London, 07 January 2013, Gresham Computing plc, a leading provider of transaction control solutions, announced today that Jones Lang LaSalle (JLL) has selected Clareti Transaction Control (CTC) to increase the level of automation in matching and allocating incoming receipts for its UK property management business.
CTC, which is due to go live early this year, is expected to deliver significant efficiencies to Jones Lang LaSalle by automating key stages of the current matching and allocation process. Early trials demonstrated immediate automatic match rates for incoming bank receipts to outstanding rent demands, invoices and similar outstanding amounts (open items) in excess of 50% with little configuration. CTC was then configured with simple business matching rules that lifted the matching rate above 75%, allowing Jones Lang LaSalle to gradually move towards significant levels of automation at the right pace for the business, without compromising existing processes.
Initially CTC allows for the enhancement and enrichment of incoming bank receipts, identifying the paying customer and drawing out information from the message to assist in the later allocation and matching process. CTC then facilitates assisted matching, whereby CTC enhanced and enriched bank receipts are matched to open items, with the results exported or printed for use in the existing process. CTC’s full functionality allows the importing of bank receipts, matching to imported open items and exporting results direct to a target ledger.
“Property managers face a multitude of problems in quickly and accurately matching and allocating incoming bank receipts to debtors primarily because of the quality of information contained in the incoming bank receipt message,” explained Chris Errington, CEO Gresham Computing. “CTC allows Jones Lang LaSalle to automate these processes and increase Straight-Through Reconciliation (STR) rates, allowing staff to focus on resolving any exceptions that arise. Ultimately it will allow Jones Lang LaSalle to match payments faster, quickly identify and follow up on short or non-payment, and thereby minimise risk and ensure they deliver the best possible service to clients. This win further demonstrates the increase in demand we are seeing today for Gresham’s modern and innovative solutions.”
About Gresham Computing
Gresham Computing plc is a specialist provider of software based solutions that enable customers to achieve real-time financial certainty in transaction and cash management. Our customers include several of the world’s largest financial institutions and companies, served locally from offices located in Europe, North America and Asia.
Further information can be found at: www.gresham-computing.com
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specialising in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management.
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Dollar pauses its decline on fresh virus worries
By Hideyuki Sano
TOKYO (Reuters) – The U.S. dollar stabilised on Monday after a recent decline as fresh worries about the coronavirus and the global economy prompted investors to hang on to the safe-haven currency.
But analysts said the dollar could resume its fall if the U.S. Federal Reserve reaffirms its commitment to a highly accommodative monetary policy at its rate meeting later this week — as widely expected.
“I don’t think the Fed has any incentives to curtail its stimulus at this point, even though some market players may try to read between the lines for any signs of tapering in stimulus,” said Kazushige Kaida, head of FX sales at State Street Bank’s Tokyo Branch.
“I think the dollar is staying in a downtrend even though it is marking time for now,” he said.
Federal Reserve Chair Jerome Powell is expected to signal he has no plan to wind back the Fed’s massive stimulus any time soon when the central bank concludes its policy review on Wednesday.
The dollar index stood at 90.172, flat on the day. It bounced back on Friday after hitting 90.043 on Thursday, last week’s lowest level.
Economic activity in the euro zone shrank markedly in January as stringent lockdowns to contain the COVID-19 pandemic hit the bloc’s dominant service industry hard while UK data showed British retailers struggled to recover in December.
British Prime Minister Boris Johnson also said on Friday there was evidence a new variant of COVID-19 discovered late last year could be associated with higher mortality, while problems in some vaccine roll-outs also weighed on sentiment.
Downbeat coronavirus news overshadowed some upbeat U.S. data, including a surge in manufacturing and an unexpected jump in existing home sales.
Bets against the dollar have become overcrowded, analysts also said, with U.S. data on Friday showing net dollar short positions swelling to the largest since May 2011.
The euro was little changed at $1.2174 , taking a pause after a 0.8% gain last week.
The common currency is capped in part by signs of political instability in Rome, which has also driven Italian bond yields higher. The yield spread between Italian and German bonds hit its highest since November on Friday.
Italy’s main ruling parties on Friday flagged snap elections as the only way out of its political impasse, if Prime Minister Giuseppe Conte fails to drum up a parliamentary majority after scraping through a confidence vote.
The situation in Italy demonstrates the widespread risks of political instability from popular discontent as communities grow weary of the pandemic, some analysts said.
“The stock markets’ rally during this pandemic is completely dependent on fiscal expansion and debt monetisation by central banks,” said Makoto Noji, chief currency strategist at SMBC Nikko Securities. “Political instability could delay fiscal measures. The year 2021 will not be the same as 2020.”
In Washington, the honeymoon after Joe Biden’s inauguration as President last week means investors are hopeful that at least a part of his $1.9 trillion coronavirus relief plan will come through fairly soon.
The second impeachment trial of former U.S. President Donald Trump expected early next month could complicate his efforts.
Elsewhere, the British pound held firm at $1.3684, not far off a 2-1/2-year high of $1.3745 touched on Thursday thanks in part to Britain’s lead in COVID-19 vaccinations.
Against the yen, the dollar was flat at 103.76 yen.
(Reporting by Hideyuki Sano; Editing by Sam Holmes and Ana Nicolaci da Costa)
Asian shares rise as U.S. stimulus plans offset virus woes
By Swati Pandey
SYDNEY (Reuters) – Asian shares rose on Monday as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by expectations of a $1.9 trillion fiscal stimulus plan to help revive the U.S. economy.
Global equity markets have scaled record highs in recent days on bets COVID vaccines will start to reduce the inflection rates worldwide and on a stronger U.S. economic recovery under President Joe Biden.
Still, investors are also wary about towering valuations amid questions over the efficiency of the vaccines in curbing the pandemic and as U.S.lawmakers continue to debate a coronavirus aid package.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose slightly to 721.96 and just a short distance away from last week’s record high of 727.31.
The benchmark is up 8.5% so far in January, on track for its fourth straight monthly rise.
Japan’s Nikkei rebounded from falls in early trading to be up 0.36%.
Australian shares were slightly higher too after the country’s drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with authorities saying a phased rollout will begin late next month.
Chinese shares rose, with the blue-chip CSI300 index up 0.6%.
“The spotlight will be on Washington DC this week,” said Stephen Innes, Chief Global Markets Strategist at Axi.
The Biden administration tried to head off Republican concerns that their $1.9 trillion pandemic relief proposal was too expensive with lawmakers from both parties saying they had agreed that getting the COVID-19 vaccine to Americans should be a priority.
Financial markets have been eyeing a massive U.S. economic stimulus though disagreements have meant months of indecision in a country suffering more than 175,000 COVID-19 cases a day with millions out of work.
“Vaccine breakthroughs make it likely that life will become more functional again at some point in 2021, resulting in higher GDP growth and more robust corporate earnings,” Innes said.
“But increasing global COVID19 infections, new variants of the virus, tightening social distancing restrictions and delays in vaccine rollouts in some places, all increase the near-term growth risks.”
Global COVID-19 cases are inching towards 100 million with more than 2 million dead.
Hong Kong locked down an area of the Kowloon peninsula on Saturday, the first such measure the city has taken since the pandemic began.
Reports the new UK COVID variant was not only highly infectious but perhaps more deadly than the original strain also added to worries.
In the European Union, political leaders expressed widespread dismay over a hold-up by AstraZeneca and Pfizer Inc in delivering promised doses, with Italy’s prime minister lashing out at the vaccine suppliers, saying delays amounted to a serious breach of contractual obligations.
On Friday, the Dow fell 0.57%, the S&P 500 lost 0.30% and the Nasdaq added 0.09%. The three main U.S. indexes closed higher for the week, with the Nasdaq up over 4%.
Jefferies analysts said U.S. stock markets looked overvalued though they still remained bullish.
“For the stock market to have a real nasty unwind, rather than just a bull market correction, there needs to be a catalyst,” analyst Christopher Wood said.
“That means either an economic downturn or a material tightening in Fed policy,” Wood said, adding neither was likely to occur in a hurry.
In currencies, major pairs were trapped in a tight range as markets awaited a U.S. Federal Reserve meeting on Wednesday.
The dollar index was flat at 90.19, with the euro at $1.2169, while sterling was last trading at $1.3691.
The Japanese yen was unchanged at 103.77 per dollar.
In commodities, oil prices fell with Brent down 12 cents at $55.29 a barrel and U.S. crude off 3 cents at $52.24.
Gold was higher with spot prices up 0.2% at 1,855.9 an ounce.
(Editing by Sam Holmes & Shri Navaratnam)
U.S. inauguration turns poet Amanda Gorman into best seller
WASHINGTON (Thomson Reuters Foundation) – The president’s poet woke up a superstar on Thursday, after a powerful reading at the U.S. inauguration catapulted 22-year-old Amanda Gorman to the top of Amazon’s best-seller list.
Hours after Gorman’s electric performance at the swearing-in of President Joe Biden and Vice President Kamala Harris, her two books – neither out yet – topped Amazon.com’s sales list.
“I AM ON THE FLOOR MY BOOKS ARE #1 & #2 ON AMAZON AFTER 1 DAY!” Gorman, a Los Angeles resident, wrote on Twitter.
Gorman’s debut poetry collection ‘The Hill We Climb’ won top spot in the online retail giant’s sale charts, closely followed by her upcoming ‘Change Sings: A Children’s Anthem’.
While poetry’s popularity is on the up, it remains a niche market and the overnight adulation clearly caught Gorman short.
“Thank you so much to everyone for supporting me and my words. As Yeats put it: ‘For words alone are certain good: Sing, then’.”
Gorman, the youngest poet in U.S. history to mark the transition of presidential power, offered a hopeful vision for a deeply divided country in Wednesday’s rendition.
“Being American is more than a pride we inherit. It’s the past we step into and how we repair it,” Gorman said on the steps of the U.S. Capitol two weeks after a mob laid siege and following a year of global protests for racial justice.
“We will not march back to what was. We move to what shall be, a country that is bruised, but whole. Benevolent, but bold. Fierce and free.”
The performance stirred instant acclaim, with praise from across the country and political spectrum, from the Republican-backing Lincoln Project to former President Barack Obama.
“Wasn’t @TheAmandaGorman’s poem just stunning? She’s promised to run for president in 2036 and I for one can’t wait,” tweeted former presidential candidate Hillary Clinton.
A graduate of Harvard University, Gorman says she overcame a speech impediment in her youth and became the first U.S. National Youth Poet Laureate in 2017.
She has now joined the ranks of august inaugural poets such as Robert Frost and Maya Angelou.
Her social media reach boomed, with her tens of thousands of followers ballooning into a Twitter fan base of a million-plus.
“I have never been prouder to see another young woman rise! Brava Brava, @TheAmandaGorman! Maya Angelou is cheering—and so am I,” tweeted TV host Oprah Winfrey.
Gorman’s books are both due out in September.
Third on Amazon’s best selling list was another picture book linked to politics and projecting hope: ‘Ambitious Girl’ by Vice-President Kamala Harris’ niece, Meena Harris.
(Reporting by Umberto Bacchi @UmbertoBacchi, Editing by Lyndsay Griffiths. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
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