Hong Leong MSIG Takaful (“HLM Takaful”) bagged the coveted BestBrands in Takaful Solutions award at the inaugural The Brandlaureate World Halal Best Brands Awards 2018 Gala Dinner held at The Majestic Hotel, Kuala Lumpur recently.
The Brandlaureate World Halal Best Brands Awards 2018 recognises strong and great HALAL brands in their respective categories and their commitment to Halal as the way forward in business. By attaining the Halal certification and embracing its standards, awardees’ brands have met the stringent criterion set by JAKIM, while impacting communities with positive brand attributes.
The Brandlaureate BestBrands in Takaful Solutions is awarded to successful brands that achieve strong brand leadership and market share, while gaining the trust and confidence of consumers with their commitment to ensure that their brands uphold the values of Halal.
“It is truly an honour for HLM Takaful to receive the BestBrands in Takaful Solutions award,” said Mohd Asri Omar, the Chief Executive Officer of HLM Takaful. “This prestigious brand excellence award in takaful solutions is a testament to our continuous pursuit of excellence in developing innovative shariah compliant products and serving our customers with utmost dedication.
“This award truly marks a momentous occasion for HLM Takaful, and reinforces our strong commitment in providing the best family takaful solutions to our customers. Winning this award certainly motivates us to continue to excel in all aspects of our business, and I dedicate this award to our customers, employees, bank partners and agency force for the instrumental role that they have played in our success,” he added.
This award adds to the numerous accolades HLM Takaful has received, namely the Anugerah Mesra Pengguna (Kategori Insurans) 2017 award by the Malaysian Consumer Protection and Welfare Board (LPKPM) and the Most Outstanding Takaful Product (i-Care Hasanah) 2016 award at the Kuala Lumpur Islamic Finance Forum (KLIFF).
While the Malaysian government’s insightful ban on polystyrene, plastic bags and straws has business-owners scrambling to comply, a special few recognise the boycott as the critical first step towards Malaysia’s participation in a lucrative new market in recovered plastics. The new Circular Economy in plastic is tipped to generate $320Bn globally, and Malaysia could well capture the lion’s share.
Circular Economy is the term coined for the new-style marketplaces where resources (such as plastics) are used again and again in a continuous cycle of profit and sustainability.
Plastic waste as a resource and a business opportunity is the core of Plasticity – the travelling global forum inspiring plastic circular economy businesses – coming to Malaysia 25 October 2018.
“Malaysia has been chosen to host Plasticity in October because of its strong manufacturing sector, its leadership in the region and its exciting business appetite for new opportunities,” said Mr Douglas Woodring, Founder of Plasticity and Managing Director at Ocean Recovery Alliance.
“Plastic is in high demand with consumption growing faster than population. However, less than 10% of plastic used gets recovered and reused – resulting in plastic pollution clogging our rivers, seas and oceans; being ingested by the fish we eat.
Rather than dwell on the negative, Plasticity focuses on the solutions we can create.
“Clearly the introduction of a bag-ban, while inconvenient at first, is an important signal to the market that new and innovative business models are needed. In this new economy, waste is not wasted – it creates new economic value. Many are trying to capitalise on the move toward the new circular economy for plastics and Malaysia could dominate in the region if businesses get onboard early.”
“Over the past six months, and especially post the election, we have met many Malaysian businesses interested in the opportunities that flow from circular economies. This is new business growth, beyond recycling and waste management – it’s product development, resource harvesting and new business models”, added Ms Trish Hyde, Director at Plasticity and Managing Director of The Plastics Circle.
“Smart businesses globally are looking at plastic waste through a new lens, seeking innovative ways for plastic to be used again and again in continuous circulation. We invite businesses in the region to join a very big conversation at Plasticity.”
To find out more about Plasticity and book a ticket for the forum in Kuala Lumpur, Malaysia on the 25th October – visit plasticity.global
US carmaker Tesla and its founder have agreed to pay a 40-million-dollar fine and have ElonMuskstep down as chairman for misleading tweets about stock prices, in a deal announced by the Securities and Exchange Commission Saturday.
The probe was started after Musk tweeted on August 7 that he was “considering taking Tesla private at $420. Funding secured.”
“In truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies,” wrote the SEC Saturday, after it had filed fraud charges earlier this week. It noted that the tweets caused significant market disruption.
Musk tweeted the claim as anger was rising among customers amid backlogs in production of the company’s much-anticipated Model 3. Taking the company private would have allowed Tesla to skip some reporting requirements and not be forced to react to market movements.
At the time, Tesla had lost more than 3 billion dollars during the previous three years, leaving some market participants to question the company’s profitability and financial sustainability.
The SEC noted that the tweet helped push Tesla’s share up by 6 per cent and that 420 dollars a share was “a substantial premium to its trading price at the time.” It also argued that the tweets implied the funding was secure and that the only uncertainty was a shareholder vote, none of which was accurate, it said.
Later in August, Musk said the company would stay public after all.
The problem, said the regulator, was that Musk had not discussed any specifics of any deal with any partners. Beyond that, the company had told markets in 2013 that Musk‘s Twitter feed would be a primary means for conveying corporate information, but had never set up controls to make sure the tweeted information complied with corporate reporting guidelines.
The company did not “have sufficient processes in place to [sic] that Musk’s tweets were accurate or complete,” wrote the SEC.
According to the SEC statement, neither Musk nor Tesla admit any wrongdoing. Under the deal, the new chairman of the board will be required to better supervise communications by Musk, who can remain as chief executive of the company.
Two independent directors will also be named to the board and Musk will be ineligible to be chairman for three years. Additionally, a new board committee will be set up to oversee Musk‘s communications.
Concerns have risen regarding Musk‘s tweeting of late. Aside from the stock buyback announcement, he has also landed in hot water for referring to a man who helped rescue a group of Thai boys trapped in a cave as a “pedo” after rescuers disparaged Musk‘s proposal of sending in a submarine to help the boys.
The 40-million-dollar fine will be split evenly between Tesla and Musk. The money is set to be distributed to investors who lost out in the incident.
“The resolution is intended to prevent further market disruption and harm to Tesla’s shareholders,” said Steven Peikin, co-director of the SEC’s enforcement division.
Tesla did not respond immediately to media enquiries. Neither the company’s corporate website or Twitter account – nor Musk‘s Twitter account – referenced the deal.
A new online study launched today by the Asian Institute of Finance (AIF) reveals that the FinTech industry in Malaysia is perceived as trustworthy by 92% of Malaysian consumers. This is translated into high adoption levels –
with four out of five consumers having used FinTech in the past year.
The report revealed that the top three key drivers that will establish trust for FinTech adoption are (i) strong company brand and reputation; (ii) data protection and compliance; and (iii) support by government institutions.
Meanwhile, consumers also consider the Malaysian financial services industry (FSI) to be trustworthy. A key driver of this is the high proportion of consumers (70%) who perceive their financial services providers being able to fulfil their service-related commitments and promises.
The study showed that ethically-related factors such as having consumer interests at heart, is an area where trust should be built, with 57% of consumers perceiving this to be a lesser priority among their financial services providers.
Approximately 1,000 Malaysian online consumers participated in the survey. AIF’s study, entitled: ‘Consumer Trust in the Digital Economy: A Perspective from the Financial Services Industry & FinTech in Malaysia’, measures consumer awareness and the trust levers FinTech stakeholders should embrace to ensure continuous consumer
engagement within the FinTech ecosystem.
Reiterating the report’s conclusions, Tan Sri Dato’ Dr Mohd Munir Abdul Majid, Chairman of Bank Muamalat Malaysia Berhad said, “The pressure exerted by the digital economy on the financial services industry is awesome. In responding to a heavily demand driven business model, FSIs and financial technopreneurs must not cut corners and slip up”.
“Trust will be lost if there is rampant misselling and systemic damage to the financial system,” he added.
Meanwhile, Jaya Kohli, AIF’s Director of Strategy, Policy Development and Research, said, “This report offers valuable insights from the end-consumer into the Malaysian digital economy; FinTech adoption, the impact of digitalisation within the FSI and the role of trust for consumer advocacy. The 4IR era can only advance effectively if establishing consumer trust remains a priority for everyone in the ecosystem. This research offers a pragmatic approach towards establishing and enhancing trust for the future.”
Gamuda Land and Telekom Malaysia Berhad (TM), via its business solutions arm, TM ONE, inked a strategic collaboration yesterday at Gamuda Gardens sales gallery for the deployment of converged telecommunications services at Precinct 1 & Precinct 2 including Gaia Residences, the first service apartments at Gamuda Gardens.
Approximately 1,500 units of residences in Gamuda Gardens will enjoy a 2-year complimentary unifi high speed internet service of 100Mbps; which will be upgraded to a higher bandwidth upon vacant possession (VP) of their homes. The complimentary package also comes with premium entertainment varieties from unifi TV.
“As one of Malaysia’s leading town-maker, Gamuda Land creates places that people will call home, want to be a part of, grow up and grow old in. One important aspect of creating a sustainable town is connecting people. Be it physical or digital connectivity, we are mindful throughout our masterplan design and architectural construction to incorporate the right facilities and technology to encourage interactions among people which are pertinent to building a sustainable community. Such demand is on an upward trend that has somewhat become a necessity, where high-speed internet is now almost as important to new home buyers as running water and electricity,” said Aw Sei Cheh, Project Director, adding that Gamuda Gardens’ property owners will expect high-speed internet connectivity to be available from the day they move in.
Meanwhile, Dato’ Zuraidah, State Vice President of TM Selangor announced that the collaboration is vital to enable future developments of smart services to empower smart homes, cities, and even communities for an enhanced quality of life.
“In today’s digitally-connected environment, smart services adoption will pave the way for the development of smart cities,” she added.
There is a suffocating feeling of dread plaguing the world. The unintended and unexpected consequence of globalisation, multiculturalism, and that premature prediction regarding history’s end. Society is on the brink, and the world feels like it needs turning off and turning on again.
Control. Alternate. Delete. You know it. You’ve used it. You’ve abused it. It is a reboot and an interrupt. It is efficient, effective, and absolutely essential. It cleans the slate without destroying it. It restores things to their default settings. It allows for a fresh start. Whether or not you know you need one.
In its sixth year, Southeast Asia’s first and only festival of ideas – The Cooler Lumpur Festival – makes its annual return this October. This year’s theme will explore these individual notions of ‘control’, ‘alternate’, and ‘delete’ and what it all means when taken as a whole. When employed as that iconic three fingered salute. We wonder how to redo and remake the world if offered the chance at a reset.
The Cooler Lumpur Festival is a multidisciplinary festival curated by PopDigital. The Kuala Lumpur-centric festival adopts specific themes each year with the aim to expand the city’s cultural horizons, build stronger communities and cultivate the creativity and imagination of people. The annual ideas festival plays host to a bevy of global writers, artists, thinkers and innovators to create new connections, share new and thought-provoking ideas as well as spark cultural conversations that hit close to home.
People of all ages from all walks of life are invited to explore the answers in a series of conversations and activities at the festival. Apart from Journalism Campus and Food Fringe Festival, TCLF2018 will also be rolling out a new series entitled Nite sCool, a series of workshops, screenings, and experiences that features leading industry figures.
Attendees can expect interesting panels such as The Outsiders: How Global Journalism Shaped Our National Discourse, Kasi Viral: The Spread of Racial Disinformation in Malaysia, and Visual Journalism: Pictures Paint a Thousand Words.
The Cooler Lumpur Festival has always been about the future. About providing that vibrant space at which we can have those important (and sometimes difficult) conservations that help explain who we are and, most importantly, where we’re going. Come experience all of this in the one week long festival at:
Day/Date: Monday, 1 October 2018 – Sunday, 7 October 2018
Zurich Insurance (Zurich) has appointed Stephen (Steve) Clark as the Chief Executive Officer (CEO) of Zurich Life Insurance Malaysia Berhad (ZLIMB) effective 1 October 2018. He will report to the ZLIMB Board of Directors as well as Jack Howell, Zurich’s CEO for Asia Pacific (APAC). He succeeds Philip Smith, who will be leaving the company at the end of September.
Steve brings with him almost 30 years of experience, with a proven track record in driving business growth and developing strong distribution channels. Originally from South Africa, he has been in APAC for almost 20 years, having worked in Vietnam, Hong Kong, and the Philippines. Prior to Zurich, Steve has held the role of CEO for Prudential in Vietnam as well as AIA in Vietnam and the Philippines
His extensive experience spans across sales and distribution, bancassurance, general management, regulatory management as well as governance.
“Steve has a deep understanding of the local markets and a natural ability to build long lasting relationships with distribution partners,” commented Jack Howell. “We have strong ambitions for Malaysia, which is an important market in the Zurich’s APAC strategy. We are excited about Malaysia as its fundamentals are strong – promising economic prospects, sizeable middle class, and a young and under-insured population. I am confident that with Steve on board, we will be able to expand our business, strengthen our distribution and drive customer engagement.
As humankind’s best friend, the search giant has always been the go-to solution solver for any impending crisis such as whether Selena Gomez and Cristiano Ronaldo are dating, be it ways to pronounce the word “gif” or finding the right image for birthday wishes.
Here are six business facts on the search tech giant.
Alphabet, the parent company of Google, has made nearly 200 acquisitions since 2001.
Many staid companies often ask themselves, “Is it Google enough??” to see if something or someone has that special oomph factor. Such is the power of Google in popular culture.
Google’s corporate philosophy includes principles such as “You can make money without doing evil,” “You can be serious without a suit,” and “Work should be challenging, and the challenge should be fun.”
As a motivation technique, Google uses a policy often called Innovation Time Off, where Google engineers are encouraged to spend 20% of their work time on projects that interest them
The Google stock price is currently at 1,182.97 USD
The initial public offering of Google took place on August 19, 2004.
In 2017, Google’s revenue amounted to 109.65 billion USD.
On 21st September 2018, Finology, an innovative fintech company, won the Malaysia MSC APICTA Awards for Consumer: Banking, Insurance & Finance sector.
The award recognises Finology’s Loanplus Service which aims to help all property buyers in Malaysia to get the best available property loan in the shortest amount of time.
Loanplus uses highly innovative software, developed in-house here in Malaysia to help:
⦁ Property developers target the best qualified buyers for the right properties.
⦁ Government agencies to target the right buyers for balloting and purchase of affordable properties.
⦁ Property buyers to check their loan eligibility within 10 minutes.
⦁ Property buyers to find their best matched loan in 10 minutes across 15 banks in Malaysia.
The company is making big progress in achieving its goal to help all Malaysians with their property purchases.
Moving forwards, Loanplus expects to be providing services to at least 7 out of 10 of Malaysia’s Top 10 developers within the next 6 months.
Digi Telecommunications Sdn Bhd (Digi) was the only Malaysian company to make the top 50 in the Thomson Reuters Global Diversity and Inclusion (D&I) Index for 2018.
Ranked #46 on the Index, Digi was one of the three Malaysian companies to make it to the top 100 global listing. The company was also one of the 15 Asian companies who made it to the Global D&I Index for 2018.
Digi’s Chief Human Resource Officer, Haroon Bhatti, sees the recognition as an encouragement for the company to continue building an open and dynamic work culture. At Digi, adopting D&I strategy increases employee engagement, drives innovation and growth in the company.
Digi’s Chief Human Resource Officer, Haroon Bhatti
“We believe in providing everyone an opportunity to grow – a diverse and dynamic workforce is the way forward and we are able to learn from each other’s strengths and differences,’ he said.
Launched in 2016, the D&I Index ratings are calculated using Thomson Reuters environmental, social and governance (ESG) data, which transparently and objectively measures the relative performance of companies against factors that define diverse and inclusive workplaces.
Over 7,000 public-listed companies were ranked as measured by 24 separate metrics across four key pillars: Diversity, Inclusion, News & Controversies and People Development. These include taking into consideration Board Gender Diversity, Women Employees, Diversity Objectives, Flexible Working Hours, Diversity and Opportunity Controversies, Employees with Disabilities, Employee Satisfaction and Career Development Processes.
The data utilised is gathered from publicly available information sources and is collected manually to ensure that all information is standardised, comparable and reliable. All ESG data collected is quality controlled and then verified in a rigorous process by Thomson Reuters’ analysts and automated checks.
Juniper Networks an industry leader in automated, scalable and secure networks, announced that TIME dotCom Berhad (TIME), a leading communications solutions provider from Malaysia, has used Juniper’s vSRX in rolling out its latest suite of virtual managed services for Malaysian enterprises.
To address this industry-wide demand, TIME has introduced two new virtual managed services leveraging Juniper’s vSRX designed to provide end users with on-demand provisioning – TIME Managed Virtual Router and TIME Managed Virtual Firewall. These services optimize network scalability and mobility, while reducing the high costs of physical infrastructure.
Through TIME’s new virtual managed cloud services, Malaysian enterprises and their customers are able to implement cost-effective network scalability, while retaining robust security protection.
“Businesses are increasingly looking to the cloud for their next-generation network, which allows for automated, cost-effective and secure scalability. We are delighted to continue our strong partnership with Juniper Networks, which has allowed us to offer the Malaysian market these new Virtual Managed Services. Our customers no longer need to purchase or maintain costly, physical hardware infrastructure – without having to sacrifice high-performing networking capabilities.” said Ang Thing Jiun, chief technology officer, TIME dotCom Berhad
A global communications campaign, titled “Malaysia: Bouncing Back even Better than Before”, was launched yesterday to help communicate to the world Malaysia’s determination to put the country back on track and move forward again after its historic General Election victory four months ago.
This new Malaysian image-improving multimedia campaign was launched first on social media over the past weekend, to be followed on international television early this week and print starting with a full-page ad in The New York Times this Friday the 28th of September when the Prime Minister delivers his UN General Assembly address in New York. The campaign is also being timed to coincide with the Prime Minister’s upcoming visits to other European and Asian countries before the year-end.
A Timely Message to the World (Full Print Ad)
This campaign will cover TV, Print and Social Media in Europe, the Middle East, Asia, South Asia and the USA. It is targeted to run for a solid three months following Prime Minister Tun Dr Mahathir Mohamad’s initial visits to Japan and Indonesia, and his first visit to China and prior to his subsequent attendance of the UN General Assembly’s opening this week.
For television, the international campaign will run worldwide on Bloomberg and CNN International and USA. For print, it will run in The Economist, Fortune, The New York Times, Nikkei Shimbun, China’s Economic Observer and Time USA. And for social media, the campaign will be on eSimon, Facebook, Instagram, LinkedIn and YouTube.
The creation and production of this campaign is being provided pro-bono by the ISC Innovators agency, the same group that also produced on a pro-bono basis the successful economic confidence-restoring campaign called “Malaysia: Bullish on Bouncing Back” during the 1997-98 Asian Economic Crisis.
As was done also 20 years ago for “Malaysia: Bullish on Bouncing Back”, the media cost for this new image-improving international campaign is being borne by the sponsors for a total of MYR12 million. A handful of Malaysian private corporations – led by Berjaya, Naza and U Mobile – are sponsoring this global campaign.
“You have to be a hermit to miss the New Malaysia’s message to the world,” said one of the campaign’s main sponsors, as the campaign is being shown to world leaders, captains of industries, business leaders, potential foreign direct investors (FDIs), relevant influencers as well as the media and general public around the world.
UD Trucks celebrated its remarkable business achievement of 15,000 Quester units production, highlighting its unwavering commitment of “Going the Extra Mile” to customers’ businesses and the region. Announced at UD Trucks’ Bangkok plant, this business milestone represents the Japanese transportation solutions provider’s trusted legacy worldwide with the enhanced Quester line.
Jacques Michel, President, Volvo Group Trucks Asia & JVs Sales, said, “Quester was first introduced to the Thailand market in 2013 as part of UD Trucks’ foray into growth markets with Thailand as the regional production hub for SEA and worldwide. Incorporated with UD Trucks’ Ultimate Dependability standard and Gemba spirit, Quester marks the first in a new generation of UD Trucks specifically developed for the world of heavy-duty transportation.”
Supporting the booming Southeast Asia’s logistics industry
With SEA’s trade volumes set to increase by 130% in 2023 especially with the establishment of ASEAN Economic Community, demand for local and cross-border land transportation is expected to grow.
For the past 40 years, Volvo Group has invested two billion-baht with the aim of expanding UD Trucks’ Bangkok plant to 20,000 units of UD Trucks per annum.
Being the first completely built-up production facility for UD Trucks outside of Japan, the plant’s significant production of 15,000 Quester units aligns with its vision of supporting markets worldwide and furthering SEA as an economically competitive region. Nicolas Weeks, Minister Counsellor, Deputy Head of Mission, Embassy of Sweden in Thailand said at the event in Bangkok, “We are delighted to celebrate this important milestone of Volvo Group, one of Sweden’s leading companies, as we continue to promote trade and deepen the relations between our two countries. Thailand is a key market for growth, and we look forward to witnessing more successes to come for UD Trucks and other Volvo Group companies alike.”
Boosting productivity of customers with high-quality Japanese manufacturing and innovative Volvo Group technology At UD Trucks, being defined by its Gemba spirt means being close to the ground and listening to the needs of local customers to be their most valuable partner in their respective markets and segments.
Designed to meet the holistic requirements of customers, Quester is a tried-and-tested truck that supports customers and businesses with high durability, reliability and fuel efficiency.
Combining advanced Volvo Group technology and UD Trucks’ high-quality Japanese manufacturing, Quester’s GH8E and GH11E engines ensure optimal fuel efficiency while maintaining high performance. The built-in Fuel Coaching system encourages fuel efficient behaviour by providing drivers with instant feedback during their journeys.
Every Quester truck is incorporated with UD Telematics Services which connects to a UD Trucks workshop to monitor and detect each vehicle’s condition and service needs before a potential emergency occurs. With the analysis of real-time data communications, it guides customers based on their driving behaviour and fuel consumption to ensure higher uptime and more optimal fuel economy.
Quester is also built to deliver UD Trucks’ ethos of “Ultimate Dependability”. Complementing Quester’s reliability, UD Trucks reduces downtime through the UD Extra Mile Support. Offering an extensive network of well-trained service technicians, it provides quality aftersales service with genuine parts, service planning and vehicle handover training that optimises fleet performance.
These are in line with UD Trucks’ goal to reduce long-term operational costs for valued partners to accelerate their continued success, especially with fleet operators in Asia still spending up to 50% of their operating costs on fuel.
Since the introduction of Quester, it has earned the recognition of global logistics companies who have established cross-market accounts for the Quester line.
Quester has also proven its credibility among local customers. A logistics customer in East Malaysia continued to increase their fleet with Quester trucks since 2017 after experiencing business efficiency for their long haul operations with the Quester trucks.
Today, Quester continues to be widely regarded by customers with 25 per cent of Quester trucks being booked by repeat customers in Malaysia.
Elevating local communities by enhancing skillsets and creating high-value jobs In keeping with its commitment to add value to the global logistics and economy, UD Trucks addresses the skills gap problem by enhancing local expertise through knowledge transfer and the creation of high-value jobs within markets.
Quester, along with other trucks by UD Trucks, comes from the best of three worlds – UD Trucks’ strong Japanese heritage and craftsmanship, Volvo Group’s cutting-edge technology and sourcing and local manufacturing and customer support.
Kamlarp Sirikittiwatn, President, UD Trucks Thailand, said “We are humbled by the confidence and support our customers have in our trucks and services. We believe that this will only inspire us to continue learning from them to design the best trucks and services that the world needs.”
He added, “This achievement also highlights the importance of the Thailand market to our parent company, Volvo Group. We are positive to carry on this legacy with our local engineers to benefit and support the Thailand economy and global market.”
Effective 22 October 2018, Malindo Air will be flying 5 times weekly between Kuala Lumpur International Airport (KLIA) and Kolkata – Netaji Subhas Chandra Bose International Airport.
Promotional fare is offered at RM499 for Economy Class and RM899 for Business Class one way from Kuala Lumpur. Booking can be done through Malindo Air website, ticketing offices, customer care center and our preferred travel agents.
The airline is set to operate about 5 times a week with to and fro flights from each destination. Flights OD281 from KLIA is scheduled to depart at 9:55p.m. and will arrive in Kolkata at 11:20p.m (GMT +5:30). The journey takes 3 hour and 55 minutes using a narrow-body Boeing 737NG aircraft, comprising of 12 Business Class and 150/168 Economy Class seats. The returning flight from Kolkata OD282 is scheduled to depart on the following day at 12:10a.m. and arrive in KLIA at 6:35a.m.
Chandran Rama Muthy, CEO of Malindo Air said, “The vibrant city of Kolkata is a much anticipated destination, as well as the 8th India city that we fly to. With the 5 weekly flights, we hope to increase travellers’ traffic for both business and leisure between these two cities. We aspire not only to fly direct point-to-point traffic but also to carry connecting passengers beyond Kuala Lumpur to various destinations on our network ranging from ASEAN to Australia. We are optimistic about this route and we are anticipating more frequencies in the near future.”
“Our inaugural flight will start in time for India‘s year end peak travel period. Our flights serve as a premium option as we offer 25kg baggage allowance for Economy Class and 40kg for Business Class, meal on-board and spacious legroom,” he added.
Kolkata, the city of Joy, also widely regarded as the “cultural capital” of India. Apart from the rich culture, travellers look forward to explore it’s amazing ancient and modern architecture, a myriad of Bengali delicacies, and a budget friendly trip.
Michael Kors Holdings Limited (NYSE:KORS), a global fashion luxury group, announced today that a definitive agreement has been signed to acquire all of the outstanding shares of Italian luxury fashion house Gianni Versace S.p.A. for a total enterprise value of Euro 1.83 billion or approximately US$2.12 billion. Versace, long recognized as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style.
John D. Idol, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, said, “The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage. We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth. With the full resources of our group, we believe that Versace will grow to over US$2.0 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”
Mr. Idol continued, “Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision. I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth.”
“This is a very exciting moment for Versace,” said Donatella Versace. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”
Carla Bruni, Claudia Schiffer, Donatella Versace, Naomi Campbell, Cindy Crawford and Helena Christensen walk the runway at the Versace show during Milan Fashion Week Spring/Summer 2018 on September 22, 2017 in Milan, Italy. (Photo by Venturelli/WireImage)
Donatella added, “Santo, Allegra and I will become shareholders in Capri Holdings Limited. This demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group.”
“Versace’s management team will continue to be led by Chief Executive Officer, Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide,” added John D. Idol. “He and Donatella have assembled strong senior management and design teams that will continue to lead Versace into its next chapter. We are extremely fortunate to be able to acquire such an extraordinary brand with an incredibly talented team.”
Jonathan Akeroyd, Chief Executive Officer of Versace, said, “Since I joined Versace over two years ago, our focus has been on leveraging the company’s heritage and strong brand recognition worldwide, which has allowed us to experience significant growth in all regions. Donatella’s unmatched vision has led to the continued and growing success of our brand. I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.”
Strategic Initiatives and Transaction Rationale
As part of our strategic plan for the long-term growth of Versace, we intend to execute on the following key initiatives:
Grow Versace to US$2.0 billion in revenues globally
Build on Versace’s luxury runway momentum
Enhance Versace’s powerful and iconic marketing
Increase global retail footprint from approximately 200 to 300 stores
Accelerate e-commerce and omni-channel development
Expand men’s and women’s accessories and footwear from 35% to 60% of revenues
The acquisition of Versace is expected to deliver a number of benefits for our Company, including:
Opportunity to help grow our group’s revenues to US$8.0 billion in the long-term
Expand our global luxury group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation
Diversify our geographic portfolio from:
66% Americas to 57% Americas
23% Europe to 24% Europe
11% Asia to 19% Asia
Potential to create long-term operational synergies
Transaction Details
The transaction is not subject to a financing condition. The cash portion of the purchase price is expected to be funded by a combination of cash on hand, drawings under the company’s existing revolving credit facility, and committed underwritten bank term loans from our advisors JPMorgan Chase Bank, N.A. and Barclays. The Versace family will also receive Euro 150 million of the purchase price in shares of Capri Holdings Limited. The transaction is expected to close in the company’s fourth fiscal quarter, subject to specified closing conditions, including the receipt of required regulatory approvals.
Our New Name
Capri Holdings Limited (NYSE:CPRI) is the new name to be adopted by Michael Kors Holdings Limited upon the closing of the acquisition. Our name is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination. The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands in our global fashion luxury group.
Financial Considerations
The company believes that the acquisition of Versace enhances the company’s economic value and will drive improved long-term shareholder value by accelerating long-term revenue and EPS growth potential. On a non-GAAP basis the acquisition is expected to be dilutive to earnings per share in the high-single digits in fiscal 2020, accretive in the low-single digits in fiscal 2021, and accretive in the high-single digits in fiscal 2022.
SilTerra Malaysia, a semiconductor company, has embarked on its transformation towards developing cutting edge health technology.
Ranked by IC Insight, an established industry analyst, as the top 16th global semiconductor focused company, the company sees potential in the life sciences market which is expected to reach $25.60 billion by 2023 with a CAGR of 15.3%.
“This is an important aspect of our overall strategy to improve the quality of our revenue stream,” says Firdaus Abdullah, currently SilTerra’s Chief Executive Officer (CEO) who has been instrumental in leading the company into profitability since his tenure in 2015.
In addition, SilTerra is actively developing nano-scaled biosensors that can be incorporated into IOT (Internet of Things) and POC (point-of-care) devices. The devices will allow direct access to detect and diagnose diseases such as dengue, malaria and cancer without having to wait for lengthy lab results, bringing groundbreaking efficiencies to the forefront of healthcare delivery.
SilTerra Kickstarts Ecosystem to Support Technologies in HealthcareOrganizes first-in-Asia Semiconductors in Life Sciences Symposium, Penang
SilTerra attributes much of its recent innovation to its existing partnership with imec, the world’s leading research and innovation hub in nanoelectronics and digital technologies.
In line with its commitment towards this direction, SilTerra, supported by the renowned imec, has taken the lead in the region by kickstarting an ecosystem towards the development of technologies in healthcare by organising a first-in-Asia Semiconductors in Life Sciences Symposium, which took place recently in Penang, Malaysia.
Celcom Axiata Berhad will become the first operator in Asia to offer Koble, a leading global digital business-to-business matchmaking platform, to enterprise customers. The launch of the Koble app follows the newly enhanced Celcom Business portfolio for digital enterprise focused products.
By integrating Koble’s app into the Celcom Business portfolio of services, the platform creates a network of business opportunities for enterprises in Malaysia at an unprecedented size and scope. Via this partnership, all Celcom Business customers will enjoy exclusive benefits such as preferential rates on Koble packages and tailored campaigns.
The Koble platform enables business professionals to discover, connect and facilitate business deals with buyers and suppliers from around the world. Recognising the need to improve current business-to-business (B2B) networks which are solely designed for building personal brands, the Koble platform combines the power of social networking with the intelligence of anonymous and artificial intelligence (AI) powered matchmaking, improving relationship management for both qualified buyers and sellers who are looking to grow their businesses.
Koble is eliminating the friction of B2B buying and selling online by blending consumer networking for faster adoption with the requirements businesses need, such as authenticity and privacy. In doing so, it makes it easier for professionals to meet each other for mutually beneficial business conversations by removing issues such as frustration from supplier search and access to qualified buyers leads as well as wasted resources from time spent searching and high marketing cost.
“I am pleased to add Koble to our suite of solutions for SMEs and enterprises,” said Mohamad Idham Nawawi, Chief Executive of Celcom Axiata Berhad. “Celcom and Axiata, with a wide LTE coverage and a suite of solutions, are excited to play a major role in assisting both small and large businesses to increase productivity and potentially grow their business in the digital market.”
With a monthly subscription starting at RM40 per user, Koble reduces to the cost of a qualified lead to a fraction of the cost Malaysian businesses are paying for qualified leads today. A Google Survey commissioned by Koble in July 2018 found that Malaysian businesses are currently paying between RM300 to RM900 for a qualified lead.
Nazir Razak announced his departure from his position as the Chairman of the CIMB Group Holdings Bhd and all other positions within the group by Dec 31,2018.
Having served CIMB for 29 years, the brother of former prime minister Najib Razak said in an Instagram post the board will soon activate its succession plan to decide on the next chairman and the exact date of the handover.
In the coming weeks, the Chairman will be focused on the completion of T18, the finalisation of the group’s new strategic blueprint as well as the smooth handover of the chairmanship to his successor.
Bloomberg reports that Nazir may go on to focus on a private equity fund known as Ikhlas Capital he set up recently with several well-known figures on a regional fund that would seek to raise as much as $1 billion which he had confirmed his interest in the private equity project in an interview with Bloomberg in December.
Busyness is often thought of as a modern day affliction, but according to new research from the global business school INSEAD, it can also help you delay gratification and make decisions that benefit you in the longer-term
“Every day, we make many decisions that involve choosing between our immediate and future well-being. For instance, do we go to the gym after work, or do we just go home to relax in front of the television? Do we save money for retirement, or do we splurge on a trip? Do we eat fruit or cake for dessert? When we perceive ourselves to be busy, it boosts our self-esteem, tipping the balance in favour of the more virtuous choice,” said Amitava Chattopadhyay, Professor of Marketing at INSEAD.
In a new paper, Chattopadhyay and his co-authors show that the mere perception of self as a busy person, or what they call a busy mindset, is a “badge of honour” that can be leveraged to promote better self-control. Their paper is forthcoming in the Journal of Consumer Research.
This paper shows there can be a flip side to being busy. While people who feel under significant time pressure tend to get anxious and make hedonic decisions, those who simply think of themselves as busy tend to make virtuous choices as a result of their perceived self-importance.
Busyness as a way to boost self-esteem
Across a series of studies, the researchers activated the busy mindset of participants through various means. Sometimes they exposed them to messaging that subtly suggested that they were busy individuals. In other experiments, they asked participants to write what had been keeping them busy recently.
Participants were then asked to make decisions in different self-control domains related to food, exercise or retirement savings, for example. Participants who had been reminded of their busy lifestyle were consistently more inclined than control participants to make virtuous decisions.
Importantly, the studies proved that a heightened sense of self-importance was the key reason behind the increase in self-control. “When we temporarily dampened the sense of self-importance of participants who otherwise felt busy, the self-control effect vanished,” said Chattopadhyay.
Implications for marketing and policymaking
It is common for marketers to use busyness as a campaign concept, as many consumers can relate to it. However, if the advertised product is an indulgent one – such as fast food – the campaign could backfire. “Busyness appeals should be more effective for products that require people to assert self-control, as would be the case for a gym chain, for example,” said Chattopadhyay.
In addition, these findings could find societal applications in the spheres of health promotion or food waste reduction. Policymakers may want to consider ways to activate a busy mindset as a nudge to increase relevant self-control behaviours in the population.
From Left: Loo Jian Sern, GM of HLB Customer Experience; Raja Adam Malik, Vice President of FAOM; Terrence Teoh, Head of HLB Group SME Banking; Kristine Ng, CEO of Fundazlic; Andre Betker, CIO Alixco P2P
Hong Leong Bank (HLB or the Bank) sees the robust and fast-growing financial technology (FinTech) landscape as an important co-facilitator with the banking industry to motivate small-and-medium sized enterprises (SME).
HLB’s LaunchPad, a start-up mentorship programme, together with HLB Group SME Banking partnered with the FinTech Association of Malaysia (FAOM) for the inaugural “FAOM Presents” event entitled “Internet Finance & Accessing Credit”. The event was attended by over 100 participants, including representatives from the Securities Commission Malaysia, Bank Negara Malaysia, Malaysia Digital Economy Corporation, together with media as well as SMEs and entrepreneurs.
To best serve SMES and Consumers, Terrence Teoh, Head of Group SME Banking, HLB explained how the Bank, Fintech and Bigtech can work together and increase innovation. For example, “Peer-to-peer (P2P) financing providers within the FinTech space are important enablers, together with conventional banking facilities to support financing at different stages of a company’s growth. We see P2P financial providers complementing the banking institutions by reaching the underserved SMEs, especially those who do not meet the requirements of banking credit assessment, while conventional banks can take over that support when they grow in size and traction.”
“It is imperative that banks collaborate with FinTechs which can add collective value towards helping to grow this very important business segment in Malaysia, which made up 98 percent of businesses in the country. Ultimately, P2P lenders will complement banks where collaboration will allow both to enhance the service level to SMEs,” Teoh added.
HLB has provided numerous platforms to support and develop SMEs and start-ups such as its HLB LaunchPad mentorship programme, which was developed to nurture tech savvy start-ups in reinventing the financial services industry. Through the first installation of HLB LaunchPad in 2017, five tech-related start-ups were mentored to new levels of success.
The second iteration of this programme called HLB LaunchPad Activate 2018 is currently underway with applications from Malaysia as well as the ASEAN region. Shortlisted applicants will be announced at the end of September.
As humankind’s best friend, the search giant has always been the go-to solution solver for any impending crisis such as whether Selena Gomez and Cristiano Ronaldo are dating, be it ways to pronounce the word “gif” or finding the right image for birthday wishes.
