ITS restructures to face new business dynamics
KUWAIT: ITS (International Turnkey Systems) Group, a leading solution provider for both Islamic and conventional banks, yesterday announced a ‘transformative’ restructuring of its business focus, organization model, processes and product positioning to meet new macroeconomic realities and prepare the comNikkei stock average gaining 1.00 percent pany to embark on a profitable by mid-morning. In April exports rose 3.8 growth journey from 2013 onwards. percent to 5.78 trillion yen while imports The announcement today comes jumped 9.4 percent to 6.66 trillion yen. The on the heels of an overhaul in the yen’s average rate was 96.01 to the dollar in company’s executive leadership and April against 82.31 a year ago, meaning the business plan when in April 2013, L. value of the Japanese currency fell by nearJohn Loomis took over the reins ly 17 percent on year, the ministry data from Khaled Faraj Al-Saeid, who had showed. been running ITS for two decades.
A lower yen helps Japanese exporters Loomis, who comes to ITS with but pushes up import bills. Higher import more than 20 years of executive of Prime Minister Shinzo Abe’s progress in costs have been resulting in higher materimanagement and leadership expefiring up Japan’s export-led economy. als and parts prices, which are leading to rience in the financial, technology, Expectations for Abe’s pro-growth, prohigher retail prices of various items ranging entertainment and communication spending policies have weakened the yen from foodstuff to laptops. With the yen hitindustries, set forth and is rolling more than 20 percent against the dollar ting multi-year lows against the dollar, out a plan to align, focus and regain over the past six months and boosted share some politicians have started voicing conITS’ technology prowess and indusprices to their highest level in more than cerns over its negative impact on people’s try leadership. five years. But the latest data could be a lives. Japan’s fuel imports have also stayed “ITS is today rolling out a rejuvesign that a rebound in exports has yet to high as most of its nuclear reactors remain nated comprehensive business plan outweigh higher imports on the back of a off-line since the huge earthquake and that will put the company back on weaker yen and greater energy needs. tsunami in 2011 sparked the world’s worst track. This plan, which has been
The deficit was the biggest for the atomic accident in a generation. developed between April and May month of April in comparable official data By region, US-bound exports in April this year is set to reposition ITS as a that goes back to 1979 and was also worse jumped 14.8 percent to 1.10 trillion yen, the profitable, cutting-edge IT and busithan an average shortfall of 620 billion yen highest figure since October 2008, on the ness solutions provider, producing forecast by economists polled by the Nikkei back of strong shipments of automobiles. and delivering to the highest stanbusiness daily. It was also the longest run of Japan’s surplus with the United States dards of quality to meet customer monthly deficits since a 14-month string soared 32.5 percent to 563.0 billion yen demand,” said L John Loomis, ITS’ from July 1979 to August 1980. “Exports while Japan suffered a trade deficit of 38.6 CEO. “Our business requires that we may recover further but because import billion yen with the European Union as develop a more agile structure, costs are rising quite a bit, trade deficits will exports there kept falling. With China, focusing on quality and cutting likely continue,” said Junko Nishioka, chief Japan’s deficit expanded by 60.2 percent to edge technology products that sateconomist at RBS Securities Japan. 442.5 billion yen as exports rose only 0.3 isfy all our stakeholders, from cus
The latest set of figures indicated that percent on a slowing of growth in China’s tomers to shareholders and employthe “worstees.”period” is over for exports, she economy and as political tensions between said. The data did not damp enthusiasm for the two countries continue to weigh on Coined the ‘Turnaround,’ this Japanese shares with the benchmark sales of Japanese goods there. — AFP process of getting ITS prepared and ready to face new market realities has been expansive and current to industry needs and opportunities as new lines of business would bring new revenue streams, and a new industry positioning for ITS. The Turnaround, which is well underway today, aims to rebuild, reorganize and prepare for profitable growth, which the new company leadership projects to happen throughout 2014.
“Our new mission today and into the future is to be the world class strategic solutions provider for all IT and related business needs across all industries globally, based on sharia compliance,” continued Loomis. “Built on a solid foundation of innovation, trust, respect, accountability and customer and shareholder satisfaction, we are focused on taking ITS into the global arena where we know that our business fundamentals are very competitive.”