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Drug-Dependent People Receive Johnson & Johnson Vaccines

Somsanga Drug Rehabilitation Center Provides Covid-19 Vaccinations

Vientiane Capital authorities will administer Johnson & Johnson Covid-19 vaccinations to over a thousand persons with drug dependence.

Local Financial Advisor First-Ever Singaporean to Join Global Organization’s 2022 Leadership Team

SINGAPORE – Media OutReach – 1 September 2021 – The Million Dollar Round Table (MDRT) appoints Carol Kheng, ChFC, Secretary of its 2022 Executive Committee. The first Singaporean member of the global leadership team, Kheng will take office Sept. 1, 2021, joining four other financial services leaders in supporting financial professionals as they reach new levels of success at each stage of their career.

Carol Kheng, ChFC, is the first Singaporean member to join MDRT’s Executive Committee and is poised to propel members to increasing levels of success throughout their entire career journey, through MDRT’s Family of Brands.

Kheng is a private wealth consultant with Prudential Assurance Company Singapore, where she was the founding member and chairperson of Prudential’s MDRT club. A 23-year MDRT member, Kheng’s proficiency in wealth consulting has merited her one Court of the Table (COT) qualification, a coveted honor for top performers in the MDRT organization, while her extensive MDRT volunteerism includes roles as Divisional Vice President of the Global Conference Program General Arrangements Division, Divisional Vice President of the Practice Management Division and Chair of the Annual Meeting ConneXion Zone Committee. Kheng is also a Gold Knight of the MDRT Foundation and served on its Board of Trustees. 

As Secretary, Kheng will focus on driving holistic support for the financial services profession worldwide, to help professionals reach new levels of peak performance at every level. Together with the Executive Committee, Kheng will focus on providing continued resources to the growing Southeast Asian membership base and pushing for increased connectivity and engagement across MDRT’s global membership.

“Since spearheading Prudential’s MDRT club in 2005, I’ve seen first-hand the value-add MDRT provides individual advisors and the profession as a whole, and I consider it an absolute honor to be nominated as the first-ever Singaporean Executive Committee member,” Kheng said. “As we continue navigating the impact of the pandemic, both in Singapore and worldwide, it’s my goal to ensure all members have the resources they need to continue feeling supported and uplifted – so they can lead their practice and clients to prosperity – no matter where they are in their career.”

MDRT’s 2022 initiatives will focus on equipping and empowering members to reach new career highs via the MDRT Family of Brands. From MDRT to the MDRT Academy and MDRT Global Services, members will have access to a shared learning culture and proven strategies for success at every stage of their career, empowering them to live more rewarding personal and professional lives and accelerate their success.

 

Kheng joins President Randy Scritchfield, CFP, LUTCF, a 37-year member; First Vice President Peggy Tsai, RFP, CCFP, a 20-year member; Second Vice President Gregory Gagne, ChFC, a 22-year member; and Immediate Past President Ian Green, Dip PFS, a 23-year member. The 2022 Executive Committee is committed to elevating new advisors, keeping experienced advisors reaching for more and accelerating leadership growth. 

About MDRT

Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®, is a global, independent association of the world’s leading life insurance and financial services professionals from more than 500 companies in 70 nations and territories. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit https://www.mdrt.org/ and follow them on Twitter @MDRtweet.

#MillionDollarRoundTable #MDRT

Laos Confirms 274 New Cases of Covid-19

Laotian Times Covid-19 Update

Laos has confirmed 274 new cases of Covid-19, bringing the total number of cases to 15,283.

CPA Australia and MIA collaborate to improve understanding of company annual reports

KUALA LUMPUR, MALAYSIA – Media OutReach – 1 September 2021 – CPA Australia and the Malaysian Institute of Accountants (MIA) have collaborated to update two important resources for improving the financial literacy of Malaysian investors and businesses; “A Guide to Understanding Annual Reports: Malaysian Listed Companies” and “A Guide to Understanding Auditing and Assurance: Malaysian Listed Companies.”

 

The two guides have been updated to reflect developments in reporting over the past seven years, including changes in non-financial reporting (such as the Malaysian Code of Corporate Governance 2021 and International Integrated Reporting Framework) and auditor reporting requirements.

 

CPA Australia Malaysia Country Head Priya Terumalay said the growing complexity of annual reports and auditor’s reports highlights the importance of educating users so that they can extract meaning and value from these documents.

 

“The ability to understand the financial health of a company is a vital skill for investors, entrepreneurs, managers and other business stakeholders. It enables them to identify promising opportunities and avoid undue risks, resulting in more strategic economic decisions.

 

“The framework for reporting and the requirements for auditing and assurance have evolved in tandem with an increasingly complex global business environment. These guides provide much needed clarification and explanation of annual reports and auditor’s reports,” said Priya.

 

MIA Chief Executive Officer Dr. Nurmazilah Dato’ Mahzan prioritised the growing need for financial literacy to support sustainable economic development. “As the national accountancy body that puts nation building at the forefront, MIA recognises the need to educate shareholders and other providers of capital who are not conversant in financial reporting standards, auditing and assurance matters as well as certain rules and regulations affecting the financial statements.”

 

To further improve corporate reporting towards enhanced business sustainability, Dr. Nurmazilah highlighted the key new development of value reporting, which is the formation of the Value Reporting Foundation and ongoing work on the convergence of integrated reporting and sustainability reporting.

 

“The end result of value reporting will be more comparable, consistent and reliable information that enables more holistic decision making by businesses and investors. The move towards value reporting will also facilitate adoption and disclosure of environmental, social and corporate governance (ESG) matters, including climate change risks which are emerging as the biggest future risk to the sustainability and survival of businesses and society,” Nurmazilah said.

 

The 2021 edition of the “Guide to Understanding Annual Reports: Malaysia Listed Companies” provides an overview of financial statements and a glossary of financial terminology, among other insights. This is particularly relevant during company reporting season when investors are reviewing their investments and making decisions based on their ability to read what’s behind the numbers.

 

The 2021 edition of the “Guide to Understanding Auditing and Assurance: Malaysian Listed Companies” is a plain language guide for shareholders and other stakeholders who are not experts in auditing and assurance, to help them better understand information they receive from auditors about their companies.

 

About CPA Australia

CPA Australia is one of the world’s largest accounting bodies, with more than 168,000 members working in 100 countries and regions and supported by 19 offices globally. Our core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the community. Visit cpaaustralia.com.au

About the Malaysian Institute of Accountants (MIA)

Established under the Accountants Act 1967, MIA is the national accountancy body that regulates, develops, supports and enhances the integrity, status and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Working closely alongside businesses, MIA connects its membership to a wide range of information resources, events, professional development and networking opportunities.

Presently, there are more than 36,500 members making their strides in businesses across all industries in Malaysia and around the world.

MIA’s international outlook and connections are reflected in its membership of regional and international professional organisations such as the ASEAN Federation of Accountants (AFA), and the International Federation of Accountants (IFAC). For more information on MIA, visit www.mia.org.my

#CPAAustralia #MalaysianInstituteofAccountants

Laos-China Railway to be Green, Low-Carbon Railway

Laos-China Railway to be green and low-carbon

The China Southern Power Grid Company has completed the installation of electricity transmission poles along the Laos-China Railway, saying the railway will be a green, low-carbon electrified railway.

Heavy Rain Forecast For Parts of Laos This Week

Rainy weather forecast for Laos

Heavy rain and thunderstorms are forecast for some parts of the country this week with floods and landslides expected to occur.

Vientiane Police Issue Statement On Man Shot in Car

Vientiane police issue statement on man shot in car

Vientiane Capital police have issued a statement regarding the fatal shooting of a man inside his car in Nongnieng Village, Saysettha District on Sunday, saying the man may have been involved in a drug gang turf war.

Singapore Convention Week 2021 Brings Together Global Legal And Business Community

SINGAPORE – Media OutReach – 31 August 2021 – The upcoming Singapore Convention Week (SC Week) 2021 will bring together leaders from the legal, business and government sectors in the international dispute resolution scene. Themed ‘A World in Transition’, the global legal conference will be held virtually from 6 to 10 September 2021. Participants will discuss the latest trends and innovations in international dispute resolution amidst a fast-evolving business landscape in the COVID-19 pandemic era and beyond.

 

SC Week 2021 is organised by the Singapore Ministry of Law (MinLaw), in collaboration with supporting partner organisations (see Annex A and Annex B). The week-long series of events consists of: 

 

(i)       UNCITRAL Academy: An inaugural event jointly organised by MinLaw and the United Nations Commission on International Trade Law (UNCITRAL), this key highlight of SC Week 2021 comprises fireside chats, panel discussions and capacity-building workshops featuring C-level executives and industry heavyweights. Singapore’s Minister for Home Affairs and Minister for Law Mr K Shanmugam SC, Singapore’s Minister for Culture, Community and Youth and Second Minister for Law Mr Edwin Tong SC and UNCITRAL Secretary Ms Anna Joubin-Bret, together with over 40 leading global experts, will share their views and experiences on the evolution and increasing relevance of cross-border alternative dispute resolution (ADR) solutions for businesses, and how companies and practitioners can successfully navigate the complex business environment in today’s world in transition. Discussion topics include the Singapore Convention on Mediation, the role of international dispute resolution amidst COVID-19, future trends in ADR, ADR in emerging markets, intellectual property dispute resolution and the potential uses of mediation in debt restructuring and insolvency. UNCITRAL Academy will be held on 7-8 September 2021.

 

(ii)      Singapore Convention Week events (see Annex B): Organised by supporting partner organisations, each event will delve into a different facet of international dispute resolution, exploring perennial issues and new developments by bringing together diverse perspectives from policymakers, practitioners and users.

 

Mr K Shanmugam SC, Singapore’s Minister for Home Affairs and Minister for Law, said: “There has been increasing demand for practical, efficient and cost-effective cross-border dispute resolution mechanisms. During SC Week 2021, these issues will be discussed. This will be of interest to businesses around the world, particularly in the current times. We are proud to partner UNCITRAL in this effort to make international trade easier for businesses.”

Ms Anna Joubin-Bret, Secretary of UNCITRAL, said: “At the signing ceremony of the Singapore Convention on Mediation in 2019, we had highlighted that signing and ratification were merely the first step towards the promotion of a harmonised framework for international mediation, and that the second and crucial step would be implementation. We are proud to co-organise the inaugural UNCITRAL Academy with MinLaw, and to be a part of SC Week 2021. Such events play an important role in advancing implementation. We hope that these events will help in further increasing awareness and promoting the use of mediation around the world, alongside other dispute resolution processes.”

 

The Singapore Convention on Mediation, also known as the United Nations Convention on International Settlement Agreements Resulting from Mediation, provides an effective avenue for parties to enforce mediated settlement agreements for cross-border disputes. The Convention opened for signature on 7 August 2019 in Singapore, with 46 signatories. To date, the Convention has 54 signatories,  and six Parties. It entered into force on 12 September 2020. (For more information, please refer to Annex C).

 

Visit https://www.singaporeconventionweek.sg/ to register for SC Week 2021 and get the latest updates.

 

SINGAPORE MINISTRY OF LAW

31 August 2021

 

Annex A: SC Week 2021 Supporting Partner Organisations

Annex B: SC Week 2021 Infosheet

Annex C: Factsheet on the Singapore Convention on Mediation

Annex A: SC Week 2021 Supporting Partner Organisations

  • United Nations Commission on International Trade Law
  • American Arbitration Association International Centre for Dispute Resolution Asia Case Management Centre
  • Asia Pacific Institute of Experts
  • INSOL International
  • International Bar Association
  • Singapore Chamber of Maritime Arbitration
  • Singapore Institute of Arbitrators
  • Singapore International Arbitration Centre
  • Singapore International Commercial Court
  • Singapore International Dispute Resolution Academy
  • Singapore International Mediation Centre
  • Singapore International Mediation Institute
  • Singapore Mediation Centre
  • Society of Mediation Professionals (Singapore)
  • The Law Society of Singapore 

Annex B:  SC Week 2021 Infosheet




Annex C: Factsheet on the Singapore Convention on Mediation

 

Background, Signing, and Ratification

  • On June 2018, the United Nations Commission on International Trade Law (“UNCITRAL”), finalised the United Nations Convention on International Settlement Agreements Resulting from Mediation and adopted the UNCITRAL Model Law on International Commercial Mediation and International Settlement Agreements Resulting from Mediation, 2018 (amending the Model Law on International Commercial Conciliation, 2002).
  • On 20 December 2018, the United Nations General Assembly (i) adopted the Convention; (ii) authorised the signing ceremony of the Convention to be held in Singapore; and (iii) authorised the nomenclature of the “Singapore Convention on Mediation” (the “Singapore Convention”) making it the first UN treaty to be named after Singapore.
  • On 7 August 2019, the Singapore Convention Signing Ceremony and Conference was held where Singapore hosted more than 1,500 delegates from 70 countries at the event. 46 countries signed the Singapore Convention on that day and subsequently, seven other countries signed at the UN headquarters in New York, bringing the total number of signatories to 53.
  • On 12 September 2020, the Singapore Convention came into force.
  • On 4 June 2021, Brazil signed the Singapore Convention, bringing the total number of signatories to 54 countries.

Key Benefits

  • Mediation is rising in popularity as a means to resolve cross-border commercial disputes for several reasons, including the fact that it results in party-driven solutions which are not imposed by a third party. It also reduces time and costs for parties as well as burdens to the state. Due to its conciliatory nature, it better facilitates business continuity and relationships, also reducing instances where a dispute leads to termination of commercial relationships. Mediation is also a flexible solution for international disputes as it can be combined with or complement other modes of dispute resolution, such as litigation or arbitration.
  • However, its growth has been hindered by the long-standing obstacle of a lack of enforceability of the mediated settlement agreement. Unlike a court judgment or an arbitral award, previously, a mediated agreement was only binding contractually and not directly enforceable. The lack of an efficient and harmonised framework for cross-border enforcement of settlement agreements resulting from mediation was often cited as a challenge in utilising mediation as an effective solution.
  • The Singapore Convention directly addresses the lack of an effective means to enforce cross-border commercial mediated settlement agreements by providing the framework by which agreements may be enforced. Businesses can have greater assurance that mediation can be relied on to settle cross-border commercial disputes because mediated settlement agreements can be enforced more readily by the courts of contracting parties to the Singapore Convention.
  • This certainty of outcomes is beneficial for businesses especially during a period of uncertainty such as the COVID-19 pandemic. It will also help to promote the use of mediation around the world for cross-border disputes, saving time and costs, and potentially ensure better business continuity, facilitating the growth of international trade and commerce.

 

Applicability of the Singapore Convention

  • The Singapore Convention will apply to international commercial settlement agreements resulting from mediation. The courts of a contracting party will be expected to handle applications either to enforce an international settlement agreement that falls within its scope or to allow a party to invoke the settlement agreement to prove that the matter has already been resolved, in accordance with its rules of procedure, and under the conditions of the Singapore Convention.
  • The Singapore Convention will not apply to:
    ·  International settlement agreements that are concluded in the course of judicial or arbitral proceedings and which are enforceable as a court judgment or arbitral award; or
    ·  Settlement agreements concluded for personal, family, or household purposes by one of the parties (a consumer), as well as settlement agreements relating to family, inheritance, or employment law.
  • The courts of a contracting party may refuse to grant relief on the grounds laid down in the Singapore Convention, including:
    ·  If a party to the settlement agreement was under incapacity;
    ·  If the settlement agreement is not binding, null and void, inoperative, or incapable of being performed under the law to which it is subjected to;
    ·  If there was a serious breach by the conciliator of standards applicable to the conciliator, without which breach that party would not have entered into the settlement agreement; and
    ·  If granting relief would be contrary to the public policy of the contracting party.

 

List of Countries that Signed and Ratified the Singapore Convention

Note: Countries that have ratified/approved the Singapore Convention are denoted with an asterisk (*)


S/N

Country

S/N

Country

1

Afghanistan

28

Kazakhstan

2

Armenia

29

Lao People’s Democratic Republic

3

Belarus*

30

Malaysia

4

Benin

31

Maldives

5

Brazil

32

Mauritius

6

Brunei Darussalam

33

Montenegro

7

Chad

34

Nigeria

8

Chile

35

North Macedonia

9

China

36

Palau

10

Colombia

37

Paraguay

11

Congo

38

Philippines

12

Democratic Republic of the Congo

39

Qatar*

13

Ecuador*

40

Republic of Korea

14

Eswatini

41

Rwanda

15

Fiji*

42

Samoa

16

Gabon

43

Saudi Arabia*

17

Georgia

44

Serbia

18

Ghana

45

Sierra Leone

19

Grenada

46

Singapore*

20

Guinea-Bissau

47

Sri Lanka

21

Haiti

48

Timor-Leste

22

Honduras

49

Turkey

23

India

50

Uganda

24

Iran (Islamic Republic of)

51

Ukraine

25

Israel

52

United States of America

26

Jamaica

53

Uruguay

27

Jordan

54

Venezuela (Bolivarian Republic of)

Singapore Ministry of Law

The mission of the Singapore Ministry of Law (MinLaw) is to advance access to justice, the rule of law, the economy, and society through policy, law and services. MinLaw drives legal reforms, oversees the policy for the development, promotion and regulation of Singapore’s legal sector, and advances Singapore’s national interests through international legal policy and cooperation. In addition, MinLaw licenses law practices, registers foreign-qualified legal practitioners, regulates moneylending and pawnbroking, supervises precious stones and metal dealers, and provides community legal services such as legal aid, community mediation, insolvency administration, and public trustee services. MinLaw also oversees land policy and administration and the development of Singapore’s intellectual property sector, supported by its statutory boards.

For more information, please visit MinLaw’s website.

#SingaporeMinistryofLaw

The United Nations Commission on International Trade Law (UNCITRAL)

The United Nations Commission on International Trade Law is the core legal body of the United Nations system in the field of international trade law. A legal body with universal membership specialising in commercial law reform worldwide for over 50 years, UNCITRAL’s business is the modernisation and harmonisation of rules on international business.

For more information, please visit UNCITRAL’s website.