Latest news with #SGD
IOL News
2 days ago
- Business
- IOL News
Invicta Holdings reports strong global earnings growth driven by operational improvements
The strength of Invicta Holdings' operational model and strategic initiatives for its industrial consumables and capital equipment businesses allowed it to maintain stability and growth in the face of a tough operating environment in the year to March 31, 2025, despite currency volatility and supply chain shipping and logistics challenges, as well as delays at ports due to congestion. Image: Supplied Invicta Holdings, which is listed on the JSE, has marked a year of impressive financial achievements, reporting a sustainable operating profit growth of 16% to R752 million for the year ending March 31. This positive performance reflects the strategic focus on streamlining operations and capitalising on market opportunities, according to CEO Steven Joffe. In a statement released after the results announcement, Joffe expressed satisfaction with the company's progress, noting a 13% rise in sustainable headline earnings per share, which now stands at 553 cents. 'These numbers reflect the robust and consistent nature of the group's core operations,' he said. The South Africa-based company is renowned for its industrial consumables, capital equipment, and auto-agri replacement parts on a global scale. Key initiatives have included the redemption of all preference shares and the disposal of the Kian Ann warehouse in Singapore, both vital steps in enhancing operational efficiency. 'We are pleased with this strong set of results,' Joffe added, underlining the importance of these changes amid challenges presented by currency fluctuations and significant delays in shipping and logistics. The CEO also highlighted the role of the South African Reserve Bank's decision to cut interest rates three times during the financial year as a necessary measure to stimulate economic activity. 'We hope the cuts will continue, as interest rates remain high,' Joffe stated. Another critical factor in this period of growth was Eskom's power supply stability, which has enabled Invicta's customers to conduct business without interruptions for over 300 consecutive days—a significant achievement given the company's historical struggles with load shedding. The strategic disposal of the Singapore property netted the group a dividend of SGD$20m from Kian Ann, coupled with the recent redemption of outstanding preference shares amounting to R703m on July 8, 2024. 'Through this rationalisation of our capital structure, we have unlocked additional value for ordinary shareholders,' said Joffe, emphasising the future benefits shareholders can anticipate. To further bolster its value, Invicta repurchased and cancelled 4.9 million ordinary shares for R157m, with full effects expected in the coming year. A significant step in April was the full acquisition of Nationwide Bearing Company (NWB) in the UK, alongside the strategic disposal of KMP Holdings to Kian Ann Engineering, Invicta's joint venture. Moreover, the establishment of a start-up business named KSP in the US is part of ongoing efforts to solidify Invicta's presence in key markets. This new venture, operating out of Alexandria, Louisiana, aims to enhance the product line of Invicta's KTSUA undercarriage business. However, not all segments experienced growth; revenue from the Replacement Parts for Earthmoving Equipment (RPE) decreased markedly by 48% to R567m. Despite these fluctuations, NWB showed a commendable performance in its inaugural year, while Kian Ann Group saw a revenue increase of 16% and sustainable operating profit up by 12% to SGD$29m. Addressing the outlook, Joffe underscored the importance of agility in the face of global uncertainty, stating, 'We will continue working hard to generate cash. Having a relatively debt-free business gives us the necessary time to respond to difficult situations.' Moreover, the group intends to return about a third of its earnings annually to shareholders through share buybacks or dividends. Visit:
Hypebeast
24-06-2025
- Entertainment
- Hypebeast
Jacob & Co. and G-DRAGON Unveil the PEACEMINUSONE Pendant Collection
Summary Following their successful2025 limited timepiece, Jacob & Co. and global iconG-DRAGONintroduce their latest collaboration: thePEACEMINUSONEPendant. This exclusive jewelry release embodies the essence of G-DRAGON's PEACEMINUSONE universe, where peace and rebellion converge, transforming it into a striking wearable art piece. At the heart of the design is the daisy, reinterpreted as a potent symbol of bloom and transformation, reflecting the artist's legacy of reinvention. Each pendant is meticulously crafted in polished 18K gold or sterling silver, adorned with vibrant yellow sapphires and pavé-set stones that balance elegance with an edgy appeal. More than mere accessories, these pieces are cultural statements, limited in quantity, individually detailed, and presented in custom packaging with a signed Certificate of Authenticity. This release signifies a rare fusion of high jewelry and pop culture, designed for collectors. The PEACEMINUSONE Pendant is available in two variations: 925 sterling silver with colored gemstones, or 18K white gold with full pavé diamonds. Both designs come with a 20-inch paperclip chain, featuring an additional loop at 18 inches for versatile styling. The sterling silver version includes 4 Tsavorites (0.08ct) and 8 Yellow Sapphires (0.11ct), with a retail price of $1,800 SGD (approximately $1,400 USD). Meanwhile, the 18K white gold option features 110 White Diamonds (0.47ct) and 1 Fancy Vivid Yellow Diamond (0.30ct), retailing at $16,800 SGD ($13,100 USD). Check out the collection above. Jacob & Co. is exclusively available at selected Sincere Fine Watches and SHH boutiques.
The Star
24-06-2025
- Business
- The Star
Vietnam becomes Singapore's 8th largest export market
Electronic components for export are produced at Tu Ha Industrial Park, Huong Tra Township in Hue City. — VNA/VNS HANOI: Vietnam ranked as the eighth largest export market of Singapore with an export turnover of more than 11.7 billion SGD (US$9.06 billion) in the first five months of this year, four places higher than that of the same period last year, according to the Vietnamese Ministry of Industry and Trade. The ministry cited data from Enterprise Singapore, which said that last month, total import-export turnover between the two countries reached more than 3.16 billion SGD, up 27.76 per cent year-over-year. Exports from Vietnam to Singapore continued to grow well with a turnover of 869.3 million SGD, up 27.1 per cent, while import turnover grew by 28.02 per cent, reaching nearly 2.3 billion SGD. In the first five months of the year, the two-way trade turnover reached more than 16.23 billion SGD, 28.07 per cent higher than that of the same period last year. Of that, Vietnam's exports to Singapore increased sharply, by 37.7 per cent, reaching nearly 4.53 billion SGD and its imports reached more than 11.7 billion SGD, up 24.7 per cent. More than 94.4 per cent of the commodities that Vietnam exported to Singapore last month belonged to the group of machinery, equipment, mobile phones, components and spare parts of all kinds. Meanwhile, the other two main export groups - the group of reactors, boilers, machine tools and spare parts of the above machines; and the group of glass and glass products - only increased slightly or decreased. Some other export groups also had very strong growth such as alcohol and beverages (up 104.48 per cent); optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds (up more than 52.58 per cent); and plastics and plastic products (up more than 48.43 per cent). On the contrary, some groups had quite strong declines, such as salt, sulfur, soil and stone, plaster, lime and cement (down 25.29 per cent) and aquatic products (down 17.85 per cent). Regarding imported goods from Singapore to Vietnaam, in May, the group of machinery, equipment, mobile phones, components and spare parts of all kinds increased by 61.28 per cent and the group of reactors, boilers, machine tools and equipment and spare parts of the above machines increased by 92.44 per cent. Meanwhile, the group of gasoline and petroleum products decreased by 12.28 per cent. — Vietnam News/ANN
Business Standard
19-06-2025
- Business
- Business Standard
Hyderabad-Based Life Circle Receives the DBS Foundation Impact Beyond Award for Advancing Eldercare in India
BusinessWire India Mumbai (Maharashtra) [India], June 19: Life Circle Health Services, a Hyderabad-based social enterprise, has been named one of four global winners of the DBS Foundation Impact Beyond Award 2024. Launched last year, the award aims to supercharge impactful businesses that are addressing urgent needs in ageing societies. As part of the recognition, Life Circle will receive SGD 500,000 (~INR 3 crore) in grant funding, along with access to DBS Foundation's broader ecosystem of support -- including expert mentorship, capacity building, and partnership/networking opportunities. It is one of four enterprises collectively awarded SGD 3 million (~INR 20 crore) by DBS Foundation. In addition to the funding, winners receive ongoing support from the bank to drive their next phase of growth, including new product development, operational scaling, and capacity building. The DBS Foundation Impact Beyond Award builds on the DBS Foundation's longstanding efforts to nurture innovative, purpose-driven businesses that create positive societal impact. It also underscores the Foundation's commitment to uplifting the lives and livelihoods of vulnerable communities across Asia and shaping a more inclusive future. With demographic changes such as ageing populations affecting many parts of the world today, DBS Foundation is committed to empowering seniors to age well -- with dignity and joy -- ensuring they remain healthy, connected, and able to contribute meaningfully to society. According to the India Ageing Report 2023 by UNFPA, India's elderly population is projected to exceed approximately 20% by 2050. As this demographic shift accelerates, the need for affordable, accessible, and professional eldercare services is becoming increasingly urgent. Life Circle is addressing this gap through a tech-enabled marketplace that connects trained caregivers with families based on individual health and personal care needs. It is India's only full-stack eldercare company, combining training, certification, placement, and managed home care under one brand. Life Circle's hybrid (phygital) model -- which includes a mobile app, caregiver training, and quality checks -- helps improve the overall quality of home-based eldercare in India. With this award, it will expand to Tier 2 and 3 cities that are seeing heightened demand, launch new training academies, roll out digital learning tools, and upgrade its technology to better manage onboarding and quality assurance for caregivers. Karen Ngui, Head of DBS Foundation and DBS Group Strategic Marketing and Communications, said, "Societies are ageing rapidly, and it is sobering to see that we're living in a world where there are more people over 60 years of age than under five. We are thus very encouraged to see DBS Foundation's inaugural batch of Impact Beyond Award winners embedding purpose at the core of their business and delivering transformative solutions to meet the urgent needs of ageing societies. In India, a large part of eldercare is delivered by the informal sector -- Life Circle is addressing this critical gap by making eldercare more professional, structured, and accessible, while also creating dignified livelihoods through caregiver training. By supporting enterprises like our Impact Beyond Award winners, we aim to build a future where every individual, at every stage of life, can age with dignity, purpose, and joy." Anant Kumar, CEO, Life Circle Health Services (India), said, "We are deeply honoured to receive the DBS Foundation Impact Beyond Award. This recognition strengthens our mission to build India's eldercare infrastructure -- one caregiver at a time. With DBS Foundation's support, we will accelerate our efforts to train youth from underserved communities and ensure seniors receive the dignified care they deserve." Life Circle's model not only supports ageing in place but also promotes economic empowerment by skilling and employing rural women as professional caregivers. To date, the enterprise has placed over 5,000 caregivers -- 76% of whom are women -- and conducts more than 100,000 home visits annually. Life Circle was selected from nearly 100 submissions, following a rigorous evaluation process involving senior DBS leaders and independent external experts. The other winners of the 2024 Impact Beyond Award include: * Buddy of Parents (Singapore): AI and IoT-powered smart home solutions that enhance safety, reduce the caregiving burden, and promote independent living. * Huakang Group (China): A leading provider of integrated elderly care, offering a holistic 'home, community, institution' model that connects home-based services with community and institutional support. * Evercare (Hong Kong): A healthtech platform bridging caregiver demand gaps by connecting healthcare professionals with families, hospitals, and private eldercare services. The awards were announced at the recent DBS Foundation Impact Beyond Dialogue in Singapore -- a flagship platform that brings together key voices to exchange insights on pressing societal issues such as ageing, co-create solutions, and unlock opportunities for collective action.
Business Times
19-06-2025
- Business
- Business Times
Weaker greenback raises risk of currency mismatch for Asian insurers holding USD assets
[SINGAPORE] A mismatch between the currencies in which insurers' assets and liabilities are held can put pressure on their capital and ability to fulfil the liabilities. This is the issue currently confronting insurers in Taiwan, where the majority of assets are invested in US dollar (USD) bonds, but liabilities are in the domestic Taiwan dollar. A weaker USD has meant that the value of assets has fallen, and an insurer may need to put in additional capital or equity. The US Dollar Index has fallen by more than 8 per cent year to date. What is the likelihood that this could happen in Singapore? Based on the Monetary Authority of Singapore's (MAS) Notice 133 on the valuation and capital framework for insurers, they are allowed to use USD Treasury securities to back Singapore dollar (SGD) liabilities, 'subject to the insurer putting in place a currency swap to convert the USD payments to SGD cash flows'. Where there is no currency swap, or after it expires, the insurer must apply a 12 per cent haircut to the cash flows. For Taiwan insurers, the issue was precipitated by the weakening US dollar, which has come under pressure because of tariff uncertainty, Moody's Ratings recent downgrade of the US' credit rating and the question of its debt sustainability. The Taiwan dollar has been one of the strongest performing currencies against the USD; over two days in May it rose as much as 8 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The cost of hedging has also risen substantially, exacerbating the pressure on margins. Goldman Sachs, as cited by Bloomberg, has estimated that for every 10 per cent of Taiwan dollar appreciation, the country's insurers would incur an unrealised currency loss of US$18 billion. The predicament also reflects the dearth of domestically issued fixed income assets that insurers can invest in. In May, Fitch Ratings downgraded the outlook for Taiwan's life insurance to 'deteriorating' from 'neutral', due to 'heightened risks to insurers' earnings and capital following a recent sharp appreciation of the local currency, which has exposed insurers to significant potential losses'. About 70 per cent of insurers' invested assets are in a foreign currency, mainly USD. Fitch said about 60 to 70 per cent of the foreign currency exposure is currently hedged. 'Uncertainty over the exchange rate's trajectory remains elevated amid volatile shifts in global trade policies, particularly in the US. Exchange-rate movements may affect Taiwan life insurers' capitalisation and earnings, and the rise in exchange-rate risk could prompt strategy adjustments within the sector,' said Fitch. In Singapore, David Chua, Income Insurance's chief investment officer, said Income has a 'liability-driven approach' investing into domestic SGD government and corporate bonds, 'aligning well with our insurance liability book'. '(We) invest into both Singapore assets and non-SG assets (hedged back to SGD), and hence we run minimal currency mismatch.' AIA chief financial officer Koo Chung Chang said: 'AIA Singapore has a disciplined asset-liability management approach where liabilities are well matched by assets of appropriate duration and currency. In cases where we have USD-denominated bonds to support SGD liabilities, we always consider currency hedging in our investment process. 'AIA Singapore continues to maintain a capital adequacy ratio that is well in excess of MAS' risk-based capital framework (RBC2) requirements.' Some insurers have declined to comment. Income's Chua said: 'We currently manage currency exposure using mostly FX forward hedges to ensure our non-SGD risk is covered at all times. The use of a combination of long-term and rolling strategies helps to reduce long-term risk while managing the cost.' Meanwhile, Fitch has put five Taiwan insurers' financial strength ratings on Rating Watch Negative, to reflect 'increased risks to the insurers' capital and earnings, as well as their business risk profiles'. In Fitch's current analysis, the insurers have sufficient capital buffers to withstand a 10 per cent rise in the Taiwan dollar against the USD from the start of 2025. 'We expect the insurers to record significant losses due to the unfavourable currency movement. Rising hedging costs and a more volatile Taiwan dollar will also likely pressure their earnings. 'Foreign exchange valuation reserve, which serves as a buffer against the Taiwan dollar's rise, is likely to be exhausted for most insurers by the recent spike. This will limit companies' ability to absorb further FX losses without impacting capital levels,' said Fitch.
