Author: Business News Asia

Singapore’s Ministry of Health has announced that Singaporeans will soon have an option of additional coverage beyond the MediShield Life when the country’s insurers introduce a new product in May. The new private insurance product, called Standard Integrated Shield Plan, will be introduced in response to the calls of Singaporeans for affordable Integrated Shield Plans (IPs), with coverage above the B2 and C class wards but at affordable premiums. The existing MediShield Life provides coverage sufficient for services at Classes B2 and C wards. Under the new product, policyholders will stay in a four-bedded ward with air-conditioning and TVs. Patients…

The Indonesian government has ordered all companies in the country that are employing foreigners to have their workers covered by state insurance program. Manpower Minister M Hanif Dhakiri said all foreigners working in Indonesia for more than six months must become a member of the state’s health and labor insurance programs run by the Social Security Agency (BPJS). The order is stipulated in Law No. 40/2004 and Law No. 24/2011, which seek to provide protection to foreign workers in Indonesia. Hanif was quoted as saying that every business operator must report and register its foreign workers as participants in the…

CEBU CITY – Microsoft Philippines announced here the “ICT for Shared Prosperity: A Technology Manifesto for the Philippines, 2016 and Beyond”, which identifies national challenges and issues that need to be addressed, and key technology pillars that can help in championing and driving economic progress in the Philippines. The Manifesto identifies three economic growth drivers that rely heavily on technology for their operations: Business Process Outsourcing, now a US$20-billion industry in the country; Online Filipino Workers or freelancers, now estimated at over 1 million strong; and Small and Medium Businesses, which comprises of 99% of the total business landscape in…

For most Singaporeans, one of the biggest investments they make is purchasing an HDB apartment. Whether you are single and 35, or married and looking to build a house, money is a critical factor that you should consider when you are on Property Guru for an HDB for sale. Below is a comprehensive list of questions you should ask, as well as guidelines that will help you eventually enjoy restful nights in your new home for next few years. Should You Opt for a Build to Order Apartment or Find One in the Resale Market? With the average price difference…

The Filipino showbiz industry woke up to a sad news that box-office Filipino director Wenn Deramas died due to cardiac arrest on Monday. He is 49 years old. The news was confirmed by the director’s friend, June Rufino, who revealed that Deramas was rushed to the Capitol Medical Center at 2AM Monday. Local celebrities immediately took to their social media accounts to expressed their shock and relay their condolences to the family of De Ramas. Ruffa Gutierrez said “I can’t even celebrate and enoy #88thOscars because I’m so devastated and shocked!!!”. Deramas was a graduate of University of Santo Tomas…

Phoenix Petroleum Philippines, Inc. (PNX.PM) posted a 47% increase in net income in 2015, earning Php 905.9 million compared to Php 616.4 million in the previous year, the company said in a disclosure to the Philippine Stock Exchange. The increase was driven by a 27% increase in fuel sales volume plus Php 319 million from the combined net income of the company’s subsidiaries Phoenix Petroterminals and Industrial Park Corp. (PPIPC) and Chelsea Shipping Corp. (CSC). PPIPC contributed Php 190 million in income from park operations and sale of land in its industrial park in Calaca, Batangas, while CSC contributed Php…

BDO Leasing and Finance, Inc. (BDO Leasing) posted a 10% increase in net income to P556 million in 2015. The company’s strong performance was driven by the 16 per cent increase in net lease and loan portfolio to P27 billion as BDOLF strengthened its marketing efforts and leveraged on its Parent Company’s extensive market reach. This resulted in gross revenues growing by 15% to P2.6 billion. Going forward, the company said it will continue to intensify its provincial thrust and tap opportunities in growth areas. The Company also seeks to take advantage of the sustained growth in vehicle sales through its…

TORONTO – Manulife Financial Corporation (“Manulife”) today announced that it has completed its offering of 16 million Non-cumulative Rate Reset Class 1 Shares Series 21 (the “Series 21 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $400 million. The offering was underwritten by a syndicate of investment dealers co-led by RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc. The Series 21 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.O. Manulife has granted the underwriters’ an option, exercisable in whole or in part, to purchase up…

South Luzon Thermal Energy Corporation (SLTEC), announces the start of operations of its second 135 MW Unit (Unit 2) in Calaca, Batangas, doubling the capacity of the plant and bringing additional power supply to the Luzon grid. The 2 x 135 MW coal power plant in Calaca, Batangas utilizes circulating fluidized bed technology (CFB) to reduce emissions and minimize adverse environmental impact. SLTEC is the joint venture company of AC Energy Holdings, Inc., a wholly owned subsidiary of Ayala Corporation, and Trans-Asia Oil and Energy Development Corporation. Construction of Unit 2 was completed in the second half of 2015. It…

Bridgestone Canada is expanding its Canadian passenger and light truck tire manufacturing facility in Joliette with a USD300 million investment. In a statement, the company said the investment, which will be made over the next five years, will expand its plant capacity to produce 20,000 tires per day from the current 17,000. The expansion will also allow BridgestoneCanada to produce larger diameter tires for pickup trucks and SUVs. “Our investment in updated equipment and improved manufacturing processes reflects our ongoing commitment to identifying new, cost-effective and innovative ways to serve consumers, dealers and original equipment manufacturers,” Robert Verreault, Joliette plant…

CEBU CITY – Cebu will host this year’s franchising event that seeks to help regional franchises survive growing competition and educate the public on franchise investments. The event, dubbed Franchise Visayas 2016, will run from April 8-10 at the Activity Center of Ayala Center Cebu, according to the Philippine Franchise Association (PFA), the event organizer. According to the PFA, which is an internationally recognized franchise association in the Philippines, the event will feature a franchise summit, franchise seminars, and a three-day franchise exhibit that will feature national and regional franchise brands looking for franchisees and area developers in Cebu and…

Amidst market volatility, the Philippine Stock Exchange (PSE) posted a net income of Php683 million (US$14.4 million) in 2015, representing a 21 percent decrease from its net income in 2014. Listing-related income, which made up 40 percent of operating revenues, went down by 41 percent year-on-year to Php483 million while capital-raising activities for 2015 were higher, other listing activities arising from other market deals were slower compared to 2014. This decline was tempered by higher trading-related revenues, including service fees derived by the Securities Clearing Corporation of the Philippines, which grew by 2 percent. Despite volatilities in the second half…

CapitaLand, one of Asia’s largest real estate companies headquartered and listed in Singapore, posted a total PATMI of S$1.07 billion in fiscal 2015, underpinned by the recurring income from its portfolio of investment properties and contribution from development projects in China. In a disclosure to the Singapore Stock Exchange, CapitaLand said its PATMI in FY 2015 was 8.2 percent lower than the FY 2014 PATMI of S$1.16 billion, which was boosted by a one-off gain of S$123.5 million from the sale of Westgate Tower. CapitaLand’s Operating PATMI of S$823.6 million last year was 16.8 percent higher than in 2014, primarily…

Insurance Australia Group (IAG) has setup a new fund that will buy stakes in disruptive technology companies, joining major Australian firms in doing so. Details about the said startup fund have not been disclosed yet but Business Insider has reported that the IAG’s board will announce by April the amount it will spend on the investments and the funding model of the unit. The new startup fund will be placed inside IAG Ventures, the innovation unit that IAG created in 2014. The insurer joins many of Australia’s biggest companies to have set up corporate venture units recent years, the report…

Living Cell Technologies Ltd (ASX:LCT) has completed the placement of 54,607,546 shares at $0.05063 to wholesale investors residing in New Zealand, raising $2.8 million. The issue price is a 10 percent discount to the 5-day volume weighted average price to 12 February 2016. In a disclosure to the Australian Securities Exchange (ASX), LCT said the funds will be used as working capital to carry out the Pase IIb clinical trial of lead product NTCELL in Parkinson’s disease and to apply for provisional content to treat paying patients in New Zealand in 2017. Chief Executive Dr. Ken Taylor says that all…

Australian Securities Exchange (ASX)-listed xTV Networks Ltd (ASX:XTV) has signed a master services agreement with mobile app developer InCapta (OTCPK:INCT) for the development of innovative mobile applications using xTV’s Cloud TV software platform. InCapta will initially develop mobile apps for use in the music industry while xTv’s cloud TV network platform will host and stream video content managed by apps using inCapta’s experience in mobile user interface and user experience. Target users of InCapta’s apps include “indie” bands and their fans. Future app opportunities include celebrity mobile game apps, mobile game apps, and management services to online radio, online television,…

Darren Ong joins ICONZ-Webvisions (iWV) on 1 February 2016 as the new Group Country Sales Manager for Managed Hosting, Singapore, the company said in a press statement. Reporting directly to Group CEO Albert Wong, Darren will be tasked to grow the Managed Hosting business in the region. Darren was most recently with Vista Group as their APAC Regional Head of Sales/Business Development. Prior to Vista, Darren has held various positions with Dell Global, ABeam Consulting and Andersen Consulting. With a list of accolades and awards, Darren is a highly influential technology evangelist. His focus lies in IT Consulting, IT Managed Services,…

PENANG, Malaysia- SEMI, the global industry association serving the nano- and micro-electronic manufacturing supply chains, will once again be hosting SEMICON Southeast Asia (SEMICON SEA), the region’s premier showcase for microelectronics innovation. With the objective to champion regional collaboration, the showcase will open new business opportunities for customers and foster stronger cross-regional engagement. The conference is expected to draw more than 7,000 visitors. Set to take place from 26-28 April 2016 at the Subterranean Penang International Convention and Exhibition Centre (SPICE) in Penang, Malaysia, SEMICON SEA 2016 will offer a complete platform for engaging customers, suppliers, engineers and decision-makers from…

The 13 newly licensed life insurance companies in Bangladesh have all reported incurring losses throughout last year due to declining premium income and high management cost. This was the content of the report prepared by the Insurance Development Regulatory Authority (IDRA), the country’s insurance regulator. The report showed that the 13 new life insurance firms posted earnings of Tk1.17 billion (US$15 million) against their management cost of Tk1.18 billion (US$15.1 million). Overall, the country’s life insurance industry, which involves 31 life insurance firms including the newly licensed ones, made an excessive expenditure of Tk2.63 billion (US$33.4 million) last year, according…

Cooper Energy Ltd (ASX:COE), an Australian Securities Exchange-listed exploration and production company, has announced its signing of agreement for the sale of its Indonesian exploration assets to Mandala Energy Limited, a Southeast Asia-focused oil and gas exploration and production company for US$8.25 million. In a disclosure to the ASX, Cooper Energy said the sale, which is effective from 1 January 2016, is subject to approval of the Government of Indonesia and is expected to complete within the current financial year. The net cash proceeds are anticipated to be more than AU$10 million at current exchange rates, after costs and Indonesian…