RECTITUDE RECORDS HIGHER REVENUE OF SG$41.35 MLN IN FY2024

KUALA LUMPUR, July 30 (Bernama) -- Rectitude Holdings Ltd (Rectitude), a Singapore-based provider of safety equipment and related industrial-grade hardware products, posted a net income of SG$3.36 million for the fiscal year ended March 31, 2024 (FY2024) compared to SG$3.93 million in the same period last year. (SG$1=RM3.44)

Revenue for the same period rose by 9.86 per cent to SG$41.35 million from SG$37.64 million posted a year ago, which was primarily driven by stronger customer demand for safety equipment given the increased construction activity within the company’s markets.

Basic and diluted earnings per share for the same fiscal year was SG$0.27 compared to SG$0.31 a year ago, according to Rectitude in a statement.

“We are incredibly proud of the hard work and dedication shown from all of our employees that resulted in a year of solid performance and growth, culminating in our successful IPO and listing on Nasdaq.

“The capital we raised through this process will be invested back into the company to cultivate and foster long-term sustainable growth, enhanced operational efficiencies and continued exemplary service to our customers,” said its Chairman, Chief Executive Officer, and Executive Director, Jian Zhang.

Its gross profit margin for the same period improved 35.57 per cent of revenues, up 332 basis points to SG$14.71 million from SG$12.14 million, a year ago mainly due to increased sales volume of safety equipment and related operating leverage, favourable product mix, as well as improved efficiencies.

Meanwhile, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to SG$6.37 million from SG$6.15 million in the prior year period, primarily due to exclusion of certain non-recurring items, such as professional fees incurred in relation to the initial public offering (IPO).

Contemplating the company’s outlook for FY2025, Zhang said the company will continue to invest in expanding its branches and developing new product offerings to meet the enhanced demand for worker safety within the Southeast Asian markets it serve.

“We maintain our focus on the core principles that have guided our company for more than 25 years as we drive our performance to new heights,” he concluded.

-- BERNAMA

Ralph Lauren Addresses Trademark Infringement Issues In Indonesia

KUALA LUMPUR, July 17 (Bernama) -- Ralph Lauren Corporation (Ralph Lauren) has issued a statement addressing recent media reports in Indonesia relating to disputes between PT Manggala Putra Perkasa and other parties in the country.

In a statement, Ralph Lauren clarified that PT Manggala Putra Perkasa, operating under the name “Polo Ralph Lauren Indonesia”, is not affiliated with or related to Ralph Lauren in any way and that these disputes do not involve Ralph Lauren.

The company currently does not directly operate any stores in Indonesia, nor has it authorised or entered into an agreement with any partner or distributor to operate any “Polo Ralph Lauren” or other “Ralph Lauren” branded store in Indonesia.

Recognising that these trademarks and names are a source of confusion, Ralph Lauren stated that it has been selling its products only via certain third-party retailers to address the demands of its customers in the country.

The company is aware of several third parties, including PT Manggala Putra Perkasa, who have registered certain trademarks similar to Ralph Lauren's in Indonesia.

Ralph Lauren is committed to taking every necessary measure to ensure that its copyrights, trademarks and other intellectual property rights are not violated, as part of its efforts to provide authentic products and experiences to consumers in the region.

A global leader in the design, marketing and distribution of luxury lifestyle products, the company's brand names, which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children and Chaps, constitute one of the world’s most widely recognised families of consumer brands.

-- BERNAMA

MGA Entertainment Completes Merger With Zapf Creation AG

KUALA LUMPUR, July 16 (Bernama) -- MGA Entertainment Inc (MGA) has completed the merger with Zapf Creation AG (Zapf), Europe’s top nurturing dolls manufacturer, which was first announced in October last year, creating the new wholly-owned subsidiary, MGA Zapf Creation GmbH.

“After more than 20 years working closely as two separate companies, Zapf Creation has joined the MGA family and we welcome them as a part of MGA.

“We look forward to growing both businesses and bringing smiles to children throughout Europe, the United States and the rest of the world as one company,” said MGA Founder and Chief Executive Officer, Isaac Larian in a statement.

The companies will work toward consolidating the businesses, taking advantage of opportunities like unifying their approach with retail partners globally.

No significant organisational or operational changes are expected now or in the near future in Germany post-merger, whereby Thomas Eichhorn will remain as MGA Zapf Creation GmbH President.

Headquartered in Los Angeles with offices globally, MGA is one of the largest privately held toy and entertainment companies in the world, known for its commitment to creativity, quality, and innovation.

-- BERNAMA

NEW RESEARCH REVEALS 66 PERCENT OF GLOBAL TRAVEL COMPANIES SEE THEIR FRAGILE MARGINS ERODED BY INEFFICIENT PAYMENT SYSTEMS

 · Airwallex and Skift research finds nearly two-thirds (66 percent) of travel executives believe inefficient payment systems are harming their profits

· 70 percent find cross-border customer payments are more challenging due to new payment methods, despite this activity making up at least a quarter of their revenues

· Upgrading payment technology is a key focus, with 90 percent of executives planning to make it a priority over the next 12 months
 
SINGAPORE & LONDON, July 10 (Bernama-BUSINESS WIRE) -- New research has revealed 66 percent of travel companies are seeing their profit margins impacted by outdated or complicated payment systems, with nine in 10 expected to prioritise modernising their financial operations this year.

In a report released today by leading global payments and financial platform, Airwallex, and travel research company, Skift, the travel industry is also being challenged by shifting payment preferences since the COVID-19 pandemic. While revenue from cross-border payments is on the rise, the unprecedented diversity of payment methods in different markets complicates transactions for 70 percent of travel companies.

Commenting on the research findings Jack Zhang, Co-founder and CEO at Airwallex, said, “As global travel continues to boom, travel companies increasingly rely on quick and seamless cross-border payments to surpass customer expectations at every touchpoint. However, our latest study shows that slow and outdated payment processes are increasing the cost of moving money internationally, which is eating into their profits - modest at the best of times.

Modernising their financial operations with a unified and scalable payment solution will be critical to reducing the cost and friction associated with managing cross-border transactions. For smaller players, this can be what levels the playing field, enabling them to compete with larger, more established counterparts.”

Skift and Airwallex surveyed 473 travel executives in April 2024 across seven global markets, including Australia, China, Hong Kong SAR, Singapore, the United Kingdom, the United States, among others. The survey respondents confirmed that they make decisions about payment processes and financial operations for a travel company across the sector including online travel bookings, travel operators, tours and activities, and destination management.

“Our survey of global travel executives uncovered new, unique and even surprising insights into why unified payment and financial systems are critical in meeting today's traveller expectations," said Rafat Ali, CEO and Founder of Skift. "Amid an unprecedented rise in international tourism, the report intends to give travel companies a framework to expand their knowledge base and build more efficient, effective and profitable businesses through modernised payment and financial operations systems."

The findings provide a unique perspective on the financial challenges and opportunities that companies face as they grow and operate on a global scale. It offers rare insight into the issues travel businesses experience with end-to-end payments and financial operations, especially with the growing trend of cross-border transactions. 

http://mrem.bernama.com/viewsm.php?idm=48952

APAC INSURERS ADOPT MODERN CORE PLATFORMS TO TAP INTO GROWTH - ISG REPORT

KUALA LUMPUR, July 12 (Bernama) -- A new research by Information Services Group (ISG) found many insurance companies in Asia Pacific (APAC) are starting to implement advanced technology platforms to better capture additional business in a fast-growing region for the industry.

The global technology research and advisory firm in the 2024 ISG Provider Lens Insurance Platform Solutions report for APAC says that insurers need modern core platforms to remain competitive.

“Companies are eagerly exploring new systems so they can move away from technology environments they have used for decades,” said ISG partner and regional leader of Asia Pacific, Michael Gale.

While insurance is a younger and faster-growing industry across APAC than in North America or Europe, its expansion is fastest where insurance markets are least mature, such as in India, Thailand and Malaysia, according to ISG in a statement.

Insurance companies are upgrading systems most rapidly in these markets, seeking to take advantage of double-digit growth rates in some product categories.

The report shows that many insurers in the region are making new technology investments despite strong headwinds, including tight budgets and often weak balance sheets, in which high cost, a wide range of technology choices and the risks of implementing new systems have slowed the process at some companies.

However, moving from mainframe-based infrastructure to modern digital platforms enables faster time to market and many other benefits, including higher efficiency and scalability, tighter security, better decision-making and improved customer experience.

To get the most benefit from new technologies, especially artificial intelligence platforms that can improve operations and decision-making, many insurers in APAC are recognising the need to modernise their data systems, ISG says.

The report also examines other APAC insurance industry trends, including the growing importance of scalable policy administration systems and the role of low-code/no-code platforms in modernisation projects.

-- BERNAMA

THAILAND’S THAIRE LIFE CREDIT RATINGS WITHDRAWN - AM BEST

KUALA LUMPUR, July 12 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of “bbb+” (Good) of Thailand’s Thaire Life Assurance Public Company Limited (Thaire Life).

These credit ratings (ratings) which have a stable outlook reflected Thaire Life’s balance sheet strength, which AM Best assessed as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Concurrently, AM Best in a statement said it has withdrawn these ratings as the company has requested to no longer participate in the credit rating agency’s interactive rating process.

Thaire Life’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which remained at the strongest level at fiscal year-end 2023, as measured by Best’s Capital Adequacy Ratio.

The rating agency considers the company to have a moderate risk investment portfolio given its exposure to higher-risk asset classes of equities and mutual funds, although this is in part mitigated by a good level of overall portfolio diversification.

Partially offsetting balance sheet strength factors include the company’s high dividend payout ratio over recent years, which has constrained growth in its capital and surplus.

AM Best views Thaire Life’s operating performance as adequate, with a five-year average return-on-equity ratio of 8.7 per cent (2019-2023), as underwriting margins have thinned over time due to business growth in the less profitable health reinsurance notwithstanding that the company has generated consistent underwriting profits over the past five years.

In addition, the company’s underwriting performance in recent periods was impacted negatively by medical inflation and higher medical insurance utilisation and is expected to remain constrained over the near term.

With a business profile considered to be neutral, Thaire Life is the only domestic life reinsurer in Thailand, and it maintains long-standing relationships with key cedants. Future business expansion is expected to be supported by new product development initiatives, strategic business partnerships and distribution channel diversification.

-- BERNAMA

NIELSENIQ (NIQ) UNLEASHES THE POWER OF A CONNECTED USER EXPERIENCE WITH CONSUMER PANEL AND RETAIL MEASUREMENT DATA INTEGRATED ON THE NIQ DISCOVER PLATFORM

• Integrated cloud-based front and backend platform experience on NIQ Discover delivers a seamless user experience across Retail measurement and Consumer Panel data
• High quality consumer panel data brought to life through on-demand technology now live in all 23 NIQ panel markets across North America, Europe, Asia, Pacific, South Africa and Latin America
• Modern platform enabling significant sample size expansion – NIQ to increase sample sizes by 250K across North America, West Europe and Pacific

CHICAGO, July 11 (Bernama-BUSINESS WIRE) -- NielsenIQ (NIQ) today announced the launch of an integrated user experience for its Consumer Panel clients globally. This brings the Full View of Retail measurement and Consumer Panel data to life on a single platform, NIQ Discover. With a focus on elevating the client experience, the Discover platform leverages a new cloud-based architecture and aggregation engine providing faster data accessibility and user flexibility.

NIQ's Discover platform for Consumer Panel is set to transform the consumer insights landscape. With its advanced analytical models and always-on capabilities, NIQ is leading the way in delivering actionable insights. Clients can now enjoy a modern and intuitive interface that enhances their interaction with the platform, opening endless possibilities to analyze consumer behaviors to drive growth. “NIQ has made significant investments in our global consumer panel capabilities in the past year, enhancing performance, quality and usability of data driven insights. The launch of this modern, cloud-based platform is one of several enhancements we are making to our Consumer Panel offerings globally. Clients will now get access to panel data together with retail measurement, delivering a connected user experience,” said Kris Ewing, President, Global Consumer Panel Services, NIQ.

Key benefits of NIQ Discover platform for Consumer Panel include:

• Elevated user experience: On-demand insights unlocked through an intuitive and powerful visualization experience, side-by-side with retail measurement data, enabling seamless, guided flows that cross complementary data sets.
• Flexibility: Clients can build their own analyses and get results on-the-fly, opening a world of possibilities across different dimensions of people groups, facts, products, retailers, geographies, periods and demographics.
• On-demand Data: Access to advanced analytical models elevates the data analysis experience seamlessly within seconds. Clients can access key performance indicators like penetration in addition to more sophisticated analytical models like Super Shifting, Key Item Ranking, Assortment Optimizer and Portfolio Trial and Repeat
• Gen AI-driven insights through NIQ Ask Arthur: Consumer panel on NIQ Discover enables users to leverage NIQ Ask Arthur, a groundbreaking Gen AI-driven tool, to aid in global search, streamline data analysis and facilitate informed decision-making.

NIQ’s Consumer Panel Services (CPS) provides the most complete and clear view of today’s consumers across 23 markets. Some of the enhancements NIQ is making to its Consumer Panel include:

• Expansion of panel sample sizes globally, with broader coverage and representation across North America, West Europe, and Pacific.
• The best data: Delivering the Full View of consumer behavior across retail channels and brands with panel quality and coverage the industry trusts.​
• Expanded analytical capacity through industry-leading consumer experts who bring powerful insights to life, connecting NIQ’s Retail Measurement data, Consumer Panel and other NIQ offerings to drive growth for CPG and retailer clients.

NIQ Discover for CPS provides an unparalleled user experience, delivering the best quality, the widest coverage, and most sophisticated analytics all in a single platform. It redefines the way clients can harness the analytical power of NIQ data and elevate insights to unprecedented heights.

About NIQ

NielsenIQ (NIQ) is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today NIQ has operations in more than 95 countries covering 97% of GDP. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240710255063/en/

Contact

sweta.patra@nielseniq.com

Source : NielsenIQ

STERLING RESOURCES ASIA INITIATIVE WITH LOCAL BUSINESS DEVELOPMENT, CLIENT SERVICE

KUALA LUMPUR, July 11 (Bernama) -- Sterling Trading Tech (Sterling), a professional trading technology solutions provider, is set to expand its successful Asia initiative by resourcing local business development experts and client service in response to market demand, building on its two prior strategic announcements.

Industry veterans Clara Lee and Jason Yoon-Hendricks have been recruited as Asia Pacific (APAC) Sales Directors, with both having extensive experience in business development and relationship management.

“Our overall Asia initiative has proven to be productive YTD in 2024 and merits this prudent investment in local business development. Both Clara and Jason each bring with them substantial networks, local expertise, and broad and deep knowledge of client demands.

“We anticipate exponential growth as a result of their efforts and are excited to have them on the team,” said Sterling Trading Tech Chief Executive Officer, Jennifer Nayar in a statement.

Responsible for building out Asia market share, part of Sterling’s overall growth plan and trajectory, Lee was previously with Eventus and MSCI (in analytics) while Yoon-Hendricks has served with Refinitiv, Thomson Reuters, and REDI Global Technology prior to joining Sterling.

With Korea, Hong Kong, and Singapore increasingly seeking sophisticated order management system (OMS) and Risk models as well as trading capability that can provide firms with a competitive advantage, Sterling is poised to meet that demand.

Sterling’s multi-asset OMS enhances liquidity and alpha generation in United States (US) equities and options as it fosters client growth and competitiveness by creating operational and infrastructure efficiencies.

It offers real-time balances and positions, advanced margin methodologies, customisable risk controls, broad reporting capabilities, and application programming interface (API) connectivity, enabling seamless trading.

Meanwhile, the Risk & Margin capability is delivered across a menu of technical alternatives, covers US & International equities and options, Fixed Income and Futures and delivers proprietary and unique RegTech capability.

-- BERNAMA

Tabreed To Capitalise On Southeast Asia’s Surge In District Cooling Demand

 

_{Chief Executive Officer, Khalid Al Marzooqi (Photo: AETOSWire)}

KUALA LUMPUR, July 9 (Bernama) -- Tabreed, the world’s leading district cooling company, has wrapped its sponsorship and participation at the third edition of Asia Urban Energy Assembly in Bangkok, Thailand.

Strategically an extremely promising market for sustainable cooling, Tabreed is seeking new opportunities across Southeast Asia, where the effects of global temperature rises are posing ever greater risks to society.

Tabreed Chief Executive Officer, Khalid Al Marzooqi said cooling can no longer be considered a luxury as it is now essential for life and the demand for cooling is soaring as climate change impacts more countries and territories.

“It is essential for economic development, for health, comfort and social harmony, and Tabreed has been an enabler of these vital aspects for more than a quarter of a century,” he said in a statement.

Directly addressing, and engaging with, developers, architects, planners, engineers, consultants and government officials, members of Tabreed’s senior management made a clear and compelling case for district cooling to be considered an essential part of sustainable infrastructure.

As new smart cities are being planned, responsible governments and developers must build into them future-proof technology that reduces energy consumption with reliable, sustainable services that allow communities and industries to flourish.

District cooling supplies industrial, business and residential developments with chilled water from centralised plants via underground networks of insulated pipes, which is then used in buildings’ air conditioning systems before being returned to the plant for further cooling in a continuous cycle.

The benefits are well documented and include 50 per cent lower electricity consumption than conventional cooling, as well as reduced noise and visual pollution. Developers, too, can benefit from zero initial capital investment and increased real estate values.

-- BERNAMA

aiMotive Latest Generation Simulator Granted ISO 26262 Certification

KUALA LUMPUR, July 5 (Bernama) -- Global leader in automotive simulation technology, aiMotive announced it has obtained ISO 26262 certification from TÜV Nord for the latest generation of its simulator, aiSim 5.

Originally granted in 2020, aiSim was the world’s first simulator for advanced driver assistance systems/autonomous driving (ADAS/AD) to achieve this certification, according to a statement.

TÜV Nord has confirmed that aiSim 5 complies with ISO 26262:2018 standards for automotive safety integrity level D (ASIL D) and the certification emphasises the simulator's physics-based aspects, complete determinism, and adherence to an end-to-end ISO 26262-compliant development process.

It covers 33 customer use cases of scenario-based verification and validation, including the simulation of major sensor modalities and all application programming interfaces (APIs) to enable seamless integration with other tools and models.

The unprecedented complexity of the solutions needed for automated driving in the automotive industry can only be solved by relying on the results of massive simulations.

It is important that aiSim 5's ISO 26262 certification streamlines the validation process for customers, and by integrating aiSim into their validation pipelines, customers benefit from simplified compliance with ISO standards, saving time, resources, and costs.

Launched in January this year, aiSim 5 represents a significant advancement in simulation technology given that it is also infused with Automotive General Intelligence (AutoGI) to enable an unprecedented scale of virtual contents and environments available for simulation.

-- BERNAMA

AM Green, SJVN Ink Renewable Energy Deal For Green Ammonia Facilities

KUALA LUMPUR, July 3 (Bernama) -- AM Green, India’s energy transition solutions provider, and SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN Limited, have entered into a Memorandum of Understanding (MoU) for a long-term agreement to supply and source renewable energy.

According to AM Green in a statement, under the agreement which was signed on June 26, SGEL will supply approximately 4,500 megawatts (MW) of carbon-free energy to AM Green’s upcoming green ammonia facilities.

SGEL will set up this capacity through solar and wind power, while AM Green will integrate it with pumped hydro storage to ensure a steady supply of green energy to AM Green facilities.

Greenko Group & AM Green Founder, Mahesh Kolli said the company is delighted to partner with SJVN on one of the world’s largest carbon-free, renewable energy supply contracts.

“This partnership demonstrates AM Green’s emerging leadership position as a global clean energy transition solutions platform while contributing to India’s ambition of emerging as an exporter of reliable, sustainable and lowest-cost green molecules and its derivatives accelerating industrial decarbonisation globally,” he said.

Meanwhile, SJVN Green Chief Executive Officer, Ajay Singh said: “We are elated to embark on this collaboration with AM Green, as it holds tremendous potential for accelerating the development of renewable assets in India. The project also marks SJVN’s foray into supplying power to private sector entities.”

SJVN plans to execute the project in three phases, with the first phase delivering 1,500 MW within two years. This initiative is a major milestone for SJVN's renewable energy expansion in India, supporting its goal of reaching 25,000 MW by 2030 and 50,000 MW by 2040.

AM Green, promoted by the founders of Greenko, targets to produce five million tonnes per annum (MTPA) of green ammonia by 2030, equivalent to about one MTPA of green hydrogen.

This represents a fifth of India’s target for green hydrogen production under the country’s National Green Hydrogen Mission and 10 per cent of Europe’s target for green hydrogen imports by 2030.

-- BERNAMA

IN RAPID RISE OF AI, EMPLOYERS TURN TO BUSINESS SCHOOL GRADUATES FOR HUMAN SKILLS

GMAC’s annual survey of corporate recruiters indicates high confidence, predicts strong hiring

RESTON, Va., July 2 (Bernama-GLOBE NEWSWIRE) --  Despite concerns about inflation and recession risk, employer confidence in graduate management education (GME) and its ability to prepare business school graduates to be successful in their organizations has reached new heights since the pandemic, according to an annual survey of global corporate recruiters of business graduates released today by the Graduate Management Admission Council (GMAC). This increase in confidence was seen across key industries business education caters to like consulting, finance and accounting, as well as technology. The best news for today’s business school graduates is that employers' appreciation translates into optimistic hiring projections, with the majority of global recruiters planning steady or expanding hiring in 2024. A third expected to hire more MBA graduates than last year.

Notably, employers’ renewed confidence in GME is reflected in the growing number of them who say business school graduates tend to outperform their other employees, fast-track to upper-level positions, and earn more than other employees, and the share has grown in recent years despite – or perhaps due to – the rapid rise of technologies like generative artificial intelligence (AI). With the attention AI has received, the responding employers do not necessarily believe the predicted changes have hit their workplaces just yet, with only 26 percent considering AI to be an important skill for current GME graduates to leverage in their organizations. However, when asked which skills will be most important in five years, AI ranked high across regions and industries. More importantly, employers consistently value problem-solving and strategic thinking as the top skills for GME graduates of both today and tomorrow, and these core competencies are seen as essential around the globe.

“As disruptive technologies like generative AI reshape the labor market and the skill economy expands, employers are putting a premium on strategic thinking, people leadership, and problem-solving while betting on the rising importance of tech prowess. To achieve success, future business leaders will need to harness technological advancements and possess the knowledge and experience to manage the change brought on by these evolutions,” said Joy Jones, CEO of GMAC. “This year’s Corporate Recruiters Survey affirms that graduate business programs continue to be uniquely positioned—and trusted for their ability—to develop business talent with increasingly relevant and cutting-edge skills, who are equipped to tackle new and perennial challenges with a balance of tech and human understanding.” 

http://mrem.bernama.com/viewsm.php?idm=48907

GLOBAL SWF: 5 INSTITUTIONS ACHIEVE PERFECT SCORE IN GSR PRACTICES, EFFORTS

KUALA LUMPUR, July 1 (Bernama) -- Global SWF published its fifth edition of its governance, sustainability, and resilience (GSR) scoreboard, which has become the measuring stick of best practices among state-owned investors.

In a statement, the firm said the report will be officially presented at an in-person event in New York City, on July 11.

“The GSR scoreboard is the only objective, quantitative, and independent evaluation of best practices among sovereign investors, and we are fully committed to contributing to the advancement of the industry.

“These institutions are very heterogeneous by nature, but there is a reduced number of them that are leading the way when it comes to best practices and positive change,” said Global SWF Founder and Managing Director, Diego López.

This year’s results saw sustainability scores continue to improve globally, when compared to 2023, and yet, the average score in governance (77 per cent) is still much higher than that in sustainability (51 per cent) and in resilience (50 per cent).

Five entities with different mandates got full marks, namely two Canadian pension managers (CDPQ, BCI), a European strategic fund (ISIF), and two Asia Pacific state-owned investors (Temasek, NZ Super).

Meanwhile, the Middle East as a region continues to improve, and the average score has gone up by 16 per cent since 2020 with progress led by Saudi Arabia’s PIF (96 per cent in 2024) and Abu Dhabi’s Mubadala (92 per cent).

Furthermore, there continues to be a positive and strong correlation between best practices, as measured by Global SWF’s GSR scores, and the financial performance of sovereign investors in the long run.

The annual exercise analyses the world’s 200 largest sovereign wealth funds and public pension funds, which manage US$27.5 trillion on behalf of 80 countries, and is based on 25 different elements that are answered binarily using only public information. (US$1=RM4.71)

-- BERNAMA