Author: Business News Asia

Philippine stocks traded at the Philippine Stock Exchange (PSEi) declined by 88.67 points, or -1.26 percent, on Wednesday’s trading, ending the day at 6,924.77 points. All of the sectors were in the red, with Mining and Oil posting the sharpest decline at 3.28 percent. Stocks that declined outnumbered advances, 112 to 64, while 45 stocks were unchanged. Of the 30 blue chips traded at the Philippine Stock Exchange, six stocks managed to post gains while 22 others declined and two remained unchanged. Bloomberry Resorts Corporation (PSE:BLOOM) topped today’s blue chips as it gained 1.55 percent to close at Php5.91, its…

The Philippine Stock Exchange, Inc. (PSE) has asked the Bangko Sentral ng Pilipinas (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 Asia-Pacific Economic Cooperation (APEC) meetings in Metro Manila. Government work suspension in NCR includes the suspension of the operations in the Philippine Payments and Settlements System (PhilPaSS) of the BSP which settles transactions of financial institutions. Normal check clearing operations in the Philippine Clearing House Corporation are also dependent…

AUSTRALIA – Australian Stock Exchange-listed oil and gas company Zeta Petroleum plc (ASX:ZTA) has announced the resignation of its Chief Executive, Andy Morrison. In a disclosure to the Australian Stock Exchange, Zeta Petroleum plc (ASX:ZTA) said Andy Morrison has stepped down as Chief Executive of the Company with effect from 12 October 2015 to pursue other business interests. Morrison has agreed to continue as an unpaid adviser to the Board in the short term. Commenting on this update, Stephen West, Non-executive Chairman of Zeta said: “I would like to thank Andy for the contribution he has made to the Company…

PHILIPPINES – Publicly-listed Semirara Mining and Power Corporation (PSE: SCC) has been named a finalist in the Platts Global Energy Awards, an annual program recognizing exemplary industry leadership and innovation, the company said in a disclosure to the Philippine Stock Exchange (PSE). The 2015 finalists, chosen from nearly 200 nominees from nearly three dozen nominating countries and representing 4 continents, were recently announced by program host Platts, a leading global provider of energy, petrochemicals, metals and agriculture information. SMPC was recognized for its 5Es Program under the Corporate Social Responsibility (CSR) category. The 5Es Program aims to reduce poverty and…

PHILIPPINES – Jollibee Foods Corporation (PSE:JFC) is acquiring a 40-percent stake in US-based Smashburger Master LLC for approximately US$99 million. In a disclosure to the Philippine Stock Exchange before the market opened on Tuesday, Jollibee Foods Corporation (PSE:JFC) said the acquisition will be carried out through its wholly-owned subsidiary Bee Good! Inc. (BGI). BGI entered into an agreement with Smashburger Master, which owns, operates, and franchises “Smashburger”, a quick service restaurant chain based in the United States. With headquarters in Denver, Colorado, there are 339 Smashburger restaurants worldwide in 35 states in the US and in 7 foreign markets. In…

AUSTRALIA – Researchers at Deutsche Bank are keeping a buy rating on Australian Stock Exchange-listed Qantas Airways Limited (ASX:QAN), sending the shares of the airline trading higher on Tuesday’s session. The buy rating on Qantas Airways Limited (ASX:QAN) was based signs that demand may be picking up for Australian airfares as seen by Deutsche Bank. The broker’s analysis of forward bookings of Australian airfares indicates steady price increases in the domestic market into the first quarter of 2016 as well as the second quarter, when compared with a year earlier. Shares of Qantas Airways Limited (ASX:QAN) were up 3.49 percent…

PHILIPPINES – Philippine Stock Exchange (PSE)-listed Nickel Asia Corporation (PSE:NIKL) has disclosed that its four operating mines sold an aggregate 15.96 million wet metric tons of nickel for the nine months ended 30 September, 2015. In a disclosure to the PSE, Nickel Asia Corporation (PSE:NIKL) said the Q3 figure was 12 percent higher from the 14.26 million wet metric tons in the same period last year. Nickel Asia Corporation (PSE:NIKL)’s stock traded higher on Monday, ending the session at Php7.21 apiece. Nickel Asia Corporation was originally formed and operated as a British Virgin Islands company (NAC BVI) in 2006 by…

Hong Kong – Investment holding company IMAX China Holding, Inc (TSE:01970)’s stock broke its previous high on Monday trading when it reached an intraday high of HK$40 a share, up from its listing price of HK$31.00. IMAX China Holding Inc (TSE:01970) gained 6.849 percent on Monday’s trading on the Hong Kong Stock Exchange to trade at HK$39.00 at the close. It opened at HK$36.50 and soared to HK$40.00 before settling at HK$39.00. IMX China Holding Inc debuted on the Hong Kong Stock Exchange on October 8, 2015 and the stock has been on the rise, as millions of Chinese people…

PHILIPPINES – A total of 11 stocks traded on the Philippine Stock Exchange (PSE) posted double-digit gains on Monday, sending the All Shares index to end the day with a 0.35 percent increase. F & J Prince Holdings Corporation B (PSE:FJPB) gained the most in today’s trading, closing the day 49.83 percent higher to trade at Php4.30 a share, its highest price in 52 weeks. Now Corporation (PSE:NOW) also gained 47.37 percent to trade at Php0.84 a share at the close, nearly overtaking its 52-week high of Php0.85. The PSE queried the two companies for the unusual movement of their…

Equities researchers at Deutsche Bank has reiterated its Buy rating on Microsoft Corporation (NASDAQ:MSFT) in a report released before the market opening on Monday. The Deutsche Bank researchers also maintained its price target of $55.000 for Microsoft Corporation (NASDAQ:MSFT), which suggests a potential upside of 16.75 percent from the company’s current price. On pre-market trading, shares of Microsoft Corporation plunged 0.72 percent to $47.11 apiece. It has a price range of 46.92-47.54. Deutsche Bank also reiterated its Buy rating on NXP Semiconductors NV (NASDAQ:NXPI) with a price target of $120.00. Deutsche Bank’s price target points to a potential upside of…

Petroleum refiner PBF Energy Inc (NYSE:PBF) was upgraded by Barclays to Equal Weight from Underweight and raised the price target from $32.00 to $38.00 a share. Barclays analyst Paul Cheng upgraded PBF Energy to Equal Weight amid a rating reshuffling in the Refiners space ahead of the Q3 earnings season. The analyst raised his price target for shares to $38 from $32. PBF Energy Inc (NYSE:PBF)’s stock was down 2.54 percent before the market opening on Monday, trading at $32.95 apiece. The company has a market cap of $2.83 billion and a price-to-earnings ratio of 32.53. The firm has a…

BMO Capital Markets has lowered the price target for Abbot Laboratories (NYSE:ABT) to US$48.00 from US$56.00 a share before Monday’s market opening. Abbott Laboratories (NYSE:ABT) is also Reiterated by RBC Capital Markets to Outperform according to the research report released to the investors. The Brokerage Firm has Lowered the Price Target of the company shares to $51 from a previous price target of $55 . Shares of Abbot Laboratories were trading 1.82 percent higher on pre-opening at 41.91 apiece. The stock has a price range of 40.94-41.98. On Friday, Abbot Laboratories (NYSE:ABT)’s stock began at $41.07 and was seen hitting…

PHILIPPINES – Stocks traded at the Philippine Stock Exchange (PSE) continued last week’s winning streak in today’s trading session, with the PSE Index (PSEi) ending the day 0.16 percent higher and the wider all shares gaining by 0.35 percent. The US Federal Reserves decision to postpone raising rates coninues to push the stocks up. On Monday, China also called on the US central bank to hold off raising the rates as the global economy continues to face challenges. The PSEi was up 11.38 points at the end of the trading day today to remain above the 7,000 mark. It posted…

The Philippine Stock Exchange, Inc. (PSE) is set to give recognition to listed companies and trading participants that serve as benchmarks for good corporate governance through the 4th PSE Bell Awards. The awarding ceremony will be held on November 25, 2015 at the Makati Shangri-La Hotel. “The PSE recognizes the crucial role good governance plays in ensuring sound corporate practices and safeguarding investor confidence. We hope that through the Bell Awards, we continue to encourage all our listed companies and trading participants to excel in corporate governance,” PSE President and CEO Hans B. Sicat said. Since 2012, the PSE has…

AUSTRALIA – Australian Stock Exchange (ASX)-listed Tomizone Limited (ASX:TOM) announced that it has signed a contract extension with one of Australia’s biggest banks to expand the WiFi capabilities for its Australian retail branches. The announcement follows a successful program that saw Tomizone power WiFi in 50 of the bank’s retail branches across the country. Under the recently signed deal, Tomizone will expand its services across an additional 200 branches with the rollout already commences. “The solution we have been able to provide the bank demonstrates the scalability and ease with which we can quickly deploy a countrywide retail WiFi network…

AUSTRALIA – Shares of Mitchell Services Ltd (ASX:MSV) are trading 24 percent higher in early hours of trading on the Australian Stock Exchange on Monday after the company announced sealing a major contract. Mitchell Services Ltd (ASX:MSV)’s stock was trading at 0.021 in the early session hours, up 23.53 percent from last week, after the company announced that it has commenced work under a formal notice of award of a two year contract with leading Australian gold miner Evolution Mining Ltd. The scope of work includes both underground and surface drilling services at the Pajingo and Cracow mine sites in…

PHILIPPINES – Philippine Savings Bank (PSE:PSB) announced today the declaration of a 7.5 percent cash dividend for the second quarter of 2015. The cash dividend amounts to Php180.19 million, payable to all common stockholders, Philippine Savings Bank (PSE:PSB) said in a disclosure to the Philippine Stock Exchange. “As authorized by the board, the President has fixed 26 October 2015 as the record date to determine common stockholders entitled to the regular cash dividends equivalent to Php0.75 per share,” the bank disclosed. Dividend checks, which will reflect the total amount, shall be available on 11 November 2015. PSBank will use its…

MANILA – The 4th Asia Pacific Real Estate Investment Summit Philippines will take place on 22 October at the Solaire Resort & Casino in Manila. Among the issues that will be discussed in the 1-day summit are the ASEAN integration’s impace on domestic real estate market, the 2016 Philippine real estate market outlook, PPP experience in development and growth, and private capital financial for large-scale real estate projects, among others. The summit is hosted by the Asia Pacific Real Estate Association, a non-aligned, independent regional association, which represents and promotes the real estate asset class in the Asia Pacific region.…

Filipinos should take advantage of the country’s rising economy by investing in the stock market instead of just letting their money sit at home, a registered financial planner said. Financial Planner Marvin Germo, who authored books on stock market investing, said the public should start considering investing in the stock market as the Philippine Stock Exchange continues to rally and most of those who gained from it are foreign investors. However, Germo said anyone who wants to invest in the stock market should also study the market before coming in or let fund managers handle their investments. “Investing in the…

PHILIPPINES – Philippine Stock Exchange (PSE)-listed Prime Orion Philippines Inc (PSE:POPI) has released on Monday its audited financial statements for the fiscal year ended 30 June 2015. In a disclosure, Prime Orion Philippines Inc (PSE:POPI) announced that it posted a consolidated net loss of Php262.2 million for the fiscal year ended 30 June. “This included an impairment loss of Php236 million to account for the decline in value of 1.388 billion shares, of Cyber Bay Corporation. The Group recognized the loss pending definitive updates on Cyber Bay’s projects,” the company said in a statement to the Philippine Stock Exchange before…