AM BEST ASSIGNS B++ FINANCIAL STRENGTH RATING TO BEIBU GULF INSURANCE

KUALA LUMPUR, Sept 30 (Bernama) -- Global credit rating agency, AM Best has assigned a financial strength rating of B++ (Good) and a long-term issuer credit rating of “bbb+” (Good) to Beibu Gulf Property & Casualty Insurance Company Ltd (Beibu Gulf Insurance).

The outlook assigned to these credit ratings (ratings) is stable, reflecting the company’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Headquartered in Guangxi province, China, Beibu Gulf Insurance was established in 2013 through a joint partnership comprising 10 state-owned enterprise shareholders and three private sector investors, according to AM Best in a statement.

Its ultimate controlling shareholder, Guangxi Investment Group Co Ltd, a provincial-level state-owned capital investment company in Guangxi, holds a 29.73 per cent equity stake through its subsidiaries.

Despite being a small-to-medium-sized non-life insurer in China, Beibu Gulf Insurance holds a prominent position in Guangxi province, capturing nine per cent of the local market share by premium income in 2025. It maintains a diversified product mix, with motor insurance making up nearly half of its gross written premiums.

Leveraging strong relationships between its shareholders and local governments, Beibu Gulf Insurance gains access to business opportunities in policy-driven agricultural insurance and has continued to expand its liability lines in recent years.

Beibu Gulf Insurance’s strong balance sheet strength assessment is underpinned by its strongest level of risk-adjusted capitalisation as at year-end 2025, as measured by Best’s Capital Adequacy Ratio, supported by organic capital accumulation and controlled expansion in underwriting and investment risks.

After posting two years of net losses, Beibu Gulf Insurance returned to profitability in 2023 and sustained momentum to deliver mid-single-digit return on equity in both 2024 and 2025.

AM Best said the company maintains a well-diversified and liquid investment book, dominated by bonds, fixed-income wealth management instruments and cash. The investment portfolio generated a low single-digit investment return, which was above the average level of the domestic non-life industry in 2025.

-- BERNAMA

UNIVAR SOLUTIONS EXPANDS CABB GROUP GLYCOLIC ACID DISTRIBUTION

KUALA LUMPUR, Sept 29 (Bernama) -- Univar Solutions USA LLC (Univar Solutions), through its Ingredients + Specialties (I+S) from Univar Solutions division, has entered into an exclusive distribution partnership with the CABB Group to expand distribution of glycolic acid across the United States (US) and Canada.

The agreement expands an existing partnership between the companies in Europe, the Middle East and Africa (EMEA) to North America, including distribution of CABB Group's GLYCOS Clear 70 glycolic acid for personal care and other speciality applications, according to a statement.

Univar Solutions chief executive officer (CEO) of I+S, Nick Powell said the expanded collaboration would bring CABB Group's glycolic acid technologies and technical expertise to customers across North America, particularly in beauty and personal care applications.

Meanwhile, CABB Group CEO, Tobias Schalow said Univar Solutions' distribution reach and speciality ingredients expertise would help broaden access to the company's glycolic acid technologies in the US and Canada.

Schalow said the glycolic acid is produced using renewable electricity, supporting the company's sustainability objectives while providing supply for personal care and other speciality applications.

Glycolic acid is used in cosmetic and skincare formulations for its exfoliating properties and applications related to skin appearance and texture. Its addition to Univar Solutions' portfolio supports the company's strategy of expanding its speciality ingredient offering in growth markets.

Through its I+S division, Univar Solutions provides speciality ingredients, formulation expertise and technical support for applications including beauty and personal care.

The expanded partnership gives customers in the US and Canada access to CABB Group's glycolic acid portfolio through Univar Solutions' distribution network.

-- BERNAMA

YYFORCE REPORTS 26.8 PCT REVENUE GROWTH IN 1H 2026

 

KUALA LUMPUR, Sept 25 (Bernama) -- YYForce Inc (YYForce), an artificial intelligence (AI)-enabled workforce management platform and integrated facility management (IFM) provider, reported a 26.8 per cent year over year (yoy) increase in revenue to US$32.66 million for the first half (1H) of 2026 from US$25.75 million. (US$1 = RM4.08)

In a statement, YYForce said manpower outsourcing revenue rose 62.4 per cent to US$15.55 million, while IFM revenue increased 11.1 per cent to US$16.06 million.

The company views the continued expansion of its workforce and IFM businesses as the operating foundation for its “YYForce 2030 Vision”, a long-term strategy to build an integrated workforce ecosystem connecting human workers, AI, humanoid robots and specialised service robotics.

“As we move toward 2030, we expect YYForce to evolve from a labour-intensive service provider toward an integrated workforce service provider ready for the future, focusing on margin improvement, operating efficiency and disciplined capital allocation to create value for our stakeholders,” said YYForce Chief Executive Officer, Mike Fu.

Despite the revenue growth, gross profit fell to US$3.30 million from US$4.27 million, while gross profit margin narrowed to 10.1 per cent from 16.6 per cent, primarily due to higher labour costs.

Operating loss narrowed 32.2 per cent yoy to US$5.21 million from US$7.68 million, primarily reflecting the absence of a US$4.06 million impairment loss on intangible assets recognised in the prior-year period.

The company’s operating loss as a percentage of revenue improved to 15.9 per cent from 29.8 per cent, while net loss narrowed 13.8 per cent to US$7.06 million from US$8.20 million.

As of June 30, 2026, YYForce had approximately US$3.08 million in cash, while total equity increased to US$25.36 million from US$13.61 million at Dec 31, 2025, primarily reflecting US$18.55 million in proceeds from its At-The-Market equity offering.

On Sept 22, YYForce announced its 2030 Vision, which outlines a roadmap integrating human workforce capabilities, AI-enabled workforce management, smart facility management technologies, automation and robotics.

The company said it intends to maintain disciplined capital allocation while prioritising liquidity, working capital and existing operations, and use partnerships, leasing arrangements and customer pilot programmes to limit upfront capital commitments.

-- BERNAMA

CIGRE 2026: CHINT Highlights Advanced Power Technologies For Europe

KUALA LUMPUR, Sept 17 (Bernama) -- CHINT, an integrated power and energy solutions provider, has showcased its advanced power technologies at CIGRE 2026 in Paris to support the modernisation of electricity networks and growing energy demands of the digital economy.

“As the age of AI, renewable energy and electrification reshape Europe's power landscape, customers are increasingly looking for partners that can deliver integrated, reliable and future-ready power solutions rather than standalone products.

“At CHINT, we see this transformation as an opportunity to drive innovation and create value for our customers,” said CHINT Global Vice President Beibei Zheng in a statement.

Held in August, CIGRE 2026 brought together power industry leaders and stakeholders, with CHINT’s engineering specialists engaging with utilities, contractors, consultants and technology partners on applications including high-voltage transmission, substation modernisation and sustainable power distribution.

CHINT also showcased two solutions, namely the 750 kilovolts Natural Ester Oil-immersed Power Transformer, designed to support the development of high-capacity transmission networks, and the Data Center Power Pod, an integrated power solution designed to support the infrastructure required by next-generation digital facilities.

The transformer combines high-voltage performance with enhanced environmental protection and safety. It supports lower-carbon power infrastructure while enhancing fire safety, contributing to the sustainable modernisation of Europe’s power networks.

Beyond the two featured products, CHINT also presented a wide array of solutions spanning transmission and distribution, energy storage and digital infrastructure. Its presence at CIGRE reflected its focus on delivering integrated solutions and supporting customers throughout the lifecycle of increasingly complex energy projects.

Operating in more than 140 countries and regions, CHINT aims to support the development of power infrastructure capable of meeting today’s needs and tomorrow’s opportunities as Europe invests in a more secure, sustainable and digitally enabled energy future.

-- BERNAMA

PETRONAS INVESTS IN FUTURE TALENT THROUGH EDUCATION SPONSORSHIP

 

^{Datuk Ir. (Dr) Bacho Pilong, Senior Vice President of MPM (third from left); Ruslan Islahudin, Senior Vice President and Group Chief Human Resources Officer, PETRONAS (fifth from left) and Akmal Niza Ahmad, Senior General Manager of Education and Human Capital Investment, Group Human Resource Management, PETRONAS (fourth from right) having a light moment with PPKES recipients after the awards presentation ceremony.}  



KUALA LUMPUR, Sept 15 (Bernama) -- PETRONAS welcomed more than 600 outstanding young Malaysians as recipients of its flagship PETRONAS Powering Knowledge Education Sponsorship (PPKES) programme, reaffirming its long-standing commitment to empowering the next generation through access to education and opportunities to build meaningful careers.
 
Comprising high-achieving Sijil Pelajaran Malaysia 2025 leavers from diverse backgrounds across the country, the scholars were selected through a rigorous process that assessed academic performance, leadership qualities and active participation in cocurricular activities.
 
This year, PETRONAS has broadened its sponsorship pathways to support evolving talent needs across the PETRONAS Group value chain. In addition to disciplines such as electrical engineering, petroleum engineering, economics and law, the programme now includes architecture, civil engineering, and real estate and property management to support KLCC Holdings, as well as marine engineering, naval engineering and maritime engineering to strengthen the maritime talent pipeline for MISC Group.
 
The scholars will pursue undergraduate studies in their respective fields at leading institutions locally and abroad, including Universiti Teknologi PETRONAS, as well as selected universities in the United Kingdom, Australia, Canada, China, South Korea and Japan.
 
PETRONAS Senior Vice President and Group Chief Human Resources Officer, Ruslan Islahudin, noted that the sponsorship is more than an investment in the scholars’ education. It is a trust placed in them to become future leaders and contribute meaningfully to the nation.
 
“The world you graduate into five years from now will not be the world we know today. Every generation that has faced great uncertainty has also had the opportunity to shape what comes next. So, over the next five years, build more than a good transcript. Build sound judgement, resilience, curiosity and humility. PETRONAS believes in every one of you. Carry this sponsorship as a trust to honour. Lift others as you have been lifted and help make this country stronger than the one placed in your hands today,” said Ruslan, at the award ceremony held at the Kuala Lumpur Convention Centre.
 
PETRONAS has committed RM230 million to the PPKES programme this year to support deserving students in pursuing higher education and realising their aspirations. Since its inception in 1975, the programme has supported more than 40,000 Malaysians, with a total investment of over RM4 billion.
 
Formerly known as the PETRONAS Education Sponsorship Programme, the PPKES programme forms part of PETRONAS’ broader Powering Knowledge initiative, which reflects the company’s continued investment in education as a catalyst for individual advancement and national progress.
 
Through Powering Knowledge, PETRONAS continues to expand access to quality education and create pathways for young Malaysians to develop the knowledge, skills and capabilities needed to thrive in a changing world. The initiative also contributes to PETRONAS’ Sustainability Agenda and supports the United Nations Sustainable Development Goal (SDG) 4: Quality Education.
 
Issued by: 
 
Channels and Media Relations  
Group Strategic Relations & Communications  
PETRONAS  

 
SOURCE: PETRONAS  

AM Best Withdraws Zhibao Re Credit Ratings Amid Investor Transition

KUALA LUMPUR, Aug 17 (Bernama) -- Global credit rating agency, AM Best has withdrawn the credit ratings of Malaysia’s Zhibao Labuan Reinsurance Company Limited (Zhibao Re), as the company has chosen not to participate in AM Best’s interactive rating process for the time being, in light of an investor transition.

AM Best in a statement said it has placed Zhibao Re’s financial strength rating of B+ (Good) and long-term issuer credit rating of “bbb-” (Good) under review with developing implications.

The status reflects the anticipated change in ownership at Zhibao Technology Inc (Zhibao Technology), Zhibao Re’s ultimate parent, following the announcement of a definitive Securities Purchase Agreement on July 31, under which Zhibao Technology agreed to issue new securities to a group of investors.

The transaction is expected to close in August 2026, subject to customary closing conditions and required regulatory and exchange approvals. Upon completion, the credit rating agency expects the new investors to obtain majority ownership and control of Zhibao Technology.

AM Best said the under review with developing implications status reflects uncertainties in Zhibao Re’s strategic role, the financial condition of the new investors, as well as the parental influence of Zhibao Technology on Zhibao Re.

-- BERNAMA

Bitget Reports 18x Growth in rToken Trading Activity as Tokenized Markets Mature in July

 

VICTORIA, Seychelles, Aug 11 (Bernama-GLOBE NEWSWIRE) -- Bitget, the world's largest Universal Exchange (UEX), has released its July 2026 Transparency Report, highlighting growing adoption of tokenized financial markets as users increasingly incorporated tokenized equities into broader trading and investment strategies. The report also outlines continued expansion across unified trading infrastructure, AI-powered investing, institutional products and onchain finance as tokenized assets become more deeply integrated into digital markets.

The month saw rToken surpassing US$100 million in assets under management within five weeks of launch, reaching approximately US$114 million by July 6. During the same period, cumulative trading volume reached US$671.37 million, including average daily trading volume of US$19.75 million, with more than 100,000 users trading rTokens. The report also found daily trading-user penetration increasing 18-fold from launch, while 42.87% of first-time buyers increased their positions within seven days, reflecting growing engagement beyond initial purchases.

Industry research published during the month reinforced Bitget’s position across trading infrastructure. CryptoRank found that Bitget recorded the lowest slippage for large tokenized equity trades and the highest balanced displayed liquidity within 50 basis points among the exchanges analysed. The CoinGlass 2026 Derivatives Market Report ranked Bitget second globally for ETH liquidity depth with US$81.37 million in order-book depth and fourth globally for BTC liquidity depth, while TokenInsight reported nearly US$70 billion in TradFi perpetual trading volume on Bitget during Q2 2026.

“Tokenized assets are only as strong as the market behind them. Investors don’t care how many assets an exchange lists if they can't trade them efficiently.," said Gracy Chen, CEO of Bitget. "DeFiLlama latest research shows that Bitget delivers the deepest liquidity and execution for tokenized equities among the exchanges evaluated. As adoption grows, that's what will decide which platforms investors continue to trust.”

Beyond market activity, Bitget continued to expand the infrastructure supporting tokenized finance. During July, the exchange enabled more than 100 tokenized U.S. stocks to be used as collateral within its Unified Trading Account, introduced GetAgent Playbook to extend AI-powered trading into tokenized investing, and released an institutional cross-asset collateral playbook exploring capital efficiency across crypto and tokenized assets.

Bitget Wallet also surpassed 100 million users, expanding stablecoin payment connectivity and tokenized asset access through new integrations including Robinhood Chain and Assetback. Beyond product development, Bitget expanded its Blockchain4Youth partnership with UNICEF's Game Changers Coalition from eight to eleven countries, extending blockchain, AI and financial literacy education to more young people worldwide.

The July Transparency Report reflects the continued evolution of tokenized markets as users increasingly integrate tokenized assets into active trading, portfolio management and cross-asset investing. The report reflects Bitget’s continued investment in market infrastructure, liquidity and institutional products, as tokenized finance becomes more integrated across retail and institutional markets.

To read the report, visit here.

About Bitget

Bitget is the world's largest Universal Exchange (UEX), serving over 125 million users and offering access to over 2M crypto tokens, 500+ tokenized stocks, ETFs, commodities, FX, and precious metals such as gold. The ecosystem is committed to helping users trade smarter with its AI agent, which co-pilots trade execution. Bitget is driving crypto adoption through strategic partnerships such as MotoGP™. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. Bitget currently leads in the tokenized TradFi market, providing the industry's lowest fees and highest liquidity across 150 regions worldwide.

For more information, visit: Website | X | Telegram | LinkedIn | Discord

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae92863f-91bb-49ee-bcab-2100ead8e0f4 

SOURCE: Bitget Limited

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