Author: Business News Asia

A 46-year-old Chinese man who had been eating uncooked food for one month was near to being taken over by parasites. Good thing he was rushed to the hospital on time. According to a report by the Daily Mail, doctors found more than 700 tapeworms in Zhu Zhongfa’s body, including his brain and lungs. It turned out that Zhu had ingested the eggs of the parasite Taenia solium, or the pork tapeworm. Doctors said the worm larvae had entered Mr Zhu’s body through his digestive system and then made their way to his brain through the bloodstream. The construction worker,…

Global technology and services giant Tech Mahindra has acquired private equity-backed digital marketing agency Born Group for an undisclosed amount. Born was established in 2011 as a combination of two acquired firms – Group FMG, a content production house, and Pod1, a New York-based marketing boutique specialised in creative design. The company produces unique brand experiences by connecting 10 specialisms that serve as the foundation of the digital economy – creative design, content production, commerce enablement, conversions, cloud technology, cognition, cohesion, consulting and completeness across all channels. “We have grown exponentially and the time has come for us to go…

BANGKOK, Nov 26, 2019 – (ACN Newswire) – On November 15, C.P. Intertrade Co., Ltd (brand: Royal Umbrella) held the 3rd World’s Hom Mali Rice Harvesting Day in Phayao, one of the major agricultural provinces in Thailand. During the event, C.P. Intertrade introduced various Hom Mali Rices and introduced a new local rice brand from Phayao, the Hug Phayao. Thai Hom Mali Rice, also known as Jasmine Rice, is a point of national pride for Thai people. Hom Mali Rice is a long-grain variety of fragrant rice with a smooth and chewy texture. It’s very popular among consumers all over the world. C.P. Intertrade…

Indonesia’s state-owned defence company PT Pindad has partnered with Paramount Group, the global aerospace and technology company, for the local development, industrialisation, and joint marketing of armoured vehicle systems for the Indonesian armed forces. The MOU was signed during Defence & Security 2019, the biennial defence expo held in Bangkok, Thailand. The MOU provides for the development, local industrialisation and joint marketing of next generation armoured vehicle systems, in response to the local requirements of Indonesian armed forces. The agreement would enable local manufacturing through technology and skills transfer, the strengthening of local land systems capability, and the creation of…

The Manila-headquartered Asian Development Bank (ADB) has approved a $278-million loan to construct and rehabilitate about 30 kilometers (km) of main and secondary roads between the towns of Shorapani and Argveta on Georgia’s East–West Highway, one of the country’s main trade and transport networks. The East–West Highway, which is part of Corridor 2 of the Central Asia Regional Economic Cooperation (CAREC) Program, is a lifeline for Georgia’s economy. It represents 30% of the country’s international road network carrying more than 60% of national foreign trade and serving over 13,000 vehicles daily. The road network is integral to Georgia’s objective of…

The Manila-headquartered Asian Development Bank (ADB) has approved a $10-million grant to help develop tourism in Tajikistan, according to an announcement. The project is ADB’s first tourism sector operation in Tajikistan. “Tajikistan has considerable advantages for developing tourism given its beautiful mountainous landscape, natural assets, and cultural and historical links to the ancient Silk routes and even earlier eras,” said ADB Project Administration Unit Head in Tajikistan Raza Farrukh. “But the country’s tourism potential remains untapped. Through this project, we will move the government’s efforts on developing the tourism sector to the next level.” The project will prepare a comprehensive…

Singapore-headquartered startup Tookitaki announced today that it has closed its Series A funding round with $19.2 million in fresh funding to further boost its aim of fighting money laundering and reconciliation issues. Tookitaki, which has offices in Singapore, India, and the US, said it raised an additional $11.7 million in funding from global investors, bringing the total size of its Series A funding to $19.2 million. The round was co-led by Viola Fintech and SIG Asia Investment, followed by Nomura Holdings through its venture capital arm Nomura Incubation Investment Limited Partnership. The round was also joined by the company’s existing…

Unicorn startup Revolution Precrafted Inc. has partnered with publicly listed Boulevard Holdings Inc. to develop a new resort and residential complex in Puerto Azul Resort and Golf Club, a sprawling golfing and resort destination in Cavite, once dubbed as “Asia’s Paradise”. Revolution Precrafted Founder and CEO Robbie Antonio revealed that the company has signed a development and sales contract with BHI for an integrated resort resort-residential project covering a 13-hectare property inside the famous Puerto Azul complex. The project will have direct access to the serene and secluded Paniman cove. Initially named Rogue Resorts and Residences, an initial 3.4 hectare…

Smartphones and other devices, in conjunction with the internet, have given birth to a new way of doing your shopping, eCommerce and it offers numerous advantages of traditional ways of shopping so it is no surprise that it is surging in popularity. Here we take a look at the eCommerce sector in Hong Kong, and why the territory is a good place to do business. The rise of e-commerce in Hong Kong Shopping on eCommerce stores is becoming the norm in many parts of the world and Hong Kong is doing great as well. It is not seen as one…

The World Bank (International Bank for Reconstruction and Development or IBRD) has issued two tranches of catastrophe-linked bonds (CAT bonds) in order to provide the Philippines with financial protection of up to US$75 million for losses from earthquakes and US$150 million against losses from tropical cyclones for three years. The bonds were issued under IBRD’s “capital at risk” notes program, which can be used to transfer risks related to natural disasters and other risks from developing countries to the capital markets. Payouts will be triggered when an earthquake or tropical cyclone meets the predefined criteria under the bond terms. The…

Leading Visayas-Mindanao developer Cebu Landmasters Inc (CLI) intends to further strengthen its presence in Western Visayas with the development of a P1.5 billion residential condominium project anchored by high-visibility retail spaces in a strategic Iloilo City location, according to a Business Reporter report. The listed firm recently signed a joint venture agreement with businessman Alfonso Tan, chairman of International Builders Corporation (IBC), for a high-rise residential tower on a prime corner lot in the city’s downtown area. CLI will own 50% of the residential development and will manage the development. IBC, who recently developed the GT Town Center Mall in…

From November 19 to 20, 2019, the U.S. Embassy in the Philippines continued to partner with the Philippine Judicial Academy in training 24 Mindanao judges on money laundering, terrorist financing, and financial crimes. The workshop included participants from Sulu, Basilan, Marawi, and Zamboanga, all areas of the Philippines which have had recent terrorist attacks. During this two-day workshop, Judge Paul Warner (U.S. Chief Magistrate Judge, District of Utah) explained key ways criminal proceeds are laundered and techniques used to investigate financial crimes. Judge Warner welcomed the opportunity to return to the Philippines where he had lived previously. U.S. DOJ Resident…

US-based global investment firm Platinum Equity said it has entered into exclusive negotiations to acquire Biscuit International, the European manufacturer of private label sweet biscuits, from Qualium Investissement. Financial details of the possible acquisition were not disclosed. Biscuit International was created in 2016 by the merger of Groups Poult and Banketgroep and grew through the acquisitions of A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel & Co and Aviateur in the Netherlands, and Arluy in Spain. In September, Qualium was also reported to be in talks with UK-based private equity firm Towerbrook Capital for a possible acquisition.…

BCB Blockchain, a Singapore-based technology firm, has committed $300,000 to support incubators and startup accelerators in the Philippines under the Department of Science and Technology (DOST), according to an announcement. The announcement was made during the 3rd National Technology Business Incubator Summit (TBI Summit). During the said summit, BCB Blockchain signed a memorandum of agreement with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD) – DOST. The MOA signifies BCB Blockchain’s dedication to collaborate with the government of the Philippines in powering up the development of local startups using its fund as well as its…

Sim Leisure Group Ltd, a theme park developer and operator based in Penang, Malaysia, announced that the world’s longest inner tube water slide and ESCAPE Gravityplay, the third of the group’s series of theme parks in Penang, have officially opened. At the official opening ceremony, Malaysian Minister of Finance Lim Guan Eng and Chief Minister of Penang Chow Kon Yeow praised ESCAPE for putting both Penang and Malaysia on the global tourist map with its world-record setting attractions The group’s new Guinness World Record’s longest inner tube water slide measures 1,111 meters, smashing the previous record of 356 metres held…

Bank of the Philippine Islands (BPI) said it will assume the management and distribution of the various mutual funds currently under the management of PhilAm Asset Management Inc (PAMI). In a disclosure to the Philippine Stock Exchange, BPI said its wholly-owned subsidiary BPI Investment Management Inc (BIMI) and PAMI expect to complete the assignment and assumption transaction by December 20, 2019. BIMI President Martin Enrile assured PAMI investors that they can expect the transition to be as seamless as possible. “Like all mutual funds, the PAMI funds follow certain investment guidelines set by its shareholders and boards of directors. BIMI…

Lucence, a genomic medicine company that invents blood-based tests for cancer screening and treatment selection, announced today the close of US$20 million in Series A funding. The round was led by IHH Healthcare, one of the world’s largest integrated private healthcare groups. SGInnovate, together with existing investors Temasek Holdings subsidiary Heliconia Capital, Lim Kaling, Koh Boon Hwee and others, also participated in the round. Lucence said this funding will enable the company to provide its liquid biopsy technology to more patients across Asia and North America for personalized treatment selection. The company will also embark on new prospective clinical studies…

MANILA – Philippine President Rodrigo Duterte has ordered a total ban of the use and importation of vapes as he ordered the arrest of anyone who will be seen smoking e-cigarettes in public places. In a press conference Tuesday night, Duterte said he will order a total ban on the use and importation of vapes, which he considers as toxic, and vaping materials. The president made the pronouncement as the Philippines reported its first case of a vaping-linked illness last Friday. A 16-year-old girl in the central Philippines who had been using e-cigarettes for six months was hospitalised last month…

HONG KONG, Nov 12, 2019 – (ACN Newswire) – Jacobson Pharma Corporation Limited (“Jacobson Pharma” or the “Group”; Stock Code: 2633), a leading company engaging in research, development, production, marketing and sale of generic drugs and proprietary medicines, announced the launch of Smartfish’s health nutrition range of products in Greater China (including Mainland China, Hong Kong, Macau and Taiwan) and Asia under an exclusive distribution agreement with Smartfish AS, a branded health nutrition company incorporated in Norway. According to the agreement, the Group has an in-licensed right for 10 years to distribute and market Smartfish’s consumer health products in Greater China and the Asia…

Yoma Strategic Holdings, a Singapore-listed, Myanmar-based diversified group, is acquiring a 10-per cent stake in Digital Money Myanmar (Wave Money), operator of the largest financial services network in the country, for at least $6 million, according to a statement. Yoma said its wholly owned subsidiary, Yoma Strategic Investments Ltd, has entered into an agreement with First Myanmar Investment Public Company Ltd to acquire the interest in wave Money. The stake involves 100,000 ordinary shares and 3.5 million redeemable shares. In a disclosure to the Singapore Exchange, Yoma said Wave Money operates the largest financial services network in Myanmar and offers…