Author: Business News Asia

Tencent Holdings Ltd (HKG:700)’s stock gained 1.445 percent in today’s trading at the Hong Kong Stock Exchange on news that it is in talks for a US$1.5 billion syndicated loan to secure funds for future acquisitions and other expenses. Shares of the Chinese investment holding company were up 2.2 points to trade at HKG154.50 apiece at the close. It reached a mid-day high of 155 and a low of 151.10 after opening at 152.50. According to a Wall Street Journal report, Tencent’s loan is being arranged by five banks — Australia & New Zealand Banking Group, Bank of China, Citigroup,…

SUNTEC, SINGAPORE – Cloud Expo Asia and Data Centre World 2015 held on to its reputation as Asia’s leading technology event for industry visionaries and business leaders after it attracted over 11,000 delegates during the two day-event. According to CloserStill Media, which co-organized the event together with the Infocomm Development Authority of Singapore (IDA), over 11,000 international delegates packed the two-day Cloud Expo Asia and Data Centre World held at Singapore’s Suntec Convention Centre on 28-29 October. In its third year in the Asian market, the event brought together an enviable line-up of 300 world-class speakers and a cutting-edge community…

PHILIPPINES – GMA Network’s strong financial performance in the first semester continued into the third quarter of 2015 with both its airtime revenues and nationwide ratings effectively maintained at an optimistic level. Revenues during the third quarter improved by 17 percent to P3.660 billion, while net income soared 66 percent to P706 million as airtime revenues and consolidated sales from international operations, subsidiaries and other revenue streams exceeded that of last year, the network said in a disclosure to the Philippine Stock Exchange. By the end of the first nine months, the company’s revenues stood at P10.313 billion, 16 percent…

KUALA LUMPUR, MALAYSIA – Guidance Investments has announced the first closure of its Logistics Real Estate Investment Fund, South East Asia’s first Fund focused on the logistics and industrial sectors, at USD 100 million. A leading Malaysian financial organization is the anchor investor of the landmark Fund. Other investors include pension funds, a supra-national institution, endowment funds and family offices from the GCC and the Middle East. The first close puts the Fund in a strong position to hit its target of USD 400 million with a number of additional closings planned over the next 18 months, the company said…

HONG KONG – As the Host Partner Venue for the 22nd Annual World Travel Awards (WTA) Asia & Australasia Gala Ceremony 2015, InterContinental Grand Stanford Hong Kong wins Hong Kong’s Leading Business Hotel second year in a row. The prestigious World Travel Awards Gala Ceremony was attended by Gregory So Kam-Leung, GBS, JP, Secretary for Commerce and Economic Development of the HKSAR Government, and Anthony Lau, Executive Director of the Hong Kong Tourism Board. Hong Kong was awarded as Asia’s Leading City Break Destination 2015 and Asia’s Leading Meetings & Conference Destination 2015. “Today at this splendid Gala, I am…

AUSTRALIA – Celebrating its 20th anniversary in 2015, Australia’s leading healthy confectionery company, Ferndale, is seeking an equity partner to facilitate the expansion of its iconic brands, including JILA® mints and JOLS® fruit pastilles, into the booming Asian market. Bolstered by sustained local growth and escalating exports, brothers and General Managers, Jarrod and Leigh Edward have conducted in-depth research and formulated strategy to take the Ferndale offering to Asia on a much grander scale than their historical ad hoc export activity. Founded by Bruce Edward in 1995 in regional Victoria, Ferndale has traded powerfully over the past two decades. The…

CAMBODIA – IMS Consulting Group has become the first advertising agency in Cambodia to scoop an international MarCom Award with the agency having seven winning entries including 2 Platinum Awards, 3 Gold Awards and 2 Honorable Mentions. The MarCom Awards is an international creative competition organized from the United States that recognizes outstanding achievement by marketing and communication professionals and is one of the largest of its kind in the world. IMS won based on its creative, media and PR work for Cambodia Breweries Limited (CBL), Anchor Beer, Gold Crown Stout, Poldanmig, Sanbe Farma, Great Wall Motors and Worldwide Media…

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…