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TIMEXTENDER REVAMPING CORPORATE PERFORMANCE MANAGEMENT  FOR FINANCE EXECUTIVES

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TimeXtender-Corporate

TimeXtender was founded in 2005 in Aarhus, Denmark. Eleven years later, the company has built an impressive customer base of more than 2,600 users across more than 60 countries, making it the largest Data Warehouse Automation (DWA) provider for the Microsoft SQL Server market.

Given the success of its flagship TX DWA platform, TimeXtender has been recognized as one of the fastest growing private technology companies, as evidenced by its ranking in both the Software 500 and Deloitte Technology Fast 500.  To that end, the company recently opened a new North American headquarters in Bellevue, Washington to complement its long-standing European headquarters in Denmark.

A significant part of the company’s success can also be attributed to its comprehensive partner network, located throughout six continents. Given this success, it would be easy to rest on its laurels, but TimeXtender’s automation technology has been so well-received that the company decided to develop another automation solution: TX Financials. This platform was designed specifically for corporate finance and accounting executives and corporate performance management (CPM).

TimeXtender-Corporate

Strategic Asset for Project Finance

TimeXtender’s TX Financials, provides CPM automation by transforming the way an organization handles financial management. TX Financials structures the data collection process and eliminates the pain of manually processing data. It manages all financial budgeting, reporting and analysis and delivers “one version of the truth” for all financial data. TX Financials integrates all budgeting, planning, and forecasting, providing financial consolidation into a centralized platform that is captured at the transaction level.

This CPM automation platform ensures accuracy and data integrity; eliminating hours spent on data reconciliation. It enables corporate finance and accounting to create detailed budgeting and forecasting scenarios that can easily be updated, and delivers trustworthy and accurate scenarios that reflect the latest updated financial data.

With TX Financials, finance and accounting executives at their corporate headquarters can have access to all data. Each individual transaction is converted into meaningful information and used to explain variances to form the foundation for real forecasting.

Corporate Governance Strengthened

Historically, many finance and accounting executives have relied on spreadsheets to manage all these activities, but using spreadsheets to merge and share data from various departments can be very cumbersome and at times simply incorrect. TX Financials helps finance and accounting save significant time and money, while enabling the company to meet regulatory requirements for increased transparency of financial transactions. This platform prevents delays in month-end and year-end close and provides an ongoing model that reflects the current budget.

To find out more about TimeXtender and TX Financials visit www.timextender.com.

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British insurer RSA profit rises ahead of takeover

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British insurer RSA profit rises ahead of takeover 1

LONDON (Reuters) – British insurer RSA’s 2020 operating profit rose 15% to 751 million pounds ($1.05 billion), it said on Friday, ahead of an anticipated takeover by Denmark’s Tryg and Canada’s Intact Financial.

The car, home and commercial insurer said strong underwriting discipline had helped its performance.

RSA started life in 1706 and is best known in Britain for its “More Than” brand. It also has major businesses in Canada, Ireland and Scandinavia.

The 7.2 billion pound takeover is expected to complete in the second quarter, RSA said.

Intact will gain RSA’s Canada, UK and international operations while Tryg will take the Sweden and Norway businesses. The pair will co-own RSA’s Danish unit.

RSA said there was a net COVID-19 impact of 42 million pounds on operating profit from premiums, claims and investment income.

“RSA’s results had to be achieved despite a drag on profits from COVID-19, as well as coping with the many other severe challenges it posed – to capital and operations, and most

especially to customer service,” said Chief Executive Stephen Hester.

Hester, who joined RSA as CEO in 2014, is due to step down after the deal completes.

($1 = 0.7179 pounds)

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)

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Britain’s Sainsbury’s gives staff third pandemic bonus

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Britain's Sainsbury's gives staff third pandemic bonus 2

LONDON (Reuters) – Britain’s second largest supermarket group Sainsbury’s will award its staff a third bonus for their efforts during the COVID-19 pandemic, it said on Friday.

Sainsbury’s has 172,000 workers, making it one of Britain’s biggest private sector employers.

The third one-off payment will be made to staff working in stores, as well as logistics and customer care teams in May.

It will be based on 3% of an employee’s annual pay, so a full-time staffer would receive over 530 pounds ($739).

Sainsbury’s also announced a pay increase for store staff.

It said that from March the hourly rate of pay for Sainsbury’s and Argos store workers would increase to 9.50 pounds ($13.25) – an increase from 9.30 pounds for a Sainsbury’s worker and 9.00 pounds for an Argos worker.

Workers in central London will see their pay rise to 10.10 pounds an hour.

The group said the latest rise means pay for store staff has increased by 24% over the last five years.

Sainsbury’s said in January that after forgoing business rates relief of 410 million pounds it expected to report a year to March 2021 underlying pretax profit of “at least” 330 million pounds, down from 586 million pounds in 2019-20.

($1 = 0.7171 pounds)

(Reporting by James Davey; Editing by Alistair Smout)

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China’s Ant to boost consumer finance unit capital as it restructures micro-lending – sources

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China's Ant to boost consumer finance unit capital as it restructures micro-lending - sources 3

By Julie Zhu

HONG KONG (Reuters) – China’s Ant Group is in talks with other shareholders in its new consumer finance unit to bolster the firm’s capital as the fintech giant prepares to fold in its lucrative micro-lending businesses, people familiar with the matter said.

It would need additional capital of 30 billion yuan ($4.6 billion) to meet regulatory requirements, said one of the people who has direct knowledge of the plans.

Ant plans to bring most of its micro-lending businesses into the unit – equivalent to roughly 1 trillion yuan ($155 billion) in outstanding loans – a move which will allow it to maintain operations nationwide and expand more easily, said two sources.

The plans reflect intense regulatory pressure on Ant to rein in some of its operations and subject them to rules and capital requirements similar to those for banks. That pressure scuppered Ant’s $37 billion IPO last year and has seen it formulate plans to shift to a financial holding company structure.

Ant has two lucrative micro-lending businesses: Huabei, which operates like a virtual credit card, and Jiebei, a short-term consumer loan provider. Both based in the southwestern city of Chongqing, they form the bulk of its credit business which accounted for close to 40% of Ant’s revenue in the first half of 2020.

But under new draft rules published by China’s central bank in November, Huabei and Jiebei would have to limit their operations to Chongqing unless they obtain new national licences – a potentially lengthy and uncertain process.

That would not be a problem if the micro-lending businesses were part of the consumer finance arm.

Another major benefit of shifting the businesses to the consumer finance unit is that consumer finance firms can lend up to 10 times their registered capital while online micro-loan firms are only allowed leverage ratios of 2-3 times.

The new consumer finance firm, called Chongqing Ant Consumer Finance Co Ltd, was set up in August 2020 but still has not gained its business licence, three sources said.

“Regulators won’t easily greenlight the launch of the business before it fully complies with the capital adequacy rules,” said one of the people.

The sources were not authorised to speak on the matter and declined to be identified.

Ant, an Alibaba Group Holding affiliate, declined to comment. The China Banking and Insurance Regulatory Commission did not immediately respond to a request for comment.

Micro-lending – loans for small purchases such as smartphones, cameras and white goods – is hugely popular in China.

Ant and other tech platforms such as Tencent-backed WeBank and JD.com Inc have become powerful third-party intermediaries who draw in borrowers, take as much as a third of lending profit margins while the banks they partner with passively supply the credit.

Ant owns 50% of the consumer finance unit, which it plans to develop into China’s biggest consumer lending player.

Hong Kong-based Nanyang Commercial Bank holds a 15% stake while Taiwan’s Cathay United Bank holds 10%. Other co-founders include battery maker CATL and Alibaba-backed intelligent transport services firm China TransInfo Technology.

If the other shareholders are reluctant to provide additional capital, Ant plans to bring new investors, two of the people said.

Several shareholders want more clarity on the consumer finance unit’s listing prospects, they added.

Shareholders are also hoping their stakes in the unit will be converted into shares in Ant’s financial holding company, which is likely to go public, the people said.

Most of the other shareholders did not respond to requests for comment. CATL referred queries to Ant.

($1 = 6.4686 Chinese yuan)

(Reporting by Julie Zhu in Hong Kong and Cheng Leng in Beijing; Editing by Sumeet Chatterjee and Edwina Gibbs)

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