by admin | May 25, 2021 | Branding, Business, Emerging Businesses, Finding Customers, Markets, Technology
Bengaluru : Global software major Infosys on Friday said it has formed a joint venture (JV) with Hitachi Ltd, Panasonic Corp and Pasona Inc to enhance its presence in Japan.
“The company will acquire 81 per cent equity stake in Hitachi’s subsidiary — Hitachi Procurement Service Co Ltd, in which Panasonic and Pasona will be minority shareholders,” said the city-based IT major in a statement here.
In a regulatory filing on the BSE, the company said its Singapore-based Infosys Consulting Pte Ltd subsidiary entered into an agreement with the three to buy the majority stake (81 per cent) in all-cash deal for $24 million (Rs 175 crore) on or before April 1, 2019.
“Hitachi will transfer two per cent each to Panasonic and Pasona and hold the remaining 15 per cent,” said the filing.
The Tokyo-based JV will help clients navigate their digital journey and accelerate business process transformation by leveraging digital procurement platforms.
“The joint entity will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of Japanese corporations,” said the statement.
The $11-billion IT behemoth will use its global expertise in procurement processes, consulting, analytics and digital technologies, including artificial intelligence (AI) and Robotic Process Automation (RPA) to the venture.
The JV will offer differentiated, end-to-end and high value procurement capabilities to corporations, with the expertise of Hitachi and Panasonic in procurement functions and Pasona’s human capital and business process management (BPM) networks.
“The JV will help Japanese firms transform procurement processes using digital platforms, with the combined power of our procurement expertise, technology and local skills,” said Infosys President Ravi Kumar.
As Japan is a strategic market for the outsourcing firm, company’s vice-president Deepak Padaki said the investment in the JV demonstrated its commitment to having a strong local presence in the region to partner with its Japanese clients and hasten their digital journey.
“We are building the new partnership, combining strengths and unlocking potential of Infosys, Panasonic, and Pasona,” said Hitachi chief procurement officer Masashi Murayama in the statement.
As procurement functions are critical, the partnership will also strengthen Hitachi’s global competitiveness with new operating models and delivery at speed enabled by digital technologies.
—IANS
by admin | May 25, 2021 | Commodity Market, Corporate, Corporate finance, Economy, Finance, Investing, Markets, News
Shimla : Himachal Pradesh, country’s off-season cash crops bowl, has sought additional funds of Rs 1,000 crore from the Japan International Cooperation Agency (JICA) for extending a crop diversification project, an official said on Friday.
The state is aiming to expand the Himachal Pradesh Crop Diversification Promotion Project in all 12 districts of the state.
The demand to extend the project was raised this week by Additional Chief Secretary Shrikant Baldi at a meeting here with JICA-India Principal Development Specialist Subroto Takuldar.
The latter was here along a delegation of 13 Afghan officers.
JICA has been providing an assistance of Rs 321 crore to the state under the crop diversification project since 2011 for enhancing the socio-economic conditions of farmers in Mandi, Kangra, Hamirpur, Bilaspur and Una districts.
Baldi said in the ongoing project emphasis was on to strengthen micro-irrigation, solar water lifting, construction of farm access roads, collection centres and creation of irrigation potential in 4,600 hectares.
The farmers, who formed groups under the name Krishak Vikas Association, are operating and maintaining the irrigation system themselves, a government spokesperson told IANS.
The ownership of the irrigation systems have been completely transferred to them.
The Afghan officers, who were on a four-day tour of the state from February 24, were taken to the fields to showcase irrigation and post-harvest technologies.
—IANS
by admin | May 25, 2021 | World
By Tuba Sahin,
Istanbul: Collaboration between Japanese and Turkish firms in other third countries, especially in Africa could bring success since they complement each other, Japan Bank for International Cooperation (JBIC) senior official said on Tuesday.
“Especially in Africa region I understand that Turkish companies have very close ties, network and business routes. We expect to see such successful cases in Africa region as soon as possible,” JBIC Global Head of Infrastructure and Environment Group Kazuhisa Yumikura told Anadolu Agency.
Yumikura said Turkish companies hold “unique” competitive edge and know-how in construction sector.
“Japanese companies don’t have such competitiveness in this area. Turkish and Japanese companies are complementing and supplementing each other so this combination assists the smooth implementation of business” he said.
Yumikura added the bank also provides export loans to Turkish buyers in order to support foreign trade between the two countries.
He appreciated Turkey’s “tremendous” economic growth in 2017 and expected it to continue in the upcoming periods.
“The strength of the economy or prosperity here is more than statistical numbers. I feel a great strength in Turkish economy right now,” he said.
Recalling that JBIC recently signed an agreement with Turk Eximbank to support Turkish and Japanese companies to collaborate in other countries, Yumikura said the deal would contribute to maintenance of the strong growth.
He underlined that Turkish bank’s posted excellent performance on the back of a good national economy.
“This is very good news for JBIC as we work with some Turkish local banks. It is more than happy to see such kind of performance,” he said.
Turkish banking sector’s annual net profit reached 49.1 billion Turkish liras ($13 billion) in 2017, hitting an all-time high profit, according to the Banking Regulation and Supervision Agency on Jan. 30.
JBIC provided bank-to-bank credit line in Turkey, which is still active, Yumikura said.
“We have extended outstanding loans to four Turkish banks for supporting Japanese export to Turkey — Isbank, Yapikredi, Denizbank and Garanti,” he said.
Yumikura said the bank also supports renewable energy, energy efficiency and global environment projects in Turkey through Development bank of Turkey and Industrial development bank of Turkey.
The JBIC has supported various type of projects in Turkey in the field of energy, oil pipeline along with public private partnership based hospital construction for more than a decade.
The bank also provides policy-based finance with a mission of contributing to the sound development of Japan, the international economy and society as a whole.
—AA
by admin | May 25, 2021 | Markets, Technology, World
By Zehra Ulucak,
Ankara: Hackers stole $534 million from Japan’s digital currency exchange Coincheck, according to local media reports.
Coincheck’s statement said, hackers broke in Friday at 02:57 (1757GMT).
The crypto-currency was sent from the NEM address of Coincheck.
NEM is a crypto-currency built on top of the blockchain like Bitcoin.
Japan’s Kyodo News Agency reported that Coincheck President Koichiro Wada said during a press conference held late Friday that the company may seek financial assistance.
The Tokyo based company froze transactions for all crypto-currencies after the cyber attack except Bitcoin.
“Purchases and sales of cryptocurrencies other than BTC (altcoins) are currently restricted. Please accept our apologies for this inconvenience,” Coincheck said on its webpage.
“We sincerely apologize for the inconvenience this has caused everyone. Please follow the official Coincheck blog and our official social media accounts for updates,” it added.
After the theft, the total value of the crypto money exchange declined by nearly 10 percent, while there was a loss of six trillion Japanese yen ($55.3 billion).
This could be the biggest crypto-currency theft.
—AA
by admin | May 25, 2021 | World
Washington : The US has approved the sale of missiles worth $133.3 million to Japan, saying it will serve to reinforce the Asian country’s defence against the ballistic missile threat from North Korea.
The consignment, which must still be approved by the US Congress, includes the sales of four missiles for the SM-3 interceptor Block IIA system and four MK29 launchers, in addition to the provision of technical and operational support by the US, Efe news reported.
The sale would also “follow through on President Donald Trump’s commitment to provide additional defensive capabilities to treaty allies” threatened by North Korea’s “provocative behaviour”, a State Department official said in a statement on Tuesday.
According to the statement, Japan will be able to strengthen its missile defence system with these weapons and the security of the US facilities in the region will thus also be increased.
According to the latest official data released by the US State Department, in 2016, the Congress authorised the sale of weapons to Japan worth $7.995 billion.
—IANS
