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INTERNATIONAL News Eyeing Indian Ports Cargomen, a mid-sized logistics company based in south India, having presence in many major Indian ports is implementing an ERP solution with a view to provide enhanced services to their clients. Started in 2000, Cargomen soon established itself as a logistics company that can satisfy the entire logistic needs and has been widely recognized over the years for its competency in serving international trade. Cargomen’s solution ranges from Air Freight, Sea Freight, Transportation and project cargo movement, Warehousing and distribution, Customs Brokerage to consultancy. The company today delivers comprehensive solutions for all logistics requirement of the supply chain. In keeping with its core values of sharing common goals, customer focus and innovation the company was scouting the market for a solution that would be flexible and adaptable to meet customer’s changing needs. They were also looking for a solution that would help them become an integral part and an extension of their Customers. Softlink’s Logi-Sys was selected by Cargomen as it fit all their parameters. Hariharan, Managing Director, Cargomen, said, “Cargomen’s has been providing innovative, practical and topquality logistic services that improve business solutions. We have constantly reoriented ourselves to the prevalent and the changing market dynamics. Information technology has become crucial for sustained growth in current times and this is the reason we decide to go for an advanced IT system. In Logi-Sys we found an application that is flexible and adaptable to the changing needs of the company and our clients. It will help us in our efforts to deliver greater client experience.” 54 Link January 2011 Kamal Jain, Director, Cargomen said, “Our goal was to enhance the productivity and quality of our customer services and operating performance. We aim to deliver greater customer satisfaction by providing value added services. I am confident Logi- Sys will help us in sharing information timely and accurately delivering quality service to our clients. This is a part of our move to build the infrastructure required to serve our customers logistics needs domestically and globally.” Commenting on the implementation at Cargomen Amit Maheshwari, CEO, Softlink said “It is heartening to note that there is a growing awareness among the logistics service providers about the benefits of IT adoption. The focus of the segment is now shifting towards technology and they have realised it to be the means for their growth and competitiveness. Speaking about Logi-Sys he said “One of the reasons Cargomen selected Logi-Sys was their uncompromising stand on keeping up the quality and cost-effectiveness of their services in these competitive times.” APL introduces Cross-Border Trucking Global supply chain services company APL Logistics has introduced containerized Cross-Border Trucking, a new service from Phnom Penh, Cambodia to Cai Mep port in Vietnam. The new service offers shippers a later cut-off time at APL Logistics’ container freight station in Phnom Penh. “Cross-Border Trucking is a service recovery solution designed for shippers when production runs unexpectedly late,” said Glenn Kong, Managing Director for APL Logistics in Cambodia. “Trucking from Phnom Penh to Cai Mep can also reduce transit times by as much as four days compared to feeder services from Sihanoukville port or barge services from Phnom Penh river port to Cai Mep port.” Cross-Border Trucking targets shippers who increasingly source manufactured goods in Cambodia, particularly in the retail, garments, and FMCG segments. With the additional flexibility, shipments from Cambodia to U.S. destinations can still be delivered on-time. From Cai Mep port, shippers can take advantage of global and feeder services to reach their destination.
News INTERNATIONAL Malaysia’s CIMB seeks to boost its Gulf business CIMB Group Holding, the top global sukuk underwriter for a fourth year, is seeking to boost its business in the Arabian Gulf to fight off HSBC Holdings’s challenge to its dominance. The Southeast Asian nation’s secondbiggest lender arranged $3.6bn of notes complying with Islam’s ban on receiving and paying interest in 2010, or 23 percent of the total, data compiled by Bloomberg show. Arabian Gulf issues made up 3.5 percent of CIMB’s business this year. The Kuala Lumpur-based bank beat HSBC into second place for a fourth year. Global sukuk sales totaled $15.3bn so far this year, 24 percent less than in 2009. Sales reached a record $31bn in 2007. “We should be able to do better” in 2011, Badlisyah Abdul Ghani, chief executive of CIMB Bank Islamic Bhd, said. “With the infrastructure developments in Malaysia and the Gulf Cooperation Council countries, I anticipate sukuk issuance will be about the same as 2007 or better. We are looking at several deals from the Gulf.” CIMB’s only Arabian Gulf deal this year was a $125m sale in October for a unit of Saudi Arabia’s Islamic Development Bank. The bank also helped arrange IDB’s debt issuance in 2009. HSBC arranged $1.6bn of sukuk sales in the Middle East to be the biggest underwriter in the region for a second year with 35 percent of sales, according to data compiled by Bloomberg. The London-based bank expects issuance from Arabian Gulf states to climb in 2011 as it tries to break CIMB’s dominance of the global Sharia-compliant market. “Next year, we expect issuances from Saudi and the region to improve,” Mohammed Dawood, Dubai-based director of debt capital markets at HSBC Amanah, said in a telephone interview on Wednesday. “As a consequence that puts us in good shape to capture that top spot in 2011.” CIMB helped Malaysia sell $1.25bn of global sukuk this year with HSBC and Barclays Capital and assisted Celcom Axiata Bhd, the nation’s second-largest mobilephone operator, with a 1.8 billion ringgit ($575m) bond in August. The bank has been hired by Dubai as lead arranger for a planned sale of $1bn to $1.5bn of multi-currency Islamic bonds in Malaysia, a person with knowledge of the plan, who asked not to be identified as the details are private, said last month. Badlisyah declined to comment on the matter. A Malaysian government ten-year private-led project initiative, including a nuclear power plant and an underground rail network, will spur sales of Sharia-compliant debt next year, Kuala Lumpur-based RHB Investment Management Sdn’s chief executive Sharifatul Hanizah Said Ali said. Saudi Arabian companies may overtake Malaysia as the largest issuer of Islamic bonds for the first time in 2011 as the kingdom’s 1.44 trillion-riyal ($384bn) stimulus plan boosts spending, Tariq Al Rifai, director of Islamic Market Indexes in Dubai for Dow Jones Indexes, announced. The world’s largest oil exporter announced in August a five-year development plan to spur growth, create jobs and diversify its economy away from hydrocarbons. HSBC arranged $2.6bn of sukuk in 2010, according to data compiled by Bloomberg. Kuala Lumpur-based Maybank Investment Bank Bhd. and AmInvestment Bank Bhd. ranked third and fourth. Three of the top four underwriters are based in Malaysia and arranged 39 percent of Islamic bond sales this year. The country’s investment banks have an advantage in the sukuk market as the nation’s issuers account for more than half of the $144bn of Sharia-compliant debt outstanding. National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-largest lender by assets, sold 500 million ringgit of ten- year sukuk this month. The bank’s 4.75 percent ringgit- denominated sukuk due June 2015 yielded 4.02 percent when the debt last traded November 19, according to prices provided by Bursa Malaysia Bhd. The yield on Malaysia’s 3.928 percent Islamic notes due June 2015 was little changed at 3 percent today, according to prices from Royal Bank of Scotland Group Plc. The extra yield investors demand to hold Dubai’s government sukuk rather than Malaysia’s has narrowed 74 basis points, or 0.74 percentage point, since June 30 to 342, data compiled by Bloomberg show. The yield on Dubai’s 6.396 percent sukuk due November 2014 was little changed at 6.50 percent today, according to Bloomberg data. Global sukuk returned 12.6 percent this year, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. Emergingmarket debt returned 11.9 percent, JPMorgan Chase & Co’s EMBI Global Diversified Index shows. January 2011 Link 55
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