trends", it said.
PV is an area where there aremultiple technologies being experimented which is a factor to be consideredwhile establishing a CoE, the company said. PTI
------------------------------------------
Canara Bank secures licence foropening branch in Shanghai
Bangalore, July 9 (PTI) CanaraBank has obtained licence from China Banking Regulatory Commission for opening abranch in Shanghai.
The Bankopened its Representative Office in Shanghai in August 2005, which is anecessary prelude for opening a branch, it said in a statement.
"Canara Bank is the fastestBank in upgrading its Representative Office into a branch at Shanghai", it said.
The Shanghai branch of thebank would handle business like L/C service/guarantees, trade finance, apartfrom taking public deposits, issuing short-term, medium-term and long-termloans, handling acceptances and discounting of negotiable instruments.
This is the third overseasbranch of the bank, after London and Hong Kong, in addition to a joint venturein Moscow.Bank also manages two exchange companies in the Middle East. PTI RS BNDK 07091920 DEL NNNN
Hexawaresubsidiary adds new clients in the UK, Middle-East
MUMBAI: RiskTech, a Hexawaresubsidiary and a leading provider of enterprise risk management and risktechnology services, today announced that it has won three new consulting andimplementation contracts in the UK and Middle-East.
The two UK contracts are withTier I banks. The first is in the area of operational risk and represents acommitment of over USD 1-million by the bank to define and implement a leadingoperational risk solution, a relesae said here.
The second contract is in thearea of credit risk management and Basel II technology and includes off-shoresupport.
The Middle-Eastcontract is in the area of credit scoring. RiskTech is leading the definition,design and project management for a leading bank in Saudi Arabia, the releasesaid.
In addition to therecent wins, RiskTechs Center of Excellence in India has launched a number ofintellectual property-driven solutions in the area of credit risk andoperational risk.
The companyhas developed a stress-testing toolkit and service that can be quicklyimplemented in banks. This tool will aid the bank's senior management, riskmanagers and portfolio managers to conduct stress test on the banks portfolios.
It also allows them to definetheir own scenarios and develop heat maps of their portfolios and conductsimulations, it said.
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