Author: Business News Asia

The refurbished edition of the Galaxy Note 7 will be released in Malaysia later this month, Samsung Electronics said in a statement. Samsung said Galaxy Note 7, refurbished due to batteries catching fire while being recharged, will be released in Malaysia on 25 October for MYR2,599 (USD616. The device is now named Galaxy Note FE. Samsung released the refurbished Galaxy Note 7 in South Korea months earlier. The South Korean tech giant said it does not have plans for the overseas release of the Galaxy Note FE in other countries. Galaxy Note FE has all the features of the Galaxy…

The Philippines took out a total of USD10.797 billion worth of official development assistance (ODA) loans from January to June of this year to finance various infrastructure projects. Here are the top 3 sources of ODA in the Philippines, according to the National Economic and Development Authority: Japan The Japanese government remained the top provider of ODA loans to the Philippines in the first six months of the year. The Japan International Cooperation Agency (JICA) extended USD4.84 billion of loans, which make up 44.83 percent of the country’s ODA loans portfolio in the first half. World Bank The World Bank…

The world’s richest woman, Liliane Bettencourt, died on Thursday, her daughter has confirmed. Bettencourt amassed one of France’s biggest fortunes while overseeing L’Oreal’s rise from a family makeup company to a globe-spanning colossus. Forbes estimates her net worth at $44 billion. Francoise Bettencourt-Meyers said her mother has left peacefully. She assured that L’Oreal SA, the world’s biggest cosmetics company, remained in steady hands with CEO Jean-Paul Agon. “In this painful moment for us, I would like to reiterate, on behalf of our family, our entire commitment and loyalty to L’Oréal and to renew my confidence in its President Jean-Paul Agon…

New Zealand’s flag carrier, Air New Zealand, has announced the appointment of Jeff McDowall as its new Chief Financial Officer, taking over from Rob McDonald, who will be leaving the company at the end of the year. McDowall, currently Group General Manger Corporate Finance, will assume his new post starting 1 January 2018. Chief Executive Officer Christopher Luxon says McDonald signalled his intention to take up nonExecutive appointments from 2018 almost two years ago, which allowed the airline to put in place a robust succession planning process. “The Board and I are thrilled that we have been able to promote…

PHILIPPINES – Max’s Group (PSE:MAXS), the largest operator in the Philippine casual dining segment, is building seven Sizzlin’ Steak outlets in the United Arab Emirates (UAE) over the next five years. In a disclosure to the Philippine Stock Exchange, Max’s Group Inc said it has partnered with Kasamar Holdings to bring Sizzlin’ Steak into the Middle East region. “We are witnessing the emergence of Sizzlin’ Steak as a global mainstream brand. At the same time, we are pleased with our partnership with Kasamar Holdings to introduce our hot plate concept to the UAE,” said Max’s Group, Inc. President and Chief…

HONG KONG – Strategic Public Relations Group (SPRG) has been named “Corporate Consultancy of the Year” during the Asia Pacific SABRE Awards, besting at least 1,200 nominees. The company said it received the coveted title because of its commitment to delivering superior PR services to clients. Additionally, SPRG also received the GOLD SABRE Award – Greater China for the communication campaign, “MW vs MWR – A Battle for Reputation” that it devised for the sofa manufacturer, Man Wah Holdings Limited. Through carefully devised communication strategies backed by effective implementation, SPRG was able to quash accusations by a short seller, which…

PHILIPPINES – US Marines and Sailors with the 3d Marine Expeditionary Brigade (3d MEB) alongside their Armed Forces of the Philippines (AFP) counterparts conducted a groundbreaking ceremony on the renovation of several schools and a day care center in Casiguran, Aurora Province. The construction work is a joint civic assistance activity which forms part of the upcoming U.S.-Philippine bilateral military exercise, KAMANDAG. The Philippine and U.S. service members are conducting engineering and construction projects at three different sites in Casiguran. Military service members from both countries will work together during these bilateral projects to assist local populations and strengthen the…

PHILIPPINES – Minimum wage in the National Capital Region (NCR) is now P512 (USD9.98) per day after the NCR wage board approved a P21-increase in the daily salary. The daily was increase is way lower than the P186 that labor group Associated Labor Union – Trade Congress of the Philippines (ALU-TUCP) had petitioned but employers said the increase is too much. ALU-TUCP spokesman Alan Tanjusay said the P21 increase will only go to inflation and will not reach the pockets of workers. He added that NCR workers need at least an additional P186 a day to cope up with the…

It is very unlikely for Philippine President Rodrigo Duterte to place the entire country under Martial Law despite the threat of a nationwide mass action by leftist groups, Defense Secretary Delfin Lorenzana said. Lorenzana said it was Duterte himself who said he might declare a nationwide Martial Law if the protest actions will become violent, with protesters setting roads on fire, or put the public in danger. But the defense secretary believes it is very remote for Duterte to declare a nationwide Martial Law. Lorenzana said it is also unlikely for leftist groups to disrupt the civil government and put…

Personal remittances from overseas Filipinos (OFs) amounted to US$2.6 billion in July 2017, posting an 8.7 percent increase year-on-year, data from the Bangko Sentral ng Pilipinas (BSP) showed. On a cumulative basis, personal remittances from OFs for the period January-July 2017 rose by 5.9 percent to reach US$17.9 billion, BSP Officer-in-Charge Diwa C. Guinigundo announced today. The steady growth in personal remittances drew support from the remittance inflows from land-based OF workers with work contracts of one year or more, amounting to US$13.8 billion, and compensation of sea-based workers and land-based workers with short-term contracts (excluding their expenditures abroad), which…

CEBU CITY – After the 10-day work offered by the Department of Social Welfare and Development (DSWD) Central Visayas to the internally displaced persons (IDPs) from Marawi City, the evacuees received their cash assistance on Sept. 12, 2017. In partnership with the Cebu City Government, the IDPs were given the opportunity to work at the Visayas Disaster Response Center (VDRC) for 10 days since August 23 to September 8, 2017, as part of the assistance extended by the DSWD and the local government unit. A total of 264 registered families and 1,148 individuals were recorded to have transferred to Cebu…

The Philippine Government released on 31 August Republic Act (R.A.) No. 10951 amending RA No. 3815 otherwise known as the Revised Penal Code (RPC). The fifty-page law with 102 sections consists of provisions adjusting the amount or value of property and damage on which a penalty is based and fines imposed. Some of the adjustments on the value of property and damage pertain to crimes against property, such as theft and estafa. In addition, fines are increased on certain crimes against national security, such as treason and crimes against public order, such as rebellion and sedition. In case of treason,…

CoAssets Ltd (ASX:CA8), a web-based real estate and business crowd funding platform, was up 100% at noon on the Australian Securities Exchange (ASX) while Lakes Oil NL (ASX:LKO) and Oro Verde Ltd (OVL) were up 50% and 42.86%, respectively. BusinessNewsAsia.com examines the market moving reports that sent CoAsset Ltd’s stock soaring in today’s trading. CoAssets Ltd’s stock reached its 52-week high at noon today when shares traded at 0.400 a share on reports that it acquired 25% of the shares of Brigthen Finance Limited for a total consideration of SGD1.8 million. CoAssets will acquire a total of 2,500 fully paid…

iPhone fans around the world will get to see the latest iPhone 8 on 12 September, according to the invitation sent by Apple Inc (NASDAQ:AAPL) management. The new iPhone 8 is expected to switch to an all glass design, with a new AMOLED display covering nearly the entire front face. It, however, comes at a lofty price tag. Also during the iPhone 8 launch will be the release of the iPhone 7s and iPhone 7s Plus. Analysts said the iPhone 8 and iPhone 7s should be available for pre-order on Friday, 15 September. Also expected during the iPhone 8 launch…

Philippines stocks ended Wednesday on the positive, buoyed by double-digit gains in Holding Firms, Services, and Mining & Oil. The Philippine Stock Exchange index (PSEi) gained 8.34 points while All Shares added 1.32 points. Five stocks that stood out as top gainers on Wednesday’s trading are Arthaland Corporation (PSE:ALCO), City & Land Developers Inc (PSE:LAND), and Wellex Industries Inc (PSE:WIN), which gained 12.77%, 6.20%, and 6.06%, respectively. BusinessNewsAsia.com takes a closer look at the developments that sent these stocks up in the green territory to see if their gains will continue on in today’s trading. Arthaland Corporation (PSE:ALCO)’s stock was…

NetLinkz Limited (ASX:NET) has completed a reseller agreement with Whitehorse Technologies, Inc., of Arlington Virginia, USA, after several months of negotiation and product testing. Whitehorse specializes in global data analytics networking, data fusion, security solutions and providing enabling technology development. Founded in 2014, the business services a wide spectrum of clients including, financial institutions, telecommunications providers and government agencies. Whitehorse has identified five major customers for whom the NetLinkz products would provide a significant value proposition in the enablement of their security ecosystems. Three of the prospective customers are government entities and two are large commercial enterprises. Four are based…

ASX-listed MCS Services Limited (ASX:MSG) announced that it has bagged security services tender at three Perth Metropolitan Shopping Centres. MCS was the current incumbent at these centres and retained them in an open tender. In a disclosure, Chief Executive Officer Paul R. Simmons said the term of the contracts are for three years plus one year option to extend which will take the term through to 2021. “The award of these new contracts demonstrates further that MCS is the leading provider of guard services to retail shopping centres throughout Western Australia and the delivery and quality of service is well…

AUSTRALIA – As part of efforts to create clean technology solutions, the Government of Canada is investing USD500,000 in Australia-listed firm Novonix Battery Testing Services Inc. (ASX:NVX). The investment will help Novonix further develop and market its innovative battery testing, the company said in a disclosure to the Australian Securities Exchange. The funding was announced today by the Kirsty Duncan, Minister of Science, on behalf of the Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). Darren Fisher, Member of Parliament for Dartmouth-Cole Harbour, also took part in the event.…

Phoenix Petroleum Philippines, Inc has secured approval from the Philippine Competition Commission (PCC) to acquire the entire equity interest of PDB (Netherlands) B.V. (PDBN) in PETRONAS Energy Philippines, Inc. (PEPI), consisting of 100% of the total issued and outstanding capital stock of PEPI. Upon completion of the acquisition, Phoenix Petroleum will acquire PDBN’s entire liquefied petroleum gas (LPG) business in the Philippines. Phoenix Petroleum will also acquire 100% shareholding in Duta, Inc. Duta and its subsidiary manage and hold the various parcels of land used in relation to the business operations of PEPI. The acquisition of PEPI expands Phoenix Petroleum’s…

Big Data for Humans, the world’s leading customer insight automation provider to retail and travel companies, has boosted its fast-growing global operation with a raft of high calibre appointments across its London and Singapore offices. The fast-growing startup, which is transforming the way retail and travel businesses win, serve and retain their customers, has appointed Sheila Power to the role of Chief Strategy Officer, following her work launching Big Data for Humans’ APAC business last year. Based in London, Sheila brings over 15 years of international experience in data driven customer marketing for retail and travel businesses to the role…