FEATURED NEWS
- May 10, 2024Business
NX Global Engineering conducts sustainability training visit to urban agricultural site in Singapore
NX Global Engineering Pte. Ltd. (President: Hirofumi Kawai; hereafter "NX Global Engineering"), a group company of NIPPON EXPRESS HOLDINGS, INC. (President: Satoshi Horikiri), participated in a plantation tour and a microgreen cultivation workshop organized by Edible Garden City, a plantation operator in Singapore. (Group photo) (Plantation tour) Singapore relies on imports for more than 90% of its food, and low food self-sufficiency is a social problem. To address this issue, Singapore is pursuing a "30 by 30" initiative aimed at raising its food self-sufficiency rate to 30% by 2030. Agriculture utilizing food tech such as cell-cultured meat and other technologies has garnered attention in this initiative as the country's next growth industry, and Singapore has been working in earnest to foster this industry. Established in 2016, NX Global Engineering is a company that handles heavy haulage and maintenance for a variety of plants and factories. The members who took part in this recent training visit commented that the program had boosted their awareness of the importance of food production in Singapore and given them an opportunity to think about their own roles in achieving sustainable societies. The NX Group will continue actively communicating with local communities and engaging in community-based social activities with the aim of realizing sustainable societies.
- May 10, 2024Travel & Leisure
AirAsia continues to support FLYsiswa to fly students home with affordable fares
AirAsia is proud to continue supporting the FLYsiswa initiative, which provides subsidies for domestic flight tickets for public university students. This commitment follows the recent reinstatement of the initiative by the Ministry of Transport Malaysia. With the expansion of AirAsia's routes this year, including the addition of flights between Penang and Kuching as well as Penang and Kota Kinabalu in March, students now have access to 47 routes across the airline's extensive domestic network, bridging Peninsula Malaysia and East Malaysia, as well as within East Malaysia. The application process for AirAsia can be completed in a few simple steps by clicking the 'Redeem Now' button at airasia.com/aa/flysiswa . During the redemption process, simply enter the voucher number on the payment page. Paul Carroll, Group Chief Commercial Officer of AirAsia said: “We are pleased to continue supporting the government’s FLYsiswa initiative this year. In 2023, more than 90% of the 24,730 students who claimed the voucher with AirAsia, flew home with us. True to our tagline ‘Now Everybody Can Fly’, we understand the importance of enabling affordable connectivity, especially for students, and we are honoured to play a part in facilitating their journeys home.” This initiative applies to all students pursuing tertiary education at public universities in Malaysia, including polytechnics and community colleges under the Ministry of Higher Education (MOHE), matriculation colleges, and Institutes of Teacher Education Malaysia under the Ministry of Education Malaysia (MOE). Students are encouraged to check their eligibility based on the criteria set by the Ministry of Transport of Malaysia. All eligible students are entitled to receive a RM300 voucher. Students who are unable to meet the criteria can appeal to the MOHE or MOE through their respective institutions. The RM300 voucher will serve as a credit shell* that can be used for multiple purchases until the subsidised value has been fully utilised. The FLYsiswa initiative is now open for applications until 30 November 2024. Students can utilise their voucher immediately after successful redemption until 31 December 2024, with the travelling period up to 31 December 2025. *If the air ticket was purchased for a fare lower than RM300, the remaining amount from the voucher will be kept as a credit shell for future purchases.
- May 9, 2024Business
JINGDONG Property Continues Global Expansion with Key Overseas Projects
JINGDONG Property (also known as JDP, or JD Property), a leading and fastest-growing modern logistics infrastructure development and management platform, has made significant strides in expanding its global footprint, marking its presence in Europe and Asia Pacific with 39 projects. This growth highlights JDP’s ability to rapidly establish modern logistics infrastructure in new markets. JINGDONG Property’s entry into Europe began in mid-2022 with the acquisition of a 361,000-square-foot warehouse in Milton Keynes , marking its first transaction in the U.K. In late 2023, JDP further solidified its U.K. presence by acquiring a state-of-the-art logistics warehouse in Preston. Positioned near major logistics nodes, this newly built warehouse showcases JDP’s commitment to environmental sustainability with features such as substantial EV parking, a seven-acre ecological area, BREEAM excellence certification, 15m eaves height, and 50 docks, making it a prime hub for industrial activities. In late 2022, JDP also ventured into The Netherlands with a smart logistics park in Utrecht’s ‘Lage Weide’ business park. Ideal for national, regional, and last-mile distribution, this park is close to essential transport routes and features 64 loading docks, 213 parking spaces, and solar panels, furthering JDP’s commitment to sustainable logistics and efficiency. Another key milestone was the investment in the first and second phases of Apollo, Ansty Park in mid-2023 . This development, located 10 miles northeast of Coventry City Centre in the U.K., is now a prime example of a Grade A property within JDP’s portfolio, specifically designed to support the logistics and manufacturing sectors. Apollo comprises seven units across two phases, with the first three units completed in early 2023 and fully let. These units are recognized for their sustainability, achieving BREEAM Excellent and EPC A ratings. The second phase includes four recently new completed units, designed to meet high sustainability and efficiency standards, featuring renewable energy sources like rooftop solar panels and electric vehicle charging stations. The completion of the Apollo project has significantly improved logistics and transportation efficiency in the region, providing easy access to the U.K.’s motorway network. This strategic location, combined with a focus on green and sustainable practices, not only lowers operational costs but also boosts efficiency for businesses operating within Apollo. Additionally, JDP’s growth in Asia Pacific was marked by a recent completion of a modern logistics warehouse in Indonesia , located in the Jababeka Industrial Estate next to the Cikarang Dry Port area. With 23,000 square meters of leasable area, this facility adopts a flow-through design warehouse model equipped with high-standard features for optimal logistics operations. JDP’s overseas projects have attracted partnerships with notable international and local companies, contributing to the development of a high-quality industrial cluster in the area. Looking ahead, JDP is committed to further expanding its global footprint, with a focus on delivering customized logistics infrastructure that meets the diverse needs of businesses expanding internationally. ( yuchuan.wang@jd.com )
- May 9, 2024Business
Towngas backs TERA-Award winner i2Cool in Series A to drive global green energy expansion
The Hong Kong and China Gas Company Limited (Towngas) is pleased to announce its participation in the Series A funding round for i2Cool, an energy-saving new materials company that invented the “electricity-free cooling technology”. Towngas has become one of the investors in i2Cool, with the expectation that this round of funding will help i2Cool advance its technology and product development, as well as expand into global markets. i2Cool's passive radiative cooling technology utilises a mixture of nanoparticles that achieves a solar thermal reflectivity of 95% while emitting 95% of indoor heat through mid-infrared thermal radiation, resulting in a cooling effect without needing external power sources or refrigerants. This significantly reduces the electricity consumption of air conditioners. Experiments have shown that applying the “electricity-free cooling technology” coating on the rooftops of buildings in Hong Kong can reduce surface temperatures by up to 30.3°C under climate conditions between June and July, resulting in a 42% reduction in air conditioning energy consumption. In photovoltaic applications, after coating the base and frame of Towngas’ solar panels with the passive radiative cooling coating, the heat gain problem was significantly improved, leading to an increase in power generation of up to 8%. i2Cool’s core products include electricity-free cooling coatings and films, which have been applied in over 100 projects worldwide, covering more than 20 countries and regions, including the Chinese mainland, Hong Kong, Macau, Southeast Asia, the Middle East, Europe, and the United States. These products have been used in various fields, such as construction, chemical engineering, power-line communication, new energy, logistics, grain storage, and photovoltaics. The company is also building an electricity-free cooling ecosystem to accelerate the commercialisation of diverse products such as cooling ceramics, temperature-controlled textiles, and automotive paints. The “electricity-free cooling technology” project was awarded the Gold Award in the second TERA-Award Competition. Towngas is excited to participate in investing in a company that has won the TERA-Award. Mr Alan Chan Ying-lung, Executive Chairman of the TERA-Award Organising Committee and Chief Investment Officer of Towngas, said, “We are delighted to witness i2Cool’s steady progress and robust growth in its entrepreneurial journey, and we are honoured to participate in investing in i2Cool to further promote its continuous development. This is precisely the original intention of establishing the TERA-Award - to empower the development of the green economy.” Dr Martina Zhu Yihao, Co-Founder and CEO of i2Cool, remarked, “With the support of various incubation and investment institutions, i2Cool has achieved rapid development. The support and empowerment from the TERA-Award have brought new opportunities and resources to the company. In the future, with the support of new and existing shareholders such as Towngas, i2Cool will continue to focus on the research, development, and application of the electricity-free cooling technology, providing efficient and energy-saving comprehensive cooling solutions to contribute to the promotion of low-carbon development globally.” Looking ahead, i2Cool has established an extensive cooperation network in Hong Kong and on the Chinese mainland, and is actively expanding into the global market. In particular, the company is leveraging the policies of the Belt and Road Initiative, targeting countries with hot climates, such as the Middle East and Southeast Asia, to promote the implementation of energy-saving and environmentally friendly technologies. - END - Press photos: Photo 1: Mr Alan Chan Ying-lung, Executive Chairman of the TERA-Award Organising Committee and Chief Investment Officer of Towngas, hopes that the investment in i2Cool can further promote its continuous development. Photo 2: Dr Martin Zhu Yihao, Co-Founder and CEO of i2Cool, says this financing round will fund technological research and development, product line expansion, and global market expansion. Photos 3 & 4: i2Cool is committed to the research, development, and application of its “electricity-free cooling technology”. By applying the “electricity-free cooling technology” coating on the rooftops of buildings, the daytime roof surface temperature can be reduced from 60°C to 30°C, reducing the electricity consumption of air conditioners. For media enquiries, please contact: The Hong Kong and China Gas Company Limited Mr Addie Lam Assistant General Manager – Group Corporate Affairs Tel: 2963 2578 / 6702 6449 Email: addie.lam@towngas.com Ms Kara Kwong Senior Corporate Affairs Officer Tel: 2963 3497 / 6698 3357 Email: kara.kwong@towngas.com
- May 9, 2024Business
TOPPAN Gravity Establishes New Passport Manufacturing and Issuance Plant Through Joint Venture with Ethiopian Government
TOPPAN Gravity Ethiopia Share Company (TOPPAN Gravity Ethiopia), a joint venture between TOPPAN Gravity Limited (TOPPAN Gravity) and the government of Ethiopia, held the groundbreaking ceremony for a new passport manufacturing and issuance plant in Addis Ababa, Ethiopia, on May 8. TOPPAN Gravity and the Ethiopian government established TOPPAN Gravity Ethiopia in July 2023 to drive the manufacture and issuance of passports, IDs, driving licenses, and other government-issued documents. The TOPPAN Group holds a 51% stake in the company via TOPPAN Gravity’s UAE-based subsidiary Gravity Group Ind. L.L.C and one other company, while the Ethiopian government holds a 49% stake through the Ethiopian national printer and two other companies. The new plant will draw on the TOPPAN Group’s accumulated security printing and data processing technologies as well as its expertise in the handling of personal information to help drive the development of public infrastructure in Ethiopia. TOPPAN will also provide support for onsite operations and contribute to job creation in Ethiopia. Background With future population growth and economic development anticipated, many African countries are seeing increased needs for the enhancement of social infrastructure. This is driving demand for solutions that aid governments in managing citizens’ data from the stage of birth registration and enable more citizens to access public services. The TOPPAN Group’s security business traces its roots back to the security printing that was core to its operations at the time of its founding in 1900. Backed by this extensive track record, the TOPPAN Group has provided government IDs for more than 40 countries. The TOPPAN Group is now employing its technologies and solutions in launching the joint venture with the Ethiopian government to deliver a full suite of passport and ID issuance solutions to Ethiopia, ranging from personal data registration and database management to business process outsourcing. Future With the launch of the manufacturing plant in Ethiopia as a first step, the TOPPAN Group plans to harness its technologies and solutions to establish capabilities for the provision of a full range of government ID solutions in the African market, with a view to producing IDs and passports for neighboring countries in the future. The government of Ethiopia, meanwhile, will ensure operational design aligned with local needs by establishing rules and regulations for passports and IDs. Overview of the new company and plant About TOPPAN Gravity TOPPAN Gravity is a subsidiary of TOPPAN NEXT, serving as the international development arm of the TOPPAN Group in the security domain. Being part of the most prestigious conglomerate in the industry with decades of experience and multiple well-known references, TOPPAN Gravity benefits from the TOPPAN Group’s strong market position and extensive expertise. As a global solutions provider primarily focused on the payment and identity industries, TOPPAN Gravity aims at developing the next generation of virtual and physical security solutions. https://www.toppangravity.com https://www.linkedin.com/company/toppan-gravity/ About the TOPPAN Group Established in Tokyo in 1900, the TOPPAN Group is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields including printing, communications, security, packaging, décor materials, electronics, and digital transformation. The TOPPAN Group’s global team of more than 50,000 employees offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals. https://www.holdings.toppan.com/en/ https://www.linkedin.com/company/toppan/
- May 9, 2024Finance & Loan
Fujifilm Announces Financial Results for Fiscal Year Ended March 31, 2024
FUJIFILM Holdings Corporation announced today financial results for fiscal year ended March 31, 2024. In the fiscal year ended March 31, 2024, revenue increased by 3.6% year-over-year to JPY2,960.9 billion, mainly due to strong sales in the Medical Systems and Imaging businesses and the impact of exchange rates. Thanks to revenue growth and the impact of exchange rates, operating income amounted to JPY276.7 billion, an increase of 1.3% year-over-year. Net income attributable to FUJIFILM Holdings increased by 11.0% year-over-year to JPY243.5 billion due to higher operating income and valuation gains on marketable and investment securities. “We are proud to have achieved remarkable milestones in the last fiscal year, with our highest ever sales, operating income, and net income. Our positive results demonstrate our growing earning power,” says Teiichi Goto, president and chief executive officer, representative director, FUJIFILM Holdings Corporation. “In line with our new medium-term management plan VISION2030, we will strengthen Fujifilm Group’s corporate value by prioritizing profitability and capital efficiency in our management approach. Also, as expressed in our Group Purpose “Giving our world more smiles,” we aim to be a company that brings smiles to the faces of our various stakeholders by reinvesting the value we generate back into society.” As stated in the new medium-term management plan "VISION2030" announced on April 17, 2024, the company target is to achieve record-high sales of JPY3,100 billion, and record-high operating income of JPY300 billion for fiscal year ending March 31, 2025. It also plans to invest JPY757 billion in growth, mainly in Bio-CDMO and Semiconductor Materials, which is higher than the previous fiscal year ended March 31, 2024. Highlights by business segments Healthcare: Revenue increased 5.0% year-over-year to JPY975.1 billion due to higher revenue in the Medical Systems and Bio-CDMO businesses, while operating income decreased 5.2% year-over-year to JPY97.4 billion mainly attributed to the absence of the previous year’s one-time gains recorded in Pharmaceuticals business and an increase in one-time expenses, including inventory write-downs in the Bio-CDMO and LS Solutions businesses. In the Medical Systems business, revenue was driven higher by steady sales of endoscopes, CT, MRI, and other products. Endoscope sales increased primarily in Japan, the U.S., Europe, and China, while CT and MRI sales were driven by higher sales in Central and South America, the Middle East and India. In the Bio-CDMO business, revenue increased due to the solid performance in contract manufacturing of antibody drugs, mainly at the Denmark site, where productivity also improved. Meanwhile, slow orders for gene therapy and other drugs, reflecting the difficult fundraising climate for biotech venture customers, led to inventory write-downs in the first and third quarter on components and consumables nearing the end of their shelf life. In the LS Solutions business, revenue was driven lower in Pharmaceuticals by the absence of one-time revenue from the previous year’s transfer of the radiopharmaceutical business, while revenue rose in Life Sciences due to license fee income from BlueRock Therapeutics for its program to treat eye diseases using iPS cell technology, in addition to a recovery in sales of culture media for the production of antibody drugs. Materials: Revenue increased 1.2% year-over-year to JPY690.0 billion and operating income decreased 34.5% year-over-year to JPY42.9 billion, mainly hit by higher one-time expenses related to M&A. In the Electronic Materials business, despite stagnant semiconductor market conditions, revenue increased 10.6% year-over-year due to contributions from the semiconductor process chemicals business acquired from Entegris, Inc, in October 2023. In the Display Materials business, revenue increased as panel makers' operations recovered from the previous year, when production adjustments were made throughout the supply chain. In the Graphic Communication business, revenue decreased mainly due to lower demand for printed materials in the printing plates fields, especially in Europe and the U.S. In the Inkjet business, revenue fell as sales of inkjet printheads for the ceramic market were driven lower due to sluggish demand in China’s real estate markets. Business Innovation: Overall revenue decreased by 1.4% year-over-year to JPY826.1 billion, but operating income increased by 1.8% year-over-year to JPY70.8 billion, due to the effect of worldwide sales price revisions and other favorable factors. In the Office Solutions business, revenue decreased as the expansion of new OEMs, worldwide price revisions and other factors were not enough to offset lower exports of devices and consumables to Europe and the U.S. In April of this year, full-scale sales of the Apeos series of digital multifunction devices/printers began in the European region through leading distributors. In the Business Solutions business, revenue rose mainly due to the effects of the initial consolidation of FUJIFILM MicroChannel and sales digital transformation (DX) solutions. Imaging: Strong sales of instant photo systems and digital cameras boosted revenue by 14.5% year-over-year to JPY469.7 billion and operating income by 39.9% year-over-year to JPY101.9 billion. In the Consumer Imaging business, steady sales of the INSTAX instant photo systems drove revenue higher. INSTAX's sales target of JPY150 billion for FY2025 was achieved one year ahead of schedule. In the Professional Imaging business, revenue rose due to strong sales of X-S20 launched in June 2023 and GFX100 II launched in September 2023, in addition to brisk sales of X-H2, X-H2S and X-T5 released in the previous fiscal year. In February 2024, the X100VI high-end compact digital camera was launched, featuring a back-illuminated 40.2 MP sensor and the latest processor. For more details, please visit the Investor Relations section of Fujifilm website https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations.html Contact Media Contact FUJIFILM Holdings Corporation Coprorate Communications Division, Public Relations Group +81-3-6271-2000 * Please note that the contents including the product availability, specification, prices and contacts in this website are current as of the date of the press announcement and may be subject to change without prior notice.
- May 9, 2024Finance & Loan
FTREIT announces solid 1HFY24 with almost THB 2,000 million in total revenue, fuelled by the manufacturing industry driving an occupancy rate
Frasers Property Industrial REIT Management (Thailand) Company Limited (“FIRM”), the REIT manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT), reported a solid set of results for 1HFY2024 (October 2023 - March 2024). During the period, FTREIT delivered total revenue of THB 1,974.1 million, an increase of 5.7% or THB 106.7 million year-on-year (Y-o-Y), while its net profit on investment increased by 0.3% or THB 3.6 million Y-o-Y to THB 1,275.2 million. In 2QFY2024 (January - March 2024), there was an increase in total revenue of 5.3% or THB 49.2 million Y-o-Y to THB 984.4 million, with net profit also rising 0.4% or THB 2.4 million to THB 638.3 million. Mr. Thanarat Boonyakosol, Managing Director of FIRM, said, “FTREIT’s solid performance, notably an improvement in average occupancy rate to 86%, is the result of strong industry tailwinds due to foreign investors from Hong Kong, Taiwan, and the United States strategically diversifying their supply chains and operations. This has in turn generated growing demand for quality industrial assets, particularly from the electronics and automobile industries. We are seeing signs of improvement in the general economic sentiment, driven by private consumption and the recovery of the tourism sector, including a rise in the consumer confidence index. Measures to reduce the cost of living, especially for energy, and the Easy e-receipt project, which stimulated spending, were contributory factors.” The distribution payment from operations in the second quarter, amounting to THB 0.1870 per unit, will be paid on 7 June 2024. The accumulated distribution of FTREIT for the first half of fiscal year 2024 is THB 0.3740 per unit. FTREIT plans to continue driving investment growth by acquiring high-potential industrial assets located in strategic locations for the industrial and logistics industries served by Frasers Property Thailand (“FPT”) and non-sponsor entities. In addition, FTREIT will continue to sustainably grow new warehouse and factory rentals to further its expansion and generate sustainable returns for unitholders.
- May 9, 2024Business
Coles Group ranks number one in Access and Inclusion for Aussies with disabilities
Coles Group has been recognised for its continued commitment to closing the disability inclusion gap by Australia’s peak body for workplace inclusivity, ranking number one out of 40 organisations in the Access and Inclusion Index 2023. The Australian Disability Network announced the winners at the Disability Confidence Awards, acknowledging organisations who are implementing new initiatives, improving processes, or making systematic changes to their workplaces to become inclusive of employees and customers with disability. As the top performer in the Access and Inclusion Index 2023 – jumping from third place to first in two years – Coles Group continues to demonstrate its commitment to making its workplace, culture, services, and products welcoming, accessible, and supportive of people with disability. Coles Group Chief Executive Officer Leah Weckert said the organisation was incredibly proud of its ranking in the Index and was committed to continuing its momentum in closing the disability inclusion gap for its team members, customers, and the communities it serves. “Disability inclusion has been an integral part of the Coles Group strategy for a number of years and we are delighted to have made changes across our business to reflect this, most notably in our employment and workforce representation, with 7.6% of our 120,000 team members identifying as living with disability,” she said. “While we are proud of our growth in this area, we are committed to further improving the representation of our workforce who have disability, and supporting their development by providing them with the tools to progress their careers at Coles. “The Australian Disability Network’s Index is an important benchmark, and sets the tone for Australian organisations to continue to implement improvements and initiatives that help close the disability gap – no matter what rank you achieve.” Since the last Access and Inclusion Index results in 2021, Coles Group has made a number of improvements and changes to its in-store accessibility and digital customer accessibility including: Expanding Quiet Hour, the low-sensory shopping period in Coles supermarkets, to five days a week in all stores nationally. Implementing Disability Confidence Training to customer-facing team members. Currently 90.5% of team members have completed training and all new team members are required to complete. Participating in the Australian Disability Network PACE Mentoring program, matching 10 people with disability from outside Coles to our talented leaders for career mentoring. Annual testing of Coles Group’s digital experience across the Coles website, mobile app and other digital assets, with a focus group of Australians who have lived experience with disability. Launching an Autism Support Hub for leaders and team members. Working with customer focus groups to identify opportunities to improve the accessibility of more than 50 Own Brand products. The Australian Disability Network, which has more than 460 member organisations, helps businesses improve access and inclusivity in the workplace and remove barriers that limit employment and career progression for people with disability. BACKGROUND: What is Coles involvement with the Access & Inclusion Index? Under Coles’ Diversity & Inclusion focus in the area of Accessibility, it has publicly committed to take part in the Australian Disability Network’s Access and Inclusion Index to make sure it’s always working to improve its inclusion score. Coles submits a Self-Assessment to the A&I Index every two years and has fulfilled its commitment to improve its score each time as per below: For media enquiries, please contact Coles Media Line (03) 9829 5250 or media.relations@coles.com.au
- May 9, 2024Business
Indorama Ventures raises US$500 million through a syndicated loan from HSBC and Standard Chartered Bank
Indorama Ventures Public Company Limited, a global sustainable chemical producer, today announced the successful close of a US$500 million syndicated term loan facility, arranged by HSBC and Standard Chartered Bank (Singapore) Limited. This latest transaction is part of the company’s program to refinance upcoming maturities totaling US$1.1 billion, with a focus on generating ample liquidity, strengthening its financial structure, and diversifying sources of financing. Under Indorama Ventures’ IVL 2.0 evolved business strategy, which it outlined at its annual Capital Markets Day on 5 March, the company is optimizing its assets and deleveraging its business to drive enhanced earnings quality in an era of higher interest rates and a changed industry landscape. This includes debt refinancing of US$700 million for 2024 and US$400 million for 2025, to be completed in the first half of 2024. This latest syndicated facility has a bullet maturity in 5 years and will fund working capital and refinance previous issuances, including a US$300 million bond maturing in September 2024. This is Indorama Ventures’ first syndicated facility that is structured with a sustainability-linked loan conversion feature. In the year to date, Indorama Ventures has raised an additional US$255 million through a 5-year ‘Ninja loan’ and a further THB 10 billion through an issuance of Thai baht-denominated debentures. All transactions were completed at lower-than-average spreads when compared to previous issuances. The company is also planning to issue subordinated perpetual debentures totaling THB 15 billion through a public offering in July this year. Mr. DK Agarwal, Deputy Group CEO and Group CFO at Indorama Ventures, said, “We are delighted to secure this facility with the support of HSBC and Standard Chartered Bank, which follows other successful raisings in the first half of this year under our refinancing program. As we navigate the changed industry landscape through our IVL 2.0 strategy, this transaction is part of our commitment to ensure financial stability, responsible management, and a diversified financing approach.” Mr. Krisda Phatcharoen, Head of Wholesale Banking at HSBC Thailand, said, “HSBC is pleased to act as the joint mandated lead arranger, underwriter, and bookrunner of this syndicated loan for Indorama Ventures. Our relationship dates to 1995, and we are proud to continue to support Indorama Ventures as they navigate the current uncertain environment. As the leading international bank in Southeast Asia, HSBC has a proud history and strong record of developing tailored solutions and providing best-in-class execution to help our clients expand across ASEAN and beyond.” Mr. Plakorn Wanglee, President & CEO at Standard Chartered Bank (Thai), said, “Indorama Ventures has demonstrated their capability as a global player in the chemical industry to continue to navigate global complexities and grow its business in a sustainable manner. We are pleased to be their strategic partner, supporting them through their journey. This move is in line with Standard Chartered Bank’s strategy to drive commerce and prosperity as we leverage our unparalleled international network to create value for our business, our customers, and our communities.”
- May 9, 2024Business
Ascott launches Ascott Global Academy for Excellence, learning facility to nurture and strengthen industry talent pool
Ascott’s Annual Global Conference officially kicked-off at Gardens by the Bay in Singapore with an opening greeting by Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), today announced the launch of a global learning facility, Ascott Global Academy for Excellence (AGAX), as part of its year-long ‘Ascott Unlimited’ campaign to mark its 40th year of hospitality service. Unveiled at the biennial Ascott Global Conference held in Singapore this year, the launch of AGAX signifies Ascott’s commitment to strengthen its talent acquisition and retention strategy, while building a culture of continuous learning throughout its expansive network. Cultivating a strong talent pipeline to take on a future of unlimited possibilities An extension of the Ascott Centre for Excellence (ACE), a hospitality training centre in Singapore providing training courses to the wider industry, AGAX will be established in collaboration with accredited learning partners to train associates from all over the world. From apprenticeship programmes to hospitality and service training courses, AGAX will serve as a dynamic platform with a comprehensive range of offerings for learning and development. All programmes will be designed to equip Ascott associates with the skills and knowledge essential for success in the ever-evolving hospitality landscape. Recognising the diverse needs of its workforce, the academy will offer both in-person training sessions at physical locations worldwide, as well as virtual online courses accessible to Ascott associates irrespective of geographical constraints. AGAX will adopt a systematised and outcome-based learning track. It will also offer personal development programmes to equip associates with the technical know-how and best practices for the hospitality industry. AGAX is a core initiative led by the Ascott Learning Council, which is co-chaired by Ms Wong Kar Ling, Chief Strategy Officer and Managing Director, Southeast Asia for Ascott; and Mr Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott. Ms Wong Kar Ling, Chief Strategy Officer and Managing Director, Southeast Asia for Ascott, as well as co-chair of the Ascott Learning Council, unveiled plans for the launch of the Ascott Global Academy for Excellence (AGAX) Ms Wong Kar Ling said: “Against a backdrop of global change and evolving perspectives of travel, Ascott is welcoming a new era of unlimited possibilities. As we continue to build on a highly resilient flex-hybrid accommodation model and ride on the upswing of travel recovery, we need a robust and holistic talent management strategy to ensure Ascott maintains an ever-ready pool of talent. The Ascott Global Academy for Excellence is a significant milestone in our ongoing efforts to elevate employee engagement, drive operational excellence, and deliver unparalleled guest experiences. By prioritising continuous learning and development, Ascott aims to nurture a workforce that is not only adept at meeting current challenges but also poised to capitalise on future opportunities in the dynamic hospitality industry. This will allow Ascott to uplift our human capital while providing best-in-class hospitality products and services as a preferred accommodation of choice for our property owners and guests.” Mr Lee Ngor Houai added: “As Ascott embarks on this journey of growth and expansion, it is imperative that we invest in the development and empowerment of our associates and contribute to their personal and professional growth. With the launch of the Ascott Global Academy for Excellence , we aim to cultivate a culture where every Ascott associate is equipped with the tools and resources needed to thrive in their roles. The academy will focus on core competencies training to hone knowledge and deepen skillsets that will elevate Ascott’s standards in the delivery of hospitality service. Ascott also seeks to attract talents who are passionate about joining the industry by offering robust and specialised learning programmes. In addition to building a strong talent pipeline with unlimited opportunities for growth and development, Ascott will spotlight opportunities to celebrate and recognise our associates, empowering them to be at their best so that they will in turn be at their best for our guests." Mr Lee Ngor Houai, Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott, as well as co-chair of the Ascott Learning Council; with award recipients of the Stars of Ascott Awards Driving sustainable growth with continuous engagement and unlimited opportunities for associates As Ascott remains steadfast on its transformative journey to go unlimited for associates, guests, owners, and partners, it is also building a suite of programmes that will provide associates with unlimited choices for growth, unlimited freedom to pursue physical and mental wellbeing, and unlimited opportunities to contribute to the growth and success of the business. Unlimited Choices – Tapping on talent development programmes that chart the way for career growth such as Graduate Development Programme; Ascott Management Associate Programme; Ascott Lodging Management Programme; Ascott Global Exchange Programme; and Internships and Apprenticeships . Recognising the success of associates who have benefitted from these programmes, Ascott will be launching a series of short features that showcase their stories come June 2024 across its social channels. With its continued ambition to drive tech-forward hospitality, technology continues to be a critical enabler across all aspects of Ascott business. Pipeline plans for targeted training resources and support are in place to facilitate associates’ adaptation to the accelerated rate of transformation and overall adoption of technology e.g. generative AI. Ascott is committed to nurturing a technology-driven culture where its associates feel empowered to embrace technological advancements, which will be crucial in ensuring success in the digital age of tourism ahead. Unlimited Freedom – Nurturing both the physical and mental wellbeing of its associates through tailored programmes focusing on physical fitness, mindfulness, stress management, and social activities that also build team camaraderie. By prioritising holistic development, Ascott seeks to foster a balanced and fulfilling lifestyle for its associates, to create a supportive environment where associates can thrive personally and professionally. Unlimited Good – Committing to doing good through Ascott CARES, Ascott’s sustainability framework, to make a positive impact beyond the confines of its properties. The ESG framework centres around five pillars representing the acronym CARES – Community, Alliance, Respect, Environment and Supply Chain. Ascott seeks to involve its associates not only in contributing to meaningful causes but also foster a sense of purpose and fulfillment in their roles as ambassadors of Ascott CARES. Unlimited Opportunities – Creating avenues to empower its associates to actively participate and make meaningful contributions to the growth and success of Ascott. Examples of such initiatives include the Ascott Innovation Challenge, whereby associates submit innovative ideas or plans to improve on business processes; and Ascott Moments Week, when associates are encouraged to demonstrate creativity in their delivery of brand experiences, in ways that truly exemplify the brand. These programmes are essential for a thriving workplace culture at Ascott, as they foster a deep sense of pride and ownership. Ascott executives and associates from past and present gathered at a celebratory dinner in celebration of Ascott’s 40th year of hospitality service Associates from regions around the world shared in a fireside chat, about the unlimited opportunities received along their career journey with Ascott Over 300 key associates spanning various business functions came together to network and exchange best practices through workshops and panel discussions, with sustainability being a hot topic Embracing a culture of recognition and celebrating Ascott associates At the Ascott Global Conference 2024 (AGC2024) held this week, over 300 key Ascott executives and associates convened in Singapore to discuss groupwide strategic alignment as well as to foster collaboration and innovation across its diverse workforce worldwide. Regional General Managers, General Managers, as well as leaders and associates from business functions spanning Operations, Finance, Human Resources, Brand & Marketing, and Sales & Distribution; came together to network and exchange best practices through workshops, fireside chats, and panel discussions. Recognising the indispensable role of its people, more than 100 associates from over 40 countries were presented with the coveted ‘Stars of Ascott’ Awards at AGC2024, in celebration of their outstanding achievements and in appreciation of them going the extra mile to deliver the best guest experiences.
- May 9, 2024Business
Capital A accelerates sustainability focus, records efficiency gains amidst aviation industry recovery
Capital A reached a new milestone in its journey towards sustainability and net zero emissions with the return of its anchor airline operations to near pre-pandemic fuel and carbon efficiency. In its first standalone sustainability report, the Group announced that in 2023, AirAsia’s carbon intensity metrics dipped below 2019 levels as its fleet strength returned to 75%. With load factors rising to a high of 88%, AirAsia maintained an on-time-performance score of 77%, helping boost its Net Promoter Score (NPS)* to 52 from just 36 in 2022. These are among the environment, social and governance (ESG) highlights in the Group’s latest disclosures. In its environmental highlights, the Group said its carbon emissions per available seat kilometre (gCO2/ASK) of 64.4 and carbon emissions per revenue passenger kilometre (gCO2/RPK) were its lowest yet. This is in large part due to the implementation of operational efficiency measures which delivered total carbon avoidance of 129,469 tonnes, equivalent to savings of 41,000 tonnes in fuel and US$40 million in fuel costs. This performance has placed AirAsia once again among top performers of regional narrow body operators, underscoring its Gold Environmental Sustainability rating from the Centre for Aviation in its 2023 CAPA-Envest Global Airline Sustainability Benchmarking Report. In waste management, the Group handled over 1,000 tonnes of non-hazardous waste of which 49% was diverted from the landfill. Inflight catering company Santan also launched its five-year packaging strategy that includes among its priorities, sourcing for affordable biodegradable inflight food packaging as well as packaging that enables products to meet shelf-life in order to lower food waste. Santan capped its food waste margins within its target of 30% of total consumption, putting it on track to lowering its 2024 target to 25%. In economic measures, Capital A strengthened its sustainability governance with the appointment of Tan Sri Dr. Jemilah Mahmood, Professor of Planetary Health at Sunway University, and Dr. Veerathai Santiprabhob, former Governor of the Bank of Thailand, as sustainability advisers to its aviation arm. Capital A also continued its digital transformation with the rebranding of its Super App to AirAsia MOVE featuring improvements in its user interface. Complementing this was the launch of the AskBo AI chatbot to handle more complex queries swiftly. The Group also continued to make advances with automating and digitalising manual processes and paperwork. Measures taken to increase utilisation of self-check-in solutions helped eliminate 200,000 paper boarding passes while helping cut check-in counter queue times. The recovery of AirAsia’s NPS* score towards the pre-pandemic level of 60 reflects growing customer satisfaction with AirAsia services. In social disclosures, Capital A made significant strides in increasing the representation of women in leadership and STEM roles. In 2023, the proportion of women occupying leadership positions rose to 32% from 24% the previous year. Female pilot representation also rose to 7% from 6.6% and women in tech/IT roles to 23.9% from 17.7% in 2022. On the community investment front, AirAsia Foundation resumed full grant-making activities to support the growth of social enterprises in ASEAN while adding a new environmental dimension to its grant qualifying criteria. In 2023, the Foundation awarded three grants totalling RM244,907 to Natural Aceh, Fisherfolk and Bambuhay from Indonesia, Thailand and the Philippines respectively. All three organisations conduct social businesses that also aim to address UN Sustainable Development Goals on Poverty Alleviation, Gender Equality, Life on Land and Life Below Water. Commentary: Capital A’s Chief Sustainability Officer Yap Mun Ching said, “In 2023, we appointed Tan Sri Dr. Jemilah Mahmood and Dr. Veerathai Santiprabhob as sustainability advisors for our Aviation Business and welcome their stewardship as we accelerate our sustainability focus at Capital A and AirAsia.” “This was the first year since 2019 that all AirAsia airlines have been able to fly uninterrupted by lockdowns. Getting aircraft that have been mothballed for two to three years back into tip-top shape remains challenging given a continued global shortage of skilled manpower, parts and maintenance slots. However, our aviation business units - AirAsia, ADE and GTR - have all put in phenomenal effort, which we can now confirm with our results. ” “Beyond operational recovery, in 2023 Capital A prioritised diversity, equity and inclusion goals and the results are evident through the big strides we have recorded in increasing female representation across leadership and STEM roles.” “Looking ahead, Capital A remains committed to raising the sustainability bar. Among others, we will be pursuing regulatory approvals for CORSIA offset management, regional expansion of our aviation sustainability campaign, and incorporating renewable energy at ADE's maintenance facilities. At AirAsia Foundation, we look forward to expanding our partnerships for sustainable travel.” Read more on our sustainability performance in Capital A’s Sustainability Report 2023: https://www.capitala.com/misc/sr2023.pdf * NPS: NPS measures the entire customer experience across all touchpoints from booking to completion of flight.
- May 8, 2024Finance & Loan
Thai Union records 1Q24 net profit of THB 1.2 billion as demand recovers across core product categories
Thai Union Group PCL reported a net profit of THB 1.2 billion in the first quarter of 2024, a 53.9 percent increase from the adjusted net profit of 1Q23, which excludes share of profit and tax benefits from Red Lobster. The strong result was driven by a robust recovery in demand across the core Ambient, PetCare, and Value-added categories. Improved performances across all businesses helped lift sales by 1.7 percent in the first three months of the year to THB 33.2 billion from a year earlier. The Group’s gross profit margin improved to 17.3 percent, driven by Frozen, PetCare, and Value-added categories. “Thai Union Group’s focus on our core business of Ambient, Frozen, and PetCare has been instrumental in returning our business to growth,” said Thiraphong Chansiri, CEO of Thai Union Group. “Our Group demonstrated great resilience during 2023 when we faced a challenging operating environment, and after seeing initial signs of a recovery in our performance in the final quarter of last year, I’m pleased to see that we have now emerged even stronger.” In the first quarter, Ambient sales grew 12.7 percent year-on-year to THB 17.2 billion, with volumes rising 12.7 percent, resulting in an all time high sales contribution from Ambient, driven by stronger demand across all regions, particularly in the Middle East, Europe, and the U.S. The gross profit margin declined to 16.6 percent due to higher raw material prices in the Group’s inventory. PetCare sales increased 13.2 percent from a year earlier to THB 4.0 billion due to higher sales from the premium mix and price adjustment. PetCare delivered a gross profit margin of 25.7 percent, the highest level since the second quarter of 2022. Sales in the Value-added category rose by 10.8 percent compared to the first quarter of 2023 due to improve product mix and booked a record-high gross profit margin of 29.5 percent. The Frozen category saw sales decline 17.7 percent year-on-year largely as a result of soft demand in the U.S. market and the implementation of the rightsizing strategy, which started in 2Q23. In terms of geographical diversity, sales in the U.S. and Canada accounted for 38.6 percent of total revenues, followed by 29.6 percent from Europe, 10.9 percent from Thailand, and 20.9 percent from others. Net profit experienced a strong growth, compared to adjusted net profit of 1Q23. This was driven by improvements across all business categories, despite reduced foreign exchange gains, lower share of profit, higher financial costs, and increase of the tax expenses. During the quarter, the Japan Credit Rating Agency, Ltd. (JCR) raised the Thai Union Group’s foreign currency issuer credit rating from A- to A with a stable outlook. This rating is the same level as the sovereign credit rating of Thailand from JCR. Since the beginning of 2024, Thai Union announced its third share buyback program, in order to reward shareholders by returning excess capital to them and boost earnings per share. The share repurchase program will not exceed THB 3.6 billion or 200 million shares. At the end of March 2024, the total cumulative number of shares repurchased was 86 million shares, and Thai Union aims to continue repurchasing the shares in the remaining period of the program. Thai Union’s commitment to sustainability remained a focus in the first quarter, announcing the Zero Wastewater Discharge Project at its fish plant in Thailand to set a new global benchmark for a seafood factory by achieving 100 percent wastewater recycling. The Group also launched the Shrimp Decarbonization initiative, developed in collaboration with global environmental organization The Nature Conservancy (TNC) and Ahold Delhaize USA, to reduce greenhouse gas (GHG) emissions within the shrimp supply chain, while Thai Union Feedmill became the first feedmill in Asia to receive the Aquaculture Stewardship Council (ASC) Feed Standard certificate, setting a new benchmark for sustainable feed production in the region. “I am confident that through our Strategy 2030, which will create a sustainable and healthier future for humans, pets and the planet, and which is underpinned by a purpose of “Healthy Living, Healthy Oceans, that Thai Union Group is well positioned for sustained, long-term growth,” Chansiri said. ### About Thai Union Thai Union Group PCL is the world's seafood leader, bringing high quality, healthy, tasty and innovative seafood products to customers across the world for 47 years. Today, Thai Union is regarded as one of the world's leading seafood producers and is one of the largest producers of shelf-stable tuna products with annual sales exceeding THB 136.2 billion (US$ 3,912 billion) and a global workforce of more than 44,000 people who are dedicated to pioneering sustainable, innovative seafood products. The Company’s global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, Hawesta, and Rügen Fisch, Thai-leading brands SEALECT, Fisho, Qfresh, Monori, OMG Meat, Bellotta and Marvo, and ingredient and supplement brands UniQ®BONE, UniQ®DHA and ZEAvita. With a commitment to “Healthy Living, Healthy Oceans,” Thai Union is proud to be a member of the United Nations Global Compact, a founding participating company of the International Seafood Sustainability Foundation (ISSF), and current Chair of Seafood Business for Ocean Stewardship (SeaBOS). Thai Union's ongoing leadership in sustainability has been taken to the next level with the announcement of SeaChange® 2030, the Company’s expanded sustainability strategy with more ambitious goals for people and planet. Through SeaChange®, the Company was recognized and listed on the Dow Jones Sustainability Indices (DJSI) for the 10th consecutive year in 2023, ranked number one on the Seafood Stewardship Index (SSI) for the third consecutive time, listed in the S&P Global Sustainability Yearbook 2024, achieved a B rating from global environmental disclosure non-profit CDP, and was also named to the FTSE4Good Emerging Index for the eighth straight year in 2023. Find out more about the Group’s sustainability strategy at https://www.seachangesustainability.org/
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