CROWN BIOSCIENCE KICKS OFF SINGAPORE LABORATORY, INITIATES LOCAL COMMERCIAL PARTNER

KUALA LUMPUR, March 10 (Bernama) -- Crown Bioscience has opened a new site in Singapore to expand its capacity to support both global and local biotech and pharma companies engaged in preclinical and translational oncology drug discovery and development.

The new facility will initially offer a broad portfolio of high-demand cell line-derived xenograft (CDX) and syngeneic models, alongside supporting analytical biomarker capabilities including flow cytometry and pathology services.

Commenting on the opening of the new laboratory, executive director and general manager of the Singapore facility, Keefe Chng, PhD said: “We are extremely excited to join the local biomedical community.

“Our core capabilities and experience will help the booming local biotech industry advance their preclinical and translational studies, while at the same time enable Crown Bioscience to bring unique high-end technologies to our global partners.”

According to a statement, the company is also collaborating with the established biomedical community in Singapore to bring not only the foundational capabilities of Crown Bioscience’s preclinical services to Singapore but also novel technologies and services.

To support the growth goals for the Singapore site, and with a particular focus on the burgeoning local biotech industry, Crown Bioscience has entered into a distribution agreement with Biosys Corporation Pte Ltd, a specialised commercial partner with unique contacts within the Singaporean life sciences ecosystem.

The investment in Singapore reflects a broader strategy to increase Crown Bioscience’s ability to support APAC-based clients with a local presence.

In 2022, the company announced a joint venture launch with sister company MBL in Japan, alongside facility expansions and upgrades to its Chinese presence.

Founded in 2006, Crown Bioscience, a global contract research organisation and JSR Life Sciences company, has 12 facilities across the United States, Europe, and Asia.

-- BERNAMA

TOSHIBA UNVEILS NEW DISCRETE INSULATED GATE BIPOLAR TRANSISTOR

KUALA LUMPUR, March 9 (Bernama) -- Toshiba Electronic Devices & Storage Corporation (Toshiba) has launched a 650V discrete insulated gate bipolar transistor (IGBT) “GT30J65MRB” for the power factor correction (PFC) circuits of air conditioners and large power supplies for industrial equipment.

In industrial equipment and home appliances, which consume considerable electricity, demand for highly efficient switching devices is growing due to the increasing use of inverters in air conditioners and the need to lower power consumption in large-scale power supplies for industrial equipment.

This has spurred increasing demand for low-loss switching devices and higher switching frequencies in PFC circuits, according to Toshiba in a statement.

Toshiba brings the latest process to its new IGBT which also has a built-in diode with forward voltage of 1.20V, approximately 43 per cent lower than in GT50JR22. These improvements contribute to increased equipment efficiency.

For PFC circuits of air conditioners, Toshiba’s previous product GT50JR22 is used with an operating frequency below 40kHz. GT30J65MRB is Toshiba’s first IGBT for PFC for use below 60kHz, achieved by reducing switching loss (turn-off switching loss) to secure higher frequency operation.

As a leading supplier of advanced semiconductor and storage solutions, Toshiba will continue to expand its product line-up to meet market trends and improve equipment efficiency.

-- BERNAMA

WEMADE UPDATES MIR4 WITH NEW CLASS ‘DARKIST’

KUALA LUMPUR, March 8 (Bernama) -- Wemade Co Ltd announced its blockbuster massively multiplayer online role-playing game (MMORPG) MIR4 added a new class, “Darkist”, with the update on March 7.

In a statement, the South Korean online game developer said the “Darkist” class decays and destroys the enemy with ranged spell attacks, standing specialising in attacks using potent poison and caustic curses.

This class can attack multiple enemies with chains of blood to recover health, and use forbidden spells to temporarily wield power beyond all limits.

To celebrate the release of the “Darkist” class, MIR4 is holding the “Darkness 14-day Check-in Event” from March 7 to April 3.

Users can receive various items depending on the number of attendances in the event, such as “Divine Dragon's Blessing”, and “Class Creation Ticket” which allows a character's class to be changed to another class, including the Darkist class.

In addition, each time a character reaches a certain level, various items such as four types of Darkist exclusive Epic weapons and equipment, “Epic Advancement Draught”, which increases EXP gain by 100 per cent, Summon Tickets, and Tickets can be obtained.

The “Divine Dragon's Blessing” event will also be held, giving users the opportunity to attempt to combine items again, while the “Reaper Bead Exchange Shop” event will be held until March 20.

-- BERNAMA

CYBLE RECOGNISED ONE OF AMERICA'S BEST STARTUP EMPLOYERS 2023 BY FORBES

KUALA LUMPUR, March 8 (Bernama) -- Cyble, a global threat intelligence SaaS provider has been recognised as one of America's Best Startup Employers 2023 by Forbes in partnership with Statista, the world-leading statistics portal and industry ranking provider.

According to a statement, the prestigious list acknowledges the top startup employers in the US (founded between 2013 to 2020) based on employer reputation, employee satisfaction and growth.

“We are honoured and humbled to be recognised by Forbes as one of America's Best Startup Employers in 2023. This milestone is a testimony to the hard work and dedication of our workforce, who strive tirelessly to build a positive environment that encourages innovation, collaboration, and teamwork.

“At Cyble, we think putting our employees first is the key to our success, and we will keep working hard to create an environment where they feel supported, challenged and inspired,” said Cyble Co-founder and Chief Executive Officer, Beenu Arora.

Founded in 2019, the company has quickly scaled to a global team of highly skilled and driven cybersecurity experts and is backed by some of the best minds in the cybersecurity industry.

Besides being deeply committed to positively impacting the cybersecurity fraternity, Cyble’s efforts are directed at fostering a positive hybrid work environment and maintaining employee satisfaction and a positive culture.

This recognition closely follows the news of Cyble winning Gold in the categories - Best Threat Intelligence Platform 2023 and Fastest-growing Cybersecurity Companies in North America, as recognised by the prestigious Cybersecurity Excellence Awards.

This award from Forbes comes at an exciting time for Cyble, which has seen a year of significant development and success.

Upholding an inclusive workplace that supports its diverse team worldwide, Cyble has expanded its global footprint, launched ground-breaking products and secured clients with some of the greatest names in their respective industries.

-- BERNAMA

AM BEST PLACES CREDIT RATINGS OF HIMALAYAN REINSURANCE LIMITED UNDER REVIEW WITH POSITIVE IMPLICATIONS

SINGAPORE, March 2 (Bernama-BUSINESS WIRE) -- AM Best has placed under review with positive implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Himalayan Reinsurance Limited (Himalayan Re) (Nepal).

The Credit Ratings (ratings) of Himalayan Re have been placed under review with positive implications because of AM Best’s expectation that the company will complete a public listing over the near term. The under review with positive implications status reflects the anticipated improvement in the company’s balance sheet strength assessment associated with successful capital raising. In addition to improved financial flexibility, shareholders’ equity is expected to more than double following the successful completion of its initial public offering, in the form of an increase of NPR 3 billion in paid-up capital and additional share premium. The transaction is pending regulatory approval and is due to complete in March 2023. The ratings will remain under review until the successful completion of the initial public offering. 

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AM BEST: FMG INSURANCE CREDIT RATINGS AFFIRMED

KUALA LUMPUR, March 3 (Bernama) -- Global credit rating agency, AM Best has affirmed New Zealand’s FMG Insurance Limited (FMGIL) Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent).

AM Best in a statement said the Credit Ratings (ratings), which have a stable outlook reflected FMGIL’s balance sheet strength, which AM Best assessed as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

In addition, the ratings factor in a neutral holding company impact from the company’s 100 per cent ownership by Farmers’ Mutual Group (FMG).

FMGIL’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level at fiscal year ended March 31, 2022, as measured by Best’s Capital Adequacy Ratio.

Prospectively, AM Best expects the company’s risk-adjusted capitalisation to remain at this level over the medium term. FMGIL is considered to have a comprehensive reinsurance programme that provides protection against high-severity modelled catastrophe events in New Zealand.

AM Best viewed the company’s investment portfolio to be of moderate risk with a focus on cash and high-quality fixed-income securities, albeit with some exposure to equities.

The rating agency assessed FMGIL’s operating performance as adequate, with a five-year average return-on-equity ratio of 9.6 per cent (fiscal years 2018-2022). Over this same period, the company has recorded robust underwriting profits, aided in part by a lower-than-expected frequency for motor claims during the COVID-19 pandemic.

For fiscal year 2023, AM Best expects the company to report a deterioration in underwriting and operating results, due to a combination of claims cost inflation and the impact of several large weather events, including flooding and cyclone events in New Zealand in January and February this year.

FMGIL has a strong direct distribution business model that is built on long-standing customer relationships and supported through its ownership by FMG, which has a long history and strong brand recognition in New Zealand’s rural sector.

-- BERNAMA

TECHTRONIC INDUSTRIES RECORDS STEADY 2022 ANNUAL RESULT

KUALA LUMPUR, March 2 (Bernama) -- Global power equipment and floorcare & cleaning company, Techtronic Industries Co Ltd (TTI or the Group) has announced the company’s audited consolidated results and its subsidiaries for the year ended Dec 31, 2022.

Its Chief Executive Officer, Joseph Galli in a statement said TTI is well positioned to outperform the market in 2023.

“We have not only right-sized our selling, general and administrative expenses (SG&A) cost base, but also streamlined our fixed overhead position and prudently managed our production levels while developing a stream of innovative new products,” he said.

After nearly doubling the revenue base from 2018 to 2021, TTI delivered 2.8 per cent local currency sales growth in 2022 due to the extraordinary growth of the Group’s flagship MILWAUKEE business of 21.8 per cent in local currency, offsetting declines in its consumer and floorcare businesses.

Gross margin improved for the 14th consecutive year, from 38.8 per cent in 2021 to 39.3 per cent, up 54 basis points in 2022 while Earnings Before Interest and Taxes (EBIT) increased 0.8 per cent to US$1.2 billion with margin up slightly to 9.1 per cent. (US$1 = RM4.46)

Net Profit declined 2.0 per cent to US$1.1 billion due to higher interest expense, and earnings per share declined 2.0 per cent to 58.86 cents.

The Group generated free cash flow of US$329 million, with a tremendous improvement in the second half. Working capital to sales finished the year at 21.2 per cent compared to 20.9 per cent a year ago.

Meanwhile, TTI Chairman, Horst Pudwill said, the company is well positioned to further expand its global industrial, professional and consumer leadership position with a strong increase in free cash flow and a healthy balance sheet.

”We are highly confident in our ability to continue driving market share gains and to outperform the market in 2023,” he added.

The Board is recommending a final dividend of HK90.00 cents (approximately 11.58 cents) per share. Together, with the interim dividend of HK95.00 cents (approximately 12.23 cents) per share, thus resulting in a full-year dividend of HK185.00 cents (approximately 23.81 cents) per share, same as last year.

-- BERNAMA