Archive for November, 2008

US-Russian joint venture launches SES Astra telecoms satellite

Sunday, November 30th, 2008

In the beginning of November, the Russian space agency announced that Russia successfully launched a Proton-M carrier rocket , and put an SES Astra 1M satellite into orbit. The Astra satellite fleet delivers high quality broadcasting to more than 117 European houses. As in the previous launches, the rocket lifted off from the Baikonur space center in Kazakhstan.

International Launch Services Inc (ILS) and SES Satellite Leasing have signed a contract to launch five telecommunications satellites on board Proton-M carrier rockets by the end of 2013. The new satellite will expand the SES satellite group currently consisting of 36 satellites.

SES is a global provider of satellite telecommunication services, based in Luxemburg and operating mainly through SES Astra in Europe, SES Americom in North America and SES New Skies in Africa, South America, the Middle East and some regions of Asia. ILS is a US-Russian joint venture consisting of Space Transport Inc., a privately owned British Virgin Islands corporation, the Khrunichev State Research and Production Space Center, and RSC Energia of Moscow. The joint venture has exclusive rights for commercial sales and mission management of satellite launches on Russia’s Proton carrier rockets.

BVI-registered CIC Energy appoints new CFO

Wednesday, November 26th, 2008

BVI corporation CIC Energy Corp., which has recently appointed the financial advisors for financing the Botswana-located energy project, now announced the appointment of the new Chief Financial Officer. The appointment of Ms. Alexandrea E. Gatis Davis, who will be the new CEO of the company, is effective from December 1, 2008. Previous CFO, Mr. Craig McLeary, has tendered his resignation effective November 30, 2008.

The new CFO of the NASDAQ listed BVI company Ms Davis is a Certified Public Accountant. She joined the company from Ernest & Young (Bahamas), where she held the role of Senior Auditor. Ms Davis will be based in CIC Energy’s head office in Nassau, Bahamas.

CTDC announces CFO Change

Saturday, November 22nd, 2008

British Virgin Islands-registered China Technology Development Group Corporation (CTDC), providing solar energy products and solutions in China focusing on a-Si thin film technology,  announced the appointment of Gary Leung as the new Chief Financial Officer who will lead the company’s financial management and accounting team. In this post he replaced Charlene Hua who resigned with effect from November 6, 2008. Charlene Hua, in her turn, confirmed that there were no disagreements between her and CTDC on any matter which became the reason for her resignation.

Mr Leung has experience in accounting, planning and budgeting, strategic development, internal controls as well as PV markets in the U.S. and China. He worked in the post of Managing Director of Oracle Corporation in HK and China, and in the post of Chief Accountant of Orix HK Corporation. Mr Leung also took part in defining the first set of accounting principle and tax rules for leasing industry. He holds a Master’s degree in Business Administration from International Management Centre of Buckingham, UK.

Yucheng provides integrated core banking system to leading provincial credit union

Tuesday, November 18th, 2008

BVI-registered company Yucheng Technologies Limited, a leading provider of IT solutions and services to China’s banking industry, announced on October 30 that it will provide an integrated core banking system to Hunan Rural Credit Union (HNRCU).

The new integrated core banking system, which will cover HNRCU’s headquarters and 4,500 outlets, is thought to meet its increasingly complex regulatory and competitive needs and improve operating efficiency and risk management. The system will also include a variety of related systems, such as a payment system, non-tax revenue system, and a data-share system among nationwide credit unions. The new system is compliant with the new accounting rules of the Ministry of Finance of China, which will impact credit unions in 2009.

Mr. Weidong Hong, CEO of Yucheng, stated that  this contract will reinforce the position of the BVI corporation as the preferred solutions provider for small and medium sized banks in China.

Yucheng is a leader in business-related solutions, with an emphasis on core banking and loan management. It has developed business-related software and customized solutions for more than 80 small and medium banks in China, including HNRCU’s first generation of core banking system in 2005.