Connect with us

Top Stories

DARREN ROOS APPOINTED AS CEO OF IFS

Published

on

DARREN ROOS APPOINTED AS CEO OF IFS

IFS Board of Directors hires proven enterprise software leader to succeed Alastair Sorbie as Chief Executive Officer

IFS, the global enterprise applications company, today announces it has hired Darren Roos as the Chief Executive Officer of IFS. The appointment is effective 1 April 2018 and aligns with the retirement of Alastair Sorbie at the end of Q1 2018.

 Roos is a proven enterprise software leader, with a track-record for establishing and scaling global software businesses. Most recently Roos was President of SAP’s Cloud ERP business, and prior to that, significantly grew Software AG’s international operations, which enabled the company to triple in size during his tenure.

 Darren Roos, CEO of IFS, said: “I am excited and privileged to lead IFS in this next chapter. IFS is an incredible business! The combination of its strong ERP heritage, leadership in EAM and FSM, and exemplary customer satisfaction gives it the perfect platform to play a dominant role in the enterprise software industry. I plan to bring my experience and skills specifically around scaling companies, building cloud businesses, and establishing high-performing teams to enable IFS to continue to flourish.” He added: “I’m looking forward to meeting and engaging with the 3,500 women and men who have built this business and the 10,000 customers and partners who make it great.”

 Per Franzen, partner at EQT (the owner of IFS), commented: “Darren’s experience, knowledge, and proven track record of building successful businesses in the markets where IFS operates make him a great choice as CEO. The appointment of Darren comes at a time when IFS has a real opportunity to generate further momentum in the sector and extend its leadership position. This is good news for customers, partners and of course employees.” He continued: “We thank Alastair for his commitment to the company and we are grateful to him for establishing IFS as the successful business it is today. We also look forward to continue working with Alastair as part of the EQT industrial network.”

Commenting on his retirement, Alastair Sorbie said: “I am proud to have built IFS into a global organization during my 12 years as CEO. I would like to thank the many colleagues who have been part of this journey – they have helped sustain a culture that enables IFS to attract and retain talented employees and industry leading customers. I wish them, Darren, and whole of the IFS community, the very best for the future.”

For more information about Darren Roos, please visit: http://www.ifsworld.com/corp/company/governance/executive-management/

Top Stories

Oil extends losses as Texas prepares to ramp up output

Published

on

Oil extends losses as Texas prepares to ramp up output 1

By Ahmad Ghaddar

LONDON (Reuters) – Oil prices fell from recent highs for a second day on Friday as Texas energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather.

Brent crude futures were down $1.16, or 1.8%, to $62.77 per barrel, by 1150 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.42, or 2.4%, to $59.10 a barrel.

Unusually cold weather in Texas and the Plains states curtailed up to 4 million barrels per day (bpd) of crude oil production and 21 billion cubic feet of natural gas, according to analysts.

Texas refiners halted about a fifth of the nation’s oil processing amid power outages and severe cold.

However, firms in the region on Friday were expected to prepare for production restarts as electric power and water services slowly resume, sources said.

“The market was ripe for a correction and signs of the power and overall energy situation starting to normalise in Texas provided the necessary trigger,” said Vandana Hari, energy analyst at Vanda Insights.

Oil fell despite a surprise fall in U.S. crude stockpiles in the week to Feb. 12, before the freeze. Inventories fell by 7.3 million barrels to 461.8 million barrels, their lowest since March, the Energy Information Administration reported on Thursday. [EIA/S]

The United States on Thursday said it was ready to talk to Iran about both nations returning to a 2015 agreement that aimed to prevent Tehran from acquiring nuclear weapons.

While the thawing relations could raise the prospect of reversing sanctions imposed by the previous U.S. administration, analysts did not expect Iranian oil sanctions to be lifted anytime soon.

“This breakthrough increases the probability that we may see Iran returning to the oil market soon, although there is much to be discussed and a new deal will not be a carbon-copy of the 2015 nuclear deal,” StoneX analyst Kevin Solomon said.

(Additional reporting by Roslan Khasawneh in Singapore and Sonali Paul in Melbourne; editing by Jason Neely)

Continue Reading

Top Stories

Analysis: Carmakers wake up to new pecking order as chip crunch intensifies

Published

on

Analysis: Carmakers wake up to new pecking order as chip crunch intensifies 2

By Douglas Busvine and Christoph Steitz

BERLIN (Reuters) – The semiconductor crunch that has battered the auto sector leaves carmakers with a stark choice: pay up, stock up or risk getting stuck on the sidelines as chipmakers focus on more lucrative business elsewhere.

Car manufacturers including Volkswagen, Ford and General Motors have cut output as the chip market was swept clean by makers of consumer electronics such as smartphones – the chip industry’s preferred customers because they buy more advanced, higher-margin chips.

The semiconductor shortage – over $800 worth of silicon is packed into a modern electric vehicle – has exposed the disconnect between an auto industry spoilt by decades of just-in-time deliveries and an electronics industry supply chain it can no longer bend to its will.

“The car sector has been used to the fact that the whole supply chain is centred around cars,” said McKinsey partner Ondrej Burkacky. “What has been overlooked is that semiconductor makers actually do have an alternative.”

Automakers are responding to the shortage by lobbying governments to subsidize the construction of more chip-making capacity.

In Germany, Volkswagen has pointed the finger at suppliers, saying it gave them timely warning last April – when much global car production was idled due to the coronavirus pandemic – that it expected demand to recover strongly in the second half of the year.

That complaint by the world’s No.2 volume carmaker cuts little ice with chipmakers, who say the auto industry is both quick to cancel orders in a slump and to demand investment in new production in a recovery.

“Last year we had to furlough staff and bear the cost of carrying idle capacity,” said a source at one European semiconductor maker, who spoke on condition of anonymity.

“If the carmakers are asking us to invest in new capacity, can they please tell us who will pay for that idle capacity in the next downturn?”

LOW-TECH CUSTOMER

The auto industry spends around $40 billion a year on chips – about a tenth of the global market. By comparison, Apple spends more on chips just to make its iPhones, Mirabaud tech analyst Neil Campling reckons.

Moreover, the chips used in cars tend to be basic products such as micro controllers made under contract at older foundries – hardly the leading-edge production technology in which chipmakers would be willing to invest.

“The suppliers are saying: ‘If we continue to produce this stuff there is nowhere else for it to go. Sony isn’t going to use it for a Playstation 5 or Apple for its next iPhone’,” said Asif Anwar at Strategy Analytics.

Chipmakers were surprised by the panicked reaction of the German car industry, which persuaded Economy Minister Peter Altmaier to write a letter in January to his counterpart in Taiwan to ask its semiconductor makers to supply more chips.

No extra supplies were forthcoming, with one German industry source joking that the Americans stood a better chance of getting more chips from Taiwan because they could at least park an aircraft carrier off the coast – referring to the ability of the United States to project power in Asia.

Closer to home, a source at another European chipmaker expressed disbelief at the poor understanding at one carmaker of how it operates.

“We got a call from one auto maker that was desperate for supply. They said: Why don’t you run a night shift to increase production?” this person said.

“What they didn’t understand is that we have been running a night shift since the beginning.”

NO QUICK FIX

While Infineon, the leading supplier of chips to the global auto industry, and Robert Bosch, the top ‘Tier 1’ parts supplier, both plan to commission new chip plants this year, there is little chance of supply shortages easing soon.

Specialist chipmakers like Infineon outsource some production of automotive chips to contract manufacturers led by Taiwan Semiconductor Manufacturing Co Ltd (TSMC), but the Asian foundries are currently prioritising high-end electronics makers as they come up against capacity constraints.

Over the longer term, the relationship between chip makers and the car industry will become closer as electric vehicles are more widely adopted and features such as assisted and autonomous driving develop, requiring more advanced chips.

But, in the short term, there is no quick fix for the lack of chip supply: IHS Markit estimates that the time it takes to deliver a microcontroller has doubled to 26 weeks and shortages will only bottom out in March.

That puts the production of 1 million light vehicles at risk in the first quarter, says IHS Markit. European chip industry executives and analysts agree that supply will not catch up with demand until later in the year.

Chip shortages are having a “snowball effect” as auto makers idle some capacity to prioritize building profitable models, said Anwar at Strategy Analytics, who forecasts a drop in car production in Europe and North America of 5%-10% in 2021.

The head of Franco-Italian chipmaker STMicroelectronics, Jean-Marc Chery, forecasts capacity constraints will affect carmakers until mid-year.

“Up to the end of the second quarter, the industry will have to manage at the lean inventory level,” Chery told a recent Goldman Sachs conference.

(Douglas Busvine from Berlin and Christoph Steitz from Frankfurt; Additional reporting by Mathieu Rosemain and Gilles Gillaume in Paris; Editing by Susan Fenton)

Continue Reading

Top Stories

Aussie and sterling hit multi-year highs on recovery bets

Published

on

Aussie and sterling hit multi-year highs on recovery bets 3

By Tommy Wilkes

LONDON (Reuters) – The Australian dollar rose to near a three-year high and the British pound scaled $1.40 for the first time since 2018 on optimism about economic rebounds in the two countries and after the U.S. dollar was knocked by disappointing jobs data.

The U.S. currency had been rising in recent days as a jump in Treasury yields on the back of the so-called reflation trade drew investors. But an unexpected increase in U.S. weekly jobless claims soured the economic outlook and sent the dollar lower overnight.

On Friday it traded down 0.3% against a basket of currencies, with the dollar index at 90.309.

The Aussie rose 0.8% to $0.784, its highest since March 2018. The currency, which is closely linked to commodity prices and the outlook for global growth, has been helped by a recent rally in commodity prices.

The New Zealand dollar also gained, and was not far off a more than two-year high, while the Canadian dollar rose too.

Sterling rose to $1.4009 on Friday, an almost three-year high amid Britain’s aggressive vaccination programme.

Given the size of Britain’s vital services sector, analysts say the faster it can reopen the economy, the better for the currency. Sterling was also helped by better-than-expected purchasing managers index flash survey data for February.

The U.S. dollar has been weighed down by a string of soft labour data, even as other indicators have shown resilience, and as President Joe Biden’s pandemic relief efforts take shape, including a proposed $1.9 trillion spending package.

Despite the recent rise in U.S. yields, many analysts think they won’t climb too much higher, limiting the benefit for the dollar.

“Our view remains that the Fed will hold the line and remain very cautious about tapering asset purchases. We think it will keep communicating that tightening is very far off, which should dampen pro-dollar sentiment,” said UBS Global Wealth Management strategist Gaétan Peroux and analyst Tilmann Kolb.

ING analysts said “the rise in rates will be self-regulating, meaning the dollar need not correct too much higher”.

They see the greenback index trading down to the 90.10 to 91.05 range.

U.S. dollar

Aussie and sterling hit multi-year highs on recovery bets 4

The euro rose 0.4% to $1.2134. The single currency showed little reaction to purchasing manager index data, which showed a slowdown in business activity in February. However, factories had their busiest month in three years, buoying sentiment.

The dollar bought 105.39 yen, down 0.3% and a continued retreat from the five-month high of 106.225 reached Wednesday.

(Editing by Hugh Lawson and Pravin Char)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Advent of Artificial Intelligence Facilitates Improvements in Spinal Imaging 5 Advent of Artificial Intelligence Facilitates Improvements in Spinal Imaging 6
Research Reports32 seconds ago

Advent of Artificial Intelligence Facilitates Improvements in Spinal Imaging

Future Market Insights, in its recent spinal imaging market report predicts a growth trajectory of over 5% between 2020 and 2030. Increasing...

COVID-19 to Keep Medical Face Shield Demand Afloat, Projects Future Market Insights 7 COVID-19 to Keep Medical Face Shield Demand Afloat, Projects Future Market Insights 8
Research Reports1 min ago

COVID-19 to Keep Medical Face Shield Demand Afloat, Projects Future Market Insights

Future Market Insights’ report on the medical face shield market infers that the market shall surge at a whopping 11% CAGR throughout...

COVID-19 Pushes Sales of High Flow Nasal Cannula: Future Market Insights Study 9 COVID-19 Pushes Sales of High Flow Nasal Cannula: Future Market Insights Study 10
Research Reports2 mins ago

COVID-19 Pushes Sales of High Flow Nasal Cannula: Future Market Insights Study

Market research company Future Market Insights’ projections on the high flow nasal cannula market reveal that the market is slated to be...

The potential of Open Finance and the digitisation of tax records 11 The potential of Open Finance and the digitisation of tax records 12
Finance2 hours ago

The potential of Open Finance and the digitisation of tax records

By Sudesh Sud, Founder of APARI  The world is undergoing huge changes at the moment. Between coronavirus pushing the economy...

ECB plans closer scrutiny of bank boards 13 ECB plans closer scrutiny of bank boards 14
Banking2 hours ago

ECB plans closer scrutiny of bank boards

FRANKFURT (Reuters) – The European Central Bank plans to increase scrutiny of bank board directors and will take look more...

Where are we with Open Banking, and should we be going further? 15 Where are we with Open Banking, and should we be going further? 16
Banking2 hours ago

Where are we with Open Banking, and should we be going further?

By Mitchel Lenson, Non-Executive Chairman, Exizent Open Banking has the power to revolutionise the way we manage our money, but...

Oil extends losses as Texas prepares to ramp up output 17 Oil extends losses as Texas prepares to ramp up output 18
Top Stories2 hours ago

Oil extends losses as Texas prepares to ramp up output

By Ahmad Ghaddar LONDON (Reuters) – Oil prices fell from recent highs for a second day on Friday as Texas...

From distrust to love/hate – are fintechs and banks starting to get along? From distrust to love/hate – are fintechs and banks starting to get along?
Banking2 hours ago

What will become of our banks and their channels in 2021?  

By Mark Aldred, banking specialist at Auriga As we embark on the new year, 2020 will hopefully become distant but...

Knowing the best alternative payment methods Knowing the best alternative payment methods
Finance2 hours ago

Three ways payment orchestration improves financial reconciliation

By Brian Coburn, CEO or Bridge, When Luca Pacioli, the 15th century Venetian monk, invented double-entry account keeping, managing financial...

Circular Economy must be top of the business agenda in 2021 19 Circular Economy must be top of the business agenda in 2021 20
Finance3 hours ago

Circular Economy must be top of the business agenda in 2021

By Andrew Sharp, CEO of CDSL, the UK’s leading appliance spare parts distributor The last year has been one in...

Newsletters with Secrets & Analysis. Subscribe Now