HONG KONG SAR – Media OutReach – 12 September 2023 – Fosun International Limited (HKEX stock code: 00656, “Fosun International” or the “Company”), together with its subsidiaries (“Fosun” or the “Group”), announced its interim results at the end of August 2023. Goldman Sachs recently published a research report, recognizing the healthy recovery of Fosun’s core businesses and expressing its bullish view on Fosun’s strategy of focusing on the development of core businesses where it boasts clear competitive advantages. Goldman Sachs assigned the Company a target price of HK$7.7, with approximately 57% upside.
Goldmans Sachs pointed out that Fosun International’s 2023 interim results was in line with its expectations, the Group achieved a total revenue of RMB97.06 billion, representing a year-on-year increase of approximately 11%; the key indicator reflecting the Company’s operational capabilities – industrial operation profit, if excluding the profit of disposed enterprises (including transactions yet to be completed), representing a significant year-on-year increase of 66%, demonstrating significant improvement in the profitability of core businesses. Taking Fosun’s Happiness segment as an example, Fosun Tourism Group (FTG) and Yuyuan saw a strong recovery. Goldman Sachs pointed out that the net profit improvement was mainly attributable to profit turnaround from FTG with solid recovery in Club Med and Atlantis Sanya; and the notable net profit growth for Yuyuan (a year-on-year increase of 226%) was driven by Yuyuan’s jewelry and fashion business (a year-on-year increase of 35%).
Goldman Sachs said while acknowledging the continued challenges from the macro environment such as weak consumption sentiment, geopolitics, higher interest rate, Fosun has proactively implemented its business streamlining and core business-focused strategy, centering family consumption, and enhancing asset-light operations, therefore, Fosun’s management is optimistic for the Company to weather through economic cycles. Goldman Sachs also recognized Fosun’s efforts in the disposal of non-strategy and non-core assets and its active efforts in exploring financing channels, thereby maintaining a steady debt to capital ratio. As of 30 June 2023, Fosun’s cash and bank balances and term deposits were abundant, reaching approximately RMB115 billion, its total debts to total capital ratio was 51.8% and the average cost of debt was around 5.3%, maintaining at a manageable level. In the first half of 2023, cash inflow from divestment amounted to more than RMB14.0 billion at the holding company level and more than RMB20.0 billion at the consolidated level. In January 2023, Fosun High Technology successfully entered into a syndicated loan agreement for an amount of RMB12 billion with eight domestic banks. As of 30 June 2023, the Group had no material offshore bonds due in one year.
Looking ahead, Goldman Sachs believed that after divesting its non-strategy and non-core assets, the Group would be able to focus more on its core businesses and empowering its subsidiaries to further improve underlying business performance in coming years. The firm sees value at the current level and looks for more signs of execution on deleveraging and earnings recovery, therefore it maintained its Buy rating on Fosun.
Hashtag: #Fosun
The issuer is solely responsible for the content of this announcement.
A gay Chinese couple looks at a facility during a condominium tour in Bangkok, Thailand, Friday, 18 August 2023. LGBTQ+ people from China who are frequently scorned and ostracized at home are coming to Thailand in droves. (Photo: AP)
BANGKOK (AP) — Xinyu Wen traveled to Thailand in June, planning a two-week vacation around Bangkok’s Pride parade.
SINGAPORE – Media OutReach – 12 September 2023 – The Wealth Management Institute (WMI) has introduced two new initiatives to further deepen engagement of family offices in Singapore at the annual Global-Asia Family Office (GFO) Circle Summit, held on 11 and 12 September 2023 at The St Regis Singapore. Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat was the Guest of Honour for the Single Family Office Forum on the second day. The initiatives come on the back of a twofold surge in demand in WMI’s family-office related programmes and forums.
WMI Announces Measures to Deepen Engagement of Family Offices in Singapore, Building on Doubling Demand for WMI’s Family Office Programmes and Forums to Over 3,000 in Past Year
The first initiative will be the pioneering ‘Family Office Discovery Series’, developed and organised with the support of the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS). The Series aims to orientate newly arrived family offices to Singapore and support closer integration into Singapore’s dynamic ecosystem, fostering a sense of belonging and purposeful engagement within the community. It will be systematically offered to recent and new family offices arriving into Singapore.
Through the Series, family offices will gain access to an expansive network and exposure to a spectrum of opportunities, from building a strong peer network to exploring co-investment opportunities.
Ms Foo Mee Har, CEO of WMI, says, “WMI is continuing its strong momentum in building capabilities and community in the family office sector. Over the past year, total participation in WMI’s family office programmes and forums have doubled to over 3,000 since launch. Additionally, more than 200 professionals have successfully earned their Certified Family Office Advisor credentials by completing a rigorous curriculum.”
“Many family offices we have spoken to have expressed a strong desire to strengthen their bonds here and access the wealth of opportunities Singapore has to offer. The Family Office Discovery Series will support the next stage of integrating family offices into Singapore, to fully tap the capital, knowledge, networks and expertise they bring. Through creating a systematic introduction to various facets of the innovation and social impact community, we will enable family offices to fast-track their engagement, allowing businesses based in Singapore to benefit from mutual technological, innovation and capability transfers,” Ms Foo adds.
The second initiative announced was the upcoming launch of a new Family Office Risk Management & Controls programme. This programme is targeted to help strengthen capabilities in the family office ecosystem to safeguard against financial crime and uphold compliance requirements and standards relating to onboarding and due diligence, cross border jurisdiction and tax, capital and exchange control matters.
Mr Lim Chow Kiat, Chairman of WMI and CEO of GIC, says, “For two decades, WMI has been equipping the wealth management profession with future-ready capabilities. The profession plays a critical role in upholding Singapore’s reputation as a transparent and trusted international financial centre. With the rapid growth of the family office sector, we will continue to create programmes that enhance its capabilities.”
These two new launches build on WMI’s flagship initiatives in the family office sector. In 2021, WMI established the Global-Asia Family Office Circle to create a trusted environment for fostering collaboration and knowledge-sharing in the sector. In March 2023, WMI launched the Impact Philanthropy Partnership (IPP) in collaboration with the Private Banking Industry Group (PBIG) and with the support of the Monetary Authority of Singapore (MAS). The IPP aims to build greater awareness of and momentum for philanthropy and impact capital among family offices.
For more information about the Family Office Discovery Series and other initiatives by WMI, please visit www.wmi.edu.sg.
The issuer is solely responsible for the content of this announcement.
About Wealth Management Institute
Established in 2003, the Wealth Management Institute (WMI) is committed to building capabilities for investing in a better tomorrow. Founded by GIC and Temasek, our vision is to be Asia’s Centre of Excellence for wealth and asset management education and research. WMI is appointed as Singapore’s Lead Training Provider for Private Banking by the Institute of Banking and Finance Singapore (IBF) and supported by the Monetary Authority of Singapore (MAS). WMI also helms the Global-Asia Family Office Circle, a network platform that fosters a trusted environment to build capabilities and community in the family office sector.
WMI provides a comprehensive suite of practice-based certification and diploma programmes and collaborates with leading universities for Master’s qualifications. With over 20,000 annual enrolments, WMI provides training in asset management, wealth management, family office, compliance and risk management across more than 100 programmes.
About WMI’s Family Office Discovery Series
The Family Office Discovery Series, developed by WMI with support from EDB and MAS, aims to deepen integration among family offices in Singapore. It aims to help family offices:
Understand the local investment and social impact landscape so that they can home in on areas of interest and fast track engagement.
Become active members of our venture community and be connected to promising research and tech innovations by Singapore’s start-up communities and research institutes, with opportunities to support scaling of promising new ideas.
Build new networks in Singapore and find like-minded, trusted partners for co-investments.
Through the Series, family principals and single family offices are given exposure to a spectrum of opportunities as well as peer sharing from other family offices. Individual ‘Discovery Sessions’ will be held on a regular basis throughout the year, starting with two session during October 2023.
About WMI’s Family Office Risk Management and Controls Programme The Family Office Risk Management and Controls Programme is an upcoming programme that aims to build capabilities in the family office ecosystem, to maintain and safeguard Singapore’s position as an international financial centre with high standards of transparency and compliance risk management and controls. The programme will enable participants to understand the regulatory environment for family offices, examine key legal and regulatory risks and identify solutions to mitigate these risks.
This programme is relevant for parties within the family office ecosystem including financial institutions servicing family offices, wealth managers, law firms, trust companies as well as family office professionals, advisors and partners.
To register interest in the Family Office Risk Management and Controls Programme, visit: www.wmi.edu.sg/formcp.
Vientiane authorities destroyed 4,405 kg of illegally produced, imported, and sold buffalo skin and pork products worth nearly LAK 76 million at a disposal site in Vientiane Capital on 11 September 2023 (Photo: Lao Security News)
Vientiane officials destroyed 4,405 kg of illegally imported buffalo skin and pork products worth nearly LAK 76 million at a disposal site on 11 September.
Immerse in the realm of 40th Anniversary lineup watches, Masterpiece timepieces and exclusive exhibition in conjunction with 88rising as G-SHOCK defines their evolution of toughness over the years.
SINGAPORE – Media OutReach – 12 September 2023– Marking a remarkable milestone in 40thanniversary celebrations this year, G-SHOCK, distinguished for its groundbreaking timepieces, is set to captivate audiences at its regional pop-up tour, with Singapore as its first stop.
The pop-up will showcase the G-SHOCK 40th Anniversary line up including the Clear Remix series, Remaster Black series, Recrystallized series, Adventurer’s Stone series, Flare Red series and G-SHOCK x Eric Haze collaboration watch.
Rooted in the spirit of Toughness that G-SHOCK has become synonymous with, this pop-up event will transport visitors through an immersive journey, akin to time travel, providing them with a glimpse into the evolution of toughness. Starting from the birth of the pioneering G-SHOCK DW-5600C in 1983, which marked a milestone in digital watch technology, to its current iconic status as a symbol of both durability and innovation (GA-2100), visitors will have the chance to witness the brand’s incredible transformation.
In collaboration with renowned music collective, 88rising, the pop-up will showcase an exclusive display of artist portraits featuring iconic figures such as Rich Brian, Warren Hue, Spence Lee, Dumbfounded, Ylona Garcia, Milli, Atarashii Gakko!, Niki and Stephanie Poetri. These portraits exemplify the synergy between the artist’s roots of origin and representation of modern toughness, embodying the essence of G-SHOCK’s legacy. G-SHOCK also breaks the record for the number of 88rising artists featured in a brand campaign.
At the pop-up, attendees can acquire exclusive G-SHOCK x 88rising limited edition t-shirts, priced at SGD 39 each. These unique t-shirts are solely available during the event and are subject to stock availability.
The G-SHOCK “Rooted in Toughness” S.E.A pop-up tour is set to create a vibrant and dynamic atmosphere that resonates with both G-SHOCK and 88rising fans and youths regionally, while also introducing a new generation to the brand’s legacy.
S.E.A pop-up tour schedule:
● Singapore: 16 – 30 September 2023 @ ION Orchard, Singapore
● Malaysia: 23 – 29 October 2023 @ Pavilion, Kuala Lumpur
● Indonesia: 11 – 22 October 2023 @ Central Park, Jakarta
● Thailand: 16 – 31 October 2023 @ CENTRALWORLD, Bangkok
● Philippines: 13 – 20 October 2023 @ BGC High Street, Manila
The issuer is solely responsible for the content of this announcement.
ABOUT G-SHOCK
Built from a mission by creator Mr. Ibe to create the unbreakable watch, G-SHOCK is the watch that stunned the world with a concept for toughness that defied conventional watchmaking logic. G-SHOCK creates technologically advanced watches that can resist gravity, freezing temperatures, high water pressure and magnetic fields, watches built to last forever through a constant pursuit of toughness. Launched in 1983, G-SHOCK celebrated its 35th Anniversary in 2018 and its watches have sold over 100 million in over 100 countries during that time. The G-SHOCK Premium collection uses the highest standards of engineering and rigorous testing at its design centre in Yamagata, Japan, to ensure that every piece remains true to the original concept, whilst a combination of fine materials and styling deliver the ultimate in luxury timepieces. News about Casio G-SHOCK is available at: www.gshock.casio.com/sg
ABOUT CASIO
Casio Computer Co., Ltd. is one of the world’s leading manufacturers of consumer electronics products and business equipment solutions. Since its establishment in 1946, Casio has strived to realize its corporate creed of “creativity and contribution” through the introduction of innovative and imaginative products. Today, Casio’s offerings include timepieces, electronic dictionaries, calculators, musical instruments, system equipment, and others.
Amid 43% of Cyber Attacks Targeting SMBs and Only 14% Prepared, Crayon’s New Security Assessments Fortify Revenue Streams and Offering to Partners
SYDNEY, AUSTRALIA – Media OutReach – 12 September 2023 – Crayon, a global leader in IT services and innovation today announced the inclusion of two targeted security assessment services as part of its commitment to the ‘Journey to Value’ initiative aimed at optimizing value and revenue for channel partners. These assessment services deliver significant insights to an organisation’s cybersecurity strength and resilience and offers risk mitigation measures to reduce exposure to threats, prevent data breaches, protect business reputation, and ensure compliance with regulation.
Today, 43% of cyber-attacks are aimed at SMBs, yet only 14% are adequately equipped to face such attacks, according to Accenture’s Cybercrime study.
“While 70% of SMBs plan to migrate to cloud-based solutions in the next two years, our Future of Operations study revealed that over half lack the necessary security protocols. These new services are not just an add-on but a fundamental part of our ‘Journey to Value’ initiative to empower our partners holistically,” said Warren Nolan, SVP Channel and Strategy at Crayon, addressing the urgency and the mismatch in preparedness. “The new security offerings aim to enable resellers, managed service providers (MSPs), independent software vendors (ISVs), and system integrators (SIs) to upgrade their cybersecurity measures effectively.”
Crayon is introducing two comprehensive assessments: Cloud Security Assessments and Essential Eight Maturity Assessments.
Cloud Security Assessments aim to assess security vulnerabilities in Microsoft 365 and Azure environments. Partners receive a detailed report that spells out both immediate and long-term actions for security improvements, enabling them to offer a full-spectrum IT solution to end customers.
Essential Eight Maturity Assessments, on the other side, operate under guidelines from the Australian Cyber Security Centre, evaluating eight core cyber security mitigation strategies, offering partners a vehicle for providing comprehensive cybersecurity solutions, thereby meeting their end customers’ holistic IT needs.
“In an environment where the risk is high and preparation is low, it is vital organisations have visibility into their security posture and clear guidance on prioritised improvement. The current skills and resource gap in the market poses significant challenges to our partners in delivering these types of services. Now we can do the heavy lifting for our partners, providing them with the tools they need to improve their customers cybersecurity and add new revenue streams,” said Scott Hagenus, Security Solutions Director at Crayon APAC.
Supplemented by a robust team of over 35 cybersecurity experts, Crayon’s assessments are designed to be an extension of partner capabilities, enhancing rather than competing with them.
“Having previously worked as a reseller, I hold a deep understanding of the challenges our partners encounter within their solutions toolkit. I’m genuinely delighted that we have the opportunity to play a role in bridging this skills gap through our channel security services,” said Joel Ramirez, Channel Commercial Director APAC at Crayon “Our primary aim is to guarantee the utmost safety for their customers’ invaluable data. These newly introduced assessments hold a dual advantage for our partners. They not only provide an additional revenue stream but this toolkit enables partners to proficiently address the end-to-end security and compliance requirements of their customers.”
Crayon announced recently the addition of Backup as a Service to its Partner portfolio and will continue to add services aimed at closing gaps to empower its partner’s IT offerings.
The issuer is solely responsible for the content of this announcement.
Crayon
Crayon is a customer-centric innovation and IT services company with over 3,800 team members across 46 countries. We optimize businesses’ IT estate to help them innovate with expertise they can trust. Our services create value for companies to thrive today, and scale for tomorrow. For more information, visit www.crayon.com.
This Sunday, 10 September 2023, photo provided by the North Korean government, shows that North Korea leader Kim Jong Un greets attendants in Pyongyang, North Korea, before boarding on a train to Russia. (Photo: Korean Central News Agency via AP)
SEOUL, South Korea (AP) — Joined by his top military officials handling his nuclear-capable weapons and munitions factories, North Korean leader Kim Jong Un arrived in Russia on Tuesday, where he is expected to hold a rare meeting with President Vladimir Putin that has sparked Western concerns about a potential arms deal for Moscow’s war in Ukraine.
Specialized lab expands SoftServe’s AI/ML capabilities to accelerate Generative AI value discovery and real-world adoption
SINGAPORE – Media OutReach – 12 September 2023– SoftServe, a premier IT consulting and digital services provider, announced the launch of its Generative AI Lab to help enterprises achieve tangible business results with the successful implementation of Generative AI solutions. The new lab expands SoftServe’s AI/ML capabilities with advanced generative model research and development in multimodal AI applications, as well as a dedicated team of experts to harness and accelerate the transformative power of Generative AI from discovery to real-world adoption.
“Unlike other areas with more developed and mature best practices, Generative AI stands out with its novelty and emergent properties unveiling not just technological innovations, but also groundbreaking use cases that may redefine business strategies,” said Alex Chubay, SoftServe’s Chief Technology Officer. “The pace of innovation here is staggering, often overwhelming businesses with new advancements released weekly. This is where the Generative AI Lab shines. It’s not just a hub for rapid experimentation, value discovery, and solution engineering with the latest techniques and technologies. It’s a conduit for channeling this explosive innovation directly to our clients.”
SoftServe’s Generative AI Lab will support R&D efforts in several pivotal areas, including model fine-tuning and domain adaptation, multimodal Generative AI, cost-performance optimization, operational management (LLMOps), and more. Fusing multiple emerging technologies and approaches in these focus areas will produce pioneering use cases across industries. With these research priorities meticulously aligned with SoftServe’s client needs and strategies, the expertise and assets generated within the lab will find their organic way into real-world business scenarios, ensuring practical and impactful adoption.
“To move forward, we must be strategic about implementation,” said Iurii Milovanov, SoftServe’s AVP of AI & Data Science. “This is where a pragmatic approach becomes critical to proving these once-hypothetical possibilities can make real impacts across various business functions and industries.”
SoftServe’s three Generative AI offerings include:
AI Discovery – The initial discovery phase guides clients through the intricacies of the Generative AI landscape, revealing and validating its potential impact and feasibility within their organizations.
AI Launchpad – The launchpad program enables rapid experimentation and evidence-based exploration of new use cases through a Generative AI sandbox, which enables users to scout, validate, and test deployment.
AI Adoption – The final offering helps clients rapidly scale their Generative AI solutions across the whole enterprise with initiative road mapping, AI governance, technology and data strategies, as well as full AI solution development and adoption in engineering teams.
SoftServe’s Generative AI Lab uses tools and technology platforms in partnership with AWS, Google Cloud, Microsoft Azure, and NVIDIA. The results-oriented practice applies successful use cases and an assessment framework established to make Generative AI a cross-industry, business reality.
Visit this webpage to learn more about SoftServe’s Generative AI solutions and capabilities.
Hashtag: #SoftServe
The issuer is solely responsible for the content of this announcement.
About SoftServe
SoftServe is a premier IT consulting and digital services provider. We expand the horizon of new technologies to solve today’s complex business challenges and achieve meaningful outcomes for our clients. Our boundless curiosity drives us to explore and reimagine the art of the possible. Clients confidently rely on SoftServe to architect and execute mature and innovative capabilities, such as digital engineering, data and analytics, cloud, and AI/ML.
Our global reputation is gained from more than 30 years of experience delivering superior digital solutions at exceptional speed by top-tier engineering talent to enterprise industries, including high tech, financial services, healthcare, life sciences, retail, energy, and manufacturing. Visit our website, blog, LinkedIn, Facebook, and Twitter pages for more information.