Perma-Pipe Posts Strong Q3 2024 Results With 29 Pct Increase In Net Income

KUALA LUMPUR, Dec 24 (Bernama) -- Perma-Pipe International Holdings Inc’s net income for the third quarter ended Oct 31, 2024 (Q3) increased to US$2.5 million from US$1.9 million in the same period last year, mainly driven by better project execution. (US$1=RM4.48)

Net sales, however, declined nine per cent to US$41.6 million for the quarter, from US$45.7 million previously, as a result of the timing of project execution.

The company's backlog in the third quarter reached a record of US$114.2 million, equivalent to approximately nine months of revenue based on past years, showing significant growth from US$68.5 million on Jan 31, 2024.

This growth in backlog represents the highest level since the company's transition from MFRI to Perma-Pipe in March 2017.

Its President and Chief Executive Officer, David Mansfield stated that the significant rise in infrastructure spending in Saudi Arabia, India, and the United Arab Emirates, has driven the company's improvements.

“We are pleased with the level of business activity we have experienced and continue to see, as supported by the significant rise in backlog and share price,” he said in a statement.

Meanwhile, basic earnings per share from continuing operations was US$0.31 compared to US$0.24 a year ago.

Gross profit improved by US$0.9 million, reflecting better margins from product mix. General and administrative expenses rose by US$1.6 million due to higher payroll and professional fees, while selling expenses decreased by US$0.3 million.

Net interest expense remained consistent at US$0.5 million, and other expenses dropped due primarily to exchange rate fluctuations in foreign currency transactions.

-- BERNAMA

CELEBRATING A YEAR OF INNOVATION: QIANHAI’S PATH TO A BRIGHTER FUTURE

KUALA LUMPUR, Dec 20 (Bernama) -- The Overall Development Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Plan) has marked its first anniversary since its release, showing significant progress in reform, innovation, and international integration.

Over the past year, Qianhai has advanced as a pilot platform for comprehensive reform and innovation, a high-level portal for international openness, a leading area for deep integration between Shenzhen and Hong Kong, and a hub for high-quality development of modern service industries, driven by a more dynamic momentum of growth.

Qianhai's ongoing reforms and expansion of open policies have been key to its success. For the third consecutive year, it topped the institutional innovation index among China’s free trade pilot zones. Since the beginning of this year, Qianhai has launched 47 new innovations, bringing the total to 882.

Qianhai has become one of China’s fastest-growing and most open regions, with its import and export value of the Qianhai-Shekou area of the China (Guangdong) Pilot Free Trade Zone reaching a record 448.1 billion Chinese yuan in the first 10 months of 2024, representing a 58.3 per cent increase year-on-year.

According to a statement, the Qianhai Plan has also established the region as a key area for deepening the integration between Shenzhen and Hong Kong.

The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub (E-hub), a symbol of youth ambition, has supported 1,374 startup teams, including 955 from Hong Kong SAR, Macao SAR, and overseas, as of early December this year. Currently, more than 9,000 Hong Kong-funded enterprises are now registered in Qianhai.

Qianhai’s role as a financial cooperation hub is also highlighted by its growing significance in strengthening Hong Kong’s position as a global financial centre. Professionals, including those from Holman Fenwick Willan LLP, have praised the region’s environment and efficient transport links, which facilitate seamless connections between Hong Kong and Qianhai.

Acting as a hub for the high-quality development of modern service industries is Qianhai's strategic positioning and source of competitiveness. Over the past year, Qianhai has delivered remarkable achievements and a promising future is expected.

-- BERNAMA

LUMI GLOBAL ACQUIRES ASSEMBLY VOTING TO BOLSTER PRODUCT LEADERSHIP, EXPAND GLOBAL REACH

KUALA LUMPUR, Dec 20 (Bernama) -- Lumi Global, a global leader in technology-driven meeting solutions, has acquired Assembly Voting, a technology company specialising in end-to-end verifiable, cloud-based elections and voting solutions.

According to a statement, this strategic acquisition reinforces Lumi Global’s commitment to innovation via Assembly Voting's verifiable, scalable Electa platform while expanding its capabilities beyond the live meeting environment to new market opportunities.

Lumi Global Chief Executive Officer (CEO), Richard Taylor said the acquisition marked a bold step forward for Lumi Global, as the company extends its product capabilities beyond the meeting day and into the wider elections market.

“The integration of Assembly Voting’s innovative technologies with Lumi’s Global platform will unlock new opportunities, ensuring we remain at the forefront of technology-driven meeting, election and voting solutions in annual general meetings, investor relations, and member organisation worldwide,” added Taylor.

Meanwhile, Assembly Voting CEO, Jacob Gyldenkaerne said: “This partnership not only expands the reach of our technology but also enhances our ability to serve an even more diverse, global client base with end-to-end verifiable election solutions.”

Among the key highlights of the acquisition include Assembly Voting enhances Lumi Global's portfolio by introducing advanced end-to-end verifiability, ensuring secure, transparent, and verifiable election and voting processes for clients worldwide.

Meanwhile, the Electa platform is purpose-built for scheduled elections and asynchronous voting, complementing Lumi Global’s existing solutions for live meetings and synchronous voting. With a focus on verifiability, security, and scalability, Electa broadens Lumi's ability to support organisations at all stages of their decision-making, both prior to and during key meetings.

The deal also establishes Lumi Global’s presence in Denmark and Spain, opening new opportunities in these strategically significant markets, and it is strategically positioned to deploy the Electa platform across its key markets in North America, Europe, the Middle East, and Africa, as well as Asia Pacific.

The acquisition brings Assembly Voting’s experienced development team, enriching Lumi Global’s innovation pipeline and opening new avenues for collaboration and growth.

Lumi Global’s acquisition of Assembly Voting underscores its dedication to powering the meetings and elections that matter for trusted decisions worldwide.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF THE NEW INDIA ASSURANCE COMPANY LIMITED

SINGAPORE, Dec 13 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the India National Scale Rating (NSR) of aaa.IN (Exceptional) of The New India Assurance Company Limited (New India) (India). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect New India’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favourable business profile and marginal enterprise risk management (ERM). In addition, the ratings factor in the neutral impact from New India’s ultimate majority ownership by the Government of India.

New India’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which remained at the strongest level at fiscal year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best views that the majority of New India’s reinsurance assets are of good credit quality. In addition, the investment portfolio is of moderate risk. Although a large portion of investments are held in domestic government and corporate bonds, which are well-rated on the local scale, the balance sheet remains subject to volatility arising from the company’s allocation to domestic equity investments.

AM Best assesses New India’s operating performance as adequate. The company has reported positive operating results on a consolidated basis over the past five years, with an average return-on-equity ratio of 2.9% (fiscal years 2020–2024). In the fiscal year ending 31 March 2024, the company reported a deterioration in underwriting losses largely due to catastrophe losses and higher claims arising from its health and motor insurance. Robust investment income, including interest and dividend income, as well as realised gains from the sale of equity investments, continues to provide a sizable contribution to overall earnings. Despite remedial measures, challenging market conditions are likely to constrain the company’s underwriting results over the medium term, albeit overall operating results are expected to remain profitable.

New India’s favourable business profile assessment reflects its market position as the largest non-life insurer in India by gross premiums written. The company’s underwriting portfolio is diversified moderately by lines of business and distribution channels, although with an elevated concentration in health insurance.International geographical diversification is supported by the company’s overseas operations, through its foreign branches, agency offices and subsidiaries. The domestic market continues to present significant growth opportunities for New India, although AM Best considers high market competition, particularly in the health and motor businesses, to be an offsetting factor.

AM Best assesses New India’s ERM as marginal given that the profile of some key risks exceeds the company’s risk management capabilities and the ERM framework continues to evolve. The company’s audited financial statements have been qualified for several years as a result of internal control weakness in the reconciliation of certain items and accounts. Whilst New India is progressing on strengthening internal controls and has partially addressed some audit matters, inadequate resolution of audit matters has impacted the company’s financial reporting quality over a number of years. Elevated concerns persist over New India’s pricing discipline and underwriting risk management given the level of ongoing underwriting losses and the competitive market environment. Overall, whilst New India continues to take actions aimed at strengthening its ERM, there remains a gap between the company’s ERM framework and the global standards for an organisation of its scale. 

http://mrem.bernama.com/viewsm.php?idm=50017

MAVENIR AND BOOST MOBILE ACHIEVE INDUSTRY-FIRST VALIDATION AND COMMERCIAL IN-SERVICE FOR INTER-VENDOR OPEN RAN HANDOVER ON THE BOOST MOBILE NETWORK IN THE US

Open RAN solutions connected via a 3GPP Xn interface within Boost Mobile’s 5G infrastructure for seamless mobility

Boost Mobile’s customers experience uninterrupted and consistent service in areas using mixed Open RAN vendors

RICHARDSON, Texas, Dec 12 (Bernama-GLOBE NEWSWIRE) -- Mavenir and Boost Mobile (formerly DISH Wireless) announce the industry first inter-vendor Open RAN handover using the 3GPP Xn interface, across the Boost Mobile Network. This milestone demonstrates the seamless interoperability between different Open RAN (O-RAN) radio vendors, a critical proof point that O-RAN is not only viable but thriving in real-world deployments.

The Xn interface, as defined by 3GPP for 5G NR, facilitates communication between RAN nodes from different vendors, ensuring uninterrupted call continuity and a smooth user experience. RAN with proprietary interfaces constrain operators to rely on single-source networks confined to regional deployments. The Xn interface allows for the interconnection of both open and closed RAN nodes, promoting greater interoperability and vendor flexibility across the same region.

The validation achieved by Mavenir, a third-party radio vendor and Boost Mobile highlights the maturity in 3GPP and O-RAN and the possibilities in achieving a truly multi-vendor environment. By leveraging open interfaces and smooth interoperability, the O-RAN technology ensures that mobile devices can switch smoothly between different network components without affecting user experience. Boost Mobile’s customers can enjoy uninterrupted service and consistent connectivity, as the network is proven to handle mobility transitions between different O-RAN vendor solutions seamlessly, without any disruption.

The successful implementation of inter-vendor handover exemplifies the value of open interfaces and the potential of Open RAN architecture. This demonstrates how open interfaces facilitate the flexibility in choosing and integrating components from multiple vendors, reducing single-source dependency, lowering costs and accelerating network advancements through rapid interoperability and vendor collaboration. Mavenir and Boost Mobile’s role in this milestone, not only highlights industry leadership in Open RAN solutions, but reinforces their commitment to delivering superior connectivity solutions that enhance user experiences.

“At Boost Mobile, we believe in the power of Open RAN to drive innovation and enhance customer experience,” said Eben Albertyn, Chief Technology Officer, Boost Mobile. “By embracing open standards and interoperability, we, along with the help of Mavenir and the other third-party radio vendor, are not just building a more flexible network; we’re paving the way for a connected future where every customer can enjoy seamless connectivity across the Boost Mobile Network.”

“This achievement marks a significant milestone in the evolution of Open RAN, made possible through the collaboration with Boost Mobile,” said Pardeep Kohli, President, Chief Executive Officer, Mavenir. “By enabling seamless inter-vendor handovers, Mavenir is showcasing how Open RAN delivers flexible, cost-effective, and interoperable networks. This milestone underscores our commitment to empowering operators to build vendor-agnostic networks, ensuring scalable, high-quality connectivity for their customers.” 

About Mavenir

Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com 

Mavenir PR Contacts:
Emmanuela Spiteri
PR@mavenir.com 

SOURCE: Mavenir Systems, Inc.

--BERNAMA

Mavenir, Terrestar Successfully Conduct Live Satellite NB-IoT Data Sessions

KUALA LUMPUR, Dec 11 (Bernama) -- Mavenir, the cloud-native network infrastructure provider, and Terrestar Solutions Inc (TSI), Canada’s premier mobile satellite operator, have successfully completed the first live data sessions for Narrowband Internet of Things (NB-IoT) via the TSI Echostar T1 satellite, a Geostationary Earth Orbit (GEO) Non-Terrestrial Network (NTN).

In a statement, Mavenir said this achievement, conducted under real-world conditions rather than simulations, highlights the robustness of this cutting-edge technology.

Mavenir President and Chief Executive Officer (CEO), Pardeep Kohli emphasised that non-terrestrial networks offer a solution for delivering universal coverage, especially in regions where traditional mobile services are economically unfeasible.

Meanwhile, TSI CEO, Jacques Leduc highlighted the success of the joint NTN solution and the launch of the Montreal lab, which will further accelerate testing and large-scale IoT deployments across Canada.

The testing took place in Allan Park, Ontario, and demonstrated key functions such as Network Attach, Paging, Ping, data sessions, and Non-IP Data Delivery (NIDD). The trials also included continuous 24-hour connectivity, further validating the maturity and stability of Mavenir’s solution in practical scenarios.

The data sessions were conducted using commercial IoT modules, showcasing the readiness of the technology for commercial deployment using 3GPP-standardised products from various vendors.

Mavenir developed a custom Radio Access Network (RAN) interface to integrate seamlessly with TSI’s satellite ground station equipment, aligning with TSI’s infrastructure to deliver satellite-based NB-IoT services.

This milestone lays the groundwork for future advancements, as Mavenir and TSI actively develop enhanced capabilities, including voice services and 5G NR, with further testing planned across Canada, ultimately providing ubiquitous satellite coverage, even in the most remote regions.

Additionally, Mavenir and TSI have launched a state-of-the-art lab in Montreal to advance NB-IoT testing and facilitate integration with TSI’s partners.

The lab, equipped with Mavenir’s RAN and Core solutions, is dedicated to advancing NTN on NB-IoT technology. This initiative is a key step in accelerating the development and deployment of satellite-based connected services, reinforcing the commitment to innovation and collaboration in space.

-- BERNAMA

KIOXIA NVME SSD CRYPTOGRAPHIC MODULE ACHIEVES FIPS 140-3 LEVEL 2 VALIDATION

 

KIOXIA CM7 Series PCIe 5.0 NVMe Enterprise SSD (Photo: Business Wire)

KIOXIA CM7 Series Enterprise SSD Controller Cryptographic Module Meets Latest Security Requirements of NIST Cryptographic Module Validation Program

TOKYO, Dec 11 (Bernama-BUSINESS WIRE) -- Kioxia Corporation, a world leader in memory solutions, today announced that the cryptographic module used in KIOXIA CM7 Series PCIe^® 5.0 NVMe™ Enterprise SSDs has been validated to meet Federal Information Processing Standard (FIPS) 140-3, Level 2 for cryptographic modules. 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241209242540/en/ 

The FIPS 140-3 standard specifies a set of security requirements of the Cryptographic Module Validation Program administered by the National Institute of Standards and Technology (NIST), used as a security metric for federal agencies to procure validated IT equipment. Companies and federal agencies may prefer or may now be required to deploy newer, more stringent government standards – which SSDs validated to FIPS 140-3 requirements would meet. Compared to the previous FIPS 140-2 requirements, 140-3 provides higher standards for SSDs, including a stronger authentication method and updated implementation guidance.

Kioxia brought PCIe 5.0 technology to server and storage applications with the KIOXIA CM7 Series NVMe SSD. Targeted at enterprise applications and use cases – including artificial intelligence, high-performance computing, online transaction processing database, and data warehousing – KIOXIA CM7 Series drives bring enterprise performance, reliability and security to data center servers and storage.

KIOXIA CM7 Series SSD Key Features include:

·  PCIe 5.0 compliant NVMe SSDs in 2.5-inch⁽¹⁾ and E3.S SSD form factors
·  Dual and single-port support
·  Read-intensive and mixed-use endurances
·  Capacities from 1.6 terabytes (TB) to 30.72 TB (15.36 TB in E3.S form factor)
·  Security options include: sanitize instant erase (SIE) ⁽²⁾, TCG Opal self-encrypting drive (SED) ⁽³⁾ and SED utilizing FIPS 140-3 Level 2 module

Notes:
(1)		"2.5-inch" indicates the form factor of the SSD. It does not indicate the drive's physical size.
(2)		SIE optional model supports Crypto Erase, which is a standardized feature defined by the technical committees (SCSI) of INCITS (the InterNational Committee for Information Technology Standards).
(3)		SED optional model supports TCG Opal and Ruby SSCs. It does not support some features of TCG Opal SSC.   *        Definition of capacity: Kioxia Corporation defines a megabyte (MB) as 1,000,000 bytes, a gigabyte (GB) as 1,000,000,000 bytes and a terabyte (TB) as 1,000,000,000,000 bytes. A computer operating system, however, reports storage capacity using powers of 2 for the definition of 1GB = 2^30 bytes = 1,073,741,824 bytes and 1TB = 2^40 bytes = 1,099,511,627,776 bytes and therefore shows less storage capacity. Available storage capacity (including examples of various media files) will vary based on file size, formatting, settings, software and operating system, and/or pre-installed software applications, or media content. Actual formatted capacity may vary. *        Security optional models are not available in all countries due to export and local regulations.   *        PCIe is a registered trademark of PCI-SIG. *        NVMe is a registered or unregistered trademark of NVM Express, Inc. in the United States and other countries. *        All other company names, product names and service names may be trademarks of third-party companies.  http://mrem.bernama.com/viewsm.php?idm=49981