The Mary Kay Foundation(SM) , UT Southwestern join forces to eradicate cancers afflicting women30/8/2019 KUALA LUMPUR, Aug 29 -- The Mary Kay Foundation(SM) has announced a US$500,000 grant to fund a groundbreaking global fellowship programme with UT Southwestern Medical Center to combat cancers impacting women globally. (US$1 = RM4.22). The new one-year fellowships will offer up to five international postdoctoral researchers the opportunity to conduct cutting-edge cancer research at the UT Southwestern facility in Dallas, allowing them to continue research activity in their native country. This new grant programme supports the foundation’s continued commitment to ending women-related cancers worldwide, marking its first cancer research grants programme to go global. “Mary Kay Ash, our founder, saw first-hand the impact that cancer had on our independent beauty consultants, their families, and women around the world,” said The Mary Kay Foundation(SM) board member, Ryan Rogers. “It became a mission for her to eradicate cancers affecting women. Our expanded partnership with UT Southwestern will allow us to continue that life-saving work on a global scale.” The foundation has long-standing partnership with UT Southwestern through strong collaboration with Dr Jerry W. Shay, cell biology professor at UT Southwestern and The Mary Kay Foundation(SM) Distinguished Professorship honoree. To date, it has awarded nearly US$23 million to support the work of 225 top women-related cancer researchers across the United States, funding efforts to find cures for breast, uterine, cervical and ovarian cancers. More information at https://www.marykayfoundation.org. -- BERNAMA
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‘Honors’ for Tinubu Square, the only European company in top 5.
PARIS, Aug 30 (Bernama-BUSINESS WIRE) -- Tinubu Square, a leading provider of credit insurance, surety and trade finance solutions, has reached the final “top 5” of the inaugural Global Corda InsurTech Challenge, a competition that rewards blockchain insurance startups and the innovation investment arms of insurance companies. Organised by R3, the enterprise blockchain software developer with an ecosystem of more than 300 participants across multiple industries, the challenge invites organisations to share their Insurance CorDapps, the applications that will work on Corda, its open-source blockchain platform. Tinubu Square has progressed through a number of different rounds, initially competing against more than 60 companies. The entrants were asked to design a CorDapp that could be used to solve a unique insurance business challenge. Through various activities, including building a business case, developing a roadmap and presenting a live demo of the CorDapp, the entrants were shortlisted down until the final five were selected. Tinubu Square is the only European company to reach the top 5 selected companies and has been recognized with an ‘honorable mention’. The contestants will move on to the final presentations and the announcement of the winner will take place at the CordaCon event in London on October 23rd and 24th. “The CORDA InsurTech Challenge has been a stimulating and often demanding test for the Tinubu Innovation LAB,” commented Jérôme Pezé, CEO and founder of Tinubu Square. “The LAB was created to deliver the potential benefits of technology innovation, such as blockchain, data analytics & AI to the credit and surety insurance industry. We are proud to have reached this stage of the award process which recognizes the breakthrough we have developed. Indeed we have moved a major step forward in the implementation of blockchain for trade transactions and for credit & surety insurers to contribute to this evolution. Our solution enables credit & surety insurers to guarantee a contract and process the transaction using DLT/Blockchain. The solution allows the contractor, the owner, the lead insurer and its risk distribution partners (co-insurers, reinsurers, banks, etc) to manage the issuance, validation and monitoring of the guarantee life cycle through a common blockchain solution and therefore create a shared auditable distributed ledger. We are looking forward to collaborating further with the R3 ecosystem.” More information about the CORDA InsureTech Challenge is at https://www.r3.com/insurtech-challenge/ About Tinubu Square Founded in 2000, Tinubu Square is a software vendor, enabler of the Credit Insurance, Surety and Trade Finance digital transformation. Tinubu Square enables organizations across the world to significantly reduce their exposure to risk and their financial, operational and technical costs with best-in-class technology solutions and services. Tinubu Square provides SaaS solutions and services to different businesses including credit insurers, receivables financing organizations and multinational corporations. Tinubu Square has built an ecosystem of customers in over 20 countries worldwide and has a global presence with offices in Paris, London, New York, Montreal and Singapore. For more information: www.tinubu.com View source version on businesswire.com: https://www.businesswire.com/news/home/20190829005343/en/ Contact Press contact Julie Kirby – Ascendant Email: [email protected] Phone: +44 (0) 7956 955625 Source : Tinubu Square CENTURY BOND BHD. ("CBB" OR "COMPANY")
SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE UNDERTAKEN BY CBB PURSUANT TO SECTION 116 OF THE COMPANIES ACT, 2016 ("ACT") ("SCR) KUALA LUMPUR, Aug 29 (Bernama) -- We refer to the press releases in relation to the SCR dated 16 April 2019, 22 April 2019 and 20 June 2019 (collectively "Press Releases"). Unless otherwise defined herein, all expressions used in this press release shall carry the same meanings as defined in the Press Releases. On behalf of the Board, CIMB Investment Bank Berhad wishes to announce that following the extraction of the Order, the entitlement date for the SCR has been fixed at 5.00 pm on 20 September 2019. The notice of the entitlement date will be despatch to the shareholders of CBB accordingly. The SCR will become effective when an office copy of the sealed order is lodged with the Companies Commission of Malaysia in accordance with Section 116(6) of the Act. Click here to view the full release Source: CIMB Group FOR MORE INFORMATION, PLEASE CONTACT: Name: Dato’ Zain Azhari Mazlan Managing Director Corporate Finance Investment Banking CIMB Investment Bank Berhad Tel: +6 03 2261 0338 Name: Ang Lay Leng Director Corporate Finance Investment Banking CIMB Investment Bank Berhad Tel: +6 03 2261 0983 --BERNAMA SINGAPORE, Aug 29 (Bernama-BUSINESS WIRE) -- AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to C (Weak) from C++ (Marginal) and the Long-Term Issuer Credit Rating to “ccc” from “b” of National Insurance Company Limited (National) (India). The outlook assigned to these Credit Ratings (ratings) is negative.
The ratings reflect National’s balance sheet strength, which AM Best categorizes as weak, as well as its marginal operating performance, neutral business profile and weak enterprise risk management. The rating downgrades reflect a deterioration in National’s balance sheet strength fundamentals. The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), deteriorated to a very weak level at fiscal year-end 2019 due to a combination of significant reserve strengthening for motor third-party liability business and continued large underwriting losses from several other product lines. Capital and surplus declined significantly by 51% to INR 28 billion (USD 401 million) as of March 31, 2019, from INR 57 billion (USD 880 million) in the same prior-year period. Furthermore, the company’s net underwriting leverage and equity investment leverage has surged to a very unhealthy level at 1,091% and 385%, respectively. As of fiscal year-end 2019, the company’s local solvency margin reduced to 1.04 times, which is significantly below the regulatory control level minimum requirement (1.5 times), despite the company receiving favorable treatments from the regulator on certain investment assets to alleviate pressures on capital adequacy. Furthermore, while the company’s capital position has continued to deteriorate, the previously anticipated capital support from the Government of India has yet to materialize, and there is limited visibility on the progress of this capital injection plan. AM Best views the company’s operating performance as marginal, as evidenced by a five-year average return-on-equity ratio of -6.7% (2015-2019). Underwriting performance has been persistently loss-making, with a five-year average combined ratio of 134.7% (2015-2019) and a very weak combined ratio of 142.8% for fiscal-year 2019. Operating results have been dependent on investment income in recent years, which includes material realized and unrealized gains. Inadequate pricing on key lines of business and reserve strengthening over the past three fiscal years have been the primary drivers of the company’s poor underwriting results. The negative rating outlooks reflect the potential for further deterioration in National’s balance sheet strength fundamentals over the near to medium term if the current trends in financial metrics are not reversed, or sufficient capital is not received from the Government of India. 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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases. AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information. Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on businesswire.com: https://www.businesswire.com/news/home/20190828005458/en/ Contact Tran Nhat Trung Financial Analyst +65 6303 5019 [email protected] Myles Gould Director, Analytics +65 6303 5020 [email protected] Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 [email protected] Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644 [email protected] Source : AM Best PETALING JAYA, Aug 28 (Bernama) -- Century Software (M) Sdn Bhd, a wholly-owned subsidiary of Censof Holdings Berhad has been awarded an information and communication technology (“ICT”) maintenance contract worth RM 8.2 million from Dewan Bandaraya Kuala Lumpur (DBKL).
Under the terms of the contract with DBKL, Century Software’s scope of work includes comprehensive maintenance and support services of ePBT Financial Management system in DBKL. The contract also includes refresh of hardware for the system. Duration of the contract will be for one year. Censof Group Managing Director, Ameer Bin Shaik Mydin said: " In the current economic condition, it is satisfying that Century Software has been able to sign a contract that provides enhanced visibility to our overall revenue streams." Century Software leading provider of financial management solutions developed on SAGA (Standard Accounting System for Government Agencies) – an initiative by the Malaysian Government to standardize accounting and financial management enterprise solutions used in all its Federal Statutory Bodies. “It is our competencies, commendable execution track record and our eagerness to ensure customer delight that have allowed us to offer superior services to our clients. This win further enables us to strengthen our footprint with DBKL. Our mission is to be the trusted technology and capacity provider for our clients and industry for years to come,” he added. Century Software creates platforms and services for businesses and governments to manage millions of interactions every day for those they serve. They leverage on the power of cloud, mobile and IoT, combined with technologies such as machine learning, robotic process automation, blockchain and artificial intelligence to elevate every interaction, driving modern digital experiences that are more efficient. About Censof Holdings Bhd Censof Holdings Bhd (KLSE: CENSOF) was established in 2008 and was listed on the Main Market of Bursa Malaysia in 2011 as a technology investment holding company specialising in financial management software solutions. Since then, Censof has expanded its portfolio of financial services solutions to include e-payment gateway services, training solutions, wealth management software solutions and blockchain technology. For more information, please visit www.censof.com KUALA LUMPUR, Aug 27 (Bernama) -- Amazon Prime Video is set to present the highly anticipated second annual Savage X Fenty Show, a runway show celebrating music and fashion icon Rihanna’s new Fall/Winter 2019 collection.
Savage X Fenty Show will stream exclusively on Amazon Prime Video in over 200 countries, beginning Sept 20. The Amazon Prime Video special will also feature an exclusive look behind the scenes in the making of the show. The extraordinary fashion experience will take place during the New York Fashion Week in conjunction with NYFW: The Shows. Amazon Studios head, Jennifer Salke said: “The Savage X Fenty Show promises to be a ground-breaking and truly unique experience and we are thrilled to give our global customers an exclusive front row seat.” “We want to make people look good and feel good,” said Rihanna, who approaches Savage X with the same mentality as in all her projects. -- BERNAMA Danbury, CT, Aug 28 (Bernama-GLOBE NEWSWIRE) -- Ethan Allen continues the relocation and repositioning of its retail network by opening new Design Centers, both in the U.S. and internationally.
In the U.S., the company recently opened new Design Centers in Albany, New York; Ann Arbor, Michigan; and Cincinnati, Ohio, as well as a first-of-its-kind Design Studio at The Westchester in White Plains, New York. Internationally, new Design Centers have opened in Taipei, Taiwan, and in Azerbaijan and Cambodia. During fiscal 2020, the company plans to open a number of Design Centers in the U.S., including locations in Houston, Texas; Lancaster, Pennsylvania; McLean, Virginia; Rancho Mirage, California, and Tyson's Corner, Virginia. Ethan Allen also plans to open additional Design Centers internationally. "The repositioning of our retail network is done with two primary goals: to expand our reach to more customers, giving them the opportunity to collaborate with our interior designers; and to highlight our quality, craftsmanship and incredible diversity of style, the pillars that define Ethan Allen," says Chairman and CEO Farooq Kathwari. In addition to its vertically integrated furniture manufacturing and logistics operation – Ethan Allen currently crafts 75% of its products in its North American workshops – the company boasts an extraordinarily talented team of over 1,500 interior design professionals, which has further cemented its reputation as a leading interior design destination. In addition to working with interior designers in Design Centers and at their homes, clients can enjoy complimentary interior design service online via Live Chat at ethanallen.com. In line with its "classic design, modern perspective" ethos, the company has refreshed 70% of its product line over the past three years. It's just one more initiative in a series of moves designed to introduce Ethan Allen to new markets and a new generation of clients. ABOUT ETHAN ALLEN Ethan Allen Interiors Inc. (NYSE: ETH) is a leading interior design company and manufacturer and retailer of quality home furnishings. We offer complimentary interior design service to our clients and sell a full range of furniture products and decorative accessories through ethanallen.com and a network of approximately 300 Design Centers in the United States and abroad. Ethan Allen owns and operates six manufacturing facilities, including three manufacturing plants and one sawmill in the United States plus one plant each in Mexico and Honduras. Approximately 75% of our products are made in our North American plants. For more information on Ethan Allen's products and services, visit ethanallen.com. CONTACT: Geri Moran 203.743.8374 [email protected] Attachment SOURCE : Ethan Allen Interiors Inc. KUALA LUMPUR, Aug 26 (Bernama) -- China’s investment in Southeast Asia has showed good momentum in the first half of 2019, as it reached US$11 billion, almost doubling year-on-year, according to a Maybank report. (US$1=RM4.21)
The new round of scientific and technological revolution is an important background for the country’s rapid investment in Southeast Asia. According to statistics, investment in the science and technology sector reached US$2.5 billion in the first half of the year, more than the total in 2017. In addition, the 5G communications global commercialisation is a major factor driving the outbreak of technology investment in the region. China and Southeast Asian countries actively welcome the tide of the digital economy with an aim to achieve lane-changing and overtaking. Against the headwind of the United States trade protectionism, the economic relationship between China and Southeast Asia is still uniquely well, proving the feasibility of the Belt and Road Initiative. The goal of the initiative is also to build these new roads and ties, which will make China and Southeast Asia more closely linked and become a new pole of global economic growth. -- BERNAMA KUALA LUMPUR, Aug 26 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Ping An Health Insurance Company of China Ltd (Ping An Health) China.
In a statement, the global rating agency said the outlook of these credit ratings was stable. The ratings reflect Ping An Health’s balance sheet strength, which AM Best described as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, the ratings reflect the implicit and explicit support received from the company’s two major shareholders, Ping An Insurance (Group) Company of China Ltd and Discovery Limited. AM Best expects the insurance company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, to remain at the strongest level based on its business plan. Ping An Health has turned around to profit-making for two consecutive years, as a result of its transformation of business focus to individual health insurance. More details on this credit ratings at www.ambest.com -- BERNAMA HONG KONG, Aug 26 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Hanwha General Insurance Company Limited (HGI) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect HGI’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect various forms of implicit and explicit support the company receives from its parent, Hanwha Life Insurance Co., Ltd. (Hanwha Life). HGI’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as very strong, backed by strong growth of capital and surplus, which was driven by net profit retention and the issuance of new shares and hybrid bonds in recent years. Its underwriting and asset leverage, which used to be among the highest in the industry, have improved gradually over the past five years to a level that is now in line with the company’s peers as a result of its improved capitalization. HGI’s investment strategy supports its strong balance sheet strength assessment, with approximately 70% of the total invested assets in fixed income securities. Factors offsetting HGI’s balance sheet strength include a higher proportion of alternative investment allocation, a wider asset-liability duration gap compared with its domestic peers and a declining interest coverage ratio. Overall operating performance is assessed as adequate. The company’s underwriting performance has improved over the past five years, although it deteriorated in 2018, in line with the market trend. AM Best expects HGI’s underwriting performance to stabilize after multiple rounds of motor premium hikes in 2019. The company’s overall operating performance is supported by its strong investment yield, which helps to offset volatile underwriting performance. HGI is the sixth-largest non-life insurance company in South Korea, with a market share of approximately 7% in terms of direct premium written in 2018. Based on its long-term strategic plan, the company has been focusing increasingly on digital innovation through the use of new technologies. HGI also is in the process of setting up South Korea’s first digital non-life insurer in 2019. HGI receives various forms of implicit and explicit support from its parent company, Hanwha Life, the second-largest life insurance company in South Korea in terms of gross premium written in 2018. Implicit support includes co-branding between the two companies to increase operational synergy, utilizing Hanwha Life’s tied agents for distribution, as well as cooperation in areas such as investments, among others. In addition, HGI has received capital support historically from the Hanwha Group and Hanwha Life during new share issuance. Negative rating actions could occur if there is a significant deterioration in the company’s risk-adjusted capitalization, or if there is a significant decline in the parent company’s financial strength and credit profile. 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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases. AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information. Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on businesswire.com: https://www.businesswire.com/news/home/20190823005201/en/ Contact Chanyoung Lee Senior Financial Analyst +852 2827 3404 [email protected] Christie Lee Director, Analytics +852 2827 3413 [email protected] Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 [email protected] Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644 [email protected] Source : AM Best |
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