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Wine Gift Box Launch Event “When Yantai Meets Bordeaux” Held in Paris to Commemorate 60th Anniversary of Diplomatic Relations between China and France



PARIS, May 6, 2024 /PRNewswire/ — The year 2024 marks the 60th anniversary of diplomatic relations between China and France as well as the Cultural Tourism Year of the two countries. On the afternoon of May 3, the Wine Gift Box Launch Event “When Yantai Meets Bordeaux” was held in Paris, France to commemorate the 60th anniversary of diplomatic relations between China and France. The event was organized by the News & Information Center of Xinhua News Agency and the Yantai Municipal People’s Government Information Office. Sixty guests from China and France, representing fields such as culture, tourism, cuisine, and environmental protection, attended the event. The event, part of the Sino-French Gastronomy Festival, aims to boost cultural exchange and mutual learning through the tasting of distinctive wines from each country.

Wang Lei, director of the News & Information Center of Xinhua News Agency, highlighted the longstanding friendship between China and France in his speech at the event. Over 130 years ago, the first wine company in China, Changyu, was established in Yantai, producing China’s first bottle of wine and the first bottle of brandy. The event is both a tribute to Sino-French friendship and a symbol of further deepening exchanges between Yantai and French red wine.

The event also featured speeches by key figures, who expressed their high praise and expectations for Sino-French cooperation, including Guillaume Roussy, former president of Saumur AOC-level Wine Association, and Pascal Durand, founder & chairman of Pinot Noir Association and agricultural engineer.  

The event witnessed the official launch of the commemorative red wine gift box celebrating the 60th anniversary of diplomatic relations between China and France. The gift box, curated by Fabrice Sommier, featured one selection each from renowned red wines from Yantai and Bordeaux, forming the “60 Years of Sino-French Friendship, 60 Pairs” boxes. The French wine selected is the 2018 red wine from the Chateau Phelan Segur, while the Chinese wine selected is the Yantai Changyu Longyu Cabernet Sauvignon.  

Gong Haitao, executive deputy director of the Publicity Department of the CPC Yantai Municipal Committee and director of the Yantai Municipal People’s Government Information Office, introduced in detail the development and historical cultural charm of the red wine industry in Yantai. Wine has been a vibrant purple name card for the world to understand Yantai and for Yantai to connect with the world.

The red wine gift box marking the 60th anniversary of diplomatic relations between China and France will be available for sale in China, with all proceeds donated to the environmental organization EcoTree to support global green and low-carbon initiatives.

Fabrice Sommier, president of French Sommelier Union (L), Wang Lei, director of News & Information Center of Xinhua (M), and Gong Haitao, executive deputy director of Publicity Department of CPC Yantai Municipal Committee (R), attended the event.

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PB Fintech slips 2% after over 8 million shares change hands via block deal




PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.


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US fintech Yendo secures $165m in mix of debt financing and equity




Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.


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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub




Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.


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