Nicosia, Aug 30 (ANI): Ericsson, which is the worlds leading provider of services and technology to telecom operations, has been awarded a contract worth 85 million dollar to supply, build, integrate, operate and manage multi-play communications infrastructure for Saudi Arabia's high-tech flagship city, the King Abdullah Economic city (KAEC).

When the project is completed, King Abdullah Economic City, near Jeddah, will be the world's truly smart city.

An Ericsson press release says the turnkey agreement award "breaks new ground in Saudi Arabia as Ericsson's first GPON-enabled IPTV contract, the first fiber optic contract and the first fixed-network IMS contract, where Ericsson provides systems integration and network rollout services. The network will provide innovative services using latest GPON fiber-to-the home technology, enabling advanced multimedia services for TV, PC and telephones. Services such as IP telephony, movies-on-demand, personalized TV, super fast internet and data services are being provided at competitive prices for King Abdullah Economic City's 2 million residents."

Bjorn Hemstad, Ericsson's Chairman Central Europe, Middle East and Africa, said that Saudi Arabia is one of the key markets in the company's expansion across the region.

"The partnership with King Abdullah Economic city, a pioneering development project, will help us to showcase our capabilities in smart city design, management and operation. With the agreement, Ericsson will bring residents and tenants of the city the world's breakthrough innovations in ICT," Hemstad said.

KAEC is being built on a privileged location on the Red Sea near Jeddah and will house some two million Saudis. It have a sea port, an industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area. (ANI)

Be first to comment this article | Add as favourites (6)

Hyderabad, Aug 29 (ANI/Business Wire India): Zen Securities Limited (ZSL), a leading financial services company, announced the launch of its new brand identity "ZEN Money" on Friday.

The brand "ZEN Money" reflects the broad spectrum of financial services and products that Zen offers to its clients.

Speaking on the occasion of the launch Pratap Kantheti, Managing Director, Zen Securities, said, "The brand ZEN Money aptly articulates our mission - guiding clients to fulfil their financial goals. This mission laid out by our founder Sri K Ravindra Babu continues to be guiding light in all our initiatives."

"ZEN Money is about leveraging technology to enhance client experience, offering various products and services like internet trading, Mutual funds advisory and other services that benefit the clients. In short, it's about understanding client needs and providing the solutions for the same," said Satish Kantheti, Jt. Managing Director.

The Tagline "The art of investing" conveys that investing is as much an art as it is science and we at "ZEN Money" use our experience and expertise to guide clients to fulfil their financial goals. It also indicates that we offer investment services and products like stock broking/ Mutual funds/ PMS / Futures and options / currency futures/ commodities / IPO's / Capital gains saving bonds etc.

The launch of the new brand identity comes at a time when the company is preparing to announce a series of exciting new initiatives, in its endeavour to deliver quality services to clients.

Zen Goes live with online trading at www.zenmoney.com

Zen also launched its online trading initiative at its new website www.zenmoney.com , investors can trade online in stocks and futures markets in both NSE and BSE.

The unique feature of Zen Internet trading is its comprehensive information about client's stocks, depository account, mutual fund holdings all at one place, clients can view their Networth statement online.

The trading system also has payment gateways from multiple banks for online transfer of funds along with a highly flexible risk management system. (ANI)

Be first to comment this article | Add as favourites (8)

New Delhi, Aug 29 (ANI): The Union Cabinet on Friday approved the introduction of a new Companies Bill in Parliament to incorporate far-reaching changes, including scrapping the minimum paid-up capital requirement and setting up special courts to try offences.

The new bill, which is to replace the existing Companies Act, 1956, would be introduced in the coming session of the Parliament in October. The Companies Bill 2008 mandates 33 per cent independent directors on the board of a company, which will have to follow SEBI norms if it gets listed.

It will also allow a single person to set up a company and the restriction on the number of partners will be done away with.

Briefing reporters after a Union Cabinet meeting here today, Science and Technology Minister Kapil Sibal said the new bill proposes to bar issuance of shares at a discount to owners of the company. (ANI)

Be first to comment this article | Add as favourites (7)

New Delhi, Aug 29 (ANI): The Union Ministry of Information Technology said on Friday that the UPA Government's next E-Governance project - NextGen MCA21 - would possess the capability of meeting the challenges of the country's growing economy.

Inaugurating a Thinkshop on the project here, Union Information Technology Secretary Jainder Singh said, "Our rapid pace of growth is putting immense work pressure on current institutional structures, current ways of functioning, and current ways of managing information and current regulatory practices. This coupled with heightened expectations of the stakeholders on account of the success of MCA21 has created an urgent need to evolve further to meet the pressure and expectations."

Former NASSCOM president Kiran Karnik said that the MCA21 has introduced a lot of transparency in corporate affairs and helped all stakeholders in the public and private sectors. .

The efforts of the next generation should concentrate on doing something totally new, and not seek mere extension of present programme," he added.

The Thinkshop is the first project launched under the National e-Governance Plan (NeGP) and has proved to be a major step forward and catalyst for promoting citizen centric service delivery mechanism. The MCA21 is a comprehensive, end-to-end service oriented solution, which has improved the compliance of various provisions of the Companies Act.

As a result of the MCA21, procedures like the approval of name, registration of a company, change of name of the company, issue of certified documents, annual filings, inspection of public documents which earlier used to take several days, are being delivered on the same day.

The popularity of the project can be judged from the fact that the MCA portal receives 1.7 million hits a day. This project has ushered a new era in corporate governance interaction. (ANI)

Be first to comment this article | Add as favourites (6)