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Korea Herald
43 minutes ago
- Business
- Korea Herald
Premia launches first Saudi Arabia government Sukuk ETF in Asia for allocators looking for efficient tool to access investment grade sukuk or EM fixed income securities
HONG KONG, May 29, 2025 /PRNewswire/ -- In partnership with BOCHK Asset Management Limited (BOCHKAM), Premia Partners, the leading homegrown ETF provider from Hong Kong, announces listing of Premia BOCHK Saudi Arabia Government Sukuk ETF (the ETF) on 29 May 2025 on HKEx. As Asia's first investment grade government sukuk ETF, the physical replicated ETF is designed to provide investors with direct access to government sukuk denominated in Saudi Riyal or US Dollar issued by the Saudi Arabia government or government agencies, with total expense ratio (TER) of 0.35% p.a. only. "The launch of this ETF is a significant milestone and cumulation of a year-long preparation in our efforts to build an efficient tool for international allocators looking for diversification from investment grade emerging markets and shariah-compliant fixed income solutions," said Rebecca Chua, Managing Partner of Premia Partners. "It is a particularly timely strategy in the current market environment, as allocators increasingly look to values from more diversified allocation and uncorrelated returns.' Li Tong, Deputy Chief Executive of BOCHK and Chairman of BOCHKAM, said: "BOCHKAM is pleased to collaborate with Premia Partners to launch the Asia's first Saudi Arabic Government Sukuk ETF. This fund combines the flexibility and transparency of an ETF with the features of Islamic finance, providing investors with convenient access to Saudi Arabia's capital market. BOCHKAM will continue to foster collaboration with the Middle East and other markets by developing more globally-diversified asset allocation solutions, contributing our efforts to strengthen Hong Kong's position as a global asset management centre." Leveraging its capabilities in both Asia and Middle East, HSBC will provide a range of trustee, global custody and fund administration services for Premia BOCHK Saudi Arabia Government Sukuk ETF in both Hong Kong and Saudi Arabia. Commenting on the launch, Faris AlGhannam, Chief Executive Officer and Board member, HSBC Saudi Arabia, said: "ETFs have become a key tool for asset managers tapping into the emerging Middle East-Asia investment corridor. This landmark transaction reflects the sustained demand among foreign investors for access to Saudi Arabia's economic transformation and the Kingdom's debt capital markets. As the leading international bank with the deepest asset servicing capabilities in both Hong Kong and Saudi Arabia, we are proud to have enabled Premia to launch the Premia BOCHK Saudi Arabia Government Sukuk ETF." Mr. Mohammed Al-Rumaih, CEO of the Saudi Exchange, said: "The issuance of this ETF on HKEX marks a significant milestone in our ongoing efforts to provide global investors with access to the Saudi market and enhance portfolio diversification worldwide. This ETF, tracking the iBoxx Tadawul Government & Agencies Sukuk Index (SAR Unhedged) TRI, offers global investors a unique opportunity to access high-quality government-issued sukuk." "S&P Dow Jones Indices is delighted to license the iBoxx Tadawul Government & Agencies Sukuk Index to Premia Partners for this new ETF launch. The index provides market participants with a benchmark that focuses on shariah-compliant funding obtained by the Saudi Arabia government and its key organizations through sukuk issuances. As Saudi Arabia diversifies its economic base and fosters growth within the domestic debt market, the index is designed to encompass shariah-compliant sukuk issuances to support the kingdom's Vision 2030 initiatives," said Kangwei Yang, Director of Fixed Income Product Management at S&P Dow Jones Indices. About Premia Partners
SoraNews24
an hour ago
- SoraNews24
Old soba restaurant on Japanese train station platform serves noodles with a side of nostalgia
If you've never tried ekisoba, now's the time to get on board with the trend. In recent years, 'ekiben' (train station boxed meals), have become well-known with visitors from overseas, but have you heard of 'ekisoba'? Like ekiben, ekisoba is sold at train stations, but instead of being sold to-go at kiosks, they're usually served at small eateries, with counters where diners can stand and eat their meals before continuing on their journeys. They've long been a feature at Japanese train stations, so on a recent trip out of Tokyo we got to thinking: where is the oldest ekisoba stand in Japan? According to our research, the oldest one is said to be 'Saito Shogetsudo' at Ichinoseki Station in Iwate Prefecture, which was founded in 1897, or Meiji 30 according to the imperial calendar. Sadly, that soba stand is no longer in business, so another search reveals that the oldest one currently in operation is 'Nichieiken' at Kanagawa's Higashi-Kanagawa Station, founded in 1918, or Taisho 7. If we're being picky, 'Kawamuraya' at Sakuragicho Station was founded in 1900 (Meiji 33), making it 125 years old, but as it's a soba restaurant located outside the station entrance, rather than a small ekisoba stand inside the station, Kanagawa's Nichieiken remains the oldest. Well, at least we thought that was the case until we caught wind of another store called Tochuken at Numazu Station in Shizuoka which, according to its signboard, was founded in 1891 (Meiji 24). ▼ 桃中軒 (Tochuken) has been serving soba for 134 years. Standing on a platform at the station, this ekisoba establishment exudes a dignified presence, and a quick check on the official website confirms that it really was founded in 1891. However, the business started out as a bento shop and only began serving ekisoba in 1968, which is likely why this eatery has gone under everyone's radar. This unique history however, is what gives the shop its unusual features, which you don't often find at other ekisoba places. ▼ First of all, the setup itself looks like a remodelled bento shop, with windows at the counter. There is a familiar feature, in the form of the ticket machine, where we found that the cheapest item on the menu was 'Kake Soba' or 'Hot Soba', priced at 380 yen (US$2.66), and the most expensive was 'Kakiage Soba with Egg', for 660 yen. We ordered the 'Kakiage Soba' (590 yen) with a side of inarizushi (80 yen) and after handing over our tickets, we spotted another unique feature in the kitchen. Kakiage is a type of Japanese tempura fritter made up of small ingredients such as vegetables (like onions, carrots, and burdock) and seafood (like shrimp or squid). While most restaurants simply heat the kakiage separately and serve it on the noodles before serving to ensure it stays crunchy, this restaurant heats the tempura directly in the pot with the broth, allowing it to become soft and gooey. When you pick the fritter up with your chopsticks, it bends softly, so although it's soaked through, it doesn't fall apart, showing the strength of the batter. ▼ Biting into it, the soup bursts out on the tongue, delighting the taste buds with bagfuls of flavour. The soy sauce-based broth is surprisingly sweet — so much so that it was on par with the sweetness of the inarizushi alongside it. ▼ The noodles were thick, with a chewy texture It was definitely on the sweet side, but still hearty and satisfying. The standout feature, though, was how well the broth paired with the kakiage, and the melty texture of the fritter totally won us over. If you're keen to try a taste of history, the store has quite limited business hours, open only from 8:00 a.m.-9:45 a.m. and 10:45 a.m.-2:00 p.m., so you'll want to keep that in mind when visiting. Tochuken also has stands at the West Exit of Gotemba Station (open until 4 p.m.) and on the platforms at Mishima Station (open until 7 p.m.) ▼ Tochuken at Mishima Station on the conventional line ▼ Tochuken on the Shinkansen platform at Mishima Station For us, there was something charming about the Tochuken stand at Numazu Station, as it really felt like a unique branch that preserves the atmosphere of a bygone era. If you've never tried ekisoba before, this is a great way to get on board with the local food trend. Once you've tried it, you may just find yourself hooked on the charm of eating noodles on a train station platform, and there are even more to discover, like this one, which is known as the best in Japan. Photos©SoraNews24 ● Want to hear about SoraNews24's latest articles as soon as they're published? Follow us on Facebook and Twitter! [ Read in Japanese ]
The Age
an hour ago
- Entertainment
- The Age
Hailey Bieber just became a billionaire. How did we get here?
Hailey Bieber is the latest celebrity-turned-entrepreneur to join the coveted billionaire club. On Thursday morning, e.l.f. beauty, an American cosmetics brand, announced it would acquire the social media star's skincare brand Rhode for US$1 billion ($1.5 billion). The sale comes a week after it was announced Rhode would be available at American beauty retail outlets of Sephora in an exclusive partnership, and a few weeks after Bieber starred on the cover of US Vogue. Just shy of its third anniversary, Rhode's rapid ascension to a billion-dollar valuation is rather remarkable, cementing her status beyond her famous family and husband. But who is Bieber? And how did we get here? Who is Hailey Bieber? Her modelling career and marriage to pop star Justin may have helped raise her profile, but 28-year-old Bieber was born into the world of the Hollywood elite. Hailey Rhode Bieber, née Baldwin, is the daughter of actor Stephen Baldwin, younger brother to Alec Baldwin. Her mother is graphic designer Kennya Deodato Baldwin, daughter of Brazilian musician Eumir Deodato. Bieber started working in the entertainment industry early, starring with her family aged nine in television documentary Livin It: Unusual Suspects and appearing alongside uncle Alec Baldwin in a 2009 episode of Saturday Night Live. At 18, Bieber signed with modelling agency Ford launching a successful career in the fashion industry fronting campaigns for brands like Guess, Levis and Ralph Lauren and featuring in magazines like Vogue and Harper's Bazaar.
Sydney Morning Herald
an hour ago
- Entertainment
- Sydney Morning Herald
Hailey Bieber just became a billionaire. How did we get here?
Hailey Bieber is the latest celebrity-turned-entrepreneur to join the coveted billionaire club. On Thursday morning, e.l.f. beauty, an American cosmetics brand, announced it would acquire the social media star's skincare brand Rhode for US$1 billion ($1.5 billion). The sale comes a week after it was announced Rhode would be available at American beauty retail outlets of Sephora in an exclusive partnership, and a few weeks after Bieber starred on the cover of US Vogue. Just shy of its third anniversary, Rhode's rapid ascension to a billion-dollar valuation is rather remarkable, cementing her status beyond her famous family and husband. But who is Bieber? And how did we get here? Who is Hailey Bieber? Her modelling career and marriage to pop star Justin may have helped raise her profile, but 28-year-old Bieber was born into the world of the Hollywood elite. Hailey Rhode Bieber, née Baldwin, is the daughter of actor Stephen Baldwin, younger brother to Alec Baldwin. Her mother is graphic designer Kennya Deodato Baldwin, daughter of Brazilian musician Eumir Deodato. Bieber started working in the entertainment industry early, starring with her family aged nine in television documentary Livin It: Unusual Suspects and appearing alongside uncle Alec Baldwin in a 2009 episode of Saturday Night Live. At 18, Bieber signed with modelling agency Ford launching a successful career in the fashion industry fronting campaigns for brands like Guess, Levis and Ralph Lauren and featuring in magazines like Vogue and Harper's Bazaar.
The Sun
an hour ago
- Automotive
- The Sun
Johnson Electric reports results for the year ended 31 March 2025
• Group sales US$3,648 million – down 4% compared to the prior year • Gross profit US$843 million or 23.1% of sales (compared to US$851 million or 22.3% of sales in the prior year) • Adjusted EBITA US$344 million or 9.4% of sales (compared to US$343 million or 9.0% of sales in the prior year) • Net profit attributable to shareholders totalled US$263 million – an increase of 15% compared to the prior year • Underlying net profit, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, totalled US$274 million – an increase of 9% • Free cash flow from operations totalled US$286 million compared to US$422 million in the prior year • A recommended final dividend of 44 HK cents per share (5.64 US cents) • As of 31 March 2025, cash reserves amounted to US$791 million and the ratio of total debt to capital was 12% HONG KONG SAR - Media OutReach Newswire - 28 May 2025 - Johnson Electric Holdings Limited ('Johnson Electric'), a global leader in electric motors and motion subsystems, today announced its results for the twelve months ended 31 March 2025. Group sales for the 2024/25 financial year were US$3,648 million, a decrease of 4% compared to the prior year. Net profit attributable to shareholders increased by 15% to US$263 million or 28.16 US cents per share on a fully diluted basis. Underlying net profit, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, increased by 9% to US$274 million. Sales Performance The Automotive Products Group ('APG'), Johnson Electric's largest operating division, achieved sales of US$3,072 million. Excluding currency effects, APG's sales decreased by 3%. Automotive production volumes in several major markets were below prior year levels due to the combination of subdued economic conditions, elevated new vehicle prices, high financing costs, and uneven consumer confidence. Supply-demand dynamics were further impacted by a temporary slowdown in the transition to electrification in some markets as governments rethink policy support, OEMs adjust the propulsion mix of their model line-ups, and consumers react to the comparatively high price of battery-electric vehicles. APG experienced lower sales in each of the three major geographic end markets, with differences in large part reflecting the variations in our share of content within particular OEM vehicle models and whether or not those models are proving popular with consumers. In Asia, for example, APG sales decreased by 1% on a constant currency basis compared to a 2% increase in the region's total light vehicle production volume. This was primarily due to the weaker sales performance of non-domestic car brands in China, among which APG has historically maintained an above average market share. In Europe, APG's sales declined by 4% on a constant currency basis compared to a 6% decline in regional vehicle production. And in the Americas, sales declined by 6% in comparison to a 2% decline in vehicle production volume. In both of these regions, a key factor driving APG's sales performance was end-market share changes between OEMs, which has become less predictable as the industry wrestles with several transformational forces including electric vehicle adoption rates, the growing success of Chinese OEMs as exporters, and moves by governments to impose protectionist tariffs on imports. APG's strategy to address these shifting automotive industry dynamics is two-fold. Firstly, it is to continue to bring to market innovative technologies that help enable electrification, reduce emissions, and enhance passenger safety and comfort. Secondly, APG aims to offer its customers a compelling total cost and value proposition that combines speed, scale and reliability of production with a responsive global operating footprint. This strategy is gaining traction. One indication of the strength of this model is APG's increasing success in winning new business from the largest Chinese OEM vehicle manufacturers which are expected to contribute a significant and growing share of the division's sales within the next five years. The Industry Products Group ('IPG') – contributing 16% of total Group sales – continued to experience challenging trading conditions. The division's sales were US$575 million which, excluding the effects of currency movements, represented a decline of 5% compared to the prior year. Global demand for many consumer and industrial products remains sluggish in the post-pandemic era and this has been compounded by an acceleration of the commoditization of numerous hardware goods. In response, management has taken decisive action to reduce overheads and refocus the division around a products group that emphasises standardization and cost leadership. In parallel, IPG is investing in designing differentiated and innovative motion system solutions in a select number of high growth application segments, including robotics, warehouse automation, medical devices, electric bikes, and high-precision manufacturing and measurement equipment. This dual-track approach is positioning IPG for improved competitiveness and long-term growth. Gross Margins and Operating Profitability The Group's gross profit amounted to US$843 million – a decrease of 1% compared to the prior year. As a percentage of sales, however, gross profit increased from 22.3% to 23.1%. The improvement of gross margin was primarily the result of lower raw material costs, direct labour, and production overhead charges that combined to more than offset the effects of reduced sales volumes. Reported earnings before interest, tax and amortization ('EBITA') amounted to US$331 million (compared to US$315 million in the prior year). EBITA adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, amounted to US$344 million or 9.4% of sales (compared to 9.0% in the prior year). The Group's adjusted EBITA result was boosted by US$15 million in net gains from Other Income & Expenses. This was primarily due to a mark-to-market gain on an investment in an autonomous driving technology company, government grants, as well as net changes in the valuation of other financial and monetary assets and liabilities, and other foreign currency hedging contracts. Net Profit and Financial Condition Net profit attributable to shareholders increased by 15% to US$263 million or 28.16 US cents per share on a fully diluted basis. Underlying net profit, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, amounted to US$274 million compared to US$252 million in the prior year. The Group's overall financial condition remains robust with a total debt to capital ratio of 12%, an interest coverage ratio of 10 times, and year-end cash reserves of US$791 million. Dividends In view of the high level of uncertainty concerning the outlook for global trade at the present time, the Board considers it prudent to recommend maintaining the final dividend of 44 HK cents (5.64 US cents) per share, which together with the interim dividend of 17 HK cents per share, represents a total dividend of 61 HK cents (7.82 US cents) per share. Chairman's Comments on the Annual Results and Outlook Commenting on the annual results for the financial year 2024/25, Dr. Patrick Wang, Chairman and Chief Executive, said, 'In the financial year 2024/25, Johnson Electric experienced increasing headwinds in its major end markets that reflected the impact of a reduction in automobile production volumes, intense price competition in several consumer and industrial product applications, and weakening consumer confidence in the face of rising uncertainty about the outlook for the global economy, and cross-border trade in particular. Despite these challenging market conditions, the Group's financial results demonstrated the resilience of our business model'. Dr. Patrick Wang further commented: 'Although we do not expect a worst-case outcome involving the high and broad-based tariffs remaining in place for the longer-term, we have been building scenarios into our planning and operating model for many years – with the effect that being nimble and adaptable is central to Johnson Electric's way of doing business. Management is working proactively to mitigate the near-term impact of tariffs through pricing adjustments, as well as evaluating our longer-term options to relocate parts of production to different locations within, or beyond, our existing manufacturing footprint. The practical and economic attractiveness of those options will ultimately depend on what types of trade agreements may emerge from the ongoing trade dispute and negotiations'. 'Although the sudden imposition of import tariffs impacting multiple national borders is placing an additional burden on our people in terms of time and complexity, we are not allowing it to deflect our attention from executing the core elements of our strategy. Those elements include: i) driving sales growth by offering customers compelling total cost solutions to their most pressing motion-related problems; ii) accelerating our speed to market through rapid sampling, increased standardization of products and production lines, and building and maintaining appropriate levels of stock to provide the assurance and flexibility of supply that our customers demand; iii) building and consolidating production around large scale, lower cost regional manufacturing hubs that feature high levels of vertical integration and automation; and iv) leveraging advanced digital technologies, including AI, to reduce cost and improve efficiency and responsiveness'. Concerning the near-term financial outlook, Dr. Patrick Wang said: 'Group sales levels in the first weeks of the 25/26 financial year have been a mid-single digit percentage lower compared to a year ago. However, given the lack of clarity over exactly what tariffs may be in effect for the remainder of the year and how these may impact the varied and often complex profiles of our subsystem manufacturing and logistics supply chain, it is not meaningful to offer a full-year sales projection'. 'It is not simply a question of which of our products could be subject to elevated import tariffs (these presently amount to a mid-single digit percentage of total Group sales based on the US import tariffs in effect, or temporarily suspended). It is also the extent to which the confrontation over international trade undermines the prospects for global economic growth'. 'Nonetheless, I do feel that it is worthwhile observing that Johnson Electric has a sixty-six-year track record of navigating its way through periods of enormous macro-economic stress and volatility. While past performance is, of course, no guarantee of future success, I remain highly confident that this Company is as well positioned as any in our industry to find a profitable and sustainable path going forward'. Forward Looking Statements This news release contains certain forward looking statements with respect to the financial condition, results of operations and business of Johnson Electric and certain plans and objectives of the management of Johnson Electric. Words such as 'outlook', 'expects', 'anticipates', 'intends', 'plans', 'believe', 'estimates', 'projects', variations of such words and similar expressions are intended to identify such forward looking statements. Such forward looking statements involve known and unknown risk, uncertainties and other factors which may cause the actual results or performance of Johnson Electric to be materially different from any future results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Johnson Electric's present and future business strategies and the political and economic environment in which Johnson Electric will operate in the future.
