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Laos Confirms 1,245 New Cases of Covid-19 and Six Deaths

Covid-19 Update for Laos
Covid-19 Update for Laos

Laos has recorded 1,245 cases of Covid-19 across the country today, with six new deaths.

Laos to Play Cocky Cambodia Before Leaving AFF Suzuki Cup

The full Laos squad at the AFF Suzuki Cup 2020.
The full Laos squad at the AFF Suzuki Cup 2020 (Photo: AFF)


Laos could have its chance to break a losing streak when it faces off against cocky Cambodia later today in the AFF Suzuki Cup 2020.

MODIFI Announces 145m USD to Power International SME Trade Among Supply Chain Turmoil

AMSTERDAM, THE NETHERLANDS – Media OutReach – 15 December 2021  Global fintech MODIFI today announced 145m USD in debt financing with existing bank partners Silicon Valley Bank and Solarisbank. The funds will be used to address increasing demand and help more small and medium-sized enterprises trade internationally on MODIFI’s digital platform.

 

COVID-19 has negatively impacted SME exporters and importers, with the trade finance gap widening to 1.7 trillion USD, 15% higher than 2 years ago. As global trade is booming and consumer demand is on the rise, they are unable to capitalize on new opportunities and navigate through supply chain disruptions.

 

“2021 has been a challenging year for SMEs, who had to cope with logistics issues and skyrocketing freight rates amid a strong rebound in consumer demand. We were able to step in and help our clients get additional liquidity and risk protection, thus enabling them to fulfil extra orders and grow their business. We are excited to continue our partnership with Silicon Valley Bank and Solarisbank and are honored by their commitment to our mission” says CEO and Co-Founder Nelson Holzner.

 

Increase in the facility amount will help address growing demand for the MODIFI products in the company’s markets worldwide. MODIFI has quadrupled its business year on year with India remaining the largest single market, and Greater China, UAE and Germany actively picking up pace. 2021 started off with MODIFI’s launch in the Netherlands, the US and Bangladesh.

 

“We are incredibly excited at Silicon Valley Bank to build on our existing relationship with MODIFI as it continues on its trajectory to become a leading provider of trade financing products. With trade severely affected by the restrictions resulting from COVID-19 and other macroeconomic issues, trade financing has been instrumental in reducing the adverse effects to businesses relating to both exports and imports. Our continued partnership showcases the ability of SVB’s warehouse financing platform to play a pivotal role in the growth of cutting edge fintechs like MODIFI”, says Conor Sheehy, Head of Fintech Warehousing at SVB EMEA.

 

“We are excited to take our partnership with MODIFI to the next level and help more SMEs manage their liquidity and emerge as winners from the current supply chain crisis. There is a growing need for innovative solutions that remove barriers, increase transparency and enable small and midsize businesses to trade on a par with larger corporates. At Solarisbank, we are committed to empowering our partners to scale quickly and serve more customers through our API-based lending platform”, says Nicolas Knecht, Managing Director Lending of Solarisbank.

 

MODIFI is the only digital trade finance platform for SMEs that spans the three major trading regions of Europe, Asia and North America – a cluster which encompasses approximately 80% of global imports and exports. It provides SMEs with simple digital solutions to finance and manage their trades, protect them from counterparty risk, and easily track their shipments. Having raised its Series B round in September, the company is now working on major upgrades to its digital platform, which will expand the product offering beyond trade finance and allow MODIFI customers to take care of all trade-related activities in one place.

 

MODIFI currently operates out of 9 offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka.

 

About MODIFI:

MODIFI is a global fintech company that helps small and medium sized businesses (SMEs) finance and manage their international trades. Serving over 1,000 buyers and sellers across more than 40 countries, MODIFI offers simple digital solutions that enable SMEs to trade like large corporates. Through its digital platform the company empowers businesses to grow, fostering strong international partnerships and benefitting local economies. To see how small and medium sized businesses can grow with MODIFI, visit www.modifi.com or follow us on LinkedIn and Twitter.

#MODIFI

About Silicon Valley Bank:

Silicon Valley Bank (SVB) helps innovative businesses and their investors move bold ideas forward, fast. SVB provides a range of financial services and targeted expertise to companies of all sizes in innovation centres around the world, including the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. Learn more at svb.com

Silicon Valley Bank Germany Branch is a branch of Silicon Valley Bank.

Silicon Valley Bank, a public corporation with limited liability (Aktiengesellschaft) under the laws of the U.S. federal state of California, with registered office in Santa Clara, California, U.S.A. is registered with the California Secretary of State under No. C1175907, Chief Executive Officer (Vorstand): Gregory W Becker, Chairman of the Board of Directors (Aufsichtsratsvorsitzender): Roger F Dunbar. Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is registered with the local court of Frankfurt am Main under No. HRB 112038, Branch Directors (Geschäftsleiter): Phillip Lovett, Dayanara Heisig.

2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.

About Solarisbank:

Solarisbank is Europe’s leading Banking-as-a-Service platform. As a technology company with a full German banking license, Solarisbank enables other companies to offer their own financial services both rapidly and compliantly. Using our simple APIs, we enable partners to integrate Solarisbank’s modular banking services directly into their own product offering at a much more efficient cost. The platform offers digital bank accounts and payment cards, identification and lending services, digital assets, including custody and brokerage, as well as services provided by integrated third-party providers. In 2021, Solarisbank launched in France, Italy, and Spain to offer local IBANs, providing access to local financial ecosystems in Europe’s four largest markets. Headquartered in Berlin, over 450 Solarians representing over 60+ nationalities are working together to transform the financial services industry.

The issuer is solely responsible for the content of this announcement.

ARISTA Biotech Confirms Antigen Test Effectiveness Against Omicron and other COVID variants

SINGAPORE – Media OutReach – 15 December 2021 – ARISTA Biotech Pte Ltd (“ARISTA”), manufacturer of COVID-19 antigen & antibody diagnostics, confirms that its COVID-19 antigen rapid test, which tests for the presence of SARS-CoV-2 virus in clinical specimens, is able to detect the recently identified B.1.1.529 (Omicron) variant.

On 26th November 2021, the World Health Organization (WHO) announced and designated variant B.1.1529 named Omicron, a newly identified variant first identified in Botswana and South Africa, as a Variant of Concern. Early indication suggested this variant may have higher transmissibility and has already spread to over 30 countries in an accelerated manner.

Sequence study of the Omicron variant confirmed that it harbors more than 30 mutations across its genome with the majority of mutations in the Spike protein. The Omicron variant possesses three replacement and one deletion mutations in the N-protein compared to the original viral strain (Table 1).

The ARISTA TM COVID-19 Antigen Rapid Test is designed to identify the presence of SARS-CoV-2 virus in clinical specimens by detecting the nucleocapsid protein (N-protein) in the core of the virus. ARISTA has conducted studies using recombinant variant N-proteins to validate and confirm the ARISTA COVID-19 Antigen Rapid Test is able to detect over 400+ variants, including B.1.1.7 (Alpha), B.1.351 (Beta), P.1 (Gamma), B.1.617, B.1.617.2 (Delta), AY.1/AY.2/AY.3 (Delta Plus), B.1.617.3, C.37 (Lambda) and B.1.1.529 (Omicron) with similar sensitivities (Table 2).

Our preliminary laboratory results indicate that the sensitivity of the ARISTA COVID-19 Antigen Test remains similar for all variants tested to date – including the Omicron variant. Further performance validation results and clinical studies on the Omicron variant are underway and will be made available in due course.

Letter of Statement

ARISTA™ COVID-19 Antigen Rapid Test is designed to detect the presence of SARS-CoV-2 virus in a clinical specimen by identifying the nucleocapsid protein (N-protein) of SARS-CoV-2 viral antigen and is used as an aid in rapid screening of COVID-19 infection. As the product manufacturer, ARISTA Biotech Pte Ltd (“ARISTA”) is responsible for the performance of the product and ensures it can be effective against all key emerging variants.

On 26th November 2021, the World Health Organization (WHO) announced and designated variant B.1.1529 named Omicron, a newly identified variant from Botswana and South Africa, as a Variant of Concern. Early indications suggest this variant to have higher transmissibility and has already spread through multiple countries in an accelerated manner.

Sequence study of the Omicron variant confirms that it harbors more than 30 mutations across its genome with the majority of the mutations in the Spike protein. The Omicron variant possess three replacement and one deletion mutations in the N-protein compared to the original viral strain.

ARISTA continues to monitor and validate the product’s performance against all major emerging variants, and we hereby confirm that the ARISTATM COVID-19 Antigen Rapid Test product continue to detect the Omicron variant with no loss in sensitivity.

ARISTA has conducted studies using recombinant variant N-proteins to validate and confirm similar detection sensitivity on B.1.1.7 (Alpha), B.1.351 (Beta), P.1 (Gamma), B.1.617, B.1.617.2 (Delta), AY.1/AY.2/AY.3 (Delta Plus), B.1.617.3, C.37 (Lambda) and B.1.529 (Omicron).

ARISTA will conduct further molecular validation and field clinical studies to demonstrate the clinical performance of the ARISTA product towards the Delta and Omicron variants. We will continue to monitor the emerging variants and evaluate the performance of ARISTA™ COVID-19 Antigen Rapid Test against new important variants as they emerge.  Further information will be shared when available.

Dr. Eric Tang

Chief Scientific Officer

ARISTA Biotech Pte. Ltd.

1st December 2021

About ARISTA Biotech Pte. Ltd

Arista is a global biotech company that provides innovative diagnostic technologies, strategic products and “big data” analytics for novel disease management, including the COVID-19 pandemic and other infectious or critical illnesses.

For more information, please visit https://aristabio.com

#ARISTABiotech

The issuer is solely responsible for the content of this announcement.

Salaries expected to recover to pre-COVID-19 pandemic levels in Southeast Asia in 2022, Aon study reveals

  • Salary increases in 2021 were lower than in 2020; bonus pay-outs dropped approximately 25 percent.
  • Some industries, such as private banking, saw continued increases in salaries while retail and professional services faced challenges.

SINGAPORE – Media OutReach – 15 December 2021 – The COVID-19 pandemic has weighed heavily on talent strategies with muted salary increases across Southeast Asia, according to a study by Aon plc (NYSE: AON), a leading global professional services firm. The second edition of Aon’s 2021 Salary Increase and Turnover Study was conducted from June 2020 to June 2021, surveying the salary movements and turnover rates of more than 870 companies across Singapore, Malaysia, Thailand, Indonesia and Vietnam.

 

Companies must prepare for potential talent risks in 2022 following a muted 2021

In Singapore, salary increases across industries dropped to 3.3 percent in 2021 from 3.8 percent in 2020. Similar trends were seen in Malaysia and Thailand, with 2021 salary increases of approximately 4.5 percent and 4.4 percent, compared to 4.7 percent and 4.9 percent in 2020, respectively. Bonus pay-outs, which were relatively insulated in 2020–calculated for the previous performance year–also dropped between 20 – 25 percent in 2021 across Southeast Asia.

 

However, as organisations settle into new and agile workforce models, compensation policies are expected to normalise to pre-pandemic levels in 2022. The study showed that salary increases for Singapore, Malaysia and Thailand are forecasted to recover to 3.8 percent, 4.9 percent and 4.9 percent, respectively, in the coming year.

 

Voluntary turnover in 2021 remained either mostly flat or declined, as reported in Singapore (from 11.3 percent in 2020 to 10.8 percent in 2021) and Malaysia (from 10.6 percent in 2020 to 8.7 percent in 2021), demonstrating there is hesitation in switching employers amid an uncertain business landscape.

 

However, as the Southeast Asian economy is poised to recover, Aon expects turnover to increase following the current downturn.

 

Rahul Chawla, Managing Director, Aon’s Human Capital Solutions, Southeast Asia, said: “Organisations need to prepare for and have the right strategies for global talent trends such as ‘The Great Resignation.’ This will be further complicated by other factors introduced by the pandemic, such as new working models and a higher demand for digital skills. However, these extraordinary times also present opportunities for companies to stay ahead of the curve in the war for talent as they continue to build resilient workforces. We expect to soon see a surge in hiring and turnover activity so rethinking compensation and benefits strategies will be a critical success factor to prepare for the next year.”

 

Retail, hospitality, and professional services continue to face headwinds

The study also revealed how the pandemic impacted individual sectors. In financial services, the consumer banking industry saw minimal salary increases due to prevailing macro-economic conditions and the business performance of banks. However, private banking saw continued salary growth on the back of continued wealth creation in the region and the need for sophisticated financial planning. Similarly, the life sciences and medical devices industries saw salary increases in Singapore, Malaysia and Thailand of 3.6 percent, 4.6 percent, and 5.0 percent respectively. In contrast, retail, hospitality, and professional services continue to face headwinds; for example, the Singapore market saw a salary increase of just 3.0 percent in the consulting and professional services industry.

 

To address some of these challenges, data from Aon shows that organisations have invested in different talent groups and skillsets. For example, in response to the growing importance of digital solutions in new working models and the need to address the increased risk to employee health and wellbeing, salaries in IT and human resources in certain economies such as Thailand showed the strongest recovery, with salaries for junior employees increasing by up to 20 percent.


Median Salary Increase in 2020 and 2021

Country/Territory

Salary Increase 2020

Salary Increase 2021

Singapore

3.8%

3.3%

Malaysia

4.7%

4.5%

Thailand

4.9%

4.4%

Indonesia

7.5%

6.5%

Vietnam

8.5%

7.5%

Median Voluntary Turnover in 2020 and 2021



 

“The trends observed for 2021 reflect the phases of react, recover and reshape that most companies have experienced in the last 18 months. With higher vaccination rates across Southeast Asia and the resumption of travel, the expectation in 2022 is for a long-awaited recovery where we will see more movements in the talent market. While continuing to fight the war for talent, organisations can leverage these data and insights to make better, more informed decisions as they build roadmaps to deliver enhanced value for employees in the future,” said Chawla.

 

To view the study, please click here.

About the study

Aon’s Salary Increase and Turnover Study provides clients with actionable insights to ensure their pay cycles are aligned with overall market trends. Conducted twice a year, the study spans more than 130 countries/territories and 4,100 companies globally.

The Salary Increase and Turnover Study covers the following key market practices:

  • Actual overall and merit-based salary increases
  • Budgeted overall and merit-based salary increases
  • Expected hiring and workforce growth trends
  • Key talent identification and rewards differentiation practices
  • Performance management practices
  • Promotion practices
  • Salary structure movement trends
  • Voluntary and involuntary turnover rates

 

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Follow Aon on Twitter and LinkedIn. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here.

#Aon

The issuer is solely responsible for the content of this announcement.

Qwang Launches in Singapore New Vietnamese Rice Noodle Salad Experience With A Healthier Twist

SINGAPORE – Media OutReach – 15 December 2021  Qwang, a brand new quick-serve Vietnamese Rice Noodle Salad concept, opens its doors this December, bringing refreshing bowls of authentic Vietnamese casual dining goodness to foodies across Singapore.

 

Drawing inspiration from the classic and popular Vietnamese rice vermicelli dish Bún Thịt Nướng (grill pork rice noodle salad), with updated ingredients, preparation methods and cooking styles to suit today’s healthier dietary preferences, Qwang aspires to bring the unique flavour and taste of this quintessential Vietnamese daily foodfare to a wider consumer audience.

 

With a healthier cooking approach, reduced oil usage and no MSG, Qwang is the perfect choice to get your Vietnamese food fix while staying on the right side of your dietary plans. 

 

Goodness in a bowl


The Qwang rice noodle salad combines and folds in layers of taste, flavours and texture – at the same time savoury, sweet, crunchy, crisp and zesty – into a balanced bowl of hearty and satisfying meal experience.

 

Every Qwang salad bowl starts with the assembly of the base: consisting of springy rice noodles mixed with a generous serving of fresh Romaine lettuce, Japanese cucumbers and succulent cherry tomatoes, followed by a dash of vietnamese pickled daikon and carrots.

 

For proteins, choose from our signature roast ribeye, classic roast-grilled pork cutlet or belly, as well as specially marinated chicken. There is also the option of spice-rubbed, roasted beancurd cubes for those who are vegetarian inclined.

 

The ensemble is topped off with fresh herbs – mint and basil leaves – and a sprinkling of chopped roasted peanuts.

 

Finally, to complete the whole experience, drizzle your Qwang salad bowl with our own specially concocted version of the traditional Vietnamese dipping sauce, nước chấm.

 

Give everything a good toss to mix it all in, and you’re now ready to enjoy!

Sharing the love for Vietnamese food


Qwang culminates a journey of love for the brand’s co-founder and spokesperson Chew that began almost a decade ago.

 

“Most people immediately think of Phở or Bánh mì when they think of Vietnamese food, but for me, it’s the rice noodle salad dish, Bún Thịt Nướng, that speaks to me as the quintessential Vietnamese dish, a chaotic yet logical balance of layered tastes and flavours that in a way perfectly represents the varied and kaleidoscopic nature of Vietnamese culture”, explained Chew.

 

“We are extremely passionate about Vietnamese food and wish to share our love for it with more people throughout Singapore, and beyond. And that is what inspired us to start Qwang”, Chew elaborated.

 

Beyond the current offering, Qwang has plans to introduce other popular Vietnamese food items in the future, as part of its mission to be recognised as a brand synonymous with authentic and quality Vietnamese food in Singapore

Launch promotion


To celebrate its launch, Qwang is offering Chilled Vietnamese Coffee free with every Qwang salad bowl purchase, from now till 31 December 2021, or whilst stock lasts.

 

Simply order online at www.qwang.sg for islandwide delivery or self-pickup at Qwang’s outlet, located at: 9 Yio Chu Kang Road, Space @ Kovan #01-51, Singapore 545523.

 

Walk-in for takeaway orders is available as well.

 

Operating hours are 11am to 9pm daily.

 

Qwang is now open for business. Get your healthy and refreshing bowl of Vietnamese rice noodle salad today.

About Qwang

Qwang is a Quick Service Restaurant (QSR) concept that offers a fresh take on the classic Vietnamese rice noodle salad dish, Bún Thịt Nướng, that retains the traditional and unique flavours of Vietnamese soul food while adding new dimensions to suit the fast casual and healthier diet preferences of today’s consumers.

With a hearty mix of daily fresh greens, tasty proteins and refreshing herbs, drizzled with its unique savoury and tangy dressing sauce, a Qwang bowl is just what one needs to enjoy a satisfying meal that feeds the senses, body and soul all at the same time.

For more information on Qwang, visit www.qwang.sg.

#Qwang

Allianz: Volatile markets, US lawsuits, ESG issues and SPACs create new risks for managers

  • AGCS report identifies trends for risk managers, brokers and insurers in the Directors and Officers (D&O) space.
  • Pandemic-related insolvency risks have not yet been fully averted, while risk of asset bubbles and inflation are a rising concern.
  • Shareholder derivative suits in the US against foreign companies are becoming more frequent.
  • SPACs are on the rise globally – and come with a number of D&O risks. In Asia the market is gaining momentum with a significant uptick in companies in China, Hong Kong and Singapore as a new route to accessing capital markets
  • AGCS market outlook: “D&O insurance market is showing signs of stabilizing in terms of capacity. However, the potential for further loss trend inflation remains and requires a disciplined underwriting approach.”

JOHANNESBURG/LONDON/MUNICH/NEW YORK/PARIS/SAO PAULO/SINGAPORE – Media OutReach – 15 December 2021  Board members and company executives can be held liable for an increasing range of scenarios. Today’s market volatility, with the increased threat of asset bubbles and inflation, the prospect of a growing number of insolvencies due to the pandemic environment, together with rising scrutiny around the environmental, social and governance (ESG) performance of companies and the urgency for robust cyber resilience are key risks for Directors and Officers (D&Os) to watch in 2022.

Risk managers and their D&O insurers should also closely monitor potential exposures to US derivative actions and other forms of litigation, while also not underestimating the challenges around increasingly popular SPACs (special purpose acquisition companies), according to the latest edition of Allianz Global Corporate & Specialty (AGCS)’ annual D&O report.

 

“The actions and culture of organizations and their directors and officers are coming under heightened scrutiny from a wide range of stakeholders, with litigation risk a primary concern,” says Shanil Williams, Global Head of Financial Lines at AGCS.

 

“This comes against the backdrop of a stabilizing D&O marketplace, although capacity is still tight in some segments and many companies would like to buy more limits than the industry can offer. The market remediation has advanced, including our own portfolio at AGCS, and this will gradually ease the pressure that some of our clients are facing. We are adopting a cautious and disciplined underwriting approach and need to remain wary about the current volatile business environment and closely monitor loss trend patterns. However, the D&O insurance space is slowly, but surely, offering opportunities for profitable growth again in selected pockets – and we are eager to pursue these.”

Uncertain insolvency issues continue to be key topic in the D&O space

The withdrawal of support measures for companies established during the pandemic sets the stage for a gradual normalization of business insolvencies in 2022. The Euler Hermes Global Insolvency Index is likely to post a +15% y/y rebound in 2022, after two consecutive years of decline (-6% forecast in 2021 and -12% in 2020). While the wave of insolvencies has so far been milder than anticipated, mixed trends are expected across the world. In less developed markets, such as Africa or Latin America, the number of insolvencies is expected to increase faster compared to more developed economies, such as France, Germany and the US, where the impact of the governmental support is expected to last for longer. Traditionally, insolvency is a major cause of D&O claims as insolvency practitioners look to recoup losses from directors. There are many ways that stakeholders could go after directors following insolvency, such as alleging that boards failed to prepare adequately for a pandemic or for prolonged periods of reduced income.

 

Market volatility, climate change and digitalization key issues

The financial services industry, but also companies from other sectors, continues to face multiple risk management challenges in the current economic climate. Markets are likely to become more volatile with the increased risk of asset bubbles and inflation rising in different parts of the world. At the same time, more banks and insurers are expected to assign individual responsibility for overseeing financial risks arising from climate change, while investors are paying closer attention to the adequate and timely disclosure of the risk that it poses for the company or financial instrument they invest in. The tightening regulatory environment, the prospect of climate change litigation or ‘greenwashing’ allegations could all potentially impact D&Os. Cases have focused on the nature of investments, although there is a rise in litigation to drive behavioral shifts and force disclosure debate.

 

Meanwhile, digitalization has further accelerated following Covid-19, creating enhanced cyber and IT security exposures for companies. This requires firms’ senior management to maintain an active role in steering the ICT (information and communication technologies) risk management framework. “IT outages and service disruptions or cyber-attacks could bring significant business interruption costs and increased operating expenses from a variety of causes including customer redress, consultancy costs, loss of income and regulatory fines. Last, but not least, brand reputation can also suffer. All this can ultimately impact a company’s stock price with management being held responsible for the level of preparedness,” says Jenny Wilhelm, Regional Head of Financial Lines Asia.

 

Heightened litigation risk in the US

Litigation risk continues to be a top D&O concern, in particular around shareholder derivative actions which are increasingly being brought on behalf of foreign companies in US courts. “A number of new lawsuit filings, the recent openness of certain courts to extending long-arm jurisdiction, and a possibly record-breaking settlement announced in October 2021, point to heightened US litigation risk for directors and officers of non-US domiciled companies,” David Ackerman, Global Claims Key Case Management at AGCS emphasizes.

 

Since early 2020, a group of plaintiffs’ firms has brought more than 10 derivative lawsuits in New York state courts on behalf of shareholders of non-US companies seeking to hold directors and officers legally and financially accountable for various breaches of duty to their corporations. The financial hurdles to bring suit in the US are significantly lower than in many other countries, while US courts and juries are considered more plaintiff-friendly than many others around the world. The consequences to directors and officers forced to defend themselves in derivative litigation before US courts can be severe. In what may turn out to be a record-setting settlement for a US derivative lawsuit, in October of this year defendants agreed to pay a minimum of US$300mn to settle litigation brought in a New York state court by shareholders of Renren, a social media corporation based in China, and incorporated in the Cayman Islands, after allegations of corporate misconduct.

 

Scrutiny over SPACs
Another emerging risk in the global D&O insurance space comes from the growth of so-called Special Purpose Acquisition Companies (SPACs), also known as ‘blank check companies’. These represent a faster track to public markets. Advantages fueling the growth of SPACs over traditional Initial Public Offerings (IPOs) include smoother procedures, less regulatory and process burdens, easier capital sourcing and shorter timelines to complete a merger with target companies. During the first half of 2021, the number of SPAC mergers in the US, both announced and completed, more than doubled the full year total of 2020 with 359 SPAC filings, garnering a combined US$95bn raised. The growth of SPACs in Europe may not match the scale of the US boom, but there is still a growing expectation that it will increase despite a less favorable company law environment compared to the US. In Asia the market is slowly gaining momentum with a significant uptick in companies in China, Hong Kong and Singapore as a new route to accessing capital markets.

 

So far the SPAC boom has been largely concentrated in high-growth industries such as technology, financial services and healthcare. Earlier this month, Grab – the car-hailing service in South East Asia, made its stock market debut on New York’s Nasdaq trading platform.

 

Regulatory scrutiny and enforcement over the SPAC sector have also increased after two years of booming activity. The scrutiny and lawsuits have piled more risk on the market for D&O insurance. One issue in Hong Kong is securing liability insurance for SPAC directors and officers against incorrect statements and negligence. The cost of such coverage has materially steepened for many Chinese firms listed in the U.S. because of increased scrutiny and activism in recent years.

 

SPACs carry a set of specific ‘insurance-relevant’ risks, and losses are already reported to be flowing through to the D&O market as both the SPAC and the private target company typically obtain D&O coverage. “Exposures could potentially stem from mismanagement, fraud or intentional and material misrepresentation, inaccurate or inadequate financial information or violations of rules or disclosure duties,” says David Van den Berghe, Global Head of Financial Institutions at AGCS.

 

In addition, a failure to finalize the transaction within the two-year period, insider trading during the time a SPAC goes public, a wrong selection of a target to acquire or the lack of adequate due diligence in the target company could also come into play. Post-merger the risk of the go-forward company to perform as expected or failure to comply with the new duties of being a publicly-listed company also needs to be considered.

About Allianz Global Corporate & Specialty SE

Allianz Global Corporate & Specialty (AGCS) SE is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

Worldwide, AGCS operates with its own teams in 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,450 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2019, AGCS generated a total of €9.1 billion gross premium globally.

www.agcs.allianz.com

LinkedIn

Twitter: @AGCS_Insurance

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” and similar expressions identify forward-looking statements.

Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group’s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.

The issuer is solely responsible for the content of this announcement.

Foreign National Arrested for Public Urination in Vientiane Capital

Man charged with public urination.
A foreign national has been charged with public urination.


A foreign national has been detained by police after a video depicting him urinating on his vehicle while stopped at traffic lights went viral on social media.