Author: Business News Asia

Publicly traded property and casualty insurer Chubb has named Tai-Kuan Ly as its new president director in Indonesia. Ly will head Chubb’s general insurance operation in the country, taking over from incumbent president director Edward Ler, who will return to Singapore after a two-year stint in Indonesia. He joins Chubb from Samsung Fire & Marine Insurance Company where he had been the senior actuary for auto insurance since 2006. He also worked with Allstate Insurance Company in Illinois and AIG in Southeast Asia. Ly will report to Juan Luis Ortega, regional president for Chubb in Asia Pacific. Ortega expressed confidence…

Russia’s Rosatom State Atomic Energy Corporation and National Council for Sustainable Development of the Kingdom of Cambodia signed two documents – Memorandum on Nuclear Energy Information Center in Cambodia and Memorandum on a Cambodia-Russia joint working group on the peaceful uses of atomic energy. Both documents were signed by Sergey Kirienko, the Chief Executive Officer of Rosatom, from the Russian side, and Sai Samal, the Chairman of the National Council for Sustainable Development, from the side of the Kingdom of Cambodia. The Memoranda were signed with witness of Dmitry Medvedev, Prime Minister of the Russian Federation, and Hun Sen, Prime…

Megaworld, the largest developer of integrated urban townships in the Philippines, is developing its 21 st township in a 140-hectare property in General Trias, Cavite. To be called Maple Grove, the vast property will be developed into another world- class mixed-use development, where relaxation and nature perfectly blend with the urban lifestyle. Just 45 minutes away from Makati and other Metro Manila CBDs via Coastal Road and Cavitex, Maple Grove is at the entry point of the booming industrial and residential center of the Cavite-Batangas corridor. “In the last 27 years, we have built townships that cater to the evolving…

Philippine Business Bank (PSE: PBB) reported an increase of 15.0 percent to its net income of ₱162.0 million through the end of the first quarter of 2016 from ₱140.9 million in the same period last year. At the end of the first quarter, total resources stood at ₱61.9 billion, loans and receivables ended at ₱40.8 billion, and shareholders’ equity was at ₱8.8 billion, up 4.3 percent YoY. Pro-forma recurring net income was up 12.3 percent to ₱176.2 million, while pro-forma recurring PTPP was at ₱235.4 million. The Bank’s recurring profit numbers include the earnings of Insular Savers Bank (ISB), a…

PNB Savings Bank (PNBSB), the consumer arm of Philippine National Bank (PNB), posted higher earnings in the first quarter of 2016. Ranked no. 3 in the thrift bank industry, the well-capitalized PNBSB reported a net income of P91 million, up 29 percent from the P70 million earned in the previous year. The strong performance was driven by the sustained growth in PNBSB’s core business as net interest income increased by 46% year-on-year. The bank’s loan portfolio level registered at P20.24 billion, more than double its P9.99 billion for the same period last year. PNBSB’s asset quality steadily improved as gross…

The State Information Center, an official think-tank affiliated with the National Development and Reform Commission, has predicted China’s economy to grow 6.7 percent in Q2 of this year. The center cited rising investment in infrastructure and a recovery in the property market as the main factors that will fuel the country’s economic growth. According to an estimate by the center, China’s exports will probably fall 8 percent in Q2 while imports will fall 10 percent. Read Also: China’s Capital Outflows Forecast to Hit USD538 Billion China to Shut Down 2,000 Asset Management Firms The think-tank also expected the services sector…

CloserStill Media has officially announced the second installment of its Global Women in Tech Initiative at Cloud Expo Asia, which will be held in Hong Kong on May 18 and 19. CloserStill Media, which hosts a total of 13 business technology trade shows over five different territories worldwide, said the Global Women in Tech Initiative provides a unique platform to promote equality and diversity through the stakeholders of its events, specifically giving female leaders in technology a voice. “We are delighted to announce that we have successfully formed a global jet stream of female technology expertise, which began at our…

Canadian national telecommunications firm Telus Corporation is selling a 35% stake of its international call center and outsourcing subsidiary to Baring Private Equity Asia for about USD600 million. Telus has agreed to sell Telus International, which currently employs about 22,000 people in the US, the Philippines, Europe, Canada, and Central America, to Asian private equity firm Baring Private Equity Asia. Telus International was formed in 2005 to provide customer service, IT and BPO services to companies in various industries. Telus Corp will continue to own 65% of its call center and outsourcing subsidiary, which is wortha bout US$1 billion based…

The China Securities Regulatory Commission (CSRC) said it will close more than 2,000 private asset management firms in the country as part of China’s efforts to tighten supervision of the market. The CSRC and the Asset Management Industry Association of China (Amac) made the pronouncement as China steps up monitoring of its Rmb5tr prviate fund raising industry due to rising fraud cases and incidents of defaults. The CSRC and Amac, which is a self-regulatory organisation under the CSRC, have not specified when the clean-up will be completed. Amac, however, said companies that will be taken out of the market still…

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Westpac Banking Corporation (ASX:WBC)’s stock declined 3.543 percent in today’s trading at the Australian Stock Exchange even as the bank has reported sound H1 result before the market opened. Westpac ended the day trading at 29.95 a share, declining 1.10 from last week, with 10.85 million shares exchanging hands. The stock decline came even as Westpac Group announced H1 2016 statutory net profit of $3.7 billion, up 3 percent over the prior corresponding period. Westpac CEO Brian Hartzer said the group had delivered a sound result in a volatile economic environment with significant regulatory change. “The quality and value of…

South Korea’s manufacturing purchasing managers’ index (PMI) posted at the crucial 50.0 no-change mark in April, up from 49.5 in March, a sign that the country’s manufacturing conditions have stabilised last month. The headline Nikkei South Korea PMI reading of 50.0 in April followed contractions observed throughout the first quarter of this year. Production at South Korean goods producers declined at a weaker rate in April. Moreover, the rate of contraction was softer than the average observed over the past two years. Read Also: North Korea’s Economy Posts 4th Year of Steady Growth Where output decreased, firms mentioned a fall…

Air Canada has announced the introduction of the only non-stop flights from Vancouver to Delhi, India beginning October 20, 2016, in time for Diwali festivities. The seasonal, three-times weekly flights complement the airline’s Toronto-Delhi non-stop service launched last fall. To promote the new Vancouver-Delhi route, Air Canada is offering special introductory fares starting as low as $999 round trip, all-in. Tickets are now available for purchase on aircanada.com and through travel agents. “Customer response to our Toronto-Delhi service has been extremely positive, and with this new seasonal Vancouver route, we are strategically increasing our presence in the important Asia-Pacific market in…

At least six people were confirmed dead and five others injured when a three-stories building collapsed in Mumbai Saturday, authorities said. Authorities expect the number of fatalities to rise as rescuers continue to search for people reported missing as of Saturday night (China time). A senior police official who requested anonymity said four bodies have been pulled out of the debris of the building that collapsed while two others died at a local hospital. The building, which was located near Grant Road railways station in Mumbai, India, collapsed around 2 p.m. local time on Saturday. The building housed a beer…

France-based global outsourcing firm Teleperformance has recently opened its 17th office in the Philippines, with plans to open two more sites within 2016. The new Teleperformance office is located in Pasig, with capacity to hold 2,000 employees. It plans to open another site in Metro Manila and another in Mindanao within this year. Teleperformance officials said it continues to search for provincial areas for possible locations. Teleperformance Philippines managing director Travis Coates said there is very good talent pool in provincial locations. “We continue to see a very strong talent pool. We want to continue to leverage provincial locations because…

PSC Insurance Brokers (ASX:PSI), a national insurance brokerage in Australia, has agreed to acquire Hiscock Insurance Brokers (HIB), a Melbourne-based insurance broking business for AU$3.04 million. In a disclosure to the Australian Stock Exchange (ASX), PSC revealed that initial payment for the acquisition will be AU$2.02 million, with subsequent payments to be based on a rise and fall formula by reference to the income of the business over an 18 month period from the completion date. The acquisition is expected to generate revenue of approximately AU$1.5 million. “HIB is a long standing insurance broking business with a strong history of…

Artemis Resources Limited (ASX:ARV), an Australian gold and base metals exploration company, resolved that it would not proceed with a proposal to invest in Hollywood film Tango Down. In a disclosure to the Australian Securities Exchange (ASX), the company said it received commitments and support from many potential investors but the final quantum was not sufficient to enable Artemis to proceed. Artemis Resources is seeking to create value for shareholders by looking outside of the very challenging landscape facing many junior resource exploration companies. “While the outcome in this instance is disappointing, the company will continue to look for opportunities,”…

Toronto Stock Exchange (TSX) welcomes Mackenzie Financial Corporation (Mackenzie Investments), one of Canada’s largest independent asset managers, to open trading this morning to celebrate the launch of four new active fixed income exchange traded funds (ETFs), which began trading on TSX last week. “We are very pleased to welcome Mackenzie Investments to our world class lineup of ETF providers and to have them list their initial products on TSX, Canada’s home for ETFs,” said Nick Thadaney, President & CEO, Global Equity Capital Markets, TMX Group. The ETF segment is growing rapidly and becoming increasingly important to the vitality of the…

SM Prime Holdings, Inc. (SM Prime), the country’s largest integrated property company, is opening SM City San Jose Del Monte on April 29, 2016. This is SM Prime’s 57th mall in the Philippines and the third in the province of Bulacan – after Baliwag and Marilao. This newest retail and dining destination will add 101,000 square meters (sqm) in gross floor area (GFA) to the floorplate, which will bring SM Prime’s total retail space to 7.4 million sqm, the largest footprint in the country. “We continue to expand in the provincial areas as we remain optimistic about their huge potential…

Hong Kong – Cloud Expo Asia and Data Centre World will take place in Hong Kong on May 18 and 19, 2016 bringing together Asia’s leading cloud and data centre suppliers, manufacturers, investors, industry leaders and visionaries for the first time in North Asia. The highly anticipated debut of Cloud Expo Asia and Data Centre World Hong Kong has had a last minute change of venue and will now take place at AsiaWorld-Expo due to the significant security operation being prepared for the visit of a senior Chinese government official to the Belt and Road Summit also taking place at the…