HONG KONG AWAITS TRAVELLERS WITH VIBRANT CULTURAL FESTIVITIES THIS MAY

KUALA LUMPUR, April 26 (Bernama) -- Hong Kong international visitors would be able to join in the diverse array of vibrant cultural festivities taking place around the city this May, including the debut of spectacular new pyrotechnic and drone shows.

Offering tourists the chance to experience Hong Kong from a different perspective, the Hong Kong Tourism Board (HKTB) in a statement highlighted four unmissable cultural experiences suitable for the whole family which will promise unforgettable journeys into its rich heritage.

Taking place from May 15 to 16, the Cheung Chau Bun Festival, known for its distinctive local traditions, draws thousands of visitors and locals alike with events such as the Piu Sik Parade, where local children dressed up as deities, with colourful procession sets the stage for the much-anticipated Bun Scrambling Competition.

Meanwhile, on May 1, the Tin Hau Festival, listed as part of the National List of Intangible Cultural Heritage, will showcase colourful religious rituals, dynamic dragon and lion dances, captivating parades, and traditional performances held across different parts of Hong Kong.

Another cultural event to be held on May 15 is Buddha's Birthday, an inclusive celebration, offering enriching cultural activities for all to enjoy and embrace, regardless of their faith.

Also taking place on the same day, the Tam Kung Festival, a cherished cultural event gathered locals and visitors to the streets of the harbourside to witness colourful processions, traditional lion dances as well as thanksgiving opera performances.

Separately, starting May 1, a captivating Pyrotechnic Display will kick off to welcome the month of cultural celebrations, at Victoria Harbour, while the newly curated drone show will be launched on May 11, adding an extra layer of enchantment to the festivities that resonate throughout the city.

Travellers looking to immerse themselves in the richness of Chinese heritage and culture should book their trip to Hong Kong next month to experience this extraordinary and unmissable season of celebration.

-- BERNAMA

NEW ZEALAND’S TOWER CREDIT RATINGS AFFIRMED EXCELLENT - AM BEST

KUALA LUMPUR, April 26 (Bernama) -- Global credit rating agency, AM Best has affirmed New Zealand’s Tower Limited (Tower) financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent).

In a statement, AM Best said these credit ratings (ratings) which have a stable outlook, reflected Tower’s balance sheet strength, was assessed as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Tower’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was at the very strong level at fiscal year ending September 2023, as measured by Best’s Capital Adequacy Ratio.

AM Best expects Tower’s risk-adjusted capitalisation to remain at least at the very strong level over the medium term. Despite a reduction in fiscal year (FY) 2023, the company’s regulatory solvency margin is expected to grow over the medium term under the Interim Solvency Standard, supported by internal retention of earnings.

Tower’s operating performance is assessed as adequate, demonstrated by a five-year weighted average return-on-equity (ROE) ratio of 4.2 per cent (FY 2019-2023), in which operating earnings were driven largely by technical performance coupled with modest investment income.

However, the company reported a 0.4 per cent decrease in ROE ratio and a net combined ratio of 103.2 per cent in FY2023, mainly due to two large weather events, the Auckland Anniversary Weekend floods and Cyclone Gabrielle.

The company’s expense ratio, which stood at approximately 29 per cent in FY2023, is expected to decrease over the medium term as the company grows its premium base and improves efficiency through information technology (IT) transformation.

AM Best expects Tower to report positive underwriting and operating results over the medium term, supported by appropriate risk selection, pricing and positive investment returns.

A medium-size non-life insurer that operates predominantly in New Zealand, with some operations in the Pacific Islands, Tower’s core product offerings are domestic home and motor insurance, typically distributed through direct channels and partnerships.

-- BERNAMA

INDONESIA LOGISTICS WEBINAR TO BE HOSTED BY NIPPON EXPRESS (SOUTH ASIA & OCEANIA)

TOKYO, Apr. 23, 2024 /Kyodo JBN/ --

Nippon Express (South Asia & Oceania) Pte. Ltd., a group company of NIPPON EXPRESS HOLDINGS, INC., will be holding a webinar titled "Indonesia Logistics Situation" on Monday, May 13, and Tuesday, May 14.
 

Logo: https://kyodonewsprwire.jp/img/202404199712-O1-088mltGn

 

Image: https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202404199712/_prw_PI3fl_X2ox2DR4.png

The increasing globalization of business has brought growing attention to Indonesia as one of Asia’s growth markets. This webinar will provide basic information on doing business in Indonesia as well as detailed explanations of logistics conditions there. All interested parties are welcome to participate, including companies considering a move into the Indonesian market and companies already doing business there.
 
Event outline
- Date: (Japanese version) Monday, May 13, 2024; 15:00-16:00 (*Singapore time)
(English version) Tuesday, May 14, 2024; 15:00-16:00 (*Singapore time)
- Topic: Indonesia Logistics Situation
- Agenda:
(1) Basic information on Indonesia
(2) Import and export regulations
(3) Introduction to logistics infrastructure
(4) Introduction to NX Indonesia Group
- Format: Online via Microsoft Teams
- Organizers: Integrated Sales Planning Division, Regional Sales Strategy Headquarters, Nippon Express (South Asia & Oceania) Pte. Ltd.; PT. Nippon Express Indonesia; PT. NX Lemo Indonesia Logistik; PT. NX Logistics Indonesia
- Participation fee: Free
- No. of participants: Up to 800 on first-come, first-served basis
- Registration deadline: Tuesday, May 7, 2024
- How to participate: Please contact the email address below, providing the names of a participant's company and all participants therefrom as well as their desired date of participation:
nsao-sg-seminar[at]nipponexpress.com *Please replace [at] with @ before using this email address.
 

About the NX Group:
https://kyodonewsprwire.jp/attach/202404199712-O1-bUDiQqBD.pdf

 

NX official website:
https://www.nipponexpress.com/
 

Nippon Express Group's official LinkedIn account:

https://www.linkedin.com/company/nippon-express-group/

 
Source: NIPPON EXPRESS HOLDINGS, INC.

--BERNAMA 

ACCACIA RAISES US$6.5 MLN PRE-A FUNDING TO EXPAND DECARBONISATION OPERATIONS

KUALA LUMPUR, April 26 (Bernama) -- Accacia has closed a US$6.5 million pre-Series A round led by Illuminate Financial, a specialist venture capital (VC) firm focused on enterprise fintech companies building solutions for the financial services industry. (US$1=RM4.77)

In a statement, Accacia said Southeast Asia based AC Ventures also participated in this round, alongside continued support from early backers Accel and B Capital.

“This funding comes at a crucial juncture as the Securities & Exchange Commission (SEC) and Singapore Exchange (SGX) have announced regulations on carbon emissions’ reporting, underscoring the urgent need for comprehensive and real-time climate risk data.

“We have already deployed our solution to over 25 metre square feet of real estate and are poised to leverage this opportunity and scale globally,” said Accacia Founder and Chief Executive Officer, Annu Talreja.

Meanwhile, Illuminate Financial Partner, Rezso Szabo said: “Measuring and managing climate risks has become imperative for large financial institutions especially on real estate which is one of the most significant and most affected asset classes in their portfolio.

“With Annu’s background and industry experience in real estate, we felt Acacia is the right fit to take on a leading position in the global real estate decarbonisation market and are pleased to partner with the Accacia team.”

Real estate and construction activity contribute to about 40 per cent of global greenhouse gas (GHG) emissions. The sector lacks robust tools to measure climate risks and define decarbonisation pathways.

Accacia’s tech platform integrates with existing Property Management, Energy Management and Procurement systems to automate real-time data capturing and tracking, making it the quickest and most affordable solution for real estate companies on their path to net zero.

Founded in 2022 by INSEAD alumni Talreja along co-founders Piyush Chitkara and Jagmohan Garg, Accacia offers an artificial intelligence (AI)-enabled Software as a Service (SaaS) platform that helps real estate asset managers, owners and developers track their emissions, and design their decarbonisation journey.

-- BERNAMA

Stay Connected Constantly With Fixed Wireless Access By Expereo

KUALA LUMPUR, April 17 (Bernama) -- Expereo, the intelligent internet company that connects people, places and things anywhere, has announced the enhancement of its connectivity portfolio with Fixed Wireless Access (FWA).

This latest innovation from Expereo equips businesses with direct access to wireless networks across 190 countries, enabling business continuity through network resilience, and growth through fast and agile deployment and access in remote locations.

In a statement, its Chief Product Officer, Sander Barens said internet connectivity is essential for business growth and efficiency, whereby enterprise businesses need to deploy a connectivity strategy to meet today’s challenges.

“Connectivity solutions no longer need to be either/or, when you work with a partner who understands your connectivity needs and has the portfolio, experience and global coverage to help you set the strategy for your business you can rest easy that your business will be connected 24/7 around the globe,” he said.

The integration of FWA into Expereo’s customer experience platform, expereoOne, offers businesses a complete, intuitive view of their Global Internet and SD-WAN estate.

FWA is a cost-efficient reliable alternative for business continuity in the event of fixed line network outages, which can happen from time to time, often through cables being cut, or hardware or software failures.

For those business critical sites that cannot afford any downtime, FWA provides a technology diverse, cost effective, reliable continuity option, avoiding the need to deploy a second fixed line.

It is also perfect for fast, agile deployments often being installed within weeks rather than months, enabling businesses to rapidly connect their operations to capitalise on new growth opportunities while waiting for fixed line deployments.

Additionally, FWA can be used as a primary connectivity option in areas that are temporary, hard to reach or remote, enabling growing businesses to establish branch offices or field locations in hard-to-reach areas where wired connections are unavailable or even possible.

-- BERNAMA

SAUDI ARABIA HIGHLIGHTS INVESTMENT INITIATIVES IN TOURISM AT INTERNATIONAL HOSPITALITY INVESTMENT FORUM

^{Mr. Mahmoud Abdullhadi, Deputy Minister of Destinations Enablement. (Photo: AETOSWire)}


RIYADH, Saudi Arabia, April 18 (Bernama-BUSINESS WIRE) -- ​The Saudi Ministry of Tourism is currently taking a prominent stage at the International Hospitality Investment Forum (IHIF), presenting a unique opportunity for global investors to dive into the thriving tourism landscape of the Kingdom. With the spotlight on the Tourism Investment Enablers Program (TIEP), that was recently announced, Saudi Arabia is aggressively pushing towards its Vision 2030 goal of being a top global tourism destination for investors and tourists alike. ​

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417879947/en/

This strategic presentation comes at a time when Saudi Arabia's tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasizing the sector's growing contribution to the national GDP. The flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion into the hospitality sector of up to SAR 42 billion in key destinations, which alone is anticipated to create 120,000 new jobs by 2030.​

The IHIF audience is getting a close look at Saudi Arabia's plans to expand its accommodation capacity dramatically. The Kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030. The HIE stands at the core of these ambitions, designed to energize the hospitality sector by introducing a new wave of supply in targeted tourism hotspots, significantly enriching the Kingdom's diverse tourism offerings.​

The initiative is supported by a suite of strategic enablers, including access to government-owned land under favorable terms, streamlined project development processes, and regulatory adjustments aimed at reducing barriers to market entry and operational costs. This comprehensive approach is expected to catalyze a significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR 42.3 billion and a forecasted annual GDP increase of SAR 16.4 billion by 2030.​

Saudi Arabia’s active participation in IHIF aims to showcase the Kingdom as an enticing investment frontier for international investors, emphasizing the lucrative opportunities within the tourism and hospitality sectors. This global stage provides the perfect platform for the Ministry of Tourism to forge lasting partnerships and highlight the Kingdom's commitment to elevating its tourism industry standards, fostering sustainable growth, and offering robust support to investors.​

Through this engagement, the Saudi Ministry of Tourism is not just showcasing investment opportunities; it is inviting the world to be a part of Saudi Arabia's ambitious journey towards redefining global tourism norms. Investors are encouraged to seize this unparalleled chance to collaborate with the Kingdom, as it paves the way for a new era of tourism excellence aligned with Vision 2030's transformative objectives.​​

Source: AETOSWire

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240417879947/en/


Contact

Najla Alkhalifa
Media and Communications
Najla@mt.gov.sa

Source : Saudi Ministry of Tourism

ONE DUCK CREEK SUMMIT TO FOSTER CULTURE OF BELONGING, RESPECT AMONG EMPLOYEES

KUALA LUMPUR, April 18 (Bernama) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, hosted its One Duck Creek Summit in Columbia, South Carolina, bringing employees together from across the globe.

According to the company in a statement, attendees are recognised for their roles in the many councils and programmes that help Duck Creek create a culture of excellence in insurance and technology.

The diverse group will convene over the next two days to discuss the past year’s goals and objectives as well as plan for the future to continue enhancing the company’s award-winning culture, as it endeavours to foster a culture of belonging and respect, where every voice is heard and valued.

Duck Creek Global Director of DE&I, Engagement & Culture, Amy Bayer said as a global company, it recognised the importance of having a diverse and inclusive workforce that reflects the communities and customers it served.

“We believe our DE&I programmes are imperative for our employees, but also a strategic advantage that enables us to innovate, collaborate, and deliver better solutions for our clients.

“The One Duck Creek Summit is a great opportunity to celebrate our achievements, share best practices, and inspire each other to continue building a great culture,” she said.

The summit kicks off with its Chief Executive Officer, Mike Jackowski highlighting the importance of promoting strong company values that focus on diversity, equity, inclusion and belonging (DEI&B) and a positive employee experience.

It also features keynote speakers which empower employees to connect and learn about other successful workplaces and cultures.

One of the highlights of the annual summit is a social impact event, in which, this year, Duck Creek has partnered with Ronald McDonald House Charities in Columbia.

Summit attendees will support their Pack-a-Smile programme, offering close family members of children receiving care at local hospitals a quick, nutritious bagged lunch, which enables family members not to have to leave the bedside or wonder when or where their next meal will come from.

-- BERNAMA

NX SINGAPORE DEMONSTRATES OPERATIONAL SAFETY DURING SENIOR MINISTER OF STATE VISIT

KUALA LUMPUR, April 17 (Bernama) -- Nippon Express (Singapore) Pte Ltd (NX Singapore), announced it received a visit from Singapore’s Ministry of Manpower, Senior Minister of State, Zaqy Mohamad, at its head office’s Toh Guan Global Logistics Centre, last month.

According to a statement, NX Singapore has been promoting workplace safety, employees’ health and operational efficiency.

Nippon Express (South Asia & Oceania) Pte Ltd (NXSAO) President, Katsuhito Kobayashi and an NX Singapore team showed the visitors their initiatives to minimise possible injury during operations such as driving an advanced forklift equipped with artificial intelligence (AI) cameras and telematics technology.

The minister observed how NX Singapore has leveraged AI and robotics to enhance vehicular safety and reduce the risk of musculoskeletal disorders in their operations.

A group company of Nippon Express Holdings Inc, NX Singapore celebrated its 50th anniversary in 2023 and has served as a hub in the South Asia and Oceania region for many years, supporting customers' supply chains.

The NX Group will continue to meet the logistics needs of worldwide customers by further expanding its global network in line with its corporate values of safety, compliance and quality.

-- BERNAMA

GRADIANT LAUNCHES CURE CHEMICALS FOR THE WORLD'S ESSENTIAL INDUSTRIES

Comprehensive portfolio of over 300 proprietary chemical formulations with on-site expertise and world-class service enhances efficiency and sustainability while maximizing cost savings


BOSTON, April 17 (Bernama-BUSINESS WIRE) -- Gradiant, a global solutions provider for advanced water and wastewater treatment, announced today the launch of CURE Chemicals. Continuing Gradiant’s track record of innovation and commercialization, CURE Chemicals will set new benchmarks in environmental sustainability and operational efficiency for the world’s essential industries.

The CURE Chemicals product line includes over 300 proprietary formulations for corrosion and scale inhibitors, process chemicals, biocides, antiscalants & cleaners, and coagulants & flocculants. These products are engineered to enhance the effectiveness and efficiency of water treatment processes while minimizing their environmental footprint.

"The launch of CURE Chemicals represents a major milestone for Gradiant as we expand our portfolio to include specialty chemicals that complement our end-to-end water solutions capabilities," said Prakash Govindan, COO of Gradiant. "We are now the water industry’s only complete, site-wide portfolio providing bespoke design, proprietary equipment, O&M services, and specialty chemicals uniquely positioned to deliver whole-system expertise complemented by SmartOps AI for accurate, intelligent operation.”

CURE is developed via cutting-edge research combined with operational feedback tailored to meet the demanding requirements of industries ranging from semiconductors to renewables, mining to energy, and food & beverage to pharmaceuticals. "We are excited to bring these chemical solutions to the global market, which not only perform better than incumbents but also adhere to the highest standards of safety and sustainability, all at compelling value to our clients," said Vipan Kalia, Head of Chemicals at Gradiant.

For more information on how CURE Chemicals can benefit your operations, please visit gradiant.com/solutions/cure-chemicals.

About Gradiant
Gradiant is a global solutions provider for advanced water and wastewater treatment. With a full suite of differentiated and proprietary end-to-end solutions, powered by the top minds in water, the company serves its clients' mission-critical operations in the world's essential industries, including semiconductors, pharmaceuticals, food & beverage, lithium and critical minerals, and renewable energy. Gradiant’s innovative solutions reduce water used and wastewater discharged, reclaim valuable resources, and renew wastewater into freshwater. The Boston-headquartered company was founded at MIT and has over 1,000 employees worldwide. Learn more at gradiant.com.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240416877381/en/

Contact

Corporate Contact
Felix Wang
Gradiant
Global Head of Marketing
fwang@gradiant.com

Source : Gradiant

Textron Aviation's Service Centres Bag NATA Recertification As Green Aviation Business

KUALA LUMPUR, April 16 (Bernama) -- Textron Aviation Inc announced its global service network once again received recertification as a Green Aviation Business from the National Air Transportation Association (NATA).

According to a statement, this recognition is part of NATA's Sustainability Standard for Aviation Businesses programme, which encourages environmental sustainability within the industry.

“We continue to invest in our processes and facilities to encourage sustainable solutions across the globe, because we understand the importance of driving economic growth while preserving our natural resources,” said its senior vice president, Customer Support, Brian Rohloff.

Beechcraft, Cessna and Hawker customers receive factory-direct support, maintenance and modifications by Textron Aviation, a Textron Inc company, through its global network of service and part centres, mobile service units and 24/7 1CALL AOG support.

In addition, four of Textron Aviation’s 20 company-owned service centres namely in Singapore, Paris, Zurich and Indianapolis, recertified their Tier 1 status, going above and beyond NATA’s certification requirements and implementing additional sustainable practices.

This includes phasing out single-use plastic items, installing motion-sensor lighting and ensuring energy-efficient kitchen appliances and plumbing fixtures.

These locations have also developed policies to reduce idling in ground support equipment and for the first time this year, the company’s Valencia Service Center achieved Tier 2 status.

To achieve base-level certification, all facilities must establish a baseline carbon footprint and work toward reducing greenhouse gas emissions, while also offer recycling programmes, implement paperless systems, install LED lighting and reduce the use of plastic water bottles.

The company is actively supporting the development of sustainable propulsion solutions, such as hydrogen electric and hybrid electric, in addition to remaining actively engaged in sustainability initiatives within the aviation industry.

-- BERNAMA

BANLE ENERGY INTERNATIONAL LIMITED SUPPORTS YANG MING'S INAUGURAL B24 BIOFUEL BUNKERING SERVICES IN YANTIAN, SHENZHEN

HONG KONG, April 16 (Bernama-GLOBE NEWSWIRE) -- On April 14, 2024, Banle Energy International Limited, a subsidiary of the Banle Group (NASDAQ: BANL), a reputable marine fuel logistic company in the Asia Pacific region, in collaboration with PetroChina Fuel Oil Co. Ltd., is delighted to announce the arrangement of B24 biofuel bunkering services for Yang Ming’s vessel, YM Utility, at a port in Yantian, Shenzhen.

By providing Yang Ming with our B24 biofuel bunkering services, this transaction supports the first B24 biofuel supply in Shenzhen and Yang Ming’s inaugural B24 biofuel bunkering supply in China. As a company actively promoting the use of biofuels, we are making a significant contribution to the International Maritime Organization's (IMO) goal of reducing greenhouse gas emissions (GHG) from international shipping. The B24 biofuel blend, as indicated by a study, is projected to reduce approximately 20% of Greenhouse Gas (GHG) emissions when compared with conventional fuel oil.

Teck Lim Chia, our Chairman and Chief Executive Officer, expressed his determination to bring positive impacts to the shipping industry, stating: “We are pleased to be part of Yang Ming’s first B24 biofuel bunkering supply in China. This service aligns with our initial initiative of introducing B24 biofuel bunkering in Hong Kong and exporting B24 biofuel to China. As a stakeholder in the shipping industry, we remain committed to promoting biofuel to reduce GHG emissions.”

Banle Group is dedicated to delivering exceptional bunkering services that cater to the evolving needs of the maritime industry. As we focus on expanding our operations in Europe, we continue to forge strategic partnerships and explore new opportunities to provide efficient and reliable solutions. 

About the Banle Group

Established in 2015, CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company in the Asia Pacific region. We are committed to providing customers with one stop solution for vessel refuelling. Banle Group’s business activities are primarily focused in over 55 major ports covering Japan, Korea, China, Hong Kong, Taiwan, Vietnam, Malaysia, Singapore, Thailand, Turkey and Belgium. The Group actively promotes the use of alternative fuels and is awarded with the ISCC EU and ISCC Plus certifications.

Forward-Looking Information and Statements

Certain statements in this announcement are forward-looking statements, by their nature, subject to significant risks and uncertainties. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED
(Incorporated in Cayman Islands with limited liabilities)

For more information, please contact:

CBL International Limited

Email: investors@banle-intl.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49031b66-7864-4483-b636-5b5c0999d634 


SOURCE : CBL International Limited

OSAKA GAS IN INVESTMENT DEAL TO EXPAND CITY GAS DISTRIBUTION BUSINESS IN INDIA

Project_Area (Graphic: Business Wire)

KUALA LUMPUR, April 16 (Bernama) -- Osaka Gas Co Ltd (Osaka Gas) announced its subsidiary Osaka Gas Singapore Pte Ltd (OGS) will invest in AG&P LNG Marketing Pte Ltd (AG&P LNG Marketing), aiming to boost AG&P LNG Marketing’s city gas distribution (CGD) business in India.

An agreement has been reached with Sumitomo Corporation (Sumitomo) and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) for the investment, according to Osaka Gas in a statement.

This investment will be made via a Japanese consortium jointly owned by OGS, Sumitomo, and JOIN which marks OGS’ second major investment in the CGD business in India, and it intends to establish a medium- to long-term revenue stream in India while contributing to a stable supply of low-carbon energy.

This investment allows AG&P LNG Marketing to expand its gas distribution coverage in India as it has been developing CGD business in 12 geographical areas (GAs) under the brand name AGP Pratham, primarily in the suburbs of southern India, since 2021.

With this new investment, AG&P LNG Marketing will also develop seven additional GAs under the brand name THINK Gas in the urban areas of north and central India. The total area of these 19 GAs represents approximately 320,000 square kilometre of the country.

It plans to construct compressed natural gas (CNG) stations and extend its gas distribution networks further, aiming to increase gas sales mainly in the transportation segment as well as household, commercial, and industrial segments.

AG&P LNG Marketing is led by an experienced management team that has demonstrated quality execution and operations and maintenance (O&M) of the company’s assets.

The management will be guided by a competent board of directors which will have representation from I Squared Capital, AG&P Group, Osaka Gas, Sumitomo and JOIN, in addition to Osaka Gas that will provide technical and sales support.

-- BERNAMA

EBC Financial Group Aims To Become Finance Leading Player Via FC Barcelona Deal

KUALA LUMPUR, April 15 (Bernama) -- EBC Financial Group (EBC) and FC Barcelona announced their partnership in the foreign exchange sector across multiple regions for 3.5 years, marking a significant milestone for EBC, aligning the brand with the respected legacy and global reach of FC Barcelona.

This partnership designates EBC as FC Barcelona’s official Partner in Foreign Exchange, with coverage extending to regions including Asia Pacific, Latin America, the Middle East, and Africa.

“This is not just a partnership; it is a shared journey towards greatness, embodying a culture where success is not just about winning but about fostering values, nurturing talent, and contributing positively to society.

“Our choice of FC Barcelona as a partner is deliberate and profound; it is about learning from the best and embedding their ethos of teamwork, respect, and ambition into our DNA,” said EBC Financial Group APAC Director of Operations, Samuel Hertz in a statement.

Meanwhile, FC Barcelona, Marketing Area Vice President, Juli Guiu said this partnership coincides with FC Barcelona’s global expansion plan in recent years, which will help the Club open up a wealth of opportunities in the financial sector.

Under this exclusive agreement, EBC is granted the unique privilege to engage in specialised business activities within the foreign exchange domain, which encompasses a range of services.

Through this alliance, EBC is set to innovate and inspire, drawing on the club's rich cultural heritage and passionate fanbase to cultivate meaningful engagement and establish a lasting presence in key regions with a brand-new audience, fostering connections with a vibrant, global community that transcend traditional market boundaries.

It is also an unparalleled opportunity to bring FC Barcelona closer to its partners, supporters, and Culers in these regions, alongside its global expansion strategy to grow and continue to lead the industry via exploring the right partners in different sectors.

Founded in the esteemed financial centre of London, EBC is a comprehensive financial services group renowned for its expertise in online trading, asset management and investment consultation.

-- BERNAMA

Vonage SIP Trunking API Enhances LEAP's Global Customer Reach, Scalability

KUALA LUMPUR, April 12 (Bernama) -- Singapore-based LEAP, THE HORIZON INFORMATION TECHNOLOGY, has announced it is leveraging Vonage’s Communications application programming interfaces (APIs)  to expand its global customer reach and scale.

Vonage Senior Vice President Global Sales, Sunny Rao said through Vonage’s platform, LEAP offers businesses a truly global, reliable customer centric contact centre solution.

“We are happy to support LEAP as it connects businesses to the cloud so they can work faster, save money, and avoid restrictions on capacity and location,” said Rao in a statement.

Meanwhile, LEAP Project Director, Carry Chen said: “Choosing Vonage has given LEAP the ability to provide its customers with stable, reliable customer engagement that can scale on demand.

“The businesses we support are located all throughout Southeast Asia, and their customers are global. Vonage ensures that we have the capacity and reach to provide quality customer support when and where needed.”

LEAP is dedicated to providing a professional contact centre, Interactive Voice Response Designer and social media services for Southeast Asian enterprises. It can connect to the cloud via Vonage SIP Trunking, enabling the company to scale up or down with virtually unlimited capacity, reduce costs with per-second billing, and easily go global.

The Vonage Communications Platform (VCP) has more than one million registered developers and offers a full suite of programmable voice, video, messaging, and email services to forward-thinking businesses throughout the Asia Pacific market and worldwide.

A part of Ericsson, Vonage is a leader in cloud communications helping businesses accelerate their digital transformation, and through its partners, Vonage’s platform is a leading driver of digital transformation in the region for both established businesses and startups.

-- BERNAMA

H2O-Danube2-1.8B Tops Hugging Face Open LLM Leaderboard

KUALA LUMPUR, April 12 (Bernama) -- H2O.ai announced its latest open-weights (Apache v2.0) small language model, H2O-Danube2-1.8B, has secured the top position on the Hugging Face Open large language model (LLM) Leaderboard for below two billion (2B) range, even surpassing the much larger Gemma-2B model from Google in the 2.5B parameter category.

This achievement underscores H2O.ai's commitment to advancing artificial intelligence (AI) accessibility and performance through innovative open-source solutions, according to a statement.

Its Chief Executive Officer and Founder, Sri Ambati said this model not only outperformed leading competitors like Microsoft Phi-2 and Google Gemma 2, but also provides economic efficiency and ease of deployment for enterprise and edge computing applications.

“We love this category – a great size to fine tune or post-train on domain specific datasets for our enterprise customers, economically efficient on inference and training, and very easily embedded on edge devices like mobile phones, drones and in offline applications.

“The applications of this model are far reaching, from detecting and preventing PII data leakage to improving prompt generation and enhancing guardrails and the robustness of RAG systems,” Ambati said.

H2O-Danube2-1.8B is built upon the success of its predecessor, H2O-Danube 1.8B, with notable upgrades and optimisations that have propelled it to the forefront of the 2B SLM category.

Leveraging a vast dataset of two trillion high-quality tokens, this model builds upon the Mistral architecture and optimizations, such as dropping windowing attention, to deliver unparalleled performance in natural language processing tasks.

The open source leader in Generative AI (GenAI) and machine learning continues to drive innovation in AI research and development, empowering organisations to leverage cutting-edge technology without the constraints of traditional resource-intensive approaches.

Founded in 2012, H2O.ai aims to bring together the world’s top data scientists with customers to co-create GenAI applications that are usable and valuable by everyone.

-- BERNAMA

Plocamium Holdings Offers New Service Targeting Middle Market Companies

KUALA LUMPUR, April 12 (Bernama) -- Plocamium Holdings (PH), a newly launched private equity services firm, announced it has begun working with middle market companies and sponsors to improve growth and drive greater returns and performance for those companies and investors.

In a statement, PH President, James Tannahill said: "We believe that our hands-on approach, data literacy, and focus on operational issues set us apart in the global private equity landscape.

“These are companies that the large multi-national consultancies think are too small to work with, but we see as potentially significant success stories of greater value creation.”

Tannahill added that PH identify opportunities unique to the company and creates a plan, then executes against it, creating cash generation initiatives to help it, its partners, and investors compete and prosper in their respective global markets.

PH offers a unique suite of expertise that can evaluate a company’s strengths and weaknesses from the C-Suite to the factory floor.

It has begun working with companies in the global healthcare technology and services, defence, industrial technology, as well as containers and packaging sectors and is a trusted partner of companies with enterprise values between US$10 million and US$500 million. (US$1=RM4.76)

The firm is also partnering with sovereign wealth funds, middle-market private equity sponsors, and high-quality businesses that possess significant growth potential.

PH's investment philosophy is to examine a company’s operational approach and through rigour and innovation help lead it to greater productivity and efficiency, thus realising greater returns for owners and investors.

Headquartered in New York and with a team of experienced investment professionals committed to operational excellence, the firm began as a single family office over 70 years ago rooted in container manufacturing and fabricated metal products, and in 2024 launched its consulting services.

-- BERNAMA

PubMatic Brings Programmatic Video Ads To Roblox’s Platform

KUALA LUMPUR, April 12 (Bernama) -- PubMatic announced a partnership with Roblox, a global immersive platform for communication and connection, to enable programmatic media buying of Roblox’s video advertising inventory when it becomes available later this year.

The partnership will allow more brands to reach Roblox’s global community of over 71 million daily active users, nearly half representing the Gen Z demographic, while Roblox will gain scaled access to premium brand advertising demand.

PubMatic Americas Chief Revenue Officer, Kyle Dozeman said the company is looking forward to empowering Roblox to maintain full control over its advertising ecosystem while enabling advertisers to reach their target audiences effectively.

“We are thrilled to partner with Roblox to deliver a pioneering advertising solution that marries monetisation with user experience. Advertising creates significant opportunities for many companies, and it funds and fuels the endless potential of the internet” he said in a statement.

Meanwhile, Roblox Vice President of global partnerships, Stephanie Latham said: “Partnering with PubMatic unlocks the opportunity for more advertisers to seamlessly engage this community through preferred content formats, like video, while providing advertiser controls around brand suitability.

“The ad experience we offer on the platform is built to be immersive instead of disruptive, and true to the Roblox experience that our community of creators, users, and brands know and love."

Since 2006, Roblox has built a global community with millions of creators and immersive experiences, from social hangouts and gaming, to concerts, sports, fashion shows, education, and entertainment.

With one of the most robust virtual economies in the world, the expansion of Roblox’s advertising business will enable seamless access to this community and allow brands to activate on the platform without creating custom-built content.

Like all advertising on Roblox, programmatic ads must comply with the platform’s community and advertising standards grounded in principles of making advertising safe, transparent, and respectful of people’s privacy while still creating opportunities for the community to innovate, engage and earn.

An independent technology company delivering digital advertising’s supply chain of the future, PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control access to their inventory and increase monetisation by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices.

-- BERNAMA

AACSB’s 2024 Influential Leaders Initiative Recognises 22 Impactful Business School Researchers

KUALA LUMPUR, April 9 (Bernama) -- AACSB International (AACSB), the world’s largest business education alliance, announced its 2024 Class of Influential Leaders, a group of 22 AACSB-accredited business school faculty demonstrating impact through their research.

Now in its ninth year, AACSB’s Influential Leaders member spotlight programme highlights the value that business schools bring to business and society, whether through the alumni who have used their business education to improve the industries and communities they serve, or the faculty leading positive impact via their research.

“The 2024 Influential Leaders demonstrate the potential of business school research to address some of today’s most critical challenges.

“The knowledge they are producing will help inform and create real change in the world,” said AACSB president and chief executive officer, Lily Bi in a statement.

All faculty from this year’s class are from one of AACSB’s more than 1,000 accredited business schools worldwide.

Support provided by Academic Partnerships, the 2024 Influential Leaders initiative recognised honorees who are advancing research in the areas of artificial intelligence, healthcare, sustainability, finance, and entrepreneurship, among others.

The selected leaders exemplify the important role of business school faculty in developing new knowledge that provides timely and relevant solutions for business and societal challenges.

These faculty changemakers are using their expertise to encourage environmental responsibility, improve healthcare outcomes, enable digital innovation, empower marginalised populations, and transform investment practices.

Each influential leader was nominated by their school, which shared inspiring research examples that demonstrate how the honoree leads in new knowledge creation, engages in timely solutions, and positively impacts business and society.

-- BERNAMA

Biognosys, Alamar Biosciences Join Forces To Advance Proteomics Research

KUALA LUMPUR, April 5 (Bernama) -- Biognosys, a global leader in mass spectrometry-based proteomics and Alamar Biosciences Inc, a company powering precision proteomics, has entered into a strategic partnership aimed at advancing scientific discovery in the field of biofluid proteomics biomarkers.

This collaboration brings together Biognosys' expertise in unbiased discovery through data independent acquisition mass spectrometry (DIA-MS) and Alamar's cutting-edge immunoassays, according to a statement.

This integrated approach enhances Biognosys’ understanding of biomarkers by combining deep unbiased DIA-MS discovery proteomics with highly specific and ultra-sensitive mid- and high-plex NULISA assays for low-abundance proteins such as cytokines, chemokines and important disease protein biomarkers from plasma.

"Our combined efforts will pave the way for breakthroughs in plasma biology by analysing in an unbiased way more than 5,000 proteins together with panels of hundreds of well characterised cytokines and other high value low abundance proteins using highly specific NULISA assays," said Biognosys Founder and Chief Executive Officer (CEO), Oliver Rinner.

Meanwhile, Alamar  Chairman, Founder and CEO, Yuling Luo said: "We are thrilled to partner with Biognosys to provide the research community with expanded access to proteomic insights from discovery through to clinical research."

This partnership underscores the commitment of both companies to scientific excellence and their shared vision of advancing precision medicine through innovative technologies.

In the Industry Spotlight Theater session hosted by Alamar at the American Society for Cancer Research 2024 Annual Meeting in San Diego on April 9, the companies will jointly present data from a collaborative study focused on Non-Small Cell Lung Cancer.

The findings demonstrate the feasibility of integrated analysis and highlight the complementary insights derived from mass spectrometry and affinity-based assays in plasma.

Building upon this successful proof-of-concept study, Biognosys and Alamar are planning to further collaborate both commercially and scientifically as part of their strategic partnership.

-- BERNAMA

SOMPO TAPS KENNETH REILLY AS CEO TO SPEARHEAD INSURANCE BUSINESS IN APAC

KUALA LUMPUR, April 2 (Bernama) -- Sompo has appointed Kenneth Reilly as Chief Executive Officer (CEO), Insurance for the Asia Pacific (APAC) to support the further growth of its insurance business in the region, effective April 1.

Reilly’s appointment is subject to appropriate regulatory and immigration approvals, while also retaining his current role as Head of the company’s Tokyo office.

He will continue reporting to Sompo CEO and Executive Chairman, James Shea, and will be responsible for all of the company’s insurance business across APAC.

“As we invest and further develop our business across the Asia Pacific region it is fundamental to build our team to support our plans for continued growth.

“With more than 25 years of international experience, covering both commercial and consumer insurance, including time spent in the region, Ken is perfectly placed to oversee and execute our strategic plans in this important region for our insurance business,” said Shea in a statement.

Reilly succeeds Daniel Neo who has announced his desire to retire but will remain as Sompo Senior Strategic Advisor to assist with the transition, until the end of the year.

The company also thanked Neo for his contribution to Sompo and the APAC region where he has held several leadership roles and made a significant impact on the development of both its brand and insurance business in the region.

A global provider of commercial and consumer property, casualty, and specialty insurance and reinsurance, Sompo employs approximately 9,000 people worldwide.

-- BERNAMA

EIG'S MIDOCEAN ENERGY SECURES STRATEGIC INVESTMENT FROM MITSUBISHI CORP

KUALA LUMPUR, April 2 (Bernama) -- MidOcean Energy (MidOcean), a global liquefied natural gas (LNG) company formed and managed by EIG, announced a strategic investment by Mitsubishi Corporation (Mitsubishi Corp).

According to EIG in a statement, Mitsubishi Corp’s investment will accelerate MidOcean’s strategy to create a high quality, diversified, global ‘pure play’ integrated LNG company.

EIG Chairman and Chief Executive Officer (CEO), R. Blair Thomas said welcoming an industry heavyweight such as Mitsubishi Corp as an anchor investor and strategic partner accelerates MidOcean’s progress in creating a large-scale, pure play global LNG company.

“The world’s energy transition needs are contributing to rapid growth in global LNG demand, and we look forward to continuing to execute on this attractive and important opportunity alongside our investors and partner,” Thomas said.

Meanwhile, MidOcean Energy CEO, De la Rey Venter said: “We are thrilled to have Mitsubishi Corp join as an anchor investor in MidOcean Energy. Their investment is a testament to the strong fundamentals of the LNG market and MidOcean’s strategy to create a competitive long-term growth platform in LNG for its investors.”

Mitsubishi Corp has been an active player in the LNG sector for over 50 years, with investments spanning 12 projects across eight countries.

This partnership underscores both companies’ commitments to LNG and its role as a critical enabler of the energy transition. Mitsubishi Corp aims to develop its business toward achieving a carbon-neutral society, while fulfilling its responsibility as a stable energy supplier and meeting the evolving needs of its customers.

This investment deepens MidOcean’s blue-chip investor base and builds on its significant momentum since launching in late 2022 as the corporation recently announced the close of its acquisition of a portfolio of Australian LNG projects from Tokyo Gas.

Headquartered in Washington D.C., the United States, EIG is a leading institutional investor in the global energy and infrastructure sectors, specialising in private investments in energy and energy-related infrastructure on a global basis.

-- BERNAMA

QRAFT TECHNOLOGIES, FSITC COLLABORATE TO DEVELOP AI-DRIVEN INVESTMENT TOOLS

(Graphic: Business Wire)

KUALA LUMPUR, April 3 (Bernama) -- Qraft Technologies announced a strategic technical collaboration with First Securities Investment Trust Co Ltd (FSITC), a distinguished asset management firm.

In a statement, the invest-tech company developing artificial intelligence (AI) solutions said the partnership’s goals will be to develop new tools for investment management via the joint development of sophisticated AI and deep learning algorithms.

These initiatives will look to refine multi-factor screening models and enhance forecasting of market risk and set new benchmarks for investment strategies.

"Our collaboration with FSITC represents a pivotal step forward in our mission to redefine the financial investment landscape with AI-driven solutions.

“We look forward to combining our technological prowess with FSITC’s industry insights to unlock new opportunities for investors worldwide," said Qraft Technologies Chief Executive Officer, Marcus Kim.

Meanwhile, FSITC General Manager, Liao Wen-wei said joining forces with Qraft not only amplified the company’s capabilities but also aligned with its commitment to spearheading the integration of AI in the financial sector.

At the present time, where AI and deep learning are changing the world of investing, Qraft brings its cutting-edge expertise to this collaboration, driving the development of innovative financial technologies.

This venture will utilise Qraft’s advanced AI algorithms to identify and analyse extensive global financial data, while optimising the stock selection process and market risk sentiment predictions.

Qraft and FSITC’s goal is to broaden and elevate the toolkit available to mutual fund, digital asset management (DAM) account, and Active exchange-traded fund (ETF) portfolio managers, ensuring top-tier investment management services are accessible to the public.

This synergy further develops the enhancement of FSITC's investment strategies by incorporating Qraft’s AI algorithms into stock selection and market risk sentiment analysis, aiming to refine mutual fund investment processes and set new standards in risk management.

-- BERNAMA

KFSH&RC TAPS DR. BJÖRN ZOÉGA TO FAST-TRACK GOAL AS LEADING HEALTHCARE INSTITUTION GLOBALLY

KUALA LUMPUR, April 3 (Bernama) -- King Faisal Specialist Hospital and Research Centre (KFSH&RC) has appointed Dr. Björn Zoéga as Deputy Chief Executive Officer (CEO), effective April 1.

According to a statement, this strategic move is set to accelerate KFSH&RC's aspiration of becoming a leading healthcare institution on the global stage, leveraging Dr. Zoéga's notable career and proven track record of leadership in top-tier medical institutions.

As Deputy CEO, he will serve as chief lead of KFSH&RC’s healthcare delivery and research and innovation groups, following on the hospital’s commitment to integrating global best practices in healthcare and pursuing cutting-edge medical research and technology.

Dr. Zoéga brings decades of healthcare management and clinical expertise to KFSH&RC, having spearheaded operations as CEO of the National University Hospital of Iceland and the Stockholm Spine Center.

As the former CEO of the internationally renowned Karolinska University Hospital in Sweden, he played a pivotal role in upholding the institution’s high standards and global recognition as the second highest rated among European hospitals and seventh best worldwide, according to Newsweek’s ranking of the World’s Best Hospitals 2024.

Dr. Zoéga’s administration at Karolinska was marked by innovative strategies and excellence in healthcare delivery—all which he posed to enrich within KFSH&RC.

His experience and faculties in research and education are also invaluable, given his former roles as President and Board Chairman of the EU-Cervical Spine Research Society and Chairman of the Scientific Advisory Board of Alvotech.

-- BERNAMA

HOTEL VILLA FONTAINE PREMIER/GRAND HANEDA AIRPORT OFFERS ROOMS FEATURING POPULAR CHARACTERS

KUALA LUMPUR, March 29 (Bernama) -- Sumitomo Fudosan Villa Fontaine Co Ltd, a Sumitomo Realty Group, has begun offering guestrooms featuring a major Japanese carrier and popular characters known worldwide such as Hatsune Miku and LINE FRIENDS at Hotel Villa Fontaine Premier/Grand Haneda Airport.

According to a statement, it is Japan's largest airport hotel with 1,717 guestrooms and directly connected to Haneda Airport (Tokyo International Airport) Terminal 3.

The establishment has set aside specially designed about 100 guestrooms featuring popular characters along with other well-known entities from Japan and worldwide to enhance the value of staying at the hotel.

The company aims to provide guests with a unique and memorable experience near Haneda Airport, which is striving to become a tourism-oriented country.

Sumitomo Fudosan Villa Fontaine has partnered with Japan Airlines (JAL); Hatsune Miku; Kanosei Art Project by TOPPAN Group; KOKUYO; LINE FRIENDS; Love Live! Nijigasaki High School Idol Club; and Sirotan, to offer unique themed guestrooms.

As part of the collaboration, Hatsune Miku, a virtual singer that is popular worldwide, along with five other Piapro characters, namely  Kagamine Rin, Kagamine Len, Megurine Luka, MEIKO and KAITO, will be in the project which marks the first collaboration of all the six characters with a hotel.

Meanwhile, JAL will showcase a record of 24 guestrooms dedicated to their collaboration, in line with the number of the carrier's international flights from Haneda.

Additionally, partnership with Japanese stationery company KOKUYO who operated KOKUYODOORS, will oversee the design and layout of the rooms, while alliance with LINE FRIENDS will feature soft colours and Japanese flavours in the guestrooms' unique design that can be seen only at this hotel.

Connected with Haneda Airport Terminal 3, the hotel is convenient for guests who stay there pre & post arrival/departure, and covers a wide range of needs which is not only for business but also for leisure.

-- BERNAMA

AM Best Revises Hanoi Re's ICR Outlook, Assigns National Scale Rating

KUALA LUMPUR, March 29 (Bernama) -- AM Best has revised the outlook to positive from stable for the long-term issuer credit rating (Long-Term ICR) and affirmed the financial strength rating (FSR) of B++ (Good) and the long-term ICR of “bbb” (Good) of Vietnam’s Hanoi Reinsurance Joint Stock Corporation (Hanoi Re).

The outlook of the FSR is stable and the global credit rating agency has assigned a Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) to Hanoi Re, formerly known as PVI Reinsurance Joint Stock Corporation (PVI Re), with a stable outlook.

The credit ratings (ratings) reflect Hanoi Re’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

According to AM Best in a statement, the ratings also factor in rating enhancement from Hanoi Re’s ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.).

The revised Long-Term ICR outlook reflects an improving trend in Hanoi Re’s balance sheet strength fundamentals.

Correspondingly, the company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, improved to the strongest level in fiscal-year 2023 from a very strong level in fiscal-year 2022.

Notwithstanding, risk-adjusted capitalisation has shown moderate volatility in recent years driven by high dividend payouts and increasing capital requirements arising from business growth and investments.

AM Best views Hanoi Re’s operating performance as strong, supported by its five-year average return-on-equity ratio of 16.6 per cent (2019-2023), while underwriting results remained favourable in 2023, benefitting from profitable domestic business, which included business sourced from its sister company, PVI Insurance Corporation.

-- BERNAMA

TAIWAN'S NAN SHAN GENERAL RATED EXCELLENT - AM BEST

KUALA LUMPUR, March 29 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Taiwan’s Nan Shan General Insurance Co Ltd (Nan Shan General).

The outlook of these credit ratings (ratings) is stable, reflecting Nan Shan General’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Nan Shan General’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, has significantly improved and is assessed as being at the very strong level as of year-end 2023, according to the credit rating agency in a statement.

The result is underpinned by the capital contribution of NT$1.5 billion in cash in 2023, from the company’s immediate parent, Nan Shan Life Insurance Co Ltd (Nan Shan Life), to restore Nan Shan General’s capital strength, following the large claims arising from pandemic insurance since 2022. (NT$100 = RM14.78)

Nan Shan General reported positive operating results last year, partially supported by the release of reserves provisions for pandemic insurance claims and positive investment performance, while its return on equity has been restored to a high single-digit level.

Having achieved double-digit growth on gross premiums written in 2023, mainly driven by expansions in voluntary motor, travel insurance and commercial lines, Nan Shan General has increased premium retention in the major voluntary motor line since 2023, which continues to be a major driver of the overall underwriting results.

With its bond portfolio continuing to contribute stable streams of interest income, which helped to partially offset volatility in equity investments during 2023, AM Best expects Nan Shan General to continue to focus on domestic fixed-income securities and maintain moderate exposure to equity securities with an aim to boost overall investment returns.

A wholly owned subsidiary of Nan Shan Life, the third-largest life insurance company in Taiwan in terms of total assets, Nan Shan General benefits from parental support in terms of the shared brand recognition, strong distribution support and operating and capital commitments.

-- BERNAMA

CHINESE SMART EV MAKER XPENG STEERS TOWARD GLOBAL MARKET VIA ASEAN PARTNERSHIPS

KUALA LUMPUR, March 26 (Bernama) -- A Chinese smart electric vehicle (Smart EV) company, XPENG Motors (XPENG), has announced its latest long-term strategic partnership with Neo Mobility Asia Co Ltd, a joint venture between Arun Plus Mobility Holdings Co Ltd, a subsidiary of PTT and MGC-Asia GreenTech Co Ltd, in Thailand.

According to a statement, the partnership marks XPENG's international footprint as it has entered ASEAN and led to the official launch of XPENG at the 45th Bangkok International Motor Show.

“By entering new markets strategically and offering a range of EV models tailored to local customer needs, we aim to solidify our brand position as a leading player in the smart EV sector on a global scale,” said its Vice President of Finance & Overseas Strategic Support Office, James Wu.

As part of its international expansion plans, a growing list of new partners from XPENG's strategic markets have joined the company in bringing the brand’s latest smart EVs to local consumers, including Premium Automobiles from Singapore and Bermaz Auto from Malaysia.

The XPENG global market strategy focuses on establishing partnerships with local importers/dealers to create a first-class distribution, sales, and service network in various regions.

The company will offer the G6 SUV in Thailand, Singapore as well as Malaysia, and start delivering from third quarter of this year.

Developed for global markets, the G6 is underpinned by XPENG’s evolutionary Smart Electric Platform Architecture (SEPA) 2.0 platform, which sets the foundation for future production models while shortening development cycles and reducing manufacturing costs.

-- BERNAMA

AIM SYSTEMS DRIVES FACTORY AUTOMATION WITH GEN 2 AI-INTEGRATED MES, MCS PLATFORMS

KUALA LUMPUR, March 26 (Bernama) -- A smart factory solution provider, aim Systems announced it is spearheading the development of next-generation factory automation with the upcoming releases of its Gen 2 Manufacturing Execution Systems (MES) and Material Control Systems (MCS) platforms in May and September this year, respectively.

The upcoming second-generation MES and MCS products are being developed not only to actively utilise artificial intelligence (AI) but also to enhance operation and monitoring systems, making it significantly easier for customers to improve yield and establish intelligent factory automation.

This development aims to clearly differentiate from the existing first-generation products which were localised in the early 2000s, according to aim Systems in a statement.

In particular, the defence industry is currently shifting towards incorporating AI to enhance yield and hence the market anticipates that products similar to the company’s new MES/Equipment Automation Systems (EAS)/MCS will benefit from such trend.

With the advent of the intensified competition in high-tech industry, investments and expansions in display and semiconductor factories have become essential.

To efficiently manage large display and semiconductor factories, core software such as MES, EAS and MCS also need to evolve to keep abreast with technological changes including AI.

Established in 1996, aim Systems has significantly reduced costs for domestic hi-tech companies through localisation of MES for semiconductor/display factories, and retains over 30 research and development experts who are the key for its advanced technological expansion.

-- BERNAMA

R. DANE MAULDIN TAKES THE HELM AS NIQ CHIEF TRANSFORMATION OFFICER

KUALA LUMPUR, March 22 (Bernama) -- A pioneering force in consumer intelligence, NIQ has appointed R. Dane Mauldin as its Chief Transformation Officer effective March 18.

Mauldin will take over from Curtis Miller, who held the role most recently, and was named Chief Strategy Officer, accountable for Strategy and Corporate Development.

According to NIQ in a statement, Mauldin reports to the company’s Chief Operating Officer, Tracey Massey, and also is a member of its Executive Committee.

“Dane will lead our go-to-market strategy and sales enablement teams, to continue our journey of putting our retailer and manufacturer customers at the centre of everything we do.

“With his strong customer focus and deep proficiency in applying data and analytics to solve business problems, Dane brings a distinct set of qualifications that will complement our leadership team’s capabilities and help us reach our ambitious growth targets,” said Massey.

Meanwhile Mauldin said: “I am thrilled to join NIQ at this exciting time. I have had the chance to get to know many of NIQ’s senior leaders, and I am truly impressed with the quality of leadership, their focus on putting customers at the heart of all they do, and their inclusive and collaborative culture.”

Mauldin’s diverse skillsets include expertise in operations, strategy, sales enablement, product development, analytics, customer service and compliance.

He joins NIQ from TransUnion, where he was Executive Vice President (EVP) and Chief Operations Officer, and previously EVP and Chief Product Officer.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF SUN HUNG KAI PROPERTIES INSURANCE LIMITED

HONG KONG, March 22 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Sun Hung Kai Properties Insurance Limited (SHKPI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect SHKPI’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

SHKPI’s very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s higher-risk financial assets, including unlisted investments and non-investment-grade bonds, exposed its risk-adjusted capitalisation to considerable market and credit risks. Nonetheless, the company has de-risked the majority of its bond exposure to mainland China’s real estate sector in fiscal year 2023, with its bond portfolio demonstrating an improvement in the credit quality with higher diversification level. AM Best considers SHKPI’s capital level provides a sufficient buffer to absorb investment risks. Other supporting factors include the company’s strong liquidity position and appropriate reinsurance programme, with a diversified panel of financially sound reinsurers.

SHKPI has consistently delivered a strong operating performance over the past few years. Its net profit in fiscal year 2023 was a combined result of a recovery in investment performance and stable underwriting profit. SHKPI continues to benefit from its parent company’s support, both in distribution channels with minimal gross acquisition expenses as well as in access to better quality group business, leading to its favourable underwriting results. The company’s investment returns turned positive in fiscal year 2023, mainly driven by favourable interest income owing to a high interest rate environment.

SHKPI is a wholly owned subsidiary of Sun Hung Kai Properties Limited, one of the largest property development and investment conglomerates in Hong Kong. It benefits from its parental network to write a major part of its business from associated and subsidiary companies. The company continues to operate in a low acquisition cost business model while seeking new business opportunities within the market. SHKPI maintains a small albeit profitable presence in Hong Kong’s general insurance market, focusing on employees’ compensation insurance on a net premiums written basis.

Negative rating actions could occur if there is significant deterioration in SHKPI’s operating performance; for example, due to lower investment returns or weakened underwriting results. Negative rating actions also could arise if there is a significant deterioration in SHKPI's risk-adjusted capitalisation, for example, due to material investment losses. Although it is unlikely in the near term, positive rating actions could arise if there is significant improvement in SHKPI's risk-adjusted capitalisation, for example, due to further improvements in asset quality and capital size.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Contact

Aaron Li
Associate Financial Analyst
+852 2827 3426
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Associate Director, Public Relations
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Source : AM Best

Stellar Cyber Regional Success Attributable Largely From DXC Technology Partnership

KUALA LUMPUR, March 19 (Bernama) -- Stellar Cyber, the innovator of Open extended detection and response (XDR) for security operations, announced DXC Technology as its 2023 Asia Pacific GSI Partner of the Year.

According to a statement, Stellar Cyber has seen significant growth in awareness and adoption of Open XDR throughout the Asia Pacific region, since partnering with DXC.

“DXC’s commitment to providing managed security services that help organisations keep their sensitive information secure aligns perfectly with the Stellar Cyber philosophy for delivering comprehensive security coverage.

“With DXC, we knew we had the right partner to deliver Open XDR effectively for customers in Asia Pacific, and we look forward to a long-lasting, mutually-productive relationship,” said Stellar Cyber Vice President of Sales, ASEAN and ANZ, Dominic Neo.

DXC is a Fortune 500 information technology service provider committed to delivering world-class services for its enterprise and government customers, and with six differentiated offerings, DXC enables organisations to meet a wide range of technology challenges.

Meanwhile, DXC Security, one of the six offerings, focuses on helping organisations deliver comprehensive security across the enterprise.

Based in Silicon Valley, Stellar Cyber delivers comprehensive, unified security without complexity, empowering lean security teams of any skill to secure their environments successfully.

-- BERNAMA

NEW ZEALAND’S FIDELITY LIFE ASSURANCE RATINGS AFFIRMED EXCELLENT - AM BEST

KUALA LUMPUR, March 15 (Bernama) -- Global credit rating agency, AM Best has affirmed New Zealand’s Fidelity Life Assurance Company Limited (Fidelity Life Assurance) financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent).

These credit ratings (ratings), which have a stable outlook reflect Fidelity Life Assurance’s balance sheet strength, that AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Fidelity Life Assurance’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which is at the strongest level as of fiscal year ending June 30, 2023, as measured by Best’s Capital Adequacy Ratio.

The company has a robust capital management strategy that supports a solid regulatory solvency position, as well as the maintenance of risk-adjusted capitalisation at the strongest level over the medium term.

In a statement, AM Best said the ratings partially offsetting balance sheet strength factor is Fidelity Life Assurance’s high reliance on third-party reinsurance.

AM Best also views Fidelity Life Assurance as having good financial flexibility, supported by its two largest shareholders, NZ Superannuation Fund and Ngāi Tahu Holdings Corporation Limited.

Over the past two fiscal years, operating earnings were dampened due to elevated integration and transaction costs associated with the acquisition of Westpac Life-NZ- Limited (subsequently renamed to Fidelity Insurance Limited [Fidelity Insurance]).

However, AM Best expects operating performance metrics to improve prospectively, supported by scale efficiencies arising from the group’s increased operational size, as well as enhanced technological capabilities.

Fidelity Life Assurance ranks among the largest life insurance companies in New Zealand, recording significant premium growth following the acquisition of Fidelity Insurance in fiscal year 2022.

The insurance policies are distributed predominantly through financial advisers and Westpac New Zealand Limited’s banking network, with an exclusive 15-year distribution arrangement with the bank.

-- BERNAMA

BLACK & VEATCH TO PROVIDE CONCEPT DESIGNS FOR H2EX'S NATURAL HYDROGEN, HELIUM PROJECT

KUALA LUMPUR, March 14 (Bernama) -- Black & Veatch, a global leader in critical infrastructure solutions, will study the exploration and extraction of natural hydrogen and helium in Australia.

The development study is an engineering services agreement between Australian-owned natural hydrogen company H2EX Limited, a world leader in exploring naturally occurring hydrogen, and Black & Veatch.

According to Black & Veatch in a statement, the objective of the study is to unlock first-mover benefits for Australia within an emerging sector globally, as well as create substantial local and export opportunities while retaining the country’s competitive advantage and technical and engineering expertise.

Black & Veatch managing director, Strategic Growth, Global Advisory, Yatin Premchand said decarbonisation efforts in the Asia Pacific were a priority for the company, which include extracting natural hydrogen, a potential clean energy source for the region.

The company will provide two concept designs on H2EX’s exploration licence PEL 691 on the Eyre Peninsula in South Australia as part of the development study.

One concept design will be for the drilling and completion of an exploration well, while the other will be for surface facilities to purify, process and deliver natural hydrogen and helium, including co-production of the resources, if they are found together.

Black & Veatch will also analyse gas industry practices related to conventional well drilling and extraction infrastructure and identify key considerations to adapt these practices for natural hydrogen and helium.

The research into extraction solutions will provide a pathway to drill and extract the lowest-cost hydrogen, which could be up to 75 percent more cost-effective than manufacturing hydrogen.

Estimated to complete by mid-2024, the study is partly funded by Australia’s Federal Department of Science and Innovation via its Cooperative Research Council Projects (CRC-P) Grants Round 14 initiative led by H2EX, that supports short-term, industry-led research collaborations.

-- BERNAMA

AMENDED LAW TO AFFECT VIETNAM'S BANCASSURANCE SALES - AM BEST

KUALA LUMPUR, March 14 (Bernama) -- A change in Vietnam law pertaining to the distribution and purchase of insurance products via the bancassurance channel is expected to constrain sales growth over the near term, more so for life side products than the non-life side of the business.

According to a new AM Best report, amendments to Vietnam’s Law on Credit Institutions is geared toward improving financial conduct and restoring consumer confidence in the country’s bancassurance channel.

The new law takes effect in July and focuses primarily on credit institutions such as banks, foreign bank branches and leasing companies operating in Vietnam; however, it includes a restriction prohibiting credit institutions from bundling the sale of non-compulsory insurance products alongside any financial services.

The amended law is expected to benefit consumers by giving policyholders the ability to choose only products they require at competitive prices, thus AM Best expects that the regulatory shift will generate near-term headwinds for Vietnam’s insurers.

“Bancassurance is an important distribution channel, especially for the life segment, accounting for approximately 20 per cent of total life insurance premiums and 14 per cent of total non-life insurance revenue in 2022.

“Some insurers derive a higher proportion of premiums from bancassurance due to strategic partnerships or corporate affiliations with banking groups,” said AM Best senior financial analyst, Ken Lau in a statement.

Business acquired through Vietnam’s bancassurance channel has grown considerably in the run-up to 2023, owing to rising insurance demand, economic growth and increased tie-ups between banks and insurance companies.

However, following complaints from the clients of banks and insurance companies related to unfair sales practices and the subsequent regulatory scrutiny, revenue sourced through bancassurance may have peaked and many banks reported double-digit declines in revenue from insurance services in the first three quarters of 2023 from the prior year period.

Headquartered in the United States and does business in over 100 countries, AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

-- BERNAMA

BEEWORKS GAMES "IDLE MUSHROOM GARDEN DELUXE" NOW AVAILABLE IN ENGLISH

KUALA LUMPUR, March 13 (Bernama) -- Japanese mobile-game developer Beeworks Games has released the English version of its app “Idle Mushroom Garden Deluxe” on the Google Play/App Store.

According to a statement, the release comes on the heels of the success of its previous title “Mushroom Garden Prime”, which garnered over half a million downloads in just two months.

Beeworks Games Marketing Director, Kristofer Chan said the company was overwhelmed by the amount of positive support its first app received and looked forward to providing global users even more fun content in future.

“Idle Mushroom Garden Deluxe” is a casual farming simulator, featuring the cute and quirky character “Funghi”. With just a single tap, users may apply food to their log and wait as the Funghi grow and once the log is full of Funghi, it can be harvested by simply swiping across the screen.

With 29 different logs to choose from, and over 700 different Funghi to discover, “Idle Mushroom Garden Deluxe” has even more content than its predecessor.

In addition to farming, users can decorate and display their favourite Funghi in the “Cardboard Room”, or complete missions to receive useful items.

First released in 2011, the mushroom farming simulator with its loveable Funghi character has accumulated over 60 million downloads worldwide, in which the series is particularly popular in Japan and has also found success, especially in South Korea, Taiwan, and the United States.

-- BERNAMA