On 20 January, Laos received 29 ASEAN Tourism Standards Awards during the ASEAN Tourism Forum held in Johor, Malaysia. These accolades celebrate the country’s efforts in enhancing tourism quality, sustainability, and cultural preservation.
Laos Wins 29 ASEAN Tourism Standards Awards
Cold Chain Refrigeration Expands to Include CO2-Based Refrigeration Systems
SINGAPORE – Media OutReach Newswire – 22 January 2025 – Cold Chain Refrigeration Pte Ltd, a prominent company in the cold room refrigeration industry, is excited to announce its expansion into advanced, energy-efficient cold room solutions using CO2-based refrigeration systems. This development reflects the company’s commitment to sustainability, innovation, and energy efficiency.
As part of this initiative, Cold Chain Refrigeration is incorporating CO2 (R-744) technology, known for its low Global Warming Potential (GWP) of 1, making it significantly more environmentally friendly than traditional refrigerants like HFCs and HCFCs. CO2 refrigeration systems offer high energy efficiency, operating at higher pressures with superior heat transfer capabilities. These systems also recover waste heat, repurposing it for heating water or spaces, further reducing energy consumption.
One of the key advantages of CO2 refrigeration systems is their safety and non-toxicity. Unlike some traditional refrigerants, CO2 poses no health risks, making it a reliable choice for industries like food and beverage, supermarkets and food processing industries. Additionally, CO2 is non-flammable under normal conditions, eliminating fire hazards associated with other refrigerants and ensuring the safety of both workers and consumers.
These systems are also known for their operational versatility. The operational flexibility of CO2 systems is well-known for enabling customised cooling solutions to meet the unique needs of the industries. CO2 refrigeration systems are increasingly being adopted in various industries, including ice skating rinks, where the technology is used in Transcritical direct cooling ice-making systems. These systems allow for the comprehensive utilisation of both cold and heat, significantly improving energy efficiency. The cooling heat of these systems is gaseous sensible heat, which can be repurposed for multiple uses, such as heating domestic hot water, ground floor heating, and dehumidification regeneration. These systems offer a high thermal energy utilisation rate and a comprehensive COP (Coefficient of Performance) ranging from 6.5 to 7.0, showcasing their superior energy-saving potential.
For custom cold room applications, CO2 refrigeration systems are able to achieve precise temperature control and lower energy bills. Their eco-friendly design aligns with corporate sustainability goals, helping businesses reduce their environmental impact while benefiting from long-term cost savings.
Cold Chain Refrigeration’s expansion into CO2-based systems demonstrates its commitment to delivering sustainable and energy-efficient solutions. With ongoing projects, including a large commercial cold room installation for a major food distribution company, the company is set to redefine the standards in cold storage technology.
For more information, please visit https://www.coldchainref.com.sg/.
Hashtag: #ColdChainRefrigeration
The issuer is solely responsible for the content of this announcement.
Mr Kool Introduces Dedicated Car Aircon Solution For EVs & Hybrids
SINGAPORE – Media OutReach Newswire – 22 January 2025 – Mr Kool, a premier destination for car air conditioner service, is proud to introduce the K11HV+ AC Flushing Station, a cutting-edge solution designed to optimise air conditioning performance in electric and hybrid vehicles. The system exclusively uses polyolester (POE) oil, known for its superior insulating properties, to ensure the efficiency, safety, and longevity of Heating, Ventilation, and Air Conditioning (HVAC) systems in electric vehicles (EVs) and hybrids. This innovation addresses key challenges in hybrid vehicle climate control, including preventing car aircon compressor failure caused by oil contamination.
The K11HV+ AC Flushing Station offers a specialised process that eliminates traces of traditional polyalkylene glycol (PAG) oil from the air conditioning system. PAG oil, which is hygroscopic, can reduce the dielectric properties of POE oil even at contamination levels as low as 1%, increasing the risk of electrical leakage and aircon compressor failure. By thoroughly flushing the system, the K11HV+ ensures compatibility with POE oil, maintaining optimal dielectric properties and safeguarding against current short circuits through the compressor windings. This approach not only enhances performance but also improves energy efficiency, a critical factor for EV and hybrid owners.
As a car aircon specialist, Mr Kool understands the importance of efficient and reliable climate control systems. The development of this solution stemmed from the growing demand for safer and more efficient systems in environmentally conscious vehicles. A significant challenge was ensuring compatibility across various EV and hybrid models while maintaining the integrity of the POE oil in the system. After extensive testing, Mr Kool successfully delivered a reliable flushing process that prevents contamination and ensures long-term system safety and efficiency.
In addition to offering advanced solutions like the K11HV+ AC Flushing Station, Mr Kool provides services such as car aircon filter replacement, ensuring clean air circulation and optimal performance for your vehicle’s air conditioning system. This comprehensive approach reinforces the company’s dedication to excellence in car air conditioner service.
With the K11HV+ AC Flushing Station, this launch reflects the company’s commitment to addressing the specific needs of electric and hybrid vehicle owners, offering advanced systems that prioritise safety, sustainability, and energy efficiency. Mr Kool has a long-standing reputation for delivering high-quality automotive HVAC solutions, serving a diverse portfolio of clients and remaining at the forefront of industry innovation.
For more information on Mr Kool and its comprehensive range of services, please visit https://mrkool.sg/.
Hashtag: #MrKool #CarAirconServices
The issuer is solely responsible for the content of this announcement.
LeLao Puts Laos on the Global Fashion Map at BRICS+ Summit
In early October 2024, the world’s fashion leaders gathered in Moscow for the BRICS+ Fashion Summit, where cultures from across Asia, Africa, and Latin America came together to showcase how traditional heritage can be woven into contemporary fashion. Among the standout participants from Southeast Asia was LeLao, a fashion brand from Laos that is redefining how the fashion industry approaches sustainability, cultural preservation, and ethical craftsmanship.
The BRICS+ Fashion Summit, which celebrated global diversity through the exhibition “Heritage,” was a platform for showcasing the unique styles and traditions of nations within the BRICS community and emerging countries. This year, LeLao made a remarkable appearance, offering a glimpse into the rich cultural legacy of Laos while introducing its modern and sustainable fashion innovations to the international stage.
Laos’ Fashion Heritage: A Deep Connection to Culture
For tourists, Laos’ traditional clothing may seem like beautiful, colorful garments, but for the Lao people, these clothes carry significant cultural meaning. Clothing in Laos is not just a matter of style—it is a reflection of the country’s history, culture, and beliefs. Each item of clothing, from the intricate designs to the materials used, tells a story of generations past and the legacy of their traditions.
Laos is home to over 49 ethnicities, each with their own distinct clothing styles. Among these, the traditional dress is most prominently represented by the sinh (a tube-like skirt worn by women) and salong (puffy trousers worn by men). These garments are often crafted from silk and are adorned with intricate patterns that reflect the region’s artistic traditions. The sinh, in particular, is a garment that connects the wearer to Lao culture, with each design carefully handwoven by skilled artisans using techniques passed down through generations. During festivals or religious events, such as Lao New Year, these traditional garments are worn by locals, showcasing the country’s heritage.
The significance of Lao clothing goes beyond aesthetics—it is a symbol of respect for one’s ancestors and a celebration of the nation’s cultural identity. Many Lao people wear traditional clothing daily, whether they are heading to the market or visiting family. This deep connection to clothing as a cultural expression forms the foundation for brands like LeLao, which seeks to preserve these traditions while adapting them for the modern world.
LeLao: Merging Heritage with Sustainability
LeLao, the Lao fashion brand that took stage at the BRICS+ Fashion Summit, has built its identity around blending Lao heritage with eco-conscious innovation. The brand’s mission is clear: to bring Lao craftsmanship to the global fashion scene while promoting sustainable, ethical practices. By using eco-friendly materials and partnering with local artisans, LeLao aims to preserve Laos’ rich textile traditions and provide a platform for local communities to thrive.
LeLao’s collections are not merely replicas of traditional Lao attire—they are reimagined with contemporary designs that stay true to their cultural roots while embracing modern sensibilities.
For example, LeLao’s silk garments feature the same intricate handwoven patterns that have defined Lao textiles for centuries, but these patterns are presented in updated, wearable forms suitable for today’s fashion-forward consumer. LeLao’s goal is to ensure that these traditional weaving techniques continue to thrive and evolve, integrating them into the global conversation about sustainable fashion.
The brand also focuses on using low-impact materials and environmentally friendly processes, aligning with the growing demand for ethical fashion that minimizes harm to the planet.
Lao Fashion on the Global Stage
The participation of LeLao in the BRICS+ Fashion Summit highlights the growing recognition of Lao fashion on the international stage. The exhibition “Heritage” brought together over 30 designers from BRICS nations and other emerging countries, all of whom are using national heritage as the foundation for their work. LeLao, as a representative of Laos, played a key role in showcasing the potential of Lao fashion and its ability to merge traditional artistry with contemporary sustainability.
By presenting LeLao at the summit, organizers demonstrated the power of cultural heritage in shaping the future of fashion. LeLao’s presence also provided an opportunity for international audiences to learn about the rich traditions of Laos, including the art of hand-weaving and the cultural significance behind traditional garments like the sinh and salong. These garments, once primarily worn by local communities, now have a place in global fashion, as evidenced by their inclusion in LeLao’s collections.
LeLao’s participation in the summit is also an example of how small, emerging fashion brands can play a pivotal role in driving global conversations about sustainability, cultural preservation, and ethical fashion. By focusing on the unique traditions of Laos and ensuring that these techniques are passed down to future generations, LeLao is setting a new standard for how fashion can empower communities and protect the planet.
A Platform for Emerging Designers and Cultural Preservation
Beyond the BRICS+ Fashion Summit, LeLao’s involvement in the fashion world is helping to raise awareness about Laos’ design scene. The Lao fashion industry has historically been overlooked, but with projects like Fair Fashion Lao, there is growing recognition of the importance of preserving the nation’s cultural identity. Fair Fashion Lao, an initiative that has supported local designers and artisans, encourages young Lao designers to innovate while maintaining a strong connection to their cultural roots.
The future of Lao fashion looks bright, with a growing movement toward integrating sustainable practices and empowering local communities. LeLao’s success at the BRICS+ Fashion Summit marks a significant step in the global recognition of Lao fashion and its potential to shape the future of responsible, culturally rich design.
As the fashion industry increasingly shifts toward sustainability, LeLao proves that heritage and eco-fashion can coexist beautifully. Through the company’s innovative designs, Laos is making its mark on the global fashion stage, offering the world a unique blend of culture, craftsmanship, and sustainability that is both timeless and forward-thinking.
Form Technologies Acquired by Ares Management
|
~$304 Million of New Equity Capital to Support Deleveraging and Accelerate Company’s Strategic Growth Initiatives
CHARLOTTE, N.C., Jan. 22, 2025 /PRNewswire/ — Form Technologies, Inc. (“Form Technologies” or the “Company”), a global leader in the production of precision-engineered components, today announced that Ares Management funds (“Ares”) have acquired a majority of the Company’s common equity. In connection with the transaction, Form Technologies has substantially deleveraged its balance sheet and received approximately $304 million in new equity capital, comprising $154 million of common equity from investors including Ares, the D. E. Shaw group and Onex Credit, as well as $150 million of preferred equity from the D. E. Shaw group and Ripple Industries. The new capital is expected to support additional investment in Form Technologies’ leading operational capabilities and accelerate the Company’s commercial strategy.
With a robust global footprint of 32 facilities across 22 countries, Form Technologies has built strong commercial momentum through its ability to offer diversified casting services at scale, with key competencies in die casting, investment casting and metal injection molding. In recent years, the Company has invested significantly in its proprietary processes and engineering capabilities to support product design and manufacturing with a higher level of precision for its customers. Form Technologies has also implemented important enhancements to its commercial organization in that time and has accelerated the success of new customer programs, increasing the Company’s customer count to nearly 2,000 organizations across key end markets, including automotive, aerospace, healthcare and enterprise technology.
“Over the past two years, we have undertaken a platform-wide strategic repositioning that has solidified Form Technologies as a global leader in precision-engineered parts,” said David Angell, Chief Executive Officer of Form Technologies. “I am very proud of the work our team has done to deliver on our operational objectives while continuing to meet our customers’ needs. We are excited to move forward with additional strategic support from Ares as we seek to build on our commercial momentum, expand our presence in key regions and drive long-term growth.”
“Since our initial investment in 2021, we have observed the acceleration of Form Technologies’ commercial success through its differentiated solutions-based offering and engineering excellence,” said Aaron Rosen, Partner and Co-Head of Opportunistic Credit at Ares Management. “We believe that under David’s leadership, Form Technologies is well-positioned to address the growing needs of its diversified customer base across key regions and sectors. We look forward to the exciting opportunities ahead as we support the team’s goals for driving revenue growth and value creation.”
Jefferies LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to the Company. Evercore served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Ares.
About Form Technologies
Form Technologies is a leading global producer of precision-engineered components with complex geometries and tight tolerances. Utilizing proprietary processes and engineering expertise, the company manufactures over five billion high-precision components annually, serving diverse end markets worldwide. With 32 manufacturing facilities across 22 countries, and a global team of over 7,500 employees, Form Technologies provides customized solutions to meet its customers’ most demanding challenges.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2024, Ares Management Corporation’s global platform had approximately $464 billion of assets under management with more than 3,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
Forward-Looking Statements
The Company has included statements in this press release that constitute “forward-looking statements.” As a general matter, forward looking statements are those focused on future or anticipated events or trends, expectations and beliefs including, among other things, the Company’s expectations with respect to its business, strategic plans, investments, including investments in its operational capabilities, and its financial condition. Such statements are intended to be identified by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “plan” and similar expressions in connection with any discussion of future operating or financial performance. Not all forward-looking statements in this press release may contain one or more of these identifying terms. Several factors could cause actual results to differ materially from those contained in any forward-looking statement, such as factors related to our ability to execute our strategic plans, to realize benefits from our investments in our operational capabilities and to service or refinance our indebtedness. Any forward-looking statements are and will be based upon the Company’s then-current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements, and the Company undertakes no obligation to update them. Readers are cautioned not to rely on such forward-looking statements.
Contacts
Form Technologies
marketingformtechnologies@formtechnologies.com
Ares Management
Jacob Silber, +1-212-301-0376
Brennan O’Toole, +1-212-301-0391
media@aresmgmt.com
Agoda Announces Hong Kong’s Lunar New Year Travel Trends
|
HONG KONG, Jan. 22, 2025 /PRNewswire/ — Digital travel platform Agoda announces travel trends for Hong Kong travelers during the upcoming Lunar New Year. As the Year of the Snake approaches, the choices of destinations by travelers from Hong Kong reveal intriguing patterns.
The top five outbound destinations for Hong Kong travelers are Japan, Taiwan, Thailand, Mainland China, and South Korea, respectively. The popularity of these locations indicates Hong Kong travelers’ preferences for shopping, leisure, and adventure.
Meanwhile, the top five markets visiting Hong Kong during the Lunar New Year holiday are Mainland China, South Korea, Taiwan, the Philippines, and Singapore, respectively. The diversity of these markets reflects Hong Kong’s broad appeal.
Angel Huang, China Director at Agoda, stated: “Lunar New Year is a special time when many choose to travel. Agoda is delighted to help travelers explore their dream destinations, whether it’s reuniting with family or discovering new cultures.”
As Lunar New Year approaches, Agoda offers over 5 million vacation accommodations, more than 130,000 flight routes, and over 300,000 activities, making it easy for travelers to plan their holidays. Travelers can find more information on Agoda.com and get the best deals on the Agoda mobile app.
Breaking Down Silos: IQAX eBL Interoperability Approved by IG P&I Clubs
HONG KONG, Jan. 22, 2025 /PRNewswire/ — IQAX Limited’s electronic bill of lading (eBL) solution has received approval from the International Group of P&I Clubs (IG P&I Clubs) for IQAX eBL interoperable addendum (version dated 6 December 2024).
This official approval extends IQAX eBL’s capabilities to include eBL transactions between IQAX eBL and other approved eBL solution providers, marking a crucial step toward achieving seamless digital trade documentation across platforms. The approval builds upon IQAX eBL’s existing success, which has seen over 20,000 customers trust the platform for digital bill-of-lading transactions since its initial IG P&I Clubs approval in June 2022.
“This approval means our customers can conduct inter-platform transfers with the same confidence they’ve had in our standalone solution,” said Lionel Louie, Chief Commercial Officer of IQAX. “They can be assured that eBL-related liabilities are covered under standard P&I terms, identical to paper bills of lading.”
The newly approved interoperable addendum highlights that the current interoperable eBL approach—utilizing GSBN as a Control Tracking Registry—ensures the uniqueness and validity of interoperable transfers. This not only satisfies the legal requirements for IG P&I Club approval but also establishes a scalable and commercially viable solution that brings us closer to the goal of full eBL adoption.
IQAX’s recent interoperability initiative with ICE Digital Trade, for example, demonstrates the practical application of cross-platform eBL transfers, ensuring security and legal compliance every step of the way.
“This approval positions IQAX at the forefront of digital trade innovation,” said Lionel Louie. “We are now equipped to support interoperability with other eBL platforms that share our vision for an interconnected future. We look forward to establishing partnerships with like-minded organizations to drive the digital transformation of global trade documentation.”
IQAX remains committed to expanding its network of interoperable partners and continuing to enhance its digital solutions to meet the evolving needs of the global trade community.
For more information about IQAX eBL and its interoperability capabilities, please contact:
About IQAX
IQAX Limited is a global information technology company that provides intelligent digital transformation solutions using blockchain for enterprises in the logistics ecosystem. Backed by a strong heritage in container shipping, IQAX strives to foster a harmonized and connected global trade environment. As an industry leader, IQAX connects with shippers, consignees, freight forwarders, carriers, terminals, and financial institutions, and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain.
IQAX is an independent technology company wholly owned by Orient Overseas International Ltd. (HKEX:0316), which is in turn part of Orient Overseas Container Line (OOCL), one of the largest integrated international transport and logistics companies in the world.
Databricks Expands Presence in ASEAN Amid a 70+% Annualized Growth, Announces Plans to Enter Indonesia
Availability of Databricks infrastructure in the Amazon Web Services’ (AWS) Asia Pacific (Jakarta) Region in early 2025
JAKARTA, Indonesia and SINGAPORE, Jan. 22, 2025 /PRNewswire/ — Databricks, the Data and AI company, today announced plans to expand its investment in the ASEAN region amid more than 70% annualized growth over the past three years, driven by a surge in demand for data intelligence. To meet the data, AI and governance demands of Indonesian enterprises, the Databricks Data Intelligence Platform will be available in the AWS Asia Pacific (Jakarta) Region in early 2025.
As generative AI adoption gains momentum, Indonesian organizations are increasingly recognizing data as a critical driver of competitive advantage and innovation in the digital economy. This expansion marks a significant milestone in Databricks’ commitment to the ASEAN region.
ASEAN companies leverage Databricks Intelligence Platform built on AWS
Hundreds of customers in ASEAN including Standard Chartered Bank, Ikano Retail (IKEA franchise), Maya, and Xendit, are already leveraging the Databricks Data Intelligence Platform on AWS to drive digital transformation, enhance operational efficiencies, and unlock new business opportunities. With this expansion, Databricks aims to empower a broader set of Indonesian organizations to harness the full potential of their data and AI capabilities.
The Databricks Data Intelligence Platform democratizes access to analytics and intelligent applications by marrying customers’ data with powerful AI models tuned to the unique characteristics of their business. The platform is built on a lakehouse foundation of open data formats and open governance to ensure that all data is completely within the customers’ control. The platform is also available on AWS Marketplace, a curated digital store where customers globally, including Indonesia, can find, buy, deploy, and manage cloud solutions from Databricks.
Databricks recently expanded its partnership with AWS. Indonesian enterprises can now leverage new capabilities, including faster development of custom models using Databricks Mosaic AI on AWS Trainium chips. This allows customers to pretrain, fine-tune, and deploy large language models (LLMs) on their own data with improved cost performance. Enhanced integrations on AWS Marketplace also streamline the adoption of Databricks, enabling businesses to run generative AI applications at scale while maintaining full control over their data and intellectual property.
“We’re thrilled to support Databricks’ expansion into Indonesia which reinforces AWS’s IDR$71 trillion investment in the AWS Asia Pacific (Jakarta) Region. By building the Databricks Data Intelligence Platform exclusively on AWS in Indonesia, we are committed to supporting Databricks and our joint customers to securely manage data locally, and drive digital and AI innovation that addresses industry needs,” said Kirsten Gilbertson, Head for Partner Management, ASEAN, AWS.
“We’re excited to bring the Databricks Data Intelligence Platform to Indonesia by leveraging the reliability, scalability, agility, and security of AWS. This expansion reflects our commitment to not only deepen our footprint in the region but also help Indonesian enterprises unlock the full potential of their data through advanced analytics and AI-driven insights, enabling them to transform their businesses in an increasingly digital economy,” said Cecily Ng, Vice President and General Manager of ASEAN and Greater China, Databricks.
About Databricks
Databricks is the Data and AI company. More than 10,000 organisations worldwide — including Block, Comcast, Condé Nast, Rivian, Shell and over 60% of the Fortune 500 — rely on the Databricks Data Intelligence Platform to take control of their data and put it to work with AI. Databricks is headquartered in San Francisco, with offices around the globe, and was founded by the original creators of Lakehouse, Apache Spark™, Delta Lake and MLflow. To learn more, follow Databricks on LinkedIn, X and Facebook.
