Author: Business News Asia

8990 Holdings Inc, the Philippine’s top affordable homes developer, moved closer to its goal of securing its foothold in Metro Manila with the ground-breaking ceremony of its first lifestyle neighborhood mall located within its project in Tondo, Manila. While also open to the other neighboring communities, the Php452 million mall will serve as the amenities area of the 13-building Urban Deca Homes Manila, thus, keeping association dues of homeowners at affordable levels. According to 8990’s President and CEO, JJ Atencio, the costs of maintaining condominium amenities are distributed evenly among every homeowner whether or not he avails of these. This…

SINGAPORE – GPU accelerated analytics database provider Kinetica anticipates huge demand for GPU technology across the Asia Pacific Japan (APJ) region, as more enterprises handle large volumes of data, prompting the company to announce its expansion plan. With the anticipated demand from the region, Kinetica affirmed its focus on broadening the adoption of GPU technology to target more enterprises in banking & finance, oil & gas, auto, healthcare, telecom, logistics & delivery, and retail & e-commerce firms. Research firm IDC’s Worldwide Semiannual Big Data and Analytics Spending Guide reported the Asia Pacific region as the third largest market for big…

MEFIN Inc to facilitate growth of inclusive insurance in Asia Five leading insurance companies in the Philippines have bonded together to form an organization that seeks to promote the growth of the inclusive insurance market in Asia. The insurers – Cebuana Lhuiller Insurance Solutions, CARD Pioneer Microinsurance Inc, CLIMBS Life and General Insurance Cooperative, Western Guaranty Corporation, and Pru Life UK – launched the non-stock and non-profit organization Mutual Exchange Forum on Inclusive Insurance (MEFIN) Inc. The organization seeks to facilitate the growth of the market by finding solutions to challenges in the regulation of the industry and in the…

At least 100 exhibitors and over 1,000 hospitality professionals are set to gather at the SMX Convention Center from 2 to 5 August for the much anticipated The Hotel Show Philippines. The Hotel Show Philippines, newly introduced and cloned from the highly regarded The Hotel Show Dubai will gather international exhibitors and hospitality professionals looking to meet new suppliers and source alternative products and services for the hotel, restaurant, leisure and food service industry. “With accelerating hospitality tourism, construction and leisure industries in the Philippines, The Hotel Show Manila offers a diverse and pioneering experience for both exhibitors and visitors…

flydubai, legally Dubai Aviation Corporation, has announced the resignation of Mukesh Sodani, Chief Financial Officer, after six and a half years at the airline. In a disclosure to Nasdaq Dubai, the government-owned low-cost airline, said Sodani will take up a new position at a Dubai-based holding company. “Mukesh Sodani will leave flydubai over the summer and the recruitment process for a new appointment is currently underway,” the airline disclosed. Ghaith Al Ghaith, Chief Executive Officer of flydubai, thanked Sodani for the contribution he has made to flydubai’s continuous growth. “We wish Mukesh Sodani well in his new role,” Ghaith said.…

Headline inflation eased to 2.8 percent year-on-year in June from 3.1 percent in May, but was within the BSP’s forecast range of 2.4-3.2 percent for the month. It should be noted however that June CPI figures were adjusted to exclude Lanao del Sur. Meanwhile, the resulting year-to-date average inflation rate of 3.1 percent was also in line with the Government’s target range of 3.0 percent ± 1.0 percentage point for 2017. Similarly, core inflation—which excludes certain volatile food and energy items to measure underlying price pressures—decelerated to 2.6 percent in June from 2.9 percent in the previous month. On the…

HONG KONG – The Hong Kong Stock Exchange, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), announces the appointment of members to the Listing Committee of the Main Board and Growth Enterprise Market (GEM). The Listing Rules of the Main Board and GEM provide for all Listing Committee members to vacate office annually. Each year, the Listing Nominating Committee nominates individuals for appointment (and reappointment) to the Listing Committee. The Board of the Exchange makes the appointments on the recommendation of the Listing Nominating Committee. The Listing Nominating Committee this year comprised three non-executive members of the…

Papyrus Australia Ltd (ASX:PPY) and Lakes Oil NL (ASX:LKO) were top gainers at Friday’s close at the Australian Securities Exchange, gaining 75% and 50%, respectively. Papyrus Australia’s stock soared to 0.007 a share, gaining 0.003 on Friday, after it issued a letter to shareholders. A total of 871,500 shares exchanged hands last Friday. Papyrus informed shareholders on Friday that is received a report from its partner in the Papyrus Egypt project. The report said the manufacturing facility of Papyrus Egypt has been completed with installed production line, storage facilities, raw materials loading yard, complete electrical and mechanical workshops with stocks…

The Philippine Stock Exchange index (PSEi) ended this week’s trading with 0.01 percent gain while All Shares dropped 0.04 percent. Here are this week’s top gaining Philippine stocks. Global-Estate Resorts Inc (PSE:GERI), positioned to be the country’s powerhouse in master-planned fully integrated tourism development, is this week’s top gainer at 26.40 percent. The company’s stock last traded at 1.58 a share. MacroAsia Corporation (PSE:MAC), is one of the leading providers of aviation-related support services in the Philippines, is this week’s second biggest gainer after adding 19.72 percent to its share price. Its stock traded at 8.50 a piece on Friday.…

Citing improving exports and construction investment in South Korea, Japanese bank Nomura Holdings raised its economic growth forecast for the country for this year to 2.7 percent. The outlook was raised from 2.4 percent but the bank warned that South Korea’s economy is likely to show signs of mild growth in the second half of 2017 partly due to China’s retaliatory measures against the deployment of an advanced US anti-missile system. Nomura’s upward revision for the South Korean economy was among the revisions made by various international banks. For its part, the Bank of Korea upgraded its growth forecast for…

SINGAPORE – The Ascott Limited (Ascott), the wholly owned serviced residence business of CapitaLand (SGX:C31) is acquiring an additional 60% stake in Quest Apartment Hotels (Quest) for A$180 million (S$191 million). The acquisition increases Ascott’s stake in Quest from the current 20 percent to 80 percent, propelling Ascott to become the largest serviced residence provider in Australasia. With 180 properties located in regional and metropolitan areas across Australia, New Zealand and Fiji, the acquisition will boost Ascott’s portfolio by over 11,000 units to more than 67,000 units across 507 properties and 124 cities globally. At the same time, Ascott has the…

Singapore-based China Medical (International) Group Limited announced today that its board of directors has terminated its proposal to acquire Beverly Wilshire Medical Centres. China Medical entered into a framework agreement in June to acquire Beverly Wilshire Medical Centres for SG$7 million. In a disclosure to the Singapore Exchange on Wednesday, China Medical (SGX:5IB) said the share purchase agreement was not entered into between the company and the sellers by 04 July 2014, resulting to the automatic termination of the framework agreement. – BusinessNewsAsia.com

AUSTRALIA – Costa Group (ASX:CGC), Australia’s leading horticultural company, announced that it acquired Lankester Avocado orchards and packing operations from the Lankester family. The strategic acquisition is another step in executing Costa’s strategy to build avocados into the company’s fifth vertically integrated core produce pillar, said Harry Debney, Costa Group CEO. “Our production and supply period will now span from February to August, bringing us closer to achieving 52 week supply and our ultimate goal to be the number one grower, packer and marketer of avocados,” said Debney. Lankester Avocados is a grower of high quality avocados with three farms…

CEBU CITY – Politics runs in the blood of Ernesto C. Herrera II, former mayor of Calape town in Bohol and son of the late Senator Ernesto Herrera, but food business is also not something new to the family. Herrera, or Ernest to his friends, said that his family has been in the food business for the past 26 years, operating a cafeteria inside a factory that has more than 20,000 employees in Cebu. But Ernest admitted that venturing into the food business is something new for him even as he already has a bakery. Last May, he opened The…

CEBU CITY – The Cebu Chamber of Commerce and Industry (CCCI) has named Jose R. Soberano III, chairman and chief executive officer of Cebu Landmasters Inc. (CLI), as 2017 Entrepreneur of the Year. Soberano was feted with the award Friday during the Grand Chamber Awards and Fellowship Night, a grand celebration that capped the month-long Cebu Business Month celebration. The board of judges in this year’s Grand Chamber Awards picked Soberano as Entrepreneur of the Year for transforming a family business into the No. 1 homegrown real estate housing developer in Cebu. Cebu Landmasters Inc, which has more than 28…

PHILIPPINES – Cebu-based listed energy firm Vivant Corporation is eyeing to invest P2 billion (US$40 million) more for this year and next to further expand its power generation portfolio in the Philippines. The planned capital expenditure for 2017 and 2018 is on top of the P4.9 billion that the company spent last year for expansion and additional projects. During the company’s annual stockholders’ meeting in Cebu City, Vivant Corporation executive vice president and chief operating officer Arlo G. Sarmiento revealed that the company recorded a 23 percent growth in 2016. The power generation business bolstered the company’s earning last year,…

AUSTRALIA – Australian gold producer Southern Gold (ASX:SAU) announced today that its wholly-owned subsidiary, Southern Gold Korea (SGK) has received approval from South Korean mining regulators to re-open and access the historic Gubong underground gold mine. The Gubong Gold Mine was historically South Korea’s second largest gold mine with multiple gold bearing quartz veins being mined over a 60 year period. In a disclosure to the Australian Securities Exchange (ASX), Southern Gold said the approval will allow its development partner, London Stock Exchange-listed Bluebird Merchant Ventures, to achieve access and begin its process of project assessment under the Farm-In and…

Philippine property giant Megaworld (PSE:MEG) is allocating around P10 billion (US$200 million) to strengthen its presence in various provinces in Luzon. In a disclosure to the Philippine Stock Exchange (PSE), the company said its P10-billion capital spending for this year will be for the various Luzon development, including the construction and completion of more residential, office, commercial, and hotel developments. These projects are Twin Lakes near Tagaytay and Southwoods City in Cavite-Laguna area and the Capital Town in San Fernando, Pampanga and Eastland Heights in Antipolo, Rizal. “There is so much opportunity here in Luzon and we believe that after…

DHAKA – Bangladesh authorities said at least five people were killed and several houses destroyed in fresh landslides in Bangladesh triggered by heavy downpour early Sunday. In the hilly district of Khagrachari, two siblings and a child were reported to have been killed while a woman and her daughter died in northeastern Moulvibazar district. The latest incidents of landslides occurred less than a week after massive landslide in the country’s southeastern region killed at least 153 people and injured hundreds of others. The landslides devastated five districts in Chittagon Hill Tracts in southeastern Bangladesh. – BusinessNewsAsia.com

The third annual meeting of the China-led Asian Infrastructure Investment Bank (AIIB) in 2018 will be held in Mumbai, India. This was the decision of the AIIB’s board of governors following the successful second meeting hosted by South Korea in the southern resort island of Jeju. “We appreciate the strong support provided by the Indian Government,” said AIIB Vice President & Corporate Secretary, Sir Danny Alexander. “It’s fitting that we bring the meeting to India next year, where we can deeply engage with local business and draw on the infrastructure expertise that India can offer.” India is the Bank’s second…