COVID-19: Major merger and acquisition deals on hold due to market volatility

 KUALA LUMPUR, Sept 8 -- Major merger and acquisition deals this year have been put on hold as a result of market volatility amid the COVID-19 crisis, with a decline of 25 per cent in the first half.

According to a statement, global market research company, Euromonitor International is investigating the future of global and regional M&A activities and the expected level of attractiveness using its latest M&A Investment Index.

Between 2015 and 2019, China and the United States (US) led the way as the two most dynamic M&A markets accounting for 38 per cent of global transactions.

However, with the political landscape affecting the global economy, countries are diversifying their supply and value chain strategies away from China to Southeast Asia.

The region’s low borrowing costs and depressed asset values will present acquisition opportunities for businesses from the US and Western Europe.

China, on the other hand, will shift its manufacturing capabilities to focus on its domestic market, especially in engineering and industrial machinery. Its M&A activity index is expected to grow by only 5.4 per cent, the lowest in the last five years.

In addition, the US will aim to counter China’s past influence in the Western Hemisphere by focusing on Latin America, with industries such as renewable energy, e-commerce and education leading the way.

-- BERNAMA

AM Best assigns stable outlook to Taiwan's non-life insurance industry

 KUALA LUMPUR, Sept 4 -- AM Best has assigned a market segment outlook of stable to Taiwan’s non-life insurance market.

The global credit rating agency cites consistent favourable underwriting and investment performances, as well as strong capitalisation of Taiwan’s non-life insurers, despite some negative impacts from the COVID-19 pandemic.

According to a statement, the new Best’s Market Segment Report, titled, ‘Market Segment Outlook: Taiwan Non-Life’ states while many Asia-Pacific region economies continue grappling with challenges brought by the COVID-19 pandemic, the Taiwan economy remains resilient relative to its peers.

Last year, total direct premium written (DPW) rose by seven per cent to TWD 177 billion (US$ 5.9 billion). (US$1 = RM4.143).

The Taiwan insurance sector is considered a developed market in Asia Pacific, with one of the highest non-life insurance penetration rates, at 3.5 per cent.

AM Best expects non-life insurance companies in Taiwan to continue delivering positive underwriting results, with above-par margins as compared with those of other developed non-life markets in the region.

For details, visit www.ambest.com.

-- BERNAMA

Tech Data inks agreement to buy Innovix Distribution

KUALA LUMPUR, Sept 1 -- Tech Data has announced the signing of a definitive agreement to acquire Innovix Distribution, a leading technology distributor.

The agreement will enable the growth of Tech Data’s presence across the Asia Pacific region and strengthen its end-to-end solutions capabilities.

The acquisition is subject to customary closing conditions and expected to close during the third quarter of Tech Data’s fiscal year 2021.

The addition of Innovix will accelerate Tech Data’s growth in next-generation technologies, including within cloud and security, as well as endpoint offerings across the region, according to a statement.

Additionally, the acquisition will expand Tech Data’s business in key geographies, including Hong Kong, Malaysia and Singapore.

“Innovix is a leading regional IT distributor with an expansive range of IT products, solutions and services that will enhance our vendor portfolio, increase our customer base and strengthen our end-to-end solutions capabilities,” said Tech Data (Asia Pacific) president, Jaideep Malhotra.

Tech Data is ranked 90 on the Fortune 500® and has been named one of Fortune’s World’s Most Admired Companies for 11 straight years.

For details, visit www.techdata.com

-- BERNAMA

ONLINE MARKETPLACE CAROUSELL CHOOSES VONAGE TO ENHANCE CUSTOMER COMMUNICATIONS AND SAFEGUARD ITS PLATFORM AGAINST FRAUD THROUGHOUT ASIA, OCEANIA AND CANADA

SINGAPORE, Sept 3 (Bernama-BUSINESS WIRE) -- Vonage (Nasdaq: VG), a global leader in cloud communications helping businesses accelerate their digital transformation, has been selected by Singapore-based online marketplace Carousell to safeguard its platform against fraud and enhance the speed and efficiency of customer notifications.

Carousell, a leading consumer-to-consumer and business-to-consumer marketplace for buying and selling of new and second-hand goods, is using Vonage’s Verify API to implement two-factor authentication (2FA) to validate accounts. Using just a phone number, Vonage generates pin codes and employs SMS and voice channels to authenticate new and existing customers throughout Southeast Asia, Taiwan, Hong Kong, Australia, New Zealand and Canada.

Carousell is also using the Vonage SMS API to communicate with sellers and buyers, sending instant alerts whenever there are incoming enquiries and updates on their listings or interested items.

Victor Neo, Director of Engineering at Carousell, said, “We strive to create a trusted and secure marketplace where ‘Carousellers’ need not worry about purchasing counterfeits or falling prey to scams, while protecting brands simultaneously.

“We previously noticed a rise in fraudulent accounts, and these accounts were able to overcome email verifications easily, despite processes in place to block common spam email services. There was also an increase in attempts to sign up for multiple accounts. This made us hesitant to expand into new markets. Vonage’s solutions not only help us shield against the threat of rising spam accounts and fake users, but also increase the reliability of the platform, enabling us to send notifications fast and effectively. We are now confident of launching into new markets with Vonage.”

In addition to Singapore, the company has offices in Malaysia, Indonesia, Taiwan, Hong Kong, Myanmar, Vietnam, and the Philippines. With more than 250 million listings, it is one of the world’s largest and fastest-growing marketplaces in Southeast Asia, Taiwan and Hong Kong.

ACI Worldwide Research reported that global e-commerce retail sales had achieved 209 percent year-over-year revenue growth in April 2020.¹ With the sharp increase in e-commerce sales, the threat of fraud also rises. According to a study by Worldpay, the most common types of e-commerce fraud are identity theft (71 percent), phishing (66 percent) and account theft (63 percent).²

“Fraud is a growing concern worldwide, so verifying users has become critical to protecting businesses’ reputation and customers. Vonage’s Verify API not only gives customers the ability to authenticate end-users through their preferred channel, but also to customise the failover workflow process without coding or development,” said Sunny Rao, Vonage Senior Vice President and General Manager for the Asia Pacific region. “Vonage’s SMS API allows businesses to communicate effectively with customers without hassle. Together, these solutions place total control in the hands of customers, ensuring instant global reach and improved customer acquisition minus the complexity.”

The Vonage Communications Platform has more than one million registered developers and offers a full suite of programmable voice, video, messaging, and email services to forward-thinking businesses throughout the Asia-Pacific market and worldwide. Vonage APIs allow developers to easily enhance and build innovative customer experiences directly into their existing applications and devices. Through its partners, Vonage’s platform is at the centre of many notable transformational projects in the region, and a de facto for startups.

To find out more about Vonage, visit www.vonage.com.

###

About Vonage

Vonage, (Nasdaq: VG) a global cloud communications leader, helps businesses accelerate their digital transformation. Vonage's Communications Platform is fully programmable and allows for the integration of Video, Voice, Chat, Messaging and Verification into existing products, workflows and systems. Vonage's fully programmable unified communications and contact centre applications are built from the Vonage platform and enable companies to transform how they communicate and operate from the office or anywhere, providing enormous flexibility and ensuring business continuity.

Vonage Holdings Corp. is headquartered in New Jersey, with offices throughout the United States, Europe, Australia and Asia. To follow Vonage on Twitter, please visit www.twitter.com/vonage. To become a fan on Facebook, go to facebook.com/vonage. To subscribe on YouTube, visit youtube.com/vonage.

¹https://www.forbes.com/sites/louiscolumbus/2020/05/18/
how-e-commerces-explosive-growth-is-attracting-fraud/#5a3a1b2e6c4b
²https://www.information-age.com/seven-types-e-commerce-fraud-explained-123461276/#:~:text=
According%20to%20the%20study%2C%20the,and%20account%20theft%20(63%25).


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Contact

Vonage PR
Nicola Brookes
+44-(0)125-659-7454
nicola.brookes@vonage.com

Vonage Investor
Hunter Blankenbaker
+1-732-444-4926
hunter.blankenbaker@vonage.com

Source : Vonage
 

RLS (USA) Inc buys GE Healthcare's US radiopharmacy network

KUALA LUMPUR, Sept 2 -- RLS (USA) Inc (Radioisotope Life Sciences) has purchased General Electric’s (GE) US radiopharmacy network, making it the largest pure molecular imaging focused firm in the United States.

Capitor, a boutique global financial advisory firm, structured and brought the deal to investors, playing a critical part in the years-long negotiation and collaboration between the parties. Financial terms were not disclosed.

The radiopharmacies will continue to supply GE Healthcare molecular imaging products, with RLS leveraging a 10-year distribution partnership agreement, according to a statement.

The now privately-owned radiopharmacy network includes a minority ownership by Perceptive Advisors, a US$7 billion healthcare specialist investment firm based in New York. (US$1 = RM4.149)

RLS’ executive team comprises Chief Executive Officer, Werner Gruner; Chief Investment Officer, Jaco van Niekerk; and Chief Operations Officer, Shane Cobb.

The radiopharmacy network includes 31 pharmacies across 18 states, including its current headquarters in Tampa, Florida. Under the direction of van Niekerk, RLS aims to invest US$2 billion over the next decade in expanding its footprint of pharmacies, while continuously investing in cutting-edge scientific and technological advancements.

Almost five-hundred former GE employees across the country are now part of the RLS family. The company is expected to relocate its headquarters to the east coast of Florida in the near future and is in conversations with various economic development councils as well as municipalities.

-- BERNAMA

Jean Hynes appointed Wellington Management's new CEO

 KUALA LUMPUR, Sept 2 -- Wellington Management (Wellington), one of the world’s largest independent investment management firms, has announced that Managing Partner, Jean Hynes will succeed Brendan Swords as Chief Executive Officer.

“I’m excited that Jean Hynes will be my successor. Over the course of her nearly 30 years at the firm, she has demonstrated the vision, optimism, and fortitude to lead Wellington in the years ahead,” said Swords who will retire from Wellington on June 30 next year.

Hynes said: “I have had the privilege of learning alongside Brendan for many years, and I am looking forward to building on our long heritage of helping our clients and their beneficiaries around the world achieve their investment goals.”

According to a statement, Hynes joined the firm in 1991 after graduating from Wellesley College with a BA in economics, having served, since 2014, as one of the firm’s three Managing Partners, alongside Swords.

Wellington serves as trusted adviser to over 2,200 institutional and private clients in more than 60 countries and manages assets worth over US$1 trillion. (US$1 = RM4.149)

The firm offers comprehensive investment management capabilities spanning nearly all segments of the global capital markets, including equity, fixed income, multi-asset, and alternative strategies.

For details, visit www.wellington.com.

-- BERNAMA

NUSCALE POWER MAKES HISTORY AS THE FIRST EVER SMALL MODULAR REACTOR TO RECEIVE U.S. NUCLEAR REGULATORY COMMISSION DESIGN APPROVAL

 

^{An artist’s rendering of NuScale Power’s small modular nuclear reactor plant. Photo courtesy of NuScale}


A significant regulatory milestone accomplished as NuScale readies to bring its SMR technology to market this decade

PORTLAND, Ore., Sept 1 (Bernama-BUSINESS WIRE) -- NuScale Power announced today that the U.S. Nuclear Regulatory Commission (NRC) completed Phase 6 review—the last and final phase—of the Design Certification Application (DCA) for the company’s groundbreaking small modular reactor (SMR) with the issuance of the Final Safety Evaluation Report (FSER). The FSER represents completion of the technical review and approval of the NuScale SMR design. With this final phase of NuScale’s DCA now complete, customers can proceed with plans to develop NuScale power plants with the understanding that the NRC has approved the safety aspects of the NuScale design.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200828005299/en/

 

“This is a significant milestone not only for NuScale, but also for the entire U.S. nuclear sector and the other advanced nuclear technologies that will follow. This clearly establishes the leadership of NuScale and the U.S. in the race to bring SMRs to market. The approval of NuScale’s design is an incredible accomplishment and we would like to extend our deepest thanks to the NRC for their comprehensive review, to the U.S. Department of Energy (DOE) for its continued commitment to our successful private-public partnership to bring the country’s first SMR to market, and to the many other individuals who have dedicated countless hours to make this extraordinary moment a reality,” said NuScale Chairman and Chief Executive Officer John Hopkins. “Additionally, the cost-shared funding provided by Congress over the past several years has accelerated NuScale’s advancement through the NRC Design Certification process. This is what DOE’s SMR Program was created to do, and our success is credited to strong bipartisan support from Congress.”

NuScale’s DCA was completed in December 2016 and accepted by the NRC in March 2017. The review process demonstrated both the simplicity of NuScale’s SMR design and the thoroughness of the company’s application. As an example, during the rigorous Phase 1 review process, which included 115,000 hours spent reviewing the DCA, the NRC issued far fewer requests for additional information compared to other design certification applications. NuScale spent over $500 million, with the backing of Fluor, and over 2 million labor hours to develop the information needed to prepare its DCA application. The company also submitted 14 separate Topical Reports in addition to the over 12,000 pages for its DCA application and provided more than 2 million pages of supporting information for NRC audits.

“The NRC embraced the challenge of reviewing the first-ever small modular reactor DCA, which at the time not only marked an important milestone for NuScale, but also for the nuclear industry as a whole. NuScale appreciates the dedication, time, and effort of the NRC throughout this multi-year process, often with reviews completing ahead of schedule. As a long-time former NRC employee, including as an executive in the Office of New Reactors, I can say that this early issuance of the FSER is truly a credit to everyone at the NRC—including technical review and project staff, management, and the Commission,” said NuScale Vice President of Regulatory Affairs Tom Bergman.

NuScale continues to maintain strong program momentum toward commercialization of its SMR technology, including supply chain development, standard plant design, planning of plant delivery activities, and startup and commissioning plans. The company fields growing domestic and international customer interest from those who see the NuScale power plant as a long-term solution for providing reliable, safe, affordable, and operationally flexible carbon-free energy for diverse applications. NuScale has signed agreements with entities in the U.S., Canada, Romania, the Czech Republic, and Jordan. Similar agreements with other entities are being negotiated.

​​​​​About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 60 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design—a power plant can house up to 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 60-year history in commercial nuclear power.

NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. NuScale has a new logo, brand, and website. Watch the short video.

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Contact

Media Contact:
Diane Hughes, NuScale Vice President, Marketing & Communications
dhughes@nuscalepower.com
(C) 503-270-9329

Source : NuScale Power