AKWEL's 2020 first-half net earnings indicate €20.2 million

KUALA LUMPUR, Sept 28 -- AKWEL, the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has published its 2020 half-yearly results.

According to a statement, the results show AKWEL’s net earnings at €20.2 million. (€1 = RM4.839)

In the first half of 2020, AKWEL posted a consolidated turnover of €387 million, down by 31.7 per cent when comparing published figures and by 31 per cent when taking exchange rates and scope as constants.

The current operating income was down by 48.2 per cent in the first half year, at €24.3 million. Against this backdrop of an exceptional crisis in the world automotive market and with only limited provision of public aid, the robustness of AKWEL’S business model and speed at which it is able to adapt enabled it to achieve positive results.

The reduction in working capital requirements in addition to the adaptation of the investment margins made it possible to generate a free cash flow of €51.5 million in the first half of 2020. On June 30, the Group had a positive net cash position of €7.7 million, with €157.8 million of available cash.

The upturn in activity seen at the beginning 2020 has continued for AKWEL, with a cumulative turnover achieved in July and August of €153.5 million, with the fall being limited to 4.6 per cent compared to the comparable months of 2019.

The Group is continuing to invest in order to meet new market requirements as a priority, particularly in clean vehicles and new hybrid, electrical or hydrogen engine systems.

-- BERNAMA

SIX ONE COMMODITIES LLC ANNOUNCES THE EXPANSION OF ITS POWER AND GAS BUSINESS TO EUROPE

 NEW YORK, Sept 30 (Bernama-BUSINESS WIRE) -- Six One Commodities LLC (61C) today announced that it is expanding its power and gas business to Europe with the addition of a power team out of Berlin lead by Ingo Klause. Mr. Klause has over 20 years of experience in the CWE region for power trading. He worked for the Swedish utility Vattenfall acting as a lead trader and head of cross border trading and built successful trading strategies together with his team. Six One Commodities US LLC (EU Trading) is an affiliate of Six One Commodities Global LLC and will be based in Berlin.

“The team is well positioned to help 61C expand into Europe,” said Mr. Klause. “A rapidly changing supply side will require strong analytical skills to navigate the implications for generation margins and location and time spreads across individual national power markets. Building, maintaining, and adjusting a comprehensive model will be critical when trying to capture these fundamental price shifts, and we are the team that can provide that capability.”

Earlier in the year, 61C launched its LNG business in Asia to meet the region’s needs. It has hired an LNG team out of Singapore lead by Delia Proteasa.

“With the hiring of Delia, Ingo, and their teams, 61C is well positioned to become a premier globally integrated energy company,” said Ben Sutton, CEO of 61C. “With their complimentary backgrounds, Delia and Ingo will focus on advancing our position of becoming a market-leading franchise at this critical stage in the commodity cycle. 61C has grown its power and gas business in the U.S. for the past two years. I think there is a strong opportunity for LNG volumes to grow in Asia and throughout the globe and for us to grow our power and gas business in Europe. I can’t think of a better opportunity than right now to expand our business into Asia and Europe.”

ABOUT SIX ONE COMMODITIES LLC

In August of 2018, Pinnacle Asset Management, L.P. and affiliated investment entities (Pinnacle), a leading commodities and natural resources investment organization, partnered with Benjamin Sutton, who had served as Head of North American Gas and Power at Noble Americas Gas & Power Corp., to form 61C.

61C is a global natural gas and power merchant headquartered in Stamford, CT. 61C is led by key members of the former leadership team of Noble North American Gas and Power (NAGP) – a former leading natural gas and power merchant. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute on opportunities with the gas and power merchanting space.

ABOUT PINNACLE ASSET MANAGEMENT, L.P.

Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities’ markets with approximately $2.9 billion under management. Pinnacle provides its institutional investor clientele with exposure to the global commodities markets via physical and financial absolute return funds, strategies and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20200929005991/en/

Contact

Joseph Limone
(203) 409-2329
josephlimone@61commodities.com

Source : Six One Commodities LLC

Jumio buys Beam Solutions' AML platform to deliver identity verification, compliance solution

KUALA LUMPUR, Sept 30 -- Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, has acquired the anti-money laundering (AML) platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring and know-your-customer (KYC).

Jumio will integrate Beam's suite of AML solutions into its current KYX Platform to further strengthen the company's position in the anti-financial crime marketplace. Financial terms of the agreement were not disclosed.

Jumio buys Beam Solutions' AML platform to deliver identity verification, compliance solution: Jumio buys Beam Solutions' AML platform to deliver

UN turns 75: Yili Group, major global companies support renewed global cooperation

 

KUALA LUMPUR, Sept 28 -- Yili Group chairman and president, Pan Gang recently demonstrated support for the Statement from Business Leaders for Renewed Global Cooperation.

According to a statement, the pledge was presented to United Nations (UN) Secretary-General Antonio Guterres by Sanda Ojiambo, the Chief Executive Officer (CEO) & Executive Director of the UN Global Compact.

Pan was invited as food industry entrepreneurs representative, along with over 200 CEOs of major global companies including Johnson & Johnson, Microsoft and Deloitte Global.

In conjunction with the UN's 75th anniversary, they support the UN call to jointly lead the world onto a more equitable, inclusive and sustainable path of development and to ‘unite in the business for a better world’.

Pan believes that cooperation for mutual benefit makes all parties stronger winners. And this is what Yili has been promoting all along.

Yili Group takes the initiative to implement the UN Sustainable Development Goals, promote indepth cooperation with global partners to jointly build a ‘global health ecosystem’ and endorse sustainable development with specific programmes.

In line with that, Yili will launch the ‘Global Health ecosystem Joint Initiative’ with its global partners DuPont, Chr Hansen, GEA and Roquette at the World Economic Forum's Annual Meeting.

-- BERNAMA

GPC launches complimentary stock valuation calculator for Southeast Asian companies

Valuation Report

KUALA LUMPUR, Sept 29 -- Global Partners Consulting Pte Ltd (GPC) and its subsidiary GPC Gateway Pte Ltd launched a complimentary stock valuation calculator specialised for Southeast Asian companies.

Traditionally, the stock valuation process has been complex and expensive for unlisted companies and small and medium-sized enterprises, as it requires specialised financial skills and knowledge, according to a statement.


GPC launches complimentary stock valuation calculator for Southeast Asian companies: GPC launches complimentary stock valuation calcula

China’s Shenyang Middle Street unveiled with new look

 KUALA LUMPUR, Sept 29 -- After two years of transformation and upgrading, Shenyang Middle Street, the ‘First Street in Northeast China’ was unveiled recently with a new look.

A series of cultural tourism scenic spots in the centre of Shengjing Street with the theme of ‘prosperous reappearance of Shengjing Central Street’ also kicked off simultaneously, according to the Publicity Department of Shenhe District.

Shenyang Middle Street is located in Shenhe District, Shenyang City, whose main street measures 1,400 metres, with a total area of one million square metres and a total commercial area of 650,000 square metres.

The newly-unveiled ‘Shenyang Middle Street’ highlights the cultural theme style of the Qing Dynasty, resurfacing the road surface of 33,000 square metres of Middle Street, transforming 78 facades of 28 buildings on the main street.

It is centrally protecting and renovating eight relatively well-preserved historical buildings, such as Limin Store and Yangtze River Photo Studio, to the maximum extent preserving the historical features and characteristics of the ancient middle street.

The public can visit the Van Gogh Star Art Museum with exotic characteristics, and listen to the opera at the ‘Huilan stage’ with local cultural characteristics in Northeast China, and watch an exhibition of Chinese national non-heritage masters at the Lihua Gold Museum.  

They are also able to choose small gifts with Chinese Manchu cultural characteristics in the ‘Corner House’, according to a statement.

-- BERNAMA

DIGITAL LEGAL EXCHANGE JOINS TECHLAW.FEST AS DIGITAL TRANSFORMATION PARTNER

Exchange faculty to join a host of thought leaders and innovators at the largest-ever TechLaw.Fest

LONDON, Sept 29 (Bernama-BUSINESS WIRE) -- The Digital Legal Exchange (DLEX), a non-profit global forum, digital repository, and community of leading multinational companies committed to accelerating digital transformation in legal, has joined TechLaw.Fest 2020 as a digital transformation partner. Exchange leadership and faculty will participate in the five-day virtual event which convenes more than 5,000 legal industry professionals, across 80 countries, to discuss disruption and innovation in legal operations, technology law, and access to justice. TechLaw.Fest 2020 is jointly organized by the Singapore Academy of Law (SAL), MP International, and the Ministry of Law, Singapore.

Digital Legal Exchange Executive Chairman Mark A. Cohen will engage in a fireside chat with Professor Richard Susskind, Chair of the Advisory Board of the Oxford Internet Institute and Technology Adviser to the Lord Chief Justice of England and Wales. The two highly respected legal industry leaders will discuss how COVID-19 has accelerated the reshaping of legal. The discussion, The Future of the Legal World, will be moderated by Tan Ken Hwee, Chief Transformation and Innovation Officer for the Supreme Court of Singapore.

“The Digital Legal Exchange is delighted to collaborate with the Singapore Academy of Law, engaging in joint workshops, educational programs, and other activities that upskill lawyers and legal professionals to equip them to meet the needs of clients, customers, and society. As the inaugural Catalyst-in-Residence of the Singapore Academy of Law's LIFTED initiative, one of my remits is to promote multidisciplinary, multicultural dialogues and initiatives that make legal services more accessible, efficient, affordable, and empathetic,” said Exchange Executive Chairman Mark A. Cohen. “Digital transformation is reimagining the customer experience across industries, but legal has lagged to the detriment of its clients, customers, and society. DLEX and SAL are committed to taking the lead in the legal industry’s much-needed digital transformation.”

TechLaw.Fest 2020 will take place from September 28 through October 2 and will include more than 150 speakers from 25 countries. Among the 2020 speakers are DLEX leadership and faculty, including: Reena SenGupta, Exchange Executive Director and CEO of RSG Consulting; Dr. Eva Bruch, Founder of AlterWork; Sam Mantle, Executive Vice President of Digital Engineering for Luxoft; Mari Sako, Professor of Management Studies at Oxford Saïd Business School; Bill Deckelman, Executive Vice President and General Counsel of DXC Technology; Chris Fowler, General Counsel Technology at BT Group; Michele DeStefano, Law Professor and Founder of LawWithoutWalls; Yasmin Lambert, Partner at RSG Consulting; and, Paul Lanzone, Senior Vice President at UnitedLex, Global Delivery Lead DXC.

“TechLaw.Fest is an immensely insightful event, drawing world-class talent from the fields of law, business, technology, academia, and government that share a common thread of impacting their industries through digital transformation,” said Exchange Executive Director Reena SenGupta. “I am excited to join fellow faculty member Paul Lanzone for a conversation on how general counsel can become digital leaders in their businesses to drive commercial value and business growth."

The conference will include several virtual live webcast tracks, on-demand recorded content, and interactive webcasts. Throughout the event, attendees will have access to a virtual knowledge café where key speakers and industry leaders will host small group discussions on critical industry topics, and online networking and engagement opportunities where attendees can arrange 1:1 meetings.

For more information and to register visit: https://www.techlawfest.com/

About the Digital Legal Exchange

The Digital Legal Exchange is a global institute of leading thinkers and doers from academia, business, government, technology, and law committed to accelerating digital transformation. The non-profit community shares practical and applied learnings to inspire general counsel and their teams to become digital leaders in their businesses to drive commercial value.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20200928005490/en/

Contact

Media:
Conor Douglass
conor.douglass@edelman.com

Source : Digital Legal Exchange

--BERNAMA

China’s HIC Credit Ratings remain under review with developing implications status

 KUALA LUMPUR, Sept 28 -- Global credit rating agency, AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of ‘bbb’ of Hyundai Insurance (China) Co Ltd (HIC) China.

The Credit Ratings reflect HIC’s balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.

These ratings were placed under review with developing implications on July 30 last year, following an announcement that HIC planned to raise additional capital through four new investors.

On March 10, HIC obtained regulatory approval to receive capital injections from four new investors, namely Legend Holdings Corporation (Legend Holdings); Dirun (Tianjin) Technology Co Ltd (Dirun); Anhui Easy-Biz Digital Technology Co Ltd; and, Ningbo Meishan Bonded Port Area Sequoia Yaosheng Equity Investment Partnership.

Following the capital injections, HIC’s paid-in capital increased to RMB 1.7 billion (US$ 240 million) from RMB 550 million (US$ 79 million). (US$1 = RM4.166)

According to a statement, Hyundai Marine & Fire Insurance Co Ltd’s stake in HIC has been diluted to 33 per cent from 100 per cent, while Legend Holdings and Dirun each hold a 32 per cent stake.

As the new board of directors appointment has been delayed by COVID-19, HIC’s ratings will remain under review until AM Best concludes its discussions with the company’s shareholders and new management team.
​
More details at www.ambest.com.

​-- BERNAMA

HOTEL NIKKO CHANGSHU TO OPEN IN 2023

 


^{Rendition of Hotel Nikko Changshu (Graphic: Business Wire)}


Will be the fifth property of Okura Nikko Hotels in Jiangsu Province, aimed at boosting the company’s presence in China

TOKYO, Sept 29 (Bernama-BUSINESS WIRE) -- Okura Nikko Hotel Management Co., Ltd., a subsidiary of Hotel Okura Co., Ltd., announced today that it will open Hotel Nikko Changshu in 2023. The hotel will be located at Changshu National New & Hi-Tech Zone in Changshu city, one of the county-level cities in the Suzhou of southeastern Jiangsu Province. The company has contracted with Changshu Kuncheng Development Investment Co., Ltd. to manage the new property through its joint venture BTG Nikko International Hotel Management Co., Ltd.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200928005791/en/ 

The Hotel Nikko Changshu will offer 288 guest rooms, each with a standard area of about 40 m², including 14 suite rooms, on 22 floors above ground and two underground floors. It will also feature a full range of facilities, including a Japanese teppanyaki restaurant, a Chinese restaurant, all-day dining and banqueting facilities, as well as a fitness center and indoor pool.

Located to the west of Shanghai and adjacent to major cities such as Wuxi and Nantong, Changshu is a market town and trading post that has prospered since ancient times thanks to the fertile land that surrounds it. The city has recently focused on attracting foreign companies, in particular Japanese companies, and the research and production bases of many of the world's top 500 companies, including those in the automotive sector, have moved there.

The Changshu National New & Hi-Tech Zone is located about 6 km south of the center of Changshu, an area where the Changshu Municipal Government is focusing its development efforts, and which is expected to become the driving force of Changshu's economy. The area around the new hotel is being developed into a hub featuring business and research facilities, schools and residences, with office buildings currently being added.

Toshihiro Ogita, President, Okura Nikko Hotel Management Co., Ltd., commented, “It is a big honor for us to be able to open yet another hotel in Jiangsu Province in China, as we continue to expand our global network with a particular focus on Asia. We hope to hereby further raise awareness of our Okura Nikko Hotels brand in China.”

Hotel Nikko Changshu will be the fifth property of Okura Nikko Hotels to open in Jiangsu Province in China, following the opening of Hotel Nikko Wuxi (2010), Suzhou Qingshan Hotel (2010), Hotel Nikko Suzhou (2015) and Hotel Nikko Taizhou (2016).

Overview of Hotel Nikko Changshu
Location: South of Yijia North Road and East of Yijia West Road
Total floor space above ground: around 30,500 square meters
Layout: 22 floors and 2 underground floors
Number of guest rooms: 288
Restaurants: Japanese teppanyaki, Chinese, All-day Dining, Lobby Lounge
Banquet & conference facilities: 1 banquet hall, 5 conference rooms
Facilities: Fitness center, indoor pool and others
Access: About 90 minutes by car from Shanghai Hongqiao International Airport or Shanghai Hongqiao Railway Station / about 50 minutes by car from Suzhou North Railway Station

About Changshu Kuncheng Development Investment Co., Ltd.
The company was founded in 2016 by Kuncheng Lake Develop Construction., Ltd. which was established and funded by the Changshu Municipal Government. It is mainly engaged in real estate development investment and property management. In recent years, the company has been involved in the development of the AEON Mall in Changshu and has also been growing its business by focusing on residential development.

About Hotel Okura Co., Ltd. and Okura Nikko Hotel Management Co., Ltd.
Hotel Okura Co., Ltd., founded in 1958, opened its flagship Hotel Okura Tokyo in 1962 as a first-class hotel that quickly became renowned worldwide for its blending of traditional Japanese beauty with the very best in accommodation, cuisine and service. It closed its doors in August 2015, and after four years of rebuilding work reopened as The Okura Tokyo in September 2019.

Hotel Okura has extensive expertise in the hospitality world, including asset ownership and hotel development, as well as hotel management, the restaurant business and chain operations through its subsidiaries and other group companies. The brand unites member hotels under its “Best Accommodation, Cuisine and Service” philosophy to ensure that all guests enjoy Okura’s signature hospitality, which combines Japanese attention to detail and Western functionality. Please visit www.okura.com

Okura Nikko Hotel Management Co., Ltd., a subsidiary of Hotel Okura, operates 78 properties (52 in Japan and 26 overseas) encompassing some 24,350 guest rooms (as of September 1, 2020) under three hotel groups: Okura Hotels & Resorts, Nikko Hotels International and Hotel JAL City. Please visit www.okura-nikko.com.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20200928005791/en/

Contact

Media Contacts
Ms. Ikuko Arai or Mr. Ryutaro Suzuki
Public Relations
Okura Nikko Hotel Management Co., Ltd.
Tel: +81 (0)3 6685 8995
E-mail: pr@okura-nikko.co.jp

Source : Okura Nikko Hotel Management Co., Ltd.

AirTrunk new Tokyo data centre to be among Asia's largest

 KUALA LUMPUR, Sept 29 -- AirTrunk, a hyperscale data centre specialist, will enter the biggest data centre market in Asia (excluding China) with a plan to construct a new 300+ megawatt (MW) hyperscale data centre campus in Inzai, Tokyo.

According to a statement, the initial ~60 MW phase of the campus is targeted to open in late 2021 to support anchor customer demand.

Set to be one of the largest independent data centres in Asia, AirTrunk TOK1 allows public cloud customers the ability to scale rapidly to support their growing capacity requirements in Japan.

The data centre is the company’s sixth in the Asia-Pacific (APAC) region, bringing its platform to a total capacity of more than 750 MW across five tier one markets.

“TOK1 is part of our ongoing commitment to deliver secure, reliable, scalable, and cost-effective infrastructure for our cloud customers in key Asia-Pacific markets. We’re ensuring operational excellence and a consistent experience for our customers across our data centre platform,” said AirTrunk Founder and Chief Executive Officer, Robin Khuda.

Japanese construction conglomerate, Daiwa House, has been appointed as the general contractor and will also take a stake in the project. Its local expertise, relationships and strong construction credentials will be an asset to the development.

The data centre will bring several benefits to the local economy including substantial investment and hundreds of jobs during construction and on-going operations.

TOK1 will include seven buildings set across over 13 hectares of land. Strategically located in Inzai’s data centre hub, the carrier neutral data centre will provide strong international and domestic connectivity with multiple fibre paths to the campus.

More details at https://www.airtrunk.com/

-- BERNAMA