Oman announces Ramadhan working hours

The Omani government has announced that the official working hours during Ramadhan 1436 (from 18 June) for ministries and public sector organisations will be from 9am to 2pm. Muslims in the private sector will work six hours per day and 30 hours per week, according to a ministerial decision.

The Overseas Security Advisory Council (OSAC) separately announced that the US Embassy in Oman will be open during Ramadhan for American Citizens Services by appointment only, between 11am and 12 noon on Sundays, Mondays, Wednesdays, and Thursdays, and between 8am and 10am on Tuesdays. Appointments are available online and may be accessed here.

When visiting the embassy, the OSAC states that American citizens should bring two forms of government-issued identification with photographs, as one must be left with the security guards while inside the building. Non-immigrant visa services during Ramadhan are available from 8am to 10:30am on Sundays, Mondays, Wednesdays, and Thursdays.

Nestlé replacing vanillin with natural vanilla in the US

Source: Nestlé. 

Nestlé USA will remove artificial flavours such as vanillin and FDA-certified colours like Red 40 and Yellow 5 from all of its chocolate candy products by the end of 2015. The company said the move has already been taken by Nestlé in other parts of the world and will cover more than 250 products in the US. Products will begin appearing on store shelves by mid-2015, and will be identified by a No Artificial Flavors or Colors claim featured on-pack.

The company said ingredients from natural sources can include annatto, which comes from the seeds found in the fruit from the achiote tree, to replace Red 40 and Yellow 5 in the BUTTERFINGER centre. In CRUNCH, natural vanilla flavour, which contains a minimum of 35% ethyl alcohol by US law, will replace vanillin.

“Nestlé is the world’s leading nutrition, health and wellness company and our commitment to remove artificial flavours and certified colours in our chocolate candy brands is an important milestone,” said Doreen Ida, President, Nestlé USA Confections & Snacks. 

“We know that candy consumers are interested in broader food trends around fewer artificial ingredients. As we thought about what this means for our candy brands, our first step has been to remove artificial flavours and colours without affecting taste or increasing the price.”

“We never compromise on taste. When making these changes to more than 75 recipes, maintaining the great taste and appearance consumers expect from the chocolate brands they know and love is our #1 priority,” said Leslie Mohr, Nutrition, Health and Wellness manager, Nestlé Confections & Snacks. “We conducted consumer testing to ensure the new recipe delivers on our high standards for taste and appearance.”

According to Mohr, this change affects Nestlé’s current portfolio of chocolate brands including NESTLE CRUNCH, BUTTERFINGER, BABY RUTH, SKINNY COW, RAISINETS, GOOBERS, SNO CAPS, 100 GRAND, OH HENRY and CHUNKY. 

Going forward, all newly launched chocolate and non-chocolate candy products (gummies, sours, etc.) introduced by Nestlé USA will be made without artificial flavours or colours. Additionally, Nestlé USA is actively pursuing the removal of caramel colouring from its chocolate products. Caramel colouring is an exempt-from-certification colour additive, which is used in only nine of the more than 250 chocolate products.

AmBank Group and MetLife partner for better life assurance and family takaful offerings in Malaysia

AMMB Holdings’ (AmBank Group's) wholly-owned subsidiary, AMAB Holdings, and MetLife’s subsidiary, MetLife International Holdings (MetLife), have completed the signing of a stock purchase agreement aimed at capturing an increasing market demand for life assurance and family takaful in Malaysia. 

This signing was witnessed by YAB Datuk Seri Najib Tun Razak, Prime Minister of Malaysia and President of the United States of America (US), Barack Obama.
 
The signing of the stock purchase agreement will see MetLife own 50% plus one share in AmLife Insurance (AmLife), with the remaining shares to be owned by AmBank Group. AmBank Group also owns 50% plus one share in AmFamily Takaful (AmTakaful) with the remaining shares to be owned by MetLife. The total consideration payable by MetLife is RM812mil (US$249 million) upon completion, subject to customary adjustments.

This new partnership is an example of the mutual benefit that comes from increasing business collaboration between Malaysia and the US, which President Barack Obama and Prime Minister Datuk Seri Najib Tun Razak have pledged to continue to support and encourage.

“We are indeed very privileged to have the presence of the President of the United States and the Prime Minister of Malaysia to witness this momentous signing ceremony between two very strong conglomerates, one a Malaysian and the other, from the United States. This partnership between AmBank Group and MetLife ultimately aims to enhance our value proposition to customers by meeting their evolving needs with relevant and innovative solutions, and thereby expand our market share,” said Tan Sri Azman Hashim, Chairman of AmBank Group and AmLife Insurance.

With operations in nearly 50 countries, MetLife brings its financial strength, global reach, expertise and customer centric approach endeavoring to improve the breadth of choice and experience of Malaysian consumers while leveraging AmBank Group’s domestic insights and abilities.
 
Christopher Townsend, President MetLife, Asia, said: “This partnership further advances MetLife’s strategy of expansion in high growth markets, and develops our presence in the attractive markets of South East Asia. We feel honoured that President Obama and YAB Datuk Seri Najib Tun Razak, Prime Minister of Malaysia witnessed this proud moment in our respective company’s histories, and we are very excited and eager to start this long-term partnership with a well-established and respected institution such as AmBank Group”.

As part of the deal, MetLife will provide significant management resources and attention to the new joint venture entities and at the same time AmLife and AmTakaful will respectively enter into exclusive 20-year bancassurance and bancatakaful agreements to provide innovative and customer centric financial planning and protection products through AmBank Group's banking network across Malaysia.

Ashok Ramamurthy, Group Managing Director, AmBank Group, said, “This partnership reaffirms the Group’s commitment and focus in delivering on our strategic agenda. We are convinced that MetLife will be an excellent strategic partner for the Group as we progress towards our vision – as Malaysia’s preferred diversified, internationally connected financial solutions group - we take pride in growing your future with us.”

The deal is expected to close by the end of the month, upon which a phased and collaborative integration process will be conducted.

Established in August 1975, AmBank Group is one of the largest banking groups in Malaysia by market capitalisation and comprises AMMB Holdings (a public listed company on the Main Market of Bursa Malaysia Securities), and its major subsidiaries – AmBank, AmIslamic Bank, AmInvestment Bank, AmInvestment Group, AmGeneral Insurance, AmLife Insurance and AmFamily Takaful.

The Group provides a wide range of both conventional and Islamic financing and related financial services, including retail banking, wholesale banking as well as underwriting of general insurance, life assurance and family takaful.