MANILA – Philippine Popstar Princess Sarah Geronimo now has a new way of connecting with her fans—“Sarah G Popsters,” her first mobile game. The game is developed in partnership with Xeleb Inc., the Philippines’ first celebrity mobile games company. “Sarah G Popsters lets Sarah’s fans follow her on a concert tour. Popsters unlock new Sarah songs as they level-up,” says Raymond Racaza, CEO of Xeleb. With the game, Xeleb continues its aggressive roll-out of celebrity games. In five months, the Company has already launched five games: Anne Galing with Anne Curtis, Adventures of Kuya Kim with Kim Atienza, Trip Ni…
Author: Business News Asia
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MANILA – Cebu-based retail company, Metro Retail Stores Group Inc (PSE:MRSGI) raised Php3.61 billion from its initial public offering (IPO) at the Philippine Stock Exchange on Tuesday. Metro Retail Stores Group is now listed under the stock symbol “MRSGI” following the listing ceremony last Tuesday, the Philippine Stock Exchange has announced. Metro plans to use the proceeds of its IPO to pursue its growth strategy of establishing more stores across the country and starting a consolidated logistics and distribution center in Cebu. “The inspiring story of a family business turning into a big retail store operator, and now a publicly-listed…
MALAYSIA – Tenaga Nasional Bhd (5347)’s stock was up 2.38 percent at noon Tuesday to lead other stocks traded at the Malaysian stock exchange. Shares of Tenaga Nasional were trading as high as 14.16 apiece on Tuesday, its highest in just over six months. The rise was attributed to the national electricity utilities failure to buy the energy assets of state fund 1Malaysia Development Bhd (1MDB). 1MDB on Monday agreed to sell these assets in a US$2.3 billion cash deal to China General Nuclear Power Corporation (CGN) in an attempt to cut its massive debt and restore investor confidence in the Southeast…
MANILA – MetroPac Water Investments Corporation (MWIC), a wholly-owned subsidiary of Metro Pacific Investments Corporation (PSE:MPI), has formally received the Notice of Award for the Iloilo Bulk Water Supply Project from the Metro Iloilo Water District pursuant to the provisions of the 2013 NEDA Guidelines on joint-venture. In a disclosure to the Philippine Stock Exchange on Tuesday, Metro Pacific Investments Corp (PSE:MPI) said a joint-venture company will be formed by MWIC and MIWD to rehabilitate, expand, operate, and maintain MIWD’s existing water production facilities. MWIC will hold an 80 percent interest in the JV. The Project will provide up to…
Unemployment rate in Hong Kong is forecast to potential increase to 4.1 percent from 3.5% as the city’s economy is expected to continue to face challenges next year. Research house JP Morgan said the only hope for Hong Kong to sustain its economy is through a stable or improving financial market, as China’s economy will continue its slowdown. Morgan believes EPS downgrades will continue until the end of 2016 mainly in Macau gaming, Hong Kong property and the consumer sector. To a large extent, it believes the “cheap” valuations in the Hong Kong market are yet to reflect this potential earnings downgrade.…
MYANMAR – At least 100 miners died while about 200 others were still missing following a landslide near a jade mine in the Katchin State area of Hpakant in Northern Myanmar Saturday morning. The miners were mostly asleep in their houses when the landslide flattened their homes at the base of the mine dump. Most of the victims were villagers digging for jade in a mountain of displaced earth. It was unclear what triggered the landslide in the mountainous region that is almost entirely off limits to foreigners. The landslide happened when a mountain of mining debris gave way in…
Despite losing a license to operate one of its duty-free stores in Seoul, South Korea’s Hotel Lotte is pushing on with its scheduled initial public offering (IPO) originally set in February. The IPO could raise Hotel Lotte’s market capitalization to around KOR10 trillion (USD8.5 billion) but analysts said the hotel’s failure to renew its duty-free license in Seoul could possibly plunge its market value. On Nov. 14, Hotel Lotte, which operates a Lotte Duty Free store, lost its license for its outlet at Lotte World Tower in the affluent Gangnam region while renewing a license for a store in Myeong-dong,…
PHILIPPINES – Local construction firm Datem Inc. has deferred its upcoming initial public offering (IPO) to a later date, the company said in a letter to the Philippine Stock Exchange on Friday. Target listing of the company’s shares at the stock exchange was originally set on end November 2015. “The company will advise the Securities and Exchange Commission and the Philippine Stock Exchange of the revised timetable as soon as possible,” the letter, signed by Datem Vice President Mariano S. Agoncillo stated. Last August, Datem Inc. has formally filed with the Securities and Exchange (SEC) an application for an IPO…
PHILIPPINES – Off-grid electricity supplier DMCI Power Corporation (DPC) is looking to expand its energy portfolio to include renewable energy (RE), DMCI Holdings Inc (PSE:DMC) said in a disclosure to the Philippine Stock Exchange. “We are closely studying hydropower and biomass because we think they have the strongest potential in terms of output reliability and commercial viability among the available RE technologies,” said DPC President Nestor D. Dadivas. DPC currently operates diesel and bunker power plants in Masbate, Palawan and Oriental Mindoro. Another diesel plant is set to operate in Sultan Kudarat by year-end. The company is in the initial…
Philippine stocks rallied on Friday after being closed for two days for holidays, gaining 1.57 percent, the most rise among developing shares, as the APEC 2015 in Manila comes to a close. The Philippine Stock Exchange Index (PSEi) gained 1.57 percent, or 107.43 points, to close at 6,932.81 points, joining other Asian indexes that gained after the US Federal Reserve signaled that the pace of tightening will be slow. Among the blue chip stocks, shares of International Container Terminal Services Inc (PSE:ICT) gained the most at 5.65 percent to trade at Php71 apiece at the close. The wider All Shares…
SYDNEY – Medigo.com today announces the opening of its Australasian base, allowing the German company to be closer to its growing number of Australian and New Zealand medical travel patients. The Australian medical tourism market has been strongest for Medigo.com, with the volume of patient enquiries stacking up higher against the UK, Europe and the US. Medigo.com is determined to increase its presence in the Australasian region and provide a larger number of patient care advisors. “Medigo.com patient enquiries have been doubling quarter over quarter since March 2014, and we expect to see this growth continue as we open our…
AUSTRALIA – Leading big data solutions company Invigor Group Limited (ASX:IVO) has announced that Berlin-based Condat AG, which Invigor proposes to acquire, is a member of a consortium that has won a major contract with a major German public service television broadcaster. In a disclosure to the Australian Securities Exchange (ASX), Invigor said the project will generate EUR1 million (AUD1.5 million) revenue for Condat over 14 months with the opportunity to supply further solutions in due course. Software solutions business Condat is the major provider of smart media solutions to public broadcasters in Germany and has projected revenue of approximately…
After several sessions of ending in the red, Philippine stock gathered momentum on Tuesday, as heads of states started arriving in Manila for the Asia-Pacific Economic Conference (APEC) Senior Officials’ Meetings. The Philippine Stock Exchange Index (PSEi) gained 0.78 percent Tuesday to end the trading day at 6,825.38 points, or 52.46 points more than the previous close. The wider All Shares index also gained 0.84 percent in today’s trading, to close at 3,947.44 points. Stocks of Mining & Oil companies posted the most gains today with a 1.27 percent change to close at 10,990.37 points. The blue chip stocks also…
The Philippine Stock Exchange, Inc. (PSE) has recently approved the initial public offering (IPO) applications of real estate developer Italpinas Development Corporation, and construction firms Datem, Inc. and D.M. Wenceslao & Associates, Incorporated. The three companies will be joining the roster of IPOs in 2015, following Crown Asia Chemicals Corporation and SBS Philippines Corporation which listed in April and August, respectively. “We are pleased that three more companies are set to be listed on the Exchange before the year ends, bringing us around the P200 billion capital raising level this year,” said PSE President and CEO Hans B. Sicat. Based…
Brazilian soccer legend Ronaldo Nazario has announced his plan to open 30 soccer schools in China to help the country realize its football dream. The official Xinhua news agency has reported that Ronaldo, who has been in retirement for four years, plans to build the “Ronaldo Academy”, starting with the first three schools in Beijing, Shanghai and Mianyang in Sichuan Province. Ronaldo was in Beijing recently to help Chinese children play soccer and to announce the plan. He told reporters that he thinks China can be a major soccer player on the world stage. The “Ronaldo Academy” will traing Chinese…
MALAYSIA – Bursa Malaysia Securities had queried Sapura Resources Bhd and Ge-Shen Corporation Bhd after both firms saw unusual market activity on Monday. The Malaysian bourse asked the two companies if there were any corporate developments related to their businesses that have not been disclosed previously which could explain the unusual trading activity. On Monday’s trading, stock of Sapura Resources (4596) was up 3.70 percent to close at 1.68 a share while Ge-Shen Corporation (7179)’s stock closed at 2.00 a share, up 5.82 percent from its previous close. In response to the query by Bursa Malaysia Securities, Ge-Shen Corporation said…
The world will soon see the largest hotel chain ever after Marriott International Inc announced that it will acquire Starwood Hotels & Resorts Worldwide, the owner of Sheraton, for USD12.2 billion. The transaction combines Starwood’s leading lifestyle brands and international footprint with Marriott’s strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio. When the deal is done in mid-2016, Marriott will own or franchise more than 5,500 hotels with 1.1 million rooms worldwide, Reuters has reported. That will give Marriott a much wide presence in markets outside the…
[BusinessNewsAsia.com Brief] In a move that has not been seen since the global financial crisis, Swiss bank UBS Group has finally added senior management bankers in the Asia Pacific region and is planning to add about a dozen more in the next 12 months. UBS Group recently hired three managing directors and one executive director in Asia and will be adding about 15 senior bankers in the coming 12 months. UBS’s Asia Pacific investment banking head Matt Hanning was quoted as saying that the additional senior Asian bankers will be hired through recruiting and promoting as well as replacing existing…
BDO Unibank Inc (BDO), one of the Philippines’ leading banks, is among the recipients of the inaugural ASEAN Corporate Governance Awards Top 50 ASEAN Publicly Listed Companies, a recognition given to companies that seriously upholds good corporate governance. BDO Unibank (PSE:BDO)’s stock was down 2.32 percent at noon on Monday at the Philippine Stock Exchange. The stock was trading at Php99.15 a share as of 12 noon, down Php2.35 from last week’s close. In a disclosure to the Philippine Stock Exchange, the bank said the ASEAN Capital Markets Forum (ACMF) gave the award using the ASEAN Corporate Governance Scorecard (ACGS)…
SINGAPORE – Global information security and risk management company NTT Com Security has strengthened its team in Asia with the appointment of Raymond Teo to its senior management team. As the new Asia Regional Vice President, Teo will be responsible for planning and executing NTT Com Security’s APAC strategy, with focus on developing its capability in Managed and Professional Services business in the region. Teo brings more than 14 years of experience in information security, with strong business development and operations experience across Asia, most recently managing business development and field operations for Dimension Data’s Security Business Unit in Asia…