MYLIFE TAKES INITIATIVE TO DELIVER FINANCIAL EDUCATION TO ALL, STARTING WITH THE MILLENNIALS

The Inaugural Malaysia Financial Literacy Conference 2019 

KUALA LUMPUR, Oct 7 (Bernama) --  According to the Standard & Poor Global Financial Literacy Survey, Malaysians have a financial literacy rate of only 36%; well below that of developed countries at 59%. The needs to equip Malaysians with the knowledge to make informed financial decisions and to nurture healthy attitudes in financial management become more pivotal as the Government launched the National Strategy for Financial Literacy 2019-2023.
 
In line with the Government’s effort, Malaysia Literacy in Financial Education Association (MyLIFE) is taking initiative to improve financial literacy among Malaysians by hosting its First Malaysia Financial Literacy Conference (MFLC) on 30th October 2019, at the Bestari Lecture Hall, Universiti Kuala Lumpur (UniKL) which will be officiated by the Minister of Education, Yang Berhormat Dr. Maszlee Malik as the Honorable Guest.
 
Jointly organised by MyLIFE Association, Money Compass Media and uLearnMoney, the one-day conference takes the theme “Financial Literacy for Millennials” that aims to gather the relevant stakeholders from the private and public sectors in discussing solutions to elevate financial literacy among millennials.
 
Through this conference, the association hopes to transpire its vision to create a new Malaysia where citizens can make an informed judgement and take effective decisions regarding the use and management of money.
 
“The MyLIFE initiative began when we realised many Malaysians, including young people and underprivileged groups are struggling with financial issues. We believe that education is the most powerful weapon used to change the world, hence MyLIFE’s mission is financial literacy for all,” said Amy Seok, the Founding Chairman of MyLIFE Association & CEO of Money Compass Media.
 
With regards to the conference, 50 selected universities will be receiving a sponsorship subsidy of up to 90% for the uLearnMoney online financial literacy programme by the financial institutions and corporate sponsors. Recognition Merit Awards will also be honored to 15 financial educators who have contributed to uplift the financial literacy among Malaysians.
 
For those who are interested to participate in the conference, kindly contact the event manager of MFLC, Ms Chanel Pong at conference.mylife@gmail.com or call 012-336 1881.

About MyLIFE
Founded in 2018, Malaysian Literacy in Financial Education Association (MyLIFE) is a National Level Non-Government Organization with members from all over Malaysia, including Sabah and Sarawak. MyLIFE has taken initiative, ownership and proactive action to help Nation building through its holistic approach to elevate financial literacy of every Malaysian Citizen via various community and network. For more information https://mylifeassociation.org/
 
About uLearnMoney
uLearnMoney is an online Financial Literacy Platform that provides financial education for millennials and assists them to respond to immediate financial challenges, questions and doubts particularly curated for university and college students.
 
The programme is endorsed by the Higher Learning Division, Ministry of Education (MOE) as a curriculum programme for universities. uLearnMoney is supported and recognized by various financial institutions, including the Malaysian Financial Planning Council (MFPC), Financial Planning Association Of Malaysia (FPAM), Malaysian Financial Planners and Advisers Association (MFPAA), and Credit Counselling and Debt Management Agency (AKPK). For more information kindly visit the website https://ulearnmoney.com/ 

Source:  Malaysia Literacy in Financial Literacy (MyLIFE) Association

TomTom-Sumitomo Electric collaboration improves road safety, reduces traffic congestion

KUALA LUMPUR, Oct 17 -- Location technology specialist, TomTom has collaborated with Sumitomo Electric Industries Ltd to improve road safety and traffic congestion.

The initiative will utilise Sumitomo Electric’s expertise in intelligent transport systems and TomTom’s highly accurate real-time traffic data and high definition maps by creating mobility solutions.

“Our vision of a safe and autonomous world can only be achieved by working with innovative, expert partners like Sumitomo Electric. We’re very excited about the possibilities of our collaboration in tackling global mobility problems like traffic congestion and road safety,” said TomTom chief executive officer, Harold Goddijn.

“We believe that so many challenges in the intelligent transport systems field can be solved by fusing the expertise and technologies of our two companies, so I am delighted to be working with TomTom,” said Sumitomo Electric general manager (Systems & Electronics Division), Koichi Washimi.

Headquartered in Amsterdam with offices in 30 countries, TomTom’s technologies are trusted by hundreds of millions of people worldwide. More information at https://www.tomtom.com.

-- BERNAMA

VISIT MALAYSIA 2020 EVENTS AND FESTIVALS IS NOW ONLINE

PUTRAJAYA, Oct 9 (Bernama) -- Comprehensive information on the Visit Malaysia 2020 (VM 2020) events and festivals is now available for download on Tourism Malaysia’s website: https://www.malaysia.travel.

The e-brochure highlights the line-up of both existing and new events and festivals that Malaysia is offering during the year-long celebrations of Visit Malaysia 2020.

There are over 100 events lined up throughout the year in conjunction with VM 2020. Among them are Chinese New Year Celebration in Malacca, Iftar @KL, Royal Floria Putrajaya, Light and Motion Putrajaya (LAMPU), Terengganu Beach Festival, Tadau Ka’amatan Harvest Festival celebrated in Penampang, Sabah, Rainforest World Music Festival and Borneo Arts Festival.

For more information regarding the brochure, kindly contact Marketing Support Division, Tourism Malaysia at 03-8891 8000 or Tourism Malaysia Contact Centre at 1 300 88 5050 or email: enquiries@tourism.gov.my.

For full media release, please visit:
https://www.tourism.gov.my/media/view/visit-malaysia-2020-events-and-festivals-is-now-online

MALAYSIA TOURISM PROMOTION BOARD OR TOURISM MALAYSIA is an agency under the Ministry of Tourism, Arts & Culture Malaysia. It focuses on the specific task of promoting Malaysia as a preferred tourism destination. Since its inception, it has emerged as a major player in the international tourism scene. In 2018, Malaysia registered 25.8 million tourist arrivals and RM84.1 billion tourist receipts, placing it among the major tourism destinations of the world.

Source: Tourism Malaysia

Epiq bolsters information governance practice across Asia-Pacific

KUALA LUMPUR, Oct 16 -- Epiq, a global leader in the legal services industry announced that Elizabeth Fogerty will lead its information governance (IG) practice across Asia-Pacific region as strategic relationships and compliance consulting director.

Fogerty is an acclaimed IG expert with significant knowledge of cloud migration and the regulatory and compliance challenges that accompany migration. She brings considerable expertise to companies that are interested in transitioning to cloud-enabled solutions.

Based in Hong Kong, Fogerty will drive the client strategy for data security, compliance, eDiscovery, data classification, data retention and defensible deletion in cloud-based storage systems.

A study commissioned by Epiq reported that acceptance of cloud-based data storage is accelerating and over 75 per cent of buyers for eDiscovery and related services expect to increase the use of public cloud to host discovery data in the next three years.

Epiq has been working closely with global law firms and corporations to solve eDiscovery challenges in Asia for over a decade. Recent changes in privacy laws have increased the demand for IG compliance solutions worldwide.

In Asia, investments in information technology infrastructure are contributing to what is expected to be the fastest growth in the global eDiscovery market, according to a statement.

Epiq offers a full suite of information governance and eDiscovery solutions that allow clients to take control of digital information and mitigate regulatory and compliance risks. More information at https://www.epiqglobal.com/en-us.

-- BERNAMA

MPIC secures US$680 million from KKR investment in hospital unit

KUALA LUMPUR, Oct 15 -- Metro Pacific Investments Corporation (MPIC), KKR and GIC have signed certain definitive agreements, under which KKR and GIC’s affiliate will invest in Metro Pacific Hospital Holdings Inc (the Company).

Metro Pacific Hospitals is the operator of the largest private hospitals and healthcare network in the Philippines, in terms of authorised bed capacity and revenue, with interests in 14 hospitals across the country.

In a statement, KKR said the investment would be in a common shares series of investments in the Company and mandatorily exchangeable bonds issued by MPIC.

GIC will restructure its current investment in the Company and will re-invest alongside KKR.

Under the agreement, the KKR-led consortium will subscribe to Philippine peso (Php) 5.2 billion (US$100 million) worth of 41,366,178 new common shares, equivalent to 6.25 per cent of the aggregate par value of the Company. (US$1 = RM4.19)

Proceeds from the sale will be used to support Metro Pacific Hospitals’ potential investments in additional hospitals and new healthcare businesses. The capital will also be used to grow the Company’s existing subsidiaries, associates and joint ventures.

As part of MPIC's wider financing arrangements, the KKR-led consortium will also invest in a Php 30.1 billion (US$580 million) mandatorily exchangeable bond issued by MPIC.

The exchangeable bond shall grant the consortium the right to exchange the bond for 239,932,962 common shares in Metro Pacific Hospitals at the soonest 10 years or an initial public offering, which may be considered after further development of the business.

MPIC plans to use the proceeds of this issuance to reduce its bank borrowings.

The transactions are expected to complete by year-end. KKR will make this investment from its Asian Fund III.

-- BERNAMA

Capital Life Insurance outlook revised to stable - AM Best

KUALA LUMPUR, Oct 14 -- AM Best has revised the outlook to stable from negative and affirmed the Financial Strength Rating of C- (weak) and the Long-Term Issuer Credit Rating of ‘cc’ of Capital Life Insurance Company Limited (CLI) Papua New Guinea.

The rating agency categorised the company’s balance sheet strength as weak, as well as its adequate operating performance, limited business profile and weak enterprise risk management.

The ratings factor in a neutral impact from the company’s 100 per cent ownership by Capital Insurance Group Limited.

The revision of the outlooks to stable from negative reflects AM Best’s expectation that the company’s balance sheet strength fundamentals will demonstrate an improving trend over the medium term.

The company has since implemented a number of remedial actions, including large premium rate adjustments and strengthening of policy conditions.

AM Best expects these steps to generate additional retained earnings over the medium term, which will bolster prospective risk-adjusted capitalisation.

The agency also expects CLI to report positive underwriting and operating earnings, driven by an anticipated improvement in the performance of its core medical portfolio.

More details on the credit ratings at http://www.ambest.com

-- BERNAMA

Takeda divests select OTC, non-core assets to Acino for over US$200 million

KUALA LUMPUR, Oct 15 -- Takeda Pharmaceutical Company Limited (Takeda) has entered into an agreement to divest a portfolio of select over-the-counter (OTC) and prescription pharmaceutical assets within its Growth and Emerging Markets Business Unit to Acino for over US$200 million. (US$1 = RM4.19)

The agreement involves assets sold in a number of Near East, Middle East and Africa countries of which, Egypt, Saudi Arabia, South Africa, Turkey, Ukraine and the United Arab Emirates are among key countries.

Under the terms of agreement, Acino, a Swiss pharmaceutical company, will acquire the rights, title and interest to the products in the portfolio exclusive to these countries.

It is anticipated that primarily, sales and marketing professionals supporting the portfolio will transition to Acino at the closing of the transaction.

The parties will also enter into a multi-year manufacturing and supply agreement under which Takeda will continue to manufacture the products on behalf of Acino.

The Japan-based biopharmaceutical leader will use the proceeds to reduce debt and continue to deleverage towards its target of 2.0x net debt/adjusted EBITDA over the next three to five years.

The transaction is expected to close between January and March next year, subject to the satisfaction of customary closing conditions, including receipt of applicable antitrust approvals. Until then, these products will continue to be made available by Takeda.

Takeda is being advised by BofA Securities (financial adviser), White & Case (legal adviser) and Deloitte (financial consultant) in this transaction.

-- BERNAMA