Author: Business News Asia

SINGAPORE – Prime Minister Lee Hsien Loong is reshuffling his cabinet and other appointed positions as part of continuing leadership renewal, the Prime Minister’s Office said today. Based on the statement posted on the Prime Minister’s website today, Masagos Zulkifli will be promoted to full Minister with effect from 9 April 2015. He will be appointed Minister in the Prime Minister’s Office and will continue in the Ministry of Home Affairs and Ministry of Foreign Affairs as Second Minister in both ministries. “I am promoting Masagos Zulkifli to full Minister. He has performed well, both in his ministries and as…

MANILA, PHILIPPINES – The Philippine Stock Exchange has released the updated list of Shariah-compliant securities listed in the local bourse. The list was based on the quarterly screening of its PSE securities for Shariah compliance for the period January to March 2015. It engaged the services of IdealRatings, Inc, a provider of Islamic finance information, to screen listed companies in accordance with the standards for Shari’ah compliance as stipulated by the Accounting and Auditing Organization for Islamic Finance Institutions (AAOFI). “We update our PSE Guidelines on Screening of Securities for Shari’ah Compliance to further align our screening methodology with AAOIFI…

MANILA, PHILIPPINES – Metropolitan Bank and Trust Company (Metrobank), the second largest bank in the Philippines, held a bell ringing ceremony at the Philippine Stock Exchange (PSE) to mark the completion of its Php32 billion (USD720 million) stock rights offering. The rights offer is the bank’s largest capital raising transaction in its 52-year history. The offering involved 435,371,720 common shares. “This landmark offering supports the company’s mission of ensuring that its financial capability is invigorated for dynamism, growth, and stability,” said PSE Chairman Jose T. Pardo in his welcome remarks during the ceremony. “I am pleased that the PSE is…

MANILA, PHILIPPINES – As repatriation activities continue to become harder, the Department of Foreign Affairs (DFA) of the Philippines has urged all Filipinos in Libya and Yemen to immediately come home. DFA Secretary Albert del Rosario said the past week has been very difficult for governments around the world to repatriate their nationals in Libya and Yemen due to the worsening crisis in those countries. “Let us not wait for the time that it will become impossible for us to take you out (of Libya and Yemen),” Del Rosario said in a video message posted on the official Gazette of…

MANILA— Philippine merchandise exports recorded a 3.1-percent decline in February 2015 on account of lower sales in agro-based products, manufactures, and petroleum products, according to the National Economic and Development Authority (NEDA). The Philippine Statistics Authority reported today that total revenue from Philippine exports reached US$4.5 billion in February 2015, down from US$4.7 billion in the same period last year. “Majority of the major economies in East and Southeast Asia registered negative export performance in February 2015, with only PR (People’s Republic) China in the positive territory. This partly mirrors the still fragile global economy, which is particularly reflected in…

MALAYSIA – The call of Dewan Rakyat Speaker Pandikar Amin for the inclusion of native languages in the national educational system was hailed by Malaysian netizens who support multilingualism. Pandikar called on education policymakers in the country to consider the possibility of incorporating ethnic minority launages into Malaysia’s educational system, saying ethnic groups in Sabah and Sarawak are also part of Malaysia. “Language can unite a country as aspired by our government. Ethnic groups in Sabah and Sarawak are also part of the backbone of harmony in Malaysia,” he told reporters in Kota Kinabalu. Netizens took to Facebook and Twitter…

MALAYSIA – Malaysia’s largest bank and financial group, Malayan Banking Bhd (Maybank), is set to open its fourth branch in Greater China this week as it also gears up for a debut offering of Samurai bonds. Maybank said it will open a new branch in Kunming China, its fourth in Greater China after Hong Kong, Shanghai, and Beijing. Maybank Kunming, which will have 15 employees, will offer wholesale banking services to both local and foreign clients. Maybank Chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said opening the new branch was a strategic move for Maybank because Yunnan province is…

MANILA, PHILIPPINES – The Department of Trade and Industry (DTI) pushed for the capability of Halal market be explored in the Philippines through its hands-on participation in the 8th World Halal Conference 2015 (WHC) and 11th Malaysia International Halal Showcase (MIHAS) on 31 March to 02 April 2015 at Kuala Lumpur, Malaysia. DTI Undersecretary Prudencio M. Reyes Jr., also the Senior Official for Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA), attended the three-day event to further study and explore the Halal Project. “This is a great opportunity for the Philippines to enter the billion-dollar halal industry. Mindanao could be a potential…

MANILA, PHILIPPINES – Headline inflation in the Philippines eased slightly to 2.4 percent year-on-year in March from 2.5 percent in February, the country’s central bank said in a statement. The March inflation reading was within the Bangko Sentral ng Pilipinas (BSP)’s range forecast of 2.1-2.9 percent for the month. The resulting year-to-date average inflation rate of 2.4 percent was also within the Government’s inflation range target of 3.0 percent ± 1.0 percentage point for 2015. Meanwhile, core inflation, which excludes certain volatile food and energy items to better capture underlying price pressures, rose slightly to 2.7 percent in March from…

MANILA, PHILIPPINES – The Philippine Department of Foreign Affairs (DFA) announced that all DFA satellite offices and regional consular offices in the country will be closed on Thursday for the Araw ng Kagitingan Holiday. The DFA said there will be no consular services, such as passporting and red ribbon services, on April 9 (Thursday) as the nation commemorates the valor and sacrifices of those who gave up their lives for the country’s freedom. Regular passport and authentication services shall resume on Friday, April 10, the DFA said in a statement published in the Official Gazette of the Philippine government. Araw…

MANILA, PHILIPPINES – Philippine President Benigno S. Aquino III today inaugurated the Php772.9-million (USD17.35 million) bridge in Barangay Lullutan, Ilagan City, Isabela province. In a project briefing during the inauguration, Public Works and Highways Secretary Rogelio Singson said the bridge used to be a spillway that was destroyed by a typhoon some 20 years ago. Secretary Singson apologized for the one-year delay in the construction of the 500-meter Lullutan Bridge, explaining that the government ran into a number of problems while building it. Noting that the Department of Public Works and Highways (DPWH) has allocated P8.1 billion for Isabela from…

MALAYSIA – Traders Hotel Puteri Harbour, Johor has rebranded as Hotel Jen Puteri Harbour, Johor, becoming the tenth hotel to adopt the new Hotel Jen brand by Shangri-La International Hotel Management Ltd. Catering to a new “Jeneration” of independently minded business and leisure travellers, the brand has quickly launched ten hotels in seven months in nine cities in Asia Pacific. Puteri Harbour lies within Iskandar Malaysia, the new southern development corridor in Johor identified as one of the key developments to spur the growth of the Malaysian economy. The launch of Hotel Jen Puteri Harbour, Johor highlights Shangri-La’s long-term commitment…

Mandarin Oriental confirms that the credit card systems in a limited number of its hotels in the US and Europe have been accessed without authorization and in violation of both civil and criminal law. In a statement posted on its website, the group said it has taken, and is continuing to take, all necessary steps to contain the situation. “We have identified and removed malware and are coordinating with credit card agencies, law enforcement authorities and forensic specialists to fully protect our guests and our systems across our portfolio,” Mandarin said in the statement. Mandarin said it has been taking…

MANILA, PHILIPPINES – Foreign exchange reserves in the Philippines fell to USD80.4 billion as of the end of March from USD80.8 billion in February, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank said. The BSP said the country’s gross international reserves (GIR) dropped to its lowest in March since end-December, mainly due to government payments for maturing foreign debt as well as revaluation adjustments. The value of gold in Bangko Sentral vaults dropped to USD7.437 billion from USD8.006 billion in the same comparable period, while foreign investments declined to USD450.6 million from USD594.9 million, the central bank reported…

MANILA – The Philippine Stock Exchange index (PSEi) broke past the 8,100 level and registered a new all-time high on Tuesday as inflation eased to 2.4 percent in March. The PSEi climbed to an all-time intraday high of 8,136.97 before ending the session at 8,098.68, up by 44.94 points or 0.6 percent. Both levels surpassed the previous intraday high and record close posted yesterday at 8,062.79 and 8,053.74 respectively. “Interest rates are expected to remain low with the benign inflation data released today which augurs well for the equities market. We hope to more see favorable developments in the coming…

A report released by global management consulting firm Bain & Company showed that private equity (PE) deals signed in the Asia-Pacific region reached USD81 billion in 2014, an all-time high. The last time PE deals in Asia hit a record high was in 2007, when deal value reached USD77 billion, Bain said. The number of deals also went up 14 percent to 742 last year, with the average deal size grew to USD110 million from USD77 million in the previous year. Most of the region’s PE investment growth came from China, which had six mega-deals worth more than USD1 billion…

SINGAPORE – Singapore authorities filed sedition charges against a Filipino nurse working in Singapore for his Facebook post that called Singaporean’s “loosers”. Ello Ed Mundsel Bello, 28, was arrested after he posted a seditious statement on his Facebook account that authorities said promote feelings of ill-will and hostility between Filipinos and Singaporeans. He faces three years imprisonment or a fine of SGD5,000, or both, if found guilty of sedition charge filed by the Singaporean authorities. “Now the Singaporeans are loosers in their own country, we take their jobs, their future, their women, and soon, we will evict all SG…

SINGAPORE – A Filipino nurse working in Singapore faces three years imprisonment or a fine of SGD5,000, or both, if found guilty of sedition charge filed by the Singaporean authorities. Ello Ed Mundsel Bello, 28, was arrested after he posted a seditious statement on his Facebook account that authorities said promote feelings of ill-will and hostility between Filipinos and Singaporeans. “Now the Singaporeans are loosers in their own country, we take their jobs, their future, their women, and soon, we will evict all SG loosers out of their own country hahaha. The best part, I will be praying that disators…

MALAYSIA – The arrest of a Swedish man, who was jailed in Thailand for major credit card fraud, again resurrects the issue on immigration checks in Sabah for people coming from Labuan through sea transport. Per Johan Robin Bentley, 28, managed to get into Malaysia despite his previous arrest due to his involvement in major credit card fraud in Thailand, the Daily Express reported. Bentley pleaded guilty to illegally entering through the Jesselton Point ferry terminal on March 24. He has stayed in Malaysia from Thailand for the past five months but was arrested in Sabah last March. Because of…

SYDNEY, AUSTRALIA – Australia’s central bank, the Reserve Bank of Australia (RBA), decided to keep its cash rate steady at a record low of 2.25% on Tuesday, bucking the global trend of rate cuts and surprising economists who had looked for another easing to follow February’s cut. The RBA made the announcement following its monthly policy meeting. It strongly hinted in February, when it cut official cash rate to 2.25%, that it would cut rates again this year to help revive the country’s economy. The RBA decision did not come as unexpected as only 13 of 30 major economists expect…