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IMD Report ranks top Companies by Resilience to Crisis

  • The world’s largest Finance and Auto companies ranked against their competitors by their likelihood of survival released today in the Future Readiness Indicator 2022
  • Retail banks trump fintech companies this year in contrast to last year, with J.P. Morgan climbing ten spots, Block lands in 6th place behind stalwart banks
  • Tesla dominates the Auto industry rankings but Chinese BYD is in close pursuit
  • Singapore’s DBS surges up the ranks, Asian performance lags behind USA

LAUSANNE, SWITZERLAND – Media OutReach – 4 May 2022 – US companies Tesla, Mastercard, Visa, and J.P. Morgan, topped the global rankings in their respective industries in the latest edition of the Future Readiness Indicator – Automotive & Financial Industry 2022, released today. Several global companies fared much worse than expected; Credit Suisse, Allianz, PingAn and Block – all for different reasons.

IMD Business School released its inaugural Future Readiness Indicator in December 2021, based on over a decade of data (2010 to 2021), to rank the highest-revenue companies against their competitors by how future-ready they are for the post-pandemic economy and the likelihood of thriving in a world of fast and frequent change. This year’s new ranking benchmarks the corporate world’s resilience in two industries: Automotive and Financial Industry against their competitors.

“The era of easy growth fueled by the pandemic stimulus programs is over. For banks and other financial services companies, there is a changing emphasis from innovation at all costs to quality growth in 2022,” explains Professor Howard Yu, author of the Future Readiness Indicator at IMD Business School. “What you see is conservatism pays this year. Business diversification makes good sense. This is why being future-ready equals corporate success.”

Asian companies performance

The results show a decline in the ranking of Chinese companies driven by the decrease in profits. Whether this is a short or long-term impact remains to be seen, but their readiness for 2022 certainly took a hit. Emerging economies that rely on the export of commodities have been doing well because of the long boom in China, but that has now come to an end.

From China: BYD ranks 5th, Geely 10th, XPeng 12th, Li Auto 14th, and 18th for NIO. From Japan: Toyota places 2nd, Honda 13th, Nissan 19th, and 21st for Suzuki. South Korea‘s Kia reaches 16th and Hyundai is 4th just behind Volkswagen (3rd).

Chinese insurance Ping An ranks 12th and Singapore’s DBS bank stellar performance in the financial services industry is at 5th out of a total 22 companies.

The Financial Services industry shows a reversal of fortune from Fintech to big banks. Credit card companies Mastercard and Visa are the most future-proof companies this year, topping the rankings, followed closely by JP Morgan Chase as the highest-ranking bank. In contrast, Credit Suisse and American Express ranked the worst in the financial industry, holding the last places 20 through 22.

This year, some surprising results include Block (formerly Square), which landed in 6th place, behind two stalwart banks: JP Morgan Chase and DBS bank. Insurance companies Ping An and Zurich Insurance also fared surprisingly poorly. Zurich Insurance sits at 13th place while Chinese Ping An drops five positions to 12th place. While the company is still strong at exploring new technologies and business models, cash flow problems (cash and debt factor) are partially due to the impacts of the China crack-down.

Unlike other banks, Credit Suisse dropped sharply, from 11th to 20th place, partially due to its recent losses and the internal turmoil due to reputation scandals. JP Morgan Chase’s surge as best performing bank is primarily due to the cloudier economic environment, favouring conservative risk management.

Banks trump fintech this year

This year, the strongest reveal is the quick return of banks that prioritize innovation and digitalization. Fintech companies have dropped slightly as raising cheap capital to buy market share with low-cost products now no longer works. This has allowed for the meteoric surge of JP Morgan and DBS to come out strong this year. As the world economy moves from one uncertainty to the next, companies that consistently hold strong balance sheets coupled with innovation will win. For fintech, this suggests that having an exciting product alone will no longer cut it as easily as last year.

The results find that for financial companies, being future-proof in today’s volatile business environment means being slightly more conservative than before in lending while driving low operating costs through digitization. Leveraging NFTs and AI to drive top-line growth and reduce the complexity of an organization to contain costs are strengths that are rewarded. The research predicts that stronger performers will be the ones to drive growth through the non-labour-intensive business models.

Financial Services Industry methodology
The Future Readiness Indicator examines the top 23 retail banks, insurance companies, and payment platforms based on $7.1 billion to $183.4 billion revenue and ranks against data from 2015 to March 2022. The indicator measures against the following criteria: financial fundamentals, investors’ expectation of future growth, employee diversity/ESG, cash and debt, business productivity, early results of innovation, and openness to new ideas.

In the Automotive industry, Tesla dominates again this year, Toyota ranks second, and Volkswagen comes in third. This year, the ranking introduced four new companies. Three are EV producers, Chinese XPeng, Li Auto, and Rivian, and industry stalwart Suzuki although along with Renault, they rank at the very bottom, taking the last two spots of the global ranking.

Chinese EV producers, XPeng and Li Auto, at 12th and 14th places, are performing better than industry heavyweights Audi (15th) and Nissan (19th).

The sharpest climber, BYD, jumps nine places to the 5th position this year. An early mover in EV, they stopped creating combustion engine vehicles and are now 100% electric. The company is also one of the rare automakers producing its own chips. In addition, BYD has 40% of its sales outside its home base in China, resulting in a big jump in its business diversity factor.

The industry winner remains Tesla, but quickly catching up are Hyundai and BYD, both have steadily increased in future readiness over the past few years, and they are not only strong in EV but also demonstrate strong electronics capabilities. In the case of BYD, its stellar surge reflects how the global semiconductor shortages have exposed the importance of having chipset manufacturing capabilities in-house. NIO is a newcomer, and as recently as 2016, BYD ranked 18th. Their 2021 rankings –13th for NIO and 14th for BYD – suggest that these two companies are poised to survive future crises and achieve continuous growth.

Interestingly, to an extent, Toyota, Nio, and even Tesla ranked surprisingly poorly on gender diversity, whereas Harley-Davidson (17th) and Ford Motor (7th) ranked highest on this metric.

Navigating the chip shortage and supply chain threats

The research finds that industry convergence is seen where the gap widens between traditional and EV. The analysis reveals that most traditional automakers, despite mechanical expertise, share conservative views and are relatively unsuited to address vehicle electrification, connectivity, and autonomous driving. Still, the most valuable know-how for the future is not just EVs anymore but capacities in software and electronics for automakers. As seen with self-driving public buses in the UK soon to trial, the future resilience of the auto industry hinges on autonomous vehicles and electronic transport – but most importantly, self-reliance on electronics, heightened by the global chips shortage.

The second-ranking Toyota had prepared itself by stockpiling chips, and Toyota avoided the worst of the disruption and reclaimed the position of world’s largest automaker.

During the chip shortage, Tesla’s expertise in programming allowed it to rewrite its firmware, continue production, and sell a record number of vehicles. Tesla was future-ready before they ever built their first car.

Renault remains in last place. Its recent turmoil has cast constraints on the company’s capital expenditure, allowing for less effort into research and development than its peers.

As COVID-19 repercussions on the economy recede slowly, the industry grapples with equally turbulent new threats. Fuel prices will accelerate the energy transition to electronic parts and battery availability for the auto industry. Suppose the pandemic, which triggered a surge in purchasing of goods, caused the global supply chain to buckle. In that case, Russia’s invasion of Ukraine and China’s continuing zero-Covid policy risk is breaking it completely.

Global supply chains are too complex and interconnected to be immune to shocks, especially as seismic as a worldwide pandemic or wars. Therefore, new capacities force companies to adopt novel strategies to keep goods moving. Today, backlogs and breakdowns are the new normal, making getting ahead of disruptions as early as possible more crucial than ever for future-readiness.

Automotive Industry methodology

The Indicator included the top 22 automakers based on $6.2 billion to $284.4 billion revenue and ranks against data from 2010 to March 2022. We added three young EV makers, XPeng, Li Auto, and Rivian, whose revenue is relatively small but high market value, into this year’s ranking.

The rankings results are based on objective measurements to reach a composite score via an AI-driven algorithm to compare against the industry average. It uses hard data to rank companies against critical drivers of innovation: Financial Fundamentals, Investors’ Expectations of Future Growth, Employee Diversity/ESG, Research & Development, Early Results of Innovation, Business Diversity, and Cash and Debts. The data period for the ranking is from 2016 through March 2022

ESG (Environmental, Social, and Governance)

This year’s Indicator results consider companies’ ESG (Environmental, Social, and Governance) performance in the ranking. This includes the gender diversity of the board and executive teams and diversity in leadership mindset, which correlates to better innovation in companies. This metric also considers the country’s competitiveness of each company’s headquarters to gauge the ease of doing business and governance.

Looking at Tesla’s ESG score as an example, it’s governance controversies as reported by the media. Although Tesla has acquired its green credentials for electric vehicles, it scores poorly on the overall ESG because of chief executive Elon Musk’s governance style.

Gender diversity and inclusion boosts future-readiness

This year’s Indicator includes the influence of female board-level executives and mid-senior managers on a company’s future-readiness. The results reveal that most industries are going through an industry convergence seen as colliding trends. The ranking considers diversity in gender, nationality, and mindset of executives playing an increasingly influential role in corporate success – outperforming their competitors and being more resilient.

The trend sees the limited capacity of an overly homogenous company to reinvent when too many employees come from the same background, whether in terms of CEO mindset or gender, and critical mass is the tipping point to success.

China’s BYD and Volkswagen rank highly in gender diversity among the auto companies, while Nissan and Kia are the opposite. In financial services, DBS Bank and JP Morgan have performed well in this area, allowing their future-readiness score to be the highest among banks. However, HSBC and Credit Suisse perform poorly in diversity.

Overall, the 2022 Future Readiness Indicator draws the following lessons for corporations to navigate:

1) Supply chain game-changer: from transparency in 2021 to resilience in 2022

Despite economic volatility, industry convergence is accelerating. Compared to last year, Tesla’s readiness score surges far ahead of other carmakers in the auto industry. Last year’s Toyota at #2 commands a total score of 77.9. This year, Toyota remains at #2, but the overall score drops to 64.5. What’s needed even more urgently is for carmakers to build up capabilities in electronic components and software. Last year Toyota stockpiled to keep the lights on – but it isn’t effective in the long- term. Digitizing the supply chain might have sufficed during the Covid pandemic as the industry adjusted supply to new demands. In 2022, it’s about supply chain resilience not just supply chain transparency.

2) The changing game for growth strategy: from a deep singular market in 2021 to broad, diverse geography in 2022

With the increasing tension of geopolitics, companies must diversify away from individual country risks. As growth slows down across the board, the company’s readiness is reflected in the development quality. Specifically, it’s whether a company can diversify its reliance from a single geographic market. BYD, for example, is not only vital in electronics and batteries, and those are the capabilities for future mobility. But it has, like other top-ranking companies, increasingly diversified its revenue sources across broader geographic regions. The combination of new capabilities and diversification propels these companies to climb up the rank for 2022 and beyond.

3) The changing risk appetite: from growth at all costs in 2021 to stewardship in 2022

Last year’s pandemic has pulled up much of the future demand, and that one-off driver has been depleted. Fintech is dropping in its ranking, including Block and PayPal. We see big banks like JP Morgan Chase or DBS surging up this year’s rankings in their place. But the top-ranking companies remain Mastercard and Visa. Their speed of decision is high – similar to the tech sector. And at the same time, they can forge strategic partnerships with big banks and Fintech at the same time. With healthy balance sheets, these are the winning behaviours to adopt in 2022.

4) The (un)changing definition of future readiness: from resource abundance to scarcity

The top-ranking companies all share similar capabilities relevant for future survival. During the pandemic in 2021, top-ranking companies succeeded in helping people to work from home (Zoom) or be entertained (Netflix), or shop (PayPal). In 2022, executives need to assume better resource scarcity, driven by rising interest rates and the slowing economy. Top ranking companies succeeded by going back to the basics: cost control, risk diversification, pursuing growth carefully and handling government regulations.

In 2022, both quality and size of earnings matter. As recession is a possibility, those who can navigate the next crisis when it comes will be more likely to achieve a robust financial balance sheet and an unparalleled growth trajectory.

Notes to editors:

About The Institute for Management Development (IMD)

The Institute for Management Development (IMD) develops leaders who transform organizations and contribute to society. IMD is an independent academic institution with Swiss roots and international reach, established by business leaders for business leaders. Led by an expert, diverse faculty, IMD delivers Real Learning Real Impact through a unique combination of teaching, research, coaching, and advisory services. Challenging what is and inspiring what could be, IMB is the trusted learning partner of choice for ambitious individuals and organizations.

#TheInstituteforManagementDevelopment

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

HealthTech for Care: Applications are now open for European innovative healthcare companies for the 4th edition of the HealthTech Innovation Days (13th & 14th, October 2022)

PARIS, FRANCE – EQS Newswire – 4 May 2022 – The HealthTech Innovation Days (HTID®) event, held by the HealthTech For Care endowment fund, will take place on 13th and 14th October 2022 and will provide a forum for promising European life sciences companies to accelerate their growth and bring their solutions to patients more quickly. The 4th edition will take place in a hybrid format, in Paris, in the HealthTech space, and in virtual mode.

The event provides the platform and the opportunity of one-on-one meetings between companies, investors and industrial and pharmaceutical companies, as well as thematic panels led by international opinion leaders.

Companies interested in participating in HTID® are invited to apply. A jury will meet every fortnight to review the applications. The selection criteria are as follows:

  • Biotechs that are developing a treatment currently in clinical phase;
  • Medtechs that are developing a technology close to or on the market;
  • Innovative service companies developing innovative products and services in high demand by healthcare players;
  • Digital Health offering a product developed or under development with partners such as hospitals, pharmas or industrial companies.

Registration link: https://htfc-eu.com/attendees/

For the 4th consecutive year, we are proud to co-organise the new edition of the HealthTech Innovation Days, a European event which is now a must-attend event for the entire healthcare innovation ecosystem. The participating companies are key players in this sector to meet the challenges of tomorrow and our ambition is to support them and accelerate their development, thus helping patients to have faster access to the latest innovations“, Maryvonne Hiance, President of the HealthTech For Care endowment fund.

The 4th edition of the HTID® is supported by its long-term partners: Amgen Innovation, Icosa, Invest Securities, Servier and Sofinnova Partners.

Last October, the 2021 edition of HTID® was a great success with more than 800 registered participants, 155 innovative European healthcare companies (biotech, medtech, e-health), 300 global investors, 1.300 private meetings and conferences highlighting major current issues in life sciences with international experts from the ecosystem.

About HealthTech For Care

The HealthTech For Care Endowment Fund is designed to support and promote access to healthcare for all and, more specifically, to new medical technologies and medicines. The missions of the endowment fund are organised around three main areas: to support the development of the entire healthcare ecosystem, to accelerate the development of innovative therapies and medicines, and to promote better access for patients to the healthcare system in France and Europe. The governance of HealthTech For Care includes Maryvonne Hiance, Elsy Boglioli, David Caumartin, Pierre Courteille, Eric Falcand, Frédéric Girard, Marc Julien, Cédric Moreau, Christian Pierret and Christian Policard.

HealthTech For Care is supported by its founder France Biotech and the network of French health clusters: Atlanpole biotherapies, BioValley France, EuroBioMed, LyonBioPole, Medicen and the NSL clubster. The endowment fund is also supported by many European players: Asebio, BioAlps, Bio Deutschland, BioWin, CEBR, EIT Health, Federchimica Assobiotec, Flanders.bio, Flanders.HealthTech, HollandBio, Irefi, and SwissBiotech and French: BusinessFrance.

#HealthTechForCare

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

Cassava Farmers Encroach Upon Dong Hua Sao National Park

Farmers use heavy equipment to clear an area for farming inside the protected forest.
Farmers use heavy equipment to clear an area for planting crops inside the protected forest.

A protected area in Champasack has been encroached upon by cassava farmers, say citizen journalists.

7-Eleven Steps Into the World of Fashion With a First-of-Its-Kind Crossover Between PEANUTS and Japanese Brand FDMTL

Exclusively redeem the complete #OOTD Mix & Match Fashion Bag collection featuring eight totally different designs!

HONG KONG SAR – Media OutReach – 4 May 2022 – 7-Eleven is stepping into the world of fashion and exclusively launching a collection of “#OOTD Mix & Match Fashion Bags” as part of a first-of-its-kind crossover between leading Japanese denim label FDTML, known for its signature ‘boro’ patchwork designs, and classic cartoon PEANUTS. This set of eight great quality bags come in an assortment of designs, shapes and colours to match any outfit. They’re the perfect accessory for outdoor activities, school, travelling, staycations and other daily activities. If you’re into fashion, you’ll simply love them!

#7ElevenHK #7ElevenMacau #Peanuts #Snoopy #FDMTL #OOTD

#7ElevenHK #7ElevenMacau #Peanuts #Snoopy #FDMTL #OOTD

Gaku Tsuyoshi, the founder of FDMTL, personally designed all eight “#OOTD Mix & Match Fashion Bags” in the collection – made from high quality materials in a variety of styles for different functions ­– for his fans in Hong Kong. Gaku-san knows very well the love Hongkongers have for Japanese culture. And so, he’s incorporated well-known Japanese motifs such as Mount Fuji, tea ceremonies, lantern festivals, food and other iconic Japanese objects alongside the popular PEANUTS characters Snoopy, Charlie Brown and Woodstock. FDMTL’s signature indigo ‘boro‘ patchwork design takes centre stage throughout the entire collection with each fashion forward bag showcasing a different side of Japanese style. Dress up any outfit with one of the eight “#OOTD Mix & Match Fashion Bags” and create your own look for any occasion. So step up your style and stand out from the crowd!

The #OOTD Mix & Match Fashion Bags are great quality and great value! The collection will be available at 7-Eleven from 4 May (7am). Customers can collect this unmissable series with stamps whilst yuu Members can also exclusively redeem the bags using their yuu Points!

PEANUTS x FDMTL “#OOTD Mix & Match Fashion Bag” Redemption Details:

From 4 May (7am) to 28 June 2022, customers will receive one stamp upon a $20* purchase and one more stamp for every additional $10 purchase at a 7-Eleven store*. From 4 May (7am) to 1 July 2022 (8 weeks and 3 days in total), customers can redeem 2 #OOTD Mix & Match Fashion Bags randomly with 12 stamps plus $80 or 1 #OOTD Mix & Match Fashion Bag randomly with 8 stamps plus $46.

From 4 May (7am) to 28 June 2022, yuu Members can redeem 1 #OOTD Mix & Match Fashion Bag randomly with 8,800 yuu Points plus $8. Item Redemption period in store: 4 May (7am) to 1 July 2022 (8 weeks and 3 days in total).

#Excluding the purchase of pre-order items, yuu Member pre-order/reserve items, cigarettes, milk powder, online game cards, collectible programme redemption items, mobile prepaid sim/mobile sim cards/value-added coupons, Octopus cards/products, Macau Pass cards/products, gift cards, prepaid cards, admission tickets/tickets/stamps, and plastic shopping bag charges. Also excluding payment for the following services including but not limited to: Octopus last 10 transactions printout, prepayment, Pin-On-Receipt, bill payment, donation, top up (including but not limited to Octopus, Alipay, WeChat, Tap & Go, TNG, Macau Pass, MPay and other e-wallets), fax & photocopying, mobile phone charging services, parcel pick-up and return, locker services, parking fee payment, Inspiration Lake activities, self-service laundry etc.

* Transactions at Inspiration Lake Recreation Centre and Team Disney, Hong Kong Disney Resort stores and Hong Kong Disney Resort Food Kiosk are excluded.

The First-Ever “#OOTD Mix & Match Fashion Bag” Special Edition Box Set Exclusively Reserved for yuu Members

For the first time ever, yuu Members can exclusively reserve the “#OOTD Mix & Match Fashion Bag” Special Edition Box Set which comes in two styles – each style has a limited quantity of just 200 boxes. The attractive display boxes of each style features FDMTL’s signature patchwork patterns and contains a selection of four different #OOTD Mix & Match Fashion Bags. There’s no need to collect stamps or worry about redeeming the same bag twice. Step up your style and simply redeem with your yuu Points to get your hands on the complete collection! Limited quantity available, while stocks last!

yuu Member Redemption Details:

yuu Members can redeem 1 Special Edition Box Set with 88,000 yuu Points and can choose their favorite style. Quantity is limited to 200 boxes per style (400 boxes in total). The reservation period is from 4 May (12 noon) to 17 May 2022 (2 weeks in total). Pick-up period: 7 June (7am) to 13 June 2022. Quantities are limited, while stocks last.

Customers can choose the “Fashion Forward” or “Simply Stylish” Box Set. The “Fashion Forward” and “Simply Stylish” Box Sets each contain a selection of 4 “#OOTD Mix & Match Fashion Bags” and a paper display box designed in Tokyo, Japan. Customers cannot choose the designs of the “#OOTD Mix & Match Fashion Bags” in either box set.

About FDMTL

FDMTL, a unique and specialist brand loved by denim enthusiasts everywhere, was founded by Japanese designer Gaku Tsuyoshi in 2005. The brand and its signature style have taken the fashion world by storm and can be found at Lane Crawford. FDMTL has collaborated with many well-known brands including Vans and Be@brick, Dickies and New Era to launch a variety of must-have products, proving its trendsetter status within the industry.

About Peanuts

The characters of Peanuts and related intellectual property are owned by Peanuts Worldwide, which is 41% owned by WildBrain Ltd., 39% owned by Sony Music Entertainment (Japan) Inc., and 20% owned by the family of Charles M. Schulz, who first introduced the world to Peanuts in 1950, when the comic strip debuted in seven newspapers. Since then, Charlie Brown, Snoopy and the rest of the Peanuts gang have made an indelible mark on popular culture.

In addition to enjoying beloved Peanuts shows and specials on Apple TV+, fans of all ages celebrate the Peanuts brand worldwide through thousands of consumer products, as well as amusement park attractions, cultural events, social media, and comic strips available in all formats, from traditional to digital. In 2018, Peanuts partnered with NASA on a multi-year Space Act Agreement designed to inspire a passion for space exploration and STEM among the next generation of students.

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

CPA Australia: Filipino small businesses bullish about 2022

MANILA, PHILIPPINES – Media OutReach – 4 May 2022 – Riding high after a strong recovery from COVID-19 last year, Filipino small businesses are the most bullish in the Asia-Pacific about their growth prospects in 2022, according to CPA Australia’s annual Asia-Pacific Small Business Survey.

One of the world’s largest accounting bodies, CPA Australia, surveyed 4,252 small business owners or senior managers from November to December 2021. The survey was undertaken in 11 Asia-Pacific markets and included 302 Filipino small businesses. The survey sought to understand small business conditions, challenges and confidence.

Though COVID-19 continued to adversely impact Filipino small businesses last year, 65 per cent of respondents reported growing and 41 per cent increased employee numbers. Both results were the second highest among all the markets surveyed.

Filipino small businesses’ relatively strong 2021 is likely rooted in strong customer satisfaction and business strategy. Over the past three years, respondents nominated customer loyalty and improved customer satisfaction as the top factors positively influencing their businesses.

Mr Leslie Leow, General Manager – Emerging Markets, CPA Australia said, “To stand out from competitors and win more customers, it’s pivotal for micro, small and medium-sized enterprises (MSMEs) to adopt a customer-oriented strategy. This will assist them provide the products or services customers’ demand.

“Filipino small business owners are typically young, vibrant and skilful at using digital technologies in their business and to engage with customers and potential customers.”

Filipino small businesses are the most optimistic about their growth outlook this year of the markets surveyed. Ninety-one per cent expect to grow, far outstripping the survey average of 62 per cent. Forty-five per cent stated they will introduce a new product, service or process to the market in 2022, while 62 per cent expect to hire more employees. Both results are the second highest among all surveyed markets. In addition, 62 per cent of respondents expect revenue from overseas markets to grow, outperforming the region.

Leow said “The Philippines are investing resources in revitalising industries hard-hit by COVID-19, such as tourism and hospitality. With border restrictions set to relax this year, foreign tourists and opportunities from overseas markets should spur MSMEs’ confidence and expansion prospects.

“One factor that is probably driving strong export growth expectations is the Philippines growing outsourced service centres. These centres are attractive to foreign companies, many of whom are seeking to overcome labour shortages and find efficiencies. Such interest is creating opportunities for many local MSMEs.”

Aside from the pandemic, “increasing costs” remains the biggest barrier to Filipino small businesses. Materials costs (42 per cent) and utility costs (39 per cent) were the costs that caused the most detriment.

Sixty-six per cent of respondents sought external funds last year while 80 per cent expect that they will require additional funds this year. Covering increasing expenses was one of the major reasons for seeking finance.

Financing conditions improved significantly for Filipino businesses in 2021. Thirty-eight per cent of respondents found access to finance “easy” or “very easy”, up from 13 per cent in 2020. However, this result is still below the survey average of 46 per cent.

Leow said, “Easier access to finance is most likely due to the strong shift by local businesses to family or friends as their main source of finance, which was up from 21 per cent in 2020 to 45 per cent in 2021. The survey shows that family and friends are typically the easiest source for finance to access.”

“While the Department of Trade and Industry Philippines released a total of PHP5.9 billion this year to MSMEs, funding roadblocks are still hindering local MSME’s growth.

“For those small businesses that can access external finance, we encourage them to seek professional advice before making a commitment, especially where the funding is to be used for short-term growth. Professional advisers can help such businesses determine whether taking on such debt is a wise decision. They may also be able to find other more effective ways to fund business expansion such as through internally-generated finance from improved efficiency.”

CPA Australia recommends Filipino small businesses consider the following actions:

  • save costs by improving operational procedures or investing in productivity enhancing technology
  • tap into new technologies to manage customer relationships and improve customer satisfaction
  • seek advice from professional advisors to improve their business strategy.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 170,000 members in over 100 countries and regions. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at

#CPAAustralia

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

AIF Group Purchases Majority Stake in Entreprise des Postes Lao 

Entreprise des Postes Lao.

AIF Group has purchased a major stake in Laos’ state-owned post company, Enterprise de Postes Laos.

Applications now open in Indonesia for British Council IELTS Prize (East Asia) 2022, with incentives supporting students to pursue further study and make their mark

The British Council IELTS Prize, valued at a total of IDR 144,000,000, will support aspiring students in East Asia[1] to pursue their study dreams at an English-speaking higher education institution.

JAKARTA, INDONESIA – Media OutReach – 4 May 2022 – The British Council Indonesia Foundation in Indonesia is pleased to announce that applications for the British Council IELTS Prize (East Asia) 2022 are being accepted until 15 July 2022. The IELTS Prize is open to students who have applied for undergraduate or postgraduate studies locally or overseas through IELTS scores and will be studying in academic year 2022/23. Three motivated students from Indonesia will receive local prizes totalling IDR144,000,000.

The British Council IELTS Prize encourages applicants to pursue their dreams in any discipline they desire. To enter, applicants must a) hold a minimum band score of 6 in each of the four components of an IELTS test taken with the British Council in East Asia[1] on or after 1 April 2021, and b) intend to pursue undergraduate or postgraduate studies locally or abroad at degree level in the 2022/23 academic year at a tertiary institution that accepts IELTS as part of its admission requirements. Shortlisting and interviewing will take place starting mid-July 2022. The selection panel will award the IELTS Prize to individuals who show a passion for contributing to society with knowledge and skills they will gain from their studies.

The winners will be invited to share their real-life experiences and stories on IELTS official platforms to inspire more people of their age to pursue new experiences and a better future.

“The British Council IELTS Prize (East Asia) is given to students from diverse backgrounds seeking life-changing opportunities through study” said Steve Adams, Regional Exams Director, East Asia. “As an organisation that offers life-changing opportunities through internationally recognised qualifications, it is our privilege to support these exceptional individuals as they pursue education dreams, expand their understanding of the world, and return with new knowledge, improved confidence and fresh insights to serve their home country.”

Since its launch in 2011, the IELTS Prize has been awarded to 330 IELTS test takers pursuing tertiary education in destinations abroad, including the UK, US, Canada, Australia, France and Singapore, in disciplines ranging from Medicine, Engineering, Science, and Business Management to Public Communication, Media, Performance, and many more.

Rachel Sung, the local first prize 2021 winner, currently a MPhil candidate in Multi-Disciplinary Gender Studies in University of Cambridge, UK, notes, “What sets the IELTS Prize apart is that it is designed to support individuals from different backgrounds and subjects of interest. While many other scholarships have specific academic requirements, the IELTS Prize cares more about the backstories of the applicants and awards students not just based on academic merits but also their potential and personal dedication. I believe it is the scholarship most aligned with my personal belief in diversity and inclusivity. Preparing for the IELTS Prize application allowed me to reflect on my past and how it relates to my ambitions while being awarded the prize opened up new opportunities that will shape my future.”

Applications for the British Council IELTS Prize (East Asia) 2022 will close at 17.00 on 15 July 2022. The winners will be announced in August 2022. For more details, please visit 2022 IELTS Prize official website. https://www.ieltsasia.org/ieltsprize

Remarks:
Prize Structure

Local Prizes

(For each country)

First Prize x 1 IDR90,000,000
Second Prize x 1 IDR36,000,000
Third Prize x 1 IDR18,000,000

[1] Participating East Asian countries/territories include Hong Kong/Macau, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

About the British Council

The British Council is the UK’s international organisation for cultural relations and educational opportunities. We build connections, understanding and trust between people in the UK and other countries through arts and culture, education and the English language. Last year we reached over 75 million people directly and 758 million people overall including online, broadcasts and publications. Founded in 1934 we are a UK charity governed by Royal Charter and a UK public body. We receive a 14.5 per cent core funding grant from the UK government.
www.britishcouncil.org

About International English Language Testing System (IELTS)
IELTS is the International English Language Testing System, the world’s most popular English language proficiency test for higher education and global migration, with millions of tests taken in the last year. More than 11,000 organizations trust and accept IELTS as a secure, valid and reliable indicator of true-to-life ability to communicate in English for education, immigration and professional accreditation. IELTS is jointly owned by the British Council, IDP: IELTS Australia and Cambridge Assessment English.

Test takers are measured in listening, reading, writing and speaking. All tests are scored on a banded system from 1 (the lowest) through to 9 (the highest band).

#BritishCouncil

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Applications now open for British Council IELTS Prize 2022 with incentives supporting students to pursue further studies

MANILA, PHILIPPINES – Media OutReach – 4 May 2022 – The British Council in the Philippines is pleased to announce that applications for the British Council IELTS Prize (East Asia) 2022 are being accepted until 15 July 2022. The IELTS Prize is open to students who have applied for undergraduate or postgraduate studies locally or overseas through IELTS and will be studying in the academic year 2022/23. Three motivated students from the Philippines will receive local prizes totalling PHP 544,000.

The British Council IELTS Prize, valued at a total of PHP 4,900,000, will support aspiring students in East Asia[1] to pursue their studies at an English-speaking higher education institution. It encourages applicants to pursue their dreams in any discipline they desire.

To enter, applicants must: a) hold a minimum band score of 6 in each of the four components of an IELTS test taken with the British Council in East Asia[1] on or after 1 April 2021, and b) intend to pursue undergraduate or postgraduate studies locally or abroad at degree level in the 2022/23 academic year at a tertiary institution that accepts IELTS as part of its admission requirements. Shortlisting and interviews will take place starting mid-July 2022. The selection panel will award the IELTS Prize to individuals who show a passion for contributing to society with the knowledge and skills they will gain from their studies.

The winners will be invited to share their experiences and stories on IELTS official platforms to inspire more people of their age to pursue new experiences and a better future.

‘Filipino students can take on the world, given the chance. We hope that through opportunities like the IELTS prize, we are able to provide that chance for students seeking to fulfil their dreams of honing their expertise through study, and offer a small, financial respite during these trying times.’ Lotus Postrado, British Council Director Philippines, said.

Since its launch in 2011, the IELTS Prize has been awarded to 330 IELTS test takers pursuing tertiary education in destinations abroad, including the UK, US, Canada, Australia, France and Singapore, in disciplines ranging from Medicine, Engineering, Science, and Business Management to Public Communication, Media, Performance, and many more.

Rachel Sung, the local first prize 2021 winner, currently a MPhil candidate in Multi-Disciplinary Gender Studies in University of Cambridge, UK, notes, “What sets the IELTS Prize apart is that it is designed to support individuals from different backgrounds and subjects of interest. While many other scholarships have specific academic requirements, the IELTS Prize cares more about the backstories of the applicants and awards students not just based on academic merits but also their potential and personal dedication. I believe it is the scholarship most aligned with my personal belief in diversity and inclusivity. Preparing for the IELTS Prize application allowed me to reflect on my past and how it relates to my ambitions, while being awarded the prize opened up new opportunities that will shape my future.”

Applications for the British Council IELTS Prize (East Asia) 2022 will close at 18.00 on 15 July 2022. The winners will be announced in August 2022. For more details, please visit https://www.ieltsasia.org/ieltsprize

Remarks:
Prize Structure

Local prizes
(for each country)
First prize (one winner) PHP 340,000
Second prize (one winner) PHP 136,000
Third prize (one winner) PHP 68,000
All prizes are subject to applicable taxes


[1] Participating East Asian countries/territories include Hong Kong/Macau, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

About the British Council

The British Council is the UK’s international organisation for cultural relations and educational opportunities. We build connections, understanding and trust between people in the UK and other countries through arts and culture, education and the English language. Last year we reached over 75 million people directly and 758 million people overall including online, broadcasts and publications. Founded in 1934 we are a UK charity governed by Royal Charter and a UK public body. We receive a 14.5 per cent core funding grant from the UK government.www.britishcouncil.org

About International English Language Testing System (IELTS)
IELTS is the International English Language Testing System, the world’s most popular English language proficiency test for higher education and global migration, with millions of tests taken in the last year. More than 11,000 organizations trust and accept IELTS as a secure, valid and reliable indicator of true-to-life ability to communicate in English for education, immigration and professional accreditation. IELTS is jointly owned by the British Council, IDP: IELTS Australia and Cambridge Assessment English.

Test takers are measured in listening, reading, writing and speaking. All tests are scored on a banded system from 1 (the lowest) through to 9 (the highest band).

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