TAINAN MASCOT "HĀNG-Á NIAU" TAKES CENTRE STAGE IN SHINJUKU, TOKYO

KUALA LUMPUR, Sept 26 (Bernama) -- As the Tainan 400 promotion campaign comes to a conclusion, a commercial featuring Tainan’s adorable mascot “Hāng-á Niau” (Taiwanese for “Alley Cat”), is being aired on the bustling streets of Shinjuku in Tokyo, Japan.

The cute mascot can be seen in the promotional video “Hāng-á Niau Invites You to Tainan” from Sept 21 to 27 at YUNIKA VISION in front of Seibu-Shinjuku Station in Tokyo, one of the busiest stations in Japan with a daily traffic of 770,000 passengers on average.

According to a statement, the mascot “Hāng-á Niau” takes after the legendary creature qilin, with a lightning pattern on its tail to symbolise good luck, and the design is inspired by the rat-catching cats kept on trading ships during the Age of Discovery.

The origin not only echoes the historical significance of Tainan 400, but also highlights the cultural inclusiveness of that time.

In addition, the patterns on “Hāng-á Niau” also incorporate Tainan’s unique architectural characteristics and historical contexts.

The “Tainan 400” promo video broadcast was previously aired by the Cultural Affairs Bureau of Tainan City Government from Aug 13 to 18, in the centre of Paris (France), Times Square in New York City (United States of America), and New Balance Gangnam in Seoul (South Korea).

This time, the mascot is taking centre stage in Japan, which is guaranteed to attract more international tourists to Tainan and experience its profound culture.

-- BERNAMA

LYB OBTAINS RENEWABLE ELECTRICITY CAPACITY TO REACH 2030 GOAL

KUALA LUMPUR, Sept 25 (Bernama) -- LyondellBasell (LYB), a leader in the global chemical industry, has signed a power purchase agreement (PPA) with Eneco N.V., bringing its total secured renewable electricity capacity to 100 per cent of its renewable electricity procurement target.

“Taking climate action is a key part of our strategy to create value for our stakeholders, the environment and society. I am therefore delighted that this latest agreement will help us reach our 2030 renewable electricity goal once all projects become operational.

“Power Purchase Agreements are a critical lever in our efforts to reduce our absolute scope 1 and 2 greenhouse gas emissions,” said LyondellBasell Chief Executive Officer, Peter Vanacker in a statement.

Approximately 15 per cent of LYB’s 2020 baseline scope 1 and 2 greenhouse gas emissions come from its electricity consumption and its target to procure a minimum of 50 per cent of its electricity from renewable sources by 2030 is based on 2020 procured levels.

In accordance with the terms of the 15-year PPA, LYB will secure 25 megawatts (MW) of renewable electricity generation capacity from the Hollandse Kust West VI (HKW-VI) ecology plot offshore wind farm in the North Sea, the Netherlands.

Eneco will deliver approximately 103 gigawatt-hours (GWh) of offshore wind power to LYB annually, starting in 2027. This is comparable to the annual electricity consumption of approximately 28,500 European homes.

As one of the world’s largest producers of polymers and a leader in polyolefin technologies, LYB develops, manufactures and markets high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare.

-- BERNAMA

HONG KONG’S NEW REGULATORY FRAMEWORK TO IMPROVE ENTERPRISE RISK MANAGEMENT PRACTICES - AM BEST

KUALA LUMPUR, Sept 25 (Bernama) -- Hong Kong’s new risk-based capital regulatory framework is expected to strengthen enterprise risk management (ERM) practices among the (re)insurers doing business there, according to a new AM Best report.

The Best’s Special Report includes details and analysis on the risk-based framework that was implemented on July 1, replacing the legacy Hong Kong insurance ordinance-based regime.

According to AM Best in a statement, the new regulatory framework comprises three individual pillars that address quantitative requirements, qualitative requirements and disclosure requirements.

In addition to the three pillars, the Hong Kong Insurance Authority (HKIA) also has established an approach toward group-wide supervision (GWS) to regulate designated insurance holding companies (DIHCs).

“Under the GWS framework, the HKIA has direct regulatory powers over the designated insurance holding groups, such as requiring DIHCs to comply with group capital requirements and mandating disciplinary actions, and even assessing the suitability of key persons,” said AM Best senior financial analyst, Lucie Huang.

Aligning with international standards, the GWS spells out principles and standards for DIHCs in a wide range of areas, including ERM, corporate governance, capital requirements and public disclosure.

The report notes that as a result of the new regulatory scheme, (re)insurers are gradually adjusting their business and investment strategies to optimise capital efficiency.

The disclosure requirements are also expected to improve industry-wide transparency and comparability among insurers in Hong Kong; however, the new approach has added management expense pressure to small insurers.

The new approach will also require insurers to submit quarterly disclosures to regulators and provide audited annual disclosures for more detailed aspects.

-- BERNAMA

Johnson & Johnson Marks 50 Years In Singapore With Range Of Events

KUALA LUMPUR, Sept 23 (Bernama) -- Healthcare company Johnson & Johnson (J&J) celebrated its 50th anniversary in Singapore recently, with a series of events to improve the lives of Singaporeans through innovative medicines and cutting-edge medtech solutions.

J&J MedTech Leader, Singapore and Head of Orthopaedics, Southeast Asia, Kunal Bhatia said the company has touched countless patient lives through its Innovative Medicine and MedTech solutions, over the past 50 years.

“Today, our portfolio of smarter, less invasive and more personalised treatments is addressing the most complex diseases in this country, and we are committed to bringing cutting edge innovation to serve patients in Singapore for the next 50 years and beyond,” he said in a statement.

To commemorate this significant milestone, the company invited patients and their families to be part of history by sharing their stories of how the company has made a meaningful impact on them through innovative medicines and medtech solutions.

Throughout the years, J&J has introduced innovative solutions to improve patients' quality of life and survival rates, providing a strong foundation to serve Singapore’s changing healthcare demands for the next 50 years.

Among the innovations are the launch of its Southeast Asia Robotic-Assisted Solution Experience Centre in Singapore, enabling surgeons to explore total knee replacement surgery through dry runs and surgical simulations; and the availability of the B-cell maturation antigen (BCMA)-directed CD3 T-cell-redirecting bispecific antibody to address and transform outcomes for patients with relapsed or refractory multiple myeloma.

As a key market, Singapore continues to be one of the first markets outside the United States to receive access to new eye health innovations, from contact lenses to refractive and cataract surgical solutions for every stage of life.

In addition, a first-of-its-kind collaboration with the Singapore Economic Development Board (EDB), leveraging J&J Innovation, JLABS’ services and innovation resources to accelerate early-stage discoveries into innovative medicines, medical technologies and digital health tech solutions.

In line with the company’s commitment to the communities it serves, employees in Singapore recently took part in its Cycling for Children event to raise funds for more than 1,000 impactful surgeries globally, bringing smiles to children in need through its support of Operation Smile, a non-profit organisation dedicated to providing medical treatment for individuals with cleft lip and cleft palate.

-- BERNAMA

AM BEST MAINTAINS STABLE OUTLOOK ON CHINA'S NON-LIFE INSURANCE SEGMENT

KUALA LUMPUR, Sept 19 (Bernama) -- Global credit rating agency, AM Best has maintained a stable outlook on China’s non-life insurance segment, citing several factors that include a supportive regulatory environment, increased health insurance awareness and strong growth potential in the electric vehicle (EV) insurance market.

Its “Market Segment Outlook: China Non-Life Insurance” report notes that the segment’s solvency ratios under China Risk-Oriented Solvency System (C-ROSS) stabilised in 2023 and through the first half of 2024, following a decline in 2022.

According to AM Best in a statement, large Chinese insurers have been able to raise funds from the domestic debt capital market at favourable financing costs by issuing capital supplementary bonds in recent years.

The credit rating agency views this move as credit-positive and expects that as the capital market expands over time, investor confidence and risk appetite will grow.

“AM Best expects large insurers to maintain their competitive advantage by leveraging more-abundant data, greater bargaining power in distribution networks and advanced actuarial analytics for more-accurate pricing and risk differentiation,” said AM Best senior director, head of analytics, Christie Lee.

Additionally, premium in the health insurance segment has experienced notable growth, supported primarily by high-deductible, high-limit, medical reimbursement policies, often referred to as “million-yuan policies”.

Insurers also have introduced new products with enhanced coverage to meet evolving customer needs, such as tailored protection for subgroups of the population and changes in claims payment structures.

The rapid adoption and strong growth in EV sales have elevated the demand for EV motor insurance. According to the report, many insurers have been cautious in underwriting EV motor insurance due to higher loss frequency and claims costs, but China’s regulator has given insurers greater flexibility to adjust rates based on differentiated customer risk profiles.

This change should encourage insurers to conduct a more-detailed analysis to better assess customer risks.

-- BERNAMA

Taiwan’s Non-life Insurance Segment Outlook Revised To Stable - AM Best

KUALA LUMPUR, Sept 17 (Bernama) -- Global credit rating agency, AM Best has revised its outlook on Taiwan’s non-life insurance segment to stable from negative, citing a recovery of capital strength among carriers in 2023 following sizeable pandemic-related losses in the previous year.

As detailed in the Best’s Market Segment Report, “Market Segment Outlook: Taiwan Non-Life Insurance”, also underpinning the outlook revision are insurers’ prudent underwriting and investment strategies, along with solid top-line growth in key product lines.

According to the report, the segment’s capital position more than doubled in 2023, driven by substantial capital injections, reserve releases and organic earnings growth.

Despite this recovery, capital levels have remained below pre-pandemic figures, in addition to the non-life sector also reported improved operating profitability with pre-tax earnings soaring over twofold year over year during the first seven months of this year.

In July 2024, Taiwan’s non-life segment recorded an 11.4 per cent year-over-year increase in direct premiums written, a continuation of the strong double-digit growth in 2023, with AM Best anticipates that this momentum will remain strong in the short to intermediate term.

AM Best in a statement said offsetting positive factors in the outlook revision to stable include low net investment yields compared with other markets in the region, and the high exposure in Taiwan to natural catastrophes.

Despite higher reinsurance rates, Taiwanese non-life insurers continue to exercise caution in structuring their reinsurance programmes.

AM Best will participate at the upcoming East Asian Insurance Congress’ (EAIC) Hong Kong Conference, taking place Sept 24 to 27, at the Hong Kong Convention and Exhibition Center, and will host a reception to celebrate the 25th anniversary of the launch of its Asia-Pacific operations.

-- BERNAMA

BUSINESSNEXT POSITIONED AS NICHE PLAYER FOR SALES FORCE AUTOMATION - GARTNER

KUALA LUMPUR, Sept 12 (Bernama) -- BUSINESSNEXT, a universe of composable enterprise solutions for banks and financial services, has been featured as a Niche Player in the 2024 Gartner Magic Quadrant for Sales Force Automation Platforms report for 11th consecutive year.

The quadrant highlights BUSINESSNEXT's strengths in machine-learning-based lead management, predictive scoring models, and a customisable artificial intelligence (AI) strategy.

“This recognition from Gartner highlights our commitment to providing innovative, scalable solutions that empower sales teams to exceed their goals while delivering exceptional customer experiences,” said BUSINESSNEXT Executive Director, Sushil Tyagi.

According to a statement, the platform was evaluated for its comprehensive suite of enterprise solutions, with a focus on its sales automation capabilities.

This positioning places the company among the top 13 vendors globally in the sales force automation platform, demonstrating its industry-focused approach and advanced solutions to delivering cutting-edge solutions.

With a strong presence in financial services and insurance across Asia Pacific, Europe, the Middle East and Africa, and North America, BUSINESSNEXT continues to enhance its platform with generative AI (GenAI)-powered models, visualisations, and mobile features to boost operational efficiency.

The company plans to introduce a smart seller assistant and enhance AI-powered workflows and know your customer (KYC) verification, further supporting global businesses in digital transformation, in addition to continuing advanced sales automation with its strong focus on developing native specialised AI solutions.

Future enhancements include the launch of WORKNEXT studio, a no-code platform offering GenAI-powered tools for lead summarisation and workflow design and improved productivity.

-- BERNAMA