Author: Business News Asia

Overall, property laws and homeownership in Thailand has its peculiar specifics but is not so different from purchasing real estate in countries like the U.S., Australia or Germany. The only exception is that foreigners are not allowed to own land. According to the Land Code Act, Thailand’s foreign land ownership restrictions apply to land only, and not a building on it or a condominium registered under the Condominium Act. This notwithstanding, if you would still like to buy DDProperty land for sale in Thailand, you should consider engaging the services of a lawyer. Many expatriates have tried to own land…

Continental Insurance, one of the leading private sector general insurance companies, in Bangladesh, has announced the appointment of Muhammad Nazirul Islam as its new chief executive officer. In a statement, Continental Insurance said Nazirul joined the insurer after years of working at Sadharam Bima Corporation, where he was deputy general manager in the reinsurance department. He also worked as CEO in Asia Insurance and City General Insurance Co. Insurance Educational Background The listed insurer also revealed that Muhammad Nazirul Islam passed ABI Diploma from Bangladesh Insurance Academy and achieved training on General Insurance from College of Insurance, Mumbai, India and Tyser…

CEBU CITY, Philippines – Pope Francis has announced during the closing mass for the 51st International Eucharistic Congress (IEC) in Cebu City that the next IEC, which will take place in 2020, will be hosted by Budapest, Hungary. “Now, at the end of the Eucharistic Congress, I am happy to announce that the congress will take place in 2020 in Budapest, Hungary. I ask you all of you to join me in praying for spiritual fruitfulness and for an outpouring of the Holy Spirit upon all engaged in its preparation,” the Holy Father said in his videotaped message.

Buying a home is one thing, but selling it? That can be a different matter altogether. When you are in the process of buying a home, it’s easy to forget about the other side of things: the amount of work that goes into preparing a home for sale. Don’t worry, it’s not quite as complicated as it might sound, and it won’t be long before you find yourself with a home that you can be proud of on the Indonesian market. With Rumah, selling a house in Depok doesn’t have to be difficult, but you will have to put some…

Acquire BPO Philippines, an Australian global business process outsourcing firm, is investing up to USD10 million to support new site and to add 600 news seats in the Philippines. The company is looking at building a new site in Manila or Cebu and Davao, depending on the supply of talent in the said locations. Acquire BPO currently operates nine delivery centers in the Philippines. In an interview with reporters, Acquire CEO Scott Stavretis also said the company seeks to acquire three local firms to further strengthen its hold in the market that contributes 95% of its global revenue. The three businesses are…

Further to its October 13, 2015 and October 27, 2015 disclosures, Jollibee Foods Corporation (“JFC”) disclosed today that, in accordance with the post-closing adjustment mechanism under the agreement between its wholly-owned subsidiary Bee Good! Inc. (“BGI”) and Smashburger Master LLC (“Master”), BGI paid Master the amount of USD777,494, in addition to the amount of USD99,473,918 that was paid on closing of the transaction. Accordingly, the final purchase price for BGI’s 40 percent stake in the Smashburger® business is USD100,251,412. The purchase price adjustment, as validated by JFC’s accounting and tax advisor for this transaction Isla Lipana & Co./PwC, was mainly…

MELBOURNE, AUSTRALIA – MedAdvisor Limited (ASX:MDR), an Australia software developer focused on improving health outcomes by placing patients at the centre of connected health platforms, has announced the signing of a memorandum of understanding with Epilepsy Queensland Inc. In a disclosure to the Australian Securities Exchange, MedAdvisor Limited said the agreement will see the software developer and Epilepsy Queensland Inc collaborating to help improve personal medication management of epilepsy patients and their carers by promoting the use of MedAdvisor’s free medication management app. Epilepsy is the world’s most common serious brain disorder with nearly 3.5% of Australians affected by the…

The Philippine Stock Exchange, Inc. (PSE) was named the Best Stock Exchange in Southeast Asia for 2015 in the Marquee Awards of the 9th Alpha Southeast Asia Deal & Solution Awards. The Marquee Awards cited various accomplishments for conferring the award to the PSE including the Exchange’s corporate governance programs and the shift to the PSEtrade XTS trading engine which was accomplished in eleven months, much shorter than the two years it took during the last adoption of a new trading system. It also mentioned the stellar climb of the PSE index (PSEi) to the 8,000 level in April 2015…

The 10th International ICT Awards, which will be held at the Marriott Grand Ballroom in Pasay City on March 22 will honor top business process outsourcing (BPO) executives and companies in the Philippines. The ICT Awards, which was launched in 2007 by the Canadian Chamber of Commerce in cooperation with the IT and Business Process Association of the Philippines (IBPAP), seeks to showcase the achievements of the Philippines as one of the world’s fastest growing IT-BPO destinations in the world. The 10th International ICT Awards in March will be the largest event so far, according to the Canadian Chamber of Commerce.…

Saudi Arabia has executed a Filipino worker who was found guilty for the murder of his Sudanese landlord in 2009, the Philippine Department of Foreign Affairs (DFA) announced on Tuesday. DFA spokesman Charles Jose has confirmed that Saudi authorities have executed Joselito Zapanta, who was charged in a Saudi court for murder with robbery. The execution of Zapanta went through despite his family’s appeal for clemency and their willingness to pay the blood money, the DFA said. According to Jose, the Philippine government had been helping Zapanta since he was sentenced to death. The DFA even brought Zapanta’s family to…

AUSTRALIA – Mustera Property Group Ltd (ASX:MPX) announced that it has entered into an unconditional contract to acquire 15 McCabe Street, North Fremantle. In a statement to the Australian Securities Exchange, Mustera said the property is situated in a prestigious residential area with extensive frontage to McCabe Street and has a panoramic river and ocean views. The property is zoned “Development” and will suit residential or mixed use development. Improvements include a modern two level office and warehouse building on a 2,398 square meter site. The office comprises approximately 1,892 square meter and the warehouse approximately 354 square meter. Mustera…

MANILA, PHILIPPINES – China Banking Corporation (China Bank) (PSE:CHIB) and China Banking Corporation Employees Association (CBCEA) have recently agreed on a new collective bargaining agreement (CBA) amounting to P511 million for two years. The 2015-2017 CBA provides for salary increases; improvements in insurance coverage, medicine and tellers’ allowances, rice and HMO (for dependents) subsidies, and bereavement and union leave benefits; a contract signing bonus, as well as a special one-time bonus for China Bank’s regular rank and file employees nationwide. Unanimously ratified by union members on November 28, 2015, the new CBA is China Bank’s 24th in its 95-year history…

MELBOURNE, AUSTRALIA – Cognitive science firm Cogstate (ASX:CGS) announced that it has signed a contract with a large international pharmaceutical company for the provision of scales management, rater training, centralised monitoring and associated services to support the use of paper based cognitive assessment in a large Alzheimer’s disease clinical trial. Total contract value is USD3.2 million and that revenue will be recognised over the life of the study, which is expected to be two years, Cogstate said in a disclosure to the Australian Securities Exchange. The latest deal brings Cogstate’s total value of Clinical Trials sales contracts this financial year…

PHILIPPINES – Allianz SE, a European financial services company that offers products and solutions in insurance and asset management, has purchased 51% of PNB Life Insurance, the Philippine National Bank (PNB) has disclosed. In a letter to the Philippine Stock Exchange, the Philippine National Bank (PSE:PNB) said Allianz SE bought 12,750 shares of stock of PNB Life Insurance. The sale represents 51% of the issued and outstanding capital stock of PNB Life. Financial details of the transaction were not immediately disclosed. PNB Life is already practicing bancassurance, posting premium income of Php4.6 billion in 2014. The chunk of its premium…

Forbes has released its list of “Best Countries for Business” for 2015, with Singapore as the only Asian nation that makes it to the top 10. The top 10 best countries for business for 2015 are, in order, Denmark, New Zealand, Norway, Ireland, Sweden, Finland, Canada, Singapore, Netherland, and United Kingdom. The United States, which is considered as the financial capital of the world, dropped four spots to No. 22 even as it is the largest economy in the world. According to the list, the US scores poorly on monetary freedom and bureaucracy / red tape. The list was based…

MANILA, PHILIPPINES – The business process outsourcing (BPO) industry in the Philippines continues to grow at a rapid pace, with experts forecasting the industry to generate revenues of over US$21 billion this year, according to a report published by the Philippine Star. The report quoted Pinnacle Real Estate Consulting Services Inc as saying that the country’s BPO industry will grow higher this year from last year’s US$18.9 billion and will even expand in 2016, where it is expected to post revenues of US$25 billion. In terms of employment, the consulting firm revealed that the BPO industry in the Philippines will…

A homegrown biscuit manufacturer has “knocked out” Manny Pacquiao to steal the championship belt as the top taxpayer in the Philippines, according to the Bureau of Internal Revenue (BIR). Based on the list of the Philippines’ top taxpayers released by the BIR, Jacinto Ng, owner of Republic Biscuit Corp, paid the most taxes in 2014 at Php280.1 million, taking the crown from Pacquiao, who paid a total of Php210.3 million in regular income taxes. Pacquiao ranked first in the list of top individual taxpayers in 2013 when he paid Php163.8 million. Ng, who is 36th on Forbes’ Philippines 50 Richest…

HONG KONG – OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx) that was set up in 2013 to provide clearing services for over-the-counter, or OTC, derivatives, welcomes Shanghai Pudong Development Bank as a clearing member. Shanghai Pudong Development Bank Co, Ltd Hong Kong Branch’s membership takes effect Friday. “We are pleased to welcome Shanghai Pudong Development Bank, the first non-state-owned joint-stock Mainland commercial bank admitted to our service,” said Calvin Tai, HKEx’s Head of Global Clearing (Asia). Tai added that the admission of Shanghai Pudong Development Bank is a significant milestone…

CEBU CITY – Consistent with its leadership on the green real estate segment, ArthaLand recently acquired a prime property along Salinas Drive in Cebu City as it eyes the region’s burgeoning information technology and business process management (IT-BPM) sector as its primary target market. The property is strategically located at the Cebu IT Park area where multinational IT-BPM offices currently operate. ArthaLand presently looks at developing a world class green office building which will provide at least 51,000 square meters of high grade space to the local market on the first phase. “We are bullish on the VisMin market given…

Landsbankinn, an Icelandic bank headquartered in Reykjavík, and the Nordic Investment Bank (NIB) have signed a five-year loan agreement in the amount of EUR 30 million (USD 33 million), Landsbankinn said in a disclosure. The loan agreement provides that Landsbankinn allocate the funds to projects which improve the competitiveness of small and medium-sized enterprises (SMEs), as well as environmentally-friendly ventures. Landsbankinn has in the past funded such ventures and companies in various sectors and the NIB loan facility helps the Bank increase its lending to such projects even further. This is the first unsecured loan NIB grants to an Icelandic…