Author: Business News Asia

SINGAPORE – Southeast Asia’s leading ride-hailing platform, Grab, has selected global payments technology firm Adyen to extend the capabilities of GrabPay platform in Indonesia, the Philippines, Thailand and Vietnam. Grab will partner with Adyen to deliver a consistent, frictionless payment experience for customers traveling across markets regardless of their device or payment method, Adyen said in a press statement. “As part of Grab’s drive to make ride-hailing even safer, easier and more accessible to everyone in Southeast Asia, providing trusted, seamless mobile payments is crucial for the overall customer experience,” said Joel Yarbrough, Head of Payments & Commerce Product, Grab.…

CIMIC Group (ASX:CIM) announced that it had reached an agreement to divest all of its investment in Nextgen Group to Ontario Teachers’ Pension Plan (Ontario Teachers’). Nextgen Group comprises the Nextgen Networks data connectivity services business, the North West Cable System, the Australia Singapore Cable Project and the Metronode data centre business. CIMIC owns approximately 29% of Nextgen Group with Ontario Teachers’ holding the remaining interest. On 29 June 2016 CIMIC announced that Nextgen Group had entered into a binding agreement with Vocus Communications to sell certain Nextgen Group assets, being Nextgen Networks, the North West Cable System and the Australia…

PHILIPPINES – As part of its business strategy in strengthening its recurring income, Megaworld (PSE:MEG) is also expanding its hotel business with the launch of its third hotel brand this year and the expansion of Belmont brand outside Metro Manila. Savoy Hotel will be the newest hotel brand of Megaworld, which is set to open in Boracay Newcoast by the end of this year. The 530-room Savoy Hotel Boracay will be a first-class resort hotel to rise in the 150- hectare tourism township in the eastern part of the island. The P2.2-billion hotel will feature the country’s first concert pool…

MainstreamBPO (ASX:MAI), one of the largest independent fund administrators in Australia, announced that has executed an agreement to acquire the New York-based privately held hedge fund administration business Fundadministration Inc. Fundadministration is a New York based full-service fund administration firm that works with emerging and established hedge fund managers, registered investment advisers and traders. The firm administers 140 funds for 45 clients with funds under administration (FUA) of USD $5 billion. When the acquisition is completed, all of Fundadministration’s existing staff will join MainstreamBPO with Fundadministration CEO, Denise DePaola, to join the Group’s executive team and become the CEO of…

AUSTRALIA – ABM Resources NL (ASX:ABU), an exploration company developing several gold discoveries in the Central Desert region of the Northern Territory of Australia, has appointed Matt Briggs as its Managing Director. In a disclosure to the Australian Securities Exchange (ASX), AMB Resources (ASX:ABU) said Briggs, an experienced geologist and mining industry executive, has 20 years’ experience in Australia and internationally in various aspects of mine geology, exploration, project management and strategic leadership in the gold industry. Briggs graduated as a geologist from the University of Queensland and worked at a number of mine sites in Western Australia. Since then…

Thailand’s Department of International Trade Promotions has confirmed that the 58th Bangkok Gems and Jewelry Fair will push through from September 7 to 11 at Challenger Hall I-3, Muang Thong Thani, Bangkok. Organizers of this year’s Bangkok Gems & Jewelry Fair (BGJF) has warned producers, manufacturers and retailers in the sector that the event is complete different from and not related in any way to the Thailand Gems & Jewelry Fair (TGJF). “Bangkok Gems & Jewelry Fair is the only exhibition that is held by the government, which solely owns the copyright of the fair,” a statement from the Department…

CAMBODIA – The 2016 Cambodia Int’l Machinery Industry Fair (CIMIF) and Cambodia Int’l Textile & Garment Industry Exhibition (CTG) are set to run simultaneously on August 26-29 at Diamond Island Convention & Exhibition Center (Koh Pich). The twin shows are expected to gather 200 exhibitors from 14 country and regions, namely Austria, Cambodia, China, Germany, Hong Kong, India, Italy, Japan, Korea, Malaysia, Singapore, Taiwan, Thailand, and Vietnam, to showcase a broad range of innovative products and versatile solutions at 250 booths. The grand event is organized by Yorkers Trade & Marketing Service Co., Ltd, co-organized by Ministry of Industry and…

SINGAPORE – The Occupational Safety + Health Exhibition (OS+H) Asia returns for its 10th edition at Suntec Singapore from 24 to 26 August 2016, presenting an enhanced focus on safety, security and health at work. Organized by Messe Dusseldorf Asia, OS+H 2016 will present the latest in occupational safety and health solutions, technologies and products across diverse industries and sectors that are more current than ever. “These three established themes – Safety, Security and Health at Work – have traditionally been OS+H Asia’s focal points, but this year, you will see an enhanced presentation of safety monitoring and surveillance systems,…

INDONESIA – About 250 exhibitors and 15,000 trade visitors from 15 countries have signed up to attend the 4th Indonesia International Agricultural Machinery, Technology & Services Exhibition (INAGRITECH) that will open at the JIExpo Kemayoran, Jakarta from 25-27 August 2016. INAGRITECH will be co-locating with the 4th Indonesia International Palm Oil Processing, Machinery and Technology Exhibition 2016 (INAPALM ASIA), the 2nd Indonesia International Agricultural Chemicals, Fertilizer & Pesticide Exhibition 2016 (INAGRICHEM), the Indonesia International Food & Drink Technology, Equipment and Machinery Exhibition 2016 (INAFOODTECH), and the Indonesia International Forestry Machinery, Equipment and Services Exhibition (INAFORESTECH). “It will be notably serve…

PHILIPPINES – A day after the Philippine government has rejected an offer from businessman Roberto Ongpin to donate 49% of his shares in Philweb to the Philippine Amusement and Gaming Corp (Pagcor), Ongpin today made another donation attempt. This time, Ongpin amended his donation so that his P20-billion (USD431 million) shares in PhilWeb can be used exclusively for the establishment of a nationwide network of drug rehabilitation centers. Ongpin also pointed out that the correct valuation of his donation is closer to P20 billion and not P4 billion or P5 billion estimated by the media. “PhilWeb had a market capitalization…

Westpac Banking Corporation has denied allegations in a US class action relating to trading in bank bill swap rates (BBSW), the bank said in a disclosure. “Westpac denies the allegation in this claim and, if served with the claim, will defend those allegations vigorously.” The bank said it is aware that a class action has been filed in New York against it and a large number of the Australian and international banks in respect of the Australian (BBSW) interest rate benchmark. “Westpac has not been formally served with any proceedings.” the bank said. “Westpac denies the allegation in this claim…

AUSTRALIA – Austal Limited (Austal) (ASX:ASB) is pleased to announce the award of the first ferry contract to Aulong Shipbuilding, a joint venture company by Austal and Guandong Jianglong Shipbuilding of Zhuhai, China. Less than two months after the announcement of the joint venture, Aulong Shipbuilding has been awarded a A$10 million (RMB49.99 million) contract to design and build a 42-metre high speed aluminium ferry for Chinese mainland operator, Blue Sea Jet. The contract was awarded following a competitive evaluation based on product performance, price and commercial terms. The ferry is based on a proven Austal design developed in Australia…

PHILIPPINES – Cebu Archbishop Jose Palma has urged Catholics to avoid playing the popular game Pokemon Go during masses and instead focus their full attention to the holy ceremony. Palma made the call as he noticed that some of the churchgoers were busy tinkering on their mobile phone, apparently playing Pokemon Go, while the mass is ongoing. He also urged Pokemon Go players not to focus on their mobile phones while driving or while crossing the street to avoid accidents. Earlier, the Cebu Provincial Board (PB) has approved a resolution calling for a ban of the game inside schools. The…

PHILIPPINES – Megaworld, the country’s largest developer of integrated urban townships, is launching its sixth residential tower in the 72-hectare Iloilo Business Park township in Mandurriao, Iloilo City. To be called SAINT HONORE, the 10-storey condominium will be an exclusive residential community inspired by the classic architectural designs of the shophouses, boutiques, museums and retail rows of the Rue Saint-Honore, a historical street in downtown Paris. “Ilonggos will get to experience the world-renowned beauty of Paris with Saint Honore. Amidst all of its grandeur and Parisian lifestyle, future residents are assured of utmost exclusivity, privacy, and serene atmosphere in this…

Communications service provider Spark New Zealand (ASX:SPK) has announced the appointment of Ed Hyde as the new CEO for Spark Ventures and a member of the Spark Leadership Team. Hyde will be replacing Rod Snodgrass who, as announced in April, is leaving Spark later in the year to concentrate on driving corporate innovation and growth across a select range of New Zealand businesses. Hyde will take up his appointment effective 1 October 2016. Spark Managing Director Simon Moutter said, “I’m very pleased to have Ed join my Leadership Team. Ed has been instrumental in the success of Spark Ventures to…

Investment holding firm Win Wind Capital Limited has agreed to acquire Smart Jump Corporation, a company incorporated in the Republic of Marshall Islands and a wholly owned subsidiary of Freeman Financial Investment Corporation, for HKD1.295 billion (USD167m). In a disclosure to the Hong Kong Stock Exchange, Win Wind’s mother company, Enerchina Holdings Ltd, said both Win Wind and Freeman Financial have agreed to the major acquisition, which will be settled by the zero-coupon promissory note and the promissory notes. The Consideration represents a premium of approximately 52.05% to the unaudited consolidated net assets of Smart Jump Corporation as at 31…

Recognizing the need to have an updated mortality table, Insurance Commissioner Emmanuel F. Dooc officially announced the conduct of the 2016 Philippine Intercompany Mortality Study. “The Insurance Commission, in coordination with the Actuarial Society of the Philippines, is currently conducting the 2016 Philippine Intercompany Mortality Study which aims to review the life insurance sector’s mortality experience”, said Commissioner Dooc. According to Commissioner Dooc, “The ultimate goal of the study is to produce an updated mortality table based on the Philippine industry mortality experience using more updated data, in light of current underwriting and marketing practices as well as the new…

Off-grid energy company DMCI Power Corporation is building a 2×4.95MW bunker-fired power plant in Aborlan, Palawan to stabilize electricity supply in the franchise area of Palawan Electric Cooperative, Inc. (PALECO). The plant is expected to commence operations by year-end. “We are investing approximately P600 million in Aborlan to address the continuing increase in electricity demand in the province due to the rise of local tourism and commercial establishments,” said DMCI Power President Nestor D. Dadivas. Aborlan is a first class municipality located 69 kilometers south of Puerto Princesa City. Its population is estimated at over 32,000. Read Also: Philippines: DMCI…

The board of directors of Hao Tian Development Group Limited (HKEX:474) has announced that Gao Shufang has been appointed as Chief Executive Officer effective 15 August 2016. In a disclosure to the Hong Kong Stock Exchange, the company said the appointment of Gao, which has over 25 years of experience in financial management, risk control, investment, and commerce, is for an initial term of three years. Before joining Hao Tian Development Group, Gao was president of Ocean China Group Holdings and the vice president of BinHai Investment Group Company Limited. Between November 1999 and May 2002, he was appointed as…

Hong Kong-listed investment holding company A8 New Media Group (HKEX:0800) has announced the appointment of Lin Qian as its new Chief Financial Officer, taking over from Liu Pun Leung starting 1 September. In a disclosure to the Hong Kong Stock Exchange, the company said its board had approved of the appointment of Lin, 33, who joins A8 New Media Group from CVCapital, where he was director from June 2014 to August 2016. Lin had also worked as senior auditor at Ernst & Young from October 2006 to October 2009 and an investment manager at Shanghai Dong Fang Hui Jin from…