GMAC Board Election Affirms Continuity, Advancing Equitable Access To Education

KUALA LUMPUR, July 18 (Bernama) -- The Graduate Management Admission Council (GMAC), has announced the election of Itziar de Ros, IESE Business School associate dean of advancement and engagement,  to her first full term, and the re-election of François Ortalo-Magné, dean of London Business School, to another term of four years to its board of directors.

In addition, EY former global vice chair of markets, Jay Nibbe was re-appointed for a second term, whereby all three started their new term on July 1, according to GMAC in a statement.

“Our newly confirmed board, along with our staff across continents, recognises our long-term investment in both the business schools and the candidates aspiring to enter them.

“We remain driven toward realising the vision of a world where every talented person can benefit from the best business education for them, knowing that business school graduates are motivated to take on some of our greatest challenges,” said GMAC Chief Executive Officer, Joy Jones.

GMAC also recognises and thanks its outgoing board member Yuan Ding, China Europe International Business School Cathay Capital Chair Professor in Accounting, for his continuous support of GMAC’s mission over the past four years.

With the GMAC board’s continuity confirmed by its member schools, it also reiterates its commitment to the organisation’s mission to serve prospective candidates with talent and aspirations in business careers and school professionals who are passionate about holistic admission practices to build an inclusive classroom while delivering high quality education and services to their students.

GMAC programmes, products, and services are widely available, and the organisation takes additional measures to ensure everyone with aspirations has opportunity as its commitment to cultivating an inclusive talent pipeline spans decades.

GMAC is a non-profit association representing over 200 graduate business schools globally, with offices in China, India, the United Kingdom, and the United States.

-- BERNAMA

ANDAN FOUNDATION ANNOUNCES AWARD FOR INNOVATION IN REFUGEE INCLUSION IN COLLABORATION WITH THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY'S MIT SOLVE

ZURICH, Switzerland, July 17 (Bernama-GLOBE NEWSWIRE) -- The Swiss-based humanitarian non-profit organisation, Andan Foundation, in collaboration with MIT Solve of the Massachusetts Institute of Technology (MIT), is delighted to announce this year’s Andan Prize for Innovation in Refugee Inclusion, which seeks to promote solutions that advance the economic, financial, and political inclusion of refugees within their hosting communities.

The USD 50,000 Andan Prize for Innovation in Refugee Inclusion is awarded every year to the most promising solutions that address the needs and challenges of refugees and is aimed at supporting innovative approaches that foster integration, empowerment, and sustainable development for displaced populations.

MIT Solve launches open calls for exceptional and diverse solutions to the most pressing global challenges, from anyone, anywhere in the world. Selected innovators get the backing of MIT and their community of supporters to scale impact and drive lasting change.

Joint initiatives to foster innovation solutions

The Andan Foundation is looking for solutions that focus on:

• Economic Inclusion and Livelihoods: Developing technologies and business models that create sustainable economic opportunities for refugees and displaced populations.
• Financial Inclusion: Seeking solutions to expand affordable financial services for underserved communities and enhance economic growth.
• Political Inclusion: Seeking solutions to empower marginalized communities by addressing voter suppression and lack of representation.

Prize winners will be announced at the Solve Challenge Finals on 23 September 2024 during the UN General Assembly Week in New York City.

Notes to Editors

About The Andan Foundation

The Andan Foundation is a non-profit humanitarian organization based in Switzerland founded by Dr. Christian Kaelin. It is regulated by the Swiss Federal Authority for the Supervision of Foundations and audited annually by BDO.

Andan leads private sector initiatives to support families fleeing their homes due to war, internal conflict, and climate change. It identifies and develops innovative, sustainable solutions promoting refugees’ self-reliance, boosting their resilience, and fostering their inclusion in their new countries. Andan prioritizes projects that expand economic, financial, and political opportunities for both refugee populations and the communities that welcome them. Andan facilitates and propels partnerships between the private sector and UN agencies, governments, NGOs, and academic institutions concerned with refugees and migrants.

Andan.org

About MIT Solve

MIT Solve is an initiative by the Massachusetts Institute of Technology (MIT) designed to address global challenges through innovation and entrepreneurship. Launched in 2015, MIT Solve runs annual challenges that attract diverse, tech-driven solutions from around the world. The initiative focuses on pressing issues such as sustainability, education, health, and economic prosperity. Through its inclusive approach, MIT Solve empowers social entrepreneurs with funding, mentorship, and connections to influential partners. This distinctive model nurtures scalable solutions, enabling transformative ideas to generate tangible impacts for underserved communities globally.

solve.mit.edu 

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BLS INTERNATIONAL HOLDING ANONIM ŞIRKETI (TURKEY) SUCCESSFULLY COMPLETES ACQUISITION OF 100% STAKE IN IDATA

NEW DELHI, July 15 (Bernama-BUSINESS WIRE) -- BLS International Services Limited, a leading global tech-enabled service partner for governments and citizens, announced the successful completion of the acquisition of 100% stake in iDATA and its wholly owned subsidiaries, through BLS International FZE (WoS of BLS) and BLS International Holding Anonim Şirketi (WoS of BLS International FZE).

Turkey-based iDATA, a leading visa service provider with 37+ VACs in 15+ countries, serves Germany, Italy, and the Czech Republic. BLS acquired iDATA for ~Euro 80 Million. In 2023, iDATA reported revenues of ~Euro 27.3 Million and EBITDA of ~Euro 16 Million.

This acquisition would further strengthen the overall BLS’ position as one of the leading international player in Visa and Consular services. iDATA’s existing agreements and offices will be aligned into the BLS’s network in 66 countries across the globe, enabling BLS to service more Client Governments in Europe. The transaction will be EPS (Earning per share) accretive to BLS immediately.

Mr. Shikhar Aggarwal, Joint Managing Director of BLS International said: “We are delighted to announce the completion of the iDATA acquisition, a pivotal point in BLS’ growth journey and a testament to our strategic vision of leading global visa and consular services. iDATA, with 15 years of specialized experience, has built strong relationships with client governments. This acquisition enables BLS to expand relationships in Europe, enhance visibility, and consolidate market share. We expect positive financial impacts and improved margins from combined synergies. We thank both teams for addressing regulatory requirements and welcome iDATA employees to new opportunities.” 

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AM BEST REVISES OUTLOOKS TO NEGATIVE FOR POLICE HEALTH PLAN LIMITED

SINGAPORE, July 15 (Bernama-BUSINESS WIRE) -- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Police Health Plan Limited (PHP) (New Zealand).

The Credit Ratings (ratings) reflect PHP’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. In addition, the ratings factor in a neutral impact from the company’s ultimate ownership by the New Zealand Police Association (NZPA).

The revision of the outlooks to negative from stable reflects increasing pressure on PHP’s operating performance, which also places pressure on its balance sheet strength fundamentals, given the declining risk-adjusted capitalisation due to underwriting losses and PHP’s limited financial flexibility.

PHP’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), albeit exhibiting a decreasing trend. This reflects the company’s moderate underwriting leverage and conservative investment approach. As a public-benefit insurer dedicated only to its captive membership base, AM Best views PHP’s financial flexibility as limited. An offsetting balance sheet factor is the company’s modest capital base, which results in higher sensitivity of capital adequacy to stress scenarios or fluctuations in performance.

AM Best assesses PHP’s operating performance as adequate, with a five-year average return-on-equity ratio of 3.5% (fiscal years 2019-2023), albeit exhibiting a decreasing trend over the period. PHP benefits from an efficient cost structure that allows it to offer competitive health coverage and premium rates to its members. As a not-for-profit insurer, given that the company’s regulatory solvency ratio is higher than its internal target and it does not pay dividends, PHP is in the process of returning part of its capital to policyholders by maintaining an elevated loss ratio over the medium term. Nonetheless, the increase in loss ratio in recent fiscal years was higher than PHP’s previous business plan. PHP has increased the premium rate significantly to improve its underwriting profitability. Prospectively, AM Best expects PHP to maintain long-term performance close to break-even despite weaker underwriting results. However, if its claims experience is significantly above plan, AM Best expects PHP to adjust premium rates rapidly, as it has done historically.

PHP provides health insurance exclusively to current and former members of the New Zealand police and their families. Despite having a relatively small premium base in New Zealand’s health insurance market, the company’s business profile assessment factors in its high penetration rate within the police force and its close integration with the NZPA, which gives rise to synergy and efficiency benefits. PHP has preferential access to the NZPA’s member base, benefits from low distribution costs, and shares overhead with the broader group.

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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CSOP HUATAI-PINEBRIDGE CSI 300 ETF TO LIST ON HONG KONG STOCK EXCHANGE

KUALA LUMPUR, July 15 (Bernama) -- CSOP Asset Management Limited, an exchange-traded fund (ETF) issuer in Hong Kong is set to list CSOP Huatai-PineBridge CSI 300 ETF (3133.HK) on the Hong Kong Stock Exchange on July 16.

In seeking to achieve its investment objective, 3133.HK will invest at least 90 per cent of its net asset value (NAV) in the Huatai-PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund (Master ETF) via the Qualified Foreign Investor (QFI) status granted to the manager and/or the Shanghai-Hong Kong Stock Connect.

According to a statement, with a listing price of approximately HKD 7.8 per unit, board lot of 100 units, 3133.HK has received an initial investment of 51.1 million Chinese yuan. (100 Chinese yuan = RM64.32)

“As a widely recognised fund management company, we are delighted to offer Hong Kong investors the opportunity to invest in top-quality assets in China. CSOP Huatai-PineBridge CSI 300 ETF, which tracks the world's largest CSI 300 ETF, is the optimal solution for investing in China A-share.

“CSOP is dedicated to continuous innovation and remains committed to providing our clients with valuable and distinctive ETF products,” said CSOP Asset Management Chief Executive Officer, Ding Chen.

At the beginning of 2024, a slew of foreign financial institutions are bullish on the Chinese stock market and have upgraded their ratings, while the northbound fund flows have been positive for three months in a row since February, hitting a new record high in April, indicating strong overseas investment interest in A-share.

The CSI 300 Index (Index) serves as a benchmark for China's A-share stock market, tracking 300 largest and most liquid companies in China's A-share stock market to comprehensively reflect overall market performance.

The median return on equity (ROE) range of the Index has consistently exceeded 10 per cent over an extended period. Currently, the Index constituents are well-balanced across cyclical industries, technology, large financials, and consumer sectors.

-- BERNAMA

NOVENTIQ MALAYSIA RECOGNIZED AS WINNER OF 2024 MICROSOFT COUNTRY PARTNER

 

Low Yee Wee (General Manager of Noventiq Malaysia)

Noventiq Malaysia recognized for providing outstanding solutions and services. The company has also been recognized as winner of 2024 Microsoft Country Partner in 6 other countries: Philippines, Vietnam, Bulgaria, Latvia, Azerbaijan, and Kazakhstan. 

KUALA LUMPUR, July 10 (Bernama) -- Noventiq, the global leading provider of digital transformation and cybersecurity solutions and services announced it has won Country 2024 Microsoft Partner of the Year Award in Malaysia. The company was honored among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.
 
Low Yee Wee, General Manager of Noventiq Malaysia, said: "Winning the Microsoft Partner of the Year award is a testament to our team's dedication and hard work. We are immensely proud of this achievement and committed to continuously delivering the best solutions to our customers. This recognition fuels our determination to excel further.”

Ilya Anzhiganov, Vice President of Noventiq APAC, commented: “We are honored to be recognized as the Microsoft Country Partner of the Year for Malaysia. This prestigious award highlights the exemplary solutions our team has built on Microsoft Cloud and platforms. This recognition not only increases the visibility of our solutions and services but also paves the way for new business opportunities, strengthens our existing relationships, and enhances our market recognition. We are excited about the opportunities this award brings, remain committed to maintaining this momentum and striving for excellence.”

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Toshiba's Multiplexer/Demultiplexer Switches Achieve High Bandwidths

KUALA LUMPUR, July 11 (Bernama) -- Toshiba Electronic Devices & Storage Corporation (Toshiba) has launched “TDS4A212MX” and “TDS4B212MX”, multiplexer/demultiplexer (Mux/De-Mux) switches for high-speed differential signals such as PCIe 5.0, USB4 and USB4 Version 2 (Ver.2), for personal computers (PCs), server equipment, and mobile devices.

Shipments of the new products which can be used as a two-input one-output (2:1) Mux switch and a one-input two-output (1:2) De-Mux switch, have begun, according to Toshiba in a statement.

Both products use Toshiba's proprietary silicon-on-insulator (SOI) process (TarfSOI) to achieve very high bandwidths, allowing the new products to be used as a Mux/De-Mux switch for high-speed differential signals such as PCIe 5.0, USB4 and USB4 Ver.2.

TDS4B212MX and TDS4A212MX have different pin assignments. While TDS4B212MX is optimised for high-frequency characteristics, TDS4A212MX has a pin assignment that considers circuit board layout.

A supplier of advanced semiconductor and storage solutions, Toshiba draws on over half a century of experience and innovation to offer customers and business partners outstanding discrete semiconductors, system large scale integrations (LSIs) and hard disk drive (HDD) products.

-- BERNAMA