Author: Business News Asia

STI Holdings, owner of one of the largest networks of private schools in the Philippines, has partnered with the Land Bank of the Philippines (Landbank) in a pioneering move to help students continue their education amid the COVID-19 pandemic. STI Education Services Group (STI ESG), STI Holdings’ largest subsidiary, availed of Landbank’s Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) lending program, a “study now, pay later” scheme offered by the government to select academic institutions for school year 2020-21. Under the ACADEME program, STI ESG will be able to extend assistance amounting up to ₱250…

Caesars Entertainment, the largest gaming and entertainment company in the U.S., is pleased to once again offer live entertainment with the return of a selection of its world-class productions shows on the Las Vegas Strip. As Caesars Entertainment will follow applicable guidelines set forth by health and government authorities and implement the Company’s enhanced health and safety protocols, guests can expect verbal health screenings, non-contact temperature checks, modified seating for social distancing, mandatory masks for guests and staff, limited capacity and more. The following shows’ performances will resume: X Country at Harrah’s – first performance: Thursday, Oct. 22 ABSINTHE at…

The Korea Agency for Infrastructure Technology Advancement (KAIA) successfully concluded the third annual Smart City International Symposium “Resilience in Smart Cities” held on 14-15 October, with the collaboration with the UK. Due to the pandemic outbreak of COVID-19, symposium this year was broadcasted live, and the two-day virtual event was attended by over 4,020 viewers with a peak of 605 concurrent viewers. The symposium started with the opening remarks of Bong-soo Son, the President of KAIA, and Nam-chun Park, the Mayor of Incheon Metropolitan City and Simon Smith, the British Ambassador to South Korea greeted the participants with their congratulatory…

Philippine-listed Universal Robina Corporation (URC) posted net income of Php 8.1 billion in the nine months of calendar year 2020, ending September. This is a +12% increase versus same period year ago, driven by higher operating income, lower debt and interest expense, and lower foreign exchange losses. URC sales for the nine months ending September 30, 2020 reached Php 99.8 billion, +2% versus year ago on a constant currency basis and at par versus year ago on a reported-peso basis. The pandemic has deteriorated trading conditions, and resulted in market contractions, in several snack food and beverage categories the company…

Ghost Gaming, a premier gaming lifestyle brand focused on cultivating the best talent in video gaming, was acquired by a group of Atlanta-based investors who plan to relocate its headquarters and operations to Atlanta.  The move will further establish the area as a central hub of the growing esports landscape, according to a company announcement. The ownership group is led by Andrew Steinberg, Founder and Managing Partner at Phoenix Capital Ventures and former Chief Revenue and Business Officer for the Atlanta Hawks, and Todd Harris, co-founder of Hi-Rez Studios and CEO of Skillshot Media. Ghost Gaming, a premier gaming lifestyle…

The construction of the $50M Rebar Steel Rolling Plant in Mariveles, Bataan of Global Ferronickel Holdings, Inc. (FNI), the country’s second-largest nickel ore producer, is scheduled to commence in the first quarter of 2021. Once commercial operations are underway in 2022, the facility is estimated to have an annual output of 600,000 tons of steel bars. “We would have wanted to begin construction this year but it has been delayed due to the pandemic, specifically the imposed travel restrictions as some of our technical experts are based abroad,” said FNI President Dante R. Bravo. To support the operations of the…

Brands and personalities with immediate communication needs need not look any further as BrownFont PR Agency is now ready to provide all their communication needs in one go. On October 10, 2020, BrownFont formally launched its services to the public, catering a full spectrum of strategic communications not limited to public relations but also including campaign management, survey data and analytics, and creatives and production. Led by BrownFont Chairman/CEO Louie Ceniza and PR Practitioner and Veteran broadcast journalist Juniño Padilla as BrownFont President, the firm held its soft launch at the First Residence Malacañang Compound Manila. The event was also…

CureLab Oncology, a clinical-stage pre-IPO biotech company, has commenced operations in the GCC region (Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman). CureLab’s partners in the region will test the efficacy of the company’s DNA-based products against cancers and non-cancerous diseases of chronic inflammation. CureLab intends to receive market approval for commercialization in the GCC region. Local hospitals and universities will be able to both participate in on-going international trials and become the first research centers to initiate new clinical studies — potentially preceding trials with medical centers in Europe and the USA. CureLab has appointed Jihad Fakhreddine as…

Singapore-listed specialty pharmaceutical company iX Biopharma Ltd announced that Silcap®, a sildenafil drug used in the treatment of male erectile dysfunction (“ED”), has obtained approval and registration by the Health Sciences Authority (HSA) in Singapore. While patients suffering from ED have access to a variety of generic treatment options, iX Biopharma’s Silcap® has been designed as a novel small capsule, unlike existing alternatives which are typically delivered in tablet form. Silcap® is the first capsule sildenafil product to obtain marketing approval in Singapore. Silcap® is iX Biopharma’s second drug for the treatment of male erectile dysfunction after Wafesil®, a novel…

As threats of COVID-19 infection continue, Philippine-listed homegrown oil brand Phoenix Petroleum has partnered with car care and maintenance chain, Autoworx Plus, for a sanitation hub that offers professional car cleaning and disinfection services. Available at six participating Phoenix gas stations, the sanitation hubs offer a TUV-certified antibacterial treatment that can kill 99.9% of bacteria, eliminates unpleasant odor, and improves the car cooling system. The hubs also have a vehicle sanitation service that cleans and disinfects vehicles from viruses similar to SARS-CoV-2, the virus that causes COVID-19. A vacuuming service is also available for a thorough car interior cleaning. “While quarantine restrictions…

Robinsons Retail Holdings, Inc. (RRHI), through its subsidiary, South Star Drug Inc., and Mulgrave Corporation B.V (MCBV), a wholly-owned subsidiary of Dairy Farm International Holdings, Ltd., signed today a share purchase agreement to acquire 100% of Rose Pharmacy Inc. Rose Pharmacy was established in 1952 as a family-run drugstore in Cebu City with the goal of providing quality and affordable medicines to communities. Dairy Farm acquired 49% share in the Cebu-based business in 2015, and in November 2018, Dairy Farm increased its interest in Rose Pharmacy to 100%. At present, it is one of the leading drugstore chains in the…

The challenging year the world is facing due to Pandemic has not been an obstacle to the continued success of the Sustainable Tourism Awards. In its nineteenth edition, 44 entries from 23 countries have been received to compete in the nine available categories. ‘The Skål International Sustainable Tourism Awards are geared towards enhancing the visibility and grant recognition to entities within the Travel and Tourism Industry,’ said Peter Morrison, World President of Skål International. In this edition, three prominent and distinguished judges from internationally recognised entities; Patricio Azcárate Díaz de Losada, General Secretary, Responsible Tourism Institute, Ellen Rugh, Program Manager, Center…

An overwhelming majority of US and Canadian travelers (99 percent) are eager to travel again, with 70 percent stating that they plan to take a vacation in 2021, according to a Travel Leaders Group survey of nearly 3,000 frequent travelers. The survey was conducted in September in conjunction with the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector. Results indicate that 45 percent of respondents have already made plans or are starting to make finite plans for their next vacation, while 54 percent say they are dreaming of when they can travel again.…

Wego, one of the leading online travel marketplaces in the Asia Pacific and the Middle East and North Africa (MENA), collaborates with German National Tourist Board to further strengthen travel demand from Malaysia as the country starts welcoming tourists from low risk destinations. Germany brings travelers the best of everything; there is something for every traveler to enjoy. Through this collaboration, both parties will show the finest spots of Germany to travelers in Malaysia to generate more awareness about the history of the country as well as the best things to do in this marvelous destination. For the 10th year…

MoneyBrain, which specializes in artificial intelligence (AI), announced they are supplying an AI video synthesizing solution to Rainus, a company specializing in Electronic Shelf Labels (ESL). MoneyBrain is a leading startup that has proved its high utilization and efficiency by introducing AI models in various fields such as broadcasting, education and service industries based on world-class real-time interactive AI technology. MoneyBrain’s interactive AI service is based on AI Video Synthesizing technology. Digital AI human has learned the creator’s information (look, voice, gesture, language, etc.) with deep learning technology and provides video information such as product price, user review and advertisement. MoneyBrain, signed an…

Mitsubishi Motors Corporation (MCC) today revealed the restyled 2022 Eclipse Cross, offering a sleek, sporty SUV appearance and improved driving confidence and comfort. The new Eclipse Cross will first launch in Australia and New Zealand in November, and in the U.S. in the first quarter of 2021. While there will be a plug-in hybrid variant of the vehicle available in select markets, there are no plans at this time to add the PHEV model for the U.S. “From the day we started to rethink the new Eclipse Cross, we wanted to address an attitude of boosted road performance and eco-friendliness, all with…

Listed mass housing developer 8990 Holdings Inc announced today that it ha raised Php1.3 billion through the issuance of Enrolled Corporate Notes. These Notes are Philippine Peso-denominated and exempt from SEC registration. The Notes will be enrolled with Philippine Dealing & Exchange Corp (PDEX) and traded through the PDEX Trading System starting on October 14, 2020. The Notes shall have a fixed interest rate of 4.0500% per annum, and maturity date of two (2) years from Issue Date or October 14, 2022. The proceeds from this transaction will be primarily used to partially finance the payment of existing indebtedness of…

Year-on-year headline inflation in the Philippines eased to 2.3 per cent in September from 2.4 per cent in the previous month and was within the central bank’s expected range of 1.8-2.6 percent for the month, data from the Bangko Sentral ng Pilipinas (BSP) showed. The resulting year-to-date average inflation rate of 2.5 per cent was within the Government’s target range of 3.0 per cent ± 1.0 percentage point for the year. By contrast, core inflation—which excludes selected volatile food and energy items to measure underlying price pressures—rose to 3.2 per cent year-on-year in September from 3.1 per cent in August.…

Philippine-listed shipping and logistics firm Chelsea Logistics is looking at recovery to commence by the middle of next year. To mitigate the impact of the ongoing COVID-19 pandemic, the Company deferred most of its capital expenditures except for those already committed and started, continued with the disposal of idle and inefficient assets, and implemented a workforce rationalization program. The Company also availed of the extension periods for loan payments provided under Bayanihan Acts 1 and 2 to ease its cash flow. With the aforementioned measures, Chelsea Logistics President & CEO Chryss Alfonsus V. Damuy said, “We are in the best…

As businesses start adapting to a new normal, Meetings & Events are also slowly returning – but with many factors to consider. In a survey led by Marriott Bonvoy, Marriott International’s travel program, on the expectations of Meetings & Events in the new normal, half of those surveyed are planning to continue with offline events (50%). However, there is a high volume of concerns around government regulations (45%), and safety and hygiene standards of venue (30%), amongst many others. The survey reached more than 500 respondents including event and meeting planners, administrative support staff and those in management roles across…