JPMorgan Chase Acquiring A Leading Travel And Loyalty Business

JPMorgan Chase to transform its end-to-end travel capabilities by acquiring cxLoyalty’s modern and scalable technology platform

NEW YORK, Dec 29 (Bernama-BUSINESS WIRE) -- JPMorgan Chase & Co. (NYSE: JPM) and cxLoyalty Group Holdings today announced they have signed an agreement for JPMorgan Chase to acquire the Global Loyalty business of cxLoyalty Group Holdings. The deal includes cxLoyalty’s leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses.

“This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base. People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel,” said Marianne Lake, Chief Executive Officer of Consumer Lending at JPMorgan Chase.

cxLoyalty is a leading loyalty and technology solutions company with over 40 years of experience. Their expertise in designing, administering and fulfilling loyalty programs complements JPMorgan Chase’s reputation of providing customers with elevated and differentiated value. The deal is expected to accelerate the strong foundation built in loyalty, including for Chase’s Ultimate Rewards platform and cxLoyalty’s existing clients, to enable a more holistic, end-to-end customer travel journey for all customers. The cxLoyalty brand and existing client relationships will continue to be led by cxLoyalty Group CEO Todd Siegel.

“JPMorgan Chase is the right partner to further invest in our leading loyalty business,” said Todd Siegel, Chief Executive Officer of cxLoyalty. "This partnership allows us to strengthen and expand our technology solutions, rewards content and world class personalized customer experience for our Fortune 500 clients and their millions of customers, globally.”

Ms. Lake adds, “We welcome Todd and cxLoyalty to JPMorgan Chase, and look forward to creating more value for our shared customers and clients.”

JPMorgan Chase credit card customers will continue using Ultimate Rewards as usual and over time, will have access to enhanced travel experiences.

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Fuqing celebrates 30 years of achievement

KUALA LUMPUR, Dec. 29 -- Fuqing, previously a county, was approved as a county-level city of Fuzhou by the State Council on Dec 26, 1990.

Fuqing has since entered a new historical era, embarking on a glorious development journey. It now ranks 15th among the top 100 counties in the country and the 2nd in the province of Fujian, and has developed into a strong industrial city from a large agricultural county, with the regional GDP having increased by about 95 times over the past three decades.

Continuing a strong momentum of development this year, the city is ranked first in the city of Fuzhou in the evaluations of ‘project-driven, leapfrogging development’ and investment attraction.

According to a statement, 30 years ago, there were no expressways or railways, and the city had one of the least dense road networks in the city. 

Today, the port of Jiangyin connects the city with the world. Expressways and railways provide fast access in and out of the city, and the density of the road network is the highest in the city of Fuzhou.

The city also invests heavily in education, old-age care service, and cultural facilities, including a stadium, a cultural and art centre, and a museum, bringing greater benefits to local people.

What Fuqing has achieved is just the beginning of an even more prosperous future, and will continue to forge ahead with new achievements.

-- BERNAMA

Carrier’s OptiClean among TIME’s 100 Best Inventions of 2020

KUALA LUMPUR, Dec. 29 -- Carrier’s OptiClean™ Dual-Mode Air Scrubber & Negative Air Machine has been named as one of TIME’s 100 Best Inventions of 2020.

Carrier is a part of Carrier Global Corporation, a leading global provider of healthy, safe and sustainable building and cold chain solutions.

According to a statement, the OptiClean was developed through rapid innovation early this year to help support infectious isolation rooms in hospitals.

TIME featured OptiClean in the Medical Care category of its prestigious annual list that recognises 100 ground-breaking inventions that are making the world better and smarter.

“We are honoured the OptiClean is being recognised by TIME for a product we developed and brought to market in record time while maintaining strict standards to ensure the highest quality,” said Carrier Senior Vice President, Engineering, Chris Kmetz.

At the onset of the pandemic, Carrier invented the OptiClean as a negative air machine for hospitals treating COVID-19 patients to help hospitals protect caregivers, workers and patients.

OptiClean can improve the indoor air quality including classrooms, restaurants, dental offices and commercial buildings, by pulling in air, scrubbing it using a HEPA filter, and then exhausting cleaner air back into the room, reducing contaminants in the air and offering further protection.

OptiClean is one of the solutions offered through Carrier's Healthy Buildings Program, an expanded suite of advanced solutions to help deliver healthier, safer, more efficient and productive indoor environments, and is expected to be available in Singapore market in early January. 

-- BERNAMA

AMBANK ISLAMIC’S “ANYONE COULD BE A MILLIONAIRE” CAMPAIGN GRAND PRIZE WINNER TAKES HOME RM1 MILLION CASH

KUALA LUMPUR, Dec 23 (Bernama) -- Ms. Wong Mee Mee from Selangor won the RM1 million cash, Grand Prize of AmBank Islamic’s “Anyone Could Be A Millionaire” campaign which concluded recently. Meanwhile, Mr. Ho Tien Sion and Ms. Yap Shu Fang, both hail from Johor, emerged as the second prize winners, taking home RM100,000 cash each.

 The campaign that ran from 1 September 2019 until 31 August 2020 was aimed at promoting AmBank Islamic’s AmWafeeq Savings Account-i by offering depositors a chance to win up to RM2.5 million worth of total prizes throughout the campaign period.
 
“AmBank Group is consistently creating new avenues to demonstrate our appreciation to our valued customers. My heartiest congratulations to all the winners, and we wish to extend our deepest gratitude to all our customers for their continuous support and trust in banking with us,” said Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group.
 
“By depositing into the AmWafeeq Savings Account-i during the “Anyone Could Be A Millionaire” campaign, our customers were able to win various prizes including the Grand Prize of RM1 million cash. We will continue to run special draw campaigns in the future to promote the culture to save for the benefit of our customers, because placing more deposits over a longer tenor during our campaign period would enhance the opportunities to win attractive prizes.” added Eqhwan Mokhzanee, Chief Executive Officer, AmBank Islamic.
 
Throughout the campaign period, AmBank Islamic has given away 3 rounds of quarterly prizes worth RM50,000 each and 330 monthly prizes of RM1,000 each. Every AmBank branch also gave away 2 sets of 50-inch LED television, delighting 330 customers in the 2 rounds of special draws.
 

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Zynga, Black Eyed Peas collaborate in holiday-season social campaign

KUALA LUMPUR, Dec. 28 -- Zynga Inc, a global leader in interactive entertainment, is collaborating with internationally renowned recording artist – the Black Eyed Peas – to share positivity, encouragement and hope for the holidays.

As a continuation of the award-winning gaming industry initiative, #PlayApartTogether, the Black Eyed Peas have recorded words of encouragement and hope for a healthy, safe holiday season.

“We’re so thankful that the Black Eyed Peas, whose impact on culture and music is immeasurable, are bringing their words of strength and inspiration to the movement so we can head to a new year on a high note. Stay strong, stay safe and stay upbeat, and remember that we’re all in this fight together,” said Zynga’s President of Publishing, Bernard Kim.

Founding member of the Grammy award-winning group, Taboo, has created personal videos that will be shared through the #PlayApartTogether network of over 80 video game companies worldwide, bringing light, warmth and signature Black Eyed Peas style to this unprecedented holiday season.

According to  a statement, #PlayApartTogether is a global games industry initiative that encourages physical distancing and other powerful preventive measures in the fight against COVID-19 to the massive global audience of gamers.

Spearheaded by Zynga and growing to more than 60 participating companies, #PlayApartTogether has provided vital information, entertainment, and physically distanced connection to players globally.

More details at www.zynga.com.

-- BERNAMA

Branch unveils first-annual Mobile Growth Awards finalists

KUALA LUMPUR, Dec. 24 -- Branch, the leading cross-platform solution for linking and measurement, has announced the finalists for its first-annual Mobile Growth Awards.

The programme includes multiple award categories, namely Best Mobile Viral Campaign, Best Overall Growth Campaign, Best Phygital Experience, Best Digital Transformation, Best COVID Adaptation Campaign, Best COVID Retention Campaign, Best Onboarding Activation Campaign, and Best Mobile Innovation.

For Best Mobile Viral Campaign, among the finalists are Saurabh Gupta (Wynk Music Limited), Sam Levy (Hinge), and Shivgangi Gupta (Limeroad.com). Best Overall Growth Campaign finalists include John Ostrowski (Brainly) and Abhishek Khandelwal (Licious).

Best Phygital Experience finalists include Nicolai Schnack (Joe & The Juice), Sarha Arcand (Cadillac Fairview), and Siddarth Barman (Affle for PROTON), while among Best Digital Transformation finalists are Aik-Phong Ng (Fave) and Tyler Munson (Goldman Sachs).

Also named in Best COVID Adaptation Campaign are Brianna Severson (TodayTix) and Matt Hudson (Belk), while Best COVID Retention Campaign has named Mohit Poddar (Myntra Designs) and Rajesh Pantina (InMobi for Unilever Wall’s), among finalists.

Furthermore, Jeff Zakrzewski (Ritual) and Birk Jernstrom (Shopify) are among Best Onboarding Activation Campaign finalists, while Ratnesh Neema (Lenskart) and Rupanshi Guliani (Bobble AI) are among finalists in the Best Mobile Innovation category.

The Awards will be held on Jan 29, next year, according to a statement.

More details at https://mobilegrowth.org/awards.

-- BERNAMA

Gravity Neocyon’s 'Action RO2: Spear of Odin' reaches Southeast Asia region

KUALA LUMPUR, Dec 23 -- Gravity Neocyon Inc, a subsidiary of Gravity, has announced the official launch of its new RPG 'Action RO2: Spear of Odin' recently in Indonesia, the Philippines, Malaysia, Singapore and Australia.

Action RO2: Spear of Odin, a game developed and serviced by Gravity Neocyon, is the first Action RPG using the Ragnarok IP, characterised by fascinating action scenes.

A Gravity Neocyon insider said: “As many users expressed their expectations, we will provide them with high quality fun expected of games using the Ragnarok IP.

“Along with magnificent action scenes; this game offers a raid system that enables users to enjoy playing the game with their friends.”

According to a statement, this game has become a centre of attention with over 230,000 pre-registration since Dec 8, from the Indonesian, Philippine, Malaysian, Singaporean and Australian markets.

To celebrate the launch, Gravity Neocyon holds a number of in-game and community events including a special log-in event, which is to present the users with rewards for playing the game on a daily basis, as well as the ‘Hot Time’ event and the ‘Push’ event offering benefits relating to the game cards.

In addition, a Christmas event will be held from Dec 23 to Dec 28 and gifts will be presented randomly to the players.

-- BERNAMA

2020 China (Hainan) International Winter Trade Fair for Tropical Agricultural Products scores winner

KUALA LUMPUR, Dec 22 -- The 2020 China (Hainan) International Winter Trade Fair for Tropical Agricultural Products is currently running in Haikou, Hainan for five days, beginning Dec 18.

The event is co-sponsored by the Ministry of Agriculture and Rural Affairs of P.R.C., China Council for the Promotion of International Trade, All China Federation of Supply and Marketing Cooperatives, and the People's Government of Hainan Province.

It is co-organised by Hainan Provincial Department of Agriculture and Rural Affairs and Haikou Municipal People's Government, according to a statement.

As the only exhibition of tropical agricultural products in China, the Trade Fair comprises 10 exhibition halls (areas) including the ‘Belt and Road’, National Famous and Excellent Agricultural Products, Well-off Life, and Hainan-Taiwan trade.

The Trade Fair, through market-oriented investment promotion and operation, has attracted more than 100 foreign companies from over 20 countries and regions, as well as nearly 2,000 companies and over 5,000 exhibitors from 21 provinces in China.

It scored fruitful results in the three days. As of Dec 20,  the total amount of on-site orders had gone up to about 61.6 billion yuan, including contract orders exceeding 5.8 billion yuan and intended orders topping 55.8 billion yuan. (100 yuan = RM61.89)

The Trade Fair ending Dec 22, launches a range of forum discussions, investment promotion and project signing activities.

Increasing exhibitors believe that taking the opportunity of building Hainan Free Trade Port, the event will open a new channel for foreign cooperation.

-- BERNAMA

[INVNT GROUP] global business development team to tailor client campaign solutions

KUALA LUMPUR, Dec 22 -- [INVNT GROUP], THE GLOBAL BRANDSTORY PROJECT™ has formed a global business development team headed up by Scott Kerr, the former Managing Director of Business Development for INVNT, who has been promoted to Chief Sales Officer.

According to a statement, the newly formed team is dedicated to developing tailored campaign solutions for clients that incorporate one or more of the brands within the GROUP’s portfolio.

This includes modern brand strategy firm, Folk Hero; creative-led culture consultancy, Meaning; branded content studio and content marketing agency, HEVĒ; and INVNT, the global live brand storytelling agency™. 

Strategically based in five countries on four continents, the employees work collaboratively to devise overarching global campaigns that are localised in-region and in-country, ensuring maximum relevance and cut through among brands’ target audiences globally.

As Chief Sales Officer, Kerr leads and mentors the multi-disciplinary international team, ensuring they are equipped with the knowledge and tools they require to deliver on the [INVNT GROUP] proposition.

"The GROUP has been so well received since its launch in June, we’ve experienced immense growth despite these uncertain times, securing new clients, and growing existing accounts through our expanded service offering,” said  [INVNT GROUP] President & Chief Executive Officer, Scott Cullather.

Meanwhile, Kerr said: “Our team will continue to work with colleagues across all departments, business units and global regions to ensure our partners reach their creative and communication goals.”

More details at www.invntgroup.com/

-- BERNAMA

Aptorum Group submits ALS-4 Clinical Trial Application for infection treatment

KUALA LUMPUR, Dec 22 -- Biopharmaceutical company, Aptorum Group Limited (Aptorum Group or Aptorum) has announced the company, through its wholly owned subsidiary Aptorum International Limited, submitted a Clinical Trial Application (CTA) with the Public Health Agency of Canada (Health Canada) to conduct a Phase 1 clinical trial of ALS-4.

According to a statement, ALS-4 is an orally administered small molecule drug for the treatment of infections caused by Staphylococcus aureus including Methicillin-resistant Staphylococcus aureus (MRSA).

Pending Health Canada’s approval, the Phase 1 trial is designed to test the safety, tolerability and pharmacokinetics of ALS-4 in healthy volunteers.

Aptorum Group Chief Medical Officer and Executive Director, Dr Clark Cheng said: “Further to our previous update in September 2020, we are pleased to announce this CTA submission which represents a major development milestone for our ALS-4 antimicrobial programme.

“As shown in our internal preclinical data and subject to further clinical trials, ALS-4 can be potentially used on a standalone basis or in combination with existing antibiotics (for example, vancomycin) with the aim to reduce mortality and morbidity of the infected patients especially in severe cases.”

The Phase 1 clinical trial is planned to be conducted in Canada and targeted to recruit up to 48 and 32 healthy volunteers for the single-ascending dose (SAD) and multiple- ascending dose (MAD) cohorts, respectively.

The primary objective of the trial is to evaluate the safety and tolerability of SAD and MAD of ALS-4 administered orally to healthy subjects. The secondary objective is to assess the pharmacokinetic profile of SAD and MAD of ALS-4 administered orally to healthy subjects.

For details, visit www.aptorumgroup.com.

-- BERNAMA

EVOLUTIONARY TAKAFUL PLAN BY GREAT EASTERN TAKAFUL IN SUPPORT OF RACE FOR COVER

KUALA LUMPUR, Dec 18 (Bernama) --  As part of Great Eastern Takaful Berhad’s (GETB) commitment in the Race for Cover Towards Takaful 2020 (RfCTT 2020) by the Malaysian Takaful Association (MTA), the company is proudly presenting the i-Great Evo; an evolutionary protection plan for one’s evolving needs.

Take up rate for takaful plans among married individuals stand at 71% while for singles, it is significantly lower at 25%, our data reveals. The data also shows that the median marriage age is 26-28 years old, which testifies that most people prefer to wait until they are a little long in the tooth to participate in a Takaful -plan. Subscribing to a takaful plan at a later stage in life will result in higher contribution due to higher risks factors brought on by medical conditions, In this scenario, a takaful participant will opt for lower coverage due to affordability issues, and this will translate into having lower protection.

With these in mind, i-Great Evo was curated to allow customers the opportunity to address both the protection gap and coverage needs based on their individual requirements at different stages of life – a plan that grows with you. This is in line with the RfCTT 2020’s objectives, which are to reduce the protection gap as well as to increase takaful penetration rate by 25% of the population by year 2020.

Great Eastern Takaful Berhad Chief Executive Officer Shahrul Azlan Shahriman said: “Your protection needs are likely to change throughout your life cycle. First job, marriage, parenthood, kids’ education needs, retirement, this is why it is important to build a strong financial safety net from the onset We launched i-Great Evo with this evolution in mind, a plan that grows with every stage of your life.

He added, “i-Great Evo offers the flexibility in customising your plan with its unique riders to complement your coverage to suit your needs as you grow. It is also flexible enough to allow you to customise your protection plan by adding or reducing the coverage according to your affordability at any given time. The plan is divided into three phases; Phase 1 for when you’re single with no dependents and have less financial commitments, Phase 2 for when you have a dependent (spouse) and needs arise for basic medical and critical illness protection and Phase 3 for when you need comprehensive protection for your children. The plan is flexible and can be upgraded at any time. For children, 11-child critical illness coverage is provided on top of the 45 critical illness coverage. It’s all you need for you and your family in just one plan.

i-Great Evo is a regular contribution Term Family Takaful plan that pays the Basic Sum Covered upon Death and Total & Permanent Disability of the Person Covered as well as Compassionate Benefit of RM2,000 upon death of the Person Covered. It matures at age 25 or 80 years for child and adult Person Covered respectively. The i-Great Evo offers basic Term Takaful plan with 8 attachable riders that cover medical and hospitalisation, critical illness, accidental as well as waiver of contribution.

Benefits of i-Great Evo

We all know that medical and critical illness protection means higher contribution. That’s why building a strong financial foundation in your 20s and getting the right protection early is very important to ensure you are protected with an amount you can afford when you have just started your life. Participate in i-Great Evo by the time you reach the age 25 and get protected until age 80 years with Basic Sum Covered of RM100,000 as well as medical and hospitalisation of RM150 Room&Board. Protect yourself against accidental death by attaching i-Comprehensive Accident Benefits Xtra Term Rider into the plan and your next-of-kin would also receive the Compassionate Benefit of RM2,000 upon your passing. All these for only about RM200 a month, a decent amount you should put aside when you first started your career. Remember, the younger you participate in a Takaful protection plan, the cheaper the contribution would be.

As you grow older, you would embark on a new phase of life, so as your priorities would also change as you take up bigger responsibilities. For Phase 2 of i-Great Evo, you could participate in the plan for your spouse and increase your Basic Sum Covered to RM200,000 as you are now the head of the family who has a dependent (spouse) whom is depending on you should anything untoward happens to you. As your career progresses and your financial status becomes more stable, you would be able to increase your Room&Board to RM200 for yourself and RM150 Room&Board for your spouse. This is the best time for you to attach i-Lifetime Critical Illness Benefit Term Rider into the plan to protect yourself against 45 critical illnesses with Sum Covered of RM100,000.

The i-Great Evo continues to be with you going through your next phase in life, when you extend your family members. You may participate in i-Great Evo for your children, complete with medical protection of RM150 Room&Board and Basic Sum Covered of RM50,000. One unique feature of i-Great Evo is that you can protect your children against 11 child critical illness on top of the existing 45 critical illness coverage, making it one comprehensive Takaful protection plan for the whole family.

The i-Great Evo also ensures your spiritual obligation is fulfilled by an able body or organisation upon your passing with its Badal Hajj service. All you need to is to fill up the Hajj by Proxy Service Form. Another additional services offered by the plan are Waqf and Hibah services. With Waqf service, an amount as previously agreed by you from the Death Benefit, if applicable, will be channelled to a waqf body appointed by us upon your passing, whilst hibah service allows you to provide for your beneficiaries and/or your chosen charitable organisation. Just fill up the Waqf Services Form and Nomination or Assignment Form respectively when you sign up the i-Great Evo plan.

In conclusion, the i-Great Evo truly is An Evolutionary Takaful Protection for Your Evolving Needs as the tagline suggests. It is one of the most flexible, comprehensive plans that allows you to customise your protection plan to your liking by adding or reducing the coverage according to your affordability at certain point of time.

For more information about i-Great Evo, please visit www.greateasterntakaful.com or www.facebook.com/greateasterntakaful.

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Partners Life Credit Ratings placed under review with developing implications - AM Best

KUALA LUMPUR, Dec 21 -- AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Partners Life Limited (Partners Life) New Zealand.

These Credit Rating (rating) actions follow the announcement on Dec 16, this year, that Partners Life has entered into an agreement with National Australia Bank Limited to acquire its New Zealand life insurance business, including BNZ Life Insurance Limited.

According to a statement, the transaction also includes establishment of an exclusive 10-year agreement for the referral of Bank of New Zealand customers with life insurance needs to Partners Life.

The transaction, which is subject to customary closing conditions, including regulatory and other approvals, is expected to be completed in the second half of 2021.

The under review with developing implications status reflects the need for AM Best to fully assess the financial and operational impacts of the acquisition and funding structure on Partners Life’s rating fundamentals, including on its balance sheet strength and business profile.

The ratings will remain under review pending completion of the transaction, and until AM Best can complete its assessment of the post-acquisition credit rating fundamentals of Partners Life.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

More details at www.ambest.com. 

-- BERNAMA

Zeek secures US$10 million funding for further Southeast Asia market expansion

KUALA LUMPUR, Dec 21 -- Southeast Asia-focused logistics technology startup, Zeek recently secured approximately US$10 million in Series Pre-A financing from regional strategic investors and investment funds. (US$1 = RM4.043)

The company will use the new funding for further expansion in Southeast Asia markets, enhancement and refinement of logistics management technology and data analytics applications, according to a statement.

The latest round of financing takes Zeek’s total funding raised to around US$15 million up to date from investors including SF Holding; Chinachem Group; Philippines KHO Group family; and Dr Lee Ka Kit, Chairman and Managing Director of Henderson Land in private investment.

“This round of financing will help our extension of intelligent logistics applications to more industries and fuel our expansion in Southeast Asia where Internet penetration and young consumers are massive and exponential growth of online consumption is underway,” said Zeek Co-Founder & Chief Executive Officer, KK Chiu.

Established by Kin Shun Information Technology Limited in 2017, Zeek has been focusing on the provision of data-driven intelligent logistics technology to Southeast Asian merchants with solutions spanning across online order management, delivery capacities management, big data analytics and O2O operations enhancement for an array of industries.

Zeek’s leveraged intelligent logistics technology was trusted by global merchants and Southeast Asian brands which have established strategic partnerships with Zeek in the application of intelligent logistics to digital transformation.

The company’s revenue has exceeded US$28 million this year, and is estimated to grow by at least 100 per cent next year. Zeek is confident to become one of the leading intra-city intelligent logistics players in F&B and lifestyle sectors in Southeast Asia.

More details at https://www.zeek.one.

-- BERNAMA

CLOUDFLARE ANNOUNCES CLOUDFLARE PAGES, BRINGS NEXT GENERATION WEBSITE DEVELOPMENT PLATFORM TO BUSINESSES AND DEVELOPERS

New platform delivers the fastest and most scalable websites distributed on the edge

SAN FRANCISCO, Dec 18 (Bernama-BUSINESS WIRE) -- Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced the release of Cloudflare Pages, the next-generation website development platform with exceptional performance, security, scalability, and pricing. Cloudflare Pages is JAMstack-compatible and offers exceptional security, scalability, pricing, and performance—up to twice as fast as other platforms. Cloudflare Pages provides developers a simpler, faster, and more collaborative way to build websites for free.

“From day one Cloudflare was built to service developers. Over the last ten years, millions of developers have counted on us for our network performance and security services. With Cloudflare Pages, we're now providing them with a scalable, fast, secure, cost-effective platform to build next-generation applications that they can deploy globally,” said Matthew Prince, co-founder & CEO of Cloudflare. “Internally, we believe it's only a matter of time before an individual developer builds a billion-dollar company on their own. We hope Cloudflare Pages will provide the building blocks to help make our belief a reality.”


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Global New Account Fraud Decreased 23% In 2020, According To Jumio's Holiday Fraud Report

 Report also found that the catch rate for selfie fraud was five times greater than for ID fraud, highlighting the growing importance of capturing a selfie during onboarding to deter new account fraud

PALO ALTO, Calif., Dec 16 (Bernama-BUSINESS WIRE) -- New data from Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, reveals that new account fraud based on ID verification declined 23.2% worldwide YOY in 2020, compared to 2019 results. At the same time, selfie-based fraud rates were five times higher than ID-based fraud. This illustrates the growing number of stolen ID documents available on the dark web for purchase and, more importantly, the growing need to determine if an ID is authentic and belongs to the user.

The fourth edition of Jumio’s Holiday New Account Fraud Report examines fraudulent attempts to open a new account using a manipulated government-issued ID and a corroborating selfie. Selfie-based fraud describes fraudulent attempts to use a picture or video (e.g., deepfake) instead of a genuine selfie to corroborate a digital identity. In fact, selfie fraud rates were significantly higher than fraud based on just a government-issued ID. The fraud associated with the selfie averaged 7.15% globally in 2020, compared to 1.41% for ID-only verifications.

The report is based on the analysis of tens of millions of transactions from a variety of industries and geographies around the globe. It targets the period of January through October each year and the month of November to cover the holiday shopping period.

“This year’s Holiday Fraud Report unearths a number of interesting global fraud trends that enterprises adopting biometric-based identity verification should carefully consider as they architect the new account journey,” said Philipp Pointner, Jumio’s chief product officer. “It highlights the critical importance of requiring a selfie to corroborate the remote user’s digital identity. By including both ID verification and identity verification with live selfies and liveness detection during the account onboarding process, organizations can more effectively deter fraudsters and better protect their ecosystems.”

Key findings include:

• Despite widely reported increases in fraud, Jumio customers saw fraud rates actually drop in 2020.

• By virtue of requiring an ID and a selfie as part of the identity proofing process, Jumio has seen 80% less fraud compared to customers who only required a government-issued ID. Moreover, this finding demonstrates the chilling effect that the selfie requirement has on would-be fraudsters who abandon the process before taking the selfie.

• New account fraud using a driver’s license is significantly lower than other document types (e.g., passports and ID cards).

• When identity verification is embedded within an SDK, the fraud rates are significantly lower than other channels (e.g., API and web). Higher fraud rates are associated with channels where users have the ability to upload their own ID images and can manipulate a legitimate ID or use an image of an ID found on the dark web or from a Google Image search.

• In developed countries, the fraud rate tends to be 1% or less. While globally the fraud rates stayed fairly flat throughout 2020, the UK experienced a sharp increase in November, whereas the Philippines and India saw a dramatic reduction during that same month.

• Financial services, crypto and gaming all had healthy drops in fraud rates, even though these industries tend to have higher fraud overall because the financial reward tends to be greater.

These findings are especially timely as more and more organizations are migrating from legacy methods of identity verification, which are not equipped to detect sophisticated methods of new account fraud. According to Gartner’s 2020 Market Guide for Identity Proofing and Affirmation, 80% of organizations will be using document-centric identity proofing as part of their onboarding workflows by 2022 — an increase from approximately 30% today.

Download the Jumio 2020 Holiday New Account Fraud Report here for additional learnings and insights.

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Anantara Vacation Club and Wanda Hotels & Resorts Expand Cooperation, Providing Club Points Owners With More Vacation Options In China

 Anantara Vacation Club has announced that it will expand its cooperation with Wanda Hotels & Resorts to provide Club Points Owners with more domestic hotel choices in mainland China.

Bangkok, TH, Dec 16 (Bernama-GLOBE NEWSWIRE) -- Anantara Vacation Club, Southeast Asia’s premier points-based vacation ownership programme, has announced that it will expand its cooperation with Wanda Hotels & Resorts, one of China’s largest luxury hotel management companies, to provide Club Points Owners with more domestic hotel choices in mainland China.

In 2020, the COVID-19 pandemic swept across the world. Anantara Vacation Club, which has a large presence in Southeast Asia, worked quickly to adjust strategy, by actively expanding with partners in China. ‘The China Collection’ was established for China-based Points Owners, with the first batch of hotels including a portfolio of over 15 partner hotels in mainland China. This new domestic collection enables Anantara Vacation Club Points Owners to enjoy a wealth of travel options throughout the country while international travel restrictions remain in place. Recently, Anantara Vacation Club announced that it will continue to expand its cooperation with Chinese partner, Wanda Hotels & Resorts. The joint-partnership with Wanda Hotels & Resorts will continue until the end of 2021, with 22 new properties being introduced in popular tourist destinations such as Chongqing, Guilin, Nanjing, Wuhan, Zhengzhou and Taiyuan.

"2020 has been a very challenging year for the hospitality and tourism industries. Despite the lingering effects of the pandemic, Anantara Vacation Club has not slowed its development pace. Currently, we are monitoring the consumer environment and using innovation to quickly meet the needs of our Club Points Owners around the globe." said Maurizio Bisicky, Chief Operating Officer of Anantara Vacation Club. "Our cooperation with Wanda Hotels & Resorts has proven to be a successful example. Since the launch of ‘The China Collection’, our Club Points Owners have booked more than 1,300 room nights with Wanda Hotels & Resorts. The reception we have received has been very positive.”

The newly added properties are now open for bookings, and will be available for stays from 1 January 2021 until 31 December 2021.

As Anantara Vacation Club continues to meet the needs of Club Points Owners in China and around the globe, new Preview Operations are being established to provide China-based guests with a more comprehensive understanding of Anantara Vacation Club, and the benefits afforded by Club Points Ownership. In partnership with Wanda Hotels & Resorts, a new Preview Centre has already opened to the general public in Kunming, with additional Preview Centres in Chongqing and Nanjing scheduled to open early next year.

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China's Nansha District magnet for talents

KUALA LUMPUR, Dec 16 -- The high-quality development of China's Guangdong-Hong Kong-Macao Greater Bay Area is becoming an irresistible lure for the world's top talents to come.

As the geographic and geometric centre of the Area, Nansha District, located in Guangzhou, has become a gathering place for talents, innovation and technology, providing a growth pole and power source for global cooperation. 

The 2020 Nansha International Talents Conference recently kicked off, with 69 people identified as high-end leading talents of Nansha District.

According to a statement, 13 talent teams including from China, the United States, Canada, and the United Kingdom participated in the Nansha roadshow, whereby projects covering artificial intelligence, biomedicine, new materials, and other fields were introduced.

At the same time, Nansha officially released the ‘20 Measures for Gathering International Talents in Guangzhou Nansha New Area (Free Trade Zone)’, focusing on the links of attracting, training, retaining, and utilising international talents.

It provides all-round and whole-chain support and guarantee through innovation and entrepreneurship support, resettlement subsidy and housing security.

During the event, 6,500 job postings were also released globally, including key enterprises and institutes such as The Hong Kong University of Science and Technology (Guangzhou) and the Chinese Academy of Sciences. 

In recent years, Nansha has made continuous progress in promoting institutional innovation, scientific and technological innovation, industrial development and urban development, and the regional GDP has maintained double-digit growth for years.

-- BERNAMA

Lithium Werks Achieves IATF 16949 And Renews ISO 9001

AUSTIN, Texas and ENSCHEDE, The Netherlands, Dec 15 (Bernama-GLOBE NEWSWIRE) -- Lithium Werks is pleased to announce that it has renewed its long-standing ISO 9001 certification, now valid through late 2023, and upgraded the prior TS 16949:2009 Automotive Quality Certification to the new IATF 16949:2016 certification, registered with BSI (British Standards Institute), for the Changzhou Electrode Coating and Cell Assembly plants.

The International Automotive Task Force IATF 16949:2016 is the preferred Automotive Quality Management System and replaces ISO/TS 16949:2009 by integrating the many international Automotive Quality Management Systems like: VDA (Germany), AIAG and QS-9000 (North America), AVSQ (Italy), FIEV (France), and SMMT (UK).

Marcus Higginbotham, Global Quality Director for Lithium Werks, said, “IATF 16949:2016 is the most stringent quality standard in the automotive industry, and obtaining this certification shows the dedication and maturity of the personnel and the management’s commitment to quality.”

This IATF 16949 standard was implemented per customer requirements and was integrated into the Lithium Werks operating philosophies and the existing QMS.

Don Lenz, VP of Global Sales for Lithium Werks, said, “These certifications will give our customers confidence that these cells can be designed and used not only for transportation applications where Power, Safety, Life™ are important, but in all verticals that demand the lowest total cost of ownership.”

Lithium Werks congratulates its Changzhou team on this milestone accomplishment.

Learn more about Lithium Werks at www.LithiumWerks.com

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'KESAN COVID-19 DAN JAMINAN BEKALAN MAKANAN NEGARA - ISU, CADANGAN DAN SOLUSI' BOOK: AGROBANK GIFT TO THE AGRO COMMUNITY IN FIGHT OF COVID-19

KUALA LUMPUR, Dec 14 (Bernama) -- Driven by its mission to ensure the stability of agriculture sector especially in agrofood industry, Agrobank had on 12 December 2020 launched a special publication entitled ‘Kesan COVID-19 dan Jaminan Bekalan Makanan Negara – Isu, Cadangan dan Solusi’.

The publication is a compilation of articles by key industry players in the agriculture sector which analysing the issues, challenges and solutions related to food security due to COVID-19.
 
Report on the Global Food Crisis 2020 (GRFC) stated that COVID-19 can result in further deterioration of food security to acute or critical levels in the current population of the world.
 
According to Dato’ Mustapha Buang, Chairman of Agrobank, “The publication of this book is timely and it is part of Agrobank’s initiative in assisting the agriculture community whilst ensuring the sustainability and stability of the nation’s food supply in facing the threat of any crisis.”
 
As a Development Financial Institution (DFI) with mandate to support the growth of agriculture sector in Malaysia, Agrobank remains committed to providing various financing programmes and initiatives to its customers. This publication for instance can be obtained for free and in line with its vision which is Advancing Agriculture Beyond Banking.
 
In providing access to financing for agropreneurs, Agrobank is actively carried out various financing programmes for entrepreneurs who are affected by the pandemic by providing ‘Agromakanan Fund’ under PENJANA. From January to October 2020, Agrobank has approved more than 4,600 micro financing applications with a total financing of RM202,714,320.03.
 
Agrobank also offers support and flexibility to its customers who are affected by COVID-19 and may be entering a phase of financial uncertainty especially to businesses in agrofood industry by offering a restructuring and rescheduling (R&R) programmes. To date, Agrobank has approved over 9,000 R&R applications to micro, corporate, commercial and consumer customers affected by the COVID-19 pandemic to ease their cash flow.

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AM BEST AFFIRMS CREDIT RATINGS OF PEAK REINSURANCE COMPANY LIMITED AND ITS SUBSIDIARY

HONG KONG, Dec 16 (Bernama-BUSINESS WIRE) -- AM Best affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its subsidiary, Peak Reinsurance AG (Switzerland). The outlook of these Credit Ratings (ratings) is stable.

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

Peak Re’s balance sheet strength is underpinned by its robust level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s capital and surplus reported a compounded average growth rate of 9.7% during the five-year period from 2015 to 2019, mainly attributable to capital injections from its shareholders and the full retention of earnings. The company also has demonstrated favourable financial flexibility. In October 2020, the company completed an issuance of perpetual subordinated guaranteed capital securities of USD 250 million. In addition, Peak Re in December 2018 launched Asia’s first sidecar, Lion Rock Re Ltd. (Lion Rock Re), to provide collateralized retrocession and enhanced underwriting capacity for the company. Peak Re has also renewed and upsized Lion Rock Re in 2019. Other supportive factors of the balance sheet strength include Peak Re’s prudent investment risk profile, the company’s financial agility in formulating a comprehensive retrocession program and its strong liquidity.

Peak Re has reported favourable operating results over the past five years, although the underwriting margin remains thin, partially due to intense market competition and losses arising from multiple catastrophes during the period. The company has a track record of strong operating efficiency, as reflected in its stable and lower-than-average management expense ratio. Investment returns from interest and dividend income also have contributed to the overall operating earnings.

The company underwrites a diversified non-life portfolio by product line and geography, with a focus on the Asia-Pacific region. With its life reinsurance business, the company focuses on broadening its revenue, in particular, medical reimbursement products, through active client engagement, product innovation and new channel strategies. The acquisition of Peak Capital Holdings Ltd. (formerly Lutece Holdings Ltd.) and its subsidiary Peak Capital Ltd. (formerly Lutece Investment Management Ltd.) also contributes to strengthen Peak Re’s franchise in the investment-linked securities (ILS) market.

Partially offsetting rating factors include the exposure to severe catastrophe events, upward pressure in retrocession costs and increased capital market volatility. Given the expanded balance sheet from the hybrid capital issuance, AM Best expects Peak Re will continue to uphold a prudent approach toward business expansion and maintain a robust level of risk-adjusted capitalization, while gradually refining its underwriting and investment portfolios to strengthen its operating performance over the short to intermediate term.

Positive rating actions are unlikely over the near term. Negative rating actions may occur if there is a material deterioration in the company’s risk-adjusted capitalization, or if there is a deteriorating trend in its operating results. A deterioration in the credit profile of Fosun International Holdings Ltd., Peak Re’s major shareholder, may also impose a negative impact on Peak Re’s ratings.

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Garth Lund on board Flair Airlines as Chief Commercial Officer

KUALA LUMPUR, Dec 15 -- Canada’s only independent Ultra Low-Cost Carrier (ULCC), Flair Airlines has announced the appointment of Garth Lund as Chief Commercial Officer. 

Lund will join Flair from Europe’s highest-performing airline, Wizz Air, whereby at Wizz Air, he was most recently the Head of Financial Planning and Controlling, with previous roles including Head of Pricing and Revenue Management and Head of Network Development.

The appointment continues the strengthening of the executive team which began in October with the appointment of new Chief Executive Officer, Stephen Jones, also from Wizz Air.

As Chief Commercial Officer, Lund will be responsible for all of Flair Airlines commercial functions including network planning, scheduling, pricing and revenue management, ancillary revenue, sales and distribution, mobile and web channels, marketing and branding.

“Garth’s experience at the forefront of the extremely competitive European ULCC market will ensure that we bring the best possible products and pricing to Canadian customers, which will underpin Flair Airlines’ rapid growth in this market,” said Jones in a statement.

Meanwhile, Lund said: “Canadian customers have long been denied the benefits of a real ULCC and Flair Airlines has a compelling mission to fill this gap. I look forward to being a part of helping Flair Airlines reach its full potential.”  

More details at www.flyflair.com.

-- BERNAMA

Mongolia’s Mandal Daatgal JSC Credit Ratings assigned - AM Best

KUALA LUMPUR, Dec 15 -- Global credit rating agency, AM Best has assigned a Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of ‘bb+’ to Mandal Daatgal JSC (Mandal) Mongolia.

The outlook assigned to these Credit Ratings (ratings) is stable, according to a statement.

The ratings reflect Mandal’s balance sheet strength, which AM Best categorises as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

Mandal’s strong balance sheet strength assessment is underpinned by its strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, albeit the absolute size of its capital and surplus (C&S) remains small.

Mandal was the first insurance company to be listed on the Mongolia stock exchange through an initial public offering in 2018. The company’s C&S grew by 160 per cent in 2018, supported by both the capital raised from its IPO and profit retention during the year.

The company’s capital continued to grow organically from retained earnings over the past few years and amounted to MNT 20.7 billion (US$7.9 million) as of year-end 2019. (US$1 = RM4.058)

The company’s investment portfolio mainly consists of short-term fixed-income investments including bonds and cash deposits, with a small exposure to equities.

Mandal’s strong operating performance is supported by positive operating results in recent years with a strong return on equity of above 30 per cent in 2019, while profit was largely retained with its first dividend paid during the same year. 

The company’s business has expanded rapidly in recent years. Last year, it was the second largest player out of 14 non-life insurance companies in Mongolia’s non-life insurance market, based on gross premium written.

-- BERNAMA

MDV'S COMMENTARY ON THE ANNOUNCEMENT BY PENJANA KAPITAL ON THE DANA PENJANA NASIONAL PROGRAMME

MDV’s Venture Financing programme to complement investments under Dana Penjana Programme to boost the growth of Malaysian technology start-ups 

KUALA LUMPUR, Dec 15 (Bernama) -- Malaysia Debt Ventures Berhad (MDV), a subsidiary of the Minister of Finance (Incorporated) [MOF Inc] and dedicated technology financier, applauds the recent announcement by Penjana Kapital on the selection of eight (8) Venture Capital (VC) fund managers that will invest in Malaysian start-ups as part of the Dana Penjana Nasional programme. With a combined indicative fund size of RM1.57 billion under the programme, MDV is optimistic that the fund will revitalise the local start-up sector and drive the country’s economic recovery through the growth of technology and innovative companies.

From MDV's perspective, the new investments from Penjana Kapital’s VC partners will boost the growth of new technology start-ups and MDV stands ready to assist these start-ups further via its Venture Financing programme as a complementary source of capital to ensure the maximisation of returns for their businesses.


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NEW MERCATO PREMIUM GROCERY STORE UNVEILED AT SOLARIS MONT KIARA

KUALA LUMPUR, Dec 14 (Bernama) -- Mercato Solaris Mont Kiara has opened its doors with a brand-new indulgent experience for customers. This store marks significant growth for GCH Retail Malaysia and signifies the strength as the leading player in Malaysia’s food retail industry. 

Strategically located in the heart of Mont Kiara, Mercato is set to serve customers with over 2000 new well-loved local and international products. Mercato Solaris Mont Kiara is the fourth Mercato store in Malaysia after Mercato Pavilion, Mercato Hartamas in Kuala Lumpur, and Mercato Gurney Plaza in Penang.

Director of Store Operations, Malaysia & Singapore, Mark Scates Said, “Mercato firmly believes in bringing quality, value, service and, convenience all in one location to consumers, and we are excited to extend this commitment to our consumers with the opening of Mercato Solaris Mont Kiara. Here, customers can look forward to a great new level of shopping experience and service from our team members!”

New Products and Offerings
Mercato Solaris Mont Kiara is bringing in over 2000 new products to excite and delight customers with an even wider range of unique and international selections ranging from fresh flowers to fresh herb pots. Mercato will carry an unbeatable range of new cheeses, meats, seafood, and an extended range of drinks to indulge in. In addition, Mercato will be adding a new ice-cream island, nuts and dry fruits section, and ice bunks in the fresh produce section to ensure greater freshness.

With Malaysians becoming more health-conscious with their eating habits, Mercato will be also introducing an additional 100 lines of organic vegetables, 200 lines of organic grocery variety, and a fresh juice bar for customers to enjoy.

Store Ambience
Mercato Solaris Mont Kiara is sporting a fresh new ambience with appealing decorations and wide aisles. Shoppers are promised an adventurous and exceptional range of delicatessen along the newly curated aisles, turning an ordinary shopping trip into a unique gourmet journey.

Mr. Scates continued, “We listened closely to our customers’ needs for more imported, curated products as well as a premium experience, and stepped up with the opening of Mercato Solaris Mont Kiara. Based on customer feedback we also improvements to their ease of access to our stores, such as the building a new entrance to bring even more convenience to our customers.”

“We are truly grateful to our customers for allowing us to serve the community. None of our achievements would have been possible without their unwavering support.”

To celebrate the opening of the Mercato Solaris Mont Kiara store, customers can enjoy exclusive in-store promotions at the newly opened store from now until 23 December 2020. For more fresh and exciting promotions, kindly visit Mercato Malaysia Facebook page at: www.facebook.com/MercatoMalaysia


About GCH Retail (Malaysia) Sdn Bhd

GCH Retail (Malaysia) Sdn. Bhd., (GCH Retail) a subsidiary of Dairy Farm International, is the operator of Giant hypermarkets and supermarkets chain; TMC, Cold Storage, Mercato, GEkspres, and ShopSmart. Keeping abreast of the latest market trends, GCH Retail continues to deliver modern retail experiences and avails Malaysian customers to a wide array of products and produce, including quality value selections as well as premium and exclusive offerings.



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Release of Report on High-Quality Development of China’s Ports (Seaport)

KUALA LUMPUR, Dec 14 -- China Economic Information Service and China Waterborne Transport Research Institute jointly released the Report on High-Quality Development of China's Ports (Seaport).

It was released recently at the Forum on Promoting Port Development - Release of Report on High-Quality Development of China's Ports (Seaport) held in Hangzhou.

Based on the high-quality development concept of ‘innovative, coordinated, green, open and sharing’, the Report on High-Quality Development of China's Ports (Seaport) has built an evaluation indicator system comprising four first-grade indicators and 10 second-grade indicators to evaluate the high-quality development of 22 major coastal ports in China.

The evaluation results show that in 2020, the highest comprehensive score among the 22 major coastal ports is 9.07, the average 5.74, and the lowest 3.87, whereby Shanghai Port, Ningbo Zhoushan Port, Shenzhen Port and Qingdao Port are in the lead among these ports.

According to a statement, the report predicts that during the 14th Five-Year Plan period, China's ports will maintain a growth of between two and three per cent in cargo throughput. 

Looking to the 14th Five-Year Plan, the new dual-circulation development pattern will present fresh opportunities for the high-quality development of ports.

In the future development of China's ports, new technology will empower the construction of intelligent ports, and the integrated development of ports, industries and cities will become a common pursuit of all port cities.

-- BERNAMA

LeddarTech joins STMicroelectronics Partner Program, hastening customer time-to-market

KUALA LUMPUR, Dec 14 -- LeddarTech® has joined the STMicroelectronics Partner Program to collaborate with STMicroelectronics through joint development and the promotion of LiDAR solutions based on STMicroelectronics MEMS mirror-based laser-beam scanning solutions and LeddarTech’s sensing components and software products.

LeddarTech believes that industry collaboration leads to greater end-customer value and that it is specifically needed to solve the challenges to deliver safer ADAS systems and deployment of autonomous driving.

This belief led LeddarTech to establish and orchestrate the Leddar™ Ecosystem, comprising industry-leading suppliers that support the customer development of automotive sensing solutions for ADAS and AD applications.

“ST has a proven track record of delivering the quality, predictability, and volume required in automotive. We are delighted to partner with them to enable mass deployment of LiDAR technology in the passenger car market,” said LeddarTech Vice-President of Strategic Partnerships and Corporate Development, Michael Poulin.

Designed with demanding automotive and industrial applications in mind, ST’s MEMS mirror-based laser-beam scanning solutions are ideal for a broad range of high-performance, high-accuracy, and high-reliability applications.

ST, as the industry-leading supplier of MEMS mirror-based laser-beam scanning solutions, provides a critical building block and key enabling technology for LeddarTech.

According to a statement, the addition of STMicroelectronics to the Leddar Ecosystem and LeddarTech’s inclusion in the STMicroelectronics Partner Program maximises design agility and reduces cycle time, costs, and risk, leading to a shorter time-to-market for customers.

LeddarTech is a leader in environmental sensing platforms for autonomous vehicles and advanced driver assistance systems. 

More details at www.leddartech.com.

-- BERNAMA

AM Best preserves negative outlook on China’s non-life insurance industry

KUALA LUMPUR, Dec 14 -- Global credit rating agency, AM Best is maintaining its negative market segment outlook on China’s non-life insurance segment, citing underwriting profitability that is under pressure amid market reform.

A new Best’s Market Segment Report, ‘Market Segment Outlook: China Non-Life Insurance’, states that pressure on premium growth and underwriting performance due to comprehensive reform of motor insurance; and, execution risks and negative profitability impact arising from expansion of non-motor lines are among key supporting factors for the negative outlook.

China’s non-life insurance market registered a year-over-year increase of 7.2 per cent in direct premium written (DPW) in the first 10 months of 2020, following a solid 10.7 per cent expansion in DPW last year.

Notably, this growth was steered by non-motor lines of business, particularly health, which grew by 35.8 per cent, agriculture (21.8 per cent), engineering (19.2 per cent) and liability (18.1 per cent).

The market’s largest business segment, motor, continued to grow, albeit at a slower rate and now makes up slightly less than 60 per cent as of October this year, versus over 70 per cent of industry DPW five years ago.

Credit and surety, historically a strong driver of growth among non-motor segments, was the only line of business to record a contraction in premiums, according to a statement.

With the regulator’s recent announcement of plans for a comprehensive reform of motor insurance, AM Best notes that the premium income and underwriting profitability of the motor segment is likely to come under pressure over the next 12-18 months.

Despite challenges from the economic impact of the pandemic and regulatory changes, China’s non-life insurance market capital adequacy remains solid, as evidenced by an industry average China Risk Oriented Solvency System ratio of over 270 per cent as of second quarter of 2020. 

More details at www.ambest.com.

-- BERNAMA

Korean Reinsurance Company Credit Ratings affirmed - AM Best

KUALA LUMPUR, Dec 11 -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of ‘a’ of Korean Reinsurance Company (KRE) South Korea. 

In a statement, the global credit rating agency, AM Best said the outlook of these Credit Ratings (ratings) was stable.

The ratings reflect KRE’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.

KRE’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, is assessed as being at the strongest level, supported by solid and stable internal capital generation over the past five years.

The company’s balance sheet strength is also underpinned by its strong financial flexibility, proven by a track record of successful hybrid bond issuance in overseas and domestic capital markets, as well as its conservative investment portfolio that is focused on good quality fixed income securities.

As the only local reinsurer in South Korea, KRE maintains a dominant position with a share of approximately 60 per cent of the non-life reinsurance market.

Given its long-term relationship with primary insurers, profound market knowledge, and better pricing capabilities derived from its immense market database, AM Best expects the company’s lead position in the domestic market to remain unchallenged over the medium term despite increasing competition.

Negative rating actions could occur if there is a material decline in its risk-adjusted capitalisation triggered by large-scale catastrophe losses, or there is significant deterioration in its operating performance. 

More details at www.ambest.com 

-- BERNAMA

Shandong's total marine output value accounts 16.3 per cent of China's total

KUALA LUMPUR, Dec 10 -- In 2019, Shandong's total marine output value reached 1.46 trillion yuan, continuing to rank second in China, accounting for 16.3 per cent of China's total. (100 yuan = RM 62.08)

This is according to Shandong Province director-general of Oceanic Administration, Zhang Jiandong at a recent press conference held by the Information Office of Shandong Provincial People's Government.

In Shandong's marine sector, the scale of marine fishery, marine biomedical industry, marine salt industry, marine electric power industry and marine transportation industry all ranked first in China.

In the past five years, Shandong has accelerated the development of high-end marine engineering equipment manufacturing industry, and initially built three major marine manufacturing bases for ship building and repair, marine heavy industry and offshore oil equipment manufacturing.

In addition, the marine transportation industry has become an important pillar industry in the construction of a modern marine industry system in Shandong.

By strengthening coordinated land and sea development and integrating coastal port resources, Shandong has established Shandong Port Group, thus forming a coastal port group development pattern with Qingdao Port, Yantai Port and Rizhao Port as the core.

-- BERNAMA

China, India will lead global economic recovery

KUALA LUMPUR, Dec 10 -- Global real GDP growth will reach 5.1 per cent next year, with developing and advanced economies at 6.1 per cent and 3.8 per cent, respectively, according to global market research company Euromonitor International.

Euromonitor’s Global Recovery Tracker findings suggest that amongst the top 10 largest economies, China and India will recover the fastest, with the UK and Brazil taking the longest, according to a statement.

India is leading the world’s economic recovery with a GDP growth set to reach nine per cent next year, a strong performance led by a 12.5 per cent forecast increase in private consumption during the festive season at year-end.

In second place, China’s GDP growth is forecast at 7.5 per cent for 2021. 

Meanwhile, in the UK, the situation between COVID-19 and Brexit causes uncertainty about the future and gives an additional shock to the economy.

Euromonitor International economist, Giedrius Stalenis says: “Unsuccessful Brexit negotiations would stagnate economic growth for the UK. However, if companies prepare better for a No-Deal Brexit, the UK economy could grow around four per cent by 2021.”

In Brazil, while the energy and transportation sectors are still underperforming, the manufacturing and production sectors are showing signs of partial economic recovery, forecasting a 3.2 per cent GDP growth in 2021, one of the lowest in the world.

-- BERNAMA

Toshiba unveils 5A 2ch H-bridge motor drivers for automotive applications

KUALA LUMPUR, Dec 10 -- Toshiba Electronic Devices & Storage Corporation (Toshiba) has launched two brushed DC motor driver ICs, ‘TB9054FTG’ in a wettable flank VQFN package and ‘TB9053FTG’ in a power QFN package, for use in automotive applications, including electronic throttles.

According to a statement, samples of TB9054FTG are available now, with mass production scheduled for March 2022, while samples of TB9053FTG will be ready in February 2021, with mass production scheduled for May 2022.

The number of H-bridge motor drivers used in the electronic throttles and various valves of automobiles, is on the rise, stimulating demand for system miniaturisation and cost reduction.

In addition, On-Board Diagnostic II, the second generation of on-board self-diagnostic equipment requirements, will become mandatory in 2022, requiring automotive motor driver ICs to have SPI communication functions.

The new ICs feature 5A 2ch output drivers that help to reduce mounting area. A 10A 1ch drive in parallel mode is also possible. They can be daisy-chained, and also have functions that control motors only by SPI communication, both of which reduce MCU ports.

-- BERNAMA