Author: Business News Asia

The new insurance contracts accounting standard (IFRS 17) published today by the International Accounting Standards Board (IASB) brings greater comparability for investors and analysts, according to KPMG International. KPMG International welcomes the publication today of the new, long-awaited accounting standard for insurance contracts. This new, comprehensive accounting model is 20 years in the making and heralds an end to the lack of comparability in the insurance sector. Due to take effect on 1 January 2021, the new standard is the result of years of discussion, exposure drafts and debate. Although it has long been recognized that current accounting practice did…

PHILIPPINES – Business process outsourcing (BPOs) companies based in Iloilo signed a “Voluntary Code of Conduct” recently, as their means to promote good relationship and respect within the industry. “This code of conduct is voluntary; it doesn’t bind us to any laws but this is just to promote respect among us BPOs. We are in favor of the code of conduct so we have means of control among all of the BPOs,” said Vivienne Araneta, operations director-client delivery of Transcom. The signing was part of the activities lined up in Monday’s celebration of the Labor Day that was held at…

HONG KONG – AIA Group Limited (AIA) announced today that it has successfully priced an offering of US$500 million senior unsecured fixed rate notes in Taiwan under its US$6 billion Global Medium Term Note and Securities Programme. The notes will mature in 2047 and carry a coupon of 4.47 per cent per annum. The notes will be subject to redemption in whole, but not in part, at the option of AIA on 23 May in each year, beginning 23 May 2022. The proceeds from the notes will be used for general corporate purposes. – BusinessNewsAsia.com

HONG KONG – For the second time, Hong Kong plays host to Cloud Expo Asia and Data Centre World, the multi-award winning global event series that gather international industry-leading suppliers and expert speakers. This year’s Cloud Expo Asia and Data Centre World will be held at the Hong Kong Convention and Exhibition Centre (HKCEC) on 24-25 May, co-located with Smart IoT and the Cloud Security stream. The two-day events will address the demand for knowledge and growth in the cloud, Internet of Things and data centre industries. Attendees will have the unique opportunity to test and compare solutions, products and…

MAKATI, Philippines – The German Embassy recently celebrated the partnership between PV2 Energie, a Germany-based renewable company, and Uratex, the leading foam brand in the Philippines. In a momentous Ceremonial Switch On event hosted by the German Ambassador to the Philippines His Excellency Dr. Gordon Kricke and Anke Mackradt Kricke, PV2 Energie and Uratex mark the milestone of their 500 kWp Photovoltaic Rooftop System project installed at Uratex Muntinlupa plant. Under the project, PV² Energie Philippines has installed close to 2,000 solar panels that will help Uratex to vastly avoid the emission of almost 400 tons of carbon dioxide each…

CEBU CITY, PHILIPPINES – A Cebu-based medical and septic waste treatment firm has secured P120 million loan from the Development Bank of the Philippines (DBP) for its expansion in Cebu, Iloilo, Palawan, Bacolod, and Davao. Julieto Pogoy, president of Pollution Abatement Systems Specialists Inc. (PASSI) signed the memorandum of agreement for the P120 million loan with officials of the DBP regional office in Cebu. The signing was also witnessed by PASSI board chairman Antonio Tompar. “There is so much demand in the Philippines for hospital waste treatment facilities,” said Pogoy, who pointed to the increasing number of hospitals in the…

Strong growth in lending and core fee-based income supported China Banking Corporation’s (PSE:CHIB) income in the first three months of this year, the bank said in a disclosure to the Philippine Stock Exchange. China Bank posted a 6% growth in net income to P1.47 billion (US$29 million) in the first three months of 2017. Operating income reached P5.66 billion, up 7% compared to same period last year. Net interest income rose 14% to P4.47 billion, driven by the 16% growth in gross loan portfolio. Non-interest income (excluding trading gains) grew by 22% to P1.08 billion from the gain in service…

AUSTRALIA: Beston Global Food Company Limited (ASX:BFC) has announced that it has secured its first order for cheese from the large Vietnam supermarket group, MM Mega Market and has signed a “Framework Agreement” for the on-going supply of products to MM Mega. The initial purchase order is for three flavours of BFC’s proprietary Kyubu cheese, to be stocked in 15 MM Mega stores across Vietnam. The first container of Kyubu has been supplied by BFC and has now been placed on the shelves in these MM Mega stores. MM Mega was formerly known as Metro Cash and Carry and started…

PHILIPPINES – The economy of Central Visayas accelerated to 8.8 percent in 2016, higher than the 4.9 percent recorded growth in 2015, according to latest data released by the Philippine Statistics Authority (PSA) in Cebu City today. The continued growth was attributed to the upsurge of the industry in the region, according to the PSA 7 director Ronaldo Taghap during the presentation Thursday. Based on the data presented by Taghap, the continued economic growth was attributed to the upsurge of the industry, with posted a 14.6 percent growth in 2016 from a 0.02 percent decline in the previous year. In…

AUSTRALIA – Melbourne IT (ASX:MLB) is acquiring WME Group, a provider of end-to-end digital marketing solutions, for approximately $39 million, the company said in a disclosure to the Australian Securities Exchange (ASX). The acquisition will allow Melbourne IT to deliver a compelling customer value proposition and is expected to deliver significant benefits through scale and scope. “The proposed acquisition further strengthens our managed marketing capabilities and positions the company as market leader in online marketing solutions for small and medium sized businesses, one of the fastest-growing segments of the technology industry,” the company said in a disclosure. READ ALSO: Australia’s…

SM Prime Holdings, Inc. (PSE:SMPH), the Philippines’ leading integrated property company, plans to spend at least PHP50 billion per annum over the next two years to support its developmental goals. SM Prime allocates 80% of its capital expenditure on project developments, mostly for mall and residential development. The remainder is used for land banking. “SM Prime will continue to expand its mall and residential businesses which are the major revenue drivers. We will further reach out to provincial cities as an integrated property developer and as a strategic partner, given the tremendous opportunities in light of higher government spending on…

Minglanilla Highlands, a P2-billion (USD40 million) residential mountain resort community, will soon rise in a 25-hectare uphill site in barangay Tubod, Minglanilla, Cebu. Property developer SterlingLand Residences and Development Inc is investing up to P2 billion for the project, Minglanilla Highlands, that seeks to help the Municipality of Minglanilla develop and grow economically. The property, which will be developed into four phases for the next 14 years, will have over 1,100 residential units. The estimated overall cost of the project is about P2 billion, according to Marilou Padilla, president and CEO of SterlingLand. READ ALSO: Cebu Landmasters To Invest US$241…

CEBU CITY – A digital innovation summit will highlight the celebration of Cebu Business Month (CBM) 2017, according to the Cebu Chamber of Commerce and Industry (CCCI). Melanie Ng, president of CCCI, the largest business organization in Central Visayas, said the Cebu Digital Innovation Summit will highlight the month-long CBM in June as Cebu is already primed to be the center of digital innovation in the country. The digital innovation summit will feature the major innovative ideas, technologies and practices that prepare businesses to the next level. The summit carries the theme “Step Up Cebu”, which means Stepping Up Technology, Entrepreneurship…

Santa Monica, California-based business process outsourcing (BPO) firm TaskUs is hiring 500 more employees in the United States as part of its expansion in the country. In a statement, the company said the 500 employees will be occupying two floors of the Finesilver Building in San Antonio. The company is leasing 32,000-square-feet in former factory turned office lofts underneath the I-10 and I-35 interchange. The company plans to use the San Antonio office as an offshore option for businesses seeking customer service center operations. READ ALSO: BPO Firm TaskUs To Offer 120 Days Paid Maternity Leave TaskUs Santa Monica Airport…

CEBU, PHILIPPINES – Almost four years after super typhoon Yolanda (international name: Haiyan) ravaged Central Visayas, Prudence Foundation – the community investment arm of Pru Life UK’s regional head office Prudential Corporation Asia (PCA) – rolled out the final leg of its Regional PRUvolunteer Programme in Bantayan Island, Cebu, concluding its long-term commitment to contributing in the rebuilding and recovery efforts there. From March 18 to 25, more than 60 employee-volunteers from Prudential companies in Asia were mobilized on the ground to help put finishing touches in the build sites and give away items from the Company’s flagship corporate social…

The Asian Development Bank (ADB) is now waiting for clearance from Pakistan’s Foreign Office to finalize the appointment of China’s Xiaohong Yang as the new country director for Pakistan. Yang will replace Werner Leipach, who left Islamabad early this month after serving as country director for five years. The appointment of Yang is expected to improve coordination between China and Pakistan, according to reports. Sources said the nomination comes at time when there is a need for greater collaboration between the ADB, based in Manila, and the China-backed Asian Infrastructure Investment Bank. Since 1968, the ADB has given 314 loans…

Two infrastructure projects in Bangladesh have received USD507m from the World Bank. The two projects will help develop the much-needed infrastructures through building a private sector-led, long-term infra financing platform and improving trade logistics, said Qimiao Fan, World Bank country director for Bangladesh. The two projects funded by the World Bank are the improvement of multinational transport and trade logistics infrastructure and capacity building scheme for local financial institutions. The capacity building project will help financial firms extend long-term credits for infrastructure ventures beyond the usual lending period of five to seven years. READ ALSO: World Bank Says Policy Uncertainty…

CEBU, Philippines – Credit worthiness of member-countries of the Association of Southeast Asian Nations (ASEAN) remain intact especially since the earlier feared slowdown of the Chinese economy did not materialize. Standard Chartered public sector head for Asia Karby Leggett Thursday pointed this out as he weighed the impact of latest global economic developments on ASEAN economies. In a briefing at the sidelines of the five-day 12th ASEAN finance and central bank governors meetings here, which ended Friday, Legette said China is now a major trading partner of ASEAN countries. ”It’s also becoming increasingly important provider of direct investments,” he said.…

Commuters planning to use the Light Rail Transit Lines 1 and 2 and Metro Rail Transit Line 3 (MRT-3) during the coming Holy Week should reconsider their plans now. This as Light Rail Manila Corporation (LRMC) announced that LRT 1 will be shut down on April 13, Holy Thursday, to April 16, Easter Sunday. The purpose of the shut down will be the maintenance works that will be conducted by rail personnel on the said dates. In an advisory, LRMC said regular service for the LRT and MRT will resume on April 7, Monday, at 4:30 a.m. LRMC earlier announced that…

The Philippine Stock Exchange, Inc (PSE) is set to elect its new President and Chief Executive Officer (CEO) in its upcoming annual stockholders’ meeting. Incumbent PSE President and CEO Hans B. Sicat will end his tenure as head of the bourse in May after leading the stock exchange for six years. PSE Chairman Jose T. Prado lauded the invaluable contributions made by Sicat to the growth of the PSE and the development of the Philippine capital markets. “The PSE has been fortunate to have Sicat lead the organization for the past years. The exchange has accomplished many major milestones under…