bankersmatch2019-3

Bankers bounce back to beat lawyers in Annual Charity Cricket Match

The bankers won the Duane Morris & Selvam Capital Markets Cup with a resounding win over the lawyers in this year’s charity cricket match held on 19 January 2019 at the Sachivalaya Ground in Oval Maidan, Mumbai. The lawyers were aiming for four wins in a row, but the bankers bounced back to crush the lawyers in this year’s match, scoring 191 for 7 off their 20 overs and bowling the lawyers out for a paltry 85. The bankers have now won three times, but they still trail the lawyers, who have won five times. This year’s match raised over Rs. 200,000 for Bal Asha Trust, which provides quality childcare to abandoned and destitute children from all over Maharashtra.

Jamie Benson (Duane Morris & Selvam) won the toss and sent the bankers into bat. The left- and right-handed batting combination of Bedabrata Das (JM Financial) and Ronak Shah (Yes Securities) proved a challenge for the lawyers’ opening bowlers Sayantan Dutta (Shardul Amarchand Mangaldas) and Siddhartha Desai (Shardul Amarchand Mangaldas), and the bankers got off to a quick start. Rabindra Jhunjhunwala (Khaitan & Co) and Vijay Parthasarathi (Cyril Amarchand Mangaldas) were brought into the attack and Parthasarathi had Shah caught by the wicket keeper, Laban Das (Cyril Amarchand Mangaldas), for 9 runs. Satyam Singhal (Morgan Stanley) was next in, but unfortunately for him, he was run out by Jhunjhunwala after facing only one ball. This brought Javeed Siddiqui (ICICI Securities), the captain of the bankers, to the crease. Siddiqui and Das batted very well and the scoreboard ticked over at a fast rate until Siddiqui top-edged an attempted sweep from the bowling of Sanjay Israni (Desai Diwanji) and he was very well caught by Laban Das for 30 runs off only 18 balls. Amit Nayyar (Arpwood Capital) hit two sixes before falling LBW to Murtaza Zoomkawala (Shardul Amarchand Mangaldas) for 21 runs off 10 balls. Bedabrata Das continued to bat well until retiring on 51 runs. The last few overs saw the bankers lose a few more wickets, but they ended up with an imposing 191 runs for 7 wickets off 20 overs.

Vijay Parthasarathi and Rabindra Jhunjhunwala (Khaitan & Co) got the lawyers off to a very good start, despite some good bowling from Harshit Talesara (IIFLCAP) and Arjun Mehotra (ICICI Securities). The lawyers were on track with the required run rate after 5 overs but a change in the bowling brought a big change to the complexion of the match. Nayyar was brought on to bowl and Jhunjhunwala tried to hit him out of the ground, only to be caught at long off by Siddiqui for 11 runs. Parthasarathi continued to bat well but when he was out for 41 runs caught by Nayyar off the bowling of Shubham Mehta (Edelweiss) the match was as good as over. A combination of very good bowling from Nayyar (3 wickets), Gaurav Sood (ICICI Securities) (3 wickets) and Mehta (2 wickets), poor shot selection and good catching saw the lawyers crumble from 50 runs for no wicket to all out for 85 runs in 14 overs. Apart from Parthasarathi and Jhunjhunwala, no lawyer got into double figures.

The match raised more than Rs. 200,000 for Bal Asha Trust, with Duane Morris & Selvam donating Rs. 100,000, Khaitan & Co Rs. 75,000 and numerous individuals making generous donations.

The match was the initiative of Jamie Benson of Duane Morris & Selvam. Benson is based in Singapore and is head of Duane Morris & Selvam’s India practice and U.S. securities law practice. Commenting on the match, Benson, who captained the lawyers’ team, said, “Congratulations to the bankers. They played very well. It would have been nice to win, but the main thing was for everyone to have an enjoyable time and to raise money for a very good cause. I am already looking forward to next year’s match.”

This year marked the 10th anniversary of the match. The first match was held to raise money for the families of the staff of the Trident Hotel killed in the 2008 terrorist attacks. Jamie Benson was holed up in the Trident Hotel for 38 hours during the attacks and was lucky enough to walk out alive. Gratifyingly, so much money was raised from various sources that no more was needed to be raised for these families. Subsequent matches have benefited the Red Cross, Oxfam and Bal Asha Trust.

Bankers: 191 runs for 7 off 20 overs (Bedabrata Das 51 retired, Siddiqui 30 and Nayyar 21) beat Lawyers: 85 runs for 10 off 14 overs (Parthasarathi 41, Jhunjhunwala 11; Nayyar 3 wickets for 10 runs off 3 overs, Sood 3 wickets for 8 runs off 2 overs and Mehta 2 wickets for 16 runs off 3 overs).

Amit Nayyar was named Man of the Match for his 3 wickets, 21 runs and 3 catches.

About Duane Morris & Selvam LLP

Duane Morris & Selvam LLP is the joint law venture consisting of international law firm Duane Morris LLP and Singapore-based Selvam LLC, with headquarters in Singapore. It serves clients throughout Asia, as well as companies based in the Americas and Europe that are conducting business in Asia and Asian entities and individuals doing business in the Americas and the United Kingdom. Duane Morris LLP, a global law firm with more than 800 attorneys in 29 offices across the United States and around the world, is asked by a broad array of clients to provide innovative solutions to today’s legal and business challenges. Throughout its more than 100-year history, Duane Morris has fostered a collegial culture, where lawyers work with each other to best serve their clients.

ENTG-and-EY-Croatia

EY Croatia acquires the tech company ENTG

Consulting company EY Croatia acquired the creative tech company ENTG, the Croatian website Netokracija reported. With this acquisition, EY Croatia makes a great entrance to the digital and the disruptive industry.

For ENTG, on the other hand, this exit is a step forward in their evolution that will improve their position on the market. Reportedly, it is yet to be decided whether they will keep their brand as ENTG, or will operate under the EY brand.

“In order to evolve, we decided to continuously disrupt ourselves. That’s why we are happy to announce joining our forces to EY family. Big thanks to everyone who had our back and who trusted us to keep theirs also! We are bringing all the legacy we’ve made so far into a new and upgraded era for all existing and new clients, partners and colleagues but now powered by an amazing EY Croatia!”, wrote the ENTG team on their Facebook page.

According to ENTG CEO, Ida Pandur, her team within EY will be dedicated to providing advisory services in the field of Customer Experience (CX). Moreover, they will give EY a new mindset and new energy in digitization and marketing.

“My team will be in charge of consulting services in the CX area, especially in the digital area. All that we have built up as ENTG to date; we will continue to do within the EY but at a higher level. EY will take over the entire business, including the team and the cooperation with our clients and partners”, says Pandur for Netokracija.

For EY Croatia this conquest means a further expansion that will give an added value to their current and their future customers – services that go beyond traditional finance ones such as audit, accounting and tax advisory and consulting.

“I believe that the combination of the specific digital skills that the ENTG team has; together with the innovative and traditional financial knowledge, the strength of the EY’s global network of professionals and the great domestic market experience, will add value to our clients. I hope that this new practice will be recognized in our country”, says Horvat Berislav, Country Managing Partner at EY Croatia, Netokracija reported.

Under the corporate motto “Inspired by digital”, ENTG was found in 2013 by the 26th old Ida Pandur. ENTG is a creative tech company and consulting hub for advanced digital strategies and projects. The company goal is to provide clients with unique 360 approaches in creating their strategies and make digital fully integrated part of complete marketing and business development activities plan.

EY on the other side is multinational professional services firm with a special focus in the finance industry. Globally, EY is known as one of the “Big Four” accounting companies. The company operates as a network of member firms which are separate legal entities in individual countries. In Croatia, EY is present since 1991, providing audit, advisory, accounting, tax and transaction support services.

AI PHOTO

Battle of accountants versus machines

It is hard to go a day without seeing an article or a viewpoint in the media declaring Artificial Intelligence (AI) will make certain jobs redundant – but will it be the same for those roles carried out in the finance industry?

Technological advancements are at a faster pace than ever, with computers becoming more reactive and human-like in their responses and decision-making.

In January, a round on the American television quiz show Jeopardy was won by a computer named Watson, beating previous quiz show champions.

The rapid pace of technology advancement will no doubt see computers performing some accounting and finance functions, and this is already happening.

Recent innovations like mobile phone apps that can identify expenses from photos of source documents, and automatically allocate them to the accounting records, are already widely used across a range of industries.

In fact, last year HMRC confirmed it will begin rolling out AI to review tax returns and issue tax penalties.

Deciding to implement such technology in business must be well planned and researched. It is important that management make the decision in the context of their particular business.

For example, do they have the resources to employ this technology – certain pieces of software can be expensive and involve significant upfront costs before yielding any benefits.

Do staff have an appetite to adopt this technology? To maximise effectiveness, it is important that staff are trained and competent in using the technology on a regular basis.

How secure is the software and the devices used?

This is particularly important in the current world of big data, with the real risk of data breaches in large and small businesses across the globe, not to mention compliance with data protection legislation.

Whilst it appears inevitable that technology is developing to take over the more repetitive or basic accounting and finance functions, there are some positive aspects for use of this technology by accountants and businesses.

Not only will technology bring about new types of jobs that will be less repetitive and more interpretive (increasing employee job satisfaction), it will also free up management’s time to focus on value-adding activities.

Activities that can add to revenue (such as focusing on new markets, products and clients) or reduce costs within a business.

If firms are looking to the future but aren’t open to change, they will lose competitive advantage.

As Northern Ireland businesses increasingly compete on a global scale, the adoption of robotics and technologies is essential.

Rather than seeing technology as a threat, accountants and businesses should see it as a growing opportunity.

Emmanuel-PHOTO

Types of Technology Transfer Agreement Registerable in Nigeria

The National Office for Technology Acquisition and Promotion (NOTAP) is the technology transfer office in Nigeria with a mandate to regulate the acquisition of foreign technology. NOTAP’s mandate is implemented through the evaluation, registration and monitoring of all technology transfers agreements signed by Nigeria business owners with their foreign technical partners. The task of NOTAP is to evaluate agreements to ensure that the terms and conditions contained therein suit the Nigeria environment, is fair and well aligned to the National Innovation System.

According to NOTAP’s Revised Guidelines for Registration and Monitoring of Technology Transfer Agreements in Nigeria, 2011, all agreements must be classified under any of the following heads;

a. Management Services

This agreement incorporates all agreements in the areas of insurance, marketing, human resources, administration, accounting, sales promotion, hotel management agreements and other related services.

b. Consultancy Services

This agreement cut across various industries and fields such as construction, manufacturing, agriculture and includes the provision of architectural designs, engineering designs, construction works and feasibility studies.

c. Technical Services

This agreement deals with the provision of experts from the technical partner’s plant to the Nigerian company’s plant to render short term technical services locally for a maximum period of 6 months. The agreement must contain detailed information of the experts. This agreement is usually for technical services such as installation and commissioning of new plants, supply of equipment and machinery, operation, repairs and maintenance of equipment.

d. Technical Know-How Agreement

This agreement involves the granting of a license, the provision of technical know-how, information on manufacturing processes, drawings, diagrams, operating manuals, expertise, engineering assistance, designs, standard and quality control of products, advice on necessary equipment, plant, machinery and manufacturing capability, etc.

e. Trademark License Agreement

This agreement deals with the grant of exclusive or nonexclusive right by a foreign trademark owner or licensor to a Nigerian company to use the mark to manufacture and sell its goods and services. A Trademark License Agreement must be accompanied by technical know-how by the licensor to ensure that the goods and services for which the trademark is to be used meets the specified standard. Again, the agreement must satisfy the following conditions to be registrable in Nigeria;

  • i. The trademark must be internationally recognized and accompanied by a licensed know-how;
  • ii. The goods involved must be manufactured locally;
  • iii. The products must be for export;
  • iv. The licensor must not own more than 75% of the company’s share capital.

f. Franchise Agreement

This agreement is a business model or arrangement where the Franchisor grants the right to exploit a system developed by the Franchisor to a Franchisee. It is generally a total package including the intellectual property rights to carry out the business or provide and sell the associated goods or services.

The agreement includes the right to use the trademarks, trade secrets, trade names or logos and designs associated with the business, patents and know-how of the business and any other relevant information contained in a brochure which may be advertising or copyright related to the manufacture, sales of goods or the provision and marketing or services to customers.

The agreement covers different areas of human and economic endeavor such as manufacture of products, provisions of services, supply of manufacturing processes, distribution and sales of goods, provision and marketing of services etc.

g. Software License Agreement

This agreement involves the use of application packages to drive the operation of companies in various sectors of the economy such as banking and other financial institutions, pension, telecommunication companies etc. A Software License Agreement may incorporate the provision of Annual Technical Support or Maintenance Services. Payment for Software License is effected once, while payment for an Annual Technical Support is on a yearly basis and commences 1 year after the implementation of the Software License Agreement.

h. Research and Development Agreement

This agreement focuses on the following;

  • i. Grant of access to the patent, inventions and results or research and development activities carried out by the transferor in respect of the specified products;
  • (ii) Advice on engineering products design and product development services;
  • (iii) Advice on international research and development works carried out on the specified products including new or modified methods of manufacture, formulation product and process improvements;
  • v. Provision of specialist staff to assist the licensee company overcome its technical problem as they arise;
  • vi. Making available the licensor’s specialist departments and the specialist department of any of its subsidiary or associated companies for the licensee’s use when required.
PROMARE PHOTO

ANTAQ suspends EMAP port fee

The ANTAQ – Agência Nacional de Transportes Aquaviários suspended the port fee “Use of Protection Infrastructure and Waterway Access” implemented by EMAP – Empresa Maranhense de Administração Portuária in São Luís, Maranhão, Brazil.

The port fee was set to be charged as from today (March 1st) and applies to ships that use the common navigable areas of São Marcos Bay used to access the Ponta da Madeira Terminal (Vale), the Alumar Terminal and any other Private Use Terminal that may be installed in the region.

If you would like to find out more information, please visit https://www.promare.adv.br/

UAE PHOTO

Legal challenges for a growing defence market

The IDEX conference just concluded last week in Abu Dhabi demonstrated the intertwining nature of the threats that the world currently faces in dealing with malevolent actors, as well as the resilient manner in which government and industry have developed countermeasures to deal with this ever-increasing threat spectrum.

The UAE is at the forefront of adopting 4IR technology for the public benefit. Given this adoption, the UAE government has enacted a legal framework to regulate the use of cyber-technology and related forward-looking innovations. However, as is the case with almost all emerging technologies, legislation and regulatory guidance often plays catch up with the technology, and there are gaps that need to be cured as the technology advances.

There are numerous UAE laws and regulations covering various aspects of 4IR technology, including Federal Law No. 5 of 2012 covering cyber-crimes, and the newly enacted Federal Law No. 25 of 2018 dealing with futuristic projects, which seeks to regulate development of AI. However, the latter has yet to be fully implemented through its enabling regulation, leading to some marketplace uncertainty.

Likewise, the various free zone authorities, particularly the DIFC and ADGM, have separate regulatory schemes covering such technology. Thus, stakeholders need to be aware of the legal landscape in which this technology is currently being developed and deployed.

This terrain creates opportunities for both large corporations and SMEs alike to develop and deploy innovative solutions to defend against malevolent actors, including threats posed by terrorism and cyber-criminals, as well as the inevitable byproduct of non-malicious technological failures inherent in all emerging technologies.

For more information about BSA Ahmad Bin Hezeem & Associates LLP, please visit https://bsabh.com/