BEST'S MARKET SEGMENT REPORT: AM BEST MAINTAINS STABLE OUTLOOK ON VIETNAM'S NON-LIFE INSURANCE SEGMENT

SINGAPORE, July 31 (Bernama-BUSINESS WIRE) -- AM Best is maintaining a stable outlook on Vietnam’s non-life insurance segment, citing accelerating non-life premium growth and increased demand for commercial lines insurance.

The Best’s Market Segment Report, “Market Segment Outlook: Vietnam Non-Life Insurance,” also notes the country’s Insurance Business Law as a recent regulatory refinement supporting the stable outlook, as the newly adopted requirements on risk management, internal controls, internal audits and actuarial standards are expected to enhance risk governance and strengthen financial conduct.

Property insurance was a key business growth driver in 2023. Government spending on renewable energy, transportation, and other large-scale infrastructure projects is likely to drive greater demand for insurance coverage going forward. Vietnam’s non-life insurance market growth also should continue to benefit from the country’s reputation as an attractive destination for foreign direct investment.

“Vietnam remains a magnet for foreign direct investment, as investors continue to seek global supply chain diversification. FDI inflows are expected to continue as one of the growth engines of the country’s economy, which in turn will bolster demand for commercial lines insurance,” said Ken Lau, senior financial analyst, AM Best.

At the same time, market competition has eroded the underwriting profit margins of the motor and health insurance segments, owing partly to looser underwriting. Near-term pricing competition in these lines could constrain technical margins.

The non-life insurance industry’s earnings also may be dampened by lower investment yields over the near term. The State Bank of Vietnam lowered the policy interest rate multiple times in the first half of 2023 and is expected to maintain an accommodative monetary policy stance over 2024.

“Even though insurance companies have increased their asset allocations to higher-risk investments for yield enhancement, investment yields are expected to remain subdued over the near term given the companies’ typically large allocations to term deposits and government bonds,” said Chris Lim, associate director, analytics, AM Best.

To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=345027.

To view a complete list of Best’s Market Segment Outlooks, please visit http://www.ambest.com/ratings/RatingOutlook.asp.

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.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240730388569/en/

Contact

Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Chris Lim
Associate Director, Analytics
+65 6303 5018
chris.lim@ambest.com

Cynthia Ang
Senior Industry Research Analyst
+65 6303 5026
cynthia.ang@ambest.com

Source : AM Best

A2RL SOARS TO NEW HEIGHTS: LAUNCHES AUTONOMOUS DRONE RACING CHAMPIONSHIP WORTH US $1MN PRIZE POOL

 

The Abu Dhabi Autonomous Racing League (A2RL) x Drone Champions League (DCL) (Graphic: AETOSWire)

ABU DHABI, United Arab Emirates, July 25 (Bernama-BUSINESS WIRE) -- The Abu Dhabi Autonomous Racing League (A2RL), which made its impressive debut this April at the Yas Marina Circuit, has announced the next phase of its challenge with the Drone Champions League (DCL), the world's premier professional drone racing organization. Building on the success of its inaugural event, the A2RL Drone Race continues to advance the frontiers of autonomous technology, merging human skill with innovative advancements in autonomous flight.
 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240724188405/en/ 

The Autonomous Drone Race will bring together teams from across the globe, welcoming established drone racing teams, research institutions and enthusiastic 'rookies.' All competitors will vie for a thrilling prize purse of US$1million, as they strive to achieve maximum agility and speed while successfully maneuvering through objects in the way. Registration is now open at a2rl.io, and interested teams are invited to apply for the competition. All entries will undergo a rigorous selection process to identify the successful competing teams. Those who pass the screening will be invited to participate in a series of tasks that will allow the judging panel to assess the teams' proficiency in using an open-source simulator to fly a drone autonomously. The grand finale will be held in April 2025, where the winner will be determined.

Organized by ASPIRE, A2RL integrates artificial intelligence (AI), autonomy and extreme sports to push the boundaries of future mobility and is spotlighted as the largest autonomous racing league in the world. The A2RL extreme autonomous drone race will see competing researchers program drones to navigate through a sequence of gates, avoiding obstacles, using onboard sensors and computational power. The main goal of the race is to set a benchmark for achieving maximum innovation in algorithms while using minimal sensor technology in complex environments.

As with all grand challenges, the A2RL Drone Challenge will also include a STEM focus and high-school students will be welcome to be a part of the competition.

http://mrem.bernama.com/viewsm.php?idm=49054

THE JAPAN MARITIME DAILY GEARS UP TO HOST GLOBAL SHIPPING SEMINAR IN SINGAPORE

KUALA LUMPUR, July 24 (Bernama) -- Japan’s leading maritime newspaper, The Japan Maritime Daily is set to host the global seminar, The Future of Shipping with Alternative Fuels, on the theme of 'New Era Fuels for Ships' on Sept 16, in Singapore.

According to a statement, the seminar, co-organised with the Singapore Exchange (SGX) will feature the future of new fuels through the initiatives of major shipping companies and panel discussions, with applications open to the public without any charges.

The keynote speaker will be CORE POWER Chairman & Chief Executive Officer, Mikal Bøe, who will explain the nuclear energy for net-zero emission shipping.

Following this, SGX Group Director, Kenneth Ng will give a presentation titled "Pathways to Decarbonisation: Using Shipping and Transitional Fuel Derivatives".

In addition, a panel discussion will be moderated by The Japan Maritime Daily Executive Officer, Hirofumi Yamamoto together with Tokyo Century Corporation's Ship Finance Division Joint General Manager, Jigo Hayashi; and Head of Baltic Exchange Asia, Cheong Jin Yu, on the challenges of decarbonisation, including new fuels.

-- BERNAMA

Ralph Lauren Addresses Trademark Infringement Issues In Indonesia

KUALA LUMPUR, July 17 (Bernama) -- Ralph Lauren Corporation (Ralph Lauren) has issued a statement addressing recent media reports in Indonesia relating to disputes between PT Manggala Putra Perkasa and other parties in the country.

In a statement, Ralph Lauren clarified that PT Manggala Putra Perkasa, operating under the name “Polo Ralph Lauren Indonesia”, is not affiliated with or related to Ralph Lauren in any way and that these disputes do not involve Ralph Lauren.

The company currently does not directly operate any stores in Indonesia, nor has it authorised or entered into an agreement with any partner or distributor to operate any “Polo Ralph Lauren” or other “Ralph Lauren” branded store in Indonesia.

Recognising that these trademarks and names are a source of confusion, Ralph Lauren stated that it has been selling its products only via certain third-party retailers to address the demands of its customers in the country.

The company is aware of several third parties, including PT Manggala Putra Perkasa, who have registered certain trademarks similar to Ralph Lauren's in Indonesia.

Ralph Lauren is committed to taking every necessary measure to ensure that its copyrights, trademarks and other intellectual property rights are not violated, as part of its efforts to provide authentic products and experiences to consumers in the region.

A global leader in the design, marketing and distribution of luxury lifestyle products, the company's brand names, which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children and Chaps, constitute one of the world’s most widely recognised families of consumer brands.

-- BERNAMA

NX BANGLADESH CONDUCTS TREE-PLANTING EFFORT AT ELEMENTARY SCHOOL

TOKYO, July 16, 2024 /Kyodo JBN/ --

Nippon Express Bangladesh Ltd. (hereinafter "NX Bangladesh"), a group company of NIPPON EXPRESS HOLDINGS, INC., carried out a tree-planting project at Jantrail Government Primary School No. 127 in Nawabganj Upazila, Dhaka District on Monday, June 10.
 
NX Logo: https://kyodonewsprwire.jp/img/202407083274-O3-I47D09UH
 
Group photo of participants: https://cdn.kyodonewsprwire.jp/
prwfile/release/M103866/202407083274/_prw_PI1fl_wLhm5jh6.jpg
 
Tree planting: https://cdn.kyodonewsprwire.jp/prwfile/release/
M103866/202407083274/_prw_PI2fl_f8qv8ukg.jpg
 
Bangladesh has been plagued by increasingly serious environmental problems such as air and water pollution due to industrialization as well as by global warming issues. In view of these circumstances, NX Bangladesh brought 250 saplings to Jantrail Government Primary School No. 127 in Nawabganj Upazila, Dhaka District, for the plantation as part of its corporate social responsibility (CSR) activities. Four NX Bangladesh employees and 215 students and teachers participated in this activity, and planted 40 saplings in the schoolyard, with the remaining 210 saplings distributed to the students to be planted at their own homes. The hopes underlying this initiative are that students will become more aware of the importance of environmental protection and that the trees planted will help protect the local ecosystem and improve the environment. Going forward, NX Bangladesh will be pursuing other such CSR activities for a better life of the people of Bangladesh.
 
The NX Group will continue fulfilling its social development responsibilities by connecting people, companies and communities, and actively engaging in global environmental conservation activities to achieve sustainable societies.
 
About the NX Group:
https://kyodonewsprwire.jp/attach/202407083274-O1-r7kU565M.pdf
 
NX Group official website: https://www.nipponexpress.com/
 
NX Group's official LinkedIn account: https://www.linkedin.com/company/nippon-express-group/
 
 
Source: NIPPON EXPRESS HOLDINGS, INC.  

http://mrem.bernama.com/viewsm.php?idm=48987

BASF ENVIRONMENTAL CATALYST AND METAL SOLUTIONS BREAKS GROUND ON NEW GREEN HYDROGEN INVESTMENT IN BUDENHEIM, GERMANY

• New facility will produce electrolysis and fuel cell components to support the global energy transition
• Production is planned to commence in the summer of 2025
• Joint investment with other partners

BUDENHEIM, Germany, July 11 (Bernama-GLOBE NEWSWIRE) -- BASF Environmental Catalyst and Metal Solutions (ECMS) commenced construction of its first state-of-the-art production facility for green hydrogen and fuel cell components in Budenheim, Germany, near Frankfurt. The products produced at this site will include newly developed low-iridium-loaded catalyst coated membranes (CCMs), a key functional part for proton exchange membrane (PEM) water electrolysis. This will complement the Celtec^® membrane electrode assemblies (MEAs) for high-temperature fuel cells, which will also be produced at the facility. MEAs are critical components in fuel cells that enable hydrogen together with oxygen from the air to be converted efficiently into electricity.

The ECMS hydrogen business operates globally, with activities in Europe, North America and Asia. As the renewable energy ecosystem develops rapidly, the production of green hydrogen from water electrolysis will become a crucial pillar in supporting the global energy transition. The new facility will enable the commercial launch of newly developed CCMs for PEM electrolyzers with multi-gigawatt capacity to serve the global market. This investment allows ECMS to expand its capabilities in precious metals, catalysts and recycling, positioning itself as an integrated, full-loop, end-to-end solution provider across a range of product lines in the green hydrogen space.

“This new site in Budenheim fulfills a key part of our global strategy for hydrogen,” said Tim Ingle, Senior Vice President of Precious Metal Services and Recycling for ECMS. “As a global leader in precious metals services and catalyst recycling, the investment solidifies our support for the growing hydrogen economy with circular solutions that improve performance and reduce costs for PEM electrolyzers and fuel cells.”

“Our new products have progressed successfully from R&D into pilot scale. Production in Budenheim signifies a major milestone for the market introduction of these products and positions us in a strong place to leverage this sizeable business opportunity,” said Saeed Alerasool, Senior Vice President R&D and Application for ECMS.

The opening of the Budenheim site is planned for the summer of 2025. The facility, on the premises of an industrial site, is situated in the center of Europe within the Rhein-Main metropolitan area. The project is being developed with Trigona Fuel Cell Components GmbH and Grundstücksverwaltung Rheinufer GmbH & Co. KG.

About BASF Environmental Catalyst and Metal Solutions

Leveraging its deep expertise as a global leader in catalysis and precious metals, BASF Environmental Catalyst and Metal Solutions (ECMS) serves customers in many industries including automotive, aerospace, indoor air quality, semiconductors, and hydrogen economy, and provides full loop services with its precious metals trading and recycling offering. With a focus on circular solutions and sustainability, ECMS is committed to helping our customers create a cleaner, more sustainable world. Protecting the elements of life is our purpose and this inspires us to ever-new solutions. ECMS operates globally in 16 countries with over 4,500 employees and 21 production sites. 

http://mrem.bernama.com/viewsm.php?idm=48959

RECTITUDE ANNOUNCES OPENING OF NEW STRATEGIC BRANCH IN 498 AND 500 GEYLANG ROAD, SINGAPORE

SINGAPORE, July 10 (Bernama-GLOBE NEWSWIRE) -- Rectitude Holdings Ltd (the “Company” or “Rectitude”), a Singapore-based provider of safety equipment and related industrial products, today announced the opening of a new branch at 498 and 500 Geylang Road, Singapore. This strategic expansion aims to strengthen the Company’s local presence, improve accessibility to products in high-demand categories, and solidify its position as a leading provider of safety and industrial solutions in the region.

The new branch officially opened during the Company’s recent initial public offering and has been ramping up its operations since. The branch covers a total area of approximately 300 square meters (3,200 square feet) and stocks high-demand products that local businesses and institutions require to ensure consistent facility uptime and enhanced worker safety.

Located only 15 minutes from the Central Business District, the Geylang branch is strategically located close to key customer workplaces. It is also easily accessible via Nicoll Highway and Geylang/Kallang Road, ensuring access from all directions in Singapore and allowing expedited delivery capabilities. Guaranteed availability of products in multiple categories will make it easy and convenient for customers to get the right solution when they need it.

“The opening of our new Geylang branch and its strategic location selection aligns with Rectitude’s long-term strategy of expanding our presence across Singapore to enhance our accessibility and better serve our customers,” said Jian Zhang, Chairman, Chief Executive Officer, and Executive Director at Rectitude. “This branch will be led by Mr. Lim Vui Fung and Mr. Huang Dong who are both exceptional leaders and will be focused on continuing to grow our market share in Singapore. We believe this new branch will help meet our growing business needs and demonstrate our commitment to providing our customers with a variety of safety equipment and related industrial products they need in an extremely timely manner. As local businesses grow in Singapore, they need suppliers like Rectitude that they can rely on to provide them with a broad range of quality products when and where needed.”

About Rectitude

Founded in 1997 in Singapore, Rectitude is principally involved in the provision of safety equipment, encompassing essential items such as personal protective clothing, gloves, safety footwear, personal fall arrest systems, portable fire extinguishers and traffic products. The Company also offers auxiliary products such as industrial hardware tools and electrical hardware required for construction sites. Rectitude’s products and solutions are marketed to a wide array of distributor networks and end markets, both in Singapore and increasingly throughout the Southeast Asian region, including Brunei, Cambodia, Malaysia, Indonesia, and Vietnam.

For more information, please visit the Company’s website: https://ir.rectitude.com.sg

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. 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, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. 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 U.S. Securities and Exchange Commission.

For investor and media inquiries, please contact:

Rectitude
Investor Relations
Email: ir@rectitude.com.sg

Jackson Lin
Lambert Global
Phone: +1 (646) 717-4593
Email: jlin@lambert.com 

SOURCE : Rectitude Holdings Ltd.

NORTHERN TRUST GAINS ASSET SERVICING SOLUTIONS CUSTODY FOR VCC FUND

KUALA LUMPUR, July 2 (Bernama) -- Northern Trust has been appointed by Valverde Investment Partners Pte Ltd (Valverde) to provide custody, fund administration, foreign exchange and cash management services for its newly formed Variable Capital Company (VCC) fund, along with its sub-fund, ASEAN+ Fund (VAPF).

Northern Trust Country Executive, Southeast Asia, Yen Leng Ong said this appointment helps underline its position as a premier provider of custody and fund services to asset managers in Singapore.

“We have seen VCC funds continue to grow in popularity since the scheme was first launched in 2020, and we are delighted to work with Valverde as they embark on their first VCC,” he said in a statement.

Meanwhile, Valverde Founder and Chief Executive Officer, John Foo said: “We were especially impressed by Northern Trust’s global expertise and focus on clients such as ourselves, which aligns with our dedication to providing top-tier investment solutions and client service to our investors.”

Singapore-based Valverde is a newly established, independent investment management firm specialising in ASEAN equities.

The VCC launch and its sub-fund, VAPF, represent its goal of achieving long-term absolute returns, primarily composed of public traded equities within ASEAN companies.

Northern Trust’s Global Fund Services business provides services including fund administration, depositary, global custody, investment operations outsourcing and data solutions to global investment managers, supporting a range of complex investment strategies across the full spectrum of asset classes.

In Singapore, it includes servicing of VCC fund structures launched as standalone Singapore funds or umbrella structures with Singapore domiciled sub-funds.

Northern Trust has offices across Asia Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Singapore, Sydney and Tokyo, and has strong relationships with some of the region’s largest asset managers, central banks, sovereign wealth funds, government agencies and corporations.

-- BERNAMA