Introduction
Adopting IFRS Standards is a top priority for many stakeholders in economies in the Mekong region. Such countries in the Association of South East Asian Nations (ASEAN) are suffering from the impact of Covid-19 and are looking to attract foreign direct investment to speed recovery and grow. IFRS Standards adoption will assist greatly in this goal. It is therefore helpful to look across the Mekong region to assess the state of adoption by respective nations, and understand the successes and challenges therein.
Representatives from Myanmar, Laos, Cambodia and Vietnam gathered at an online conference hosted by the ASEAN Federation of Accountants and ACCA to discuss the challenges and benefits of implementation, and to hear from representatives from the International Accounting Standards Board (IASB), the Big Four, the World Bank and a recent successful adopter, Malaysia.
Kyobo, Affinity consortium lock horns at ICC arbitration over put option
Posted : 2021-03-16 09:11
By Lee Kyung-min
A five-day hearing in the International Chamber of Commerce (ICC) arbitration between Kyobo Life Insurance Chairman Shin Chang-jae and the company s financial investors ― represented by a consortium led by Affinity Equity Partners, a Hong Kong-based private equity firm ― was concluded, but it will still be at least six months before a decision is made, according to market sources, Sunday.
The five-day hearing from March 15 through 19 ― the second since the first one held last October ― was part of the arbitration process to determine whether the consortium can exercise a put option at nearly double the price Shin is willing to pay, concluding the outcome of a years-long dispute that dates back to 2012. A put option is a contract giving the owner the right to sell ― or sell short ― a specified amount of an underlying security at a pre-determined price
155% Mitigating the Impact of COVID-19 ¾ Supported customers through the pandemic with focused temporary rate discounts and adjustments to policy terms without cost ¾ Customer service levels fully maintained despite a move to working from home ¾ All staff retained on full pay with no government support taken ¾ Detailed pricing models reduced the impact on the business of lockdowns later in 2020 Key Highlights ¾ Robust financial performance during a year heavily disrupted by COVID-19, which extended the challenging stage of the car insurance market cycle ¾ Disciplined approach to pricing throughout, with rate increases in excess of 10% during the year ¾ Combined operating ratio ( COR ) for the year of 75.3%, in-line with long term target
Elections have consequences, as they say, and one of those consequences is new leadership at the SEC who bring with them a markedly different agenda. In remarks yesterday to the Center .
The Preliminary results for the year ended 31 December 2020 announcement released on 15/03/21 at 7:00am London time under RNS No.1803S contained an error relating to other operating expenses in the Financial Review section and the table titled Consolidated Statement of Comprehensive Income. The following amendments have been made. Operating Profit
Operating profit of US$66.9 million was US$2.0 million lower than prior year (2019: US$68.9 million) principally due to the negative impact of the BRL devaluation against the US, lower revenues being offset by reduced operating costs and no impairment charges in the current financial year (2019: US$13.0 million). Operating margin for the year was 18.9% (2019: 20.2% - excluding the impairment charge) principally due to the increase in foreign exchange losses on monetary items, negatively offsetting lower operating costs as the Company implemented cost savings strategies in the face of Covid-19 and lower