Kosdaq, South Korea’s tech-laden stock trading board aims to attract at least 10 foreign companies next year as it eases regulatory barriers for foreign businesses. Kim Jae-joon, president and CEO of the Kosdaq Market at Korea Exchange, told The Korea Herald that the board is seeking a handful of measures to appeal to promising overseas businesses from different countries. The move to attract foreign companies in 2017 is part of the Kosdaq market’s effort to become a global capital market for technology firms. From Jan. 2, unprofitable overseas businesses will be able to apply for listing on the Kosdaq if…
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.
American multinational technology and social media company Snap Inc. is opening a new office in China as it seeks to boost its presence in the country, the company announced. The move comes despite the fact that Snap’s flagship service Snapchat is banned in China. It is expected that the company’s Chinese operations will mainly focus on Spectacles. According to a report released by CNN, the company has set up an office in the city of Shenzhen. The company already carried out assembling of its Spectacles in China. However, the new office is expected to focus on research and development work.…
Singapore Exchange (SGX) has announced that its Singapore Kilobar Gold Contract has become the world’s first Shariah-compliant gold futures. Here are three fast facts about it: 1. Singapore Kilobar Gold Contract Was Launched in October 2014. The SGX launched Kilobar, the world’s first exchange-traded, physically delivered gold futures in October 2014, in partnership with the World Gold Council and the Singapore Bullion Market Association. The Singapore Kilobar Gold Contract seeks to serve as a transparent and centralised Asian price-discovery platform for the gold market. Globally, about 60% of the precious metal is traded in Asia. 2. Amanie Advisors Certifies Kilobar…
Data released by the National Health Insurance Service (NHIS) showed that false and unfair insurance claims by medical providers will cost the South Korean government about KRW600 billion (US$503 million) this year. The rising false health insurance claims continue to rise even as the government has already launched a crackdown on scammers. According to latest data, medical providers’ false and unfair insurance claims reached KRW545 billion from January to November of this year, from W594 billion in the same period last year. The amount for all of 2016 is expected to reach nearly KRW600 billion, at the current pace, the…
JetBlue announced that it is increasing service to Bermuda with two year-round daily flights and a third summer seasonal roundtrip flight between the popular island destination and the airline’s northeast focus cities. Here are three Fast Facts about JetBlue’s Increased Service To Bermuda: 1. JetBlue to use Airbus A320 Aircraft for all Bermuda routes. JetBlue said it will now operate all Bermuda routes using its 150-seat Airbus A320 aircraft in place of its 100-seat Embraer 190 aircraft. The move further advances JetBlue as the fastest growing U.S. carrier in Bermuda. 2. JetBlue to operate daily flights between JFK Airport and…
GoBear, Asia’s first and only comprehensive and transparent metasearch engine for insurance and banking products is now available in Vietnam. Vietnam is the 6th market in Asia for GoBear to offer financial product comparison that is online, easy to use, unbiased, personalised and free of charge. GoBear Vietnam will first launch two products, credit card and personal loan comparisons in Vietnamese. These services will empower consumers, allowing them to conveniently compare across nearly 200 credit cards and 30 name lending facilities from a variety of 50 existing banks and finance companies in the market. Plans for more products such as…
Tatts Group Limited (ASX:TTS), operator of lotteries, wagering and monitoring businesses in Australia, saw its stock up 7.125% in today’s trading at the Australian Securities Exchange. TTS ended the day as the top gainer on the ASX floor. Here are the top three facts on why Tatts Group Ltd’s Stock gained 7% today: 1. Tabcorp enters into an equit swap over c.147 million shares in Tatts. In a disclosure to the Australian Stock Exchange (ASX), Tabcorp said it has entered into a cash-settled equity swap with an investment bank in respect of c.147 million shares in Tatts, representing c.10% of…
Melbourne Water has selected CPB Contractors, the construction company of CIMIC Group (ASX:CIM), to deliver the Western Treatment Plant – Treatment Capacity Increase Project in a 50:50 joint venture with UGL Limited. Here are three fast facts about the Western Treatment Plant – Treatment Capacity Increase Project: 1. The project will meet the water needs of Melbourne’s expanding population. According to CIMIC Group (ASX:CIM) Chief Executive Officer Adolfo Valderas, the Western Treatment Plant – Treatment Capacity Increase Project will support Melbourne Water in meeting the needs of Melbourne’s growing population now and into the future. “It is also an example…
Maynilad Water Services Inc (Maynilad), the private firm managing the water services of the western zone of Metro Manila in the Philippines, has signed a joint venture agreement (JVA) with PT Moya Indonesia (Moya Indonesia) for the establishment of a joint venture company (JVCo). Here are the three fast facts about Maynilad’s JVA with Moya Indonesia: 1. The JVCo will be named PT Water Tecnologia Indonesia According to DMCI Holdings (PSE:DMC)’s disclosure to the Philippine Stock Exchange, the joint venture company that Maynilad and Moya Indonesia agreed to form will be tentatively named PT Water Tecnologia Indonesia. DMCI Holdings holds…
SINGAPORE – The Ascott Limited (Ascott), CapitaLand’s (SGX:C31) wholly owned serviced residence business unit, has unveiled its newest brand, Lyf, which seeks to redefine travel for millennials. The new brand (pronounced ‘life’), is designed for and managed by millennials who wish to experience destinations as locals do. Here are three things to know about The Ascott Limited’s new brandy Lyf. 1. Lyf is a unique accommodation tailored for millennials. According to Ascott’s Chief Executive Officer Lee Chee Koon, Lyf is a unique accommodation tailored for this demographic, including technopreneurs, start-ups and individuals from music, media and fashion. “We do not…
AUSTRALIA – Nearmap Ltd (ASX:NEA) has successfully completed a $20-million capital raising, which will result in the placement of 28,571,429 new fully paid ordinary shares in the company. Here are three quick facts on Nearmap’s successful completion of $20 million capital raising: 1. The capital raising will result in the placement of 28.6 million new shares. In a disclosure to the Australian Securities Exchange (ASX), Nearmap said the $20 million capital raising will result in the placement of 28,571,429 new fully paid ordinary shares in the company to sophisticated, professional and institutional investors in Australia and selected overseas jurisdictions at…
Singapore-listed ISR Capital Limited has announced the appointment of Chen Tong, a mining and resources sector expert, as Executive Chairman of its Board of Directors. Chen, a Singapore national, has been involved in developing mineral resources assets and businesses in China, Australia, Canada, South Africa, and the ASEAN region over the last 10 years, with leading corporations such as Minmetals, Chinalco, Winsway and Sumitomo. The appointment of Chen comes as ISR Capital intends to acquire a Madagascar rare earths mining concession valued at over USD1 billion. ISR Capital is awaiting regulatory and shareholder approvals to acquire a 60%-stake in Tantalum…
Singapore scientists have successfully artificially generated new mouse blood and immune cells from skin cells, a significant first step towards the eventual goal: the engineering of new human blood cells from skin cells or other artificial sources. One of the major challenges of regenerative medicine is to manufacture new blood and immune cells for patients in need. This development could lead to a robust source of new blood or immune cells becoming available to treat patients with immune disorders and other such diseases, or those who require blood transfusions. While there were previous efforts to generate new mouse blood cells…
Allianz SE is hoping to get regulatory approval to establish another business in Korea that will specialise on selling corporate insurance. According to an executive at the Financial Services Commission (FSC), the company had applied for licence to gain a property insurer’s license in Korea earlier this month. The application is still under review and, given there would be no hitches, the insurer may be granted approval as early as next year. One source said Allianz’s corporate insurance subsidiary group, called Allianz Global Corporate & Specialty (AGCS), has been tapping into the financial authorities in Korea since last year, and…
PayMaya, the Philippines’ pioneering financial services provider, and JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., have forged a new partnership for JCB Merchant Acquiring and Card Issuing business in the Philippines. The partnership deals with the acceptance of JCB cards at online merchants that use PayMaya Checkout as the payment gateway. PayMaya and JCBI also plan to issue co-branded cards in the future. PayMaya Business is focused on delivering solutions that power businesses of all types and sizes to accept all kinds of payments. The services PayMaya Business provides are PayMaya Checkout, a system…
Pensioners in the Philippines are eagerly monitoring the development related to the increase in their Social Security System (SSS) pension after the House of Representatives approved a committee report on a bill increasing the pension by P2,000 (USD41) per month. The next move will be for the plenary to deliberate on the matter, with hopes that the increase will be implemented in time for Christmas. The report contained House Bill No. 18 or “An act mandating a two thousand peso across-the-board increase in the monthly pension with corresponding adjustment of the minimum monthly pension under the SSS.” The bill was…
Shenzhen Expressway’s Q3 net profits attributed to owners of the group hit Rmb332 million, a year-on-year increase of 5.7%, which is in line with estimates. From the period January to September 2016, the Group recorded net profits of Rmb947 million, a year-on-year increase of 11%. Toll charges were the main source of the Group’s revenue. From January to September 2016, the Group recorded toll revenues of RMB2.744 billion, a YOY increase of 25.4%. Following the February 2016 implementation of the ‘Three Projects’ toll adjustment proposals traffic volume along toll-free road sections had increased, thus driving the growth of traffic volume…
MACAU – The United States Patent and Trademark Office has granted Asia Satellite Telecommunications Company Limited (AsiaSat; SEHK:1135) a patent for providing effective satellite solutions for high-speed connectivity to aircraft. US Patent No. 9,425,888, titled “Methods and Systems for Providing High-Speed Connectivity to Aircraft”, is about the methods and systems that enable effective aviation communication via satellite over a broad area at high altitude. Example methods include the use of a wide-beam antenna on a satellite to provide a wide flatten coverage by transmitting signals at a frequency higher than 10 GHz and at a relatively low satellite power (EIRP)…
SINGAPORE – To support merchants seeking to engage Chinese visitors, the International Business Group (IBG) of Tencent has launched its international advertising solutions in Singapore. The roll-out of one-stop service advertising solutions include options to build brand awareness and develop product familiarity, prior to the Chinese tourist’s visit to Singapore as well as in-market advertisements to target Chinese tourists while they are in the country. According to data from the Singapore Tourism Board, Singapore saw 1.47 million visitors from the mainland in the first half of this year, up 55.2% from the same period last year. Chinese tourists accounted for…
BioMini Combo, a FAP20 certified dual-authentication RFID/fingerprint scanner, is now Android compatible, according to Suprema Inc, the leading global provider of biometrics and ID solutions. Suprema announced that the company will add Android version of BioMini Combo, which is designed to provide two-factor authentication solutions combining fingerprint, contact/contactless smartcards and NFC. With the recently added Android support, BioMini Combo is now compatible with wide range of Android-based mobile devices including smartphones, tablets and PDAs. “Android compatibility will allow users simpler operation without PC and provides greater versatility with custom-made Android apps for ID projects including electronic ID and e-government applications,”…