Author: Business News Asia

Pharmaceutical blue chip Pfizer Inc (NYSE:PFE)’s stock receive analyst upgrades on Tuesday but the news was not well-received by investors as PFE’s shares were trading 0.57 percent lower from the previous close in the early trading hours. As of 9:43 am, Pfizer Inc (NYSE:PFE)’s stock was trading at US$34.85, or 57 percent from its previous close, although it was one of Tuesday’s most active stocks. Pfizer Inc closed 3.67 percent higher on Monday’s trading but opened lower today despite the upgrades. According to Zack’s Research, shares of Pfizer, Inc. (NYSE:PFE) have been given a one year target price of $40.777.…

MANILA, Philippines – From January to September of this year, Bloomberry Resorts Corporation (PSE:BLOOM), owner and operator (through its subsidiaries) of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported unaudited consolidated revenues (net of promotional allowances) of P19.424 billion, up from P16.975 billion in the same period last year. The Company reported a P1.509 billion loss in contrast to P3.299 billion in net profits last year. For the quarter ended September 30, 2015, Bloomberry Resorts Corporation (PSE:BLOOM) reported revenues (net of promotional allowances) of P7.094 billion, 29 percent higher year-on-year from P5.512 billion and 19 percent higher…

MANILA, Philippines – – International Container Terminal Services, Inc. (ICTSI) (PSE:ICT) today reported unaudited consolidated financial results for the first nine months of 2015 posting revenues from port operations of US$792.0 million, an increase of two percent over the US$779.2 million reported for the same period last year. Its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was US$339.5 million, four percent higher than the US$326.1 million generated in the first nine months of 2014, and net income attributable to equity holders of US$136.2 million, up 0.3 percent over the US$135.7 million earned in the same period last year, the…

MANILA, PHILIPPINES – Lazada Philippines has announced the launch of the Lazada Online Revolution Sale, which is set to be the biggest online Christmas sale of the year. The month-long sale kicks off on November 11 and will run until December 12. The date November 11 or 11/11 is popularly known in China as “Singles’ Day”, a day to celebrate singlehood. E-commerce retailers in China have turned this holiday into the world’s biggest online shopping event, selling over US$9 billion worth of products last year. In 2013, Lazada introduced the 11/11 Online Revolution Sale in the Philippines to mark the…

Former Bacardi Ltd President and CEO Edward Shirley has been elected to the Board of Directors of New York Life Insurance Company effective 01 November, 2015, the company announced on Tuesday. Shirley, who led Bacardi Ltd, the largest privately held spirits company in the world, from 2012 to 2014, is expected to utilize his extensive financial management experience and market expertise in New York Life’s deliberation as director. Prior to leading Bacardi Limited, Mr. Shirley was vice chairman of Global Beauty and Grooming at The Procter and Gamble Company from 2008-2011, where he ran a portfolio of iconic, leading brands…

Philippine Long Distance Telephone Company (“PLDT”) (PSE:TEL) (NYSE:PHI) today announced its unaudited financial and operating results for the first nine months of 2015 with Consolidated Core Net Income, before exceptional items, amounting to P27.1 billion, 5 percent or P1.5 billion lower than the P28.6 billion recorded in the same period last year. The decrease was due mainly to lower EBITDA reflecting the impact of expenses relating to the manpower reduction program, and higher financing costs, offset by lower provisions for income tax and a decrease in depreciation and amortization. Reported Net Income, after reflecting exceptional transactions for the period, declined…

Global business process outsourcing (BPO) and product support services provider iQor Global Services has announced plans to expand its operations in India with a USD200-million investment. Aside from the multi-million-dollar investment, the Florida-based company also expects to create 20,000 new jobs across India as it sees a huge opportunity in the country. iQor, which entered India in 2006, provides after sales services for consumer electronics products, with presence in 82 cities in India. Currently the company, the largest aftermarket services provider in the world, operates depot repair/refurbishment services at state-of-the-art facilities in Manesar (Gurgaon), Mumbai, Kolkata and Bangalore, and company…

SOUTH KOREA – Conrad Hotels & Resorts’ Yeouido branch, Conrad Seoul, has been named as South Korea’s leading hotel and ranked first place in for other categories at the 2015 World Travel Awards. In a statement, Conrad Hotels & Resorts said Conrad Seoul bagged the top spot in the following categories – Asia’s Leading Lifestyle Hotel, Asia’s Leading Luxury City Hotel, South Korea’s Leading Business Hotel, South Korea’s Leading Hotel and South Korea’s Leading Hotel Suite. “I am pleased that Conrad Seoul has been acknowledged as the leading hotel in Korea in five fields, after only three years since our…

New York-headquartered business process outsourcing (BPO) firm CGS has announced the opening of its new office in Netanya, Israel, extending its language capabilities to include Hebrew, Russian and Arabic, as well as additional support for French. In a press release, CGS said the expansion in Israel enhances its delivery of comprehensive BPO services to current and future clients. The Netanya office is an advanced facility including a modern data center with a telecom infrastructure. At its opening, CGS’s first client to be serviced from Netanya is one of the world’s largest technology companies. “When it comes to customer management, more…

PHILIPPINES – Asian stocks moved in and out of the red in today’s trading session due to a slowdown in China’s manufacturing sector in October but Philippine stocks emerged as gainers after moving up 0.91 percent at the close. The Philippine Stock Exchange Index (PSEi) gained 64.59 points in today’s trading, bringing the value of the index to 7,198.85 points. Elsewhere in Asia, the MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7 percent. Japan’s Nikkei was also down 0.1 percent to a 7-month low, while South Korea’s Kospi dipped 0.2% and the Australian stocks declined 0.7…

MANILA, Philippines – Megaworld (PSE:MEG), the country’s leading developer of integrated urban townships, and Travellers International Hotel Group, Inc., the developer and operator of Resorts World in the Philippines, are allocating P65-billion to develop a 31-hectare leisure and entertainment township at the booming Entertainment City in Paranaque City. To be called Westside City, the township will house the second Resorts World property in the Philippines, scheduled for completion by last quarter of 2020. The township will also be home to Megaworld’s upscale residential condominiums, a luxury mall as well as international hotel brands such as The Westin Hotel of the…

MANILA – SM Prime Holdings, Inc. (PSE:SMPH), the Philippines’ leading integrated property company, reported a 70 percent surge in its consolidated net income to PHP22.9 billion in the first nine months of 2015. This is inclusive of the PHP7.4 billion one-time trading gains on marketable securities booked in the first quarter of the year. On a recurring basis, net income increased by 15 percent to PHP15.5 billion in the same period. Recurring income growth for the third quarter was likewise at PHP4.2 billion, up 15 percent over the third quarter in 2014. Consolidated revenues rose 9 percent to PHP52.2 billion…

PHILIPPINES – Philippine stocks traded at the Philippine Stock Exchange (PSE) opened higher on Monday’s bell even as most Filipinos are still observing All Souls’ Day. The Philippine Stock Exchange Index (PSEi) was up 0.56 percent, gaining 39.63 points during the opening bell, while the wider All Shares gained 0.43 percent in the first few minutes of trading. All of the Indexes were in the green, with Holding Firms gaining the most at 0.90 percent, or 58.94 points. Among the blue chips, Aboitiz Equity Ventures Inc (PSE:AEV) posted the highest early gains at 2.86 percent, with its stock trading…

MANILA – The Philippine Stock Exchange, Inc. (PSE) and the Securities Clearing Corporation of the Philippines will have regular trading, clearing and settlement on November 17 and 20, 2015 after the Bangko Sentral ng Pilipinas (BSP) announced through Memorandum No. M-2015-038 that the Philippine Payments and Settlements System (PhilPaSS) will be operational on the said dates. The PSE had earlier asked the BSP to make financial clearing and settlement operations among the services available to the public during the November 17 and 20, 2015 work holidays declared for government offices in the National Capital Region (NCR) in relation to the…

TORONTO, Canada – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) is pleased to announce that Scott F. Powers has been appointed to the Board of Directors effective October 30, 2015. Powers has over three decades of experience leading and advising firms in the investment management industry. From 2008 until his recent retirement in 2015, he was the President and Chief Executive Officer of State Street Global Advisors. Before joining State Street, Powers was the President and Chief Executive Officer of Old Mutual Asset Management, the U.S.-based global asset management business of Old Mutual plc. He has also previously held senior…

SUNTEC CITY, SINGAPORE – Cloud Expo Asia and Data Centre World 2015 opened Wednesday at Suntec Singapore with a record number of attendees, keeping their reputation as the largest professional technology gathering in the region. While the official number of participants will be released by an independent auditor, one of the organizing staff said this year’s attendance was a record breaker for the history of the show. Over 250 international exhibitors across the two events also filled up the exhibit hall. Co-organized by the the Infocomm Development Authority of Singapore (IDA) and CloserStill Media Ltd, this year’s Cloud Expo Asia…

SUNTEC CITY, SINGAPORE – Cloud Expo Asia and Data Centre World 2015 opened Wednesday at Suntec Singapore with a record number of attendees, keeping their reputation as the largest professional technology gathering in the region. While the official number of participants will be released by an independent auditor, one of the organizing staff said this year’s attendance was a record breaker for the history of the show. Over 250 international exhibitors across the two events also filled up the exhibit hall. Co-organized by the the Infocomm Development Authority of Singapore (IDA) and CloserStill Media Ltd, this year’s Cloud Expo Asia…

CLOUD EXPO ASIA, SINGAPORE – Cloud computing is forecast to generate about 14 million new jobs this year, offering tremendous opportunity for younger people and those who are rediscovering their careers and getting new skills, said Max Peterson II GM Partners, Capture & Contracts for Global Public Sector at Amazon Web Services. Peterson, who spoke during the opening of Cloud Expo Asia at Suntec Convention Center in Singapore on Wednesday, said cloud represents a huge opportunity not just for businesses and government but for the public as a whole. “There is a tremendous opportunity for us to create a new…

MANILA – The Philippines will be attending a high-level meeting with Singapore, Indonesia, Malaysia, and Thailand in Singapore to discuss concerns on transboundary haze. The Philippines will be represented by Department of Environment and Natural Resources (DENR) Undersecretary for field operations Demetrio Ignacio Jr during the meeting. The haze from Indonesia has already reached other parts of the region, including the Philippines. In Southern Philippines, flights have been cancelled due to poor visibility as a result of smaze, a mixture of smoke and haze. In Cebu, the DENR 7 has urged the public to wear good fit protective mask to…

SINGAPORE – Cloud Expo Asia & Data Centre World opens its doors next week, bringing the leading lights of the cloud and data centre industry directly to you! What makes Cloud Expo Asia a truly unique event is the sheer volume and quality of content available to you for FREE! In just one day you can source new products and solutions from over 250 exhibitors, network with the leading professionals in your industry, and take advantage of hours of world-class content from over 200 speakers in 11 dedicated theatres. As part of this exclusive partnership with Cloud Expo Asia and…