Author: Business News Asia

Metro Retail Stores Group, Inc. (MRSGI) reported a net income of PhP60.0 million for the first three months of 2023, an 80.2% increase from PhP33.3 million in the same period in 2022. The improvement came from robust operating margins and solid revenues. Total first-quarter sales was flattish, posting a slight decline of 2.4% in net sales to PhP8.3 billion from PhP8.5 billion for the first quarter of 2022, with comparable store sales also lower by 4.6% versus last year. The decrease was due to bulk wholesale transactions in 2022 that had beefed up first-quarter sales last year. Excluding these bulk…

Singapore-based coffee chain Flash Coffee has successfully completed its Series B financing round, raising $50 million, led by White Star Capital. Existing investors, including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, also participated in the round, with some of them increasing their stake in the company. The new funds will be used to accelerate Flash Coffee’s mission to achieve group-level profitability. The company aims to grow sustainably across the Asia Pacific region, serving high-quality specialty coffee to customers in Singapore, Indonesia, Thailand, Hong Kong, and South Korea. The funds will also be utilized for technology and…

Cebu Landmasters, Inc. (CLI), reported a strong Q1 2023 financial performance, with consolidated revenues increasing by 33% to P4.78 billion, up from P3.58 billion in the same period last year. The company’s net income to parent reached P888 million, a 10% YoY growth, while Q1 consolidated net income rose by 43% to P1.17 billion. The robust financial performance was driven by growth across all business units, with real estate sales revenue growing 33% to P4.71 billion, reservation sales take-up rising 16% YoY to P5.22 billion, and hotel operations recovering with a YoY growth of 79% to P29 million. CLI senior…

Cebuanos can expect a night of cultural immersion and fun-filled activities as the highly-anticipated Gabii sa Kabilin (GSK) returns on May 12, 2023. After the success of GSK in October 2022, this year’s event promises to be bigger and better, with new museum partners, exhibits, and elevated improvements on the GSK night. From 6 PM to midnight, 22 partner museums and heritage sites located in the cities of Cebu, Mandaue, and Talisay will open their doors for guests to enjoy indoor and outdoor exhibits, cultural presentations, children’s activities, contests with cash prizes, food bazaars, outdoor exhibits, and other activities all…

The World Bank’s latest Commodity Markets Outlook report forecasts an 8% fall in metal prices in 2023, followed by a further 3% drop in 2024. The bank’s metals and minerals price index rose 10% in the first quarter of 2023, driven by optimism for a strong recovery in China and global growth prospects. However, most prices had receded from their January highs by the end of the quarter, except for iron ore prices due to strong demand from China’s steel sector. The report highlights that metal prices will fall primarily due to weak global demand and improved supplies. Production recovery…

Globe applauds the government led by the Department of Information and Communications Technology (DICT) for extending the SIM registration deadline, giving millions of unregistered customers more time to comply with the law. SIM users now have 90 more days to register after the original April 26 deadline was extended. Globe again calls on its subscribers to quickly take advantage of the extended time and not wait for the last minute to register to avoid deactivation of their SIMs. “The government has given SIM users a full three months more to register their SIMs. We would like to appeal to our…

The K-Startup Grand Challenge (KSGC), South Korea’s largest accelerator program, has opened applications for its 2023 edition. Overseen by the Ministry of SMEs and Startups and organized by the National IT Industry Promotion Agency, KSGC is accepting startup applications from April 10 to May 18, 2023. The program aims to assist foreign startups looking to enter the Korean market and explore business opportunities in Asia. The 2023 edition of the accelerator, running from July 25 to November 10, will focus on deep tech startups. Lim Jungwook, Deputy Minister of the Ministry of SMEs and Startups said, “It is a great…

With just a few days before the SIM registration deadline, Globe sent out urgent reminders to customers through the Emergency Cell Broadcast system. This was done to instill urgency on millions of customers who have yet to register their SIMs. Globe utilized the ECB as a component of network management and implemented the emergency blast within acceptable parameters. The National Disaster Risk Reduction and Management Council (NDRRMC) has given no objections on the use of ECB after prior notice. The Free Mobile Disaster Alerts Act allows the NDRRMC and other relevant government agencies to use the telco network system to…

Axis Bank and HDFC Bank have entered into a definitive agreement to invest up to Rs 69.90 crore in Go Digit Life in two tranches. The banks will acquire a 9.94% stake in Go Digit Life for Rs 10 per share. The first tranche of Rs 10.93 crore will be paid by the banks, and they may invest an additional Rs 58.97 crore in the second tranche. The acquisition is expected to be completed within three to six months from the execution date. Go Digit Life intends to operate in the life insurance sector in India, subject to receiving a…

Digital solutions platform Globe and its portfolio companies won an impressive 11 awards across various categories at the prestigious 2023 Asia-Pacific Stevie® Awards. These accolades highlight the Globe Group’s remarkable achievements in delivering exceptional customer service, crafting innovative products, and producing high-quality content. Among the most distinguished awards earned by the Globe Group is the Gold Stevie® for Innovation in Customer Service Management, Planning and Practice in the Telecommunications Industries category. This honor acknowledges Globe’s proactive recovery efforts in the wake of the devastation brought by Typhoon Odette in December 2021. Globe’s post-disaster communication solutions have had a significant positive…

New research from Information Services Group (ISG) has revealed that global spending on IT and business process outsourcing (BPO) services fell by 8% in the first quarter of 2023. The data showed that spending on cloud-based as-a-service offerings during the period was particularly impacted, with a drop of 13% from the same period in 2022. In contrast, traditional IT services or managed services increased by 1%. The report highlighted that there were 703 managed services contracts signed during Q1, with eight deals worth over $100m per year and 237 restructured contracts worth a record $4bn. ISG President Steve Hall explained…

Globe’s wholly-owned corporate venture builder 917Ventures has launched Housify, a revolutionary real estate marketplace that instantly matches property buyers with trusted listings through verified sellers, a seamless inquiry process, and an easy-to-use website. “We aim to make the property buying experience hassle-free for Filipinos and provide an avenue where buyers can conveniently search for properties that match their preferences and budget. We offer both brokers and buyers a high level of service, and those looking to invest in property will have peace of mind as we are the only Philippine marketplace with a roster of vetted sellers,” said Ina Gervacio,…

The Asticom Group of Companies, a shared services provider under the Globe Group, announces the appointment of seasoned technology expert Froilan Rabatan as the new Managing Director of its digital business solutions arm HCX Technology Partners effective March 2023. With a wealth of expertise and experience in technology and innovation, Rabatan is set to propel HCX towards its ambitious goal of becoming the preferred technology partner in the Philippine market. Rabatan’s impressive career spans over two decades in the IT and services industries. He has held key positions such as Managing Director of a global professional services company and VP…

Digital solutions platform Globe will deploy G-Climate, a digital service used to reduce the downtime of cell sites and ensure business continuity during times of disaster, especially typhoons. Globe collaborated with Amazon Web Services (AWS) to develop G-Climate, a cloud native service, which uses predictive analytics on various data points such as weather information, weather patterns, and cell site outage data to identify potential outages specifically during the typhoon season. G-Climate was developed to address the impact of severe weather disturbances, which roughly causes 10 to 20 percent of outages at Globe’s cell sites. This innovation is in line with…

According to a recent survey conducted by Bain, as engineering and R&D organizations look to innovate more quickly amid a talent shortage, many are opting to outsource and offshore a higher proportion of work that was once done in-house. More than 60% of the senior engineering executives surveyed plan to increase their outsourcing of engineering and R&D activities over the next three years, while 60% plan to shift work offshore or nearshore in the same period. Historically, large engineering or research-dependent companies have outsourced about 18% of ER&D work by value. That level is far lower than that in the…

ChopValue, a company focused on sustainable production through the transformation of recycled materials, has accomplished two noteworthy milestones. The first is the closing of a funding round that secured $7.7 million, which the company will use to expand its decentralised Microfactory network. The second milestone is the transformation of the company’s 100 millionth chopstick into new products. ChopValue’s presence in the market signals a significant shift in the conversation about reducing carbon emissions, as it is the first circular economy franchise in Singapore. Since its inception in 2016, ChopValue has expanded rapidly, creating more than 150 jobs across six countries…

Globe’s 917Ventures and Ayala Corporation are set to bring global two-wheel electric vehicle and battery-swapping technology leader Gogoro to the Philippines. Piloting in Metro Manila in Q1 2023, Gogoro’s Smartscooters will serve as an eco-friendly alternative to fossil fuel-powered vehicles currently used by the logistics and last-mile delivery industry. Gogoro® Smartscooters® are powered by Gogoro’s® battery swapping platform through conveniently located swap stations, where users can quickly swap depleted batteries for fully-charged ones in seconds. Vince Yamat, 917Ventures Managing Director, said the partnership seeks to reduce the use of fossil fuel by the country’s logistics industry which are known to…

Grand Hyatt Erawan Bangkok invites you to unveil the festive season in ‘Grand’ style, presenting a series of seasonal celebrations all December long. All against the nostalgic backdrop of grandest decorations and displays you will remember for years to come, the hotel ensures a holiday season with full festivities – from exquisite dining at signature restaurants, sophisticated events, and joyous gatherings; to enchanting gi­ft and holiday treats. On offer at the city’s best-loved The Dining Room is a true feast of festive dining. Whether on Christmas Eve, Christmas Day, New Year’s Eve, or New Year’s Day, diners joining The Dining…

The Philippines, a country located along the typhoon belt, is no stranger to experiencing the impact of climate-related hazards. In the WorldRiskIndex 2022 report, the country was reported to have the highest disaster risk among 193 countries. In the face of these challenges, Globe strives to build resilient network infrastructure that can withstand the impact of stronger and more frequent weather disturbances and other natural disasters. This is enclosed in the Globe Business Continuity Management Policy which stipulates the company’s commitment to provide continuity of critical operations that support delivery of key products and services, among others. Globe’s head for…

On 22 November, Embassy of Japan in the Philippines Deputy Chief of Mission, MATSUDA Kenichi joined the historic courtesy visit of United States Vice President Kamala Harris to the BRP TERESA MAGBANUA (MRRV-9701) stationed in Puerto Princesa City, Palawan. One of the largest patrol vessels of the Philippine Coast Guard, the Japan-made BRP TERESA MAGBANUA was chosen to welcome the US Vice President. This visit marks a milestone for U.S.-Philippines-Japan cooperation. Maritime cooperations like this are crucial for a Free and Open Indo-Pacific (FOIP). Japan looks forward to further promoting collaboration among the three countries.