AM BEST AFFIRMS CREDIT RATINGS AND ASSIGNS NATIONAL SCALE RATING TO PT ASURANSI ASTRA BUANA

SINGAPORE, March 15 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) to PT Asuransi Astra Buana (Asuransi Astra) (Indonesia). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned the Indonesia National Scale Rating (NSR) of aaa.ID (Exceptional) to Asuransi Astra with a stable outlook.

The ratings reflect Asuransi Astra’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from Asuransi Astra’s ultimate parent, Jardine Matheson Holdings Limited (Bermuda).

Asuransi Astra’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at 31 December 2022, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to be maintained at this level prospectively. The company’s capital adequacy is supported by its internal capital generation and low net underwriting leverage. AM Best views Asuransi Astra’s investment portfolio to have moderate risk, comprising mainly bonds held directly and through mutual funds with more than half of those being domestically rated bond funds. An offsetting balance sheet strength factor is the company's elevated counterparty credit risk due to its exposure to domestic reinsurance companies not rated on an international FSR scale. 

http://mrem.bernama.com/viewsm.php?idm=48222

AM BEST AFFIRMS KBFG CHINA CREDIT RATINGS AS EXCELLENT

KUALA LUMPUR, March 15 (Bernama) -- The United States-headquartered AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of KBFG Insurance (China) Co Ltd (KBFG China).

The outlook of these credit ratings (ratings) is stable, reflecting KBFG China’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

According to AM Best in a statement, the ratings also reflect the wide range of support that the company receives from its parent, KB Insurance Co Ltd, in areas of underwriting and pricing, business development and reinsurance.

The credit rating agency assesses KBFG China’s balance sheet strength at the very strong level, supported by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio.

The company’s consolidated capital and surplus has continued to increase driven by positive operating performance with full profit retention. Given its relatively small capital base and the nature of its underwriting portfolio, KBFG China’s risk-adjusted capitalisation is exposed to volatility in the event of large losses.

KBFG China has achieved positive operating profit over the last five years (2019 to 2023), with a low-to-mid single digit return-on-equity ratios reported during that period, despite having incurred a major commercial fire loss in 2023.

With a very low level of net retention ratio, the loss on a net basis has had a limited impact on the company’s underwriting results and it has projected that the solvency ratio will improve as reinsurance receivables are gradually settled in 2024.

As a foreign-owned insurer focusing on serving Korean Interests Abroad business, KBFG China has a defensible competitive advantage in this niche market.

However, the company has a limited market presence in China’s non-life industry with share less than one per cent of total market. AM Best views KBFG China’s ERM as appropriate for its risk profile.

-- BERNAMA

AMERICAN EXPRESS LISTS TOP TRAVEL TRENDS IN 2024

KUALA LUMPUR, March 13 (Bernama) -- American Express Travel has released its 2024 Global Travel Trends Report, shedding light on the inspirations and trends driving global travel bookings this year.

Drawing from survey responses from travellers in the United States, Australia, Canada, India, Japan, Mexico, and the United Kingdom, the report found that 84 per cent of respondents plan to spend more or the same amount of money on travel in 2024 compared to last year.

According to a statement, additionally, 77 per cent of respondents care more about having the right travel experience than about the cost of the trip.

American Express Travel President, Audrey Hendley said: “Our Global Travel Trends Report sheds light on what is driving global travel bookings and provides inspiration for where to go next. Our American Express Travel Consultants can help, no matter what type of trip you want to take.”

Top insights from the report shows that live sporting events, driven by the desire to witness favourite teams and players firsthand, influence travellers’ destination choices and activities, with 67 per cent of Millennial and Gen Z respondents are interested in travelling for sporting events in 2024, compared to 58 per cent of all respondents surveyed.

For the 58 per cent of respondents who are travelling for sports this year will do so for soccer, basketball or Formula 1 racing, while New York, Miami and Paris are the top destinations they are planning to travel to for sporting events this summer.

The report also identified that transformative, once-in-a-lifetime trips, such as visiting the Galapagos Islands and hiking in Antarctica, ranked top of many travellers’ wish lists, and younger travellers seeking expert assistance in planning, with 65 per cent of respondents are more interested in taking a major trip in 2024 than in previous years.

The ease of planning and ability to make the perfect, personalised itinerary is also one of the key trends in driving people to plan trips alone, especially younger travellers, with 74 per cent of male respondents and 63 per cent of female respondents say they are planning on taking a solo trip this year.

For Gen Z and Millennials surveyed, 76 per cent say they are planning on taking a solo trip in 2024, while 66 percent of respondents who intend to go alone are planning a trip tailored to treat themselves.

Furthermore, travellers are leaning into flexible itineraries, allowing them the freedom to be spontaneous and experience the local culture when they travel, with 78 per cent of respondents say that spontaneous trips appeal to them, while 77 per cent of Millennials and Gen Z have booked a last-minute trip before, compared to 65 per cent of Gen X and 52 per cent of Baby Boomers.

-- BERNAMA

Kaplan Professional Australia Embarks New Phase Of Asia Pacific’s expansion With Key Hiring

KUALA LUMPUR, March 13 (Bernama) -- Education provider Kaplan Professional Australia has appointed Joseph Tan as Director, Business Development, Asia, indicating its intention to enter a new phase of expansion in Asia Pacific.

In his new role at Kaplan Professional Australia, Tan will be tasked with working closely with association partners such as Insurance and Financial Practitioners Association of Singapore (IFPAS) and the Asia Pacific Financial Services Council (APFinSA), and building on its rapidly growing number of corporate partners in the region.

In a statement, its Chief Executive Officer Brian Knight expressed his delight in Tan’s appointment and said he would play a crucial role in opening up a broad range of corporate opportunities.

“Joseph brings to Kaplan Professional Australia a wealth of experience and an extensive network with many strong working relationships; we are thrilled to have someone of his calibre on board as we know he will play a pivotal role in our next phase of expansion in Singapore, Malaysia and Asia Pacific more broadly,” he said.

Meanwhile, Tan said he was eager to hit the ground running and make an immediate impact with Kaplan Professional Australia.

“Kaplan Professional Australia is a renowned education provider and arguably one of the most established with its large footprint throughout the world, I am determined to help the organisation flourish in this exciting new phase of expansion in Asia Pacific,” he added.

Tan will be based in the Singapore office and would welcome the opportunity to discuss professional development opportunities with corporate organisations of all sizes in Singapore, Malaysia and throughout Asia Pacific.

He will also oversee the imminent launch of the Fellow Chartered Financial Practitioner (FChFP) Certification in Malaysia in partnership with the National Association of Malaysian Life Insurance and Family Takaful Advisors (NAMLIFA).

Previously the Head of Sales & Strategic Business Development, Independent Distribution Partners at Chubb Insurance Singapore Ltd, Tan brings 16 years of distribution and business development experience in the life and general insurance industry to the leading education provider.

-- BERNAMA

BLACK & VEATCH STUDIES EXTRACTION OF NATURAL HYDROGEN IN AUSTRALIA

Global engineering and construction leader will provide concept designs for H2EX’s natural hydrogen and helium project


MELBOURNE, Australia, March 14 (Bernama-BUSINESS WIRE) -- Black & Veatch, a global leader in critical infrastructure solutions, will study the exploration and extraction of natural hydrogen and helium in Australia.

The development study is an engineering services agreement between Australian-owned natural hydrogen company H2EX Limited, a world leader in exploring naturally occurring hydrogen, and Black & Veatch. The study is part of an Australian Federal Government-funded project led by H2EX.

Natural hydrogen, also known as gold or white hydrogen, refers to hydrogen found in its natural form as a free gas.

“Decarbonisation efforts in the Asia Pacific are a priority for Black & Veatch. This includes extracting natural hydrogen, a potential clean energy source for the region,” said Yatin Premchand, managing director, Strategic Growth, Global Advisory, Black & Veatch.

“Black & Veatch has an 80-year history working with hydrogen and ammonia production in multiple industries. The company developed the first hydrogen power generation conversion project and the first major hydrogen fueling station deployment in the United States. Since then, our experts have continued to deliver reliable innovation and first-of-a-kind solutions across the hydrogen value chain,” added Premchand.

Hydrogen has the potential to reduce and replace reliance on fossil fuels for electricity generation as well as long-duration energy storage, heating, transport, and production of green chemicals and fertilizer. Hydrogen can also be turned into green ammonia, which is produced using 100 percent carbon-free renewable energy.

Helium is used in defence, medicine, manufacturing and energy applications including magnetic resonance imaging (MRI) scanners and fibre optic cable manufacturing.

Black & Veatch will provide two concept designs on H2EX’s exploration license PEL 691 on the Eyre Peninsula in South Australia as part of the development study. One concept design will be for the drilling and completion of an exploration well. The other concept design will be for surface facilities to purify, process and deliver natural hydrogen and helium, including co-production of the resources, if they are found together.

“We are pleased to partner with a technically progressive and experienced global engineering services firm like Black & Veatch. This important development study will help H2EX fast-track our first exploration wells and development scheme. If successful, hydrogen will be a great source of energy for power generation and transport on the Eyre Peninsula,” said Mark Hanna, H2EX CEO & managing director.

“Natural hydrogen will help decarbonise the region, which predominantly uses liquid fuels for energy and transport. Helium is also a high-value and scarce commodity. Recent drilling in South Australia has found high concentrations of helium, too,” added Hanna.

Black & Veatch will analyse gas industry practices related to conventional well drilling and extraction infrastructure and identify key considerations to adapt these practices for natural hydrogen and helium.

The research into extraction solutions will provide a pathway to drill and extract the lowest-cost hydrogen, which could be up to 75 percent more cost-effective than manufacturing hydrogen.

The objective of the study is to unlock first-mover benefits for Australia within an emerging sector globally, as well as create substantial local and export opportunities while retaining the country’s competitive advantage and technical and engineering expertise.

The study is partly funded by Australia’s Federal Department of Science and Innovation through its Cooperative Research Council Projects (CRC-P) Grants Round 14 initiative. The CRC-P grant supports short-term, industry-led research collaborations. The study is estimated to be completed by mid-2024.

The Australian Government is investing more than $500 million (USD 332 million) to support the development of hydrogen hubs in regional Australia. The Regional Hydrogen Hubs programme is part of the government’s $40 billion (USD 26 billion) investment to transform the country into a powerhouse of green energy generation and innovation.

Contact Black & Veatch for more information.

About Black & Veatch

Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Follow us on www.bv.com and on social media.

About H2EX

H2EX Limited is a natural hydrogen and helium company. H2EX is searching to find and harvest natural hydrogen and helium on its exploration license PEL 691 (~6,000 sqm kilometers) in South Australia. H2EX continues to develop and undertake first-of-kind research and in-field exploration activities. H2EX has 52,000 square kilometers of additional exploration applications, also in South Australia. Follow us on www.h2ex.com.au and H2EX Ltd: Overview | LinkedIn.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240308998504/en/

Contact

Black & Veatch:
EMILY CHIA | +65 6335 6623 P | +65 9875 8907 M | Chialp@bv.com
24-HOUR MEDIA EMAIL | Media@bv.com

H2EX Limited:
Greschen Brecker | CFO & Director | +61 433 133 417 M | greschen.brecker@h2ex.com.au

Source : Black & Veatch

Epicor Honours Outstanding Customers Via Asia Connect Event

KUALA LUMPUR, March 12 (Bernama) -- Epicor, a global industry-specific enterprise software leader, celebrated a multitude of successes at the company’s annual Asia Connect customer event, held in Bangkok, Thailand last week.

In a statement, Epicor said the event marked the company’s 30 years of operations across North and Southeast Asia, as well as showcased how it has supported customers and their ever-evolving needs in driving growth and operational success.

“As digitalisation continues to grow across Asia, we will support our customers by introducing initiatives in AI and enhancements to Industry 4.0, creating the digital connections to make work better.

“We are passionate about educating and attracting younger people into the manufacturing industry, with the purpose of providing them with the digital foundation that powers the growth of the make, move, and sell economy,” said its Vice President of Sales for Asia, Vincent Tang.

Meanwhile, reflecting on the company’s success, Epicor Executive Vice President, International, Andy Coussins said the outstanding performance in cloud growth is a testament to the local Epicor team, their strong commitment to enabling customers to pivot to Software as a Service (SaaS) and helping them on their digital transformation journeys should not go unnoticed.

Epicor has seen significant SaaS growth over the past three years to increased cloud adoption across Asia, with many regional businesses implementing or migrating to Epicor Kinetic in the cloud, a purpose-built, scalable platform that helps manufacturers better compete and grow their businesses.

The event celebrated customer innovation and excellence for those who have excelled in leveraging Epicor solutions to transform and accelerate their business ambitions.

The Epicor Champion Award winners are Essons Global Industrial Company as Manufacturing Champion; Thong Guan Industries Berhad as Innovation Champion; Kenny Tang from Volex as Project Champion; and NTN Medical Team as Executive Champion.

-- BERNAMA

"JAPAN BULLET TRAIN" SHINKANSEN TICKET SERVICE NOW OPEN TO INTERNATIONAL TRAVELERS AND FOREIGN RESIDENTS IN JAPAN

TOKYO, Mar. 12, 2024 /Kyodo JBN/ --

Inbound Platform Corp. (listed on the Tokyo Stock Exchange) is pleased to announce the new launch of its Shinkansen (bullet train) ticket service, which includes basic fares, express tickets and the innovative ticket issuance via QR codes, for international travelers and foreign residents in Japan, starting from March 1, 2024.
 
Image1: https://cdn.kyodonewsprwire.jp/prwfile/release/
M107869/202402026175/_prw_PI1fl_xUeq2624.png
 
Image2: https://cdn.kyodonewsprwire.jp/prwfile/release/
M107869/202402026175/_prw_PI2fl_40292sCg.png
 
Through the "JAPAN BULLET TRAIN" website provided by the company, accessible via the link below, international travelers and foreign residents can effortlessly book and manage Shinkansen tickets in less than 2 minutes, while also eliminating language barriers and ensuring seamless experience.
 
"JAPAN BULLET TRAIN" website: https://www.japan-bullettrain.com/
 
Features of service
-Inbound Platform Corp. known for its diverse range of travel services catering to international travelers and foreign residents, has decided to expand and extend support by facilitating Shinkansen ticket bookings. Recognizing the complexities, time constraints and language barriers involved in purchasing Shinkansen tickets, the company aims to streamline the entire booking process through the new service.
With a commitment to exceptional customer service, the company offers telephone assistance in seven languages for a flawless travel experience.
 
-Currently available in English, Mandarin Chinese (both simplified and traditional), and Korean. The company plans to incorporate Spanish and French in the near future. Furthermore, while currently accepting credit cards and Apple Pay, the company plans to integrate additional payment options such as Google Pay and Wechat Pay.
 
How to Use: https://cdn.kyodonewsprwire.jp/prwfile/release/
M107869/202402026175/_prw_PI3fl_4m5taiud.png
 
Available ticket types:
JR Shinkansen and all conventional JR lines nationwide which also include popular routes such as the Narita Express and limited express trains.
*Note that the Japan Rail Pass is not yet available.
 
In the near future, Inbound Platform Corp. intends to provide the Shinkansen reservation service to travel agencies and web media worldwide, aiming to make Shinkansen bookings in Japan as convenient as possible. For those interested, please inquire at the following link: https://www.japan-bullettrain.com/contact
 
About Inbound Platform Corp.
CEO: Shin O
Executive Director: Toru Otake
Address: 4th Floor, SW Shimbashi Building,6-14-5 Shimbashi, Minato-ku, Tokyo
Established: October 2015
Company website: https://www.inbound-platform.com/en/
Services:
Japan Wireless(Wi-Fi rental): https://www.japan-wireless.com/en
Japan Wireless eSIM(embedded SIM card): https://www.japan-wireless.com/esim
AIRPORT TAXI(airport transfer): https://www.airport-taxi.tokyo/en
JW Magazine(web media): https://jw-webmagazine.com/
 
 
Source: Inbound Platform Corp.  

http://mrem.bernama.com/viewsm.php?idm=48202