Author: Business News Asia

JAPAN – Japan Tobacco Inc (TSE:2914) released preliminary cigarette sales report that showed domestic cigarette sales in Japan last year dropped 2.8% to 106.2 billion cigarettes. For the month of December alone, sales volume fell 3.6% to 9.6 billion cigarettes. Despite the drop in sales volume, Japan Tobacco Inc said Japanese domestic cigarette revenue continued to post slight increase. From January to December 2016, Japanese domestic cigarette revenue hit JPY623.8 billion (USD5.44 billion), up 0.9% from a year ago. For the month of December, domestic cigarette revenue was up 1.8% from a year ago to JPY57 billion. READ ALSO: Japan…

PHILIPPINES – Listed property giant Megaworld Corporation (PSE:MEG) is set to file with the Securities and Exchange Commission a registration statement for the shelf registration of up to P30-billion worth of Peso-denominated bonds. Here are the fast facts on Megaworld’s P30-B bond shelf registration: The first trance of the proposed bond issuance amounts to P8 billion In a disclosure to the Philippine Stock Exchange (PSE), Megaworld said the first tranche of the proposed bond issuance amounts to P8-billion with an oversubscription option of up to P4-billion. Proceeds from the bond issuance will primarily fuel the company’s bullish expansion of its…

PHILIPPINES – Max’s Group, Inc. (MGI; PSE:MAXS) ushers in the New Year with the appointment of Ariel Fermin as Chief Operating Officer of Max’s Restaurant, Max’s Corner Bakery and Krispy Kreme. Fermin will be undergoing an immersion program with the various business units in the company from January 16 to April 30, 2017 before joining the company full-time effective May 1, 2017. Reporting to MGI CEO Robert F. Trota, Fermin will also take on the post of Chief Innovation Officer to strengthen MGI’s leadership position in the industry. As MGI recognizes the evolving changes in the consumer and business landscapes,…

AUSTRALIA – Metals and mining firms Resolute Mining Ltd (ASX:RSG) and St Barbara Limited (ASX:SBM) are trending this morning on the Australian Securities Exchange, gaining 6.47% and 6.33%, respectively. Resolute Mining’s stock rose today after the company confirmed major gold discovery at Syama. “The new discovery at Nafolo has the potential to transform our operations at Syama, and is a great vindication of our increased investment in exploration. These results are particularly significant as they intersect gold mineralisation with similar characteristics, size and tenor as the mineralisation within the eight million ounce Syama orebody,” said Resolute’s Managing Director and CEO,…

HONG KONG — The 10th edition of the Asian Financial Forum (AFF), co-organised by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), concluded today at the Hong Kong Convention and Exhibition Centre (HKCEC). The two-day forum welcomed more than 2,800 financial and business leaders, policymakers, investors and high net-worth individuals from 50 countries and regions. Around 100 high-level speakers shared insights into global economic trends as well as investment opportunities in Asia for the coming year. The AFF, which included a special 10th Edition Cocktail Reception and more than 620 one-on-one matchmaking meetings,…

Australia-listed IDP Education Limited (ASX:IEL) has agreed to acquire 100% of the shares in Hotcourses Limited, a digital marketing and online student recruitment firm Hotcourses owns and operates a portfolio of education search websites that help future students make the right study choices and connect with universities and colleges around the world. The company provides students with unique online tools to search for appropriate courses and plan their studies. The company’s websites receive more than 66 million annual visits, and two million registered users access its database of 500,000 courses from 5,000-plus institutions in 48 countries – one of the…

Singapore-listed Yoma Strategic Holdings (SGX:Z59) announced that its landmark development projects in Myanmar have been approved by the Myanmar Investment Commission. The projects refer to the mixed-used development located at Bogyoke Aung San Road and the plan to turn the heritage-listed Burma Railways headquarters building into “The Peninsula Yangon”. In a disclosure to the Singapore Stock Exchange, the company informed shareholders that both the landmark projects have been approved by the Myanmar Investment Commission and listed as Permitted Investments. “This is a major milestone towards satisfaction of conditions in the company’s shareholders agreements with its respective joint venture partners,” Yoma…

Buddy Platform Limited (ASX:BUD), one of the world’s first data aggregation and management platforms providers for the IoT and connected devices, is up 10.34% at the Australian Securities Exchange (ASX) after it signed a USD2m Smart Cities deal. Here is the news about the deal: Buddy Platform Limited (ASX:BUD) today announced that the Company has executed a new contractual statement of work with Thor Industries, Inc. totalling up to A$2.1 million over 18 months, the bulk of which will be recognized in calendar year 2017. The project, which builds upon the existing customer relationship between Buddy and the customer, deploys…

ClearView Wealth Limited (ASX:CVW)’s stock rose slightly in today’s trading on news that the company has inked an agreement with Sony Life. At noon today, CVW was up 0.368% to 1.365 a share at the Australian Securities Exchange. Here is the news about the Clearview Wealth Limited and Sony Life deal: ClearView Wealth Limited (ASX:CVW), a diversified Australian financial services company, has entered into a mutually beneficial cooperation agreement with Sony Life Insurance Co Ltd (Sony Life). The deal calls for the two comanies to share information and increase their coordination to drive efficiency and growth across both organisations, according…

AUSTRALIA – Mining and metals stocks Whitehaven (ASX:WHC), Evolution (ASX:AVN), and Resolute (ASX:RSG) are leading gainers in the morning trading at the Australian Securities Exchange (ASX) today. Whitehaven Coal Limited’s stock is up 4.41% to traded at 2.840 a share, with 1.2 million shares exchanging hands. The company’s production and sales update moved the stock higher in the opening bell. Metals and mining firm Evolution Mining Ltd (ASX:EVN)’s stock also trended in morning trade, gaining 3.488% to 2.225 a share. READ ALSO: Australia’s MainstreamBPO (ASX:MAI) Acquires NY-Based Fundadministration More than 2.1 million shares exchanged hands in early trading, though there was…

Phoenix Semiconductor Philippines Corp (PSE:PSPC) is leading gainers in the opening trade at the Philippine Stock Exchange (PSE) today, with stock posting a 7.75% rise to 1.53 a share. PSPC’s shares traded higher following the opening bell after the company announced on Thursday that it took payment of P33 million, representing part of its receivables of the company’s discounted electricity incentive under Presidential Executive Order No. 856 and its Lease Agreement with Clark Development Corporation (CDC). In a disclosure to the PSE, Phoenix Semiconductor Philippines Corp (PSE:PSPC) said the amount is the fourth partial reimbursement of the government through CDC…

Evoke Pharma Inc (NASDAQ:EVOK)’s shares are up 35% in pre-market trading today after closing 2.48% higher in the previous trading day. The stock gained by double digits in pre-marketing trading after the specialty pharmaceutical firm focused on treatments for gastrointestinal (GI) diseases, provided additional data from the Phase 3 trial of Gimoti, its nasal delivery of metoclopramide for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adult women. Although the Phase 3 trial failed to reach its primary endpoint, data also demonstrated that patients with moderate to severe symptoms, which included 105 of the 205 patients…

Nano-cap CymaBay Therapeutics Inc (Nasdaq:CBAY) shares are up 42% in pre-market trading today after gaining 9.83% at yesterday’s close to 1.90 a share. The pre-market gains came after CymaBay Therapeutics Inc entered into into an exclusive licensing agreement with Kowa Pharmaceuticals America for the commercialization and development of Arhalofenate in the U.S. Under the terms of the agreement, CymaBay will receive up to $15 million in upfront and near-term milestone payments and is eligible to receive up to an additional $190 million in payments based upon the achievement of specific development, regulatory and sales milestones. CymaBay is also eligible to…

Insurance Australia Group (IAG) has finalised its catastrophe reinsurance program for the 2017 calendar year, which provides gross reinsurance protection of up to USD7bn. Here are fast facts about IAG’s 2017 catastrophe reinsurance program: IAG’s integrated catastrophe reinsurance program for this year comprises two main components A main catastrophe cover for losses up to $7 billion, including one prepaid reinstatement. IAG retains the first $250 million of each loss ($200 million post-quota share), with three prepaid reinstatements secured for the lower layer of the main program ($200 million excess of $200 million post-quota share). An increased aggregate sideways cover which…

A senior government official disclosed the opposition of Israel’s Finance Ministry on the sale of insurance companies to Chinese investors due to their hesitation of putting pension money in their hands. This could be bad luck for Fujian Yango Group Co’s bid to buy the country’s Phoenix Holdings Ltd. The official, who spoke on condition of anonymity to discuss ministry policy, told Bloomberg that the government is more inclined to approve Chinese investments in industrial assets. Since Chinese investors have been the primary bidders for Israeli financial assets, it may be hard for Israeli holding companies such as Phoenix’s parent…

China’s Anbang Insurance Group has completed its acquisition of the South Korean life insurance unit of German-based Allianz. Allianz made the announcement eight months after Anbang signed a deal to buy Allianz Life Insurance Korea for USD3 million. Allianza said it carried out a multi-faceted review aimed at promoting long-term development of the company efore the sale went through. The development comes after South Korea’s financial regulator, the Financial Services Commission, approved the deal by allowing the change in the largest shareholder of the German insurer. The deal will give Anbang 100% stake in Allianz Life Insurance. Anbang applied for…

Nearly 400 flights are cancelled Monday as typhoon Nina (international name: Nock-Ten) made landfall in northern Philippines Sunday evening, the Manila International Airport Authority (MIAA) announced. MIAA General Manager has urged passengers scheduled to fly today to always check the status of their flights as Nina batters Catanduanes and parts of Luzon area. Passengers who have booked flights today may call Trunkline 877-1109; NAIA Terminal 1: local 2851 or 765; NAIA Terminal 2: local 2880 or 2882; NAIA Terminal 4: local 4226 or PLDT Direct 551-4119; Trunkline 877-7888; NAIA Terminal 3: local 8144, 8173, or 8174. Among the flights that…

At least 16,000 families were evacuated in the Legazpi City, Albay on Chrismas Day as powerful Typhoon Nina (international name Nock-Ten) made landfall over Catanduanes Sunday evening. Legazpi City was one of the high-risk areas identified by local governments. Legazpi City Mayor Noel Rosal said up to 20,000 families could be evacuated if the weather worsens. The city has prepared up to 25 evacuation centers for the displaced families. Rosal said Albay is not the center of Nina but the typhoon is strong at 185 kilometers per hour. In a 7 p.m. alert, state weather bureau PAGASA said Nina made…

Former National Basketball Association (NBA) star Stephon Marbury failed to bring his team, the powerhouse Beijing, to victory against Qingdao on Sunday. Qingdao defeated Beijing 84-74 in the 21st round of the 2016-2017 Chinese Basketball Association (CBA), with the lead hitting 22 points during the game. With two three-pointers from Tian Jiafu, Qingdao established a 18-1 lead and Beijing called two timeouts in the first seven minutes. Beijing managed to cut the deficit to 10 points only one minute left in the fourth quarter. In Sunday’s other games, Tianjin overwhelmed Bayi 92-80, Liaoning trounced Jiangsu112-97, Jilin defeated Guangzhou 90-81, Shanghai…

In what can be considered as a key milestone in regional central banking cooperation, the central banks of Malaysia, Thailand, and Indonesia have signed an agreement on currency deals. Bank Negara Malaysia, Bank of Thailand, and Bank Indonesia have agreed to promote the use of their currencies for trade and investment among the three Southeast Asian countries. The Bank of Thailand and Bank Negara Malaysia each signed a memorandum of understanding with Bank Indonesia on a “framework of cooperation” to promote settlement of bilateral trade and direct investment in their local currencies. In a statement, the three central banks said…