Saturday, 17 September 2016

One Fund For Many Tastes--The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
 One Fund For Many Tastes
One Fund For Many Tastes (The Total Investment & Insurance Solutions)

Friday, 16 September 2016

Interest rate cycle reaching the bottom -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
16 September 2016
Interest Rate (The Total Investment & Insurance Solutions)

Inflation has bottomed out leaving the Reserve Bank of India (RBI) with less room to undertake further rate cuts, says India Ratings and Research (Ind-Ra). The ratings agency says it believes that in such a scenario companies may lock in their long term funding at the current rates, before the cycle turns.

"Though global factors particularly low interest rates and fund inflows into emerging markets have remained favourable for a fairly extended period of time, the likelihood of interest rates moving up from here has strengthened - notwithstanding the fact that the US Federal Reserve may still take some time to resume hiking rates. With the backdrop of rising global yields, where global sovereign-bond yields have risen to the highest in almost three months, the Indian currency may come under pressure and push the RBI to turn hawkish," Ind-Ra says.   The Total Investment & Insurance Solutions

As per the ratings agency inflation appears to have bottomed out, however inflationary expectations have once again shown an up-tick. The Total Investment & Insurance Solutions

The RBI carries out a quarterly survey of about 5,000 households across 16 cities in India to assess inflationary expectations of households three months ahead and one year ahead. As per data released by the central bank, mean household inflationary expectations for three months ahead in June 2016 rose by 110bp to 9.2% from the March 2016 survey. The one-year ahead mean inflation expectation is even higher at 9.6% than the three-month ahead expectations, implying households expect the inflation trajectory to move further up. The Total Investment & Insurance Solutions

Ind-Ra says, "The shift in RBI's stance with respect to liquidity to neutral from deficit mode has had a significant impact on the yields of government securities (G-sec). Liquidity is no longer in the deficit mode, in fact in the last two months there has been net liquidity surplus in the system. The yield on the benchmark 10 year G-sec is presently hovering around 7% as against 7.5% in April 2016. We believe that the possibility for a further liquidity driven drop in the G-sec yield is limited. However, due to negative yields prevailing globally, demand from foreign participants can push yields down further."

According to the ratings agency, one of the unstated objective of the outgoing RBI governor Raghuram Rajan was to maintain real interest rates, the difference between risk free interest rate and consumer price index (CPI), positive and in the range of 1.5% to 2%. The Total Investment & Insurance Solutions

Ind-Ra says it expects the new RBI governor Urjit Patel to also follow this approach. Real interest rate has remained positive since January 2014. It peaked at 4.91% in November 2014 and has declined since then to 2.06% in August 2016. "It may be noted that the period when the real rate of interest was significantly in excess of 2% was also the period when RBI cut the policy rates. As the real rate of interest fell close to/lower than 2% from April 2016 onwards, RBI has maintained a status quo on policy rates," it added. The Total Investment & Insurance Solutions             

Since the soft trend over the last three years has significantly affected earnings and debt repayment capacity, the ratings agency feels that corporate India will be keenly monitor the nominal GDP growth rate. The Total Investment & Insurance Solutions

In its previous report, Ind-Ra had highlighted that the total refinancing required by the top 500 Corporates in FY17 aggregates to Rs2.1 lakh crore, with potential candidates which will be able to access the bond market being Rs70,000 crore. "While it is early to signal a shift in the revenue trend line, corporates are likely to benefit from the current refinancing opportunities at low rates and will possibly lock-in long term funds since the downside to interest rates are limited or negligible," the ratings agency concluded.The Total Investment & Insurance Solutions

Bengaluru wastes nearly 50% of the water it gets from Cauvery -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
16 September 2016
 
Kaveri Water (The Total Investment & Insurance Solutions)
As Karnataka continues its legal battle over the Cauvery, the states capital -- almost entirely dependent on the river -- wastes half the water it receives, according to an IndiaSpend analysis of water-use data.

The only Indian city that wastes water at a greater rate is Kolkata. And the situation in Bengaluru will only worsen. The Total Investment & Insurance Solutions

Every Bangalorean -- 8.5 million people live in India's third-most populous city -- should get 150 litres of water per day. But what she gets is 65 litres, the equivalent of four flushes of a toilet. Water is supplied, on average, thrice a week.

Over the next nine years, the city's water demand is predicted to be three times more than supply.

Its population density 13 times higher than Karnataka's average, Bengaluru consumes 50 per cent of Cauvery water reserved for domestic use in Karnataka. As much as 49 per cent of this water supplied is what is called "non-revenue water" or "unaccounted for water" -- i.e., water lost in distribution -- according to the Bengaluru Water Supply and Sewerage Board (BWSSB) data.

"Inequitable supply to different parts of the city -- ranging from one-third to three times the average per capita daily supply -- makes this worse," Krishna Raj, associate professor at the Institute for Social and Economic Change (ISEC), Bengaluru, and author of a 2013 paper on the city's water supply system, told IndiaSpend. The Total Investment & Insurance Solutions 
Bengaluru's water loss is the second-highest among Indian metros: Kolkata leads at 50 per cent. The wastage figure for Mumbai is 18 per cent, New Delhi, 26 per cent and Chennai, 20 per cent. Across the world, cities lose only about 15 to 20 per cent of their supply, said the ISEC study, which pegged Bengaluru's losses at 48 per cent three years ago.

Former BWSSB chairman, T.M. Vijaybhaskar, admitted to a loss of about 46 per cent water at a conference in February 2016. "Of 1,400 MLD (million litres per day) of water pumped to the city, 600 MLD goes to waste," he said. The Total Investment & Insurance Solutions

The ISEC paper attributed the wastage to two types of distributional losses: First, damages and leakages in the water supply system and, second, unauthorised water connections. The Total Investment & Insurance Solutions 
"Water leakages largely take place at distribution mains, service pipes and stand posts and together account for 88.5 per cent of water spillover, the rest being low leakages at main valve, meter joint stop valve, ferrule, air valve and others," the paper said. "This huge loss is directly attributed to the water seepage at various stages of supply." The Total Investment & Insurance Solutions

Of the 270 thousand million cubic ft (TMC) of Cauvery water allotted to Karnataka by the Cauvery Water Disputes Tribunal, Raj estimated that, roughly, about 80 per cent is used for agriculture and industry (down from over 90 per cent in 2007). This leaves about 20 per cent for rural and urban domestic use, of which Bengaluru records the highest demand. The Total Investment & Insurance Solutions 
The city receives about 19 TMC of Cauvery water. Recently, the Karnataka State Urban Development Department provisionally raised supply by an additional 10 TMC to meet the needs of 110 villages added to the metropolitan area in 2007. A formal proposal to raise the city's water supply to 30 TMC from the Cauvery basin has been forwarded to the central government.

Sourced from a distance of 100 km, up to a height of 540 m, the BWSSB spends nearly 60 per cent of its budget in pumping water to the Bengaluru metropolitan region. With groundwater reserves overexploited and polluted, and its other two ageing reservoirs -- the 120-year-old Heseraghatta and 83-year-old Thippegondanahalli of Cauvery's Arkavathi tributary -- unreliable, Bengaluru is almost entirely dependent on the disputed river. The Total Investment & Insurance Solutions

The large water losses, which ISEC has recorded for the last five years at least, offset any efforts to augment water supply through various stages of Cauvery river water supply projects. Thus, efforts to enhance per capita water availability to 150 litres per capita per day (LPCD) to meet World Health Organisation (WHO) and Central Public Health and Environmental Organisation (CPEEHO) standards remain unfulfilled. The Total Investment & Insurance Solutions

"After Stage IV Phase II of the Cauvery Water Supply Scheme (CWSS) was commissioned recently, Bengaluru now receives 1,350 MLD of water daily," said Raj. "For the city's population of 8.5 million (Census 2011), this quantity officially raises per capita water availability to 158.82 litres, which is more than sufficient to meet the WHO and CPEEHO standards." The Total Investment & Insurance Solutions 
If unaddressed, the situation is only likely to worsen. In nine years, the city's demand (currently 1,575 MLD) is estimated to rise by 71 per cent, while the supply (currently 1,350 MLD) will rise only by a third, thereby tripling the demand-supply gap, according to the ISEC study of water demand and availability. The Total Investment & Insurance Solutions 
By 2031, Bengaluru's water supply will reach its optimum level (2,070 MLD) and stay there while the city's water demands rise further in the decades thereafter, widening the shortfall progressively, showed BWSSB data. The Total Investment & Insurance Solutions 
"Whenever the demand for water exceeds supply, urban water utilities quickly design water supply strategies, giving little importance to demand control or management. Failure of water supply authorities to incorporate demand-side factors in their policies leads to 'system-collapse' or 'institutional failure'," the 2013 paper said. The Total Investment & Insurance Solutions


"As per the Cauvery Water Disputes Tribunal award, Karnataka receives lesser water per sq km -- 1 TMC of water is distributed over 134 sq km here, whereas in Tamil Nadu, it is supplied to 116 sq km," Raj said. "Add to this, there is inefficiency and inequity in Bengaluru's supply which must be addressed."The Total Investment & Insurance Solutions

SC stays NGT order mandating green clearance for Metro, rail projects -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
16 September 2016

The Supreme Court on Friday stayed a National Green Tribunal (NGT) order mandating environmental clearance for all Metro and other rail projects prior to their launch. The Total Investment & Insurance Solutions

A bench of Chief Justice T.S. Thakur and Justice A.M. Khanwilkar stayed the May 31, 2016 order of the NGT after Attorney General Mukul Rohatgi told the court that it is coming in the way of various projects, including Metro, and the East-West and North-South dedicated freight corridors. The Total Investment & Insurance Solutions


The apex court order came on a petition by the Dedicated Freight Corridors Corporation of India (DFCCI).The Total Investment & Insurance Solutions

Wells Fargo reportedly faces probe by federal prosecutors: ConsumerAffairs.com -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
16 September 2016
Wells Fargo (The Total Investment & Insurance Solutions)

Various media outlets are citing anonymous sources, which say that Federal Bureau of Investigation (FBI) and federal prosecutors have begun an investigation into the matter, which burst into public view this week with the announcement that Wells Fargo was paying $185 million in fines to federal and Los Angeles regulators, says ConsumerAffairs.com in a report. The Total Investment & Insurance Solutions

In the report, Mark Huffman from ConsumerAffairs.com, says, the dust has yet to settle from Wells Fargo's admission that thousands of its employees opened bogus checking and credit card accounts in order to hit sales goals. You might say it is heading into a dust storm. The Total Investment & Insurance Solutions 
"The bank said it had fired 5,300 employees who allegedly opened hundreds of thousands of deposit and credit card accounts for consumers without those consumers' knowledge or permission, presumably to meet strict sales goals. Neither the FBI nor the bank would comment on reports of a potential criminal investigation, but that is normal procedure. It would be highly unusual if either party did," the report says.

Congress getting into the act

However, the Senate Banking Committee has scheduled a public hearing for next week in which it will press Wells Fargo CEO John Stumpf to explain what happened and how. The committee will also hear from officials of the Office of the Comptroller of the Currency, Consumer Financial Protection Bureau (CFPB), and Los Angeles City Attorney's Office, the agencies that... The Total Investment & Insurance Solutions

Courtesy: ConsumerAffairs.com

Weekly Market Report: Nifty Sensex may head higher-The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
16 September 2016

I  had mentioned in last weeks closing report that the Nifty and Sensex were highly overbought. On Monday, the major indices of the Indian stock markets suffered a sharp correction to close more than 1.5% lower than last weeks close. Post the market holiday on Tuesday, the bulls struggled to take full control. Despite being in the black over three consecutive days, the indices were not able to recover from Monday’s losses. The Nifty ended the week 0.98% lower at 8,779 as compared to 8,866 as on last Friday’s close. The trends of the major indices in the course of the weeks trading are given in the table below: The Total Investment & Insurance Solutions
 
Weekly Market Report (The Total Investment & Insurance Solutions)
On Monday, the increased possibility of a US rate hike and a rout in Asian and European equities dragged the Indian markets down, as heavy selling pressure was witnessed in automobile, banking and capital goods stocks. The BSE market breadth was skewed in favour of the bears -- with 2,033 declines and 688 advances. On the NSE, on Monday there were 186 advances, 1,251 declines and 53 unchanged. Data on the consumer price index released on Monday by the Central Statistics Office showed that the annual retail inflation eased by 100 basis points to 5.05% in August. With inflation easing, there is reduced pressure on aggregate demand and corporate earnings. The Total Investment & Insurance Solutions

India's direct tax collection was up by 15.03% to Rs1.89 lakh crore while the indirect tax collection jumped by 27.5% to Rs3.36 lakh crore during the April to August period this year, an official statement said on Monday. On indirect tax collection, the Finance Ministry statement said, "The figures for indirect tax collections (central excise, service tax and customs) up to August 2016 show that net revenue collections are at Rs3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year." The collection up to August 2016 indicates that 43.2% of the annual budget target of indirect taxes has been achieved, it said. The exchanges were closed on Tuesday on account of Eid.

On Wednesday, Indian equities market traded flat during the mid-afternoon trade session. Negative global cues, coupled with slide in factory output data for July and profit booking dented investors' sentiments. However, the BSE market breadth was tilted in favour of the bulls -- with 1,764 advances and 947 declines and 198 unchanged. On the NSE, on Monday, there were 1006 advances, 458 declines and 57 unchanged. India's annual rate of inflation based on wholesale prices moved up to 3.74% in August, from 3.55% in the month before, as per data released on Wednesday. The Total Investment & Insurance Solutions

On Thursday, both the key indices closed on a flat-to-positive note after a volatile trading session. The benchmark indices opened in the green, despite negative global cues. The Nifty edged up by 15.95 points or 0.18% to 8,742.55 points. The Sensex closed at 28,412.89 points -- up 40.66 points or 0.14%. The BSE market breadth was slightly tilted in favour of the bulls -- with 1,466 advances and 1,271 declines. Investors were cautious ahead of Bank of England's (BoE) monetary policy review. Besides, increased possibility of a US rate hike kept the global and local markets subdued. The US Fed's FOMC (Federal Open Market Committee) will meet on September 20-21. A hike in US interest rates can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India. It is also expected to dent business margins as access to capital from the US will become expensive. The Total Investment & Insurance Solutions


On Friday, the benchmark indices opened in the black and managed to stay above water throughout the day’s trade. The benchmark indices opened in the green on the back of positive Asian markets. Though the bears tried to pull the indices lower post noon, the bulls remained in control. The Nifty closed at 8,779.85 with a gain of 0.43%, while the Sensex closed the week at 28,599.03. up 0.66% over Thursday’s close. The BSE market breadth was marginally tilted in favour of the bears -- with 1,418 declines and 1,275 advances. Good macro-economic data on foreign trade and positive Asian markets aided in the initial rally. However, a correction in the key European indices and the upcoming rate-setting meeting of the US Fed, capped gains.The Total Investment & Insurance Solutions

Wednesday, 14 September 2016

Global Markets & News-The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
14 September 2016

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.26%) are up +0.07% and European stocks are up +0.14% as a rally in copper prices lifts mining stocks. Copper (HGZ16+1.28%) is up +1.31% at a 3-week high on speculation Chinese economic growth may rebound after China Aug credit growth expanded more than forecast. Gains in European stocks were limited after Eurozone Jul industrial production fell more than expected. Asian stocks settled mostly lower: Japan -0.69%, Hong Kong -0.11%, China -0.68%, Taiwan -0.43%, Australia +0.38%, Singapore -0.32%, South Korea closed for holiday, India +0.07%. China's Shanghai Composite fell to a 5-week low ahead of holidays on Thursday and Friday. Japan's Nikkei Stock Index dropped to a 2-week low as bank stocks sold off on profit concerns after the Nikkei newspaper reported the BOJ is considering pushing interest rates deeper into negative territory.

The dollar index (DXY00 -0.18%) is down -0.12%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is up +0.12% at a 1-week high.
Dec T-note prices (ZNZ16 +0.13%) are up +4 ticks.

Eurozone Jul industrial production fell -1.1% m/m, weaker than expectations of -1.0% m/m.

China Aug aggregate financing, the broadest measure of credit growth, climbed +1.47 trillion yuan, stronger than expectations of 900 billion yuan. The Total Investment & Insurance Solutions

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +0.9% with purchase sub-index +1.2% and refi sub-index +0.7%), (2) Aug import price index (expected -0.1% m/m and -2.2% y/y, Jul +0.1% m/m and -3.7% y/y), (3) EIA Weekly Petroleum Status Report.

Russell 1000 companies that report earnings today: none.

U.S. IPO's scheduled to price today: Noble Midstream Partners (NBLX)
Equity conferences today include: Barclays Global Financial Services Conference on Mon-Wed, Morgan Stanley Global Health Care Conference on Mon-Thu, Bank of America Merrill Lynch Global Real Estate Conference on Tue-Wed, Deutsche Bank Technology Conference on Tue-Wed, Hart Energy DUG Eagle Ford Conference on Tue-Wed, KeyBanc Basic Materials & Packaging Conference on Tue-Wed, Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed, Credit Suisse European Industrials Conference on Wed, Deutsche Bank Metals and Mining Conference on Wed, Mizuho Investment Conference on Wed, Peters & Co.Limited Energy Conference on Wed, Bank of America Merrill Lynch Media, Communications & Entertainment Conference on Wed-Thu, Morgan Stanley Laguna Conference on Wed-Fri, Bank of America Merrill Lynch Japan Conference on Thu, BMO Capital Markets Back to School Education Conference on Thu, UBS Best of Americas Conference on Thu, Citi Global Industrials Conference on Fri, Kazakh Drilling Roundtable - 2nd Annual on Fri. The Total Investment & Insurance Solutions

OVERNIGHT U.S. STOCK MOVERS

F5 Networks (FFIV -1.62%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with an 18-month price target of $140.
Consolidated Edison (ED -1.64%) was upgraded to 'Buy' from 'Hold' at Jeffries with a 12-month target price of $82.
Macy's (M -2.72%) gained nearly 2% in pre-market trading after Citigroup upgraded the stock to 'Buy' from 'Neutral.'
Aerie Pharmaceuticals (AERI -5.94%) jumped nearly 6% in after-hours trading after it was rated a 'Strong Buy' at Raymond James with a 12-month target price of $48.
At Home Group (HOME +6.23%) gained over 3% in after-hours trading after it reported Q2 adjusted EPS of 13 cents, better than consensus of 11 cents.
Brooks Automation (BRKS -1.67%) was rated a new 'Buy' at Janney Montgomery with a 12-month target price of $20. The Total Investment & Insurance Solutions
American Electric Power (AEP -1.39%) slid nearly 2% in after-hours trading after it said it will sell its Midwest power plants to Blackstone, Arclight for about $2.1 billion.
Oasis Petroleum (OAS -6.55%) lost nearly 3% in after-hours trading after it offered $250 million of senior convertible notes due 2023.

Callidius Software (CALD -1.97%) dropped 4% in after-hours trading after it reported a public offering of 4 million shares of common stock.
Avinger (AVGR -1.59%) gained over 4% in after-hours trading after it signed an agreement with the U.S. Department of Veteran Affairs for Lumivascular technology.
Herbalife (HRB -0.54%) is up over 2% in after-hours trading after Carl Icahn asked the FTC for permission to raise his stake in the company to 50%, up from the 35% he already has permission to buy.

Agios Pharmaceuticals (AGIO +0.33%) fell 5% in after-hours trading after it proposed an offering of up to $150 million of common stock.
Radiant Logistics (RLGT -3.55%) slipped 5% in after-hours trading after it reported a Q4 loss of -1 cent per share and said Q4 revenue was down -6.4%y/y to $183.6 million. The Total Investment & Insurance Solutions

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.26%) this morning are up +1.50 points (+0.07%). Tuesday's closes: S&P 500 -1.48%, Dow Jones -1.41%, Nasdaq -0.88%. The S&P 500 on Tuesday closed lower on weakness in energy producer stocks after crude oil plunged -3%. Stocks were also undercut by the sharp sell-off in T-bond prices and by continued concern that global central banks will stop expanding their stimulus measures.

Dec 10-year T-notes (ZNZ16 +0.13%) this morning are up +4 ticks. Tuesday's closes: TYZ6 -16.50, FVZ6 -8.75. Dec T-notes on Tuesday closed lower on weak demand for the Treasury's $15 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.13, below the 12-auction average of 2.36. T-note prices were also undercut by a relatively heavy slate of corporate debt offerings with 15 companies selling corporate debt on Tuesday, which prompts bond dealers to sell T-notes futures to hedge their corporate bond purchases.

The dollar index (DXY00 -0.18%) this morning is down -0.117 (-0.12%). EUR/USD (^EURUSD) is up +0.0006 (+0.05%). USD/JPY (^USDJPY) is up +0.12 (+0.12%). Tuesday's closes: Dollar index +0.538 (+0.57%), EUR/USD -0.0015 (-0.13%), USD/JPY +0.71 (+0.70%). The dollar index on Tuesday closed higher on weakness in the currencies of the crude-exporting countries of Canada and Russia after crude oil fell 3%. There was also weakness in GBP/USD, which fell to a 1-week low on speculation the BOE may boost stimulus measures after UK Aug CPI rose less than expected.

Oct crude oil (CLV16 +0.47%) this morning is up +23 cents (+0.51%) and Oct gasoline (RBV16 -0.23%) is down -0.0047 (-0.34%). Tuesday's closes: CLV6 -1.39 (-3.00%), RBV6 -0.0134 (-0.96%). Oct crude and gasoline on Tuesday closed lower on a stronger dollar and on the IEA's projection that the global oil market will remain oversupplied through 2017, longer than last month's estimate for the global oil market to reach equilibrium this year. Crude oil prices were also undercut by expectations for Wednesday's weekly EIA crude inventories report to show a rise of +4.0 million bbl.The Total Investment & Insurance Solutions

PayU acquires Citrus Pay for USD 130 million -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC
14 September 2016

Global online payment service provider PayU has acquired Indian payments technology player, Citrus Pay, for $130 million in an all-cash deal, a joint-statement said here on Wednesday.

The agreement is due to close in the third quarter of 2016. The statement described PayU's $130 million transaction as the largest ever merger and acquisition cash deal in the Indian fintech sector.

"Today's announcement is a significant milestone for both businesses, as well as the fintech industry in India. It is exciting for everyone across the PayU and Citrus teams as we bring together new capabilities that will help us to better serve our collective clients." said Laurent le Moal, CEO of PayU.

The deal will grow PayU India customers to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 billion, growing at more than 50% year-on-year, the statement said. The Total Investment & Insurance Solutions

"The agreement also enables PayU to quickly bring additional innovative financial services to market for its business and consumer customers," it added. The Total Investment & Insurance Solutions

Amrish Rau, currently Citrus Pay managing director, will become CEO of PayU in India. Reporting to PayU Global CEO, Laurent le Moal, he will lead entrepreneurial management team across PayU and Citrus Pay. The Total Investment & Insurance Solutions

Citrus Pay founder Jitendra Gupta will drive PayU's Fintech foray into credit through Citrus Pay's Lazypay, while Shailaz Nag, PayU co-founder, will focus on new areas of growth through bank alliances. 

Nitin Gupta, PayU co-founder, will help complete the transition to the new leadership team before departing PayU to pursue his entrepreneurial ambitions.

Citrus Pay was founded in 2011 by Jitendra Gupta. The Total Investment & Insurance Solutions

PayU is part of Naspers, a global Internet and entertainment group, and one of the largest technology investors in the world. The Total Investment & Insurance Solutions


Investec acted as the sole advisor to the transaction.The Total Investment & Insurance Solutions