Author: Business News Asia

NSW will become the first Australian state to shut down greyhound racing after a Special Commission of Inquiry found overwhelming evidence of systemic animal cruelty, including mass greyhound killings and live baiting. Premier Mike Baird and Deputy Premier and Minister for Racing Troy Grant announced Thursday that the NSW Government is acting to protect animal welfare as a priority, and is planning for an orderly industry shutdown as of 1 July 2017. Baird and Grant released the report of the Special Commission of Inquiry into the Greyhound Racing Industry in NSW, which found that between 48,000 and 68,000 greyhounds – or…

Algae.Tec (ASX:AEB) announced that it received US$1-million investment into the company from Gencor Pacific, the global Lifestage Solutions company. In a disclosure to the Australian Securities Exchange, Algae.Tec said the investment will enable the company to accelerate the development of its production capacity and improve the efficiency of its nutraceutical plant, expand its laboratory capabilities and cater to the demand for nutraceutical products for Gencor’s clients. The investment is in the form of a secured convertible note with an exercise price of $0.10c, a premium of 100% over the current trading price, with a term of 18 months and an…

From five flights a week, Egyptair, the flag carrier airline of Egypt, will flight to China’s Guangzhou city daily, the company said. The move reflects the importance of the Chinese market for the airline, according to Safwat Mosallam, chairman & CEO of Egyptair Holding Company. Mosallam added that EgyptAir endeavors to provide a service that meets current demand, with a significant amount of business and tourist traffic coming frmo China to Egypt. According to a report published by Egypt Independent, the daily flight from Guangzhou to Egypt will be carried out by a Boeing B777-300ER, which can accommodate up to…

BigAir Group Limited (‘BigAir’, ASX:BGL) has completed the acquisition of all the shares in CyberHound Pty Ltd (“CyberHound”), an innovative managed security services provider, effective 1 July 2016. BigAir will acquire CyberHound using a combination of new equity and cash. The total purchase price will be capped at no more than $7 million which is comprised of up to $4 million in cash and up to $3 million in BGL shares. In FY17 CyberHound is expected to generate revenues of between $5 million and $6 million and Net Profit before Tax (NPBT) in excess of $1m and the acquisition is…

GT Capital Holdings, a listed major Philippine conglomerate, has subscribed to an additional 28.3% equity stake in Property Company of Friends (Pro-Friends) for Php8,76 billion, raising its stake from 22.7% to 51%. In a disclosure to the Philippine stock market, GT Capital said the initial subscription of its 22.7% stake in Pro-Friends, pursuant to the aforementioned agreement, also included the ceding by by Profriends Group, Inc, then Pro-Friends’ principal shareholder, of control in favor of GT Capital. “Our increased investment into Pro-Friends is in line with our intention to expand GT Capital’s property product offerings, ranging from Federal Land’s upper-mid end…

BDO Unibank Inc. (BDO), a full-service universal bank based in the Philippines, recently secured final regulatory approval that allowed it to acquire full interest in Generali Pilipinas Holdings Company Inc (GPHC). GPHC is the joint venture vehicle created out of the insurance partnership forged between BDO and Generali of Italy (Generali Group) in March 1999. GPHC is the parent firm of life insurer Generali Pilipinas Life Assurance Company (GPLAC) and Generali Pilipinas Insurance Company (GPIC), which is engaged in non-life insurance. The bank is re-focusing its insurance strategy to align with its thrust to solidify its presence in the broad-based…

Hilton Garden Inn, Hilton Worldwide’s upscale global hotel brand, has announced the opening of Hilton Garden Inn Xi’An/Hi-Tech Zone, which also marked the brand’s debut in Xi’an City and the second Hilton Worldwide hotel in Xi’an after Hilton Xi’an. Owned by Yango Group Co., Ltd. and managed by Hilton Worldwide, the 276-room Hilton Garden Inn Xi’An/Hi-Tech Zone adds to Hilton Garden Inn’s portfolio of more than 675 hotels worldwide. “Since launching the Hilton Garden Inn brand in China in 2014, we have witnessed very positive growth in the country. The Hilton Garden Inn Xi’An/Hi-Tech Zone opens as our fifth property…

Solvency II (S2) will increase demand for reinsurance products as under the new regulatory regime insurers can strengthen their capital position through risk transfer, Fitch Ratings says. We expect the main beneficiaries of new business to be the financially strongest reinsurers in the EU and the jurisdictions whose regulatory regime is considered fully equivalent to S2. A complete picture of the impact on reinsurance demand will take time to emerge. But S2 has already contributed to a marked increase in longevity reinsurance, particularly among UK life insurers with bulk annuity business. Longevity risk significantly increases the capital requirements for new…

Hotel Lotte, the hotel unit of South Korea’s retail giant Lotte Group, has reportedly adjusted the starting date for the overseas roadshow for its USD4.8 billion IPO. A Reuters report said Hotel Lotte had postponed investor meetings, which is supposed to start on Monday for the IPO that would be the world’s largest this year. The report, which quoted unnamed sources, said Hotel Lotte still has to make additional filing before it could begin its bookbuilding. The listing date for the IPO has not been decided yet, according to Lotte Group spokesman Song No-Hyun said. Hotel Lotte’s IPO on the…

Eight division world boxing champion and incoming Philippine senator Manny Pacquiao expressed grief on the passing of one of his boxing idols, Muhammad Ali. In a statement, Pacquiao said he was saddened after he learned of the news that Ali passed away Saturday (Philippine time). “We lost a giant today. Boxing benefited from Muhammad Ali’s talents but not nearly as much as mankind from his humanity. Our hearts and prayers go out to the Ali family. May God Bless them,” Pacquiao said in a statement. Before Ali’s death, Pacquiao had asked his Twitter followers to pray for Ali. “Please keep…

PHILIPPINES – Two police officers were killed and one civilian was injured in an ambush allegedly staged by armed group New People’s Army (NPA) in Bulan town, Sorsogon. The fatalities were identified as Police Officer 3 Teddy Sacopon, 40, and Police Officer 2 Efren Villamor Jr, 34, all members of the Philippine National Police. The injured civilian was identified as Ruben Herno, 23. Initial information showed that policemen were conducting intelligence monitoring in the area when alleged members of the NPA started shooting at them. Authorities said Villamor managed to shot one of the suspects before he died due to…

Bank of East Asia Ltd (BEA), Hong Kong’s largest listed family-run bank, is closing all branches of its securities unit as part of cost-cutting effort. In a statement, BEA said it will close the 22 retail outlets of East Asia Securities, cutting about 180 jobs, following a review of the business. The company said the job cuts account for 3.8% of the bank’s employees in Hong Kong. Following the closure of its securities unit’s branches, BEA said it will streamline operations through various means, which could include automation. Read: ICBC Launches Yuan-Clearing Bank in Canada The bank added that its securities…

The construction of the new passenger terminal building or Terminal 2 at the Mactan-Cebu International Airport (MCIA) is on track for delivery in June 2018, the airport management said. In a statement, GMR-Megawide Cebu Airport Corp (GMCAC) said the construction of Terminal 2 is progressing well and on target for the June 2018 completion date. GMCAC Chief Executive Adviser Andrew Harrison added that completion of the concrete works for the civil structure of the new terminal building at the Cebu Airport is scheduled by the end of this year. Read: Cebu Airport Opens Breastfeeding Room for Traveling Mothers “By the end…

Philippine stocks, except for mining and oil, posted gains this week, with the Philippine Stock Exchange Index (PSEi) closing 1.38% higher at 7,514.22 points and All Shares gaining 1.27% to 4,491.73 points as the country is all set for the coming in of the new government. A Brown Company Inc (PSE:BRN) leads this week’s gainers with a 17.65% weekly change to trade at 1.40 a share. The stock’s 4-week comparative price change now stands at 33.33%. The company did not issue any disclosure during the week. Da Vinci Capital Holdings, Inc (PSE:DAVIN) also did not issue any disclosure this week…

Russia’s internal security service FSB has busted a hacking ring allegedly behind the US$25-million cyber theft using malware. In a statement, the FSB said it has arrested a ring of 50 hackers who used websites infected with malware to steal credit card and bank information of thousands of victims. The FSB launched a series of coordinated raids in 15 regions of the Russian Federation to bust the ring and arrest those involved in the cyber theft. The FSB added that a large quantity of computer equipment was confiscated along with communications gear, bank cards in false names, and also financial…

Listed property developer Rockwell Land Corporation (PSE: ROCK) unveiled the planned developments of Aruga Hotels, a collection of luxury resort hotels to be built within Rockwell Center and on Mactan Island, Cebu, as the developer continues to expand its hotel and leisure business amid the upbeat tourism growth prospects of the country. The announcement comes days after the developer announced a P342 million net income during the first three months of the year with its hotel operations generating revenues of P90 million, 42 percent higher from last year’s P64 million. Nestor J. Padilla, President and Chief Executive Officer of Rockwell…

Isentia (ASX: ISD), Asia-Pacific’s leading media intelligence company, expanded its geographic footprint in to the South Korean market. The acquisition of media intelligence company, Social Net Creator Ltd, provides Isentia with a strategic entry into this key growth market, with a strong client base and an experienced local management team. Isentia has also completed a “bolt-on” acquisition in Thailand and is close to finalising two further acquisitions in Vietnam and Hong Kong, which will further strengthen its existing leadership in all three markets. The four acquisitions are expected to contribute a 15 percent increase to Isentia’s annual Asian revenue. Read: Seven…

Capitol Health Limited (ASX:CAJ) has announced that it has entered into a Memorandum of Understanding (MOU) to provide design, consulting and clinic management services to CITIC Pharmaceutical (Shenzhen) Co., Ltd. CITIC Pharmaceutical, a majority controlled subsidiary of CITIC Medical and Health Group Co., Ltd (a wholly owned subsidiary of CITIC Group), is a large comprehensive pharmaceutical enterprise integrating medicine supply to hospitals, cross-regional commercial distribution, medical investment, medical instruments and consumables sales, and a medicine retailing service. The MOU is non-binding and provides for future joint ventures in design, consulting, and operational management of CITIC’s proposed new private independent diagnostic…

Marc Blottiere has commenced his role as Regional Chief Operating Officer of AXA Asia as of June 1, reporting directly to Jean-Louis Laurent Josi, Regional Chief Executive Officer of AXA Asia. Working towards AXA Asia’s ambition to become the leading customer centric insurer, and by 2030 to serve 100 million customers, Marc brings to the company longstanding experience in both Asia and Europe. In his new role he will lead and transform the overall IT and Operations capabilities within the region across all lines of business. As a member of the Regional Executive Committee, Marc will play a central role…

South Korea’s second-biggest bank by assets, Woori Bank, has announced receiving final approval to take over Philippine-based bank, Wealth Development Bank. In a statement, the South Korean lender said it has received final approval from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to purchase 51% stake in Wealth Development Bank. Wealth Development Bank boasts USD170 million in assets with 16 branches and more than 300 employees in the Philippines. Woori Bank said it plans to complete the take over procedures in the first half of this year. Financial details of the take over were not disclosed.…