New video app to convert online into real-life relationships

KUALA LUMPUR, Dec 6 (Bernama) – SVPER – the first mobile application to meet new people in the real world has launched its prototype SVPER app.

It is an instant video-only app for forming new real-life relationships in real time, replaces user profiles, pictures and text messages with instant video invitations.

According to a statement, the app is designed to encourage users to convert online connections into real-life relationships.

The company has also received excellent feedback for the prototype from the SVPER community and will utilise the market intelligence to further improve the app.  

It offers an instant platform which rewards users for meeting up and enjoying each other’s company in the form of SVPER Tokens.  

In order to incorporate the feedback and allow sufficient time for due diligence checks and commitment of funds from interested parties, the company has extended the ICO to Dec 31, 2018.

SVPER will be continuing its roadshow in Europe and the Middle-East to gain additional venture capital funding to ensure maximum success after the ICO, the statement added.

More information on the SVPER app, visit: www.svper.com

Asia continues to rise in ranking of top 100 cities global destinations 2018

KUALA LUMPUR, Dec 4 (Bernama) –Asia continues its rise, accounting for 41 out of the top 100 cities globally in 2018, in comparison to 37 cities in 2012 with cities in Japan and India standing out for their strong growth in international arrivals, Euromonitor International Travel Research Consultant, Wouter Geerts said.

Euromonitor International released its new ‘Top 100 City Destinations 2018’ ranking report today.

The report covering the world’s leading cities ranked by international tourist arrivals also highlighted three cities including Batam (Indonesia), Santiago (Chile) and Porto (Portugal) that joined the ranking for the first time.

However, cities in the Middle East and Africa region such as Jerba, Sousse and Sharm el Sheikh have dropped out of the ranking in the past few years, mainly due to terrorist attacks and subsequent slumping demand.

 In contrast, strong growth was registered by Turkish cities, as the country rebounded from a turbulent 2016.

The ranking also shows that six out of the top 10 most visited cities in 2017 are in Asia, with Hong Kong and Bangkok as the top two performers and with Singapore, Macau, Kuala Lumpur and Shenzhen in the global top 10, a statement said.

Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. More details on https://www.euromonitor.com.

-- BERNAMA

Malaysian Salvation Army to raise RM50,000 fund for Christmas

KUALA LUMPUR, Dec 6 (Bernama) -- The Salvation Army Malaysia will start its fundraising campaign -- Christmas Kettling in Kuala Lumpur, Ipoh and Kuching.

The Salvation Army aims to raise RM50,000 from the Christmas Kettling. For the current financial year, the projected Social Fund expenditure is RM4.6 million and needs to raise over RM2.2 million in donations.

The  Christmas Kettling at Citta Mall, Ara Damansara will be held from Dec 7 to 16. The charity sale will sell memorabilia, limited edition merchandise and small gifts to raise funds to support The Salvation Army’s efforts to care for people in need.

The organisation will also collect books whereby the public can donate books that are still in good condition, a statement said.

The fundraising campaign is a tradition that started way back in 1891 in San Francisco by an officer from The Salvation Army to remember those who are less fortunate and to spread the joy of hope and love, especially during the Christmas season.

The Salvation Army Malaysia is a non-profit organisation that provides care for the vulnerable and needy in various states across the country. More information at  www.salvationarmy.org/malaysia.

-- BERNAMA

Helsinn Group, MEI Pharma announce interim data of Phase 2 study for Myelodysplastic Syndrome

KUALA LUMPUR, Dec 4 (Bernama) – Helsinn Group and MEI Pharma, Inc. have announced interim data from a Phase 2 study evaluating pracinostat in combination with azacitadine for the treatment of patients with IPSS-R high/very high-risk of Myelodysplastic Syndrome (MDS).

The data demonstrates a nine per cent discontinuation rate due to adverse events – a substantially lower rate than observed in an earlier study and an encouraging 36 per cent complete response rate among patients receiving at least six cycles of treatment.

According to a statement, these data were presented at the 2018 American Society of Hematology (ASH) Annual Meeting.

The ongoing Phase 2 open-label study is evaluating a 45 mg dose of pracinostat in combination with azacitadine in order to improve safety/tolerability and retain patients in study longer than in an earlier Phase 2 study evaluating a 60 mg dose.

Prolonged treatment is envisaged to result in a systemic exposure to pracinostat sufficient to achieve the desired treatment effect.

The data reported reinforce results from a planned May 2018 interim analysis meeting a predefined discontinuation threshold and suggest a reduced dose of pracinostat may allow MDS patients to remain on treatment longer and thereby increase the likelihood of a treatment response.

If the current Phase 2 open-label study is successful, Helsinn intends to initiate a global registration study, the statement added.

Helsinn Group is a Swiss pharmaceutical group which focused on building quality cancer care products while MEI Pharma is an oncology company focused on the clinical development of novel therapies for cancer. More details at www.helsinn.com

-- BERNAMA

HAINAN OFFSHORE DUTY-FREE POLICIES UPGRADED: ANNUAL ALLOWANCE UP TO RMB 30,000, TWO DUTY-FREE SHOPS TO BE OPENED

HAIKOU, China, Dec 4 (Bernama-AsiaNet) -- The policies on offshore duty free shopping for visitors to Hainan Island have been adjusted, according to a joint statement made by the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation of the PRC. The adjusted policies are more open and convenient, aiming to transform Hainan into an international tourism consumption center. The new policies came into force on December 1, 2018.

The adjustments are mainly about three aspects. First, the offshore duty-free shopping allowance for visitors is increased from RMB 16,000 to RMB 30,000. Second, multiple rehabilitation medical devices are now covered by the tax-free list, including vision training equipment, hearing aids, orthotic aids, and respiratory aids for home health care. Two such medical devices are covered by the duty-free policies for each visitor each time they leave Hainan. Third, for Chinese citizens who live in or outside of Hainan, the duty-free policies are equally effective.

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​A.M. BEST AFFIRMS CREDIT RATINGS OF FIRST NET INSURANCE COMPANY

HONG KONG, Dec 3 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of First Net Insurance Company (First Net) (Guam). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect First Net’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

First Net maintains solid risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The company benefits from stable business distribution through its affiliate, Moylan’s Insurance Underwriters, Inc. However, given First Net’s small capital size and premium scale, it is exposed to expense pressure, as well as potential volatility in underwriting results and risk-adjusted capitalization from large catastrophe events. The company mitigates these risks through a conservative reinsurance strategy and a high quality reinsurer panel.

Other positive rating factors include First Net’s conservative investment portfolio, and financial flexibility owing to support from the Moylan family. Other offsetting rating factors include a high dependency on reinsurance, as well as the catastrophe-exposed and competitive market in Guam.

Positive rating actions could occur if First Net demonstrates sustained improvement and a consistent trend in operating performance for an extended period, contributing to surplus growth.

Negative rating actions could occur if there is significant deterioration in the company’s operating performance, or if there are material capital or dividend payouts that lead to a substantial decline in its risk-adjusted capitalization.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181130005394/en/

Contact

Yizhou Hong
Financial Analyst
+852 2827 3426
yizhou.hong@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jason Shum
Associate Director, Analytics
+852 2827 3424
jason.shum@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Source : A.M. Best

--BERNAMA

​A.M. BEST AFFIRMS CREDIT RATINGS OF THE ORIENTAL INSURANCE COMPANY LIMITED

SINGAPORE, Nov 30 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of The Oriental Insurance Company Limited (Oriental) (India). The outlook of the FSR remains stable, while the outlook of the Long-Term ICR remains negative.

The Credit Ratings (ratings) reflect Oriental’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The negative outlook of the Long Term ICR reflects the continued downside risk on Oriental’s risk-adjusted capitalization and concerns over its underwriting performance.

Oriental’s balance sheet strength remains very strong and is supported by solid risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s underwriting leverage is low compared with its major non-life insurer peers in India. However, it has been on an increasing trend. The high proportion of equity investments relative to its capital also leaves the company susceptible to stock market volatility. The company also incurred a substantial reserve charge during the previous fiscal year ending March 2017.

In terms of performance, Oriental’s operating ratio has improved to 105% in the 12 months to 31 March 2018, compared with 137% the year before. This was supported by a lower combined ratio of 119%, as the company reduced loss ratios in several major lines of business, as well as expense ratios. Nonetheless, underwriting losses continue to be sizable relative to capital, and there remains a reliance by the company on capital gains.

Negative rating actions could occur if no significant improvement in underwriting materializes or if there is a material deterioration in Oriental’s risk-adjusted capitalization due to negative fair value movements or increases in underwriting leverage. A revision of the Long-Term ICR outlook to stable could occur if the company can substantially improve and sustain its underwriting performance while maintaining its risk-adjusted capitalization. 

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