FEATURED NEWS
- July 26, 2024Business
Kao Continues to be Included in All of the ESG Indices Used by the Government Pension Investment Fund (GPIF)
Kao Corporation was recently selected again for inclusion in all the global stock indices for ESG that apply to Japanese companies used by the Government Pension Investment Fund (GPIF), one of the world’s largest pension funds that manages and invests the reserve funds of the National Pension and the Employees’ Pension Insurance, both of which are public pension plans in Japan. Global stock indices for ESG that apply to Japanese companies used by the GPIF MSCI Nihonkabu ESG Select Leaders MSCI Japan Empowering Women Index (WIN) FTSE Blossom Japan Index FTSE Blossom Japan Sector Relative Index S&P/JPX Carbon Efficient Index Morningstar Japan ex-REIT Gender Diversity Tilt Index The MSCI Nihonkabu ESG Select Leaders and the MSCI Japan Empowering Women Index (WIN) were developed by MSCI, a U.S. company providing institutional investors around the world with various support tools for their decision making. Both indices are composed of companies selected from the MSCI Japan IMI Top 700 Index and Top 500 Index with outstanding ESG performance. These indices are widely used as important criteria by global investors who focus on companies’ ESG efforts. The FTSE Blossom Japan Index and the FTSE Blossom Japan Sector Relative Index were developed by FTSE Russell, a member of London Stock Exchange Group. They were designed using FTSE4Good Index Inclusion Rules, based on existing international ESG standards including the UN Sustainable Development Goals (SDGs) to select companies that demonstrate strong ESG efforts. The S&P/JPX Carbon Efficient Index is designed to measure the performance of companies in the underlying index, the Tokyo Stock Price Index, while over- or underweighting those companies that have lower or higher levels of carbon emissions per unit of revenue. The Morningstar Japan ex-REIT Gender Diversity Tilt Index was developed using the assessment method from the Morningstar Indexes, a US company that provides leading indexes, and the gender equality scorecard from Equileap, a company from the Netherlands that provides gender equality data, research and analysis for institutional investors. Since 2021, the Kao Group has been promoting the Kao Group Mid-term Plan with its vision of “protecting future lives” and “sustainability as the only path.” It will continue to integrate its ESG strategy into its management practices, develop its business, provide better products and services for consumers and society, and work toward its purpose, “to realize a Kirei world in which all life lives in harmony.” About the Kirei Lifestyle Plan Over the past 130 years, Kao has worked to improve people’s lives and help them realize more sustainable lifestyles—a Kirei Lifestyle. The Japanese word ‘kirei’ describes something that is clean, well-ordered and beautiful, all at the same time. The Kao Group established its ESG strategy, the Kirei Lifestyle Plan in April 2019, which is designed to deliver the vision of a gentler and more sustainable way of living. By 2030, Kao aims to empower at least 1 billion people, to enjoy more beautiful lives and have 100% of its products leave a full lifecycle environmental footprint that science says our natural world can safely absorb. Please visit the Kao sustainability website for more information. About Kao Kao creates high-value-added products and services that provide care and enrichment for the life of all people and the planet. Through its portfolio of over 20 leading brands such as Attack , Bioré , Goldwell , Jergens , John Frieda , Kanebo , Laurier , Merries, and Molton Brown , Kao is part of the everyday lives of people in Asia, Oceania, North America, and Europe. Combined with its chemical business, which contributes to a wide range of industries, Kao generates about 1,530 billion yen in annual sales. Kao employs about 34,300 people worldwide and has 137 years of history in innovation. Please visit the Kao Group website for updated information. Media inquiries should be directed to: Public Relations Kao Corporation corporate_pr@kao.com
- July 26, 2024Business
CapitaLand Ascott Trust increases gross profit by 12% through sustained lodging demand and stronger operating performance
In 1H 2024, CLAS completed asset enhancement initiatives (AEI) for four properties, including La Clef Tour Eiffel Paris (pictured). Four more properties are undergoing and one serviced residence is under development. The initiatives, when completed, are expected to uplift CLAS’ distribution income. CapitaLand Ascott Trust (CLAS) increased its 1H 2024 gross profit by 12% year-on-year (y-o-y) to S$172.9 million. Revenue also rose by 11% y-o-y, reaching S$386.4 million. The increase was mainly on the back of sustained lodging demand and stronger operating performance. On a same-store basis, gross profit and revenue increased by 3% and 4% y-o-y respectively. As demand for international travel continued to increase, CLAS’ revenue per available unit (REVPAU[1]) for 1H 2024 grew 5% to S$145, compared to 1H 2023. On a quarterly basis, CLAS’ REVPAU for 2Q 2024 went up by 4% y-o-y to S$155. This exceeds pre-pandemic levels, at 102% of 2Q 2019 pro forma REVPAU[2]. All key markets also performed at or above pre-pandemic levels on a same-store basis. The increase in REVPAU was a result of higher room rates, with key markets Japan and United States of America (USA) leading the growth. Distribution per Stapled Security (DPS) for 1H 2024 was 2.55 cents. Acquisitions, completed asset enhancement initiatives (AEIs) and interest savings from the repayment of higher-interest debt mitigated the impact of divestments and ongoing AEIs, while the depreciation of most foreign currencies against the Singapore Dollar affected distributions. Excluding the lower level of non-periodic items[3], adjusted DPS for 1H 2024 was relatively stable at 2.41 cents. Total distribution for 1H 2024 was S$96.5 million, comparable to S$96.3 million in 1H 2023. Mr Lui Chong Chee, Chairman of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS), said: “CLAS’ operating performance remains robust, delivering double-digit growth for revenue and gross profit in 1H 2024. We continue to press forward with our portfolio reconstitution efforts to enhance CLAS’ portfolio resilience and position CLAS for future growth. In the past year, CLAS announced divestments of S$408.1 million across 10 mature assets[4]. Divested at a premium to book value, we will unlock about S$44.6 million in gains, at an average exit yield of about 3.8%[5]. This strengthens our financial capacity to redeploy capital towards optimal and accretive uses. We remain committed to delivering long-term returns to Stapled Securityholders.” Ms Serena Teo, Chief Executive Officer of the Managers of CLAS, said: “Part of the divestment proceeds has also been used to pare down higher-interest debt, keeping our gearing healthy at 37.2% and delivering accretion as we evaluate opportunities to redeploy the capital. In 1H 2024, we have also completed AEI for four of our properties[6]. Located in key gateway cities, they are well-positioned to capture demand from tourism, business activities and events.” “Looking ahead, as pent-up demand for travel moderates, regular travel patterns and seasonality are expected to return in more markets. CLAS maintains a cautiously positive view on the demand for lodging. In 1H 2024, stable income sources contributed about 65% of CLAS’ gross profit, while the remaining 35% was from growth income sources. CLAS’ operational performance is expected to remain resilient. Our geographic diversification, range of lodging asset classes and different contract types provide a strong foundation amidst global uncertainties,” added Ms Teo. Driving growth via CLAS’ active portfolio reconstitution strategy CLAS enhances the quality and returns of its portfolio through its active portfolio reconstitution strategy. In June 2024, CLAS acquired the remaining 10% stake in Standard at Columbia, a freehold student accommodation property in South Carolina, USA. The earnings before interest, taxes, depreciation and amortisation (EBITDA) yield on CLAS’ total investment cost is expected to be approximately 7%. The acquisition was funded by proceeds from CLAS’ divestments. In January 2024, CLAS also completed the turnkey acquisition of Teriha Ocean Stage, a 258-unit rental housing property in Fukuoka, Japan at an estimated net operating income yield of about 4% on a stabilised basis and expected pro forma DPS accretion of 0.5%. In 1H 2024, CLAS’ longer-stay properties comprising student accommodation and rental housing properties achieved a strong average occupancy rate of over 90%. CLAS’ AEI plans are also progressing well. The remaining four properties[7] under AEI are expected to be completed in phases from 2H 2024 to 2026. Additionally, construction of the new Somerset serviced residence at the popular riverfront lifestyle and entertainment precinct of Clarke Quay is slated for completion in 2026. These initiatives, when completed, are expected to uplift CLAS’ distribution income. CLAS remains in a healthy financial position CLAS remains in a healthy financial position and continues to adopt an active and prudent approach towards capital management. CLAS’ average cost of debt remains low at 3% per annum as at 30 June 2024. It is expected to be stable through to the end of 2024, as about 82% of CLAS’ debt is effectively on fixed rates and the weighted average debt to maturity is 3.6 years. Interest cover is also healthy at 3.7 times. CLAS’ gearing is 37.2%, which is well below the 50% gearing limit allowable under the property funds appendix issued by the Monetary Authority of Singapore. CLAS also has a total of approximately S$1.29 billion in cash on-hand and available credit facilities. CLAS enhances the quality and returns of its portfolio through its active portfolio reconstitution strategy. In June 2024, CLAS acquired the remaining 10% stake in Standard at Columbia (pictured), a student accommodation property in South Carolina, USA. The earnings before interest, taxes, depreciation and amortisation (EBITDA) yield on CLAS’ total investment cost is expected to be approximately 7%. ------------------------------------------- Notes: [1] Revenue per available unit of properties excludes master leases, rental housing and student accommodation. [2] The combination with Ascendas Hospitality Trust (A-HTRUST) was completed on 31 Dec 2019 and the 2019 pro forma figures include the performance of the A-HTRUST portfolio. [3] Non-periodic items in 1H 2023 and 1H 2024 relate to realised exchange gain arising from the settlement of cross currency interest rate swaps. [4] The 10 properties comprise four properties in regional France, two properties in Australia, three properties in Japan and one property in Singapore. [5] The exit yield of the France and Australia properties is computed based on FY 2022 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA). The exit yield of the Japan portfolio is not meaningful and has not been included in the average exit yield computation as the properties were largely closed in 2022. If included, the average exit yield will be about 2.8%. [6] The Robertson House by The Crest Collection, Citadines Les Halles Paris, Citadines Kurfürstendamm Berlin and La Clef Tour Eiffel Paris. [7] Citadines Holborn-Covent Garden London, Temple Bar Hotel Dublin, The Cavendish London and Sydney Central Hotel.
- July 26, 2024Business
AI-based Digital Publishing Platform Purple expands in UK and introduces new Essentials service
Founded in 2007, Purple works with over 600 brands all over the world providing digital publishing software which efficiently helps publishers deliver engaging web, app, and social media content to their readers. The German-headquartered company has decided to strengthen its activities in the UK due to increasing demand and growing need. Major publishers such as Bauer UK, Immediate, and Ourmedia have already placed their trust in Purple and use the platform to manage their digital content efficiently and successfully. The UK launch coincides with the appointment of John Rahim as the new UK Representative overseeing the UK business working closely with the management team in Berlin. Stephan Heck, founder and CEO of Purple said: “We are delighted to be expanding our service in the UK, which is one of Europe's most important markets to us. “With renowned publishers already on board, we are confident that the UK can become one of our largest markets and we are looking forward to helping UK publishers create multichannel experiences and flexibly expand their editorial offering. “The appointment of John Rahim brings a wealth of experience and expertise in the publishing industry and he will play a key role in further expanding our market presence and exploring new business opportunities.” Alongside its UK launch, Purple has also introduced a new Essentials service, designed to to meet the needs of small and medium-sized publishers. This new all-in-one publishing solution offers a comprehensive range of tools and features designed to optimise and simplify the entire publishing process. Purple Essentials is an integrated solution that includes an editorial system with app and website integration, AI support, as well as all necessary tools for payment, subscription, and much more. Stephan Heck added: “We recognise that SMEs may not have the budget to implement our bigger software solutions, so we created Purple Essentials to meet that need. “This solution is ideal for publishers who want to manage their digital content professionally and efficiently. With Purple Essentials, publishers receive a user-friendly platform that covers all aspects of digital publishing, significantly simplifying the entire process. “The implementation of Purple Essentials can be completed within three months, enabling a quick and efficient launch. Additionally, the solution is extremely cost-effective and offers excellent value for money, allowing even smaller publishers to benefit from its extensive features.” For more information about Purple and its service offerings, visit www.purplepublish.com and www.purplepublish.com/en/essentials .
- July 26, 2024Business
Ben Ashkenazy Secures $85 Million Refinance for Arthouse Hotel in New York City
Ben Ashkenazy, founder and CEO of Ashkenazy Acquisition Corporation, has successfully secured an $85 million refinancing deal for the Arthouse Hotel New York City, located on the Upper West Side. Citi Real Estate Funding provided the five-year loan to refinance the 16-story, 300-suite boutique hotel, which sits at the corner of Broadway and West 77th Street. The Arthouse Hotel , originally built in 1919 and rebranded several times before its acquisition by Ashkenazy in 2013, spans over 175,000 square feet and features a community bar, Redfarm Chinese eatery, and Serafina Italian restaurant. The hotel’s strategic location, two blocks from Central Park, enhances its appeal as a premier destination in New York City. This refinancing deal underscores Ashkenazy Acquisition Corporation’s commitment to maintaining and enhancing its portfolio of iconic properties. The firm, known for investing in landmark assets, continues to focus on strategic growth and development within the hospitality sector. The Arthouse Hotel represents a blend of historical charm and modern amenities, making it a standout property in Ashkenazy’s extensive portfolio. Joe Press commented on the refinancing, stating, “Securing this refinancing with Citi Real Estate Funding enables us to continue our mission of providing exceptional hospitality experiences. The Arthouse Hotel is a prime example of our dedication to preserving the character of historical properties while ensuring they meet contemporary standards.” The successful refinancing deal follows a series of strategic financing by Ashkenazy Acquisition Corporation , further solidifying its position as a leader in the real estate industry. With a portfolio that includes irreplaceable properties such as New York’s Plaza Hotel, Rivercenter in San Antonio and Bayside Marketplace in Miami, the firm continues to shape the commercial real estate landscape with visionary investments. For more information, contact Commercial Lending News.
- July 26, 2024Automotive
NETA X has officially launched in Thailand and Malaysia, Leading a New Wave of Intelligent Electric Mobility in Southeast Asia
NETA Auto, a China’s new energy vehicle company, has made significant strides in the Southeast Asian market. The latest generation of its all-electric SUV, the NETA X, has been officially launched in Bangkok, Thailand, and Kuala Lumpur, Malaysia, marking an acceleration of NETA Auto's global strategy in the region. At the launch event, representatives from NETA Auto, local government officials, business partners, media friends, and industry representatives jointly witnessed the successful debut of the NETA X in Malaysia and Thailand. This milestone underscores NETA Auto's commitment to the Southeast Asian market and signals its proactive participation in driving the green mobility revolution in the region. Following the impressive performance of the NETA AYA in Southeast Asia, the NETA X is poised to become a popular choice among Southeast Asian consumers for its stylish design, outstanding performance, intelligent features, and competitive pricing. Beneath its dynamic exterior, the NETA X is equipped with a front-mounted permanent magnet synchronous motor that delivers ample power, offering a range of 480 km on a single charge (NEDC) to meet daily commuting needs. Additionally, NETA X is equipped with a suite of advanced intelligent features designed to enhance the driving experience. The vehicle is equipped with 11 high-precision sensors that support L2-level ADAS functions such as adaptive cruise control, lane-keeping assist, and traffic jam assist. At the heart of its in-car entertainment system is a 15.6-inch high-definition central control screen, providing online navigation, music streaming, and seamless phone-to-car connectivity, making every journey enjoyable. The intelligent voice assistant features dual-zone voice control and continuous dialogue capabilities, facilitating effortless interaction. In recent years, the Southeast Asian new energy vehicle market has experienced rapid growth. As the starting points for NETA's global expansion, the Thailand and Malaysian hold great significance for NETA’s global strategy. With the official launch of the NETA X, NETA Auto will accelerate the integration and development of the new energy vehicle industry in Southeast Asia, encompassing manufacturing, sales, after-sales, and mobility services. NETA is dedicated to providing tailored mobility experiences for local consumers, pioneering local industry with advanced products and services. To date, NETA Auto has entered 38 countries and regions, with 129 overseas dealership stores. From January to June, its overseas sales reached 17,687 units, a year-on-year increase of 154%, maintaining the top spot in export volume among emerging car companies for six consecutive months. In Thailand, NETA Auto has already brought innovative new energy product experiences to over 17,000 consumers. In Malaysia, NETA Auto will continue to increase its investment, planning to launch at least three competitive products and open more off-line channels for local customers over the next two years. In the future, NETA Auto will uphold its philosophy of "Tech for All," aiming to make high-quality intelligent electric vehicles accessible to a broader global audience. NETA Auto looks forward to achieving multi-level and comprehensive strategic cooperation with ASEAN and countries worldwide, working together to build a closer automotive industry community, fully unleash market potential, share new opportunities, and create new growth points.
- July 26, 2024Business
KYB-UMW Malaysia Appoints UMW Lubetech as Official Distributor for Shock Absorbers
KYB-UMW Malaysia Sdn Bhd (KYB-UMW), a specialist in manufacturing high-quality shock absorbers, is proud to announce the appointment of UMW Lubetech Sdn Bhd (ULT) as its official distributor for shock absorbers. This strategic partnership aims to enhance the availability and distribution of KYB-UMW’s high-quality shock absorbers across the country, ensuring better access for automotive businesses and retail consumers. KYB-UMW, renowned for its innovative and reliable automotive suspension systems, has been at the forefront of the industry for decades. With this new collaboration, ULT under its brand name, Grantt, which is a trusted name in lubricants and automotive parts, will bring its extensive network and expertise to further solidify KYB-UMW’s market leader presence. “We are excited to partner with ULT, a company that shares the same commitment to quality and excellence. ULT’s extensive distribution network and strong market presence via Grantt Lubricants make them an ideal partner to help us reach out to more customers and to deliver our products effectively and efficiently” said Yuji Ito, Managing Director of KYB-UMW. ULT has a long-standing reputation for providing top-tier automotive products and services. This partnership will enable them to offer an even wider range of premium shock absorbers, meeting the diverse needs of their customers especially after launching Grantt Parts in June 2024. With a focus on customer satisfaction and product excellence, ULT and Grantt are well-positioned to represent KYB-UMW’s esteemed brand. ULT has chosen Excel-G Gas Shock Absorber, Premium Shock Absorber, New SR Shock Absorber, RS Ultra Performance Shock Absorber, Skorched 4 and accessories as their starter variance for this partnership. These products will be in the market by August 2024. The partnership between KYB-UMW and ULT marks a significant milestone in the automotive industry, promising enhanced product availability and superior service. “This partnership is in line with Grantt’s promise of helping customer vehicles Move Further, Last Longer. With Grantt’s entry into parts such as batteries, air filters, oil filters and now, shock absorbers, we plan to make Grantt a complete one-stop centre in automotive servicing,” added Anas Nasrun Mohd Osman, Director of UMW Manufacturing & Engineering Division. For more information on UMW Lubetech and its range of automotive solutions, please visit https://lubetech.my.
- July 26, 2024Business
CAPITAL A SECOND QUARTER 2024 OPERATING RESULTS
Capital A Berhad (“Capital A”) has announced the operating statistics for its aviation, Capital A Aviation Services (“CAPAS”), Teleport, and MOVE Digital segments for the Second Quarter of the Financial Year 2024 (“2Q2024”). 2Q2024 OPERATING HIGHLIGHTS OF THE AVIATION GROUP Emerging from a seasonally peak first quarter, the aviation group – AirAsia Malaysia, AirAsia Thailand, AirAsia Indonesia, AirAsia Philippines, and AirAsia Cambodia (collectively “AirAsia” or the “Group”) maintained its record-breaking quarterly load factor of 90% in 2Q2024, up by 2 percentage points (“ppts”) Year-on-Year (“YoY”), achieved on the back of increased capacity. As of the end of June, the Group has reinstated 195 aircraft out of its total fleet of 218 - an additional 8 aircraft reactivated during the quarter. Passenger volume continued its upward trajectory, rising by 11% YoY to reach 15.6 million. This outpaced capacity growth of 7%, demonstrating resilience in regional travel demand. Routes to China and India were among the strongest, boasting a robust Year-to-Date (“YTD”) load factor of 91%, following visa-free travel implementation at the end of 2023 for China and India travellers. Additionally, both domestic and international segments are experiencing similar growth rates, indicating a holistic recovery across AirAsia's network. Excluding Cambodia, passenger numbers are nearing pre-pandemic levels, with YTD recovery reaching 84% of pre-Covid figures, surpassing capacity recovery of 81%. 2Q2024 OPERATING HIGHLIGHTS OF CAPITAL A COMPANIES CAPITAL A AVIATION SERVICES (“CAPAS”) Asia Digital Engineering (“ADE”) ADE’s operations benefitted tremendously from the surge in flight activities. Line maintenance checks typically performed during scheduled stopovers, surged by 22% compared to the previous year with over 3,000 line checks completed in the second quarter. Meanwhile, under base maintenance checks, ADE focused on performing heavier maintenance checks, which are extensive structural checks, and completed eight of these comprehensive inspections in 2Q2024. These thorough maintenance activities, which differ significantly from more frequent checks in their depth and breadth, require longer grounding times but yield equal or greater revenue than the lighter checks. Santan Santan continued its upward trajectory in 2Q2024 by recording a 6% YoY increase in inflight product sales, reaching nearly 5.2 million units sold. This includes Food and Beverages (“F&B”) and Duty-free and Merchandise. On-ground segments - Frozen Meal and Restaurant and Cafe - recorded tremendous growth in units sold. Inflight F&B: Unit sold climbed by 7% YoY, bringing YTD units sold to over 10 million units. Importantly, the growth is spread across both domestic and international flights, indicating strong demand across AirAsia's network. Duty-free and Merchandise: Quarterly units sold declined slightly by 17% YoY, the result was hampered by unforeseen stock delivery issues for seasonal merchandise leading to fluctuation in quantity sold. Frozen Meal: The segment saw promising growth with units sold increased by 15% YoY, recording sales of over 70,000 units in 2Q2024 driven by existing and new partnerships with leading retailers such as Zus Coffee and Cafe Mesra. Restaurant and Cafe: Over half a million units sold in 2Q2024 representing 198% YoY increase in units sold. This surge is driven by notable growth in restaurants and cafes located within office buildings, fueled by successful corporate discount programs alongside onboarding of a new third party retail customer. TELEPORT Teleport continued to show growth momentum across its Cargo and Solutions segments in the second quarter, contributed by better optimisation of service through the dynamic utilisation of capacity from its dedicated freighters and growing partnerships with third party airlines. With better optimisation of its services, Teleport continues to remain asset light while it expands its network reach and improves flexibility in capacity planning, strengthening how it serves both its cargo and ecommerce customers. While capacity increased 11%, capacity utilisation rate continues to improve from 13% to 15%, reflecting a healthy volume, revenue pipeline and better operating efficiency. Cargo segment: Teleport delivered over 60,000 tonnes during the quarter, a 33% increase from the same quarter in 2023. Solutions segment: Over 15.3 million parcels were delivered in 2Q2024, a 215% improvement from the same quarter in 2023. Year to date, Teleport has surpassed its entire 2023 delivery volume by delivering over 30 million parcels in just the first half of 2024. MOVE DIGITAL AirAsia MOVE AirAsia MOVE has transitioned this year from being a super app that offers grocery shopping and food delivery to become a travel platform. The platform aims to be Asean’s favourite travel companion, creating inclusive and delightful journeys for users. The focus is to grow flights, hotel, airport rides as well as building duty free and activities products. To achieve these goals, the priority is to grow the app user as it provides a higher lifetime value. While overall Monthly Active Users (“MAU”s) are down by 13% YoY, the app’s MAUs have increased by 10% YoY. Travel: Flights overall transactions are down due to value challenges within the OTA landscape. In response, AirAsia MOVE is enhancing its fare tracking system and driving targeted promotions to regain competitiveness with recovery to be expected in 3Q2024 and getting back to 2023 level by 1Q2025. Conversely, Hotels is on a strong trajectory, posting a 33% YoY growth mainly attributed to improved personalisation and inventory. Ride Hailing: Airport rides bookings are down by 10% YoY, but completion rate has improved by 2% YoY. Moving forward, AirAsia MOVE is focusing more on demand generation and improving the driver app. AirAsia Rewards and other businesses: Rewards net revenue grew by 45% YoY on the back of higher points issuance and improved redemption rates of points. To grow, AirAsia MOVE focuses on onboarding more external partners to join the rewards program. BigPay BigPay reports a positive trend in user acquisition with a steady 10% YoY growth in quarterly carded users, reaching 1.55 million. More importantly, 36% of the new users this quarter was acquired through AirAsia MOVE, a positive outcome from the close collaboration initiatives between the entities. As BigPay doubled down efforts to achieve EBITDA profitability, it has focused on building (and nudging users towards existing) features with positive unit economics. This resulted in a 16% YoY increase in the annualised Average Revenue Per User (“ARPU”). Payment: With a focused approach to achieve profitability, BigPay focused on growing transactions on its AirAsia closed-loop and QR products, while rebalancing the corridor mix of international card payment transactions to strategically reduce unprofitable GTV. This segment saw a 28% YoY decrease in the overall GTV. Remittance: Despite challenges in weak currency, the GTV for international remittances showed a growth of 3% compared to the prior quarter with targeted marketing efforts. On the other hand, domestic remittance showed a promising growth of 17% YoY, driving the overall GTV growth of 7% YoY for the quarter. Lending: Value of loan disbursements grew 241% YoY as BigPay leveraged alternative data to identify low risk customers, which allows effective creditworthiness assessment and maintains a healthy Non-Performing Loan (NPL) ratio below 5%. 2Q2024 OPERATING HIGHLIGHTS OF ASSOCIATE COMPANIES Ground Team Red (“GTR”) Capital A's ground handling affiliate, GTR, demonstrated robust growth in the second quarter, having significantly expanded its client portfolio, securing contracts with five new international airlines from the Asia region. This diverse range of new partnerships spans both full-service and low-cost carriers, enhancing GTR's market presence. Moreover, GTR reinforced its industry standing by successfully renewing contracts with its existing full-service carrier clients, underlining the company's commitment to service and operational excellence. Flight handling: Handled nearly 39,000 flights, representing a 6% YoY increase. This growth aligns with the rise in flight activity across both short-haul and long-haul AirAsia operations. Passenger handling: Over 6 million passengers were handled by GTR during the quarter, representing a 7% YoY improvement. This growth mirrors the increase in passengers carried, particularly on AirAsia flights. Cargo handling: Experienced a significant surge of 71% YoY in cargo handling, managing over 29,000 tonnes of cargo in 2Q2024. The increase was primarily driven by the heightened demand from Teleport’s freighter operations and the growing demand on routes operated by AirAsia Malaysia, AirAsia X and third party airlines.
- July 25, 2024Business
Mellow Partners with Truss to Upgrade Global Hiring Services for Tech Companies
Mellow , a global HR platform that helps companies adapt to the new reality of work by transforming how companies engage with contractors, announces its strategic partnership with Truss, a leading global hiring and Employer of Record (EOR) service provider in Central Asia and across the globe. The collaboration provides potential customers with increased access to global hiring services, helping companies find the perfect fit for their team regardless of geographical scope or type of work (full-time employees or remote freelancers). With the IT outsourcing market—a significant driver of demand for overseas talent—is projected to grow to $617.69 billion in 2024, accessing a diverse global talent pool has become both an opportunity and a challenge for businesses, one that the partnership between Mellow and Truss comprehensively solves. The combination of Mellow's contractor management expertise and Truss's proficiency in full-time remote employee hiring allows businesses to engage both freelance contractors and permanent staff worldwide through one contact point. Truss provides employer of record (EOR) services for full-time remote employees, managing payroll, tax, and compliance issues, while Mellow's contractor of record (COR) platform simplifies managing project-based talent, including contracts, payments, IP rights transfer and settlements. This integrated approach helps tech firms scale their workforce flexibly and efficiently, reducing administrative burdens and compliance risks. Key features of this collaboration include: Comprehensive hiring solutions for both freelance contractors and full-time remote employees Enhanced compliance management, with Mellow assuming risks associated with contractor engagement, including misclassification Access to talent in hard-to-reach regions, particularly in Central Asia Streamlined onboarding, payroll, and management processes for global teams Support for contractors, including tax assistance and benefits "Our strategic partnership with Truss enhances our ability to meet our clients' diverse global hiring goals while maintaining our core focus. At Mellow, we specialize in non-employment, supporting companies in the intricacies of global contractor management. This partnership allows us to preserve and strengthen that focus while addressing our clients' occasional need for Employer-of-Record services. By collaborating with Truss, we can address various employment requirements, ensuring that our clients' needs are covered regardless of the employment type they require," says Pavel Shynkarenko, CEO of Mellow. The global outsourcing landscape continues to thrive, driven by diverse factors across different regions. The relevance of India remains unparalleled in IT outsourcing, capturing 59% of U.S. companies' IT services outsourcing due to its vast talent pool and cost advantages. Meanwhile, the Philippines excels in BPO services, employing around one million skilled professionals and saving companies up to 70% on labor costs. Eastern Europe emerges as a competitive hub for IT outsourcing with its technical expertise and favorable time zones while Latin America gains traction due to proximity and multilingual talent, attracting North American companies. Overall, 40% of U.S. multinational companies outsource their software development, highlighting the role of outsourcing in enhancing cost efficiency and accessing specialized skills globally.
- July 25, 2024Travel & Leisure
George Ioannou's Cap St Georges Hotel & Resort Announces Commitment to Sustainability
George Ioannou, CEO of Korantina Homes , announces the company's ongoing commitment to sustainability through the implementation of eco-friendly practices at Cap St Georges Hotel & Resort. Located in the scenic area of Cape St. George, the resort emphasizes environmental responsibility while providing comfort and aesthetic appeal. This approach aligns with Korantina Homes' philosophy that every business success is meaningful only when it has a positive impact on society . At the heart of Cap St Georges Hotel & Resort lies a dedication to sustainability. The resort integrates various energy-efficient solutions and water usage reduction measures to ensure that its operations have a minimal ecological footprint. These initiatives are designed to provide guests with a serene and comfortable stay, immersed in the natural beauty of Cyprus. The resort's holistic approach to hospitality emphasizes the balance between environmental responsibility and guest satisfaction. Cap St Georges Hotel & Resort has been awarded the prestigious Green Key certification , which recognizes its efforts in promoting sustainable tourism. This certification highlights the resort's focus on environmental protection and its commitment to green initiatives. The Green Key certification is a testament to the resort's dedication to setting a benchmark for other establishments in the hospitality industry. By adhering to the rigorous standards required for this certification, Cap St Georges Hotel & Resort demonstrates its leadership in sustainable practices. George Ioannou emphasizes the importance of integrating local culture and community into the resort's offerings. Cap St Georges Hotel & Resort hosts a variety of events that celebrate Cypriot arts and traditions, turning the resort into a cultural hub. Guests can experience local art exhibitions, culinary events featuring Michelin-starred chefs, and annual carnival parades that promote Cypriot traditions. These activities encourage guests to engage with the local community and gain a deeper understanding of the island's rich heritage. In addition to its cultural initiatives, the resort's sustainable practices extend to its infrastructure and daily operations. The resort employs energy-saving technologies to reduce water usage and its overall carbon footprint, enhancing the resort's sustainability efforts. These practices ensure that the resort remains environmentally responsible while providing modern conveniences for its guests. Korantina Homes ' commitment to sustainability is reflected in its broader corporate strategy. The company prioritizes eco-friendly practices in all its developments, ensuring that each project contributes positively to the environment and society. This approach aligns with George Ioannou's vision of creating developments that harmonize with their natural surroundings and support the local community. By fostering sustainable tourism and promoting green initiatives, Korantina Homes aims to make a lasting positive impact on the island of Cyprus. Cap St Georges Hotel & Resort continues to set new standards for excellence in the hospitality industry. The ongoing dedication to eco-friendly practices, community engagement, and promoting local culture ensures that the resort meets current guest expectations while adapting to future trends and needs. Korantina Homes' strategic actions and vision are set to keep Cyprus as a desirable destination for travelers, offering unique and responsible hospitality experiences.
- July 25, 2024Blockchain
10th Edition of the European Blockchain Convention: Celebrating Industry Achievements
The European Blockchain Convention (EBC) announces its landmark 10th edition , scheduled to take place on September 25th and 26th, 2024, in the vibrant city of Barcelona, Spain . This two-day event promises to be one of the most influential gatherings in Europe, bringing together visionaries, industry leaders, policymakers, developers, and CEOs of fast growing startups to collectively shape the future of the industry. From digital assets to the burgeoning Web3 ecosystem, EBC10 will cover a wide range of topics. Attendees can expect deep dives into areas such as tokenization, DeFi, institutional crypto, gaming, NFTs, AI, privacy, security, regulations, and much more. This year, attendees can expect more than just an event but rather a whole experience. Highlights include a sunset beach party, beach running, and a wine tasting experience that showcases the vibrant atmosphere of Barcelona. Additionally, the convention coincides with the highly anticipated Louis Vuitton America's Cup, offering attendees a unique opportunity to experience both events. EBC10 will feature a distinguished lineup of speakers for its 10th edition, including: Nicolas Cary, Co-Founder and Vice Chairman at Blockchain.com Gilles BianRosa, COO & CPO at Kraken Sebastien Borget, Co-Founder & COO at The Sandbox Jordi Baylina, Co-Founder at Polygon Duncan Moir, Senior Investment Manager at abrdn Coty de Monteverde, Head of Crypto & Blockchain Center of Excellence at Banco Santander Sergej Kunz, Co-Founder at 1inch Network Robby Yung, CEO at Animoca Brands Michael Ashby, CEO at Algoquant Barnali Biswal, Chief Investment Officer at Hilbert Capital Matthew Hougan, Chief Investment Officer at Bitwise Asset Management Stijn Vander Straeten, CEO at Crypto Finance | Deutsche Börse Richard Muirhead, Managing Partner at Fabric Ventures Jean-Marc Stenger, CEO at Societe Generale-FORGE Nadia Filali, Head of Innovation & Development at Groupe Caisse des Dépôts Andrés Fondevila Marón, Head of Digital Assets at BBVA AM&GW Max Boonen, Founder of B2C2 "The 10th edition is more than just a conference; it's a crypto celebration," says Daniel, co-founder of the event. "We're here to celebrate the achievements of the industry so far and to pave the way for what's next." With three stages hosting over 100 sessions, an expansive exhibition area, thousands of tech-enabled 1:1 meetings, a startup battle, a hackathon, and various networking opportunities, EBC10 promises an immersive and enriching experience for all attendees. "We are thrilled to see such a diverse mix of voices represented at this year's convention," says Victoria, co-founder of EBC. "From Web3 innovators to representatives of traditional banks, our mission has always been to create a platform that bridges gaps and fosters meaningful dialogue. The industry moves forward when we engage in hard conversations and challenge our own beliefs”. For more information and to register for EBC10, visit the official website at www.eblockchainconvention.com About European Blockchain Convention Launched in 2018, European Blockchain Convention has quickly become the premier blockchain event in Europe. It connects industry professionals, innovative startups, and leading technology experts. The event provides a platform for sharing insights, fostering collaborations, and exploring the immense potential of blockchain, crypto, and digital assets. Media Contact: Email: media@eblockchainconvention.com Website: www.eblockchainconvention.com
- July 25, 2024Business
Thai Union Receives PMUC Country 1st Awards for Zero Wastewater Discharge Project
Thai Union Group PCL, the world's seafood leader, represented by Mr. Suwan Pusrichan, Deputy General Manager Planning and Business Development, has received the “PMUC Country 1st Awards” for the Company’s Zero Wastewater Discharge Project at its fish plant in Thailand. The plant has set a new global benchmark for a seafood factory by achieving 100 percent wastewater treatment. The award was presented by Ms. Suchada Thaensap, Secretary to the Minister of Higher Education, Science, and Research Innovation (MHESI). The award ceremony, organized by the Program Management Unit for Competitiveness (PMUC), part of MHESI, recognized projects that successfully transform research into commercial applications. The event took place at the Queen Sirikit National Convention Center and was attended by Assoc. Prof. Dr. Thongchai Suwonsichon, Director of PMUC, along with Mr. Chanwit Pholboobpha, Engineering Manager, and Mr. Pornchai Duangwiangkhum, Engineering Manager. The Zero Wastewater Discharge Project underscores Thai Union’s commitment to environmental sustainability, aligning with its ambitious SeaChange® 2030 strategy. Supported by an initial investment of THB 3.6 million from PMUC and an additional THB 8.4 million from Thai Union, the project is located at Thai Union’s Samut Sakorn plant, covering approximately 155,000 square meters. The new wastewater system has reduced daily water consumption from 7 million to 4 million liters, saving approximately THB 27.8 million per year in water costs. Thai Union aims to achieve zero water discharge, zero waste to landfill, and zero food loss at its five key global facilities by 2030.
- July 25, 2024Business
Coles kicks off ‘Winter of Sports’ giveaway with more than 100,000 customers having the chance to instantly win money off their in-store shop
Coles is giving customers a chance to score at the checkout with its first-ever ‘Winter of Sports’ giveaway, offering more than $4.1 million in prizes up for grabs, including 15,000 lucky customers to win instant money off their in store shop every week and a daily giveaway of a year’s worth of groceries and a sports fan pack. From tomorrow until Tuesday 10 September, shoppers who spend $20 or more in-store and scan their registered Flybuys will find out if they've scored an instant win at the checkout 1, helping them save on their grocery shop with prizes including: • 6,000 x ‘$10 Off Coles shop’ prizes per week • 4,500 x ‘$20 Off Coles shop’ prizes per week • 3,000 x ‘$50 Off Coles shop’ prizes per week • 1,500 x ‘$100 Off Coles shop’ prizes per week With 105,000 instant-win prizes up for the taking, lucky customers will have the option to apply the saving immediately or store it on their Flybuys account for future in-store shops up until Saturday 9 November. By scanning or entering their registered Flybuys when they spend $20 or more in one transaction in-store or online, customers will also earn a gold-winning entry into the daily prize draw of a year’s worth of groceries valued at $13,500, with a $60 spend earning three entries and increasing the odds of hitting the jackpot 2 . The daily prizes don’t stop there with an all-star sports fan pack worth $7,300 up for grabs every day, including a television and sound bar, BBQ, bar fridge, pizza oven, air fryer, coffee machine, a Kayo Basic 12-month subscription, a $500 Coles Gift Card and 10,000 Flybuys points. Coles Chief Customer Officer Amanda McVay said the Winter of Sports giveaway underscores Coles’ commitment to providing value and rewarding customer loyalty by giving shoppers a chance to win big. "At Coles, we're always looking for ways to give back to our customers, and with our Winter of Sports giveaway, we're bringing some excitement to the shopping experience and providing an opportunity for our customers to score instant savings or win daily prizes,” she said. "It's our way of saying thank you for choosing Coles and we can't wait to see the excitement on our customers' faces when they win big." Customers can receive a bonus entry for the daily prizes with the purchase of over 1,500 products from participating brands including Finish, Head & Shoulders, Fancy Feast, and Darrell Lea as well as selected Coles products including Coles Made Easy, Coles Kitchen, Coles Stone Baked by Laurent breads, bananas, oranges, mushrooms and Coles brand seafood from the meat department 3 . For seven weeks customers can join in the action at their nearest Coles store or on Coles online, with the Winter of Sports giveaway kicking off on Wednesday 24 June and wrapping up on Tuesday 10 September. For media enquiries, please contact Coles Media Line (03) 9829 5250 or media.relations@coles.com.au or media.relations@coles.com.au 1 Instant win: Spend $20 in one transaction in-store only at Coles (after savings and discounts have been applied) and scan your Flybuys. All instant win prize winners will be notified instantly on their shopping docket or on screen upon winning a prize. Instant win prize money can be used instore only and available to use until 9/11/24. Limit of one instant win prize per day per Flybuys account. $20 spend excludes Coles Express, Coles for business customers, iTunes cards, gift cards, mobile phone and mobile phone plans, recharge, Opal top up, calling cards, charity products, tobacco and tobacco related product. For full terms & conditions visit coles.com.au/winter-of-sports-terms 2 Daily Prize Draw: To receive an automatic entry into the competition, entrants must spend $20 or more in-store or online in one transaction (after savings and discounts have been applied) and scan their Flybuys during the competition period. Limit of one Bonus entry applies per brand, per transaction. A limit of one bonus entry per nominated Coles participating product type also applies. $20 spend excludes the purchase of Coles Insurance products, Coles Express, Coles Best Buy Online Exclusive, Coles Online business customers, DoorDash, UberEats, iTunes cards, gift cards, mobile phone and mobile phone plans, recharge, Opal top up, calling cards, charity products, liquor, tobacco and tobacco related product purchases, subscriptions, and any delivery charges. A Year’s Worth of Groceries valued at $13,500 AUD per winner, and Sports Fan Pack valued at $7,300 AUD per winner. For full terms & conditions visit coles.com.au/winter-of-sports-terms 3 Entrants will receive a bonus entry into the daily prize draw if their Qualifying Purchase includes one or more products from a participating brand or product range, and any nominated Coles fresh products. Full list of participating products and participating brands are listed instore and online at www.coles.com.au/winter-of-sports . Multiple bonus entries are permitted eg. purchase 2 different participating products in one transaction and receive 2 bonus entries into the draw. A limit of one bonus entry per participating brand per transaction applies. A limit of one bonus entry per nominated Coles fresh produce product per transaction applies. Please see below participating Brand or Product Ranges
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