Philippine bank Rizal Commercial Banking Corporation (RCBC; PSE:RCB) posted an unaudited consolidated net income of P3.86 billion (US$77 million) for the year ended 2016. The report sent RCBC’s stock up 0.12% on Friday’s close at 41.75 a share. Return on Equity and Return on Assets stood at 6.40% and 0.77%, respectively while Net Interest Income reached P15.7 billion and represented 69.0% of total gross income amounting to P22.81 billion. The interest income from the lending business grew by 11.42% year-on year. Net Interest Margin (NIM) was still strong at 4.06% due to the 18.8% growth in consumer loans and the…
Author: Business News Asia
Business News Asia
BusinessNewsAsia.com's Editorial team is composed of experienced professional journalist and financial professionals who have an average of 10 years of experience in financial and breaking news reportage.
China witnessed a dip in its overseas direct investment (ODI) by 35.7% year-on-year to $7.73 billion in January, according to the Ministry of Commerce. Among the areas that experienced one of the biggest decreases in outbound investment were real estate development and entertainment sectors which witnessed a decline of 84.3% and 93.3%, respectively. In the foreign direct investment department, a decrease was also recorded at 9.2% to USD12bn in January compared to the figure last year. Sun Jiwen, spokesman at the Ministry of Commerce, attributed the fall in ODI to the fact that China was coming off from a high…
PHILIPPINES – Property giant Megaworld is expanding its residential condominium project in Makati City, the San Antonio Residence, with additional 478 units that will comprise the development’s ‘East Wing’. Located along Sen. Gil Puyat Avenue and Calle Malugay in San Antonio Village, the 40-storey San Antonio Residence was launched in 2015 with 478 units, which is now referred to as the development’s ‘West Wing.’ “San Antonio Residence’s West Wing is now 90-percent sold and we still continue to receive inquiries about the project,” says Eugene Em Lozano, vice president for sales and marketing – Makati Group, Megaworld. The tower’s ‘East…
Personal remittances from overseas Filipinos (OFs) registered a new record high of US$2.8 billion in December 2016, posting a year-on-year growth of 3.6 percent, the Bangko Sentral ng Pilipinas (BSP) said. As a result, full-year personal remittance reached US$29.7 billion, or a 4.9 percent increase from the year-ago level, and exceeded the projected growth of 4.0 percent for the year, BSP Officer-in-Charge Diwa C. Guinigundo announced today. The growth in personal remittances was steered by the 7.6 percent expansion in remittances from land-based workers with work contracts of one year or more, which totaled US$23.2 billion. This made up for…
New Silkroutes Group Limited (NSG), an investment holding company with core capabilities in energy trading and healthcare management, said today its wholly-owned International Energy Group Pte Ltd (IEG) has achieved its biggest quarterly revenue and net profit since the oil and gas subsidiary started operations in June 2015. IEG’s revenue for its fiscal second quarter ended 31 December 2016 rose to US$123.7 million from US$5.8 million for the same period a year earlier and from US$69.2 million for the three months ended 30 September 2016. Singapore-headquartered IEG, which trades mainly gas oil and fuel oil, managed to engage with more…
Foreign direct investments (FDI) in the Philippines recorded net inflows of US$756 million in November 2016, higher by 59.4 percent than the US$474 million posted in the same period in 2015, according to the Bangko Sentral ng Pilipinas (BSP). The bulk of the net inflows during the month was in the form of debt instruments (or intercompany borrowings), which amounted to US$544 million, about three times the US$185 million recorded in November 2015. This more than compensated for the 34.7 percent decline in net equity capital investments to US$154 million from US$236 million. In gross terms, equity capital placements rose…
HSBC is not closing its Malaysian operations, HSBC Bank Malaysia Bhd, a spokesperson said, denying rumors that it will close down like Lehman Brothers. The spokesperson said there is not truth to rumours that the bank is closing down its Malaysian operations due to losses of billions of dollars globally. The spokesperson added that the bank does not respond to such speculations and that this is not the first time that such talk has emerged. HSBC Bank Malaysia is a member of HSBC Group and employs more than 4,000 people. The bank has a network of more than 60 branches in…
China’s private equity (PE) sector continues its strong growth in January, with total assets under management growing by Rmb750 billion to Rmb10.98tr (USD1.6 trillion) last month. According to official data, China has around 18,000 officially-registered private equity firms at the end of last month. These firms employ more than 28,000 people and manage over 47,500 fund products. PE firms with assets of at least Rmb10 billion reached 147 at the end of January, according to the official Xinhua news agency. China’s small and medium-sized enterprises, which often have financing difficulty, stand to benefit from the rapid development of the country’s…
The following companies, Manulife Financial Corporation (PSE:MFC), Alliance Select Foods International (PSE:FOOD), and RFM Corporation (PSE:RFM) issued disclosures before the opening of trading at the Philippine Stock Exchange (PSE) that could affect their stocks today. Manulife Financial Corporation (PSE:MF) announced conversion privilege of non-cumulative rate reset class 1 shares series 7. Manulife said it does not intend to exercise its right to redeem all or any of its currently outstanding 10 million non-cumulative Rate Reset Class 1 Shares SEries on 19 March. As a result, the holders of the series 7 preferred shares have the right, at their option, to convert…
Petaling Jaya, Malaysia – French golfer Fabrizio Zanotti surprised reigning Master Tournament champion Danny Willet to take the Maybank Championship Sunday with an aggregate 19-under-par 269 at the Saujana Gold and Country Club in Kuala Lumpur. Zanotti, who ranked fifth in the third round with 70-69-67, moved his way to the top on another sun-kissed day at the USD3 million tournament with a 9-under-par 63 to win the title. “I think it was probably the best round of my career, so I’m very happy. It was a really good day, a really good week and I’m really happy,” Zanotti said.…
The Sri Lankan government has invited Bangladeshi investors to consider investing in the country’s pharmaceutical industry. Sri Lankan Industry and Commerce Minister Rishad Bathiudeen extended the invitation to Bangladeshi investors as he praised the standard of pharmaceuticals of Bangladesh. Bathiudeen met a Dhaka Chamber of Commerce and Industry team led by chamber president Abul Kasem Khan at Sonargaon Hotel He said Bangladeshi pharmaceuticals are of international standard and are being exported to at least 200 nations around the world. READ ALSO: MGC Pharmaceuticals Completes Takeover of Cannabis Firm Panax Shanghai Pharmaceuticals Posts Steady Growth in Q3 He also invited the…
JD.com, one of China’s e-commerce giants, is set to launch an internet insurance service and move into the online brokerage business and internet banking. The move is part of JD.com’s expansion plan to surpass Alibaba Group Holding as the largest business-to-customer business in China by 2021, said JD.com chief executive Richard Liu Qiangdong. During the company’s annual meeting, Liu said he envisions that big data-enabled technology will be able to provide tailor-made financial services for online customers. He, however, did not reveal further details of the plans “The transactions of JD Finance have grown more than eight times over the…
Dubai Islamic Bank announced the successful pricing of the largest senior Sukuk issuance by a financial institution globally. The US$1 Billion Sukuk was issued with a 5 year tenor, maturing on 14th February 2022. The issuance under DIB’s USD 5 billion Sukuk Programme carries a profit rate of 3.664% reflecting the strong demand and confidence, which global investors have in the UAE’s largest Islamic bank. This landmark RegS transaction was executed following investor meetings in Asia last year and a deal related roadshow in London on 6th February 2017. The issuance received more than 120 orders from a diverse investor…
PHILIPPINES – At least six people were confirmed dead and more than 100 were injured when a magnitude 6.7 earthquake rocked Surigao City in Southern Philippines Friday night. This was disclosed by Surigao del Norte Provincial Disaster Risk Response Management Office head, Ramon Gotinga, in a message to the Philippine News Agency (PNA) Saturday. “Death toll as of now is six, on the damages (sustained), assessment is still ongoing,” he added. Search and rescue operations were ongoing as of this posting as authorities received reports of collapsed houses in the said city. The 6.7-magnitude tremor that rocked Surigao City at…
To step up efforts to tighten regulation over digital currency, China’s central bank has told Bitcoin exchanges to refrain from margin trading and money laundering. The People’s Bank of China (PBOC) sent out an inspection team to meet and verbally warn company officials of nine bitcoin trading platforms based in Beijing. Specifically, the team warned the bitcoin trade operators not to participate in margin trading, money laundering, or practices violating laws on foreign exchange, taxation, and advertising. If found violating the regulations, the exchanges will be ordered closed, according to the statement. READ ALSO: Bitcoin Exchange Mt. Gox CEO Reportedly…
Philippine stocks were mixed on Friday’s close although the Philippine Stock Exchange index (PSEi) was down 0.24% to end the week at 7,235.21 points. Industrial stocks gained the most, moving 0.71% higher to end the week at 11,129.29 points. Here are this week’s Top 5 Philippine Stock Exchange Gainers: Pacifica Inc (PSE:PA) up 51.16% Mining firm Pacifica Inc gained 51.16% this week, the highest among all other stocks listed on the Philippine Stock Exchange, bringing its four-week comparative price change to 47.73%. Basic Energy Corporation (PSE:BSC) Holding firm Basic Energy Corporation (PSE:BSC) ended the week as the second highest gainer…
ZAMBOANGA CITY, Philippines – Five people were killed while four others are severely injured when gunmen opened fire at them Thursday night in Barangay Cainglet, Kabasalan town, Zamboanga Sibugay. The Philippine National Police identified the fatalities as Emeristo Bastasa, Raymart Tena, Asser Mangan, Delia Pagador, and one Calib-ug. Information released by the Kabasalan municipal police station showed that the bloody incident occurred at about 10:45 Thursday night, while the nine victims were having a drinking spree. The victims were situated at the rear side of a parked police patrol car that was placed under repair. The gunemen, onboard a motorcycle,…
INDONESIA – At least seven people died while four others were injured when landslides hit houses in Indonesia’s Bali before midnight Thursday, the national disaster management agency said. The landslides hit Songan village of Bangli district, falling and destroying five houses at about 11 pm Thursday. All of the seven bodies have been recovered. In an interview with Xinhua news agency, national disaster management agency spokesman Sutopo Purwo Nugroho said the landslides were triggered by heavy downpours. Indonesia is frequently hit by landslide and flood during heavy rains and the disaster agency warned people in the district and the districts…
iFashion Group, a company invested in by Fatfish Internet Group (ASX:FFG), announced its acquisition of Megafash, Singapore’s prime lifestyle marketplace for SGD3.5 million in cash and shares. In a disclosure to the Australian Securities Exchange (ASX), Fatfish said the acquisition will not only strengthen iFashion’s portfolio and pave the way to securing and initial public offering, it will also bring the company one step closer to becoming Southeast Asia’s leading online fashion retailer. Less than two years since its launch in December 2015, Megafash has established itself as one of the most prominent and respected lifestyle brands in Singapore. Megafash…
Maybank Investment Bank expects Malaysia’s capital market to be bullish in 2017 with the issuance of local bonds expected to be between MYR80bn and MYR85bn (USD18bn and USD19.1 bn). Chief Executive Officer Datuk John Chong said the bullish outlook was based on the number of capital raising plans last year that have been pushed to this year. Chong added that there was a healthy pipeline of initial public offerings and fund-raising exercises to fill the market throughout the year. In 2016, there were 11 local IPOs that raised MYR596.6m, barely 14% of the MYR4.35bn raised in 2015. Some MYR3.94bn were…