Author: Business News Asia

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…

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…

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…