Aurionpro Solutions wins multi-year engagement from Sri Lanka's leading bank
Under this multi-year engagement, valued above US$ 2.5 Million, Aurionpro will deploy its advanced iCashpro cash management and transaction banking platform. The solution to be delivered integrates advanced AI-driven enhancements from Arya.ai and specialized functionalities from Fintra. The scope of work encompasses licensing, implementation, and maintenance and support aligning directly with the Bank's long term digital transformation roadmap.
iCashpro is a next-generation transaction banking platform that provides a comprehensive solution for full-spectrum corporate banking, delivering a superior and consistent client experience across customer segments in order to enhance time-to market, acquire improved cash visibility, and minimize expenses.
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Fibre2Fashion
23 minutes ago
- Fibre2Fashion
What prompts Bangladesh to revisit its raw material sourcing strategy?
In the realm of apparel manufacturing and exports a new variable has entered the equation—reciprocal tariffs imposed by the United States, which has presented a fresh wave of challenge for manufacturers across geographical locations. Bangladesh, the world's second-largest apparel exporter, faces a 36.5 per cent total tariff on exports to the US, combining a new 20 per cent reciprocal tariff with an existing 16.5 per cent duty. However, US rules, specify apparels made with 20 per cent or more US-sourced raw materials may receive partial duty exemption. Bangladesh's manufacturers are considering increasing cotton imports from US. For Bangladesh, the world's second-largest apparel exporter after China, the situation is complex. Although the 20 per cent reciprocal tariff announced by the Trump administration may appear relatively modest compared to tariffs levied on some other countries, the overall tariff burden is substantial. With an existing 16.5 per cent tariff already in place, the new policy raises the total tariff cost to 36.5 per cent. This jump in tariffs has emerged as a matter of concern amongst the garment makers in Bangladesh, resulting in recalibration of strategies. Industry players acknowledged that while the reciprocal tariff of 20 per cent might appear somewhat manageable, the cumulative effect when combined with existing duties poses a hurdle to Bangladesh's overall competitiveness in its single largest export market. However, there is a silver lining for Bangladesh amid these policy shifts—its stronghold in cotton-based apparels. For years, Bangladesh has been known for its dominance in cotton garments, which form the core of its export portfolio to the US. As per reports, around 75 per cent of apparel items exported from Bangladesh to US are cotton-based. This distinction is very important as under US tariff rules, garment items that contain at least 20 per cent raw materials sourced from the United States are eligible for partial exemption from countervailing duties. In simpler terms, if Bangladeshi apparels include enough US-grown cotton, the tariff burden can be significantly reduced. The country's apparel exporters, always quick to adapt to changing trade and manufacturing dynamics, are now moving to capitalise on this clause. As per industry insiders, textile manufacturers in the country are actively working to double their cotton imports from the United States within the next year or so. This strategic pivot is singularly aimed to secure duty-free or lower-duty access to the US market by satisfying the raw material origin criteria laid out in the new policy. Though American cotton is priced higher than most of its global counterparts, it holds one major advantage: lower wastage. According to industry players in Bangladesh, US cotton generates only 5–10 per cent waste during processing, compared to 15 per cent for Indian cotton and 12 per cent for African. So, usage of US cotton, over time, makes American cotton more economical, despite its higher upfront cost. Moreover, US cotton is also highly regarded for its consistent quality, strength, and reliability, all of which are crucial attributes for large-scale garment manufacturers. For Bangladesh, aligning its raw material sourcing with American cotton could mean not only reduced tariffs but also better-quality garments that enhance its global reputation. The latest move comes in direct response to the Trump administration's announcement on July 31, 2025, imposing a 20 per cent reciprocal tariff on a range of Bangladeshi goods, effective from August 7, 2025. While such policy measures are aimed at addressing trade imbalances and pressuring countries to open up their own markets, they also bring with them a fair amount of uncertainty and disruption—especially in tightly integrated global supply chains. Despite this, industry leaders in Bangladesh remain optimistic. They believe that the increased use of US cotton, even at a higher cost, will not undercut the competitiveness of Bangladesh's RMG sector. Instead, it could serve as a calculated investment to ensure better access to the US market, which accounts for a significant share of Bangladesh's total apparel exports. As per reports, in the past few years (2020–2024) Bangladesh imported around 39.61 million bales of cotton, worth approximately $20.3 billion, from 36 countries, including India, Australia, Brazil, US, China, and various African nations. Of this, the United States reportedly contributed 2.84 million bales, valued at around $1.87 billion. However, now, with the new reciprocal tariffs in place, Bangladesh is poised to sharply increase this volume. This transition many not be without some challenges. However, given the high stakes—preserving market share in the US, avoiding harsh tariff penalties, and maintaining cost competitiveness—Bangladesh apparel makers are all set to source more cotton from the United States, a move that highlights the country's ability to move quickly and strategically to mitigate the tariff fallouts to maintain its standing as one of the world's top apparel exporters. Fibre2Fashion News Desk (DR)
Business Standard
an hour ago
- Business Standard
Polestar Analytics Raises $12.5M to Advance AI Capabilities & 1Platform for Converged Data Ecosystem
PRNewswire Noida (Uttar Pradesh) [India] / Dallas (Texas) [US], August 19: Polestar Analytics, a leading player in AI-driven data analytics & planning, announced today that it has raised $12.5 million in growth capital from a consortium of US-based Family Office and institutional investor. This significant fundraise will be used to further deepen Polestar Analytics' AI capabilities and reinforce the development of its proprietary 1Platform, regarded as one of the industry's best data convergence solutions for enterprise-scale analytics. "This investment marks a pivotal moment in our mission to redefine how enterprises harness data and AI," said Chetan Alsisaria, CEO of Polestar Analytics. "The funding allows us to accelerate innovation and continue delivering measurable business outcomes that set new industry benchmarks." With this investment, Polestar Analytics will expand R & D efforts in artificial intelligence and accelerate enhancements for its 1Platform. In parallel, Polestar Analytics is delighted to announce that Michel Combes has joined as a Chair of the Board. Michel Combes is an internationally respected technology and telecommunications executive with more than 30 years of leadership experience. He currently serves as Executive Chairman & Acting CEO at Brightspeed and as member of Executive Advisory Council at Apollo. Michel is a Partner at ForgeLight, an operating and investment company focused on Media and consumer technology sector. He serves on the boards of multinational firms including Phillip Morris International, E & (Etisalat), F5 Inc. Previously, Michel Combes served as Executive Vice President at Claure Group, a global investment firm. He was the CEO and President of SoftBank Group International, CEO of Sprint in the US, CEO of Altice N.V., CEO of Alcatel-Lucent, and CEO of Vodafone Europe. He also held leadership roles at France Telecom and TDF Group. He will bring significant industry experience, client relationships and meaningful leadership experience to scale Polestar Analytics into global powerhouse. Michel Combes said, "I am delighted to join Polestar Analytics as Chair of the Board at this pivotal moment in the company's growth. Polestar Analytics has established itself as a leader in data analytics and AI, with its proprietary 1Platform setting new benchmarks for data convergence and intelligent insights. I have great confidence in the leadership team and their strategic vision. With the recent investment, Polestar Analytics is well positioned to accelerate innovation, expand its AI offerings, and deliver even greater value to customers worldwide. I look forward to working closely with the entire Polestar Analytics team as we realize this tremendous potential together." "We're equally honored to welcome Michel Combes as Chair of the Board; his track record of scaling global technology leaders will be invaluable as Polestar Analytics enters its next phase of accelerated growth," added Chetan. About Polestar Analytics Founded with a mission to simplify complex decision-making through intelligent, scalable solutions, Polestar Analytics develops cutting-edge AI, analytics & planning solutions for enterprises. The company's flagship 1Platform enables organizations to converge diverse data sources and simplify data to outcome journey for businesses. To learn more, follow Polestar Analytics on LinkedIn and visit the website. Photo: Logo:
Time of India
an hour ago
- Time of India
IT cut forecasts for 2025: Global tech spending might miss $6-trillion mark; US Tariffs weigh on global budgets
AI-generated image Global technology expenditure in 2025 is unlikely to reach the $6-trillion mark due to tariff-driven financial policies from Washington, causing businesses to hesitate in committing substantial funds to long-term projects. Leading industry analysts - Canalys, Forrester, Gartner and IDC - have consistently reduced their IT growth projections for 2025 since tariff discussions emerged in Spring. These forecasts have continued to decline as extended negotiations suggest potential additional business restrictions. Current projections indicate maximum budget growth of 7%, reaching $4.9-$5.7 trillion. This trend affects India's outsourcing sector, which has been a significant national achievement over the past thirty years, as reported by Economic Times. "Forrester's estimates reflect a modest upward revision versus 2024, but ongoing trade disputes and tariffs add significant uncertainty, especially after the US-EU deal and developments in Asian markets," said Biswajeet Mahapatra, Principal Analyst, Forrester. Research organisations have revised their forecasts downward several times this year. Gartner reduced its January growth forecast from 9.8% to 7.9%, estimating 2025 spending at $5.43 trillion. Forrester anticipates 5.6% growth in global technology spending for 2025, reaching $4.9 trillion, up from $4.7 trillion in 2024. Canalys now predicts IT spending will reach $5.35 trillion, representing 7% annual growth, reduced from its earlier 8.3% forecast in November 2024. IT outsourcing Experts, quoted by ET, indicated that Indian IT outsourcing could face stronger effects if the proposed 50% tariff is implemented after the current pause. Currently, services remain outside the scope of tariff discussions, which focus on goods shipments. Forrester's Mahapatra noted that despite tariff uncertainties, AI and cloud demand will sustain software and IT services. Asia Pacific technology spending is expected to increase by 6.5% in 2025 to $722 billion, with India showing 11% growth, exceeding regional averages. "However, these figures may soften by 1 or 2 percentage points depending on specific country exposure and IT spending categories due to tariff-related disruptions," Mahapatra cautioned. Vinayaka Venkatesh, senior market analyst, IT Spending at IDC Asia/Pacific, stated that the 50% tariff on India introduces additional trade and policy uncertainty. "Given India's role in global outsourcing and technology supply chains, such measures-if implemented-could have meaningful downstream impacts," Venkatesh said. While technology spending continues to grow in 2025, the slowdown from previous year demonstrates how tariffs and policy uncertainty affect enterprise confidence. AI and cloud remain strong areas, offsetting reduced hardware and traditional IT budgets. India maintains above-average performance in enterprise spending and IT services, despite trade risks. Also read: Unemployment eases to 5.2% in July; rural areas drive improvement India's IT spending shows 8.7% growth, supported by a 90-day extension on certain tariff measures, according to IDC. Venkatesh noted that North America and Europe, most affected by tariff and policy changes, are experiencing reduced demand in consumer hardware and mobility sectors. Meanwhile, Europe faces additional challenges from US tariffs potentially affecting trans-Atlantic business, although energy collaborations might reduce impact, Forrester reported. The subdued global environment affects Indian IT service providers. TCS has reduced its global workforce by approximately 2%. Analysts anticipate further workforce adjustments across the sector. "Many large Indian IT services companies face weak Q1 deal pipelines and margin compression. While mass layoffs are unlikely, there have already been quiet job trims, deferred pay hikes, and more selective hiring, especially in mid-to-senior management roles," said Mahapatra of Forrester. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
