New Front-to-Back Solution will Deliver Intuitive and Personalized Solutions for Yoma Bank’s Treasury Clients
Yoma Bank successfully implemented Fusion Treasury, powered by Opics, with Finastra. The new front-to-back Treasury solution is part of Yoma Bank’s technology-led journey and its continued endeavor to deliver intuitive and personalized solutions for its treasury clients, while maintaining adequate controls, managing risks, continuing regulatory compliance, and improving efficiency.
Yoma Bank Treasury provides an enhanced suite of products and services for its Retail, SME, Corporate, and Institutional clients, which includes FX spots and forwards, FX swaps, cross currency swaps and structured derivatives. In July, Yoma Bank along with KBZ Bank executed the first ever repo test trade in Myanmar.
Speaking on the development, Mr. Vijay MaheshwariYoma Bank CFO said, “Fusion Treasury, powered by Opics, significantly increases Yoma Bank’s capabilities to provide better solutions for our clients and at the same time further enhances our core strengths of optimal risk management and adequate controls. As we continue to work towards Myanmar financial markets development, having a world class treasury system ensures ready capabilities to innovate products and services for our clients.”
“I would like to thank the Finastra and Yoma Bank teams for the great teamwork and the successful implementation, which was achieved on schedule,” Mr.Maheshwari added.
With Fusion Treasury in place, Yoma Bank will be able to service its clients with the best front-to-back-office processing system for money market and FX solutions. The bank will benefit from greater transparency, flexibility and functionality on an industry leading single platform, putting Yoma Bank’s Treasury capabilities in the same league as international players.
Commenting on the implementation, ImadAbou-Haidar, Managing Director – Asia Pacific at Finastra, said, “We have strong expertise in helping Myanmar banks transform to better serve their customers and bring more efficient, convenient banking services to the region. Yoma Bank already benefits from our retail banking solutions and deploying Fusion Treasury is another opportunity to bring real value to its growing client-base, specifically in the treasury space. Fusion Treasury is a modern, componentized and agile solution trusted by hundreds of bank treasuries across the world. It will help Yoma Bank maintain its competitive edge in Myanmar and support the bank’s continued business growth as a leading bank in Myanmar.”
Energy leaders grapple with climate targets at virtual CERAWeek
By Ron Bousso and Jessica Resnick-Ault
NEW YORK (Reuters) – Global energy leaders and other luminaries like incoming Amazon Chief Executive Andy Jassy focused on the tough road to transforming world economies to a lower-carbon future at the kickoff of the world’s largest energy conference on Monday.
Numerous speakers at CERAWeek were prepared to talk about the energy transition and the need for future investment in renewables. But many oil and gas executives were vocal about the need for more fossil-fuel investment in coming years, even as a way of leading the world to a lower-carbon future.
“One of the most urgent things we can do to combat global warming is to back carbon-emitting companies that are committed to get to net zero,” said Bernard Looney, CEO of BP Plc, one of several European oil majors to have committed to ambitious targets of cutting emissions to reach net zero carbon by 2050.
CERAWeek was canceled last year due to the coronavirus pandemic, which stopped billions of people from traveling and wiped out one-fifth of worldwide demand for fuel.
The U.S. fossil fuel industry is still reeling after tens of thousands of jobs were lost. The pandemic has instead accelerated the transition to renewable fuels and electrification of key elements of energy use. Global majors have been playing catch-up, responding to demands from investors to lower production of fuels that contribute to global warming.
The primary message on Monday, however, was that achieving net zero – where polluting emissions are offset by technologies that absorb carbon dioxide for the atmosphere – is going to be difficult.
“There just isn’t yet enough renewable energy to fuel all of the energy that people need. That’s in developed countries,” said Andy Jassy, head of Amazon.com Inc’s cloud division who will succeed Jeff Bezos as CEO this summer.
He said the company had announced its goal for net zero emissions at a time when it had not entirely figured out how to get there.
Since the 2019 conference, many of the world’s major oil companies have set ambitious goals to shift new investments to technologies that will reduce carbon emissions to slow global warming. BP has largely jettisoned its oil exploration team; U.S. auto giant General Motors Co announced plans to stop making gasoline and diesel-powered vehicles in 15 years.
Oil companies have come under increasing pressure from shareholders, governments and activists to show how they are changing their businesses from fossil fuels toward renewables, and to accelerate that transition. However, numerous speakers warned that the viability of certain technologies, such as hydrogen, remains far in the future.
Hydrogen “is a very small business at this point in time, it will scale up, and it will take a long time before it is a business that is large enough to start making a real difference on sort of planetary scale,” said Royal Dutch Shell CEO Ben van Beurden.
Other speakers expected to appear include several representatives from national oil companies along with CEOs of Exxon Mobil, Total, Chevron and Occidental Petroleum, though many are participating in panels focusing on the energy transition.
Mohammed Barkindo, secretary general of the Organization of the Petroleum Exporting Countries, was scheduled to appear, but backed out, citing a conflict.
Some CEOs said more oil and gas investment was necessary.
“We don’t think peak oil is around the corner – we see oil demand growing for the next 10 years,” said John Hess, CEO of Hess Corp. “We’re not investing enough to grow oil and gas in the future,” he said, explaining that prices would need to rise to support that investment.
(Reporting By Ron Bousso, Jessica Resnick-Ault and Marianna Parraga; additional reporting by Valerie Volcovici, Stephanie Kelly, Jeffrey Dastin and Gary McWilliams; writing by David Gaffen; Editing by Marguerita Choy)
AstraZeneca sells stake in vaccine maker Moderna for nearly $1 billion
(Reuters) – AstraZeneca sold its stake in rival COVID-19 vaccine maker Moderna for roughly $1 billion over the course of last year as the Anglo-Swedish drugmaker cashed in on the meteoric rise in the U.S. company’s shares.
London-listed AstraZeneca recorded $1.38 billion in equity portfolio sales last year, with “a large proportion” of it coming from the Moderna sale, according its latest annual report.
Shares in Moderna, which went public in 2018 at $23 per share, surged more than five times last year after it began working on a COVID-19 vaccine based on a new mRNA technology that won U.S. approval in December.
Its shot relies on synthetic genes to send a message to the body’s immune system to build immunity and can be produced at a scale more rapidly than conventional vaccines like AstraZeneca’s.
Last week, Moderna said it was expecting $18.4 billion in sales from the vaccine this year, putting it on track for its first profit since its founding in 2010.
AstraZeneca began investing in Moderna in 2013, paying $240 million upfront and by the end of 2019 had built up its stake to 7.65%.
That would be worth about $3.2 billion based on Moderna’s 2020 closing stock price of $104.47, Reuters calculation showed.
AstraZeneca’s vaccine being developed with Oxford University has not been authorized in the United States and uses a weakened version of a chimpanzee common cold virus to deliver immunity-building proteins to the body.
In December, U.S. drugmaker Merck & Co said it had sold its equity investment in Moderna, but did not disclose the details of the sale proceeds.
Asset manager Baillie Gifford on Monday disclosed in a separate filing it now held 11% passive stake in Moderna as of Feb. 26.
Moderna shares were down 5% at $146.62 in afternoon trading.
(Reporting by Ankur Banerjee, Pushkala Aripaka, Kanishka Singh and Maria Ponnezhath in Bengaluru; Editing by Jason Neely, David Evans and Arun Koyyur)
Vulnerable children stay shut indoors in UK with no vaccine in sight
By Emma Batha
LONDON (Thomson Reuters Foundation) – When Britain’s children return to school next week as the country eases its third lockdown, six-year-old Daniel Meredith will not be joining his friends but will remain shut indoors with no end date in sight.
Daniel has complex medical conditions which could make a COVID-19 infection fatal but there is no vaccine available for children yet, leaving thousands of families with little option but to continue shielding.
“We really do feel like the forgotten people,” Daniel’s mother Sara Meredith, told the Thomson Reuters Foundation.
“Our lives are based around fear.”
Britain, which has launched one of the world’s fastest vaccine roll-outs, has prioritised inoculations for clinically vulnerable adults.
But with paediatric trials only just getting under way, vulnerable children could have a long wait.
Disabilities charity Contact said 61,800 children in Britain were at high risk of complications from COVID-19.
Some have been confined to their homes since before the first lockdown began in March last year.
The pandemic has claimed more than 123,000 lives in Britain, one of the world’s worst hit countries.
But with over 20 million people now inoculated, restrictions on socialising could begin to ease later this month.
Family reunions are not on the cards for Daniel, however.
Meredith, 40, said her son missed his grown-up sisters and carers, who have been unable to visit them in Walsall, central England, for a year.
“This has had a massive impact on him. He doesn’t understand about COVID. He sees it as nobody wants him,” she said.
“Daniel loved school and was thriving. But I cannot see him going back this year.”
The lockdown has been particularly grueling for parents of children requiring round-the-clock care like Daniel, whose fluid levels need to be managed day and night.
Close to tears with exhaustion, Meredith said the family used to get help from outside carers so she and her husband could catch up on sleep during the day, but it was too risky to have them in the house now.
The University of Oxford said it was beginning trials of the Oxford/AstraZeneca vaccine on children aged over six in a study that will run until September 2022, but results could be available this year.
Pfizer and BioNTech are already evaluating results from trials of their vaccine on 12- to 15-year-olds. Studies in over-fives are set for the coming months, and under-fives later in the year.
The British government says most children are unlikely to get ill from COVID-19, but in very exceptional circumstances doctors may give a vaccine “off-licence” to high risk teenagers.
But parents who have tried to get their children immunised said they had been sent around in circles.
London company director Yvonne Woodford has battled for weeks to get a vaccine for her 13-year-old daughter Katherine, who has Down’s Syndrome and a respiratory condition requiring her to use a ventilator at night.
She said Katherine’s paediatrician had said she should have the jab and their local doctor could provide it. But their doctor, who initially also assumed he could give the vaccine, later informed her he was not authorised to do so.
In a desperate bid to cut through the red tape, Woodford took Katherine to her own vaccination appointment, armed with the paediatrician’s letter.
The centre told her they would be shut down if they vaccinated Katherine.
Woodford is now pushing to get the issue raised in parliament.
“All the doctors and consultants who know Katherine think she should have it, but at the moment there’s no way of it being given to her,” said the mother-of three.
The health department could not immediately say who, if anyone, was authorised to give the vaccine “off-licence”. Britain’s national health service and paediatric body also could not shed light on this.
Lockdown has not only impacted Katherine’s schooling, but also her health because she cannot go outdoors to exercise.
“We’ve shut down as much as we possibly can. We don’t see anyone,” said Woodford, who has to keep an all-night vigil by her daughter’s bed several times a week after cutting back on outside carers.
The situation has also impacted her two sons who have remained largely cooped up indoors even when restrictions have been eased.
“It’s very worrying and absolutely exhausting,” Woodford said. “How long can you expect families to go on like this?”
Her frustrations are shared by Julie Nixon, a mother-of-six who also fosters three boys with severe learning disabilities and complex medical conditions at her home on the south coast. Doctors say the oldest, James, would not survive COVID-19.
“Until he has his vaccine our life can’t resume. We’re absolutely desperate for it,” said Nixon, 53, who has been honoured by the Queen for her work in caring for children with disabilities.
She worries about the longterm impact on the physical health of her foster sons, who have missed important medical appointments and physiotherapy normally provided by their school.
James has outgrown his spinal jacket, but Nixon cannot risk taking him to hospital to get a new one fitted.
She has also kept her own school-age children off school for fear they could bring the virus home.
“They have seen no friends, they have not been out and about, and I worry about their mental health,” Nixon said.
“Everyone in Britain is hanging on for the light at the end of the tunnel now, but there’s no light for us yet.”
(Reporting by Emma Batha @emmabatha; Editing by Belinda Goldsmith; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
UK business interruption insurance anguish far from over
By Carolyn Cohn LONDON (Reuters) – Insurers in Britain have begun making interim payments or settlement offers to businesses disrupted...
Energy leaders grapple with climate targets at virtual CERAWeek
By Ron Bousso and Jessica Resnick-Ault NEW YORK (Reuters) – Global energy leaders and other luminaries like incoming Amazon Chief...
Exclusive: Goldman Sachs restarts cryptocurrency desk amid bitcoin boom
By Anna Irrera, Iain Withers and Lawrence White LONDON (Reuters) – Goldman Sachs Group Inc has restarted its cryptocurrency trading...
AstraZeneca sells stake in vaccine maker Moderna for nearly $1 billion
(Reuters) – AstraZeneca sold its stake in rival COVID-19 vaccine maker Moderna for roughly $1 billion over the course of...
European stocks mark best day in nearly four months after bond-driven rout
By Sruthi Shankar and Ambar Warrick (Reuters) – European stocks ended higher on Monday after bond markets stabilized from a...