Author: Business News Asia

Prevention is better than cure, even in cybersecurity. Kaspersky Lab says financial companies should focus more on preventing cyber threats rather than being prepared to mitigate its possible impact to businesses’ networks and data. This is after a survey conducted by Kaspersky Lab, in cooperation with B2B International, found that about half of banks and payment systems prefer to handle cyberincidents when they happen, rather than invest into tools with which to prevent them. “Relying solely on mitigating the negative consequences of fraud is similar to trying to treat the symptoms of an illness rather than its root cause. The…

With its expanding businesses and young and talented people, the potential of the country to become a premier innovation hub was displayed in abundance as it hosted the 2nd 2015 Asia Pacific Economic Cooperation Intellectual Property Experts’ Group Meeting (APEC-IPEG) in Cebu City. The APEC-IPEG Meeting on 22-23 August 2015 was the final meeting hosted by the Philippines this year and one of the several APEC meetings in Cebu City. Over 40 IP experts and policy makers from 21 economies attended the meeting. “I am thrilled to meet you this time in Cebu City, often called “The Queen City of…

MANILA, PHILIPPINES – Despite the decision of the Bureau of Customs (BOC) to stop its policy on randomly inspecting balikbayan boxes sent home by overseas Filipino works (OFW), the Philippine Congress said it will continue to investigate the order. Pasig City Representative Roman Romulo filed House Resolution 2311 that urges the House ways and means committee to investigate the policy of the BOC that orders random opening of balikbayan boxes. Romulo told reporters that the BOC should refrain from implementing policies that are disadvantageous to the OFWs, who have long been considered as the country’s new heroes because of their…

MANILA – Following the directive from President Benigno S. Aquino III, the Bureau of Customs (BOC) will no longer conduct random physical inspection on balikbayan boxes from overseas Filipino workers (OFWs). “The Bureau will follow the President’s directive on balikbayan boxes effective immediately. Instead of random physical inspections, we will do a mandatory X-ray examination of containers of consolidated shipments and balikbayan boxes at no cost to the sender or OFW,” Commissioner Alberto Lina said in a statement. He assured the public that witnesses will be present in the event that a physical inspection is made to ensure transparency. “Moving…

BEIJING (PNA/Xinhua) — Chinese police have launched a nationwide campaign against underground banks to maintain order in the financial and capital market, the police said Monday. Meng Qingfeng, vice minister of the public security, urged all the police to fully understand the harm of underground banks to the national economic security and the order of the financial market. A similar campaign was launched in April by the Ministry of Public Security (MPS), the central bank and the State Administration of Foreign Exchanges to stop transfers of illicit money through offshore companies and underground banks. The campaign uncovered several major cases…

KUALA LUMPUR, Aug. 25 (PNA/Bernama) — Malaysia’s forecast of achieving between 4.5 percent and 5.5 percent Gross Domestic Product (GDP) growth remains intact despite facing some challenges, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. “Yes, we have some challenges, but what is more important is that we recorded a good trade balance although exports and imports are coming down. “We are still positive with our growth and we will continue to be quite robust,” he told a press conference on the third day of the 47th ASEAN Economic Ministers (AEM) Meeting and Related Meetings here Monday. Mustapa…

Global stock market sell off continues Monday as China’s stock market falls again, causing worries among investors. Four minutes after the opening bell, the Dow fell as much as 6 percent as massive sell-off took place. At one point, it was down 1,000 points. China’s manufacturing activity, which hits its slowest in 77 months, was among the factors that triggered the massive global sell-off All major European markets were also down by on 6 percent range The Shanghai composite index was down more than 8 percent Other major markets in Asia plunged Monday between 4 and 5 percent Indian stocks…

About USD2.2 trillion was believed wiped out from the value of global stocks within just four days of trading last week, Bloomberg has estimated, partly due to concerns about the real state of the Chinese economy. Markets from Tokyo to Europe sustained bruises as sell-off last week sent stocks plummeting to their lowest as investors were concerned that the slowdown in the Chinese economy has shown little sign of abating. Negative economic figures have already made investors worried but when China’s manufacturing fell to its lowest in about six years, investors started a sell-off. The week sent the US stocks…

Uniqlo makes life better for Cebuanos at it unveils its Fall Winter 2015 collection in the “Queen City of the South”, Cebu City in the Philippines. The new collection will be made available in Cebu as two Uniqlo stores open in the fourth quarter of 2015. The new stores will be located at SM City Cebu and in the new SM Seaside City Cebu. The Fall Winter 2015 collection offers great functionality than ever before and a much wider range of items that make mixing and matching more fun while enabling people to stay perfectly comfortable. “We are thrilled to…

Singapore’s flag carrier, Singapore Airlines, will continue sponsoring the country’s Formula One grand prix after it extended its title sponsorship until 2017, the airline said in a statement. Singapore Airlines, which is also one of the sport’s global partners, has been title sponsor of the floodlit night race since 2014. The following statements were posted on the website of Singapore Air: Singapore Airlines CEO Goh Choon Pong “As a strong supporter of both sports and tourism, we are excited to continue as Title Sponsor of one of the most exciting races in the F1 calendar. We look forward to further…

This Asian country has been identified as the world’s top when it comes to insurance penetration, even surpassing the United States and Japan, two of the world biggest markets in terms of revenue. Based on data released by the Taiwanese government, Taiwan’s 18.9 percent insurance penetration is the world’s highest, although some experts have questioned Taiwan’s claim. Taiwan’s Directorate-General of Budget, Accounting and Statistics announced that Taiwan’s high insurance penetration only showed that insurance products are popular among the Taiwanese populace. Hong Kong’s 12.4 percent insurance penetration is the world’s second-highest while South Korea’s 11.3 percent was fourth. Meanwhile, the…

CEBU CITY – The first batch of delegates attending the Asia Pacific Economic Conference (APEC) meetings arrived in Cebu on Thursday as security officials placed the entire Central Visayas region on full alert for the meetings that will begin on 22 August. Delegates from Mexico and the United States arrived at the Mactan-Cebu International Airport for the the 3rd APEC Senior Officials’ Meetings (SOM) and Related Meetings that are scheduled to be held in Cebu from August 22 to September 11. Some 3,200 delegates are expected to attend the summit. The Police Regional Office (PRO) 7 has deployed close to…

Initial estimate on insurance losses from the devastating twin blast in the Chinese port of Tianjin was placed between USD1 billion to USD1.5 billion but credit ratings agency Fitch believes the amount could be more. According to Fitch, Tianjin is one of the areas in China that have high insurance penetration, which means almost all of the properties damaged and the lives lost could be covered by insurance. The insurance losses from the Tianjin blast could also undermine the financial performance of insurers that have high exposure in the areas affected. Aside from local insurers, major global insurance companies also…

Insurance companies that will receive claims related to the deadly twin blasts that rocked the northern port city of Tianjin should immediately process the claim and provide support, the China Insurance Regulatory Commission (CIRC) announced. In a statement posted on its website, the CIRC urged insurers to prioritize the processing of Tianjin-related insurance claims and be open 24 hours to provide support to the families of those who perished in the tragedy. The insurance watchdog also ordered insurers to be ready with enough funding to immediately release insurance claims. Experts estimated that the twin blasts that rocked Tianjin could result…

INDONESIA – The Indonesian government announced plans to trim the country’s corporate income tax rate in 2017, a move seen by analyst as among the measures that President Joko Widodo want to implement to further entice more investors in the country. Reuters reported that Finance Minister Bambang Brodjonegoro announce the development but did not expound on the plan. Brodjonegro said that the corporate income tax will definitely be cut by 2017 but he did not say by how much. Aside from announcing the cut in corporate income tax rate in 2017, Brodjonegoro also announced that the government is also planning…

MALAYSIA – The Malaysian China Association (MCA), a Malaysian political party that represents the Malaysian Chinese ethnicity, assures support for business suffering from the depreciating currency and the effects of the Goods and Services Tax (GST). MCA President Datuk Seri Liow Tiong Lai acknowledged that more businesses in Malaysia are now burdened by the depreciating ringgit, especially those involved in imports. The ringgit has already fallen to a 17-year low against the US dollar. The local currency was down down 20.1 percent against the US dollar from 1 September 2014 to 11 August 2015. The Malaysian Star quoted Liow as…

Indonesia’s Financial Services Authority (OJK) revealed that it was closely monitoring the country’s insurance industry, especially the industry’s exposure to bonds and stocks. Authority head Muliaman Hadad told Reuters that the OJK is already communicating intensively with the industry as the country’s sovereign bond market and stock market have been under pressure, especially after China’s central bank devaluated the yuan twice this week. The OJK is anticipating further pressures ahead, Hadad said. While the financial authority is on alert as it monitors the insurance industry, Hadad told Reuters there is no need to panic. After devaluing the local currency twice…

CEBU CITY – Pope Francis is likely to come to Cebu for the International Eucharistic Congress (IEC) set in January, a reliable source who refused to be identified pending the official announcement told CebuHeadlines.com. The source said Pope Francis has initially agreed to come to Cebu to join thousands of faithful Catholics for the 51st IEC. Cebu church officials have declined to comment on the information as of this posting. Cebu Archbishop Jose Palma earlier said that it has never happened that a pop visits a country twice within a short period of time. Pope Francis was in the Philippines…

Viet Nam National Vegetable, Fruit and Agriculture Product Corp Ltd (Vegetexco) is set to hold its initial public offering (IPO) on 04 September, with plans to sell 27.67 million shares, local media reported. According to Viet Nam News, Vegetexco will offer an opening price of VND10,000 per share, or about USD0.45. The report said the volume of shares is equal to 38.8 percent of the company’s charter capital. As this developed, the multi-sector T&T Group reportedly plans to purchase 35 percent of shares of Vegetexco, making one of the company’s strategic investors. After equitisation, the company’s charter capital is expected…

The Asia Pacific Economic Cooperation National Organizing Council (APEC NOC) has released the result of its investigation on the alleged overpricing of hotel rooms rates in Cebu ahead of the APEC meetings late this month. Ambassador Marciano Paynor Jr, Director General of the APEC NOC, said the rates set by the nine accredited hotels are not overpriced and are aligned by the rates imposed by their global networks. Paynor said his office has been informed that certain accredited hotels for the Senior Officials’ Meeting scheduled to be held in Cebu in Semptember have quoted significantly higher rates. “We have verified…