Latest news with #HMF
Yahoo
26-06-2025
- Business
- Yahoo
Iskur Denim Joins Denim Deal
Turkish textile manufacturer Iskur Denim is the latest mill to join Denim Deal's mission to scale circularity. The vertically integrated company emphasizes eco-friendly practices across all stages of production, making it an ideal partner for Denim Deal. More from Sourcing Journal H&M Foundation-backed Circularity Initiative Expands in India Circulose and Mango Team Up to Scale Circular Cellulose Lenzing's Krishna Manda Addressed Circularity on the Global Fashion Summit Stage Iskur's in-house recycling facility processes pre- and post-consumer waste. The recycling facility has a production capacity of 25.000 kg per day. Iskur reports that with one ton of recycled fiber, up to 4,000 meters of fabric of different compositions can be produced. By integrated fibers like recycled cotton, organic cotton and regenerative cotton, Denim Deal says Iskur aligns with circular design principles. The company also uses an indigo dyeing process that reduces water usage by up to 95 percent and utilizes renewable energy to minimize carbon emissions. Denim Deal is industry-leading initiative committed to standardizing circular practices in denim production. The public and private organization unites brands, manufacturers, recyclers and policymakers in its mission to catalyze the production of 1 billion pairs of jeans containing at least 20 percent post-consumer recycled (PCR) cotton by 2030. Denim Deal provides circular guidelines based on industry feedback and legislative requirements. Members benefit from collaboration, education, exchanging information, action-driven pilots and workshops. A collective effort ensures that no single organization is working in isolation, the organization states. Denim Deal has 50 partners. Mill partners include Bossa, Sharabati, Realteks, Kipas, DNM, Maritas, Naveena and Calik. In March, Denim Deal launched a campaign to grow its membership in France. The organization aims to grow its roster of brand partners.
Business Wire
20-06-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Hyundai Marine & Fire Insurance Co., Ltd.
HONG KONG--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of Hyundai Marine & Fire Insurance Co., Ltd. (HMF) (South Korea). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect HMF's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management. HMF's risk-adjusted capitalisation is assessed at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The company's capital and surplus at year-end 2024 decreased considerably amid the declining interest rates in its domestic market and discount rates cut by the local regulator, largely due to long-duration liabilities that are highly sensitive to interest rate movements. HMF has good financial flexibility, demonstrated by a proven track record of successfully issuing supplementary capital securities. However, AM Best notes that HMF's financial leverage has increased following recent debt issuances to support its local solvency ratio, while its coverage ratio remains at a healthy level. The company's investment strategy continues to focus on asset-liability duration matching to reduce interest rate risk and manage capital volatility, with a large portion of its investment portfolio placed in high-quality fixed income assets. HMF's operating performance is assessed as adequate, with a return-on-equity ratio of 15.8% and a combined ratio of 92.2% (net/net) in 2024, as calculated by AM Best. HMF's long-term insurance line performance has been volatile in recent years driven by both its own claims experience and tightened regulatory guidelines on actuarial assumptions. However, AM Best expects that the company's various efforts to improve new business profitability will bolster its long-term line profit fundamentals over the coming years. While the company's auto line profitability is facing pressure due to the cumulative effect of prior rate cuts and inflationary pressures on repair costs, the general line showed improvement in 2024. HMF's interest income, which is a major source of its investment profits, increased further in 2024, partly attributable to an expansion of its investment asset base following recent supplementary debt issuances. HMF remains one of the largest non-life insurers in South Korea, with a stable market share of approximately 18%, in terms of gross insurance service revenue in 2024, underpinned by its diversified product and distribution channel mix. The company benefits from its solid business relationships with Hyundai conglomerates, including Hyundai Motor Group, which provide a steady source of business for its general insurance line. Negative rating actions could occur if there is a significant deterioration in HMF's balance sheet strength fundamentals. Negative rating actions could also occur if there is a sustained and material deterioration in its operating performance. While it is thought to be unlikely, positive rating actions could occur if the company's balance sheet strength fundamentals demonstrate sustained improvement. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Fibre2Fashion
29-05-2025
- Business
- Fibre2Fashion
Avantium joins EU project to scale up biobased 5-HMF production
Avantium N.V., a leader in renewable and circular polymer materials, has been awarded a €200,000 grant by the EU Horizon Europe program to participate in a consortium for the large-scale production of the biobased chemical 5-Hydroxymethylfurfural (5-HMF). The consortium, consisting of 12 European partners and led by Michelin Engineered Polymers, aims to construct and operate an HMF Flagship Plant to demonstrate the wide range of applications for HMF. The project also plans to assess synergies with Avantium's FDCA Flagship Plant. Avantium has received a €200,000 EU Horizon Europe grant to join CERISEA, a €20M consortium led by Michelin to build an industrial-scale plant for biobased 5-HMF. The project aims to showcase HMF's applications and synergies with Avantium's FDCA technology, supporting a sustainable EU chemical ecosystem with 12 partners from industry and academia. HMF is a biobased chemical derived from sugars, such as fructose. Due to its versatility and ability to replace a broad range of conventionally produced building blocks, HMF serves as a key intermediate between biomass and biochemicals. Despite its significant potential, there are currently no large-scale industrial processes to produce HMF. Michelin Engineered Polymers, specialized in developing advanced polymer materials, plans to engineer and construct an industrial-scale HMF plant under the grant program. The grant consortium will also explore a wide range of bio-based sustainable applications for HMF. HMF can for example be used as an intermediate in the production of FDCA. This creates a direct link between Michelin's planned HMF plant and Avantium's FDCA Technology. The foreseen synergies will help to create an integrated and sustainable European production ecosystem that reduces environmental impact and strengthens the economic resilience of the European chemical industry. The consortium, known under the name CERISEA, has received a €20 million EU Horizon Europe grant in total. Michelin Engineered Polymers will lead the consortium, which includes Avantium and 10 other industry and academic organizations: IFP Energies Nouvelles, ADM Bazancourt SASU, ARKEMA, Kraton Chemical B.V., Université de Technologie de Compiègne (UTC), Centre National de la Recherche Scientifique (CNRS), IFEU - Institut für Energie- und Umweltforschung Heidelberg, Instituto Tecnológico del Embalaje, Transporte y Logística, Energieinstitut an der Johannes Kepler Universität Linz Verein, and Bioeconomy for Change. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Yahoo
28-05-2025
- Business
- Yahoo
Gulf Shores wants your thoughts on possible music festival extension
GULF SHORES, Ala. (WKRG) — Gulf Shores officials are seeking residents' input on possibly extending a contract for a music festival. Gulf Shores man to compete in 50th season of CBS's 'Survivor' Hangout Music Festival has been held in Gulf Shores for 15 years, with the last festival being taken over by Morgan Wallen for the 15th year celebration, renaming HMF the 'Sand In My Boots' festival. City officials have opened two online surveys — one for residents and one for business owners — to find out whether they want the festival to continue. A community meeting has also been scheduled for June 5. Both surveys are available until June 4. 'Before we make any decision about the future of the Hangout/Sand In My Boots Music Festival, it's essential that we hear from the people who live and work here,' Gulf Shores Mayor Robert Craft said. 'We want to fully understand how the event affects our residents and businesses, both positively and negatively,' Craft continued. 'Your feedback is crucial to ensuring that any action we take reflects the best interests of our community.' Biloxi man sets Mississippi saltwater fishing record The city council will decide whether to extend the proposed contract. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
