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BROADFIELD ANNOUNCES THE OFFICIAL LAUNCH OF ITS HONG KONG OFFICE

Redefining Legal Excellence in Asia with a Vision for Global Impact

HONG KONG, Feb. 3, 2025 /PRNewswire/ — Broadfield, a transformative international law firm reshaping the legal landscape, proudly announces the opening of its Hong Kong office. This strategic expansion strengthens Broadfield’s global presence and underscores its dedication to delivering innovative, client-focused legal solutions worldwide, while solidifying its presence in the dynamic Asia-Pacific market.

Broadfield’s Hong Kong team reflects the firm’s dedication to value-driven legal services that are customized to meet the region’s evolving business needs. The office will focus on the provision of investment fund formation, private equity M&A, GP strategic transactions, corporate advisory, and turnaround services, ahead of a phased build-out of other aligned practice areas later in the year.

Operating associated with Liu, Patrick Ling & Co. LLP (PLL)—a Hong Kong law firm founded by Patrick Liu—Broadfield will integrate PLL’s invaluable local insights with its global platform. Liu’s illustrious career includes leadership roles at several leading international law firms.

Effie Vasilopoulos, a globally recognized authority on investment fund formation, will lead Broadfield’s Asia-Pacific operations. Vasilopoulos brings extensive experience from her tenure as a member of a global executive committee, Co-Head of the Greater China Region, and founder of the APAC Investment Funds Group at a leading international law firm.

“Our mission is to create unparalleled value for our clients by aligning exceptional legal talent with the infrastructure, expertise, and resources of a multidisciplinary professional services partner,” said Vasilopoulos, Managing Partner of Broadfield Asia LLP. “This launch represents a transformative milestone for the Asia legal market and reinforces Broadfield’s vision to redefine legal services through innovative, value-driven solutions. I am honored to lead this initiative and am excited about our future expansion in the region.”

Broadfield Hong Kong and PLL will benefit from the strategic support of SHP Legal Services (SHPLS), which provides expertise in technology, talent acquisition, and business strategy. This collaboration equips Broadfield’s lawyers to deliver exceptional client service while integrating cutting-edge innovations.

“The launch of Broadfield HK in association with PLL highlights our commitment to empowering law firms to address the challenges of globalization, technological disruption, and evolving client demands,” said Chris Price, Managing Director & EMEA Lead at SHPLS. “This is another step toward our mission to transform the legal services industry.”

Broadfield Hong Kong’s initial services associated with PLL will include investment fund formation, financial services regulation, private equity M&A, GP strategic transactions, corporate advisory, and turnaround services. Future practice areas will encompass commercial litigation, white-collar investigations, employment law, and data privacy. The team is recognized as a market leader across strategies such as private equity, venture capital, real estate, infrastructure, hedge funds, credit and direct lending, digital assets, hybrid arrangements, advising fund managers, institutional investors, and sovereign wealth funds on complex transactions.

“Our strategic association with Broadfield enhances PLL’s ability to provide unrivaled expertise in private equity M&A, GP-led strategic transactions and corporate advisory services, while leveraging Broadfield’s global platform,” said Patrick Liu, the founding Hong Kong partner of PLL. “Together, we deliver holistic solutions for clients addressing Asia’s most intricate legal challenges.”

The firm’s esteemed leadership team includes:

  • Effie Vasilopoulos, Managing Partner and Chair of the Executive Committee, Asia Pacific Region, Broadfield Asia LLP a leading authority on investment fund formation with over 20 years at a leading international law firm.
  • Patrick Liu, Founding Hong Kong Partner, PLL with extensive experience in private fund matters (including GP strategic transactions), private equity M&A and corporate advisory matters, most recently Counsel at an international leading law firm in Hong Kong and Singapore.
  • Huberta Chow, Partner, PLL focusing on private fund formation and financial services regulatory matters, with 18 years at an international leading law firm.

“We are excited to launch Broadfield Hong Kong associated with PLL, solidifying Broadfield’s position as a global force in the legal sector,” said John Hutchinson, Managing Partner of Broadfield UK. “This collaboration highlights our commitment to addressing the complex challenges of globalization, technological disruption, and shifting client expectations in the legal profession. With this expansion, we are redefining the delivery of legal services, combining global reach with cutting-edge infrastructure provided by SHP Legal Services to deliver seamless, high-value solutions for our clients.”

The Hong Kong team plans to expand to 30 professionals, including 20 lawyers, by the end of summer 2025.  Broadfield anticipates further growth across Asia within the next 12 to 18 months, aligning with its strategy to merge local expertise with global resources to deliver tailored, world-class legal solutions.

Globally, Broadfield is poised for significant expansion in 2025, with plans to extend its footprint across the Asia-Pacific region, EMEA, and North America. This strategic growth will be complemented by an enhanced portfolio of services, further solidifying Broadfield’s position as a global leader in delivering innovative, client-focused, and value-driven legal solutions.

About Broadfield

Founded in 2024, Broadfield is an international law firm dedicated to the highest-quality, multi-faceted value-driven legal services. Combining local insight with global resources, Broadfield offers innovative solutions tailored to the needs of clients across industries and jurisdictions. With a presence in the United Kingdom and Hong Kong, Broadfield’s growing team of over 400 professionals is committed to fostering long-term client relationships based on trust and excellence.

About Liu, Patrick Ling & Co. LLP

PLL is a Hong Kong-based law firm specializing in investment fund formation, private equity M&A transactions, GP strategic transactions, and corporate advisory and turnaround services.  PLL offers unparalleled regional expertise backed by global resources and delivers tailored, client-centric solutions to meet the region’s complex demands.

About SHP Legal Services (SHPLS)

Founded in 2024, SHPLS provides strategic support to law firms, offering solutions in technology, operations, and talent acquisition. As a subsidiary of LSS Strategic Partners, LLC, an A&M Inc. company, SHPLS is dedicated to driving innovation, operational efficiency, and sustainable growth in the legal sector.

For more information about Broadfield, contact: Pro-Broadfield@prosek.com

For more information about PLL, contact: patrickliu@broadfield-law.hk or effievasilopoulos@broadfield-law.hk

Axcelis Wins The 2024 SK hynix CSO Safety and Health Award

Award Recognizes Companies Who Achieve Highest Level of Safety

BEVERLY, Mass., Feb. 3, 2025 /PRNewswire/ — Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, has received the ‘2024 SK hynix CSO Safety and Health Award’. This prestigious award honors companies whose dedication and commitment in supplying products and services meet SK hynix’s high standards for fab site and personal safety. The award was presented by Kim Youngsik, Chief Production Officer (CPO) of SK hynix, at a ceremony held at the SK hynix SUPEX Center in Icheon, Korea. Recipients are a select group of suppliers chosen for their exemplary performance in the areas of:  Compliance with Regulations, Compliance with SK hynix policies, Improvements in the Company’s EHS performance, and Reducing Overall Risks in the Semiconductor Supply Chain.

“It is an honor for Axcelis to receive the 2024 SK hynix CSO Safety and Health Award from SK hynix,” said Russell Low, Axcelis’ President and Chief Executive Officer. “This award is a testament to our dedication to customer collaboration and satisfaction, and our unwavering commitment to environmental sustainability and health and safety.

Vice President Kim Youngsik, Chief Production Officer (CPO) of SK hynix, commented, “Axcelis’ exceptional commitment to health and safety has set them apart and is foundational to helping us achieve our priorities and serve our customers.”

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

CONTACTS:

Press/Media Relations Contact:  
Maureen Hart 
Senior Director, Corporate & Marketing Communications 
Telephone: (978) 787-4266 
Email: Maureen.Hart@axcelis.com 

Axcelis Investor Relations Contact: 
David Ryzhik 
Senior Vice President, Investor Relations and Corporate Strategy 
Telephone: (978) 787-2352 
Email: David.Ryzhik@axcelis.com 

Logo – https://laotiantimes.com/wp-content/uploads/2025/02/axcelis_1_logo.jpg 

Hankyung.com introduces: Navigating Korea’s 2025 Policy Shifts: Key Risks & Market Opportunities for Global Businesses

Dr. Ihk-pyo Hong, Senior Advisor at CODIT, to Share Insights on Korea’s Business, Regulatory Landscape, and Growth Strategies

SEOUL, South Korea, Feb. 3, 2025 /PRNewswire/ — CODIT, a leading platform in AI-driven regulatory and market intelligence, will host a webinar titled “Navigating Korea’s 2025 Policy Shifts: Key Risks & Market Opportunities for Global Businesses” on February 12 at 5:00 PM EST, tailored for U.S.-based business leaders. This webinar will provide key insights into Korea’s evolving business environment, regulatory landscape, and strategic opportunities for foreign companies.

The webinar’s keynote will be delivered by Dr. Ihk-pyo Hong, Senior Advisor at CODIT, Distinguished Professor at Dongguk University, one of South Korea’s leading universities, and former Senior Research Fellow at the Korea Institute for International Economic Policy (KIEP). He will deliver an in-depth analysis of Korea’s outlook, regulatory shifts, and market trends. With extensive experience in both economic and governance consulting, Dr. Hong will provide practical guidance to help companies adapt to the changing business landscape and maximize opportunities.

Jieun Chung, CEO of CODIT and former OECD policy analyst, will also provide brief insights on how Korea’s regulatory landscape compares with OECD countries and other major markets.

Jieun Chung, CEO of CODIT, emphasized the webinar’s value for U.S. businesses navigating Korea’s evolving business and regulatory landscape. “As Korea undergoes transformations across various sectors—including economy, industry regulations, and market dynamics—foreign companies are looking for clarity on how these developments may impact their operations. At CODIT, we don’t just monitor developments—we provide actionable insights to help businesses manage risks and identify opportunities. This webinar is a key part of our mission to support business leaders during these ever-changing environment.”

The webinar, designed for U.S. business leaders, is now open for registration on CODIT’s official page. Interested participants can sign up at https://thecodit.com/kr-en to receive a Zoom link for the session. The webinar, including the keynote and a live Q&A session, will run for 90 minutes.

  • Register Here: Link 

CODIT leverages AI and big data to provide real-time regulatory and market intelligence, delivering tailored insights to help businesses navigate Korea’s evolving business landscape. In addition to its advanced platform, CODIT offers strategic advisory services led by experts with over 20 years of experience in regulatory and industry analysis. Trusted by FORTUNE 500 companies, industry leaders, and unicorn startups, CODIT is expanding globally, with plans to enter Japan, the U.S., and the EU in 2025.

Stay Connected with CODIT:

Navigation Korea's 2025 Policy Shifts Key Rists & Market Opportunities for Global Businesses
Navigation Korea’s 2025 Policy Shifts Key Rists & Market Opportunities for Global Businesses

 

Elliott Statement on Tokyo Gas Co., Ltd.

LONDON, Feb. 3, 2025 /PRNewswire/ — Elliott Investment Management, L.P. and Elliott Advisors (U.K.) Limited (“Elliott,” or “we”), which together advise funds that have a substantial investment in Tokyo Gas Co., Ltd. (“Tokyo Gas” or “the Company”), today issued the following statement:

“We welcome Tokyo Gas’s decision to expand its buyback program and implement additional measures to enhance capital efficiency and accelerate growth. We view these measures as meaningful first steps to unlock the substantial value embedded in Tokyo Gas’s asset base, and we believe this plan demonstrates the Company’s commitment towards value creation. We also support the establishment of the Corporate Value Enhancement Committee, and we anticipate the results of the Company’s review of Tokyo Gas’s non-core assets for divestment – including its extensive and underappreciated real estate holdings – to be announced at the comprehensive investor update in March. We look forward to continuing our engagement with the Company.”

About Elliott

Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.

Media Contacts:

London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk 

Tokyo
Brett Wallbutton
Ashton Consulting
T: +81 (0) 3 5425-7220
b.wallbutton@ashton.jp

 

CSI Properties Limited HK$2 billion Fundraising Proposal led by Chairman and Controlling Shareholder Mr. Mico Chung to Strengthen Balance Sheet

Gaw Capital as New Financial Investor Subscribing (i) Rights Shares at Premium to Market with lock-up, and (ii) 4 Years Senior Unsecured Note

HK$9 billion Asset Disposal Program to Narrow NAV Discount and Strengthen Shareholders Equity

HONG KONG, Feb. 3, 2025 /PRNewswire/ — CSI Properties Limited (“CSI” or the “Group”) (Stock code: 497) is pleased to announce a fundraising of approximately HK$1.5 billion by way of a rights issue of shares and an issuance of a HK$500 million senior unsecured note to Gaw Capital, to strengthen shareholders’ equity and working capital. This proposal will introduce a new financial investor with global institutional expertise and enhance our balance sheet’s  resilience for the current economic challenges.  Through a committed HK$9 billion active asset disposal program, we aim to narrow our NAV discount to our share price, and position the company for future growth opportunities in the evolving market landscape.

Key Highlights

  1. Fundraising of approximately HK$2 billion to strengthen balance sheet to ride out current market challenges.

    The total fundraising of approximately HK$ 2 billion will be composed of new equity capital of approximately HK$ 1.5 billion from the rights issue and another HK$500 million in senior unsecured note to be provided by Gaw Capital, which is a landmark fundraising in this challenging capital market. The fundraising is expected to strengthen our balance sheet and financial position, providing for working capital support for ongoing projects, as well as for retirement and refinancing of our debt obligations in the current challenging times. The management will strive to maintain continuous dialogue with all stakeholders concerned in order to strike an appropriate balance on the use of proceeds from this fundraising.

  2. Fundraising led by controlling shareholder and Gaw Capital via rights issue at premium to the last closing share price.

    As a demonstration of confidence, the rights issue will be priced at a premium to the last closing share price. This reflects the strong belief of our controlling shareholder and new strategic investor Gaw Capital in unlocking hidden shareholders value from the significant discount to the NAV and the long-term fundamental upside of CSI.

  3. Controlling shareholder is leading the Fundraising with HK$400 million committed and will remain as the largest shareholder without any change of control after this approximately HK$2 billion total fundraising.

    Controlling shareholder Chairman Chung will be underwriting $400 million worth of rights shares, in addition to the participation from Gaw Capital, demonstrating their commitment to our Group’s future. 

  4. Issuing of Bonus Warrants to give shareholders opportunity to participate in future upside of CSI

    For every ten new consolidated shares, one bonus warrant will be issued with a conversion price of HK$ 0.22 into one ordinary shares, giving shareholders the opportunity to participate in the future upside of CSI.

  5. New Investor Gaw Capital will provide capital commitment and a new institutional investor perspective.

    The introduction of Gaw Capital as an investor will contribute up to HK$ 758 million in new equity capital and an additional senior unsecured note of HK$500 million. In addition, our current management team is looking forward to working with Gaw Capital to leverage on their global network and institutional expertise in our key strategic decisions. Whilst control and management of CSI will remain unchanged, we believe Gaw Capital will become a valuable and strategic business partner.

  6. Gaw Capital has committed to a four-year lockup to show commitment to the future of CSI, subject to market and other conditions

    The lockup is a strong testament to the controlling shareholder and management team in managing CSI through the current challenging market. Furthermore, the lockup will help to avoid any market volatility on the price of our shares.

  7. Strong commitment to a HK$9 billion asset disposal program to narrow valuation discount.

    The management team and Gaw Capital are committed to a HK$9 billion asset disposal program of our prime assets in both residential and commercial properties within the next 4 years, and will actively seek ways to increase and unlock shareholders value.

  8. The rights issue will be anchored by our Chairman as controlling shareholder and leading international real estate private equity firm Gaw Capital, in addition to the Underwriter VMS Securities fully underwriting the balance of the whole rights issue in raising approximately HK$1.5 billion.  

    The rights issue will provide existing shareholders with the opportunity to invest in the future of CSI together with our Chairman and Gaw Capital. Gaw Capital is a leading real estate private equity firm in the Asia Pacific and other global markets and currently managing over US$35.8 billion in AUM.

“We are excited to welcome Gaw Capital as a true business partner from the angle of their global expertise and looking at things from an institutional investor perspective.” CSI Chairman Chung commented. “I am firmly committed to remain as the major controlling shareholder and this fundraising exercise will not result in any change of control. Indeed, I am thankful for Gaw Capital’s confidence in me and our management.”

Kenneth Gaw, President and Managing Principal of Gaw Capital Partners, said: “Gaw Capital values the opportunity to collaborate with CSI Properties as a strategic shareholder, with which it has enjoyed a business relationship dating back to 2012. CSI Properties hold high quality portfolio with a majority of quality residential and commercial assets in Hong Kong. The synergies we create will sharpen our competitive edges in asset management. We believe that with joint efforts, Gaw Capital will be able to further advance sustainable growth and navigate distressed opportunities in Hong Kong.”

The management at CSI would like to extend our sincere gratitude to all our shareholders and partners for their continuous support. This strategic fundraising exercise, along with the collaboration with our new strategic investor Gaw Capital, is a strong testament to the long term growth and development of CSI.

– END –

About CSI Properties Limited (SEHK: 497)

CSI Properties Limited is listed on the Hong Kong Stock Exchange. CSI has successfully leveraged on its management’s strength in identifying strategically located properties and repackaging and repositioning them to improve rental yield, thereby bringing capital value enhancement.

CSI Group currently owns and manages a number of prime investment properties in Hong Kong, Shanghai and Beijing, including all Ground Floor shops of Capital Centre in Wanchai; 30% interest in an commercial office at No. 38 Wai Yip Street in Kowloon Bay; lower F&B floors at LL Tower, No. 2-4 Shelly Street, Central: the FOCO building at Nos. 46 and 48 Cochrane Street, SOHO, Central; new commercial building at Nos 92-96 Wellington Street, commercial development site at and Nos. 152-156 Wellington Street, Central; 51% intertest in the site of ex-Novotel Hotel (being redeveloped) in prime West Kowloon; 25% interest in Harbourside HQ in Kowloon Bay; Hong Kong Health Check Tower in prime West Kowloon; two floors of the Broadway Centre at the Rua Do Campo in downtown Macau, and the In Point and Richgate Plaza, two prime retail arcades in Shanghai.

About CSI Properties (Couture Homes) Limited

CSI Properties (Couture Homes) Limited is the wholly owned subsidiary of CSI Properties Limited (Stock code: 497) set up in 2011 to develop luxury residential developments in Hong Kong and the PRC. With Haute Couture (the tradition of tailoring exclusive custom-fitted clothing for privileged customers) as its blue-print concept, CSI Properties (Couture Homes) Limited specializes in crafting special residences made to order for private clients. CSI Properties (Couture Homes) Limited is actively expanding its presence in the luxury property market, in addition to DUKES PLACE, Cadenza and 8-12 Peak Road, other developments in progress include No.44 Stanley Village Road Project, No.92 Repulse Bay Road Project, High Peak at Po Shan Road Project, Topside Residence at Nathan Road project, Phase 5 Wong Chuk Hang Project, Yau Tong Project, and a luxury apartment development called Knightsbridge located in the heart of the Beijing city in Dongcheng district.

About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally. Specializing in adding strategic value to under-utilized real estate through redesign and re-positioning, the firm’s investments span the entire spectrum of real estate sectors, including residential development, commercial offices, retail malls, hospitality, logistics warehouses and IDC projects.

Since its inception in 2005, Gaw Capital has raised seven commingled funds targeting Asia Pacific regions. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia hospitality fund, a European Hospitality Fund, a Growth Equity Fund, and it also provides services for credit investments and separate account direct investments globally.

Gaw Capital has raised equity of US$22.9 billion since 2005 and commanded assets of US$35.8 billion under management as of Q3 2024.

For enquiries, please contact:

CSI Properties Limited:
Mr. Joseph Fung
Tel: (852) 2878 2813
Mobile: (852) 9191-1435
Fax: (852) 2536-9312
Email: joseph@csigroup.hk

Intelligent Joy Group(PR Firm)
Grace Ge/Anne Lin
Tel: (852) 3594 6407 / (852) 9828 9929
Email: pr-team@intelligentjoy.com

 

Wingderm® at IMCAS: Showcasing the Latest Innovations in Laser Hair Removal and RF Technology

BEIJING, Feb. 2, 2025 /PRNewswire/ — Wingderm® once again participated in IMCAS World Congress from 30th January to 1st February 2025, presenting its core devices and newest platforms. The showcased devices included Lasermach Duo, Lasermach, Renuva, Mesoskin, and and other advanced solutions.

Wingderm® at IMCAS
Wingderm® at IMCAS

Wingderm®’s Booth Bustling with Visitors
Wingderm®’s booth was constantly bustling with visitors, drawn by professional device presentations and in-depth technical discussions.  Industry experts and quality-focused practitioners were eager to engage and exchange ideas.  The interaction helped them gain a deeper understanding of Wingderm®’s brand concept and device advantages.

Lasermach Duo: A Milestone in Laser Hair Removal Innovation

Lasermach Duo, the newest generation of laser hair removal solution, offers effective treatments for all hair types and skin tones with three wavelengths. Dual handpieces with an innovative connection structure for easy installation, combined with an enhanced cooling system, enable practitioners to achieve excellent clinical results while providing beauty seekers with efficient and comfortable treatments. Lasermach Duo is equipped with WiCAN (Wingderm® Intelligent Connection CAN Bus), an embedded underlying interconnection platform, which enables seamless data interaction and remote control. Lasermach Duo is a great addition to medical spas and clinics, whether they have been operating for years or are just starting out.

New Radiofrequency(RF) Device Preview
At the “Tech-Driven Beauty” conference, Wingderm® unveiled its latest breakthrough in RF technology, marking the company’s official entry into the RF field. The device, currently in development, integrates cutting-edge RF technology to deeply stimulate collagen regeneration, providing firming and anti-aging effects. During the conference, attendees had the opportunity to learn more about the RF device’s design and technology, and they expressed great anticipation for its market value.

About Wingderm®

Wingderm® since its establishment in 2016, with the aim of “Aesthetics & Technology, Easy to Achieve”, provides leading and reliable intelligent photoelectric medical aesthetic devices, which have been exported to more than 80 countries, with over 15,000 units installed, recognized for safety and effectiveness by experts and beauty seekers.

For more information, visit: https://www.wingderm.com/

D’Open Kitchen and KrisFlyer Team Up for an Exclusive Valentine’s Day Culinary Experience

SINGAPORE, Feb. 2, 2025 /PRNewswire/ — D’Open Kitchen, a leading culinary school specializing in interactive cooking experiences and team-building workshops, is proud to announce a special collaboration with KrisFlyer, Singapore Airlines’ renowned frequent flyer program. This partnership presents an exclusive Valentine’s Day-themed cooking class, designed to offer couples a unique and immersive dining experience.

Team-Building and Bonding experiences
Team-Building and Bonding experiences

Taking place on February 14 and 15, 2025, the event invites KrisFlyer members to don their aprons and step into the kitchen, where they will create a romantic three-course meal under the expert guidance of professional chefs. Participants will not only learn valuable culinary skills but also enjoy a memorable bonding experience in a warm and intimate setting.

Elevating Culinary Experiences with D’Open Kitchen

With over a decade of experience in culinary education and corporate engagement, D’Open Kitchen is known for its innovative and hands-on approach to cooking. The company offers a range of team-building and bonding experiences, including:

  • Cooking Team Building – A dynamic and competitive experience designed to strengthen collaboration, communication, and problem-solving skills among teams.
  • Cooking Team Bonding – A more relaxed, non-competitive culinary activity that fosters camaraderie and meaningful connections.
  • Customized Culinary Workshops – Tailored cooking sessions crafted to meet the unique needs of corporate groups, private events, and special occasions.

This collaboration with KrisFlyer underscores D’Open Kitchen’s commitment to creating exceptional culinary experiences that blend learning, teamwork, and gastronomy. Through this partnership, the company continues to redefine interactive dining, offering an elevated and engaging experience for food lovers and aspiring chefs alike.

How to Participate

Exclusive to KrisFlyer members, this Valentine’s Day cooking class is a one-of-a-kind event that promises a romantic and interactive gastronomic adventure. More details, including how to book a slot, can be found on KrisFlyer Experiences.

For more information about D’Open Kitchen and its culinary programs, please visit www.dopenkitchen.com.sg.

Research Reveals Talent Shortages and Manual Processes are Stifling Finance Teams in Construction

MELBOURNE, Australia, Feb. 2, 2025 /PRNewswire/ — A new report has revealed significant challenges facing construction finance teams across Australia and New Zealand, with talent shortages, outdated systems, and manual processes topping the list of concerns. The findings by Payapps, an award-winning construction software solution trusted by thousands of main contractors and subcontractors to simplify and standardise progress payment claims, highlight the urgent need for digital transformation to alleviate pressure on finance professionals and enhance operational efficiency.

Building Efficient Finance Teams with Construction Technology: Payapps' report reveals how ongoing talent shortages and outdated processes are impacting construction finance teams and highlights the critical role of digital transformation in overcoming these challenges.
Building Efficient Finance Teams with Construction Technology: Payapps’ report reveals how ongoing talent shortages and outdated processes are impacting construction finance teams and highlights the critical role of digital transformation in overcoming these challenges.

Conducted among 125 finance professionals, the survey underscores talent shortages as the most pressing issue, with 36% of respondents identifying it as their biggest challenge. This is compounded by dissatisfaction with manual workflows, particularly in managing progress claims, with 37% of finance teams expressing dissatisfaction with their current systems.

“Construction finance teams are being asked to do more with less, all while ensuring compliance with strict regulations like the Security of Payment Act in Australia and the Construction Contracts Act in New Zealand,” said Daniel Giles, CFO of Payapps. “These inefficiencies not only increase stress on teams but also jeopardise project timelines and financial stability.”

Key Findings:

  • Manual Processes Hamper Progress: A staggering 41% of teams still rely on manual processes for progress claims, leading to bottlenecks and delays.
  • Compliance Risks: 53% of respondents find meeting payment deadlines under regulatory frameworks challenging, risking legal penalties and disputes.
  • Technology Adoption Pays Off: Teams using Payapps are 81% more likely to meet compliance deadlines and experience fewer delays, highlighting the value of specialised digital tools.

The report also reveals that adopting digital tools significantly improves efficiency and job satisfaction. Finance teams leveraging technology report spending less time on manual tasks, freeing them to focus on strategic priorities.

A Call for Digital Transformation

With finance teams under pressure to manage growing workloads and navigate complex regulatory environments, the report advocates for adopting integrated digital solutions. Tools like Payapps, which automate and streamline progress claim processes, are identified as critical to addressing inefficiencies and retaining top talent.

“This report is a wake-up call for the construction industry,” added Giles. “Investing in technology isn’t just about efficiency; it’s about staying competitive, retaining skilled professionals, and delivering better project outcomes.”

The full report, “Building Efficient Finance Teams with Construction Technology,” is available for download here.  The survey was conducted by Payapps and included responses from finance professionals from commercial construction companies in Australia and New Zealand.   Payapps thanks their partners, including Accounting Times and Accountants Daily, for inviting subscribers to participate in this survey. We also sincerely thank our valued customers for their participation.

About Payapps

Payapps – An Autodesk Company, is a cloud-based collaboration tool for the construction industry. It helps main contractors and subcontractors simplify and streamline project progress claims and approvals, including contract variations.  A simpler and faster digital process ensures greater transparency, increased accuracy, improved compliance, reduced financial risk, fewer disputes and fairer outcomes. Payapps significantly cuts progress payment processing time, helping to meet regulatory requirements. Compliance is improved and made easier with documentation verification integrated with the approval process.Our award-winning solution seamlessly integrates with a wide range of construction ERPs and accounting software to help provide real-time data on all project payment requests and approvals.  Build Better Together With Payapps