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BANGALORE: Global omnichannel media agency Assembly appointed Shivaprasad Nair as the Managing Director of Global Delivery. Assembly Global Delivery connects data, digital, and e-commerce talents worldwide within centres of excellence – bringing to life the agency’s proposition to ‘Find the Change That Fuels Growth’ and underscoring a commitment to driving innovation and scale for clients. The decision to create Assembly Global Delivery brings a consistent and world-class digital talent platform globally and already consists of over 1,000 experts spanning India, Egypt, and the Philippines. As Managing Director, Shiva will lead the Global Delivery teams across the world and continue to bring the best talents within the centre of excellence to Assembly’s clients. He will be tasked with cultivating a high-performance culture of innovation and excellence – prioritising growth and ensuring alignment with the agency’s global strategic objectives. Nair brings a wealth of experience to Assembly, having led similar initiatives in former positions where he demonstrated exceptional leadership skills and a profound understanding of international business dynamics. In this new role, Nair will be responsible for developing the global delivery strategy, managing relationships with partners, ensuring compliance with international standards, and leading the seamless integration of cross-cultural teams to achieve strategic objectives and operational excellence. Assembly Europe CEO, Matt Adams said, “There is no one better to have on the team than Shiva – he is a world-class leader. We’re proud to have him on board and excited to see how he will accelerate our Global Delivery offering and help us achieve new levels of success.” Nair added, “I am thrilled to be part of Assembly at this transformative time. I look at the agency’s global centres as more than just assets; instead, they are hubs of creativity and expertise poised to move us forward. “I’m looking forward to further enhancing the agency’s delivery systems, ensuring that we consistently go beyond what our clients envision, turning complex global challenges into opportunities for change and strategic success,” he continued.

HONG KONG: CLPS Incorporation announced the organisational restructuring with the appointment of the Chief Operating Officer, Henry Li Li, as the President of the company, since 2 July 2024. Li will transition from his COO role to exclusively assume the responsibilities of the President, and he will report directly to the Board of Directors. Since joining CLPS in 2019, Li has been instrumental in driving the company’s continued growth and innovation. As COO, he has implemented advanced technologies and optimised processes to significantly enhance operational efficiency and productivity. He has also established a comprehensive internal management system, enabling precise resource allocation and collaboration, resulting in improved operational effectiveness. Additionally, Li has actively expanded the market scope and cultivated strong relationships with key clients, contributing to the company’s sustained organic growth. Li has 20 years of professional experience in the financial and IT industries. He previously served as Vice President of Technology and Operations at Mastercard and as Executive Manager, Head of Business Solution and Quality Assurance at Commonwealth Bank of Australia in China. Li graduated from Tianjin University, Tianjin, China, with a bachelor’s degree in Computer Science. He holds an MSE degree from Fudan University, Shanghai, China. “I am honoured to step into the role of President at CLPS. In the dynamic IT services industry, I will focus on leveraging our competitive advantage, fostering innovation, and achieving operational excellence. “By investing in cutting-edge technology, streamlining processes, and expanding our international reach, we are positioned to deliver exceptional value to our stakeholders,” Li said. CLPS Chairman, Paul Xiao Feng Yang commented, “The board is impressed by Li’s strategic vision and execution capabilities, and we look forward to his leadership as the President of CLPS. This initiative is part of our long-term strategic plan to strengthen our corporate leadership and enhance management competence, enabling us to better respond to market changes and client needs. “We will keep pushing the boundaries of innovation and development, delivering high-quality IT products and services to our clients.”

PETALING JAYA: Malayan Banking Bhd (Maybank) has appointed Mohamed Rezwan Abdullah Ismail as its group chief risk officer (GCRO) effective Aug 8, 2024. In a statement, Maybank said Mohamed Rezwan will be responsible to strategise, lead and implement a progressive enterprise-wide risk management framework that appropriately identifies, manages and mitigates risks to achieve the strategic and business objectives of Maybank Group. “He will report to the president and group chief executive officer of Maybank and be a member of the group executive committee.” Mohamed Rezwan, 48, will succeed Datuk Hamzah Bachee, who will retire from Maybank Group effective Aug 8, 2024, after a long-standing career of close to 36 years with Maybank.

SINGAPORE: DBS Group Holdings Ltd picked Tan Su Shan as deputy to chief executive officer Piyush Gupta, setting the stage for her to eventually become the first woman to lead South-East Asia’s largest bank. Tan, currently head of DBS’s institutional banking group, will succeed Gupta as CEO when he retires at the next AGM on March 28, 2025, according to a statement by the bank yesterday. The appointment caps years of speculation over who will succeed Gupta, one of Asia’s most high-profile bankers who has led DBS for 14 years. Gupta, 64, is credited with multiplying returns at the former state-owned bank, while transforming its culture and technology to face growing competition from digital lenders. Tan, 56, is the only female banker among the four contenders being groomed to replace Gupta, Bloomberg reported in 2023. She’s credited with expanding the consumer and wealth businesses, which accounted for about a third of pre-tax profit by the time she moved to her current job in 2019. — Bloomberg

TOKYO: In less than a week, Japan has completely upended the world’s expectations for its markets and economy. The country was the darling of the financial world for over a year. Its weak currency pushed the stock market to record highs and rekindled inflation after decades. Then the Bank of Japan (BoJ) hiked rates last Wednesday and governor Kazuo Ueda indicated he intended to keep going, helping trigger a sharp rise in the yen and wild gyrations across the global markets. Traders and investors were forced to abandon strategies based on the macro view that Japan’s currency would stay weak and interest rates wouldn’t rise too fast. “Without a doubt, this is new ground for markets” said Stephen Miller, a consultant at Grant Samuel Funds Management and former BlackRock Inc fund manager. “There’s soul searching everywhere now that we have a BoJ that seems hellbent on getting away from years of zero or negative rates policy. “Japan is now at the centre of emergent worries across everything – stocks, bonds, yen, credit, everything.” Volatility coursed through Japan’s markets, with the Nikkei 225 suffering its biggest rout since 1987 on Monday, only to come back 10% the next day. The whiplash carries implications for the country’s politics and households, as the market turmoil could impact consumer confidence and Japan’s delicate climb out of deflation. Adding to investors’ confusion, the yen weakened about 2% yesterday after BoJ deputy governor Shinichi Uchida said the bank wouldn’t raise rates as long as markets are unstable. “The risk is that consumption and investment will be held back due to the increased uncertainty in the markets,” said Hirofumi Suzuki, chief foreign exchange strategist at Sumitomo Mitsui Banking Corp. “If it drags on, it could affect business behaviour and households as well.” The initial historic sell-off in the market indicates that any momentum trades hoping to profit from the weak yen and the broad rally in Japanese equities have been wiped out, according to analysts. The surge in the yen also derailed one of the most profitable market strategies this year – carry trades, which involve borrowing the Japanese currency to invest in other global assets. The yen’s rebound set off a rush to take profits on these trades and close positions, which exacerbated the currency’s rise. “This outsized response compared with previous instances of carry trades being quickly unwound suggests there is more at play in Japan than recession fears and could have global ramifications if it continues,” said Wei Li, global chief investment strategist at BlackRock. Politicians and business leaders have sought to soothe concerns in Japan, particularly around expanded tax-free investment accounts, an initiative to get people to move some of the more than one quadrillion yen sitting in bank accounts as of March into the market. Foreign investors that have stayed will likely take a longer view of companies that have been diligent about reform, business growth and balance sheet management. “I think it’s a market that should now suit fundamental analysis, bottom-up rather than top-down,” said Pelham Smithers, whose London-based firm offers research on Asian companies with a focus on Japan. “Going forward, it becomes an interesting time if you are a stock picker.” There’s an emerging view that BoJ’s move was a misstep and influenced by political pressure, as several prominent politicians have called out the weak yen in recent weeks. That could jeopardise the relationship between the Japanese government and the central bank and impact Prime Minister Fumio Kishida’s bid to be re-elected as the head of Japan’s ruling party next month, said Takuji Aida, chief economist at Credit Agricole. — Bloomberg

KUALA LUMPUR: While KPJ Healthcare Bhd remains on the lookout for new assets, the private healthcare provider is focusing on optimising its current resources to increase its bed utilisation rate. President and managing director Chin Keat Chyuan said that as of the end of the first quarter (1Q24), the group was registering over 60% bed occupancy, which is similar to the full-year figure from the previous year. “We remain very optimistic with the very encouraging numbers in terms of our bed occupancy while we continue to expand our capacity to house more patients,” he said during a press conference in conjunction with the launch of the group’s rebranding yesterday, 43 years since its inception. To note, KPJ Healthcare is significantly expanding its capacity, aiming to increase its bed count from 3,733 last year to about 4,101 by the end of this year. Moreover, KPJ Healthcare, which operates 29 hospitals in Malaysia, one in Bangladesh and one in Thailand, will add another in Kuala Selangor, expected to open in 1Q25. Meanwhile, Chin acknowledged that KPJ Healthcare has been actively looking for merger and acquisition opportunities, both greenfield and brownfield, over the past 10 months. “As a hospital group, we have been looking for every single opportunity, organically or inorganically, to grow our business and strengthen our market share,” Chin said. He emphasised that stringent due diligence is performed to ensure new opportunities complement the current portfolio. “We have seen many opportunities, whether you’re talking about earlier Ramsay (Sime Darby Healthcare) or even now, as we speak, the Island Hospital in Penang, which is still on the table. “Certainly, this is actually one of the areas that we’re looking at – inorganic growth – to help achieve exponential growth, as aspired,” he noted. “We also inspire to do better by optimising our assets,” he added. Meanwhile, health tourism contributed close to about 5% to 6% of KPJ Healthcare’s total business last year. Moving forward, Chin said the group aims to increase this share, noting that the Malaysia Healthcare Travel Council recorded about RM2.3bil in revenue from medical tourism last year, with KPJ Healthcare contributing around RM190mil. “When we are looking at growth, organic or inorganic, one of the key elements is actually health tourism. We are looking to tap into the market and sweat our assets,” he added. Regarding the possibility of injecting assets into Al-Aqar Real Estate Investment Trust (REIT) to raise more funds, Chin noted that KPJ Healthcare is “not in a rush”. He said the group is comfortable with its current financial standing and net gearing and instead, will be focusing more on affordable and attractive capital market opportunities. Although the group’s five-year growth plan will require significant capital, Chin said injecting more assets into the REIT is not the top priority at this moment. “We are not saying that we are totally ignoring that opportunity, but that might not be our number one priority in terms of getting a source of funds,” he said.