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The global recovery continues in 2022, but a bumpy road lies ahead – Coface Barometer Q4 2021

HONG KONG SAR – Media OutReach – 22 February 2022 – Two years after the onset of the pandemic, the global economy continues to recover, but still faces significant challenges. After the lull in the 3rd quarter of 2021, Omicron has highlighted the unpredictability of the pandemic and exacerbated one of the main factors affecting the recovery: disruptions in supply chains. The other major risk is the lasting inflation slippage. In this highly uncertain environment, Coface has made few changes to its risk assessments following the waves of upgrades in previous quarters. In total, four country risk assessments were upgraded, including Denmark, and two were downgraded. In terms of sector risks, Coface upgraded twelve assessments, notably in the paper and wood industries, where prices remain buoyant, and made five downgrades, mainly in the energy sector in Europe.



 

Wave after wave: the economy continues to slow down but to a lesser extent

 

The health situation has once again required the implementation of restrictions in many countries. However, although some European countries implemented partial lockdown measures, the measures were overall much less drastic than before. The direct economic effects were therefore less significant, even if the fallout remains negative for sectors such as air transport, tourism, hotels and restaurants.

 

Supply chain disruptions will run the extra mile

 

After initially affecting the automotive industry, supply chain difficulties have spread to most sectors, from manufacturing to construction. While the time of return to normality remains hard to predict, it seems that the consensus of a gradual easing from the 1st half of 2022 is overly optimistic and that disruptions and material shortages are likely to continue. This has led Coface to lower its 2022 GDP growth forecasts for several European countries, as well as for the US and China.

Furthermore, although the recovery is continuing, the number of insolvencies, which is still very low for the moment in most countries, including the United States, France and Germany, should gradually rise in 2022, as it is already the case in the United Kingdom.

 

Inflation, a key concern for all economies in 2022

 

The other major risk, inflation, is becoming increasingly important, particularly as the rebound in commodity prices continues, fuelled by short-term supply inertia and geopolitical tensions. This inflation is now also being driven by the prices of manufactured goods in many economies, as companies pass on increases in production costs to consumer prices.

 

These high commodity prices are benefiting the usual big winners. The Gulf region is expected to post strong growth performance in 2022. Norway has recorded its highest ever trade surplus thanks to buoyant oil and gas exports. Finally, many African countries, even those affected by armed conflict or political upheaval, have still benefited from high prices for energy, minerals, timber and agricultural products.

 

In the United States, inflation and supply-side issues have dampened the recovery momentum. While GDP growth is expected to remain solid in 2022 (+3.7%), these factors will continue to weigh on activity. In the 4th quarter of 2021, the annual inflation rate reached 7.0%, its highest level in 40 years. In response to this price surge, the US Federal Reserve has become more aggressive and has hinted at an imminent rate hike, triggering monetary tightening in some emerging countries.

 

In Europe, disruptions in supply chains, combined with strong demand, led to higher producer and energy prices. Germany has experienced the highest inflation in over 30 years. The situation is somewhat mixed in the rest of the euro area: inflation remains relatively moderate in France, while prices have soared in Spain. In the United Kingdom, inflation has risen to 5.4% and has led the Bank of England to become the 1st major central bank to raise its interest rate in December 2021, before doing so a 2nd time in early February.

 

Our central scenario remains one of near peak inflation, which will ease as energy prices and supply chain bottlenecks ease in the second half of the year.

 

Inflation is likely to exacerbate social pressures

 

This sharp rise in inflation risks exacerbates social pressures in emerging and developing countries, which had already been reinforced by the increase in inequality associated with the pandemic. In Africa, high energy & food prices, which weigh heavily on households, have limited consumption to the extent that food insecurity and poverty have increased. Fiscal support, already very limited on the continent due to public debt levels, has been withdrawn and unemployment is high in most countries. South Africa, Algeria, Angola, Mozambique, Nigeria, DRC, Zimbabwe, Ethiopia, Guinea and Tunisia are examples of countries experiencing increasing social pressures as a result of the crisis.

 

China going against the grain

 

China’s slowdown deepened in Q4 2021, with an annual growth rate of 4.0%, the slowest pace since the peak of the pandemic in 2020. China’s economic recovery has been affected by the slowdown in the property market, the continuation of the “zero-COVID” strategy, which has weighed on household spending, weak investment growth and energy shortages. In 2021, Chinese GDP grew by 8.1%.

 

Heavily affected by the Delta variant in Q3 2021, the Asia-Pacific economies rebounded at the end of the year. Pacific economies rebounded at the end of the year, in line with the easing of restrictions. Most of the region’s economies had returned to their pre-crisis GDP levels by the end of 2021, with the notable exceptions of Japan and Thailand. However, the continued recovery could add to inflationary pressures, especially if labour markets tighten.

The full barometer is available here.

 

COFACE: FOR TRADE

With 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group’s services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.

Linkedin : https://www.linkedin.com/company/coface

Twitter : https://twitter.com/cofacehk

#Coface

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

DHL Express bolsters capacity between Ho Chi Minh and the U.S. as bilateral trade increases

  • The new route adds additional capacity to the existing Ho Chi Minh City-Hong Kong route for outbound shipment to the United States
  • Operated by Kalitta Air, the dedicated Boeing 777F cargo flight offers around 27% capacity increase to over 940 tons of weekly total gross payload

SINGAPORE – Media OutReach – 22 February 2022 – DHL Express, the world’s leading international express service provider, introduces a new route between Ho Chi Minh City and the United States as bilateral trade increases. Operated by Kalitta Air, the dedicated Boeing 777F will serve the alternative route once a week along with the current Airbus A330 six times a week service from Ho Chi Minh City-Hong Kong.



 

Following the recent expansion on the intra-Asia and intercontinental airfreight capacity, DHL Express continues to expand its airfreight capacity to cater to rising shipment demand resulting from the e-commerce sector. The new route will offer up to 102 tons additional capacity for customers in Vietnam.

 

The new route will link Sydney, Singapore, Ho Chi Minh and Nagoya before arriving at DHL Express Cincinnati hub in the U.S. The new Boeing 777F cargo flight will also add up to 27% additional capacity bringing the weekly total gross payload to over 940 tons.

 

“We continue seeing strong express logistics services demand between intra-Asia and the U.S.,” said Ken Lee, CEO, DHL Express Asia Pacific. “With Vietnam’s continued rise as a manufacturing hub for semiconductors, garments accessories and materials, as well as electronics, we see an increasing demand for our services and we are confident that this additional flight will support our customers in growing their global footprint and entering new markets.”

 

“This new route between Ho Chi Minh City and the United States is a testament of our continued effort in keeping our air network and dedicated freighters responsive to the market demand. We continuously evaluate the volume in all our markets, and improve our routes to provide our customers with the most efficient, time-definite international deliveries despite the capacity crunch in the global supply chain,” said Sean Wall, Executive Vice President, Network Operations & Aviation, DHL Express Asia Pacific. 

 

Vietnam continues to become the 9th largest trading partner of the U.S. The U.S.-Vietnam trade turnover reached more than US$111 billion in 2021, an increase of nearly $21 billion compared to 2020. In 2021, Vietnam’s exports to the U.S. reached $96.29 billion, up 24.9% compared to 2020. The U.S. continued to be Vietnam’s largest export market, accounting for 28.6% of the country’s export earnings.

 

DHL Express’ Asia Pacific air network operates on a multi-hub strategy, supported by four main hubs – Central Asia Hub in Hong Kong, North Asia Hub in Shanghai, South Asia Hub in Singapore and Bangkok Hub, linking to 50 DHL Express gateways in the region. DHL Express operates over 280 dedicated aircraft with 15 partner airlines on over 2,200 daily flights across more than 220 countries and territories.

 

Read more about Vietnam’s rise as a manufacturing hub as manufacturers look at alternatives to China. For more insights about logistics, visit Logistics of Things.


DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivaled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air, and ocean transport to industrial supply chain management. With about 400,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility, and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 66 billion euros in 2020. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.

#DHL

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

AIA Launches AIA One Billion to Engage a Billion People to Live Healthier, Longer, Better Lives By 2030

SINGAPORE – Media OutReach – 22 February 2022 – AIA Group Limited (“AIA” or the “Company”; stock code: 1299) today announced the launch of AIA One Billion, a bold ambition to engage a billion people to live Healthier, Longer, Better Lives by 2030. As the largest pan-Asian life and health insurer, AIA is starting a movement to improve the health and wellness of individuals and help create a more sustainable future in Asia.

Stuart A. Spencer, AIA Group Chief Marketing Officer, said, “For more than a century, AIA has strived to make a significant, positive impact for our customers and communities. Launching AIA One Billion extends our Purpose of helping people live Healthier, Longer, Better Lives far beyond our immediate customer base. AIA One Billion underscores AIA’s commitment to engage, educate and inspire communities across Asia to improve physical, mental and environmental wellness while championing financial inclusion.

The pandemic has increased people’s awareness of the importance of health and wellness. Yet populations in Asia are seeing an increase in lifestyle-related diseases, accounting for more than 70 per cent of all deaths1. The World Health Organisation has warned that climate change will increase morbidity and mortality, especially in Asia2. It is critically important for AIA to play a positive role and be at the forefront of helping our communities address these issues.”

Melita Teo, AIA Singapore Chief Customer and Digital Officer, said, “As we double down on our Environmental, Social, and Governance (ESG) efforts as an organisation, the AIA One Billion ambition will build on our increased momentum to develop actionable plans across our ESG strategic pillars. We hope to invigorate the drive to keep minds, bodies and environments healthy nationwide, so we can shape a healthier future for Singapore with longer term and more sustainable outcomes.”

 

Through partnerships, events, community programmes and campaigns, AIA One Billion will encompass all our interactions across our communities to engage and encourage everyone from all walks of life to lead healthier lifestyles and help secure a healthier planet. As a first step to kick-start AIA One Billion, a regional social media campaign has been launched to invite people to ‘Join the Journey’. AIA ambassadors across the region will also support the initiative and rally communities to take action and drive broad positive behavioural change.

 

AIA has the ambition to become a global leader in ESG. AIA One Billion builds on our long-term strategy to make a difference to the sustainable development of our communities, and setting clear goals in line with our ambition to be a global leader in ESG. As part of its ESG reporting, AIA will track, measure, and report on progress towards the goal to engage one billion people by 2030 to live Healthier, Longer, Better Lives.

 

Find out more about AIA One Billion corporate website: AIA Group and AIA Singapore.

 

Visit AIA Singapore’s social media channels to find out more and ‘Join the Journey’:

Facebook: @Singapore.AIA

Instagram: @AIASingapore

LinkedIn: @AIA Singapore

About AIA

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$330 billion as of 30 June 2021.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).

Notes:

1. Hong Kong SAR refers to Hong Kong Special Administrative Region.

2. Macau SAR refers to Macau Special Administrative Region.

#AIA

Thais Take to Social Media for Road Safety Revolution

Road Safety at Zebra Crossings in Thailand
Pedestrians cross at a zebra crossing in Bangkok, Thailand (Photo: Sanook).

Following several high-profile traffic deaths, including the death of a doctor struck by a motorcyclist in a protected pedestrian crossing, a surge of Thai citizens are using the hashtag #ThaiRoadSafety on social media to call attention to unsafe driving practices and to express concerns over preventable accidents.

Laos Knocks Out Malaysia in Second Victory at AFF U23 Championship

Laos knocks Malaysia out of AFF U23 Championship
The faces of victory as Laos finishes off Malaysia at the AFF U23 Championship.

Laos is to proceed to the semi-finals at the AFF U23 Championship after dominating the field in their second victory against Malaysia yesterday evening.

Facilitator of Tanoto Foundation’s PINTAR Programme Urges the Use of Digital Big Book to Enhance Early Grade Students’ Reading Ability

JAKARTA, INDONESIA – Media OutReach – 21 February 2022 – Hendra Budiono, S.Pd., M.Pd, a lecturer at the Elementary School Teacher Study Programme (PGSD) at the University of Jambi (Universitas Jambi), and Facilitator of the Tanoto Foundation’s PINTAR Programme for the Early Grades has called for the utilisation of the Digital Big Book in Indonesia to improve early grade students’ reading ability. Tanoto Foundation is an independent philanthropic organisation founded by Mr. and Mrs. Sukanto Tanoto.

Hendra Budiono explains that reinforcing reading together as a teaching method to enhance the students’ reading proficiency has been quite a challenge for early grade teachers during the pandemic. Teachers and students are not possible to read a big book together in class as they usually do.

 

A solution for this problem that will enable the teachers to teach reading to early grade students in the current pandemic situation is the use of the digital big book. Digital Big Book, apart from presenting captivating pictures, also deliver stories through the teacher’s voice, replacing face-to-face communication. Of course, this will motivate the students to listen to the story as it will treat their longing for classroom interactions with their teachers.

 

A training programme is held for early grade elementary school teachers (group learning) to achieve this goal. The prerequisite to joining this programme is that the participants must be able to operate the Powerpoint (PPT) application.

 

The training includes activities as follows:

1.    Analysing basic competence

The first step in creating a digital big book is analysing the basic competence embodied in the big book. The purpose of this analysis is to make sure that the story’s content is in accordance with the demands of competence set in the national curriculum so that learning objectives can be achieved.

2.    Select an Interesting theme for the story

After deciding the basic competence included in the big book, the next step is to select an exciting theme for the story. In doing so, participants should also consider the grade level being taught.

3.    Writing story outline

After selecting a solid topic, the participants will be asked to write a story outline and prepare a drawing plan for each big book page. At this stage, participants can write and draw the concepts on paper before applying them in the PowerPoint application.

4.    Using computer/laptop as a medium for writing a big digital book.

At this stage, participants are required to use a personal computer or laptop connected to the internet. Participants can do simple research online before writing the big book, searching relevant images that enrich the story. They can also search images online during the big bookmaking process. The next step is using PowerPoint (PPT) as a design template to insert images and story text.

5.    Writing the text and inserting images using PowerPoint (PPT)

Participants can start inserting the downloaded images and then save them and paste them into the template design that we have prepared. The next step is to write the story’s text at the bottom or side of each image. Do these steps until the digital Big Book is completed according to the outline.

6.    Adding audio into PPT

The participant’s/teacher’s voice is added into PPT according to the text of the story made. Before recording the voice, make sure that the condition is silent enough so that the voice can be heard clearly.

In the PPT application, select insert, Audio, Record audio. Then start recording by clicking the red button. When it is done, click OK. Do these steps for all slides that have been made. You can check and listen to the recording first by clicking the dialogue box.

7.    Exporting PPT presentation slides to Video

The next step is to export the presentation slides to video format. Click file, select export, select create a video, select computer and HD player, and select don’t use recorded timings and narration. Lastly, select create a video by naming the file and choosing storage location. Wait until the video export process is complete.

8.    Uploading the video to a YouTube account

To make it easier for students to access the videos and start learning from them, it is advisable to upload the videos to the YouTube page. The YouTube links can be shared with students through their respective WhatsApp Group so that they can access the videos anytime and anywhere.

 

The digital Big Book is convenient to use. For example, to improve vocabulary mastery, teachers can mention the words on the digital big book repeatedly or ask the students to mention the words written on the digital big book. And to make it more casual, it should be done as if the teacher is talking to the students directly in the classroom.

 

In the voice recording process, teachers must be able to express themselves in accordance with the storyline of the digital big book, pay attention to punctuation and deliver clear intonation so that students can listen to the stories and follow the instructions.

 

In order to improve the reading skills, teachers can ask their students to retell the story in the big book with the same punctuation, intonation and expression. Teachers can ask their students to make a video while reading the book and send it to the WhatsApp Groups for evaluation.

 

To help the students understand the book’s contents, at the end of the story, the teacher can give some questions. And, of course, they can only be answered after the students completely read the digital Big Book story from start to end.

 

Making the powerpoint-based digital big book is quite interesting as it is proven to be a solution made by teachers in overcoming students’ low interest and motivation in reading. The digital Big Book makes it easier for students to learn reading. And, of course, it is more fun because they can also feel the presence of their teacher through the narrator’s voice. 

About Tanoto Foundation

Tanoto Foundation is an independent philanthropic organization founded by Sukanto Tanoto and Tinah Bingei Tanoto based on the belief that every person should have the opportunity to realize his or her full potential. Tanoto Foundation programs stem from the belief that quality education accelerates equal opportunity. We harness the transformative strength of education to realize people’s full potential and improve lives. Tanoto Foundation focuses on making an impact in three areas: improving learning environments, future leaders development, as well as medical research and sciences.

https://www.tanotofoundation.org/en/

#TanotoFoundation

Pacific Century Premium Developments Limited announces annual results for the financial year ended December 31, 2021

HONG KONG SAR – Media OutReach – 21 February 2022 –

 

2021 Annual Results – Financial Highlights

 

(Figures for the corresponding period in 2020 are shown in brackets)

  • Consolidated revenue: HK$ 467 million (HK$ 1,843 million)
  • Consolidated operating loss: HK$ 358 million (HK$ 462 million)
  • Consolidated net loss attributable to equity holders of the Company: HK$ 825 million (HK$ 749 million)
  • Basic loss per share: 42.46 HK cents (47.19 HK cents)
  • No final dividend (No final dividend)

Pacific Century Premium Developments Limited (“PCPD”, SEHK: 00432) has announced its annual results for the year ended December 31, 2021.

 

The consolidated revenue of PCPD and its subsidiaries (together, the “Group”) amounted to approximately HK$ 467 million, representing a decrease of approximately 75% compared to the revenue of approximately HK$ 1,843 million in 2020.

 

The Group’s consolidated operating loss amounted to approximately HK$ 358 million, representing a decrease of approximately 23% compared to the operating loss of approximately HK$ 462 million in 2020.

 

The consolidated net loss attributable to equity holders of the Company for the year of 2021 was approximately HK$ 825 million, compared to the net loss of approximately HK$ 749 million in 2020.

 

Basic loss per share for 2021 was approximately 42.46 Hong Kong cents compared to the loss per share of approximately 47.19 Hong Kong cents for the previous year.

 

The Board of Directors has not recommended the payment of a final dividend for the year ended December 31, 2021.

 

2021 continued to be a challenging year for our hospitality businesses in Hokkaido, Japan. As a result of the various travel restrictions and social distancing measures imposed and the declaration of state of emergency by the Japan government during the year, the occupancy of the Park Hyatt Niseko, Hanazono remained low.  

 

In South East Asia, Pacific Century Place, Jakarta, our premium commercial property located in Indonesia, maintained a stable performance with an occupancy rate of approximately 80 per cent as at December 31, 2021. In Phang Nga, Thailand, the 18-hole golf course together with the golf and country club commenced operations in the third quarter of 2021. The handover of the first batch of villas began in December 2021.

 

In respect of our property development project at 3-6 Glenealy, Central, Hong Kong, the demolition work was completed and the foundation work is expected to commence in the first quarter of 2022.

 

Mr. Benjamin Lam, PCPD’s Deputy Chairman and Group Managing Director, said: “In view of the lingering pandemic and the expected tightening of monetary policies across the US and other developed countries to combat rising inflation, the economic recovery in 2022 remains uncertain. Notwithstanding these challenges, we remain optimistic as to the outlook and prospect of the real estate industry in Hong Kong, Japan and Thailand. The Group will continue to closely monitor the situation and adopt a prudent approach for its business development.” 

About PCPD

Pacific Century Premium Developments Limited (“PCPD” or the “Group”, SEHK: 00432) is principally engaged in the development and management of premium-grade property and infrastructure projects as well as premium-grade property investments. PCCW Limited (“PCCW”, SEHK: 00008) is the single largest shareholder of the Group.

#PacificCenturyPremiumDevelopmentsLimited #PCPD

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

Businesses, Government, and Development Partners Support Responsible Business Conduct in Laos

Last Thursday, the Office of the Embassy of Canada, AustCham, The European Chamber of Commerce and Industry, the European Union, and the British Business Group in Laos co-hosted the 3rd Responsible Business Conduct Forum to share their commitment to and best practices in corporate social responsibility (CSR).