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Archive for August 16th, 2012

Centillien, the Worldwide Social Network for Companies

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MIERLO, The Netherlands, Aug. 15, 2012 /PRNewswire-Asia/ — http://www.centillien.com went live. Centillien.com is the only social network for companies with public profiles. Centillien is created by a team with a passion for facilitating open communication between companies worldwide.

Centillien aims to be a user friendly platform where companies, no matter how large or small, present themselves, find new distribution channels and establish partnerships.

The main target group is the huge number of small and mid-sized companies worldwide. They need extended presence on the web and global networking to pursue their goals.

Centillien offers those companies the opportunity to display and promote their products and services, to advertise for free and to build a true business network.

Next to creating complete public profiles companies can advertise, write blogs, display videos, manage events and publish press releases. By activating simple building blocks twitter, news feeds, Google Maps, Skype and other gadgets can be integrated in company profiles.

The company profiles and activities are displayed in a clarifying way on one exclusive page, thus in fact creating a dynamic company website for free. In addition, a higher find ability in the popular search engines is experienced at no extra costs.

Next to a large number of small companies famous large companies registered in Centillien. Among them are companies like Google, HP, ING, Bosch Rexroth, Neways, Essent, Mercure and APG. Also some government agencies and universities joined.

In these few weeks Centillien registered 1250 companies globally, the majority based in the US, India and the Netherlands.

The growth of membership registrations accelerated to 25% per week in the last 14 days.

Until today 35.000 visitors from 150 countries have viewed 200.000 pages. Centillien supports five languages.

Centillien is convinced that every human being develops a personal and a business identity. These two identities need separate social networks for expression and further development. Until now there was no social network dedicated to manage public corporate identity.

Supporting corporate identities is the main focus of http://www.centillien.com.

SOURCE﹛Centillien

Written by asiafreshnews

August 16, 2012 at 2:50 pm

Posted in Uncategorized

Lao Holdings N.V. Seeks Help of World Bank in Dispute on US$400 Million Investment

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Lao People’s Democratic Republic: Alleged to Be Unsafe For Foreign Investment

WASHINGTON, Aug. 15, 2012 /PRNewswire-Asia/ — Today Lao Holdings N.V. and its wholly-owned subsidiary, Sanum Investments Limited, both filed suit against the Government of the Lao People’s Democratic Republic to stop the illegal taking of a US$400 million investment by the Government of Lao. The claims will be handled by the World Bank’s International Center for the Settlement of Investment Disputes using treaties signed by Lao in which it promised to protect foreign investment.

“We invested in good faith in the Lao PDR. We believed the former Prime Minister when he told us the Lao Government would uphold the rule of law. We established a profitable business that created thousands of jobs for the Lao people,” said Jody Jordahl, President of Sanum. “As we became more successful, they moved in to take it from us. This is a simple case of a government breaking its promise to protect foreign investors against greed and exploitation.”

These assets were established by means of the direct investment of over US$85 million made in the country by Sanum Investments. According to Mr. Jordahl, today that investment is worth at least US$400 million.

Sanum Investments was enticed to invest in the Lao PDR on the basis of the government’s promises of a safe and stable economic and legal environment, where foreign investments were promised protection and security through steadfast adherence by local officials to the rule of law. The investment was made approximately five years ago. Now Sanum alleges that the government has turned on the company, using all the governmental tools at hand to expropriate Sanum’s investments.

One example of the government’s misconduct is the way both its judicial branch and its tax authorities have taken actions to allow a well-connected Lao family and their companies to seize control of Sanum’s prize asset, the Thanaleng Slot Machine Club, which is located close to the Lao capital, Vientiane, near the foot of the Lao-Thai “Friendship Bridge No. 1.” Lao Holdings is losing US$1.8 million every month that this taking is allowed to stand, according to Mr. Jordahl.

Lao PDR’s alleged illegal acts are in violation of multiple treaties and include:

1. Retroactively imposing over US$23 million in taxes and penalties for years past upon Sanum’s businesses, going back on written promises and agreements to the contrary;

2. Threatening to use these baseless tax claims as an excuse to seize and auction off the company’s investments;

3. Forcing the enterprise to go to trial in a multi-million dollar lawsuit brought by a local business partner on 48 hours’ notice, and then giving it only an hour to make its entire case;

4. Having a Lao court impose an unheard of US$5 million fine, and begin enforcing it, before the hearing was over and the result announced;

5. Arbitrarily revoking a number of licenses and concessions, for projects worth hundreds of millions of dollars, without valid cause and with no compensation paid.

“The Lao Government wants and needs foreign direct investment. They want to be a member of the World Trade Organization. They want to be a member in good standing of the international legal community. It will not happen until they can enforce the rule of law at home. The treatment we have received shows they simply cannot be trusted,” Jordahl said.

About Sanum Investments

Sanum Investments Limited is a Macau, China, based investment and development company. Sanum is primarily focused on development projects in the Lao People’s Democratic Republic, but is also currently involved in a number of condominium developments in Macau.

Sanum is a partner in and manager of several hotel and casino projects throughout Lao including Savan Vegas in Savannakhet. The company is also investigating many other opportunities in the region.

About Investment Treaty Arbitration

Investment treaty arbitration is an independent and impartial process provided for in over 3,000 treaties worldwide. The Lao PDR has concluded 14 such treaties, whose purpose is to encourage foreign investment by promising investors that the local government will provide “fair and equitable treatment” and “full protection and security” to foreign investors. In these treaties the Lao PDR has also promised not to revoke valuable concessions and licenses granted to foreigners without good reason and not without the prompt payment of fair market value compensation.

The International Centre for the Settlement of Investment Disputes, an independent arm of the World Bank, will administer the Lao Holdings case. The Sanum Investments case will be handled by an ad hoc tribunal as provided under the applicable treaty. Both tribunals will be composed of three arbitrators, who are authorized to issue binding damages awards against offending countries.

For more information on investment treaty arbitration, please visit: http://icsid.worldbank.org/ICSID/ICSID/ICSIDOverview.jsp

Additional Documentation: http://bit.ly/RdXu7N

Media Contact:

Jeff Eller Email: jeff.eller@hkstrategies.com Phone: +1-512-432-1910

Asia Media Contact:

John Morgan Email: john.morgan@hkstrategies.com Phone: +852-2894-6399

May Chan Rhodes Email: may.chanrhodes@hkstrategies.com Phone: +852-2894-6242

SOURCE Sanum Investments Limited

Written by asiafreshnews

August 16, 2012 at 11:29 am

Posted in Business & Finance

Allied World Appoints Iain MacLeod, Senior Vice President, Asia-Pacific

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ZUG, Switzerland, Aug.15, 2012 /PRNewswire-Asia/ — Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Iain MacLeod has been appointed to Senior Vice President, Asia-Pacific. In this role, Mr. MacLeod will oversee distribution management and regional business development for all direct and facultative lines including Casualty, Environmental, Healthcare, Mergers and Acquisitions, Professional Liability and Trade Credit coverages. Mr. MacLeod will be based in Singapore and will report to William Cotter, Managing Director Asia-Pacific.

Mr. Cotter commented, “We are very excited that Iain has joined our growing international team, as we feel there is a tremendous amount of opportunity in both the Singapore and greater Asia-Pacific markets. Iain’s extensive industry experience will be a great asset as we continue to offer innovative solutions to our brokers and clients to help them manage their evolving business risks.”

Mr. MacLeod has over 20 years of experience in the insurance industry in the Bermuda, London and New York markets. Prior to joining Allied World, Mr. MacLeod was most recently with Bowring Marsh in Bermuda where he managed the Financial & Professional Liability group, including the Directors and Officers, Errors and Omissions and Employment Practices Liability product lines. He was a member of the Bowring Marsh Bermuda Management Committee and served on the US FINPRO Operating Committee and as Chairman of Professional Liability Underwriting Society (PLUS) Bermuda. Mr. MacLeod holds his associates degree in Risk Management from the Insurance Institute of America.

About Allied World Assurance Company

Allied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of offices and branches. All of Allied World’s rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor’s, and A2 by Moody’s, and our Lloyd’s Syndicate 2232 is rated A+ by Standard & Poor’s and Fitch. Please visit http://www.awac.com for further information on Allied World.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management’s response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE﹛Allied World Assurance Company Holdings, AG

Written by asiafreshnews

August 16, 2012 at 10:31 am

Posted in Uncategorized

Allied World Appoints Iain MacLeod, Senior Vice President, Asia-Pacific

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ZUG, Switzerland, Aug.15, 2012 /PRNewswire-Asia/ — Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Iain MacLeod has been appointed to Senior Vice President, Asia-Pacific. In this role, Mr. MacLeod will oversee distribution management and regional business development for all direct and facultative lines including Casualty, Environmental, Healthcare, Mergers and Acquisitions, Professional Liability and Trade Credit coverages. Mr. MacLeod will be based in Singapore and will report to William Cotter, Managing Director Asia-Pacific.

Mr. Cotter commented, “We are very excited that Iain has joined our growing international team, as we feel there is a tremendous amount of opportunity in both the Singapore and greater Asia-Pacific markets. Iain’s extensive industry experience will be a great asset as we continue to offer innovative solutions to our brokers and clients to help them manage their evolving business risks.”

Mr. MacLeod has over 20 years of experience in the insurance industry in the Bermuda, London and New York markets. Prior to joining Allied World, Mr. MacLeod was most recently with Bowring Marsh in Bermuda where he managed the Financial & Professional Liability group, including the Directors and Officers, Errors and Omissions and Employment Practices Liability product lines. He was a member of the Bowring Marsh Bermuda Management Committee and served on the US FINPRO Operating Committee and as Chairman of Professional Liability Underwriting Society (PLUS) Bermuda. Mr. MacLeod holds his associates degree in Risk Management from the Insurance Institute of America.

About Allied World Assurance Company

Allied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of offices and branches. All of Allied World’s rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor’s, and A2 by Moody’s, and our Lloyd’s Syndicate 2232 is rated A+ by Standard & Poor’s and Fitch. Please visit http://www.awac.com for further information on Allied World.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management’s response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE﹛Allied World Assurance Company Holdings, AG

Written by asiafreshnews

August 16, 2012 at 10:30 am

Posted in Uncategorized

SunGard-Sponsored Celent Survey Finds Large Chinese Financial Institutions Need to Improve Risk Management

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SINGAPORE, Aug. 14, 2012 /PRNewswire-Asia/ — Competition from within the industry and a more complex financial environment now outweigh regulatory factors as key considerations for risk management at large financial institutions in China, according to a survey* by analyst firm, Celent, sponsored by SunGard. Celent conducted in-depth interviews with risk managers from large Chinese banks, securities firms and asset management companies. The survey revealed that only 11% of large financial institutions believed that their existing systems could meet their risk management needs.
The key findings of the survey include:

— 100% of risk managers interviewed recognize the need to improve functionality of their existing risk management IT systems.
— The need to improve risk systems was followed by the need to improve business processes and adopting a new risk management framework such as Basel III or Solvency II.
— Operational risk and market risk were revealed to be major areas of investment for financial institutions. 38% of firms surveyed were focused on enhancing operational risk, while 30% placed priority of strengthening their management of market risk.

The survey additionally revealed that financial institutions’ investment in risk management was determined by challenges in their respective verticals:

— Banks are well capitalized but deregulation and increased exposure to global market forces will drive risk management upgrades.
— Risk management capabilities amongst asset management firms were highly varied and would need integrated, multi-asset portfolio and risk management technologies to cope with investor sophistication and a broad range of financial products.
— Recent regulations have broadened the scope of business for securities firms, who now have to enhance their risk management capabilities in order to keep tabs on increasing overseas business and more complex products.

Neil Katkov, senior vice president, Asia, for Celent said, “The survey, sponsored by SunGard, found that, in order to compete effectively on the global stage — and against both foreign and domestic competitors in China — financial institutions need to enhance their risk management capabilities by improving their enterprise-wide analysis of risk management data, improve their technology, build on new frameworks such as Basel III and improve their business processes.”

Richard Zhu, chief operating officer of SunGard China, said, “China’s economic growth (Note 1) has slowed and growth in Europe remains weak (Note 2). In addition, Chinese risk managers are navigating domestic deregulation, increased trade volumes and trade complexity and expanding business demands. They need to ensure that the risk position is accurately measured, communicated and understood throughout the organization.”

To listen to Celent’s Zhang Hua and SunGard’s Matthew Chen discuss the findings (available in mandarin with an English transcript) and to download the full report, please visit the SunGard website here( http://www.capitalize-on-change.com/Resources/Celent%20Whitepaper%20En ).

*Celent conducted a survey of China’s largest banks, asset managers and securities firms between February — April 2012

Notes:

1. http://www.bloomberg.com/news/2012-07-13/china-s-growth-slows-to-three-year-low-of-7-6-.html
2. http://www.reuters.com/article/2012/07/12/us-ecb-bulletin-idUSBRE86B0B320120712

About SunGard

SunGard is one of the world’s leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about US$4.5 billion, SunGard is the largest privately held software and services company and was ranked 480 on the Fortune 500. Look for us wherever the mission is critical. For more information, please visit http://www.sungard.com.

Trademark Information: SunGard and the SunGard logo are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

SOURCE﹛SunGard

Written by asiafreshnews

August 16, 2012 at 9:52 am

Posted in Uncategorized