Author: Business News Asia

Singapore-listed Far East Orchard Limited has acquired two freehold student accommodation properties in the United Kingdom for approximately S$115.7 million ($85 million), according to a company announcement. The company has acquired the properties in Leeds and Sheffield with a total of 974 beds, raising the number of its portfolio in the UK to 3,260 purpose-built student accommodation beds across 11 properties. The portfolio surpasses Far East Orchard’s target of 3,000 beds by 2023. In a disclosure to the Singapore Exchange, Far East said the newly acquired properties are The Foundry in Leeds with 239 beds and The Elements in Sheffield…

CEBU CITY, Philippines – A 61-year-old British National was arrested by local authorities for keeping two minor boys – aged 5 and 15 – in his rented condominium in Cebu City, Friday night, November 8. Reports released by the Women and Children’s Protection Desk (WCPD) of the Cebu City Police Office (CCPO) said the suspect, William Antony Paul Becket, will be charged for violation of the country’s Expanded Anti Trafficking in Persons Act. Joint personnel of the Investigation, Detection, and Management Branch and WCPD raided the room of Becket past 10pm Friday after receiving reports from the Children Legal Bureau…

GE announced its decision to invest up to $60 million over 10 years in its existing Global Repair Service Center in Singapore.  With the support of the Singapore Economic Development Board, GE plans to develop the next-generation repair capabilities for HA gas turbines by creating a new HA Repair Engineering and Development Center in the site. The announcement underscores the company’s commitment to continued investments in the future of gas, which is a vital part of the energy mix. The new Center of Excellence will significantly increase GE’s repair development capability globally to support the industry’s most-advanced, heavy-duty gas turbine, making…

Singapore’s life insurance industry recorded a total of S$3 billion in weighted new business premiums from January to September of this year, data from the Life Insurance Association Singapore (LIA Singapore) showed. The amount represents a 4-per cent decline from the corresponding period last year and is inline with Singapore’s economic performance. Against this backdrop, total sum assured for new business continued to increase by one per cent (approximately S$1.3 billion) year-on-year, amounting to S$103.1 billion. “The ongoing economic volatility has inevitably impacted the first three quarters’ performance for the life insurance industry. However, the Association and member companies remain…

Philippine-listed technology firm Xurpas Inc. has agreed to acquire Wavemaker Partners US, a venture capital management firm based in Los Angeles. Wavemaker US has been operating for almost 17 years as a top-rated US technology fund and has a track record of successful exits, via both public offering of shares and acquisitions. Wavemaker US has invested in over 230 technology companies and focuses on high impact tech areas such as Enterprise Software, Data & Intelligence platforms and other technology-enabled companies in Digital Media & Consumer. Some of the more prominent investments Wavemaker US has made the last several years include…

Didi Chuxing, the world’s leading mobile transportation platform headquartered in China, announced today it will start offering DiDi Food, its food delivery service in Mexico City, after successful launches in Guadalajara and Monterrey, the country’s second and third largest cities. DiDi Mexico has expanded its ride-hailing operations to 32 cities in Mexico since April 2018, covering over 50% of the nation’s population. Earlier launch campaigns of DiDi Food in Guadalajara and Monterrey in April and October 2019 were met with enthusiastic restaurant sign-ups and user downloads. Martin Mao, General Manager of DiDi Mexico, said, “We are very excited to expand…

South Korea’s chat app giant Kakao Corp has launched Stage 5, its first product in the 5G smartphone market, according to local reports. The smartphone comes with a number of features, with a chipset from Qualcomm. Developed by Stage Five and Infomark, Stage 5 features a triple rear camera, a 6.47-inch FHD Plus Display, 6GB of RAM, 128GB of internal memory, and wireless charging. It runs Android 9.0 Pie out of the box. The phone also comes with a 4000mAh battery, plus support for Qualcomm’s Quick Charge 4+ feature, and charged via the on-board USB-C port. The phone comes with…

Listed Australian property developer Charter Hall has formed a joint venture with Singapore’s sovereign wealth fund GIC to acquire the iconic 15-storey Jessie Street Centre in Parramatta, in Sydney’s central business district. The Jessie Street Centre is an A-grade office building with supporting retail offers and a net lettable area of 53,900 sqm. The property is 99.9% occupied with a WALE of 3.9 years and has a 5.5 star NABERS Energy Rating. The property benefits from a strong underlying tenant covenant base, being predominantly leased to the Australian Taxation Office, AMP Services Limited and various NSW Government Service tenancies. Charter…

In keeping with its Go Beyond Good manifesto, Coca-Cola Philippines has again mobilized its associates to participate in the 34th International Coastal Clean-Up. In the Philippines, the company has 19 bottling plants and over 50 sales and distribution offices. The company believes that responsible stewardship of the environment is a collective effort—everyone has a part to play. During the 34th ICC, Coca-Cola worked hand-in-hand with various partners to ensure a more far-reaching impact for the activity. In Cebu, over 150 Coca-Cola associates spent their day at Sitio Lusimba, Brgy. Basak, San Nicolas & Brgy. Canjulao, Lapu-Lapu City, to take part…

SINGAPORE, Nov 4, 2019 – (ACN Newswire) – MX, token of MXC Trading Platform, was officially launched on Huobi Global on Oct 30, 2019. A new landscape among digital-asset trading platforms around the globe may be shaping. MX token witnessed a gain of more than 700% in the latest half-year. It is the platform token of MXC Trading Platform issued for its ecosystem construction. It enables users, members and contributors to participate in the ecosystem improvement. In general, the price of platform token is closely correlated with the development of the platform. In some words, it is a ruler for measuring the real-power of…

Singapore-listed industrial automation firm ISDN Holdings Limited (ISDN) has collaborated with Tokyo-listed eREX Co Ltd and Cambodian firm Asia Energy Power Co Ltd to build an 80-megawatt hydroelectric power plant in Pursat Province, Cambodia. The hydroelectric power plant, which already received confirmation and guarantee from the government for the business rights for the construction, also features a large-scale water storage capacity. The power generated from the plant will be sold at a fixed price to the Cambodia Electric Power Corporation, according to the announcement. The joint venture company, called SPHP Co Pte Ltd, is incorporated in Singapore with ISDN Energy,…

The two earthquakes that rattled Mindanao last week resulted in the death of 21 people and injury of 432 others, according to the latest situation report released by the National Disaster Risk Reduction and Management Council (NDRRMC) said. Based on its 6 a.m. situation report on November 3, the NDRRMC said a total of 22 dead, 432 injured and two missing persons were reported in Regions X, XI, XII, and BARMM. The report said three were killed in Davao del Sur due to the magnitude 6.6 earthquake. In Region XII, nine were killed during the 6.6 earthquake while 10 died…

The Association of Southeast Asian Nations (ASEAN) awarded the ASEAN Prize 2019 to Dr. Jemilah Mahmood, an ardent community and humanitarian leader from Malaysia, for her contribution to community-building efforts in the region, according to a statement. The ASEAN Prize is a regional premier award administered by the ASEAN Secretariat to recognise inspiring achievements of ASEAN citizens or organisations who have significantly contributed to ASEAN community-building efforts. The Prime Minister of the Kingdom of Thailand General Prayut Chan-o-cha and the ASEAN Secretary-General Dato Lim Jock Hoi presented the award to Dr. Jemilah at the Opening Ceremony of the 35th ASEAN…

Airlift, a Pakistan-based decentralised mass transit system, announced that it has raised $12 million in its Series A funding round anchored by Uber-backer First Round Capital. In a statement, the Lahore-based transportation startup said its funding marks one of the largest financings in South Asia this year and the first time that a US-based venture capital firm has led a round in Pakistan. Airlift labels itself as an alternative to Uber, Careem, and public transportation, allowing users to book rides on premium quality (air-conditioned) buses (and vans) that have fixed routes, stops and times, in Lahore and Karachi. The company…

AboitizPower subsidiary San Carlos Sun Power Inc (SacaSun) has earned certifications for its compliance to international standards in quality management, environmental management, as well as occupational health and safety management systems. This development came three years after SacaSun, the operator of the 59-MWp utility-scale solar photovoltaic power plant located in San Carlos City, Negros Occidental began supplying clean and renewable energy to the grid. SacaSun passed the external integrated management system (IMS) surveillance audit conducted by TUV Rheinland Philippines, Inc. on October 14 to 16, 2019. “The organization was able to materialize and continuously provide projects to the community as…

M17 Group, the Taipei-headquartered social networking entertainment group, has acquired MeMe Live, a live streaming platform that focuses on Asia-Pacific markets. Financial details of the acquisition were not disclosed but M17 Group said in a statement that the deal will be completed upon the approval of the group’s board directors and shareholders. MeMe Live is a mobile app that leverages a live broadcast platform to enable anyone to stream, interact with their audience, build a following, and get paid to do it. As a result of this acquisition, M17 Group said its market share of the live streaming industry in…

In recognition of the extensive U S partnership with the Philippine Coast Guard (PCG), US Ambassador Sung Kim visited the Balagtas Training Center to observe the first technical course conducted there on outboard motor maintenance on Thursday, October 30. Commodore Joseph Badajos, Commander of PCG’s Surface Support Force, hosted the visit to the future home of PCG’s technical workforce development. The US is assisting PCG with developing the Balagtas Training Center in several phases. The first phase – Outboard Motor Center of Excellence – included a classroom, engine maintenance laboratory, and barracks. US Coast Guard teams are conducting a series…

IFC, a member of the World Bank Group, and a consortium of other lenders today finalized a $453 million debt financing package that will support the construction of a landmark hydroelectric plant in central Nepal. The plant will increase Nepal’s electricity supply by one-third from today’s levels and provide clean, reliable power to some 9 million people, part of a larger effort by IFC to create markets and fight poverty in the country, according to a statement. IFC is the lead arranger of the debt package, which includes eight other lenders, and is one of the largest foreign direct investments…

Philippines-listed Suntrust Home Developers Inc (Suntrust), a company that anchors its current business on property management of residential and office buildings. is expanding its capital base as it shifts its focus into tourism development. The Board of Directors of Suntrust announced that it is increasing its authorised capital stock from its existing level of 3 billion pesos (US$59 million) to 23 billion pesos (US$453 million). About 5 billion common shares will be subscribed by Fortune Noble Limited and Megaworld. Post the capital hike, Fortune Noble will continue to own and maintain its majority controlling interest in Suntrust while Megaworld will…

Mactan-Cebu International Airport Authority (MCIA), touted as the best airport in the Philippines, announced that it has once again been ranked by travellers among one of the best airports in Asia. The ranking was made by Sleeping in Airports, a website that ranks the best and worst airports in the world, according to a statement released by MCIA. “Our common goal, in partnership with the Mactan-Cebu International Airport Authority, government agencies, and airport community stakeholders, is to continuously improve and provide a positive experience to the passengers at MCIA,” said Andrew Acquaah-Harrison, chief executive advisor of GMR MEGAWIDE Cebu Airport…