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ROCK HILL, S.C., Nov. 26, 2024 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the third quarter ended September 30, 2024. Third Quarter Highlights (All numbers are unaudited and are presented in millions, except per share amounts or as otherwise noted) Revenue of $112.9 million decreased 9% year-over-year primarily driven by macro weakness in printer sales, partially offset by approximately 10% growth in consumables sales Healthcare Solutions revenue of $55.1 million grew 5% year-over-year, led by strong growth in Dental and Personalized Healthcare solutions Customer interest in 3D printing applications continued to gain momentum, with revenues in the Application Innovation Group (AIG) growing over 26% year-to-date versus prior year across industrial markets Q3'24 gross profit margin of 36.9% and Non-GAAP gross profit margin (1) of 37.6% included a $3 million headwind related to an increase in inventory reserves - if excluded, Non-GAAP gross profit margin was 40.2% Q3'24 net loss of $178.6 million, diluted loss per share of $1.35, which includes $143.7 million associated with the impairment of goodwill and other long-lived assets. Non-GAAP diluted loss per share (1) of $0.12 Q3'24 negative Adjusted EBITDA (1) of $14.3 million Updating guidance for remainder of FY'2024 to now include expected full-year revenues within the range of $440 million - $450 million Summary Comments on Results Commenting on third quarter results, Dr. Jeffrey Graves, president and CEO of 3D Systems said, “As recently shared, our third quarter revenues continued to be impacted by sluggish capital investments by our customers for new production capacity, particularly in the Industrial markets, impacting the sale of new printing systems. On a positive note however, capacity utilization for our installed printer fleet broadly increased, translating into an increase in consumable revenues, which grew nearly 10% on both prior year and sequential comparisons. While 2024 has been a challenging year for new printer system sales, we are increasingly encouraged about the future, driven in large part by customer demand for our Application Innovation Group, a group of highly skilled process specialists who assist customers in developing new applications for 3D printing. Year-to-date this group, which spans both polymer and metal solutions, has experienced a rise of over 26% in revenues derived from new application development, particularly in highly regulated markets such a semiconductor equipment manufacturing, oil & gas, aerospace & defense markets, and our medical markets. Much of this performance, and the future growth potential it implies, has been fueled by an aggressive cycle of innovation at our company, enabled by our sustained focus on new product innovation across all of our major polymer and metal printing solutions. As a result of this sustained focus, which we believe differentiates us from many others in our industry, we are on pace to deliver nearly 40 new products to market since the third quarter of last year, and 25 in calendar 2024 alone. We believe no other company in our industry has matched this output that we expect will pay dividends in growth and profitability improvements as the economy rebounds in the future.” Dr. Graves continued, “Given our strong focus on new product innovation, over the last two years we’ve also completely altered our manufacturing model from nearly 100% outsourced, to taking full responsibility for our integrated supply chain by in-sourcing procurement, assembly operations and logistics. This transition is now virtually complete, and, while it required short-term increases in expenses and working capital, we believe it is absolutely essential in driving smooth new product introductions, high quality product and delivery performance and, importantly, long-term customer satisfaction and gross margin improvements as factory efficiencies increase. While weakness in our end-markets over the last several quarters has muted these benefits, as volumes recover we expect to realize them increasingly over time. With our in-sourcing efforts now close to completion, our near term focus has shifted to managing working capital and capex spend to improve cash performance. This has been increasingly effective as we entered the second half of the year, as demonstrated by the stabilization of our cash reserves in the third quarter. We were also pleased to deliver a sequential reduction in operating expenses, in line with our previous expectations, and expect the benefits of restructuring actions previously taken to positively impact our cost structure in the quarters ahead.” Dr. Graves concluded, “As we look to the end of the year, the consistent fueling of our R&D engines as we moved through a tougher macro environment period is now driving an acceleration of exciting new customer applications, supported by outstanding new products spanning from new printer hardware to advanced engineering materials, to enhancement of our software capabilities. We believe this positions us well as the geopolitical and economic headwinds of the last 18 months ultimately begin to recede. Given timing uncertainties and normal quarter-to-quarter inventory management at year-end, we believe it is prudent to be conservative in our outlook for the full year. As such, we are updating our revenue expectations for the full year 2024 to be between $440 million and $450 million. From an OPEX perspective, we expect to see continued improvement consistent with our prior comments, namely that OPEX will decrease again in Q4, to below $60 million. These combined factors should yield a sequential improvement in Adjusted EBITDA and will place us on a trajectory towards profitability in the quarters ahead. We will continue our balanced view of short-term focus on cash performance and improving profitability, while meeting the longer-term needs of our customers from a technology and service perspective. In keeping our customers’ production goals clearly in our sites each day, we believe that substantial long-term value will be created for all of our stakeholders in the years ahead.” Summary of Third Quarter Results Revenue for the third quarter of 2024 decreased approximately 9% to $112.9 million compared to the same period last year, primarily driven by lower printer sales, partially offset by approximately 10% growth in materials. Gross profit margin for the third quarter of 2024 was 36.9% compared to 44.7% for the same period last year. Non-GAAP gross profit margin was 37.6% compared to 44.8% for the same period last year. Gross profit margin decreased primarily due to unfavorable absorption associated with lower volumes and approximately $3 million associated with an increase in inventory reserves, partially offset by favorable mix. In addition, gross profit margin from the prior year period includes approximately $4.5 million of incremental revenue recognized by our Regenerative Medicine business at 100% margin related to incremental milestone recognition which did not repeat in the third quarter of 2024. Operating expense for the third quarter of 2024 was $222.5 million compared to $68.9 million for the same period last year and includes $143.7 million associated with the impairment of goodwill and other long-lived assets taken during the third quarter of 2024. Non-GAAP operating expense of $61.4 million increased $5.6 million compared to the same period last year, while improving $2.7 million on a sequential basis. The sequential improvement was primarily driven by benefits associated with prior restructuring actions. Net loss attributable to 3D Systems Corporation for the third quarter of 2024 was $178.6 million compared to a net loss of $11.7 million for the same period last year. The decline from prior year was primarily impacted by the previously referenced $143.7 million associated with the impairment of goodwill and other long-lived assets taken during the third quarter of 2024. Adjusted EBITDA decreased by $19.1 million to a loss of $14.3 million in the third quarter of 2024 compared to the same period last year. The decrease in Adjusted EBITDA primarily reflects lower revenue, lower gross margin and higher operating expense. As previously noted, the third quarter of 2023 also included the benefit of approximately $4.5 million of incremental milestone recognition by our Regenerative Medicine business at 100% margin that did not repeat in the third quarter of 2024. Updating 2024 Outlook Based on current macroeconomic and geopolitical conditions, 3D Systems is updating its financial guidance for the remainder of 2024 as follows: Revenues for the full-year 2024 within the range of $440 million - $450 million Non-GAAP gross profit margin for the full-year 2024 within the range of 38% - 40% Maintain the expectation for Non-GAAP operating expense of less than $60 million for Q4'24 Adjusted EBITDA to improve sequentially Financial Liquidity At September 30, 2024, the company had cash and cash equivalents of $190.0 million, a decrease of $141.5 million since December 31, 2023. The decrease resulted primarily due to cash used in operations of $37.1 million, capital expenditures of $10.8 million, and repayment on borrowings of $87.2 million. At September 30, 2024, the company had total debt, net of deferred financing costs of $211.7 million. Q3 2024 Conference Call and Webcast The company will host a conference call and simultaneous webcast to discuss these results on November 27, 2024, which may be accessed as follows: Date: Wednesday, November 27, 2024 Time: 8:30 a.m. Eastern Time Listen via webcast: www.3dsystems.com/investor Participate via telephone: 201-689-8345 A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor . Forward-Looking Statements Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law. Presentation of Information in this Press Release 3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain non-GAAP measures, including: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expense, non-GAAP diluted income (loss) per share, and Adjusted EBITDA. These non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items: amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations; costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees; stock-based compensation expenses, a non-cash expense; charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses; impact of equity method investments; certain compensation expense related to the 2021 Volumetric acquisition; and costs, including legal fees, related to significant or unusual litigation matters. Amortization of intangibles and acquisition and divestiture-related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business' operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration. The matters discussed above are tax effected, as applicable, in calculating non-GAAP diluted income (loss) per share. Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period. A reconciliation of GAAP to non-GAAP measures is provided in the accompanying schedules. 3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross profit margin, Adjusted EBITDA, and non-GAAP operating expense to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially. About 3D Systems More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in Healthcare and Industrial Solutions markets such as medical and dental, aerospace & defense, automotive and durable goods. More information on the company is available at www.3dsystems.com . Amounts included in restricted cash as of September 30, 2024, December 31, 2023 and September 30, 2023 primarily relate to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Amounts included in restricted cash as of December 31, 2022 primarily relate to $3,435 deposited into an escrow account relating to the initial investment in the National Additive Manufacturing innovation ("NAMI") joint venture. The remaining amounts in restricted cash in all periods presented relate to collateral for letters of credit and bank guarantees. (1) Amounts in table may not foot due to rounding (2) Calculated as non-GAAP gross profit as a percentage of total revenue (1) Amounts in table may not foot due to rounding (2) Calculated as non-GAAP gross profit as a percentage of total revenue Non-GAAP Operating Expense (1) (1) Amounts in table may not foot due to rounding (1) Amounts in table may not foot due to rounding (1) Amounts in table may not foot due to rounding
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DALLAS (AP) — More than 60 years after President John F. Kennedy was assassinated , conspiracy theories still swirl and any new glimpse into the fateful day of Nov. 22, 1963, in Dallas continues to fascinate . President-elect Donald Trump promised during his reelection campaign that he would declassify all of the remaining government records surrounding the assassination if he returned to office. He made a similar pledge during his first term, but ultimately bended to appeals from the CIA and FBI to keep some documents withheld. At this point, only a few thousand of the millions of governmental records related to the assassination have yet to be fully released, and those who have studied the records released so far say that even if the remaining files are declassified, the public shouldn't anticipate any earth-shattering revelations. “Anybody waiting for a smoking gun that’s going to turn this case upside down will be sorely disappointed,” said Gerald Posner, author of “Case Closed,” which concludes that assassin Lee Harvey Oswald acted alone. Friday's 61st anniversary is expected to be marked with a moment of silence at 12:30 p.m. in Dealey Plaza, where Kennedy's motorcade was passing through when he was fatally shot. And throughout this week there have been events marking the anniversary. When Air Force One carrying Kennedy and first lady Jacqueline Kennedy touched down in Dallas , they were greeted by a clear sky and enthusiastic crowds. With a reelection campaign on the horizon the next year, they had gone to Texas on political fence-mending trip. But as the motorcade was finishing its parade route downtown, shots rang out from the Texas School Book Depository building. Police arrested 24-year-old Oswald and, two days later, nightclub owner Jack Ruby fatally shot Oswald during a jail transfer. A year after the assassination, the Warren Commission, which President Lyndon B. Johnson established to investigate the assassination, concluded that Oswald acted alone and there was no evidence of a conspiracy. But that hasn't quelled a web of alternative theories over the decades. In the early 1990s, the federal government mandated that all assassination-related documents be housed in a single collection in the National Archives and Records Administration. The collection of over 5 million records was required to be opened by 2017, barring any exemptions designated by the president. Trump, who took office for his first term in 2017, had boasted that he'd allow the release of all of the remaining records but ended up holding some back because of what he called the potential harm to national security. And while files have continued to be released during President Joe Biden's administration, some still remain unseen. The documents released over the last few years offer details on the way intelligence services operated at the time, and include CIA cables and memos discussing visits by Oswald to the Soviet and Cuban embassies during a trip to Mexico City just weeks before the assassination. The former Marine had previously defected to the Soviet Union before returning home to Texas. Mark S. Zaid, a national security attorney in Washington, said what's been released so far has contributed to the understanding of the time period, giving “a great picture” of what was happening during the Cold War and the activities of the CIA. Posner estimates that there are still about 3,000 to 4,000 documents in the collection that haven’t yet been fully released. Of those documents, some are still completely redacted while others just have small redactions, like someone's Social Security number. “If you have been following it, as I have and others have, you sort of are zeroed in on the pages you think might provide some additional information for history,” Posner said. There are about 500 documents that have been completely withheld, Posner said, and those include Oswald’s and Ruby’s tax returns. Those files, the National Archives says on its website, weren't subject to the 2017 disclosure requirement. Trump's transition team hasn’t responded to questions this week about his plans when he takes office. From the start, there were those who believed there had to be more to the story than just Oswald acting alone, said Stephen Fagin, curator of the Sixth Floor Museum at Dealey Plaza, which tells the story of the assassination from the building where Oswald made his sniper's perch. “People want to make sense of this and they want to find the solution that fits the crime," said Fagin, who said that while there are lingering questions, law enforcement made “a pretty compelling case” against Oswald. Larry J. Sabato, director of the University of Virginia Center for Politics, said his interest in the assassination dates back to the event itself, when he was a child. “It just seemed so fantastical that one very disturbed individual could end up pulling off the crime of the century," Sabato said. “But the more I studied it, the more I realized that is a very possible, maybe even probable in my view, hypothesis.”
DAYTONA BEACH, Fla. (AP) — Aniwaniwa Tait-Jones' 21 points helped UC San Diego defeat James Madison 73-67 on Friday night. Tait-Jones also contributed six rebounds for the Tritons (4-2). Hayden Gray scored 16 points and added four steals. Nordin Kapic went 5 of 8 from the field (1 for 4 from 3-point range) to finish with 12 points. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get the latest sports news delivered right to your inbox six days a week.
Saturday's TransactionsBritish Journalism Awards winners 2024: Channel 4 News named best news provider, Caroline Wheeler is journalist of the year
Alberta RCMP are investigating the death of a fighter following a charity mixed martial arts event outside Edmonton on Saturday. The 33-year-old Edmonton man died after participating in the combative sports event at a community centre in Enoch, Alta., on Edmonton's western outskirts, RCMP said. Police said they were informed Monday morning that the fighter had died sometime after his Saturday evening bout. RCMP Cpl. Troy Savinkoff said investigators are reviewing the circumstances of the death. Details are limited as the investigation is in its early stages, he said Tuesday. The death followed the release of a fatality inquiry report earlier this month into the death of fighter Tim Hague, who died following a match in Edmonton in 2017. The judge's report called for sweeping changes to the way combative sports are regulated in Alberta. According to online ads for Saturday's event and competitors who took part, the amateur fight, organized by Ultra MMA, featured around 36 novice fighters. The U.K.-based company encourages new fighters to participate in the sport. Its website offers novice competitors the opportunity to fight in a "glamorous black-tie event" following two months of free training with a local gym. The training involves two sessions a week, and competitors must participate in at least half of the sessions to be allowed into the cage, the company says on its website. It promises fighters access to the same medical care and regulation they would have at professional events. In a statement to CBC, company officials offered condolences to the fighter's family. According to the statement, the event was sanctioned by a municipal combative sports commission from central Alberta. "Ultra Events Canada will, of course, offer his family and friends any support we can at this very sad time," the statement said. "With investigations now underway into the cause of our participant's death, it would be inappropriate to comment further at this stage." Fighters who signed on to compete in Saturday's event have questions about how the fight was regulated and organized, and the level of medical supervision afforded to the man who died. Most professional fights are supervised by a regulatory body to guarantee the safety of fighters. Supervising authorities set rules and oversee medical care for competitors. Alberta is the only province that puts combative sports commissions under municipal jurisdiction. Charles Proulx, who competed in a handful of MMA matches as a teen, was supposed to compete on Saturday. But the event was called off after the fighter who later died was carried out of the ring, he said. Proulx said he trained alongside the man and described him as a friendly, energetic person who was eager to compete. They often sparred together and Proulx said he was a "good vibes" person who motivated others. Proulx, like the other fighters on the card, had signed on for the two months of free training sessions. He had been dieting, training and cutting weight. Proulx had only competed in a handful of MMA matches as a teen but felt excited to fight again. Proulx said he came into the arena partway through the match and saw that his new friend was in "bad condition." "I thought it was just because of bad cardio," he said. "It's hard to carry that much muscle. "I thought he was gassing out normally like any big guy would but at the third round, it really went bad. He was not answering many of the punches." He said at one point the man was put in an armbar hold by his opponent but the fight continued. "His energy level was dropping rapidly but he didn't tap out," Proulx recalled. "In the end, he asked to sit down and was carried out of the ring. "Not too long after that, the commissioner told us there will be no other fights tonight." Proulx said he wants the fight investigated. He has questions about how the event was sanctioned and how the safety of fighters was maintained. "I just want to make sure that this type of incident doesn't happen ever again," he said. Natalija Rajkovic also trained to compete on Saturday. It would have been her first MMA bout. Rajkovic said she met the fighter who died through their shared training sessions. She described him as a family man who was full of energy and always smiling. She said most of the competitors were first-time fighters. She said she felt the training they were offered was insufficient preparation for people entering the cage. "Everything seemed fine at the beginning for training.," she said. "We were just doing a charity event, so no one expects it to be super crazy. "But then when you get to the event, things just started to not make sense." She said she had concerns about medical supervision and how the matches were regulated to ensure a "fair fight." She said the public and the man's family deserve clarity on how the fight was sanctioned and what may have gone wrong. "I knew what I was getting into when I signed up. I knew that it could be dangerous as well. But with that being said, there should never be a result like this."Meet to focus on Chiang Mai flood recovery
Ambarella, Inc. Announces Third Quarter Fiscal Year 2025 Financial ResultsPETALING JAYA: Although Malaysia is on the radar of foreign investors, challenges persist in further boosting foreign direct investment (FDI) into the country. AmBank Group managing director for business banking Christopher Yap (pic) told StarBiz that key challenges in attracting FDI include limited supply chain connections, currency exchange volatility, differences in international payment systems and navigating Malaysia’s regulatory framework. “One of the primary challenges is the limited supply chain access for foreign investors new to Malaysia. Another challenge is managing exchange rate fluctuations between foreign currencies and the ringgit, which can impact budgeting and financial statements for investors,” he said. Realising the importance of FDIs to the country’s economy, the group has put in several initiatives to further spur foreign investment. “For example, to mitigate the issue of limited supply chain access, our dedicated teams for China and South Korea desks connect clients to a network of over 100,000 business contacts. “This extensive supply chain access is complemented by our AmInvestment Banking division, which helps source potential acquisitions and supports ecosystem establishment through partnerships with reputable industry players. “Additionally, we assist with land sourcing by connecting clients to reliable local developers within our network,” Yap said. To manage exchange rate fluctuations between foreign currencies and the ringgit, he said AmBank offers a wide range of foreign exchange (FX) solutions, including e-FX for convenient rate booking. “We are also the only local bank to have successfully completed ringgit to Korean Won FX trades for South Korean clients in Malaysia,” he noted. To navigate Malaysia’s regulatory framework, Yap said to assist investors, the group provides regular economic updates and thematic market research to facilitate informed decision-making. The bank also partners with consultancy firms whose Chinese desk offers specialised consultancy services for new foreign investors, covering licensing, visas, and other regulatory requirements. On the current global trends in FDI, and its contribution to Malaysia’s economic growth, he said recent global trends in FDI are significantly influenced by the diversification of investments and evolving supply chains. “Investors are increasingly adopting the China+1 strategy, aiming to reduce over-reliance on China by expanding into other regions, which has led to a 24% rise in FDI inflows into Asean countries between 2020 and 2022.“Malaysia, in particular, has benefited from these shifts due to sustainable development initiatives and investor-friendly reforms. FDIs play a vital role in Malaysia’s economic development. Between 2017 and 2022, FDI projects created approximately 133,117 jobs, significantly contributing to employment and human capital development. “The presence of multinational corporations has also enhanced innovation, with technology and skills transfer benefitting local firms and boosting competitiveness, Yap added. He said there are several sectors currently which have seen strong inflows of FDIs. Yap said the services sector, particularly information and communications technology and real estate, continues to attract significant investments. The manufacturing sector, led by the electrical and electronics industry, is also a key area of interest, he said, adding that moreover, the green technology sector is on the rise, driven by the government’s focus on sustainable initiatives. “AmBank has played a vital role in supporting these high-growth sectors. “We offer structured financing solutions, access to capital markets, and green financing options specifically tailored to the needs of these industries. “Additionally, our industrial park programme exemplifies our commitment to fostering industrial growth. “For instance, we offer up to 200% margin of financing for buyers of industrial park properties, such as Ideal Property Group’s Penang Technology Park in Bertam , with high loan-to-value packages for end-buyers. “These packages align with our focus on environmental, social and governance initiatives and responsible investment practices, making us the first bank to provide distinctive end-financing solutions for customers seeking to improve resource efficiency and adopt sustainable practices,” he pointed out. AmBank’s BizRACE programme has also been instrumental in building the capacity of local businesses, so that they are ready to benefit from FDI, according to Yap. One participant from the current BizRACE Season 4, HMF International Sdn Bhd, successfully expanded into markets such as India, Japan, Thailand, and the Philippines after adopting Industry 4.0 practices and significantly enhancing production efficiency.
Global stocks declined as Wall Street's major indexes fell following the European Central Bank's decision to cut interest rates for a fourth time this year. The move sent gold prices down from a five-week high. European stocks also ended lower amid concerns about a struggling economy and political risks. The Swiss franc weakened after the Swiss National Bank announced a half-point rate cut, marking the largest reduction in nearly a decade. Meanwhile, the U.S. Labor Department reported an unexpected 0.4% increase in the producer price index, surpassing consensus expectations, which raised the prospect of a Federal Reserve rate cut. The Dow Jones, S&P 500, and Nasdaq experienced declines, while the U.S. dollar rose. Oil prices dropped on ample supply forecasts countering optimism about potential U.S. interest rate cuts. Additionally, gold and commodities faced downward pressure due to profit-taking ahead of the Fed meeting. (With inputs from agencies.)