Author: Business News Asia

AboitizPower is set to add some 500 MW of attributable capacity in 2018, coming from the completion of several hydro and baseload plants in Luzon, Visayas, and Mindanao. AboitizPower President and COO Antonio R. Moraza said the projects are on track and should be mostly online in the first half of 2018. The entry of these plants will significantly support the country’s energy reserves and will show that the Philippines is open for business and investments, Moraza said. “We have one of the most diversified portfolios in the country and we continue to be on the lookout for opportunities to push…

Commercial real estate services firm Colliers International Group announced the acquisition of Ovenia Group (Ovenia), Finland’s leading real estate management and service firm, for a still undisclosed amount. Following the acquisition, Ovenia will immediately rebrand as Colliers International throughout Finland. Founded in 1980 and headquartered in Helsinki with operations throughout Finland, Ovenia employs over 500 skilled professionals and has a highly experienced management team lead by CEO Sirpa Ojala. The company provides commercial real estate management services for office, industrial and retail properties; retail and shopping center development & consultancy; and residential management including multifamily residential rentals and direct to…

China Vanke’s commercial property unit SCP Group is buying the interests of CapitaLand in 20 retail shopping malls in China for about $1.29 billion. In an announcement, China Vanke said it was purchasing the 20 shopping malls from CapitaLand through a joint investment with Triwater Asset Management Holdings. CapitaLand’s divestment will be carried out by its wholly owned shopping mall unit CapitaLand Mall Asia. The deal is expected to give CapitaLand net proceeds of about S$660 million and a net gain of about S$75 million. Each mall has an average gross floor area (GFA), excluding car park, of about 40,000…

Excalibur Global Financial Holdings (Excalibur), a Hong Kong-based futures brokerage services provider, has announced plans to list on the GEM Board of The Stock Exchange of Hong Kong Limited. Based on its proposed listing plan, Excalibur intends to offer a total of 200 million shares, comprising an offer of 20 million shares under the public offer and 180 million shares under the placing. Excalibur looks at an indicative offer price ranging from HK$0.375 and HK$0.425 per share. Net proceeds from the share offer are estimated to be approximately HK$49.6 million (US$6.34 million). The public offering commenced on 29 December 2017…

The National Currency Exchange (NCX), an Australian owned and operated cryptocurrency exchange based in Perth, Western Australia, will commence operations in Q1 2018. The launch follows a successful private funding round that saw NCX raise approximately AUD$750,000 for the Australian and second exchange in Singapore. National Currency Exchange, which will initially allow trading in popular cryptocurrencies Bitcoin and thereum before expanding the digital asset suite throughout 2018, differentiates itself from local and global peers by having 100% of controlled funds and digital assets managed in Australia, with the majority of NCX controlled digital currency kept in “cold storage”. In addition,…

The peak financial technology (fintech) industry bodies in Indonesia and Australia have signed a landmark agreement to help drive exchanges of talent and expertise between the two growing fintech markets. Signed in December, the memorandum of understanding between FinTech Australia and FinTech Indonesia is regarded as an important step to drive the mutual development and growth of fintech industries across both jurisdictions. The agreement was witnessed by Fithri Hadi, the Director of Financial Innovation from Indonesian Financial Service Authority (OJK) and Dan Thomas, Vice Chair of the Australian Department of Foreign Affairs and Trade. The agreement provides a platform to…

Hotel Okura Co., Ltd. announced today that it has entered an agreement with Travellers International Hotel Group Inc. (TIHGI) to manage Hotel Okura Manila, which will open in Manila, Philippines in 2018. Located near Manila’s Ninoy Aquino International Airport (NAIA), the 191-room Hotel Okura Manila will be conveniently situated within Resorts World Manila, an integrated resort owned by TIHGI. As a gateway to Makati City, the country’s financial district, the hotel will offer easy access to Manila’s business and leisure centers. The hotel will be a state-of-the-art resort destination distinguished by its sophisticated Okura-style hospitality. It will offer numerous dining…

THAILAND – The new Cosi Hotel on Samui island is now officially open and welcoming independent, tech-savvy travelers. It is as different from a traditional hotel as a new smartphone is from the mobile phones of the 90s. Centara completely re-thought what a hotel should be for the new generation of connected, freedom loving, pricey-frill-hating travellers. The result is an innovative and affordable lifestyle hub set in the middle of the shopping, eating, social and entertainment scene on Chaweng Beach. If it feels a little more like staying at the stylish home of a friend, that’s the whole idea. “COSI…

BOHOL, Philippines — On December 1, the United States Agency for International Development (USAID) distributed more than 3,200 tablet computers to Philippine Department of Education public school leadership from Regions 1 and 7. The assistance is part of USAID’s continuing support of the Philippines’ goal to strengthen early grade reading skills. The tablets are loaded with software that will boost the quality of teaching, tools for school heads to better supervise teachers, and resources, such as videos and tip sheets, to support teachers’ professional development. The donation is the culmination of USAID’s recent training of more than 3,000 school administrators…

Broadcast company GMA Network, Inc. (GMA) recorded recurring revenues of P11.796 billion in the first nine months of 2017, nearly half a billion or 4 percent higher than the same period last year. January to September airtime sales from regular advertisers yielded a 3 percent or P342.6 million climb from a year ago, arising from the combined contributions of GMA’s airtime revenue platforms GMA-7, GMA News TV, Regional TV, and Radio. Absolute airtime sales year-on-year, however, was reduced by 10 percent due to the absence of last year’s political advertisements amounting to about P1.5 billion. The Company posted substantial revenue…

Fractional property investment company DomaCom (ASX:DCL) has entered into an agreement to subscribe to the CoreLogic – Moody’s Analytics Australian Forecast Home Value Index. This will allow DomaCom to create highly targeted research backed residential property investment strategies for Independent Financial Advisers (IFAs) and direct investors. DomaCom will initially offer a Top Australian Residential Strategy drawing on the top sector in the CoreLogic – Moody’s Analytics Australian Forecast Home Value Index, as well as a Top Australian Cities Strategy with a choice of Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart or Darwin. “While independent financial advisers are typically at the core…

MyState Limited (ASX:MYS), the banking and wealth management group, announced today that it has decided not to renew the services of Standard and Poor’s (S&P) and requested all credit ratings provided in relation to MyState Bank Limited issued debt be withdrawn. This includes the current issuer rating and associated ratings provided by S&P for the medium term note programme (including the subordinated debt tranches). MyState Bank will retain its Moody’s rating of Baa1/P2 (long term/short term) with a stable outlook. These ratings will apply to the outstanding short term debt instruments as well as the existing medium term note programme…

SINGAPORE- activpayroll, the global payroll and tax compliance specialist headquartered in Aberdeen, Scotland was delighted to see its Singapore office win its first award. On Thursday 9th November, activpayroll’s Singapore team were announced the winner of the ‘Partner of the Year 2017 – Top outsourcing Partner’ at the Justlogin Partner Awards 2017. Justlogin, Singapore’s premier provider of HR solutions on the Cloud, awarded activpayroll Pte Limited the prestigious accolade in recognition of the Singapore office’s hard work, excellent working relationship and support in driving improvements to their systems. activpayroll’s Singapore operation started in 2013 with a small office, but due…

CEBU CITY – Ford Philippines brought its globally recognized Driving Skills for Life (DSFL) program to Cebu for the first time as part of its goal to cover key areas nationwide and reach more drivers to instill the importance of road safety. Held at the Cebu Trade Hall in SM City Cebu, the DFSL session reinforces Ford’s commitment to safety. The Cebu leg of the DSFL was attended by over 200 participants composed of public utility vehicle drivers (PUV), Uber drivers, traffic enforcers, student drivers, and Ford customers. Like its previous runs, the program had classroom training and actual driving…

SINGAPORE – Frasers Hospitality, a division of Frasers Centrepoint Limited, is on track to double its operating properties in China with the grand opening of Modena by Fraser Changsha today. Strategically located in the vibrant capital of Hunan Province, the 354-unit Modena by Fraser Changsha was one of 14 properties slated to open over the next four years to meet rising demands for inbound and outbound travel in the country. The opening of new properties in the pipeline will deepen Frasers Hospitality’s presence in the fast-growing cities of Shenzhen, Shanghai, Tianjin, Nanjing, Chengdu and Wuhan, while extending the group’s footprint…

MANILA, The Philippines – The US Embassy in the Philippines convened 250 youth leaders representing all 10 ASEAN member states for a 5-day advanced leadership training at the 2017 Young Southeast Asian Leaders Initiative (YSEALI) Summit in Manila from October 17-21, 2017. US Ambassador to the Philippines Sung Kim welcomed delegates to Manila and encouraged them to be a force for positive change. He noted that “the 110,000 strong YSEALI network and the United States government are here to support you and your work as we build the future of ASEAN together.” Through lectures, hands-on activities, and simulations, the 2017…

MACTAN, Cebu – GMR Megawide Cebu Airport Corporation (GMCAC), the operator of the Mactan-Cebu International Airport (MCIA) aligns with the Mactan Cebu International Airport Authority, to ensure a safe, secure, and comfortable travel experience for the passengers during and after the All Saints’ and All Souls’ Day holidays. MCIA has implemented the Oplan Ligtas Biyahe – Undas 2017 starting on October 25 until November 7 in anticipation of the influx of arriving and departing passengers during the All Saints’ and All Souls’ Day holidays. Under the said operation plan, Mactan Cebu International Airport Authority (MCIAA) anticipates the additional efforts needed…

SINGAPORE – Mapletree Investments Pte Ltd (MIPL) and Mapletree Industrial Trust (MIT) announced the formation of a joint venture that will acquire 14 data centres in the US for USD750 million. The JV entered into a conditional purchase and sale agreement through an unlisted single trust, Mapletree Redwood Data Centre Trust (MRDCT) to co-invest in a portfolio of 14 data centres in the US from Carter Validus Mission Critical REIT. Under the JV agreement, MIPL holds 60% interest in MRDCT while MIT holds the remaining 40% interest. The 14 data centres are strategically located in established data centre markets across…

SINGAPORE – The Singapore Tourism Board (STB) is celebrating its long-standing 10-year partnership with Messe Berlin. To mark the occasion, Singapore will be the Official Partner Country for ITB Asia 2017, Messe Berlin’s regional flagship tradeshow. STB’s new brand, Passion Made Possible, will feature prominently across the exhibition show floor, with STB hosting the Singapore Pavilion (Booth F05) and Happy Corner (Booth F50) from 25 to 27 October at ITB Asia 2017, held at the Sands Expo and Convention Hall. “This year marks the 10th anniversary of ITB Asia being anchored in Singapore, a testament to the country’s position as…

Here is a list of areas and schools where classes have been suspended for Friday, October 13, due to Tropical Storm Odette (Khanun). Abra – preschool to high school Automatic suspension Apayao – preschool to high school Batanes – preschool to high school Cagayan (including Babuyan Group of Islands) – preschool to high school Ilocos Norte – preschool to high school Isabela – preschool Abra – preschool Ilocos Sur – preschool La Union – preschool Benguet (including Baguio City) – preschool Ifugao – preschool Kalinga – preschool Mt Province – preschool Please keep checking this post for update on the…