Wednesday 27 March 2024

NATARAJAN & SWAMINATHAN MERGES WITH KNAV TO ELEVATE AUDITING AND ADVISORY SERVICES IN SINGAPORE



ATLANTA, March 27 (Bernama-BUSINESS WIRE) -- KNAV, an international accounting and advisory firm, is pleased to announce its merger of Natarajan & Swaminathan, a respected audit firm in Singapore. This merger marks a strategic step in KNAV’s plan to strengthen its local presence in operational countries and extend its reach in the region.

Natarajan & Swaminathan, with over seven decades of history, is renowned for its quality audit and tax services in Singapore. The firm’s team of professionals are well-versed in the local business environment and have been a reliable partner for businesses of various sizes.

KNAV, who already has an established presence in Singapore, considers this merger as a step in-line with its fundamental strategy of strengthening its presence in the regions where it conducts the business. The merger combines Natarajan & Swaminathan's local expertise with KNAV’s global proficiency, promising clients in Singapore superior service levels, comprehensive solutions, and access to an extensive network of professionals. Natarajan & Swaminathan will join KNAV International Limited, a member of the Forum of Firms, as a new member. Post-merger, Natarajan & Swaminathan will retain its name and leadership team, ensuring a smooth transition for clients and staff.

Atul Deshmukh, KNAV’s Chief Strategy Officer, emphasized the merger’s role in strengthening the firm's Singapore presence and supporting its global market strategy. The merger is expected to contribute to KNAV’s growth in the Asia-Pacific, offering clients a range of services, including auditing, tax planning, and business consulting.

Dominique Tan, KNAV’s country leader in Singapore, noted that the merger will enhance the firm's audit service capabilities and allow the provision of tax services in Singapore. The addition of three new partners and 27 staff members increases the KNAV Singapore team to 48, including 6 partners, thereby improving client service capabilities.

Narayanamohan, Managing Partner of Natarajan & Swaminathan, expressed enthusiasm about joining KNAV. He highlighted the merger’s potential to create new opportunities for clients and staff while preserving the relationships built over the past 70 years. The partnership, grounded in shared values and commitment to client and staff success, is seen as a natural fit.

About KNAV:

KNAV as a “Partner Beyond Boundaries’ provides global assurance, tax, and advisory services, specializing in financial reporting, audits, tax filings, M&A, and advisory across the USA, India, UK, Singapore, Canada, and the Netherlands.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240312419994/en/

Contact

Kostubh Singhal
Senior Manager - Marketing
+91 9663466335

Source : KNAV

Saturday 23 March 2024

AM BEST AFFIRMS CREDIT RATINGS OF CHINA TAIPING INSURANCE (MACAU) COMPANY LIMITED

HONG KONG, March 22 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (Macau) Company Limited (CTIM) (Macau). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CTIM’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

CTIM’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), remained stable and was at the strongest level as of year-end 2022. Based on the unaudited financial statements, the company’s capital level remained robust and further improved to MOP 870 million (USD 110 million) at year-end 2023. The company’s investment strategy remains conservative and stable, with the majority of its investment assets in cash and investment grade bonds. CTIM’s reinsurance programme remains comprehensive with reinsurer panels of good credit quality; notwithstanding, the reinsurance dependency of the company is moderate.

CTIM delivered a five-year average return-on-equity ratio of 19.0% from 2018 to 2022, and the company continued to generate profit in 2023, supported by positive underwriting and investment results. The company’s net combined ratio improved to 70.5% in 2022, due to its lower loss ratio during the pandemic period. The company’s combined ratio remained stable during 2023, though there was some uptick in the loss ratio, which was partially offset by an improvement in the commission ratio. CTIM’s investment results turned positive in 2023, a rebound from the negative returns caused by capital market volatility during 2022. The company’s investment performance is expected to continue to support its overall operating performance through stable streams of interest, dividend and rental income in the future.

CTIM maintains a long track record as the leader in Macau’s non-life insurance segment and has a market share of approximately 34% as of the third quarter of 2023, based on gross premiums written. CTIM’s underwriting portfolio and distribution channels are stable and diversified, while the company continues to develop its online channel and explore cross-selling opportunities in its affiliated life insurance company, China Taiping Life Insurance (Macau) Company Limited, in Macau.

CTIM is well-positioned at its current rating level. Negative rating actions could occur if there is a material decline in the company’s risk-adjusted capitalisation or a significant and sustained trend of deterioration in its operating performance. A weakening credit profile of the parent company, China Taiping Insurance Holdings Company Limited, also may have a negative impact on CTIM’s ratings. Although unlikely in the near term, positive rating actions could occur if there is a material and sustained improvement in CTIM’s risk-adjusted capitalisation, while the company maintains its strong operating performance.

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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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. 

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Thursday 21 March 2024

ANVISA Audit Of CARBOGEN AMCIS' Shanghai Facility Completes

KUALA LUMPUR, March 20 (Bernama) -- Switzerland-based CARBOGEN AMCIS, a pharmaceutical process development and Active Pharmaceutical Ingredient (API) manufacturing company, has completed its first Brazilian Regulatory Authority Agency (ANVISA) routine inspection of its facility in Shanghai.

A five-day inspection was undertaken between Nov 6 to 10, 2023, which concluded successfully with no critical and no major observations raised, in addition to the site being granted a Good Manufacturing Practice (GMP) certificate by the authority.

“I want to congratulate the Shanghai team on their first successful independent regulatory inspection, and for being commended by the inspectors for their transparent and open approach.

“The GMP certification is a reflection of our high-quality standards and the commitment of our teams at this important site,” said CARBOGEN AMCIS Chief Executive Officer, Pascal Villemagne in a statement.

Meanwhile, its Shanghai site General Manager, Harry Wong said: “We are delighted to establish ourselves as a crucial part of the CARBOGEN AMICS CDMO network, meeting the same high standards our clients expect globally.

“We are an integral part of the company supply chain, offering the group great possibilities in terms of capacity and geographical flexibility.”

CARBOGEN AMCIS’ Shanghai site employs 140 people and specialises in large-scale manufacturing of raw materials, intermediates and API; manufacturing of highly potent chemicals up to category III; as well as GMP product release and analytical support for development activities.

The ANVISA audit was focused on areas including utilities, maintenance and calibration, production, quality control and assurance.

-- BERNAMA

Wednesday 20 March 2024

TOSHIBA ADDS NEW POSITION ESTIMATION CONTROL TECHNOLOGY TO ITS MOTOR CONTROL SOFTWARE DEVELOPMENT KIT TO SIMPLIFY FIELD ORIENTED CONTROL OF MOTORS




- Now offering "MCU Motor Studio Ver.3.0" and new "Motor Parameter Tuning Tool"-

KAWASAKI, Japan, March 19 (Bernama-BUSINESS WIRE) -- Toshiba Electronic Devices & Storage Corporation ("Toshiba") has refined motor control capabilities with the launch of two innovative tools. A new position estimation control technology for field-oriented control (FOC) has been added to the latest version of its motor control software development kit, “MCU Motor Studio Ver.3.0,” while “Motor Tuning Studio Ver.1.0” automatically calculates motor parameters. Both are available from today.

This press release features multimedia. View the full release here: 
https://www.businesswire.com/news/home/20240318356608/en/
 
FOC is a highly efficient motor control method, but difficult to realize because of the complexities of using proportional-integral (PI) control gain for tuning the motor driver. PI control is usually applied to position control, speed control and current control, producing three PI control gain parameters that interfere with each other. Adjustments can only be done through trial and error. Meanwhile, MCU Motor Studio performs motor control using known motor parameters, but the problem here is that there was no function for extracting the parameter from the motor.

Toshiba’s new position estimation control method is based on a flux observer and does not use PI control for position estimation, making adjustment easier during motor evaluation. This new approach realizes greater stability during high-load operation than the conventional position estimation control. MCU Motor Studio Ver.3.0 incorporating the new method also supports the conventional position control method.

The combination of MCU Motor Studio and MCU Motor Tuning Studio gives users the ability to easily derive initial motor parameters and begin evaluation. Motor Tuning Studio will be provided via Toshiba's Customer Inquiry Form here (Contact).

Toshiba is advancing the realization of carbon neutrality and a circular economy, and will continue to expand its line-up of microcontrollers for FOC and motor control software development kits, and to support highly efficient motors.

Follow the link below for more on MCU Motor Studio
MCU Motor Studio

Follow the link below for more on Toshiba’s Microcontrollers.
Microcontrollers

* TXZ+™ is a trademark of Toshiba Electronic Devices & Storage Corporation.
* Other company names, product names, and service names may be trademarks of their respective companies.
* Information in this document, including product prices and specifications, content of services and contact information, is current on the date of the announcement but is subject to change without prior notice.

About Toshiba Electronic Devices & Storage Corporation

Toshiba Electronic Devices & Storage Corporation, a leading supplier of advanced semiconductor and storage solutions, draws on over half a century of experience and innovation to offer customers and business partners outstanding discrete semiconductors, system LSIs and HDD products.
The company's 21,500 employees around the world share a determination to maximize product value, and promote close collaboration with customers in the co-creation of value and new markets. With annual sales approaching 800-billion yen (US$6.1 billion), Toshiba Electronic Devices & Storage Corporation looks forward to building and to contributing to a better future for people everywhere.
Find out more at https://toshiba.semicon-storage.com/ap-en/top.html 

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Saturday 16 March 2024

AM BEST AFFIRMS KBFG CHINA CREDIT RATINGS AS EXCELLENT

KUALA LUMPUR, March 15 (Bernama) -- The United States-headquartered AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of KBFG Insurance (China) Co Ltd (KBFG China).

The outlook of these credit ratings (ratings) is stable, reflecting KBFG China’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

According to AM Best in a statement, the ratings also reflect the wide range of support that the company receives from its parent, KB Insurance Co Ltd, in areas of underwriting and pricing, business development and reinsurance.

The credit rating agency assesses KBFG China’s balance sheet strength at the very strong level, supported by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio.

The company’s consolidated capital and surplus has continued to increase driven by positive operating performance with full profit retention. Given its relatively small capital base and the nature of its underwriting portfolio, KBFG China’s risk-adjusted capitalisation is exposed to volatility in the event of large losses.

KBFG China has achieved positive operating profit over the last five years (2019 to 2023), with a low-to-mid single digit return-on-equity ratios reported during that period, despite having incurred a major commercial fire loss in 2023.

With a very low level of net retention ratio, the loss on a net basis has had a limited impact on the company’s underwriting results and it has projected that the solvency ratio will improve as reinsurance receivables are gradually settled in 2024.

As a foreign-owned insurer focusing on serving Korean Interests Abroad business, KBFG China has a defensible competitive advantage in this niche market.

However, the company has a limited market presence in China’s non-life industry with share less than one per cent of total market. AM Best views KBFG China’s ERM as appropriate for its risk profile.

-- BERNAMA

Thursday 14 March 2024

AMERICAN EXPRESS LISTS TOP TRAVEL TRENDS IN 2024



KUALA LUMPUR, March 13 (Bernama) -- American Express Travel has released its 2024 Global Travel Trends Report, shedding light on the inspirations and trends driving global travel bookings this year.

Drawing from survey responses from travellers in the United States, Australia, Canada, India, Japan, Mexico, and the United Kingdom, the report found that 84 per cent of respondents plan to spend more or the same amount of money on travel in 2024 compared to last year.

According to a statement, additionally, 77 per cent of respondents care more about having the right travel experience than about the cost of the trip.

American Express Travel President, Audrey Hendley said: “Our Global Travel Trends Report sheds light on what is driving global travel bookings and provides inspiration for where to go next. Our American Express Travel Consultants can help, no matter what type of trip you want to take.”

Top insights from the report shows that live sporting events, driven by the desire to witness favourite teams and players firsthand, influence travellers’ destination choices and activities, with 67 per cent of Millennial and Gen Z respondents are interested in travelling for sporting events in 2024, compared to 58 per cent of all respondents surveyed.

For the 58 per cent of respondents who are travelling for sports this year will do so for soccer, basketball or Formula 1 racing, while New York, Miami and Paris are the top destinations they are planning to travel to for sporting events this summer.

The report also identified that transformative, once-in-a-lifetime trips, such as visiting the Galapagos Islands and hiking in Antarctica, ranked top of many travellers’ wish lists, and younger travellers seeking expert assistance in planning, with 65 per cent of respondents are more interested in taking a major trip in 2024 than in previous years.

The ease of planning and ability to make the perfect, personalised itinerary is also one of the key trends in driving people to plan trips alone, especially younger travellers, with 74 per cent of male respondents and 63 per cent of female respondents say they are planning on taking a solo trip this year.

For Gen Z and Millennials surveyed, 76 per cent say they are planning on taking a solo trip in 2024, while 66 percent of respondents who intend to go alone are planning a trip tailored to treat themselves.

Furthermore, travellers are leaning into flexible itineraries, allowing them the freedom to be spontaneous and experience the local culture when they travel, with 78 per cent of respondents say that spontaneous trips appeal to them, while 77 per cent of Millennials and Gen Z have booked a last-minute trip before, compared to 65 per cent of Gen X and 52 per cent of Baby Boomers.

-- BERNAMA

EPIC CORPORATION SETS FOR GLOBAL APP LAUNCH DRIVEN BY STRONG ANNUAL REVENUE

KUALA LUMPUR, March 13 (Bernama) -- Epic Corporation operating Epic One, a South Korean luxury secondhand trading platform has achieved an annual revenue of US$17 million (19 billion Korean won) last year and successfully raised US$3 million (3.5 billion Korean won) in funding. (US$1=RM4.68)

Epic Corporation Chief Executive Officer, Sarah Kim in a statement said the company is gearing up to leap into becoming the number one luxury lifestyle platform in Asia.

It is preparing to launch its app in new markets with significant growth potential and high spending on luxury goods, including Singapore, Hong Kong, and the Middle East.

The app allows users to easily sell their products by simply uploading five photos and receiving an immediate price quote in addition to facilitating secondhand transactions by connecting sellers with buyers through consignment.

Utilising an artificial intelligence-based pricing system, the platform ensures swift transactions with significantly higher closure rates compared to other secondhand trading sites.

With its innovative strategies, Epic Corporation has experienced rapid growth within just a year and a half since its founding, positioning itself as a game-changer in the Asian luxury secondhand trading industry.

Epic Corporation specialises in the secondhand trading of high-end furniture, luxury watches, and bags, providing a secure logistics system with genuine product verification and insurance.

-- BERNAMA