Author: Business News Asia

JAKARTA – Allianz today announces the appointment of Joos Louwerier as Country Manager & CEO, Allianz Life Indonesia, where he will oversee the growth strategy and have overall management responsibility of all Allianz operations in Indonesia. Joos succeeds Joachim Wessling, who is stepping down to pursue external opportunities. Joos is currently CEO of Allianz Life Korea, and brings with him more than 16 years of experience in the global insurance industry. Prior to joining Allianz in 2013, Joos held various senior positions with ING in Asia, in the areas of operations, risk management, bancassurance and marketing. George Sartorel, Regional CEO,…

AUSTRALIA – Cycliq Group Ltd (ASX:CYQ) is tapping customers in Singapore and Malaysia through an agreement with Lazada, Southeast Asia’s largest e-commerce website. The agreement allows Cycliq, the leading brand in HD camera and lighting combinations for cyclists, to sell its products to customers in the two Southeast Asian countries. “This will allow us to connect to cyclists in Singapore and Malaysia while maintaining fast delivery times and customer support through a trusted portal,” said Cycliq Chief Sales Officer Terence Yap. The agreement with Lazada builds on Cycliq’s rapidly expanding global sales network, as the company seeks to reach more…

AUSTRALIA – Recce Limited (ASX: RCE), a pre-clinical-stage pharmaceutical company engaged in the development of a new class of synthetic antibiotics, today announced it had entered an agreement for a flexible funding commitment of up to A$6.05 million with The Australian Special Opportunity Fund LP (ASOF). The investment provides capital to support Recce’s synthetic antibiotic through its Investigative New Drug (IND) Application to the Food and Drug Administration in the USA and Phase I clinical trials. ASOF, managed by New York-based institutional asset manager The Lind Partners focuses its investments on promising ASX-listed companies. The Lind team has made more…

The U.S. Embassy in the Philippines congratulates the Philippine National Police (PNP) for a series of successful operations resulting in the arrest of Elizabeth Grino and Ronie Velasco for arms smuggling. This operation was undertaken thanks to close coordination between the PNP, the U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI), and the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) in Sacramento, California. Grino and Velasco were caught during a buy bust operation in Makati City on June 8, 2017 after a number of illegal sales of the Glock full automatic firearms selector switches (SEARS) to buyers…

Cathay Financial Holding’s bid to fully acquire Bank of Nova Scotia’s Malaysian unit, Scotiabank Malaysia, has been approved by Taiwan’s Financial Supervisory Commission (FSC). Banking Bureau Deputy Director-General Lu Hui-Jung said the transaction would make Cathay Financial the first Taiwanese company to establish a foothold and tap into Malaysia’s ringgit-denominated businesses. Cathay Financial seeks to acquire Scotiabank Malaysia for MYR1.1 billion (US$258.58 million) through its subsidiaries, with Cathay Life Insurance and Cathay United Bank splitting the acquisition at 49 percent and 51 percent, respectively. Scotiabank Malaysia was established in 1994 and operates a branch in Kuala Lumpur. It also operates…

BANGKOK, THAILAND – INSPIRIO, the first-ever digital transformation agency in Asia, is helping businesses define, develop, and achieve their digital goals through strategy, program design and execution. Currently serving and partnering with Fortune 500s, including Thailand’s largest media broadcaster, in advisory, consulting and training roles, the agency’s work spans global tech, FMCG companies, and innovative start-ups. Their services range from offering social media and creative solutions, digital analytics and business intelligence to spearheading world-class campaigns and strategic projects. “All businesses and organizations have to transform to stay ahead in this new digital economy. Our clients trust us to guide through…

The South Korean government said it could approve a third internet bank following the success of K Bank and Kakao Bank. It was not officially announced what the third internet-only bank will be but sources said South Korea’s top Shinhan Bank and internet firm Naver may be teaming up to launch the online-only lender. Shinhan has been recruiting financial technology, further fueling speculations that it is preparing to launch an internet-only bank. Its likely partner is Naver because the two companies already have extensive partnership in Japan’s financial market. In Bangladesh, agent banking outlets have topped 3,000 in the firs…

Australia-listed Village Roadshow Limited (ASX:VRL) has agreed to sell its 50 percent stake in Singapore cinema exhibition business Golden Village to mm2 Asia Ltd (SGX:180). In a disclosure to the Australian Securities Exchange, Village Roadshow said net proceeds after tax and transaction costs to VRL are anticipated to be approximately AU$175 million, with a net profit after tax of approximately AU$160 million. The transaction is expected to complete in the first quarter of fiscal year 2018, subject to conditions precedent, including a capital raising by mm2 and other customary conditions. It also requires approval of shareholders. READ ALSO: Beston Global…

AUSTRALIA – A.P. Eagers Limited (ASX:APE) has agreed to acquire Porsche Centre Adelaide for approximately $14 million. Porsche Centre Adelaide sells over 300 new and used Porsche vehicles each year, employing 24 staff and generating approximately $40 million in annual turnover. The business complements A.P. Eagers’ existing South Australian car division, which employs 650 staff and had an annual turnover of $573 million in 2016. The company has been the proud owner of Porsche Centre Bribane for over 20 years. “A.P. Eagers has a very successful partnership with Porsche Cars Australia and we are very excited and privileged to be…

PHILIPPINES – The Cebu Business Month (CBM) 2017 has officially opened, with Information Technology – Business Process Management (IT-BPM) as one of this year’s major thrusts. During the opening salvo of the week-long celebration, the Cebu Chamber of Commerce and Industry (CCCI) announced that the CBM 2017 will focus on three thrusts – IT-BPM, tourism, and entrepreneurship. In line with this, a series of activities has been lined up this month to promote the three sectors. A tourism congress, IT-BPM conference, and entrepreneurship summit have been scheduled this June. The CBM is the annual month-long celebration sponsored by the CCCI, the…

MANILA – Officials from the U.S. Embassy in the Philippines joined Philippine government and project partners to celebrate the conclusion of the United States Agency for International Development’s (USAID) Ecosystems Improved for Sustainable Fisheries (ECOFISH) Project. For the past five years, the Php 800 million ECOFISH project has successfully worked with national and local governments, the private sector, and local communities to conserve marine biodiversity, enhance ecosystem productivity, and improve fisheries and livelihoods in the Philippines. USAID worked with the Bureau of Fisheries and Aquatic Resources (BFAR), local government units, civil society organizations, and the private sector to improve fisheries…

Moody’s Investors Service cut its credit rating on Hong Kong just a few hours after it did the same on China’s. It cut Hong Kong from “Aa1” to “Aa2”, although it revised its outlook from negative to stable. While the main reason for cutting China’s debt rating was the country’s ballooning debt and slowing economic growth, Moody’s trimmed Hong Kong’s rating seeing the growing links between the territory and the mainland. Hong Kong banks, it said, have seen an increased China-related lending while the stock market is also connected to the bourses in Shanghai and Shenzhen by way of separate…

The Association of Southeast Asian Nations (ASEAN) and the United States Agency for International Development (USAID), in partnership with Underwriters Laboratories, a global safety science company, launched the third annual ASEAN-U.S. Science Prize for Women this month. This year’s theme is urban resilience, with a focus on health, transportation, infrastructure, and workforce safety. In the wake of rapid urbanization, many ASEAN cities are faced with increased pressure on infrastructure, public services, and health systems. Additionally, urban poverty and shocks resulting from natural disasters are on the rise. The 2017 ASEAN-U.S. Science Prize for Women is looking to reward young women…

In celebration of the Philippines-Japan Friendship Month this July, the Embassy of Japan, in cooperation with The Japan Foundation, Manila is inviting Filipino amateur singers to join the 2017 J-pop Anime Singing Contest. Interested applicants may join as a solo singer or as a duo/duet and cover any Japanese song originally performed by a Japanese artist. To join, applicants should send a filled-out application form, a photo, a print-out of the song lyrics with the name of the original performing artist/s, a short write-up about the participant/s (50-100 words) and the link to an uploaded video performance of one or…

CEBU, PHILIPPINES – Digital imaging and printing solutions provider Epson showcases its winning products and solutions in the Epson Solutions & Technology Convention 2017 at Shangri-La’s Mactan Resort & Spa in Cebu, Thursday. The convention aims to support local businesses to be competitive amidst economic uncertainties, controlled labor market conditions, and increased foreign competition. The one-day event showcases Epson’s intelligent and innovative solutions that will help the business community meet the demands of the future through the integration of self-service, augmented reality, interactive projection, and other technologies. It also showcases Epson’s solutions across print, projection, label, and smart glasses in…

Transport regulatory offices in the Philippines have temporarily suspended the implementation of the controversial Anti-Distracted Driving Act (ADDA), a law that bans any obstruction on dashboards of vehicles. Based on the statement released by the Department of Transportation (DOTr), the Land Transportation Office, Land Transportation Franchising and Regulatory Board, Metro Manila Development Authority, and the PNP Highway Patrol Group will not enforce the law temporarily. READ ALSO: Digital Innovation Summit to Highlight Cebu Business Month The suspension of the implementation came after lawmakers in the Philippines have seen various lapses in the law, and thus the call to suspend its…

Australia-listed Brain Resource Limited (ASX:BRC) has announced the appointment of Louis Gagnon as Chief Executive Officer. Evian Gordon will continue to serve as chairman of the company. Gagnon comes to BRC with 25 years of experience as a successful, high-growth, global digital business leader. He said the company has created unique scientific assets that can be scaled and built upon to significantly expand the company’s share of the global corporate wellness market evaluated at USD9.4 billion in 2017. In a disclosure to the Australian Securities Exchange, BRC said Gagnon intends to leverage the company’s Holistic Brain Assessment / Training tools…

JAPAN – Eleven Japanese companies have signed a memorandum of understanding on collaboration toward the large-scale construction of hydrogen stations for fuel cell vehicles (FCVs). The companies – Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., JXTG Nippon Oil & Energy, Idemitsu Kosan Co., Ltd., Iwatani Corporation, Tokyo Gas Co., Ltd., Toho Gas Co., Ltd., Air Liquide Japan Ltd., Toyota Tsusho Corporation and Development Bank of Japan Inc. – aim to achieve the acceleration of the construction of hydrogen stations in the current early stage of FCV commercialiation. The construction will use an “all Japan” approach centered…

PHILIPPINES – Impact investing firm ADEC Innovations has recently acquired the healthcare business of SPi Global in the Philippines, the company announced on its website. The healthcare business under the legal entity SPi Healthcare, Inc., provides revenue cycle management and various healthcare back-office support services to its clients in the US through its delivery centers in Manila and Dumaguete. READ ALSO: Iloilo City BPO Inks Voluntary Code of Conduct “SPi Healthcare is a natural and strategic fit for ADEC Innovations. It further strengthens our leadership position in data management and complements our comprehensive portfolio of Sustainable Business Solutions,” revealed ADEC…

Megaport (Singapore) Pte Ltd, a subsidiary of Megaport Limited (ASX:MP1), announced that it has entered into a partnership with Alibaba Cloud, the cloud computing arm of Alibaba Group. The partnership will provide enterprises with direct and scalable access to Alibaba Cloud via the Megaport global SDN. By accessing Alibaba Cloud Express Connect, a high-speed dedicated network connection that securely links customers with their VPCs through Megaport’s SDN, enterprises can scale their cloud connectivity and enable rapid provisioning of capacity to Alibaba Cloud. “Megaport’s extensive global footprint is strengthened by our partnership with Alibaba Cloud,” said Vincent English, Chief Executive Officer…