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Intellect and IBM to deliver seamless digital transformation to the world’s largest banks with IBM Cloud

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Intellect and IBM to deliver seamless digital transformation to the world’s largest banks with IBM Cloud

Intellect and IBM will jointly deliver a range of new digital solutions for corporate banking clients, including iGTB’s new AI- and API-based platform, CBX S-18

New York (US) & London (UK):  Intellect Design Arena, the world’s first full spectrum Banking and Insurance technology products company, and IBM (NYSE: IBM) will jointly deliver digital corporate banking solutions to some of the world’s largest banks on the IBM Cloud.

 Intellect Global Transaction Banking (iGTB) is a global leader in corporate banking technology with 178 client installations across North America, Europe, Asia, the Middle East and Africa.

Working together on a range of technologies including applications, infrastructure and cloud services, iGTB will enhance the delivery of iGTB’s next-generation corporate banking platform, CBX S-18, also making it available on the IBM Cloud. An omnichannel, API-first and microservices-based platform, CBX S-18 uses predictive analytics and machine learning to provide corporations with automatic, tailored “best-next” actions and offers, based on contextual business data. This approach helps improve service levels for corporate treasurers, while banks can cut costs, enrich their client relationships and develop new revenue streams.

“For banks undergoing digital transformation, the risk of slow and disruptive implementation is a pressing concern. Working with IBM, we’re ensuring that not only can we offer the most sophisticated transaction banking solutions, but we can serve clients through the IBM Cloud – implementing quickly, seamlessly and with minimal risk,” says Manish Maakan, CEO of iGTB. “But this is about more than how we deliver our products. Collaborating with an industry leader such as IBM means we can share our resources and deliver this combination to our clients, whilst simultaneously enabling ourselves and IBM to grow and further develop our offerings. Together, we are confident of delivering the best transaction banking solution on the market.”

With initial focus on the U. S. market, a number of solutions for banks undergoing digital transformation will be offered and supported by IBM’s expert knowledge of bank systems.

“Our collaboration with iGTB brings together their transaction banking expertise with IBM’s deep banking technology leadership,” said Shanker Ramamurthy, General Manager, Strategy and Market Development, IBM Industry Platforms.  “Our combined strengths can help impact more financial services organizations to help them harness the disruptive power of cloud. iGTB’s clients can run their mission critical enterprise workloads in IBM Cloud’s network of nearly 60 data centers across the globe. Built from the ground up with security, performance and scalability in mind, clients can move with confidence to the IBM Cloud.”

Manish Maakan, CEO of iGTB, adds: “IBM’s market penetration and range of services are the perfect complement for our specific product expertise. This partnership is fantastic news for us but it’s equally good for banks. They benefit from our technology in CBX S-18, and work with IBM – a company that is familiar with their environments and systems and has a proven track record of delivering successful transformations.”

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Britain’s Heathrow sinks to $2.8 billion loss during pandemic

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Britain's Heathrow sinks to $2.8 billion loss during pandemic 1

LONDON (Reuters) – Britain’s Heathrow Airport plunged to a 2 billion pound ($2.8 billion) annual loss after passenger numbers collapsed to levels last seen in the 1970s during the pandemic.

Heathrow called on the government to agree a common international travel standard to allow passengers to start flying again in the summer and to provide business tax breaks for airports to help them ride out the crisis.

The airport, west of London, is hopeful that travel markets will reopen from mid-May after a government announcement on easing lockdown on Monday.

Still Britain’s biggest airport, Heathrow last year lost its title as the busiest in Europe to Paris as its flight schedules contracted more than its rival’s.

The airport said on Wednesday that during 2020 passenger numbers shrunk 73% to 22 million people, with half of those people having travelled during January and February before COVID-19 shut down global travel.

The airport sunk to a 2 billion loss before tax on revenues which were down 62% to 1.18 billion pounds, but Heathrow said it had 3.9 billion pounds of liquidity and that could keep it going until 2023.

The airport is owned by Spain’s Ferrovial, the Qatar Investment Authority and China Investment Corp, among others.

($1 = 0.7044 pounds)

(Reporting by Sarah Young; Editing by Kate Holton and James Davey)

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Strong exports, construction boost German economy in fourth quarter

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Strong exports, construction boost German economy in fourth quarter 2

BERLIN (Reuters) – Bullish exports and solid construction activity helped the German economy to grow by a stronger-than-expected 0.3% in the final quarter of last year, the Federal Statistics Office said on Wednesday, revising an earlier estimate.

The office, which previously had reported a 0.1% expansion on the quarter from October to December, said it also revised upward its 2020 full-year GDP figure for Europe’s largest economy to -4.9% from -5.0%.

Adjusted for calendar effects, the economy last year shrank by 5.3%, which was a much smaller contraction than many other European countries recorded, mainly due to a strong fiscal response of Chancellor Angela Merkel’s government to the COVID-19 pandemic.

The debt-financed fiscal splurge created an overall state budget deficit of 139.6 billion euros or 4.2% of gross domestic product in 2020, the office said. This was the first deficit since 2011 and the second-highest since German reunification.

(Reporting by Michael Nienaber; Editing by Maria Sheahan)

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UK’s Sunak could extend stamp duty holiday until June-end – The Times

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UK's Sunak could extend stamp duty holiday until June-end - The Times 3

(Reuters) – British finance minister Rishi Sunak is preparing to extend the stamp duty holiday by three months until the end of June in an attempt to boost activity in the housing market as the country emerges from lockdown, The Times reported on Wednesday.

The extension to the policy, which covers sales of properties worth up to 500,000 pounds ($708,100), could cost the government 1 billion pounds, the report https://bit.ly/3sglJoS added.

Britain raised the threshold of property tax to 500,000 pounds last July from 125,000 pounds, exempting nine of 10 people buying a main home from stamp duty. The temporary cuts are set to expire in March 2021.

Sunak will use his annual budget on March 3 to move the policy to the end of June, bringing it in line with the easing of lockdown restrictions, the newspaper said.

He will also announce plans to raise corporation tax while Treasury officials are considering a 25% tax hike.

Sunak said on Tuesday that he would set out more details of job support measures at his budget next week, after official figures showed unemployment had risen to its highest since early 2016.

($1 = 0.7061 pounds)

(Reporting by Aishwarya Nair in Bengaluru, Editing by Sherry Jacob-Phillips)

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