GENEVA, Oct. 27, 2023 /PRNewswire/ — The World Stroke Organization (WSO) is calling on governments and healthcare systems to implement recommendations on stroke prevention set out in the new WSO-Lancet Neurology Commission report. The Commission report, based on a comprehensive review of survey data, guidelines and expert interviews, projects a 50% rise in stroke that will claim 9.7million lives a year by 2050. Over 90% of stroke deaths will be in low- and middle-income countries.

One in four of us will have a stroke in our lifetime. World Stroke Day #GreaterThan stroke campaign.

Driven by increased prevalence of stroke risk factors, including hypertension and diabetes among a younger population, the incidence of stroke is increasing in young and middle-aged people (age <55 years) contributing to global costs soaring to US$2.31 trillion by 2050. As for stroke mortality, the prevalence of stroke-related disability is also increasing at a faster pace in LMICs than in high-income countries.

‘The devastation caused by stroke deaths and disabilities is not inevitable’, said WSO President Prof Sheila Martins ‘Stroke is highly preventable, with easily identifiable risk factors such as high blood pressure, atrial fibrillation, smoking, physical inactivity, diabetes, high cholesterol, tobacco and alcohol use. These manageable risks account for around 90% of all strokes. There are clear and cost-effective recommendations and interventions that can be easily implemented, and that we know will save lives. WSO is committed to providing technical support to help governments develop and implement coherent national stroke surveillance and prevention strategies that can dramatically reduce the burden of stroke. It can be done, and the cost of inaction is simply too high to wait any longer. We need the world to act now.’

Key recommendations from the Commission report include improving access to affordable medications for primary and secondary stroke prevention as part of Universal Health Coverage, potentially funded through taxation of tobacco, alcohol and sugar. Developing the public health workforce is also highlighted, with a focus on implementing protocol-based task-sharing/shifting from highly-trained doctors and nursing staff to trained community health workers who can engage and support individuals identify and address their stroke risk. Financial incentives should also be offered to improve retention of staff and encourage relocation to rural areas. The report also recommends action to improve health literacy in relation to stroke prevention.

Media Contact
Anita Wiseman
Campaign Manager WSO
[email protected] 
+44 794 0029 444

Notes to Editors

The World Stroke Organization is the only global body solely focused on stroke. With around 3000 individual members and over 100 society members spanning every global region, WSO represents over 55,000 stroke specialists in clinical, research and community settings.

The WSO-Lancet Report provides data, barriers, recommendations and research gaps on stroke prevention, acute treatment and rehabilitation. Full recommendations can be found here www.thelancet.com/commissions/global-burden-stroke

The WSO- Lancet Neurology Commission received funding from the World Stroke Organization, Bill and Melinda Gates Foundation, Health Research Council of New Zealand, and National Health & Medical Research Council of Australia and was supported by the National Institutes of Health (USA). It was conducted by researchers from the World Stroke Organization – Lancet Neurology Commission Stroke Collaboration Group. A full list of authors and their institutions is available in the report.

World Stroke Day was instituted by the World Stroke Organization in 2006 and is commemorated on Oct 29th each year. The day is a highlight of the year-round public awareness campaign work of WSO. Campaign information can be found at www.worldstrokecampaign.org 

90% of strokes could be prevented by action. World Stroke Day #GreaterThan stroke campaign.

Source : World Stroke Day: World Stroke Organization calls for Action on Prevention as Global Stroke Mortality is Predicted to Rise by 50%

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Members can now enjoy better rewards and perks, up to 20% off hotels

SINGAPORE, Oct. 27, 2023 /PRNewswire/ — Leading global travel service provider Trip.com is pleased to announce its 6th anniversary with a gift to its valued customers – an enhanced loyalty program that features a renewed membership tier mechanism and enhanced member rewards globally.

During Trip.com’s 6th anniversary promotion campaign, from now to Oct 31, Trip.com members can enjoy additional benefits on top of basic membership privileges.

Schubert Lou, Chief Operating Officer, Trip.com, said, "We are thrilled to celebrate this significant milestone for Trip.com as we continue journeying with our valued customers. As a sign of our continued commitment and gratitude to our loyal members, we hope these exciting new benefits and features add greater value to our customers, ultimately enhancing convenience and ensuring a safe, seamless and rewarding travel experience with Trip.com."

Enhanced Loyalty Program: Membership Tiers 

Customers can sign up for free to become a Silver member to earn rewards and enjoy discounts on bookings. Membership tier upgrades are determined by the number of valid bookings made within twelve months. Members who attain an upgrade by completing a certain number of bookings will have their new membership tier extended by one year from the date of their membership upgrade. Trip.com will reset membership tiers according to the member’s most recent settlement date.

New Services and Perks

Trip Coins already allow Trip.com members to enjoy many rewards and savings. This year, Trip.com will be rolling out new services for members to further support its ongoing commitment to excellent customer service, and mission to become a true travel companion for its global customer base.

For all member tiers, a new Emergency Assistance will be introduced that offers customers comprehensive help services ranging from medical support to translation assistance, child repatriation, and assistance with missing baggage. This service is available in all English-language regions.

Platinum and Diamond members can enjoy an exclusive Priority Assistance for Calls & Chats service for high-priority and fast access to a live Trip.com agent; a VIP Customer Specialists service for access to prompt and specialised assistance that has all of customer’s travel details; and a Free Airport VIP Lounge Access (once per calendar year for Platinum members, twice per calendar year for Diamond members). The VIP Service is available for the following countries and regions: Australia, Great Britain, Singapore, Korea, Japan, Hong Kong, Taiwan, Spain, Denmark, Italy.

Gold, Platinum, and Diamond tier members can now enjoy a full waiver of the train handling fee, using the No Refund Handling Fee for Trains feature (once, twice, and four times per calendar year, respectively).

Commitment to Enhancing Customer Experiences

Trip.com continues to ensure world-class customer service, encapsulated in its all-in-one app offerings. Not only limited to flights, accommodations, attractions and car rentals, the global travel platform reiterates its commitment to customers through TripGenie – an advanced AI travel assistant designed to revolutionise travel planning and booking; the Trip Moments Community – a vibrant, travel-related social media experience that connects travellers globally; and Trip.com’s unrivalled Customer Service team, who ensure smooth customer experiences with prompt service. With this upgraded loyalty program, Trip.com aims to be the trusted travel companion for global travellers.

Download the Trip.com app now, and start exploring, befitting, and experiencing our enhanced loyalty program today.

About Trip.com

Trip.com is an international one-stop travel service provider, available in 24 languages across 39 countries and regions in 31 local currencies and sites. Trip.com has an extensive hotel and flight network consisting of more than 1.2 million hotels and flights from over 480 airlines covering 2,600 airports in 200 countries and regions around the globe. Trip.com’s world-class 24/7 multilingual customer service as well as additional centres in Edinburgh, Tokyo and Seoul, help to ‘create the best travel experience’ for its millions of customers worldwide. To book your next trip, visit trip.com.

Source : Trip.com Celebrates 6th Anniversary with Enhanced Loyalty Program

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HONG KONG, Oct. 27, 2023 /PRNewswire/ — Dun & Bradstreet (D&B), a leading global provider of business decisioning data and analytics, recently hosted its inaugural ESG and Sustainable Supply Chain Development Forum in Hong Kong. Themed ‘Connect for A Green Future’, the October 20 event followed D&B’s successful earlier ESG events in Shanghai and Shenzhen. Hong Kong has long been a strategically vital connection for both global business and supply chain management, D&B was delighted to welcome some 260 distinguished thought leaders from both the public and private sectors to its latest forum. In addition to sharing unique insights on ESG and supply chain management practices, the packed audience was encouraged to look beyond climate risk when embedding ESG into their business growth strategies.

Andrew Wu, General Manager of Dun & Bradstreet China, delivered his Opening Remarks to Forum delegates

Establishing meaningful business relationships with ethical companies is the most effective way forward-thinking businesses can better mitigate risk, increase resiliency and drive business performance. According to a D&B study from 2020[1], over 30% of worldwide companies surveyed are now integrating ESG controls into their supplier and vendor evaluation and selection processes.[2] And those numbers are continuing to grow rapidly. 

"ESG is far more than an investment tool or a supply chain strategy, it’s about sustaining a beautiful future for everyone on the planet," said Andrew Wu, General Manager of Dun & Bradstreet China, "Today we are seeing ESG has become an essential currency to do business across the globe, it’s not optional anymore. As a global company deeply rooted in China for over 42 years, we observed nationwide China has been embracing this trend proactively and this is reflected in the national development goal which is to achieve ‘Carbon Peak/Carbon Neutral, Rural Revitalization, Common Prosperity’. Hong Kong’s strategic location and market competitiveness mean we have every confidence that we will play a pivotal role in achieving China’s national goal of connecting with the world."

D&B has long been renowned for combining global data and local insights to ensure its clients can make smarter long-term decisions. To this end, D&B has now tailored a holistic ESG solution package to help its clients tackle challenges and tap into opportunities while confidently managing risks. D&B delivers on this commitment by adopting a comprehensive ESG ranking methodology that makes it easier for its business partners to assess ESG risks and opportunities. In doing so, D&B ranks ESG priorities across 13 themes and 31 topics structured around major sustainability frameworks. Specific examples include the Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI), Task Force on Climate-related Financial Disclosures (TCFD), Carbon Disclosure Project (CDP), United Nations Sustainable Development Goals (UN SDGs), United Nations Principles for Responsible Investment (UN PRI), and other notable reporting guidelines.

Here in Hong Kong, D&B is continuing to inject ESG solutions into various business scenarios by working with a wide variety of clients. In order to strengthen and improve its partners’ performance within the ‘Social’ dimension, D&B uses ‘payment to suppliers’ data’  as an essential component of its ESG Ranking standard. Specific data collected includes companies’ performance when paying their suppliers. To this end, D&B collects millions of monthly trade payment records across various sectors. It then harnesses its robust dataset to generate accurate credit history and payment trend insights using its proprietary D&B PAYDEX® Score.

D&B has also long been a leader in promoting ESG in the ecosystem itself. In June 2023, D&B joined forces with the HKTDC to support ‘Green transformation’ among SMEs, start-ups, and MSMEs by offering a comprehensive range of high-quality ESG-registered services, known as D&B ESG Registered™.

D&B is now inviting forward-thinking enterprises to join it in working towards the ESG-empowered ecosystem that will enable everyone on the planet to enjoy a true ‘Green Future’.

[1] Source: 2020 Dun and Bradstreet survey conducted by Censuswide, on behalf of Dun & Bradstreet – of 1,000 Supply and Procurement professionals 500 US/500 UK professionals, December 2020.

[2] Source: 2020 Dun and Bradstreet survey conducted by Censuswide, on behalf of Dun & Bradstreet – of 1,000 Supply and Procurement professionals 500 US/500 UK professionals, December 2020.

About Dun & Bradstreet

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For details, please visit www.dnb.com.hk

Source : Dun & Bradstreet Hong Kong 'Connect for A Green Future' at ESG and Sustainable Supply Chain Development Forum

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The AISL Harrow Scholarships Foundation invites academically gifted students from around the world to apply for the AISL Harrow Scholarships 2024/26 which offers a unique opportunity to study A Level at one of the AISL Harrow Schools.

HONG KONG, Oct. 27, 2023 /PRNewswire/ — A charitable initiative of the AISL Harrow Scholarships Foundation to drive educational advancement, the AISL Harrow Scholarships 2024/26 is accepting applications from 20 October to 8 December 2023. Heading into its fourth year, the AISL Harrow Scholarships programme is a prestigious opportunity for outstanding students around the globe to study A Level (pre-university education) at one of the participating AISL Harrow Schools.

AISL Harrow Scholarships 2024/26 Opens for Applications

Create a positive impact on our communities through education

The establishment of the AISL Harrow Scholarships Foundation is a key component of AISL’s broader suite of Corporate Social Responsibility strategies to foster the development of talented individuals who possess the potential to shape a brighter future for our world. It seeks to expand and diversify the Harrow community by attracting academically gifted students from around the world, who demonstrate Harrow’s Core Values, to study in the AISL family of schools.

Successful applicants will receive full tuition, boarding and examination fee scholarships that offer them access to a Harrow-branded education known for its ‘Educational Excellence for Life and Leadership’. Since its inception in 2021, the Scholarships programme has been awarded to 16 scholars from over 1,300 applicants and continues to nurture and foster visionaries and talents for tomorrow.

Exceptional feats of our inaugural scholars

The first cohort of five scholars graduated this summer with a total of 18 A* and A grades in their A Level examinations, leading them to university offers from some of the most prestigious names, including the University of Cambridge, Harvard University, University of Pennsylvania and more.

‘Being an AISL Harrow Scholar gave me a sense of responsibility to always maintain my personal and academic standards, and always look out for the community.’
–     Matthew C., Harrow International School Hong Kong, admitted to Harvard University

‘The University of Pennsylvania has always been my dream school and the AISL Harrow Scholarships programme has really helped me achieve this dream.’
–    Tiffany C., Harrow International School Hong Kong, admitted to The University of Pennsylvania

‘My school gave me a new sense of confidence and encouraged me to take on new challenges and get out of my comfort zone.’
–    Yi Sum Y., Harrow International School Shanghai, admitted to The University of Cambridge

‘It is heartening to see the remarkable growth exhibited by our first cohort of scholars during their two years of studies with AISL Harrow Schools. These unparalleled achievements are a testament to the programme’s success in supporting scholars to advance their studies and secure coveted placements in top-tier universities,’ commented Dr Rosanna Wong, Chairman of Asia International School Limited.

Ten school locations with 20 scholarships opportunities across Asia

Ten schools within the AISL Harrow Family of Schools are taking part in the AISL Harrow Scholarships 2024/26. They include AISL Harrow Schools in Bangkok, Beijing, Hong Kong, Shanghai, Shenzhen Qianhai and Haikou, and four additional schools joining for the first year: Appi Japan, Hengqin, Chongqing and Nanning. Each participating school will grant scholarships to up to two scholars, offering a total of 20 scholarships opportunities for this year.

The Foundation welcomes applications from outstanding young minds who show passion, genuine commitment to continuous improvement and willingness to take on challenges. Dr Rosanna Wong said, ‘While top-tier academic performance is a fundamental requirement for application, we also prioritise leadership potential, commitment to co-curricular school life, and commitment to service. We look for demonstration of Harrow Core Values – courage, honour, humility and fellowship – in the most illustrious ways in the applicants.’

Application timeline

Applicants can submit their expression of interest forms from 20 October to 8 December 2023. Shortlisted applicants will be invited to an A Level assessment test between 8 and 30 January 2024. Online interviews with AISL’s educators are scheduled from 5 to 29 February 2024 and the final results will be announced on 8 April 2024.

Further details and online application forms are available at the official website aislharrow.com/apply-for-aisl-harrow-scholarships-2024/. Interested parties can follow AISL Harrow’s social media channels for the latest updates.

About Asia International School Limited (AISL) Group

Asia International School Limited (AISL) Group is a leading provider of education services in Asia. The AISL Harrow family of schools comprises Harrow International Schools, Harrow LiDe Schools, Harrow Hong Kong Children School and Harrow Little Lions Early Years Centres, which proudly draw on the 450-year heritage of Harrow School in the UK, embracing the Harrow Values of Courage, Honour, Humility, and Fellowship. We are committed to the highest standards and quality of education for all students, delivering educational excellence for life and leadership.

Driven by our commitment to educational excellence, AISL Education Group diversifies and enriches the range of offerings by harnessing professional services provided by expert service providers – AISL Academy, AISL Outdoor, and AISL Mall. Resourceful and well-rounded, these curated programmes and platforms empower educators to better nurture their students, young people as they explore outside the classroom, and learners as they unleash their full potential.

All of this is done to lift our next generations from being very good to being outstanding all-rounded individuals possessing strength of character to excel in a rapidly changing world. We invest in them, optimising their lifelong learning interests and leadership potential, preparing them for a high-achieving future to serve the wider community.

About the AISL Harrow Scholarships

Establishing the AISL Harrow Scholarships Programme is another milestone in AISL Harrow’s long history of educational excellence. The Programme seeks to enhance the diversity of the AISL Harrow community by attracting academically gifted students worldwide. The scholarships allow students to experience all that a Harrow education affords: excellence in and out of the classroom, the developing of leadership skills, and a commitment to service.

Through the AISL Harrow Scholarships programme, AISL is proud to be giving back to the global community, extending the availability of an excellent AISL Harrow education to students worldwide, allowing them access to a prestigious British education and, subsequently, to top universities.

Alongside the AISL Harrow Scholarships, the individual Harrow-branded schools in Asia also provide scholarship opportunities for gifted students. To learn more, please subscribe to AISL Harrow’s official Facebook Page (AISL Education Group – AISL Harrow I Outdoor I Academy), Instagram account (@aislharrowschools) and view the AISL Harrow Schools website at aislharrow.com/aisl-harrow-scholarships/.

Source : AISL Harrow Scholarships 2024/26 Opens for Applications

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– Impressive safety and efficacy for solid cancer patients followed by global clinical study plan

SEOUL, South Korea, Oct. 27, 2023 /PRNewswire/ — SN Bioscience Co., Ltd. (CEO Younghwan Park) announced the results of the phase 1 clinical study of SNB-101, a nanoparticle anti-cancer new drug pipeline, at ESMO Congress 2023 held in Madrid, Spain from October 20 to 24. This phase 1 clinical study was conducted to evaluate the safety and tolerability of SNB-101 administered to 21 patients with solid tumors in Korea and to determine the recommended dose for phase 2. CHA Bundang Medical Center (Professor Joo-Hang Kim), Catholic University of Korea Seoul ST. Mary’s Hospital (Professor Myung A Lee), and Severance Hospital of the Yonsei University (Professor Sun Young Rha) participated in this study.

In this phase 1 clinical study, patients with various solid cancers, such as small cell lung cancer, non-small cell lung cancer, gastric cancer, esophageal cancer, head and neck cancer, and rectal cancer, who failed existing standard therapy were enrolled, and they had previously experienced 1st to 9th lines of treatment.

The results of the phase 1 study showed excellent safety in the dosage range (5 to 50 mg/m2 as of SN-38) and did not reach the maximum tolerable dose (MTD) even when all the cohorts were consumed. The most common adverse drug reactions were hematological, such as neutropenia, and were well manageable. In particular, diarrhea of grade 3 or higher, a major adverse drug reaction that frequently occurs with irinotecan, a drug with same active moiety, was not observed. Accordingly, it was evaluated to have excellent safety and tolerability compared to the competitive drugs.

In terms of the efficacy evaluation results, out of a total of 21 patients, partial response (PR) was 14.3% (3 patients, small cell lung cancer, non-small cell lung cancer, rectal cancer), and stable disease (SD) was 28.6% (6 patients, small cell lung cancer, non-small cell lung cancer, rectal cancer, head and neck cancer, gastric cancer), and progressive disease (PD) was 57.1% (12 patients). The disease control rate (DCR) of all patients was 42.9%, well demonstrating the characteristics of general cytotoxic anti-cancer drugs. In particular, in the high dose group (40~50mg/m2), the DCR was 83.3%, well indicating dose dependency.

Figure. Efficacy results of SNB-101 (water fall chart)

SNB-101 is a polymeric nanoparticle with an average particle size of approximately 100 nm, and in the preclinical studies, its distribution to the lungs was significantly higher than that of the anti-cancer drugs in conventional delivery. That aligns well with the efficacy results in lung-related tumors such as small cell lung cancer and non-small cell lung cancer from preclinical and phase 1 clinical studies. Based on the results, SN Bioscience plans to conduct multinational phase 2 clinical study targeting the small cell lung cancer in 2024.

For small cell lung cancer, which is one of the areas with very high unmet medical needs, cisplatin + etoposide combination is currently used as the first line standard therapy. Second line therapies include lurbinectedin (product name: Zebzelca), which was recently approved as an orphan drug, and topotecan and paclitaxel, which are traditional chemotherapeutic regimen. According to the NCCN (National Comprehensive Cancer Network) guidelines, treatments are so limited that clinical studies are listed as second line treatment options. In preclinical studies, SNB-101 showed superior efficacy over the first line therapies as well as the second line therapies that are approved for small cell lung cancer. The goal of phase 2 clinical study is to show the superiority over competitive drugs as monotherapy and/or combination with immunotherapy, based on which, SN BioScience plans to enter the global market through expedited approval process after completing phase 2 clinical study.

[SNB-101]

SNB-101 is the world’s first nano-anti-cancer drug in which the active metabolite (SN-38) of Irinotecan, a commercially available anti-cancer drug, is active ingredient, and is applied with double nanomicelle technology, a core platform technology of SN Bioscience. SNB-101 is expected to secure new indications as it does not require a metabolic step for activation as well as the advantage of directly administering SN-38, an active metabolite. SNB-101 is a polymeric nanoparticle of approximately 100 nm characterized by a high accumulation rate, especially in the lung and tumor tissue, when administered intravenously, and has shown a wide range of efficacy in solid cancers such as small cell lung cancer, gastric cancer, colon cancer, and pancreatic cancer in preclinical studies. In addition, since it shows a synergistic effect even when used in combination with commercially available immune-anti-cancer drugs, targeted anti-cancer drugs, and chemical anti-cancer drugs, the possibility of its development as a combination therapy in the future is also very high. SNB-101 has secured mass production technology, which is one of the barriers to the development of nanomedicines and is being produced as a sterile product by a contract manufacturing organization (CMO) specializing in anti-cancer drugs that has received EU GMP certification. Furthermore, the US FDA has designated SNB-101 for orphan drug on SCLC based on the medical needs and its preclinical outcome.

[SN BioScience Inc.]

SN BioScience was established in May 2017 as a drug delivery system R&D biotech company specialized in anti-cancer drugs and is located in the 2nd Pangyo Techno Valley in Seongnam-si, Gyeonggi-do, Korea. SN BioScience was founded by pharmaceutical R&D experts, world-class bio-polymer research professors, and clinical professors. From the beginning of its establishment, it has been conducting research and development with a focus on “commercialization.” Polymer nano-drug delivery technology and albumin nano-drug delivery technology are their key platforms, and it is currently in the stage of expanding its technology to sustained-release liposomes and albumin nanoparticles.

Source : SN Bioscience Announces Phase 1 Study Results of SNB-101 (SN-38 Nanoparticle Anti-cancer Drug) at ESMO

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STOCKHOLM, Oct. 27, 2023 /PRNewswire/ —

Highlights of the third quarter of 2023           

Net sales amounted to SEK 33,427m (35,244). The organic sales decline of 7.9% was mainly driven by continued weak market demand and consumers shifting to lower price points. Mix was positive, supported by the innovative product offering, despite this market shift. Price was negative year-over-year as promotional activity has returned to high levels this year. Operating income amounted to SEK 608m (-385), corresponding to a margin of 1.8% (-1.1). Operating income included a previously announced positive non-recurring item of SEK 294m from the divestment of the Nyíregyháza factory in Hungary. Excluding this, operating income amounted to SEK 314m (-35), corresponding to a margin of 0.9% (-0.1). The Group-wide cost reduction and North America turnaround program continued to progress well, resulting in a positive year-over-year impact of approximately SEK 2.4bn. The substantial savings contributed to a positive underlying operating income development year-over-year, despite the negative impact from volume and price. Income for the period amounted to SEK 123m (-605) and earnings per share were SEK 0.46 (-2.23). Operating cash flow after investments improved to SEK 1,147m (-1,483). Acceleration of cost reduction efforts to restore margins have been initiated and are expected to result in net cost savings of SEK 10-11bn in 2024 vs 2022, compared to previous cost reduction target of over SEK 7bn. This is expected to lead to a restructuring charge of SEK 2-2.5bn in the fourth quarter of 2023.

President and CEO Jonas Samuelson’s comment

Organic sales declined by 7.9% in the third quarter. Like in the previous quarter, volumes declined significantly and as expected, net price was negative. We continued to execute well on the Group-wide cost reduction and North America turnaround program. However, the challenging market environment with demand mainly driven by forced replacements, consumers shifting to lower price points and high promotional activity, offset most of the SEK 2.4bn cost savings. Underlying operating income increased to SEK 314m compared to break-even in the third quarter of 2022. Operating cash flow after investments was SEK 1.1bn.

Lower residential construction and remodeling activity continued to lead to weaker market demand in the for Europe and Australia very important built-in kitchen category. As expected, this in combination with postponed purchases of more discretionary product categories resulted in a less pronounced positive seasonality in the normally strong third quarter.

Due to the lower consumer demand and the end of post-pandemic supply chain constraints, promotional activity remained high in all major markets, especially in North America. This resulted in a negative net price, year-over-year, in line with our communication in the interim report for the second quarter. We expect price also in the fourth quarter to be negative for the Group as a whole.

It is disappointing that our North American business area, although delivering a significant year-over-year improvement, reports a loss in the third quarter. Despite execution of the turnaround program ahead of plan, the industry’s high promotional activity negatively impacted primarily gross margin realization, but also sales volumes. I firmly believe we have the right strategy in place to return to profitability in North America. It is a sign of strength that we in the quarter grew in higher value categories, which the investments in new and innovative modular product architectures have enabled, and that we introduced and ramped-up production of our new freestanding cooking products. We need to further accelerate this commercial growth and at the same time increase our cost reduction measures, not just for our North America operation but the Group as a whole. The ongoing cost reduction program, while ahead of plan, is not sufficient to restore margins given the continued weak consumer demand and competitive pressure in the market, which is significantly exacerbated by large discrepancies in input cost inflation between Europe/North America and certain parts of Asia.

With today’s announcement, we are stepping up our cost reduction efforts significantly. This also means that we focus our growth efforts on selected mid- and premium categories under our three main brands and drive even more targeted portfolio management and simplification enabling faster cost reductions. Hence, the cost reduction target for 2024 vs 2022 is increased to SEK 10-11bn, compared to the previous target of over SEK 7bn. The new target comprises net cost reductions from Cost efficiency and Investments in innovation and marketing, combined. For 2023 the target is to reach cost reductions of approximately SEK 6bn, year-over-year, compared to the previous target of at least SEK 5bn. Given the time lag before the actions now put in place will have full earnings impact, we do not expect sequential improvement of underlying operating income in the fourth quarter.

We remain committed to achieving at least 6% EBIT margin mid-term. In addition to an attractive offering driving commercial growth in targeted areas, a key component to deliver on this under current market conditions will be to continue to annually reduce product cost at a similar rate as during the period 2023-2024. This is enabled by a new, more focused business approach and simplified organizational structure.

The Group will reorganize into three regional business areas and two global product lines reporting directly to me, leveraging the Group’s global scale with fewer layers, and resulting in increased focus and reduced costs. The new organizational setup is expected to affect approximately 3,000 positions, resulting in a restructuring charge in the fourth quarter of 2023 of SEK 2-2.5bn, which will be reported as a non-recurring item.

Consumer sentiment related to consumer durables purchases is projected to remain negatively impacted by the high inflation and interest rate environment throughout 2023. However, given high promotional activity we revise the market demand outlook in terms of units for North America for the full-year 2023 to be neutral compared to previously negative, while we continue to expect total market value development in the region to be negative.

We are making progress on our strategic divestment initiatives of non-core assets with a combined potential value of approximately SEK 10bn over the coming years. In the quarter, divestments of over SEK 1bn were announced, whereof SEK 0.5bn has been realized. Total liquidity, including revolving credit facilities, increased sequentially to SEK 33.7bn.

Our main priority remains executing on our cost reduction targets and to implement the new organization. We thereby aim to successfully strengthen our position in selected mid- and premium categories to restore margins and return to profitable growth.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, October 27. Jonas Samuelson, President and CEO, Therese Friberg, CFO, and Anna Ohlsson-Leijon, CCO, will comment on the report.

To only listen to the telephone conference, use the link:

https://edge.media-server.com/mmc/p/hcdw3ekw

OR

To both listen to the telephone conference and ask questions, use the link:

https://register.vevent.com/register/BIcabd606149f449a5a594d9432d6abf8d

Presentation material available for download

www.electroluxgroup.com/ir

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 27-10-2023 08:00 CET.

CONTACT:

For more information:

Sophie Arnius, Investor Relations, +46 70 590 80 72

Electrolux Group Press Hotline, +46 8 657 65 07

The following files are available for download:

https://mb.cision.com/Main/1853/3863901/2389733.pdf

Interim Report Q3 2023_FINAL

Source : Electrolux Group Q3 2023 Interim report

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STOCKHOLM, Oct. 27, 2023 /PRNewswire/ — Against the background of continued weak consumer demand and competitive pressure in the market, Electrolux Group is stepping up its cost reduction efforts to restore margins. The actions are expected to result in net cost savings of SEK 10-11bn in 2024 vs 2022, compared to the previous cost reduction target of over SEK 7bn, and lead to a restructuring charge of SEK 2-2.5bn in the fourth quarter of 2023. The Group will reorganize into three regional business areas and two global product lines reporting to the CEO, leveraging the Group’s global scale with fewer layers, resulting in increased focus and reduced costs.

As communicated in connection to the Q2-2023 report, given the challenging macro environment, an evaluation of further structural simplification and complexity reductions has been initiated. Weak market demand with consumers mixing down to lower price-points has been accompanied by increasing price pressure in most markets globally, particularly impacting North America. This has been enabled by the resolution of post pandemic supply-chain constraints, significantly lower freight rates, a strong US dollar vs. Asian currencies and large cost inflation discrepancies between Europe and North America on one hand and in certain parts of Asia on the other, resulting in high promotional activity with increased pressure on margins.

To restore margins and return to profitable growth through accelerated execution of the strategy to deliver innovative and sustainable digital consumer experience solutions, Electrolux Group is increasing its focus to grow profitably in selected mid- and premium categories with its main brands, while driving even more targeted portfolio management. The strategy to drive high efficiency and productivity and the efforts to significantly reduce product and SG&A cost are intensified. The ongoing substantial cost reduction progress, while ahead of plan, is not sufficient to restore margins given the price pressure from input cost discrepancies. Further simplification, delayering and streamlining of the organization are required.

"We are therefore accelerating structural cost reductions and execution of product cost measures. Hence, the cost reduction target for 2024 vs 2022 is increased to SEK 10-11bn, compared to the previous target of over SEK 7bn. The new target comprises net cost reductions from Cost efficiency and Investments in innovation and marketing, combined. For 2023 the target is to reach cost reductions of approximately SEK 6bn, year-over-year, compared to the previous target of at least SEK 5bn," says President & CEO Jonas Samuelson.

"We remain committed to achieve at least 6% EBIT margin mid-term. In addition to an attractive offering driving commercial growth in targeted areas, a key component to deliver on this under current market conditions will be to continue to annually reduce product cost at a similar rate as during the period 2023-2024. This is enabled by a new, more focused business approach and simplified organizational structure."

The new organizational setup is expected to affect approximately 3,000 positions, resulting in a restructuring charge in the fourth quarter of 2023 of SEK 2-2.5bn, which will be reported as a non-recurring item.

In addition to the new organizational structure, a key earnings contributor will be lower product costs. During the past years, the Group has developed multiple competitive new modular product architectures delivering leading consumer experience innovation. The focus will now shift to manufacturing productivity and material cost reduction through intensified sourcing and cost engineering initiatives. The new product line setup will enable faster execution of product cost savings.

New, simplified organization

The new organization will consist of two global product lines, three regional business areas, and four global functions, all reporting to the CEO.

The two product lines will have the global, end-to-end responsibility to prioritize the growing and profitable product categories where Electrolux Group will focus its business and investments, leveraging global scale with speed and lower cost. Dan Arler has been appointed Head of Product Line Taste and Ian Banes has been appointed Head of Product Line Care.

To further leverage product and brand synergies between Europe and Asia-Pacific, Middle East & Africa, and to adapt the organization to the upcoming divestment of the operations in Egypt and South Africa, the current two Business Areas in the regions will form one Business Area under the leadership of Anna Ohlsson-Leijon, who will also be Group Executive Vice President, responsible for Group Consumer Direct Interaction development and Product Line Wellbeing. The other two Business Areas; North America, under the leadership of Ricardo Cons, and Latin America, Leandro Jasiocha, remain.

The four global functions are Operations under the leadership of Carsten Franke; Technology & Sustainability, Elena Breda; Finance, Legal & IT, Therese Friberg; and People & Communications, Lars Worsøe Petersen.

The new product line structure announced today will be effective as of November 1, 2023, and the new business area structure as of January 1, 2024. Electrolux Group will report on the new business area structure in the interim report for the first quarter of 2024. Proforma figures showing the performance of the merged business area Europe-APACMEA will be made available through a press release prior to the quarterly report.

This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27-10-2023 07:50 CET.

CONTACT:

For more information:

Sophie Arnius, Investor Relations, +46 70 590 80 72

Electrolux Group Press Hotline, +46 8 657 65 07

The following files are available for download:

https://mb.cision.com/Main/1853/3863894/2389721.pdf

231027 Press release cost reductions and org simplifications

Source : Electrolux Group steps-up cost reductions and organizational simplifications

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

High Performance, Strong Profitability Reflect Progress in Advancing Business Portfolio, Accelerating B2B Business and Procuring New Growth Engines

SEOUL, South Korea, Oct. 27, 2023 /PRNewswire/ — LG Electronics Inc. (LG) today announced third-quarter 2023 consolidated revenue of KRW 20.7 trillion and operating profit of KRW 996.7 billion, both the second highest third-quarter figures in the company’s history. The noteworthy performance was driven by both the company’s core home appliance business and vehicle solutions, one of its future growth engines. Home appliances more than doubled its operating profit year-over-year while vehicle solutions recorded an all-time high operating profit.

LG ANNOUNCES THIRD-QUARTER 2023 FINANCIAL RESULTS

LG ANNOUNCES THIRD-QUARTER 2023 FINANCIAL RESULTS

The strong performance reflects the company’s smooth progress in the execution of its future vision for 2030, leading to solid revenue and profits despite a prolonged economic slowdown. The fundamentals of LG’s 2030 vision, announced last July, is to focus on B2B expansion, non-hardware business model innovation as well as the development and acquisition of new growth engines with the aim to go beyond a home appliance company to truly become a Smart Life Solutions company capable of connecting and expanding diverse spaces and experiences.

The revenue growth was greatly bolstered by expansion in B2B, including automotive parts and HVAC systems – a key factor behind the second highest third-quarter figure in the company’s history. Revenue in B2B grew significantly to account for approximately 35 percent of overall revenue this year.

B2B segments are less influenced by economic conditions compared to B2C, and stable revenue and profits can be expected once the business is properly set up. Another merit is the lock-in effect that can help promote the development of a strong long-term relationship with clients and customers. LG plans to develop additional growth opportunities in the area by going beyond merely supplying B2B products to expand into providing high added-value business solutions in connection to the supplied products. The goal will be to boost B2B revenue to over KRW 40 trillion by 2030.

Third-quarter operating profit increased by more than 30 percent both year-over-year and quarter-over-quarter. A key contributor to the high profitability was the company’s business model innovation – combining non-hardware solutions such as content and subscription services with traditional hardware products such as home appliances and TVs. In the past, a one-off revenue was recorded when a product was sold. This has now transformed into generating recurring revenue from the use of solutions on platforms installed in the millions of products used by consumers of LG devices.

In developing and acquiring new growth engines, LG aims to focus on investing in promising businesses that not only show high potential but can also create synergy with existing businesses. Investment into electric vehicle charging is a prime illustration of such strategy. The company has plans for global expansion beginning next year in collaboration with diverse partners.

The seamless operation and solid progress of the company’s 2030 vision’s three pillars – leading growth of company (B2B), generating profit (non-hardware) and boosting enterprise value (new growth engines) – is a strong demonstration of LG’s advancement toward achieving Triple 7 (average growth rate and operating profit of 7 percent or more and enterprise value to EBITDA ratio of 7 or more).

LG will continue to focus on accelerating its business portfolio transformation efforts into the fourth quarter, seeking to maintain high-growth in B2B with vehicle component solutions taking the lead, while at the same time growing sales of key product lineups as the end-of-year peak season approaches. Simultaneously, the company plans to optimize efficiencies through enhanced demand forecasting to support stable profitability going forward.

The LG Home Appliance & Air Solution Company generated third-quarter revenue of KRW 7.46 trillion and an operating profit of KRW 504.5 billion. The operating profit more than doubled year-over-year, attributable to strong competitiveness in overall business operations including manufacturing, procurement and logistics. Revenue maintained strong versus last year’s third quarter, aided by strategic repositioning of product lineups in response to softened demand as well as expansion of B2B lineups including HVAC, parts and built-in appliances. LG plans to leverage the electrification and decarbonization trend in HVAC systems to accelerate its B2B growth momentum. For example, in the United States, the company recently committed to a series of actions supporting California’s goal to install six million electric heat pumps by 2030. LG is also actively expanding its HVAC portfolio with new Dedicated Outdoor Air Systems. In the fourth quarter, the company will seek to spearhead a paradigm shift in home appliances with the LG ThinQ UP 2.0 expanding business into services and subscriptions. Four upgraded features for the ThinQ UP have already been released in North America, accelerating the speed of customer experience innovation.

The LG Vehicle component Solutions Company’s third-quarter revenue was KRW 2.5 trillion and operating profit KRW 134.9 billion – the highest among all third-quarter revenue and operating profit. The company is accelerating its pace of growth based on stable management of its supply chain and an order backlog that is expected to reach KRW 100 trillion by the end of the year. The business unit is expected to exceed KRW 10 trillion in annual revenue for the first time this year, setting the stage to become a key driving force in LG’s overall growth. Growth is still expected to be high due to the accelerating transition to electric vehicles and soaring demand for high added-value parts, despite some concerns of a temporary slowdown of demand in the automotive parts industry. In light of such developments, LG plans to maintain its growth momentum by focusing on high added-value projects and acceleration of regional production at the LG Magna plant in Ramos Arizpe, Mexico.

The LG Home Entertainment Company recorded third-quarter revenue of KRW 3.57 trillion and an operating profit of KRW 110.7 billion. The company maintained its profitable growth by effectively managing marketing expenses despite increased LCD panel prices, while also diversifying profit sources based on the growth of content and services business built on its smart TV platform. The company is accelerating its transition from a product-based business to a platform-based media and entertainment business as the content and services market continues to grow. To this end, in addition to expanding collaboration with various content providers, the company is upgrading TV operating systems to expand the content experience of customers. The number of TVs powered by webOS, the foundation of LG’s content and services business, is expected to reach 300 million units by 2026.

The LG Business Solutions Company’s third-quarter revenue was KRW 1.33 trillion with an operating loss of KRW 20.5 billion. Both revenue and profitability weakened due to the softening of demand for IT products. As challenging business conditions persist, the company continues to innovate customer experiences with premium IT lineups such as commercial displays and foldable laptops that provide customized solutions, while also making progress in fostering the electric vehicle charger business, one of LG’s new growth engines.

Earnings Conference and Conference Call

LG Electronics will hold a Korean / English conference call on October 27, 2023, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.

About LG Electronics, Inc.

LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 80 trillion in 2022. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.

Source : LG ANNOUNCES THIRD-QUARTER 2023 FINANCIAL RESULTS

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network