KUALA LUMPUR, Dec 23 -- The 20th anniversary of Macau's return to China and a flash mob event themed “Budding Zhuhai and Macau, Chasing Dreams in the Greater Bay Area” was held recently at various places, including the Hengqin Port of Zhuhai, China. More than 700 young people from Macau and Zhuhai celebrated the occasion and their integrated development with chorus singing and street dancing, the Information Office of the Zhuhai Municipal Government said. Zhuhai, adjacent to Macau, has now become the gateway and frontrunner for cooperation between the mainland and Macau. In recent years, Macau has actively integrated into China's overall development and promoted a moderately diversified economic development. In February, the Chinese government issued the Outline Development Plan for the Guangdong-Hong Kong-Macau Greater Bay Area, which aimed at continuously deepening the mutually beneficial cooperation and promoting the coordinated development of regional economy. More importantly, Guangdong, Hong Kong and Macau have continuously enhanced their cooperation in investment, trade, financial services, science and technology education, and social services, providing joint law firms with more possible cooperation in legal services. Right before the 20th anniversary of Macau’s transfer of sovereignty from Portugal to China, Hengqin New Area also had its 10th anniversary. Since its establishment, Hengqin has developed six pillar industries in partnership with Macau to help expand Macau's industrial development. The Macau-Zhuhai cooperation will also help international companies to enter the enormous Chinese market, which actually interests them most, Hengqin New Area Administrative Committee director Yang Chuan said. Hengqin boasts a unique location in the Greater Bay Area, connecting both Hong Kong and Macau, thus providing easy access to international exchanges for foreign enterprises. -- BERNAMA
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KUALA LUMPUR, Dec 18-- AM Best has maintained the under review with positive implications status for the Financial Strength Rating of B++ (good) and the Long-Term Issuer Credit Rating of ‘bbb+’ of Century Insurance Company (Guam) Limited (CIC Guam) Guam.
These ratings were placed under review on July 3, following an announcement that DB Insurance Co Ltd (DBI) has entered into an agreement with CIC Guam’s parent company, Tan Holdings Corporation (THC). The agreement involved the acquisition of 80 per cent stake in each of THC’s three insurance subsidiaries - CIC Guam and two other insurers in Saipan and Papua New Guinea. DBI is also expected to secure the management rights in all three companies. At that time, AM Best indicated that the ratings would remain under review until the transaction was completed, and an assessment of the subsequent impact to CIC Guam’s business and credit profile could be determined. The under review with positive implications status has been extended as regulatory approval is still pending. The companies now anticipate a transaction closing date in early 2020. CIC Guam’s ratings will remain under review until the close of the transaction, while AM Best continues to conduct further discussions with CIC Guam’s and DBI’s management teams to fully assess the rating impact. -- BERNAMA HONG KONG, Dec 18 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of NEWGT Reinsurance Company, Ltd. (NEWGT) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect NEWGT’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. NEWGT’s strong balance sheet assessment reflects its modest capital base, low underwriting leverage and conservative investment portfolio. The company’s recent initiative to strengthen reserves, which was partially in response to the adverse loss development from one of two cells in its segregated account during fiscal-year 2018, caters additional provision for its losses based on its conservative reserving approach. Despite the increase in reserves, the capital required to support its current book of business is still relatively modest, given the volume of risks that NEWGT currently underwrites and retains. Operating performance continued to improve this year with a lower combined ratio, underpinned by an improvement in claims experience and a stable expense ratio. Although revenue is expected to decrease slightly in the short term over the course of its portfolio enhancement, AM Best believes the company’s underwriting results will remain profitable and gradually improve through the pursuit of growth in group-related business. As a single-parent captive, NEWGT mainly insures and reinsures risks from affiliated and related companies of ITOCHU Corporation (ITOCHU), which is one of Japan’s largest trading companies. NEWGT also maintains a segregated account that writes third-party lines of businesses, which are well-spread and less volatile. The current book of business consists of risks that may expose the company to high-severity and low-frequency losses. However, the company has managed these risks through prudent underwriting guidelines and an appropriate reinsurance program. The stable outlooks reflect AM Best’s expectation that NEWGT’s operating performance will improve gradually and remain profitable though its strong loss ratio controls and continuous portfolio enhancement. Negative rating actions could occur if NEWGT’s risk-adjusted capitalization declines significantly, or if there is material deterioration in its operating performance. Negative rating actions also could arise from a material deterioration in ITOCHU’s credit rating profile. mrem.bernama.com/viewsm.php?idm=36448 KUALA LUMPUR, Dec 17 -- Xilingol League in north China is not only the original ecological grassland nearest to Beijing, Tianjin and Hebei, but also a pure land with Mongolian regional characteristics and culture. Spring in Xilingol is a season when everything grows. Although the grassland still has some unmelted snow, the tender vegetation buds breaking through the snow makes a scene with dreamy aesthetics. Summer is a season of green fields and a cool breeze. The vast grassland is infinitely green, while the blue river is flowing. When the summer breeze blows, one can indulge in the vast grasslands. Meanwhile, the prairie in autumn has no brilliant wild flowers, but withered and yellow grass. The sky is rimmed with golden lines and slowly becomes deep and mysterious. Nadam Fair’s grand gathering will extend the summer’s vigour to winter and spread it on the frozen grassland. Colourful ethnic costumes adorn the majestic white grassland, while the galloping steeds in the snowy plains set off the winter passion. -- BERNAMA KUALA LUMPUR, Dec 17 -- Xilingol League in north China boasts rich grassland and Mongolian horse culture, as well as enjoys unique equine industry development resources. It is also the core birthplace of the world famous horse breed, ‘Mongolian Horse’ and was honoured as ‘Chinese Capital of Horses’ by the China Horse Industry Association in 2010. Xilingol League has extended its industrial chain around the development of the ‘Chinese Capital of Horses’ cultural industry gathering area in recent years, promoting equine culture, tourism, competition, products and other related fields with remarkable progress. As the core area of ‘Chinese Capital of Horses’, Xilinhot City has implemented a number of key projects such as the cultural ecotourism area, set up the Zhongyun Horse Industry Group and hosted top equestrian events at home and abroad. The projects promote the transformation and development of the traditional equine industry into a modern one and boost the horse capital’s reputation and influence. Xilingol League has also cultivated a number of well-known equine cultural tourism festival brands such as the ‘White Horse Culture Festival’ and ‘Dark Horse Culture Festival’. Local governments have leveraged traditional Mongolian festivals to develop various tourism products and roll out projects like leisure riding and equestrian performances. -- BERNAMA |
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