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The balances of loans and savings serviced on the Phoebus servicing platform have now increased to over £70bn.
Phoebus Software Limited (PSL) has made an investment in its originations API which enables lenders to onboard mortgages from any originations’ platform.
Other major investments include the Phoebus’ self-service portal which allows borrowers to digitally self-serve their mortgage accounts helping to stem the flow of calls and correspondence into client call centres.
Richard Pike (pictured), sales and marketing director at PSL, said: “We continue to grow both organically and in new business wins.
“The Phoebus product suite is renowned both in terms of functionality and stability and through our ecosystem and digital deliveries we can only see more successes in the future. Our continued investment in our products will ensure Phoebus remains at the forefront of market requirements and we look forward to announcing several new initiatives over the coming months.”
In this Issue:
United States
1. FTC abandons challenge to Philadelphia hospital merger.
On March 1, 2021, the FTC, suffering its first loss in a hospital merger challenge since 2016, voted 4-0 to end its effort to stop the proposed $599 million merger of Philadelphia-area health care systems Jefferson Health and Albert Einstein Healthcare Network. The FTC’s decision comes about a month and a half after the Pennsylvania Attorney General’s office dropped out of the joint challenge.
The FTC challenged the merger on the basis that it would hurt competition in the Philadelphia-area health care market, and after a defeat at the district court, told the appellate court that the judge had applied “faulty economic reasoning.” The FTC alleged that a combined network would control over 60% of the market for inpatient general acute care services in and around North Philadelphia and at least 45% of the market for those services in and around Montgomery County. The FTC alleged that t
Cartel investigation and director disqualifications.
In March 2021, three additional company directors were disqualified for several years, following a cartel investigation of their companies by the UK Competition and Market Authority (CMA).
The CMA’s investigation of leading rolled-lead manufacturers Associated Lead Mills and Royston Sheet Metal (both owned by International Industrial Metals) and H.J. Enthoven (owned by Eco-Bat Technologies and trading as BLM British Lead) (BLM) culminated in an infringement decision and penalties totaling £9 million (approx. EUR 10.5 million, USD 12.5 million). A key finding was that the infringements had taken place at a very senior level, involving directors who concealed actions that they knew, from having undergone competition compliance training, were in breach of competition law.