Month: <span>March 2025</span>

Crockfords wins Forbes Travel Guide 5 Star Award for the seventh consecutive time

Posted on 04/03/2025 by admin

Crockfords at Resorts World Genting (RWG) has once again secured a 5-star rating in the 67th Forbes Travel Guide (FTG), making it an impressive seventh consecutive year for the hotel.

Crockfords stamps its mark as the only hotel in Malaysia to be awarded FTG’s prestigious 5 Star accolade in 2025, being amongst the 539 celebrated luxury properties worldwide to have been accorded this status.

RWG properties, Genting Grand and Highlands Hotel also stood out among the list of other honourees and award recipients, emerging as Forbes 4 Star Property and Forbes Recommended Property, respectively, making it the eighth year these hotels have upheld their respective recognitions.

FTG is globally considered as the foremost benchmark of the world’s finest luxury hotels, restaurants, spas and ocean cruises. Its award ratings serve as an authoritative guidepost for guests seeking exceptional travel experiences. The travel guide utilises a proprietary algorithm to weigh excellence in service and quality of the property. Evaluated anonymously by FTG’s expert inspectors, a hotel must receive a high score of at least 90% in all respects from service to the minutest of details to deserve a 5-Star rating.

“We are honoured to receive a 5-Star rating from the acclaimed Forbes Travel Guide. At Resorts World Genting, we are dedicated to continuously push the envelope for greater gold standard achievements in world class hospitality,” said Spencer Lee, Executive Vice President of Sales, Marketing & Public Relations.

“This latest distinction from Forbes Travel Guide is a validation of our relentless passion for delivering exceptional stays. Crockfords as a Forbes Travel Guide 5-Star property is a destination unto itself. As an iconic symbol of luxury and thoughtful service from the heart, we take pride in ensuring that every visit is extraordinary and memorable,” said David Leung Ming Sum, Vice President of Hotel Operations.

Resorts World Genting was recently the proud recipient of the Best ASEAN New Tourism Attraction award at the 34th ASEANTA Excellence Awards in Johor Bahru. The premier resort above the clouds is poised to play host to and receive visitors from all over ASEAN as Malaysia embraces its role as the Chair of ASEAN in 2025.

OPEN!! OSAKA highlights prefecture’s vision as global business hub

Posted on 04/03/2025 by admin

The Osaka Prefectural Government hosted “OPEN!! OSAKA,” a comprehensive press tour showcasing the region’s international business environment and growth strategy. The programme included visits to Kansai International Airport, Osaka Prefecture’s Sakishima office, and Nakanoshima Qross, featuring high-level presentations and an interview session with Governor Yoshimura.

Osaka’s Unique Edge in Global Competition
“We want Osaka to be selected as a unique area, and also we have to create a distinct edge when compared to other major urban areas,” emphasised Governor Hirofumi Yoshimura. The Governor also highlighted how these advantages drive growth across multiple sectors, particularly in life sciences, exemplified by research institutions and medical industry development at Nakanoshima Qross. The region’s strength is further evidenced by robust international tourism, with Kansai Airport handling 18.92 million foreign passengers in 2024.

EXPO 2025: Beyond Economic Impact
While EXPO 2025 is projected to generate a ¥3 trillion economic impact, Governor Yoshimura emphasised its broader purpose, “The Expo in general is not a profit-making project. We are supposed to provide solutions to global challenges and global issues.” The Expo’s wooden ring structure symbolises diversity and unity. “We will have to think about how important human lives are… providing solutions to world issues,” he added.

Manufacturing Powerhouse and Innovation Hub
Osaka’s economic prowess was highlighted by Ms. Mayu Katakabe, Deputy Director General of Commerce, Industry, and Labor. The prefecture boasts 1.5 times more manufacturing establishments than Tokyo and 2.4 times higher shipment values, with particular strength in carbon neutrality and life sciences.

Furthermore, the region leads carbon neutrality initiatives through collaboration among large corporations, SMEs, universities, and research institutes, hosting advanced technology development in hydrogen and storage batteries, including R&D centers for next-generation solid-state batteries. “We aim to achieve carbon neutrality by 2050 through cutting-edge technologies and collaboration with private companies,” Katakabe explained.

Building on its heritage as a “town of medicine” and home to major pharmaceutical companies like Takeda and Shionogi, Osaka’s life sciences sector thrives through three major innovation hubs: Saito, Kento, and Nakanoshima Qross. The latter, opened in June 2024, creates a unique ecosystem where medical institutions, research institutes, companies, startups, academia, and the PMDA collaborate under one roof.

Osaka is designated as a global startup hub city, alongside Kyoto and Kobe, and has fostered 128 university-originated startups in Osaka Prefecture. “By promoting cooperation with universities like Kyoto University and Osaka University, we are aiming to produce many active world-class startups from Osaka and Kansai,” Katakabe noted.

Building Global Financial City Osaka
Mr. Tetsuya Sakamoto, Senior Executive Director of Global Financial City Osaka, traced the region’s rich financial heritage: “About 400 years ago, the Nakanoshima area was Japan’s Wall Street, where rice markets, gold exchanges, and financial institutions were concentrated.” This history includes establishing the world’s first futures exchange in 1730.

Governor Yoshimura’s Global Financial City initiative, launched in 2020, aims to develop Osaka as both a global city through finance and a frontrunner in financial innovation. The prefecture offers significant incentives, including zero corporate inhabitant and enterprise taxes for up to 10 years for foreign financial companies.

“By attracting human resources, companies, and funds from home and abroad, we aim to foster next-generation industries through new technologies and innovations,” Sakamoto explained.

Already, 22 financial companies, including BainCapital and Morgan Stanley MUFG, have established operations in Osaka. The prefecture’s designation as a special zone for finance and asset management businesses in June 2024 further reduces entry barriers through regulatory reforms aligned with global standards.

Advanced Medical Innovation at Nakanoshima Qross
Nakanoshima Qross was showcased as the centerpiece of Osaka’s medical innovation during the tour. This groundbreaking hub unites medical institutions, companies, startups, and support organisations under the Future Medicine Promotion Organization’s operation. The facility comprises three integrated centers – the Future Medicine MED Center, Future Medicine R&D Center, and Nakanoshima International Forum – designed to “practice,” “create,” and “share” future medicine.

Dr. Masakazu Yagi and Dr. Kouichi Hasegawa demonstrated cutting-edge healthcare innovations, including an iPS cell-derived cardiomyocyte technology featuring a beating heart tissue patch. The CiRA Foundation’s presentation of automated iPS cell production technology showcased advances that have significantly reduced production costs and time, positioning Osaka at the forefront of regenerative medicine and genomic medicine.

Gateway to International Visitors
Kansai International Airport’s Terminal 1 Innovation Project, presented by Co-CEO Benoit Rulleau, will expand international passenger capacity from 12 million to 30 million annually. The upgrade includes Japan’s first walkthrough duty-free area and enhanced security systems processing 500 passengers per hour per lane. “We are getting ready for the Expo, not only for the traffic that we’ll have at that time, but also to welcome foreign dignitaries,” Rulleau noted, anticipating visits from prime ministers, government heads, and corporate CEOs.

Osaka’s Vision for Global Leadership
As Japan’s historically open commercial center, Osaka continues its tradition of international engagement while positioning itself as a premier global hub. The prefecture’s comprehensive development approach combines manufacturing prowess, technological innovation, financial services, and infrastructure development into a cohesive ecosystem for global business and innovation.

Why OSAKA? Governor Yoshimura Explains the Five Strategic Advantages
Governor Yoshimura’s presentation detailed Osaka’s five strategic advantages, captured in the acronym “OSAKA”

OPENNESS: A rich history of international commerce and collaboration
SMART INVESTMENT: Cost-effective business environment offering affordable office space and high-quality talent compared to other Asian cities
ACCESSIBILITY: Strategic gateway connecting 76 cities worldwide through a 24/7 international airport
KEY TO JAPAN: Future growth engine hosting EXPO 2025
ASSISTANCE: Comprehensive support through the Osaka Business and Investment Center (O-BIC) and one-stop consultation services

De Beers Group confirms diamond partnership for the next generation

Posted on 04/03/2025 by admin

The Government of the Republic of Botswana (the “Government of Botswana”) and De Beers Group (“De Beers”) announce new agreements for a 10-year Sales Agreement (further extendable by five years) and a 25-year extension of the Mining Licences (from 2029 through to 2054) for the 50:50 Debswana mining joint venture.

Honourable Bogolo Joy Kenewendo, Minister of Minerals and Energy for Botswana, said, “We are proud to announce the signing of this landmark new agreement, which will underpin the success of our diamond industry as we enter an exciting new phase of Botswana’s sustainable economic development. We hope that these agreements will bring some level of stability and rebuild market confidence in the diamond industry. We are looking forward to our renewed partnership with De Beers; together we will drive development through diamonds and build a brighter future for Batswana.”

Al Cook, Chief Executive Officer of De Beers Group, said: “These are groundbreaking agreements. The half-century partnership between the Government of Botswana and De Beers is considered the greatest public-private partnership in the world. Now we are both extending and improving it. For De Beers, it is a privilege to secure our ongoing participation in the world’s greatest diamond resources for decades to come. I am also extremely proud that through the Diamonds for Development Fund, we can further transform opportunities for the people of the world’s leading diamond country.”

In summary, the formal agreements represent:

A 25-year extension of the Debswana mining licences from August 2029 to July 2054. This will enable the Debswana joint venture to deliver long-term value from its existing mining assets and mine life extension projects beyond the current mining licence period. Mine life extension projects include Jwaneng Cut-9, Jwaneng Underground and Orapa Cut-3.
A renewed 10-year Sales Agreement for Debswana’s rough diamond production, with a further five-year extension period where certain criteria are met. Under the renewed Sales Agreement, the Government of Botswana’s rough diamond sales company, Okavango Diamond Company (“ODC”), will sell 30% and De Beers will sell 70% of Debswana’s production for the first five years; for the subsequent five years ODC will sell 40% and De Beers will sell 60% of Debswana’s production; and both parties will sell a 50% share for the five-year extension period. As part of this arrangement, De Beers and ODC have also both committed to supply diamonds for beneficiation in Botswana in line with their share of Debswana supply.

In addition, a transformational package of commitments focused on supporting Botswana’s economic development objectives and advancement of the diamond industry has been agreed, including:

The creation of the Diamonds for Development Fund to support economic growth, diversification and jobs in Botswana in line with Botswana’s Vision 2036 and National Development Plan. De Beers has committed to an upfront investment of BWP 1 billion (c. $75 million) and further annual contributions from its dividends from Debswana, based on Debswana’s performance.
A package of initiatives to be undertaken by De Beers designed to enhance local beneficiation of diamonds and increase participation of the people of Botswana in the diamond industry. These include investment in a diamond jewellery manufacturing facility, establishment of a De Beers Institute of Diamonds grading laboratory and starting up a diamond vocational training institute in collaboration with industry partners.
Co-investment by the Government of Botswana and De Beers in marketing initiatives to boost diamond demand. The marketing investments will be for category and other marketing programmes, agreed annually, aimed at stimulating rough diamond sales, protecting the ethical integrity of diamonds, and to maintain and build consumer confidence in the product. De Beers and the Government of Botswana have committed to co-invest over the life of the Sales Agreement and in proportion to their relative shares of Debswana supply.

Kenanga Group posts all-time-high RM1 Billion revenue and RM155.5 million operating profit in FY2024

Posted on 04/03/2025 by admin

Kenanga Investment Bank Berhad (“Kenanga Group” or “The Group”) delivers one of its strongest financial results to date for the financial year ended 31 December 2024 (“FY2024”). The Group posted an all-time-high revenue of RM1.0 billion, up 22.3% year-on-year, while operating profit surged 88.7% to RM155.5 million, also its highest yet. PBT rose 33.1% to RM117.2 million, while net profit climbed 31.6% to RM95.8 million.

Kenanga Group’s strong results were driven by a significant revaluation gain on strategic investments through its Private Equity arm, alongside higher trading and investment income, net brokerage income, and management and performance fees. Increased contributions from associates further bolstered its bottom line, partially offset by credit loss expenses.

Reflecting this performance, the Board of Directors has declared an interim single-tier dividend of 8.00 sen per ordinary share for FY2024.

“2024 was another landmark year for Kenanga Group, delivering one of our strongest financial performances to date, despite market headwinds. This milestone underscores the resilience of our diversified business model and our disciplined approach in capitalising on growth opportunities across all our key business segments,” said Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad.

Kenanga Group’s Stockbroking division recorded RM363.6 million in revenue, a 17.9% increase from the previous year. PBT eased to RM15.4 million from RM16.1 million in FY2023, reflecting the impact of credit loss expense incurred during the year as opposed to a writeback in the previous year. Amid heightened market volatility and an evolving competitive landscape, the division successfully maintained its retail market share of 25.3%. The structured warrants business remained a key contributor, reinforcing the Group’s position as Malaysia’s leading issuer, with the highest market share in warrants trading volume.
Its Asset and Wealth Management division posted revenue of RM303.9 million, an increase of 14.9% year-on-year. The revenue was primarily driven from its institutional and retail segments. Despite higher overhead cost, which led to a PBT of RM47.0 million relative to RM58.7 million in 2023, the division’s AUA saw strong growth, closing at RM23.5 billion, an increase of RM1.8 billion year-on-year.

The Group’s Investment Banking division registered a jump in both revenue and PBT for FY2024, with a 10.0% increase in revenue to RM246.4 million, and an 8.4% increase in PBT to RM6.2 million. This was driven by higher investment income from treasury and fee income, buoyed by a vibrant bond market and capital market.

Kenanga Group’s Listed Derivatives business continued its growth streak, delivering yet another year of record performance. Revenue climbed 15.3% to RM27.6 million, while PBT surged 24.1% to RM7.8 million, its highest in over a decade. This sustained upward trajectory was fueled by higher trading commissions and interest income, supported by a surge in trading activity across the listed derivatives market.

“As we enter 2025, our focus remains on growing our core businesses while accelerating digital transformation. By strengthening recurring income streams, optimising cost efficiencies, and expanding product offerings, we are positioning Kenanga Group for sustainable, long-term growth,” added Datuk Chay.

“With a legacy that spans over five decades, we continue to leverage our vast experience from navigating market cycles, and create synergies across our ecosystem to drive innovation, expand market reach, and create greater value for our stakeholders,” concluded Datuk Chay.

Beyond financial performance, Kenanga Group remains committed to responsible and sustainable growth. In 2024, this commitment was reaffirmed with the Group’s continued inclusion on the FTSE4Good Bursa Malaysia Index, ranking among the Top 8% of Malaysian public-listed companies.