Olympus Announces Leadership Succession Plan

TOKYO, Oct 21, 2022 – (ACN Newswire) – Olympus Corporation (Olympus), a global medtech company committed to making people's lives healthier, safer and more fulfilling, today announced that Stefan Kaufmann, the current Director, Executive Officer and Chief Administrative Officer, has been tentatively appointed Director, Representative Executive Officer, President, and CEO of the company effective April 1, 2023. Yasuo Takeuchi, the current Director, Representative Executive Officer, President, and CEO will serve as Director, Representative Executive Officer, Chairman, and ESG Officer. These changes are scheduled to be formally decided by the Board of Directors at the end of March 2023.

Stefan Kaufmann tentatively appointed new Director, Representative Executive Officer, President and CEO as the global medtech leader prepares for the company's next stage of growth

The leadership transition is intended to strengthen the company's management foundation as Olympus executes its value-creation plan. Takeuchi has led Olympus' recent transformation journey to become a leading global medtech company. Moving forward, Kaufmann will lead the company's resources to elevate the standard of care in targeted diseases and pursue Our Purpose of "making people's lives healthier, safer and more fulfilling" and accelerate its growth.

Yasuo Takeuchi: Celebrated Architect of Change

Takeuchi's four-year tenure at the helm of Olympus saw the most extensive corporate reorganization in the company's storied 103-year history. An Olympus veteran with more than four decades of experience with the company, Takeuchi oversaw the transfer of the company's imaging and scientific solutions businesses and its renewed focus on medtech, with the introduction of a myriad of operational changes and structural reforms bringing improvements in efficiency, innovation, and customer care.

Key achievements include changing the governance structure into a nomination committee structure. This has resulted in an executive management structure consisting of fewer people, which has streamlined the internal decision-making process. Additionally, global governance structure has been strengthened by increasing management agility and enhancing diversity of Board of Directors. Takeuchi has expanded the global research and development network and has comprehensively managed the business on a global scale. He also spearheaded the company's global business development through acquisitions and early-stage investments to stimulate next-generation innovation.

Despite the volatility of the global economic environment in recent years, Olympus has achieved strong financial results and managed to reach committed targets, and is on track to achieving over 20% consolidated corporate operating margin.

Takeuchi stated: "It has been a privilege to lead Olympus through a historic moment for the company. With the completion of the groundwork of transformation in the first three years since the corporate strategy was announced in 2019, we can now shift to the next phase to accelerate growth and improve performance. I have full confidence that Stefan will continue this momentum. He has been instrumental in implementing the Transform Olympus initiatives and in shaping the future direction of the company to expand our contribution to global healthcare and address unmet needs with gastrointestinal, urological, and respiratory care solutions. After more than 15 years of working closely with Stefan, I look forward to continuing our partnership and to supporting him as he leads Olympus to the next level of growth and organizational efficiency."

Stefan Kaufmann: Enduring Focus on Growth and Impact

An Olympus veteran with two decades of experience in senior roles, Kaufmann has a background in human resources and a strong track record in driving transformational change for Olympus in the complex Europe, Middle East, and Africa region.

Kaufmann most recently served concurrently as Olympus' Chief Administrative Officer, Chief Strategy Officer, and Chief Transformation Officer, with responsibility for overseeing the implementation of the Transform Olympus program.

"I am honored and humbled at the opportunity to serve as the next Director, Representative Executive Officer, President, and CEO of Olympus," Kaufmann said. "After years of very successful transformation, we see further opportunities to advance our global operations and processes with a strong focus on elevating the standard of care to benefit our customers and patients. Looking three-to-five years ahead, our key themes will be innovation, research, and development and inorganic growth, competitive performance, talent development, and sustainability."

From April 2023, Kaufmann will drive the continued expansion of Olympus in the medtech field and prioritize business excellence as the company adapts to changing clinical needs and stricter ESG requirements.

Olympus will retain its strong customer orientation under Kaufmann and will continue to increase innovation cycles through in-house research, acquisitions, investment, and co-creation with industry partners. One of his priorities is the development of the quality and regulatory function toward further maturity, which is critical in the medical industry. He will also focus on evolving the work culture and developing the talent base in both Japan and globally.

Newly Appointed Executive Officers

The composition of the Group Executive Committee (GEC) will be changed following the leadership transition. The roles of Chief Administrative Officer and Chief Operations Officer will be dissolved, while the business leadership of ESD and TSD, Chief Quality Officer, Chief Human Resources Officer, as well as the Chief Strategy Officer will join the GEC, bringing a greater diversity of views and industry best practices.

About Olympus

Olympus is passionate about creating customer-driven solutions for the medical, life sciences, and industrial equipment industries. For more than 100 years, Olympus has focused on making people's lives healthier, safer and more fulfilling by helping to detect, prevent, and treat disease; furthering scientific research; and ensuring public safety. In its Endoscopic Solutions business, Olympus uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs and enhance the quality of life for patients. Starting with the world's first gastrocamera in 1950, Olympus' Endoscopic Solutions portfolio has grown to include endoscopes, laparoscopes, and video imaging systems, as well as customer solutions and medical services. For more information, visit www.olympus-global.com and follow our global Twitter account: @Olympus_Corp.

Contact
Nao Tsukamoto – Global-Public_Relations@olympus.com

Olympus Corp. [TYO: 7733] [ADR: OCPNY] [GDR: OLYS], https://www.olympus-global.com.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HKTDC welcomes ground-breaking measures in 2022 Policy Address

HONG KONG, Oct 19, 2022 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) welcomes the Policy Address announced by the Hong Kong Special Administrative Region (HKSAR) Chief Executive John Lee Ka-chiu today, and believes the proposed ground-breaking and wide-ranging policies can help drive Hong Kong's long-term development while resolving some of its pressing issues.

Dr Peter KN Lam, Chairman, Hong Kong Trade Development Council said, "The Policy Address clearly sets forth strategic priorities to ensure Hong Kong's growth by defining the city's role in supporting and leveraging the development of the mainland, especially the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) while contributing to global initiatives in innovation and technology, healthcare and environmental protection. The new structures and resources in coordinating infrastructure, economic, social and youth development as well as sector synergy will also create sustained momentum for Hong Kong. At the same time, policies to support SMEs, attract talent, encourage investment and tackle social issues will help resolve some of the immediate problems we are facing.

"I am particularly pleased that the Chief Executive has taken into account the suggestions of the business community on supporting SMEs and revitalising Hong Kong's position as an international trade fair and convention capital." Dr Lam added. These include the expansion of exhibition space and the extension of the "Convention and Exhibition Industry Subsidy Scheme to the end of June 2023. Hong Kong companies will also benefit from the higher level of government funding support in the "Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)" and the "SME Export Marketing Fund," the latter also includes an extension of special measures covering virtual fairs and local consumer fairs and expansion of eligibility to cover non-SMEs. Dr Lam also welcomes the new support scheme to attract other exhibitions to be staged in Hong Kong over three years.

Dr Lam also welcomed policies to boost the growth of specific sectors such as technology and innovation, art and culture and intellectual property (IP) to help diversify Hong Kong's economy while opening up opportunities, especially in the GBA and mainland market and Belt and Road countries.

"Our full range of fairs, conferences and programmes are ready to support Hong Kong's economic sectors, from finance, aviation and logistics, legal services to technology and innovation, art and culture and IP, for which our Business of Intellectual Property Asia Forum (BIP Asia) and Asia IP Exchange portal will support Hong Kong's development into a regional IP trading and commercialisation hub. In addition, we will work with the Hong Kong SAR Government and Hong Kong family of organisations to promote Hong Kong's strengths overseas. Through our global network of 50 offices, support programmes such as GoGBA, and major international promotional events such as Think Business, Think Hong Kong, we will promote Hong Kong to the world and create opportunities for the local, mainland and global business community."

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.

Media enquiries
Please contact the HKTDC's Communications and Public Affairs Department:
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

GBA Business Confidence Index continues to drop

HONG KONG, Oct 17, 2022 – (ACN Newswire) – Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the "GBA Business Confidence Index" (GBAI) for the third quarter of 2022. It shows that the current performance for "business confidence" weakened for a fifth straight quarter in Q3 to 41.3 from 43.3 in Q2, reflecting a more challenging reality as both external (rising interest rates and recession risk) and domestic (COVID disruptions and a weak housing market) headwinds worsened in recent months.

Kelvin Lau, Senior Economist, Greater China, Standard Chartered, and Irina Fan, Director of Research, HKTDC, announced the latest "GBA Business Confidence Index" (GBAI) at a press conference today (17 October).

This in turn prompted corporates to turn more cautious towards the Q4 outlook – the expectations index for business activity fell 2.6 points to 49.9 in Q3 from 52.2 in Q2, below the 50-neutral mark for the first time in nine quarters, indicating there is little hope of a swift pick-up momentum.

Meanwhile, among the 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Hong Kong (up 2.8 points to 42.5) and Guangzhou (up 0.9 point to 44.6) were the only two reporting improvements in their "current performance" sub-index. Hong Kong was the only city showing growth in the "expectation" sub-index (up 3 points to 46.3).

"With the recent relaxation of quarantine rules for inbound visitors, we expect Hong Kong to remain on a recovery path in the coming quarters," said Kelvin Lau, Senior Economist, Greater China, Standard Chartered. "That said, a recovery is likely to be modest, given the intensifying external (looming recessions in the West and a slowing China) and domestic (higher interest rates and a weak housing market) drags."

Financial services sector improves while tech plunges

Financial services was the only industry sector that saw improvements in both the "current performance" (up 7.9 points to 47.3), and "expectations" (up 9.1 points to 51.5) sub-indices. The sector likely benefited from recent policy easing, be it via the lowering of banks' own borrowing costs or relaxation towards the real-estate sector, which could help banks mitigate some of the related downside risks to asset quality and loan growth.

Tech companies saw the biggest plunge in the "current performance" and "expectation" sub-indices, falling 10.7 points to 39.6 and down 15.3 points to 46.0, respectively. "Slowing consumer demand, strong capacity growth and high inventories globally, coupled with lingering domestic concerns stemming from prior regulatory tightening, likely explained the sharp fall," Mr Lau added.

COVID disruption lessens

The GBAI is the first forward-looking quarterly survey in the market that looks at the business sentiment and synergistic effects in cities and industries across the GBA. It is compiled based on a survey of more than 1,000 companies in the GBA covering the manufacturing and trading, retail and wholesale, financial services, professional services, and innovation and technology sectors. The index enables investors and businesses to better understand the current business climate, gauge future performance prospects and formulate their market strategies for the GBA.

About half (49%) of the respondents said they have been affected by the pandemic in recent months in terms of transportation and/or logistics disruption, but more than 90% said China's recent shortening of the quarantine period for inbound travellers would help improve business. Over 80% said China's real-estate downturn would have limited or no impact on the overall economy. Meanwhile, most of the respondents said the impact of a potential reduction in US-China trade tariffs would be minimal, as any tax cut is likely to be small in scale and scope.

Asian markets outperform

The survey found that respondents have become more cautious regarding the market outlook and have broad-based growth concerns. Irina Fan, Director of Research, HKTDC, said respondents remained relatively upbeat regarding the outlook in Asian markets. Mainland China saw the highest share of gross positive responses, followed by Hong Kong and Macao, as well as the Association of Southeast Asian Nations (ASEAN) bloc.

"We expect the GBAI will rebound gradually when the pandemic subsides and business activities are able to fully return to normal. Yet, economic headwinds, lukewarm demand, fluctuating global markets and rising costs remain the key challenges ahead."

Related materials
– Standard Chartered GBA Business Confidence Index Report: https://sc.com/hk/zh/gba/gba-index/
– HKTDC Research: https://bit.ly/3EuNsLO
– Standard Chartered Annual GBA Client Survey: https://av.sc.com/hk/content/docs/hk-shop-talk-our-annual-gba-client-survey-26aug.pdf
– Photos download: https://bit.ly/3CCu8K8

About Standard Chartered

We are a leading international banking group, with a presence in 59 of the world's most dynamic markets, and serving clients in a further 83. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India. The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR's three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC. For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Corporate Affairs Department
Standard Chartered Bank (Hong Kong) Limited
Lilian Goh
Tel: +852 3843 0341
Email: lilian.goh@sc.com

Communications & Public Affairs Dept
Hong Kong Trade Development Council
Beatrice Lam
Tel: +852 2584 4049
Email: beatrice.hy.lam@hktdc.org

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

OOWAY Group Seeks to Appoint New Board to Turn Around Kitchen Culture

SINGAPORE, Oct 12, 2022 – (ACN Newswire) – OOWAY Group Ltd, the single largest shareholder, together with 7 other shareholders[1] of Kitchen Culture Holdings Ltd. has on 30 September 2022 informed the Company's Board of the intention to convene an extraordinary general meeting of the Company (EGM) pursuant to Section 177 of the Companies Act[2].

The upcoming EGM seeks to remove 5 of the current Kitchen Culture's Board of Directors and appoint 5 new members to the Board. Reference SGXNET 30 Sep 2022: https://tinyurl.com/mr5pxncr

Reasons for Calling for EGM

OOWAY Group emphasises that without a change in the current Kitchen Culture board, the value of Kitchen Culture's 27.65% stake in OOWAY Technology Pte Ltd (which is its most valuable asset) would be unrealised and ultimately wasted.

OOWAY Group reiterates that the implementation of a long-term and viable business plan for OOWAY Technology is the only path available now for the resumption of trading in Kitchen Culture shares, and ultimately a share price that would reflect its fundamentals.

Mr Liu Yanlong, representative for OOWAY Group, said, "With OOWAY Group's existing and new business capabilities in Big Data Analytics and Artificial Intelligence, we were excited at the prospect of working closely with Kitchen Culture in line with their diversification strategy and OOWAY Group's expansion in the ASEAN region.

However, we have witnessed the gradual erosion of the Company's core values and business prospects and have reluctantly taken this step, in order to protect our interests and the interests of other minority shareholders. The current suspension of Kitchen Culture shares, is a definite concern of all shareholders of the Company.

We believe that replacing the current board with the proposed new Directors, who bring with them the necessary experience, expertise and energy to help reverse Kitchen Culture's present trajectory, is the only way forward."

Mr Liu, added: "The indisputable fact is this: OOWAY Technology is Kitchen Culture's most valuable asset. Since the time of the acquisition till the present, OOWAY Group has continued to forge new business, break new ground, and grow the company through massive investment in technological capabilities and talented individuals.

While we are greatly disappointed in what has transpired at Kitchen Culture, we still hold on to the belief that the Company can and will turn around once we have a new and highly capable management with integrity, transparency and vision in place and we will work hand-in-hand with them to ensure that Kitchen Culture become stronger than before."

EGM Agenda

At the upcoming EGM on a date yet to be confirmed, 2 main agenda items among others to be raised are:

1. Removal of the following 5 Directors at the EGM should they not voluntarily resign before 5pm on 14 October 2022:
a. Mr. Lau Kay Heng
b. Mr. Lim Wee Li
c. Mr. William Teo Choon Kow
d. Mr. Ang Lian Kiat and
e. Mr. Peter Lim King Soon

2. Appointment of the following individuals to the Board:
a. Mr James Beeland Rogers, Jr. to be appointed as a Non-Executive Director of the Company;
b. Mr Yip Kean Mun to be appointed as an Executive Director of the Company;
c. Mr Lam Kwong Fai to be appointed as an Independent Director of the Company;
d. Mr Tan Meng Shern to be appointed as an Independent Director of the Company; and
e. Mr Cheung Wai Man to be appointed as an Independent Director of the Company.

Background

Kitchen Culture had been suffering from recurring losses and negative operating cash flow from its core business as a kitchen solutions provider for 8 years at the time of the acquisition by OOWAY Group.

In August 2020, Kitchen Culture entered into a sale and purchase agreement and a shareholder's agreement with OOWAY Group to acquire a 30% equity stake in OOWAY Technology Pte. Ltd. at a purchase consideration of S$23.92 million to be satisfied by way of the allotment and issue of 90,000,000 new ordinary shares in the capital of Kitchen Culture at an issue price of S$0.2658 per ordinary share.

At the time of the acquisition in 2020, it was envisaged that the combination of the newly-raised funds and OOWAY Technology's cutting-edge technologies as well as extensive business networks and capabilities would ring in a new era of growth and profitability for Kitchen Culture.

The Relevant Shareholders have also informed the Kitchen Culture Board that prior to the conclusion of the EGM, the Company, including the current Directors of the Company, should not:

1. Take any action to effect any casual appointment of Director(s) or action that will affect the number of existing issued shares of the Company or carry out any corporate action that is dilutive in nature to the minority shareholders of the Company.
2. Carry out any transaction that would result in the divestment or acquisition of any business interest or asset for or on behalf of the Company.
3. Enter into any transaction committing or exposing the Company to any potential liability of a significant nature.

SGXNET References:
– 12 April 2022: General Announcement::UPDATE ON REVIEW BY BAKER TILLY CONSULTANCY (SINGAPORE) PTE. LTD. https://tinyurl.com/48fwfsfx
– 21 April 2022: General Announcement::ASSISTANCE IN THE REVIEW BY THE COMMERCIAL AFFAIRS DEPARTMENT https://tinyurl.com/2p8hfrdt

[1] "Relevant Shareholders" refers to OOWAY Group Ltd., Koh Cher Chow, Lin Xiao Long, Ling Chui Chui, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng.
[2] Section 177 Notice constituting a special notice under Section 152(2) read with Section 185 of the Companies Act 1967 of Singapore (the "Companies Act") of the intention of the Relevant Shareholders to convene an extraordinary general meeting of the Company (the "EGM") pursuant to Section 177 of the Companies Act.

About OOWAY Group Ltd.

OOWAY GROUP LTD. is a corporate entity registered with Accounting and Corporate Regulatory Authority which has a stake in OOWAY Technology Pte Ltd. OOWAY Group is an established big data, Artificial Intelligence (AI) and Blockchain technology provider of innovative solutions for the integration of cross-border trade. Its DIGIT platform (Digital Innovation of Global Integrated Trade) seamlessly integrates cross-border trade with all parties through all stages from initialization to conclusion. The use of AI enables the platform to collect and analyze data to recognize, predict and optimize the cross-border trade process for all parties involved. The use of Blockchain ensures transparency, traceability and immutability, and automatic updating of all documents in the cross-border trade process. www.ooway.com

Issued by OOWAY Group Ltd.

Media Contact:
Email: query@oowayasia.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Value Research Center, Kyoto at the UNGA77 Science Summit

KYOTO, Japan, Sep 21, 2022 – (ACN Newswire) – What qualifies a 'good' company these days? How can a company's impacts on key stakeholders be honestly measured?

Prof. Philip Sugai, Director of the Value Research Center (VRC) at Doshisha University, Kyoto will share how he and his research team have integrated and synthesized many of the world's top ESG and sustainability reporting frameworks into The Value Model, a goal-based, objective, and transparent model for measuring stakeholder value at this year's UN General Assembly Science Summit.

The theme of this year's Science Summit is "The Role of Science and Innovation in Attaining the United Nations' Sustainable Development Goals (SDGs)." This event brings together scientists, academics, government leaders and citizens from around the world to participate in a series of workshops, presentations and discussions. The 8th annual Science Summit is being held live in New York and online and it is free to attend.

This presentation is one of seven events hosted by the Okinawa Institute of Science and Technology (OIST) and its co-host, the Permanent Mission of Japan to the United Nations.

"Our half-day workshop aims to help move beyond the politics surrounding discussions around sustainability," said Prof. Sugai. "Based on an ethical foundation from Japan, we'll define what a 'good' company is, then explore how company impacts on its stakeholders can be measured and managed, and finally how this kind of measurement model can be used to develop both practical regulatory oversight as well as forward-thinking, value-focused business strategies across developed and developing economies."

Following Prof. Sugai's opening presentation, he and Prof. Toshiya Hoshino, Director of the ESG Integration Research and Education Center (ESG-IREC), OSIPP, Osaka University, will discuss how value measurement and more meaningful ESG reporting can help further enhance the achievement of SDGs, as well as Japan's unique role and contribution to these issues.

After this discussion, a panel of experts in Japanese business and sustainability reporting who have deep experience across academia, industry, and government policy will dig more deeply into the essence of value, Japan's historical and current efforts to align this history with the current challenges addressed by the achievement of Sustainable Development Goals, and how business can continue to drive real and measurable achievement of these in a just and equitable way.

Panel speakers include:
– Prof. Haruko Satoh (Moderator), Co-Director, OSIPP-IAFOR Research Centre, Osaka University
– Masato Yamazaki, Professor Emeritus of Economics, Aquinas College
– Yoshie Sugai, Founder and Head Instructor, Chiseikan Dojo
– Trista Bridges, Cofounder & Principal, Author, Read the Air
– Jin Montesano, Chief People Officer, LIXIL Corporation
– Kumar Iyer, Sustainable Strategy Mentor

The Valuing Value half-day workshop will be held on Monday, Sept 26 from 9:00 – 11:30 EST (22:00 – 00:30 JST).

Details of the Valuing Value workshop are here:
https://ssunga77.sched.com/event/1AWkD/valuing-value-how-any-organization-can-measure-stakeholder-value-and-ethical-capitalism/

Registration for Science Summit at UNGA77 (free) is here:
https://www.eventbrite.be/e/science-summit-at-unga77-september-2022-tickets-258988691147

About the Value Research Center
The Value Research Center (VRC) at Doshisha University in Kyoto, Japan was established in November 2021. Its mission: develop a practical system for organizations to measure, monitor, assess and report on the impacts they have on various stakeholder groups; the company, its shareholders, employees, customers, partners, society, and the planet.

The VRC enhances its Value Model continuously, integrating new frameworks as they're introduced, bringing greater transparency, objectivity and measurability to value creation – in ways we often didn't see. The VRC Value Model gives government and industry the eyes to see impacts they're actually having, and the ability to fix what's broken and enhance what they're doing well. Learn more at www.valueresearchcenter.com.

About the ESG-IREC Research Center
The Osaka University Graduate School of International Public Policy – ESG Integration Research and Education Center (ESG-IREC) conducts research on practical implementable "ESG integration" models in corporate and business activities for the creation of a more sustainable future. Visit www.osipp.osaka-u.ac.jp/en/.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HKTDC Export Index 3Q22: Exporter confidence continues to improve

HONG KONG, Sep 19, 2022 – (ACN Newswire) – The sentiment among Hong Kong exporters continues to improve. The HKTDC Export Index increased a further 1.9 points to 32.8 in the third quarter of 2022, indicating a sustained improvement in confidence in the short-term export performance. However, exporters are facing downward pressure on prices, with the Trade Value Index falling 11.5 points to 40.2.

HKTDC Director of Research Irina Fan and Corey To announced the HKTDC Export Index for the third quarter of 2022 at a press conference today (19 September).

HKTDC Director of Research Irina Fan told a press conference today that a deteriorating external environment was keeping the recovery slower than hoped. "Weakening demand in major markets dampened by high inflation and aggressive monetary tightening, coupled with rising Sino-US trade tensions and other fallouts from the Russia-Ukraine conflict, also cloud the export outlook," she said.

The HKTDC conducts the Export Index survey every quarter, interviewing some 500 Hong Kong exporters from six major industries – machinery, electronics, jewellery, watches and clocks, toys and clothing – to gauge business confidence in near-term export prospects. The Index indicates an optimistic or pessimistic outlook, with 50 as the dividing line.

Shift in focus

Ms Fan said more than half of the respondents (52.0%) in the latest exporters' survey view the shortened quarantine requirement in the Mainland China – a seven-day centralised stay plus three days of home confinement – as positive for business. She added that enabling more flexible business travel arrangements (53.8%), the gradual resumption of cross-border commerce and trade (33.0%), and a smoother production flow (31.8%) were cited as the top benefits.

While the impacts of the pandemic continue to decline, COVID-19-related issues remain among the top concerns for Hong Kong exporters over the next three months. Most respondents said COVID-19 persistence (40.2%) and border closure (22.6%) are the major impediments to export performance.

"To help them deal with this changing environment, Hong Kong businesses are tending to shift from being market-focused to more money-focused," Ms Fan said. Developing other product categories (36.9%) and stabilising finances to ensure sufficient cash flow (35.6%) are the most popular business strategies adopted by the survey respondents. Additionally, more of them said they intend to increase unit prices (35.2%, up 18 percentage points).

Jewellery, Japan outperform

HKTDC Economist Corey To said jewellery was currently the most promising sector with the highest sub-index at 44.2, followed by toys at 37.0. The jewellery sector also showed the largest improvement, with a 9.9-point increase from the previous quarter, while the electronics sector gained 2.3 points to 32.7.

Mr To said Asia continues to provide a relatively promising outlook, adding that Japan remains the best performer at 48.4 (up 0.8 points), followed by the Association of Southeast Asian Nations (ASEAN) bloc (46.9, up 3.6 points) and Mainland China (45.8, up 2.7 points).

Recovering supply chains

He said the pandemic impact on businesses tended to be less severe in the third quarter as compared with April-June. "Fewer respondents experienced negative impacts on their business resulting from the pandemic (77.9%, down 1.2 percentage points). Among them, those whose business had been very negatively affected fell 11.8 percentage points to 23.4%."

Mr To said rising transportation costs (64.1%) and logistics disruptions (51.8%) remained the key challenges for Hong Kong exporters, though both fell significantly – by 8.5 and 13.4 percentage points respectively – from the previous quarter, reflecting the gradual easing of supply chain issues. "But it is worth noting that more respondents reported communications issues with overseas buyers/suppliers (48.2%, up 26.6 percentage points) and order cancellations (21.2%, up 4.5 percentage points)."

References
– HKTDC Research website: http://research.hktdc.com/
– HKTDC Export Index 3Q22: Gradual Recovery Underway https://bit.ly/3BetyBI
– Photo download: https://bit.ly/3Lm8UUV

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact the HKTDC's Communication and Public Affairs Department:
Beatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.org

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Seventh Belt and Road Summit draws to successful close

HONG KONG, Sep 2, 2022 – (ACN Newswire) – The seventh Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), concluded yesterday (1 September). Continuing in the tradition of being a formal, substantial and high-quality event, the summit saw state leaders and senior officials, regional government leaders and business leaders gathered to explore the business potential of the Belt and Road Initiative, and to drive synergies and create a win-win situation through multilateral collaborations such as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Regional Comprehensive Economic Partnership (RCEP).

The seventh Belt and Road Summit, which ran under the theme "Heralding a New Chapter: Collaborate and Innovate", attracted more than 80 government and business leaders to share their insights.

More than 19,000 participants from over 80 countries and regions attended online or in-person.

The 38th Prime Minister of New Zealand, John Key, Aswin Techajareonvikul, CEO and President of Berli Jucker PCL, Liu Liange, Chairman of the Bank of China, and Rod Eddington, Chairman of Infrastructure Partnerships Australia, JP Morgan's Asia Pacific Advisory Council and Non-Executive Chairman of Lion shared their insights at Business Plenary "Collaborate for a Bright New Era".

As one of the major celebrations to mark the 25th anniversary of the establishment of the HKSAR, the summit saw more than 80 senior government officials and business leaders from the Belt and Road region gathered to share their insights under the theme "Heralding a New Chapter: Collaborate and Innovate". For the first time, the summit was held in a hybrid format, overcoming geographical boundaries by allowing those who were unable to attend in person to participate virtually. More than 19,000 attendees representing over 80 countries and regions participated online or at the physical event.

More than 800 one-to-one matching sessions

The business matching and project pitching sessions at the summit remained popular among project owners and attendees. More than 280 investment projects from the Belt and Road region and beyond were presented at the summit, covering four main areas, namely: (1) energy, natural resources and public utilities; (2) innovation and technology; (3) urban development; and (4) transportation and logistics infrastructure. The projects focused on areas such as smart city development, data centres and e-commerce related investments. More than 800 one-to-one business matching meetings were arranged for project owners, investors and professional service providers to pave the way for collaboration agreements.

Real opportunities in RCEP but some challenges

Multilateral collaboration creates more frequent cross-border trade and investment, and is becoming more important than ever in driving a strong recovery in the Asia-Pacific region following the pandemic. The RCEP, which came into effect this year, stands as the largest free trade agreement in history, accounting for 30% of the world's population and GDP. Combined with the joint effort of more than 180 countries connected through the Belt and Road Initiative, it will further strengthen regional economic integration around the world. In the Business Plenary titled "Collaborate for a Bright New Era", business leaders from economies along the Belt and Road and the RCEP shared their insights and explored how these initiatives and agreements can complement each other to drive strong economic growth and promote cross-border collaboration between businesses of all sizes.

The 38th Prime Minister of New Zealand, John Key, shared his views on the RCEP. "One of the things that are challenged is the supply chains. China is a really a huge market, and we source a lot of goods from China. We can see the impact the breaking down of those supply chains has had on global inflation."

Aswin Techajareonvikul, Chief Executive Officer and President of Berli Jucker Public Company Limited, shared that the Thailand enterprises have well received the potential of the Belt and Road Initiative (BRI). "It is in tune with our 20-year strategy and Thailand's ongoing projects for economic development under the Thailand 4.0 economic model. We are able to expand trade and investment to our neighbouring countries. We can also better link with the world market, especially for the CLMV countries [Cambodia, Laos, Myanmar and Vietnam]."

Liu Liange, Chairman of the Bank of China, said: "Most of the members in the RCEP are located in important junctions along the Belt and Road. This not only fosters connectivity between value chains and supply chains, but also further expands the 'social circle' of the Belt and Road Initiative, engaging more countries and businesses in the construction of the Belt and Road and in broader collaboration, as well as forming the dual-engine of the Belt and Road Initiative and RCEP within the region."

Belt and Road Initiative drives consumption and Infratech development

Global economies are pushing to achieve post-pandemic economic recovery. At the same time, countries around the world are striving to build stronger global business connections with the help of macro measures such as the BRI, the RCEP and the GBA development.

The demand for high-quality, innovative and sustainable infrastructure around the world has given rise to many new business opportunities. These innovative projects will be led and driven by visionary industry leaders as they usher in a new era of infrastructure development. In the "Faster, Greater Infrastructure" session of the thematic group discussions, business leaders who had turned futuristic concepts into reality and envisioned some of the world's most important infrastructure projects exchanged their views.

Founder and Managing Director of Emaar Properties and Founder and Director of Noon.com, HE Mohamed Ali Rashed Alabbar, said: "I really believe that a link such as the Belt and Road Initiative and its effects on human life, economic progress, quality of life, job creation and exchange of cultures and knowledge and unity to the world – it is going to be incredible."

Chief Marketing Officer of Hyperloop TT Robert Miller addressed the current trends in infrastructure technology (infratech) development. "Infratech is really underfunded and underdeveloped. Hyperloop really falls into the category of infratech where there is a longer time to profitability. So we need patient investors from both public and private sectors. Meanwhile, governments everywhere are looking at reducing carbon emissions. One of the biggest polluters is the transportation industry: 23% of all carbon emissions worldwide come from transportation. Europe, the United States and countries in Asia are all looking how to decarbonise the transportation industry. Hyperloop TT could be a massive driver in that decarbonisation," he said.

The seventh Belt and Road Summit was made possible by its Strategic Partner, China International Capital Corporation (CICC); Regional Banking Partner, Bank of China (Hong Kong); and Platinum Sponsors, China Mobile International and China Unicom.

Image download: https://bit.ly/3edlV6t

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact HKTDC's Communications & Public Affairs Department:
Clayton Lauw, Tel: +852 2584 4472, email: clayton.y.lauw@hktdc.org
Sam Ho, Tel: +852 2584 4569, email: sam.sy.ho@hktdc.org

Yuan Tung Financial Relations:
Agnes Yiu, Tel: +852 3428 5690, email: ayiu@yuantung.com.hk
Tiffany Leung, Tel: +852 3428 2361, email: tleung@yuantung.com.hk
Wong Hing-fung, Tel: +852 3428 3122, email: hfwong@yuantung.com.hk

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

JE Cleantech (JCSE) Announces Results for H1 2022, Revenue of S$7.2 Million and Net Income of S$147,000

SINGAPORE, Aug 31, 2022 – (ACN Newswire) – JE Cleantech Holdings Limited (Nasdaq: JCSE), ("the Company") a Singapore-based cleantech company, has announced its financial results for the six months ending 30 June 2022. In its first mid-year update since completing its Nasdaq listing in 2022, the company has seen a decline of 19 per cent in its revenue compared to the corresponding period last year (H1 2021). Net income for the reporting period has been S$147,000, lower than the S$616,000 reported for the first six months of 2021.

Speaking about the 2022 results, Ms. Bee Yin Hong, CEO and Founder, JE Cleantech said, "Our industry as with many others was hit hard by the pandemic, but we have weathered it and even achieved impressive growth in one of our key business verticals. We strongly believe in the future to come as we enter the endemic phase and the F&B, travel, and hospitality sectors see rapid recovery. JE Cleantech is well positioned to capture growth opportunities. We are actively widening our product offerings and exploring new markets to bring sustainable returns to our shareholders and investors."

The group has been negatively affected by the ongoing disruptions caused by Covid-19, some effects of which may linger post-pandemic such as supply chain disruptions, fluctuations in the cost of raw materials and uneven demand growth from customer groups. Despite this, the Company did not experience any material order cancellations during the reporting period and records an order book value of approximately S$36.8 million as of August 15, 2022.

The Company saw a growth of 36 per cent in its provision of centralized dishwashing and ancillary services, compared to the same corresponding period last year, with revenue of S$3.585 million. The company also announced the renewal of a key customer to provide centralized dishwashing services to a fully owned subsidiary of Singapore's leading ground-handling and in-flight catering service provider for a period of three years, starting in September 2022. The contract, which has been closed through its subsidiary, Hygieia Warewashing Pte Ltd., is valued at approximately S$9.3 million (around US$6.7 million). With this renewal, Hygieia Warewashing will have been providing cleaning services for the client for nine years continuously.

Having provided centralized dishwashing services in Singapore since 2013, management believes that JE Cleantech is now Singapore's leading manufacturer of precision cleaning systems and provider of centralized dishwashing and ancillary services, with approximately 15 per cent market share in 2020 in terms of revenue (Source: Euromonitor estimates from desk research and trade interviews with leading centralized dishwashing services providers and the relevant trade associations in Singapore). Ms. Hong stated "we believe that JE Cleantech has not only left a strong footprint in Singapore and Malaysia, but has also established a robust network of long-term customers across Southeast Asia, with a growing international footprint in markets such as Europe and the United States."

Moving forward, the company is looking to expand its team of R&D staff and engineers, while continuing to strengthen its product portfolio. Recently, it has expanded its scope of service offerings to include tech hardware.

About JE Cleantech Holdings Limited

JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore.

Disclaimer: Forward looking statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.

For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Elite Partners continues acquisition spree with the purchase of a warehouse in Poland

Singapore, Aug 16, 2022 – (ACN Newswire) – Elite Partners Capital has completed an off-market acquisition of a warehouse in Radomsko, Poland for close to EUR30 million. This marks the firm's third purchase within a span of six weeks, after announcing acquisitions in UK and Netherlands.

The asset is well-located in Central Poland, being in the immediate vicinity of the A1 motorway, national roads DK 42 and DK 91, as well as key railway junctions. It is the first facility within "LOOGIC Park Radomsko" logistics park which will eventually house 11 warehouse halls totalling 380,000 sqm over 80 hectares of land.

The warehouse provides a total usable area of approximately 54,000 sqm and achieved an 'Excellent' BREEAM certification. It was constructed by FB ANTCZAK, Polish general contractor, as a Built-to-Suit facility for JYSK, a big box retailer of household goods. JYSK is the largest Danish retailer operating internationally with over 3,000 stores in 48 countries globally. The warehouse is used primarily for high-volume storage and is strategically located near the main JYSK Distribution Center. This allows JYSK to distribute goods efficiently and lower transport costs, ultimately having a positive effect on the environment through reduction of CO2 emissions.

This is the first Polish acquisition for the second series of EPC's Logistic Funds. "Following our recent string of successful investments, we are pleased to announce the acquisition of the Polish warehouse facility that is fully let to JYSK," said Mr Victor Song, CEO of Elite Partners Capital. "We are no stranger to the Polish market and have forged trusted relationships on the ground. Because of this, we are able to efficiently source for select opportunities that provide attractive returns even in today's volatile market."

Elite Logistics Fund II continues to focus on building a portfolio of high-quality logistics warehouse or infrastructure across Europe and the UK.

For this transaction, DLA Piper (Legal) advised Elite Partners Capital and AXI IMMO Group acted for the Vendor.

About Elite Partners Capital

Incorporated in 2017, Elite Partners Capital is a Singapore-based licensed fund manager. The Elite Logistics Fund series has a Pan-European strategy focusing on prime logistics assets in the high-growth and defensive sectors.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Society Pass (Nasdaq: SoPa) Marks First Foray into Indonesia by Acquiring Jakarta-based NusaTrip, Indonesia’s First International Air Transport Association-Accredited Online Travel Agency

JAKARTA, Aug 15, 2022 – (ACN Newswire) – Society Pass Inc (Nasdaq: SOPA), Southeast Asia's ("SEA") next generation digital ecosystem, announces the acquisition of NusaTrip ("NusaTrip"), a leading Jakarta-based Online Travel Agency ("OTA") in Indonesia and across SEA. The NusaTrip acquisition extends SoPa's business reach into the booming SEA regional travel industry and marks SoPa's first foray into Indonesia as well as adds to SoPa's growing ecosystem of technology-enabled companies located in Vietnam, Indonesia, Philippines, Singapore and Thailand.

Established in 2013 as the first Indonesian OTA accredited by the International Air Transport Association, NusaTrip pioneered offering a comprehensive range of airlines and hotels to Indonesian corporate and retail customers. With its first mover advantage, NusaTrip has onboarded +1.2 million registered users, +500 airlines and +200,000 hotels around the world as well as connected with over 80 million unique visitors.

Dennis Nguyen, Society Pass Founder, Chairman and Chief Executive Officer, explains, "We happily welcome NusaTrip into our ever-expanding SoPa ecosystem. NusaTrip seamlessly blends into our user and merchant growth strategy as we enter yet another leading SEA market. We combine the robust technology and operational breadth of NusaTrip's e-commerce travel platform with our extensive brand building experience in SEA. With this acquisition, SoPa now cross-pollinates and integrates our six verticals (loyalty, lifestyle, food & beverage, telecoms, digital media and travel) into one cohesive loyalty and e-commerce platform to provide enhanced products and services for our consumers and merchants throughout the largest countries of SEA. SoPa has grown from strength to strength in 2022 as we opportunistically acquire market leading companies and partner with visionary entrepreneurs, underlining our unique aggregator approach that reflects immediate returns in terms of increased revenue generation and cost optimisation."

Patrick Soetanto, Society Pass Indonesia Country Manager, adds, "We will expand NusaTrip's services to support future growth pathways in more SEA countries in the very near future by integrating more travel product lines in its mix and developing more competitive products for a much larger international and regional audience."

Well-positioned to benefit from a high-growth travel industry, Indonesia's and SEA's inbound and outbound travel revenues are expected to continue soaring as increasingly more consumers engage in post-pandemic travel. This marked increase in demand is driven by strong government initiatives to boost tourism, the rise of Indonesia's burgeoning middle class and strong internet penetration, which enables more Indonesians to easily book flights and hotels through OTAs.

"NusaTrip is proud to officially partner with SoPa. By joining forces with SoPa's extensive ecosystem and large user and merchant bases in SEA, we are thrilled about the combined marketing capabilities. With the revival of the travel market throughout SEA in 2Q/3Q 2022, NusaTrip aims to dramatically increase its customer base by offering the region's business and leisure travellers more competitive, no-surcharge hotel and flight fares, convenient payment methods, and speedy itinerary bookings with our user-friendly platform," comments Menak Galumbang, Co Founder, Nusatrip.

About Society Pass

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa's business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting-edge components to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Leflair.com, Vietnam's leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, Handycart.vn, a leading online restaurant delivery service based in Vietnam, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and Mangan, the leading local restaurant delivery service in Philippines. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com