Author: Business News Asia

BusinessNewsAsia.com's Editorial team is composed of experienced professional journalist and financial professionals who have an average of 10 years of experience in financial and breaking news reportage.

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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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Wyndham Hotel Group has signed seven additional Ramada properties across China, in the provinces of Sichuan, Shandong, Hubei, and Jiangsu, the company said in a statement. The announcement by Wyndham, the largest hotel company in the world based on number of hotels, came after it opened the 156-room Ramada Nanjing hotel. Ramada Nanjing, developed by China Eastern Airline Jiangsu Co Ltd, becomes the latest upscale business hotel to open close to the Nanjing Lokou International Airport. The upscale business hotel features a variety of multi-function meeting spaces, in addition to its 156 well-appointed rooms. It also offers free breakfast buffet,…

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Prices of oil in the world market could hit new lows this year due to increased production and peak seasonal refinery maintenance in October, JP Morgan has predicted. Reuters has reported that JP Morgan lowered its 2015 average forecast for Brent crude by USD16 per barrel and US oil by USD19 for 2016. “The pace of weakening refining margins and increase in rig counts are two key events in July that lead to a turn in our expectations,” the US investment bank said in a note. – BusinessNewsAsia.com

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The Australia and New Zealand Banking Group (ANZ) has officially put its stake in Indonesia’s Panin Bank on a formal auction as it seeks to divest its 39 percent stake in the said bank, Australian media reported on Monday. ANZ’s stake in Indonesia’s Panin Bank, which is owned by the Gunawan family, is worth AUD1 billion, or about USD740 million, and the Australian bank wants to accelerate its exit to focus on other units and boost its capital position. The sale also ends ANZ’s attempt to buy full control of the Indonesian bank, the report said, quoting unnamed sources. Sources…

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HARRIS COUNTY, TEXAS – A police stand-off in a Harris County home in Texas Saturday night resulted to the death of five children and three adults, police said. A 49-year-old male suspect was arrested but his relationship to the victims has not been established as of this time. Deputy Thomas Gilliland told the police that details about the gruesome death have been limited as of this posting. How the victims died was also still not disclosed. “The police are still searching for a motive,” Gilliland told reporters. Officers who were called to the Harris County house to arrest the suspect…

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CEBU CITY – The Philippine Government has ordered the Department of Tourism (DOT) to investigate reports that some hotels in Cebu have increased their rates for the upcoming Asia Pacific Economic Cooperation (APEC) Senior Officials Meetings (SOM). Reports said delegates of the APEC SOM have complained that hotel rates in Cebu have been increased way higher than the original rates due to the gathering, which is expected to be participated by at least 3,000 delegates. Communications Secretary Sonny Coloma said the DOT, being a member of the national organizing committee of the said event, will conduct an investigation to determine…

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DAVAO CITY, PHILIPPINES – Davao City Mayor Rodrigo Duterte, one of the early beats for the 2016 Presidential elections, revealed that the Philippines now have three million drug addicts and around 30,000 drug pushers. Duterte, however, did not reveal the sources of his information and instead challenged the national government to address the war against drugs. “It will be bloody to win the war against illegal drugs if you have that number,” Duterte said during his visit in Camiguin. The Davao City mayor also criticized President Benigno Aquino III for not mentioning the government’s efforts against what he described as…

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MANILA, PHILIPPINES – The Philippine government is closely monitoring the situation and condition of the overseas Filipino workers (OFWs) in Taiwan following the onslaught of super typhoon Soudelor. Communications Secretary Sonny Coloma told reporters that the Department of Foreign Affairs (FDA) is closely monitoring the sitution in Taiwan and that the government is ready to provide any assistance that may be required by the OFWs. Coloma added that the DFA still has not recieved any report on OFW casualty in Taiwan. The government, he said, is hopeful that every Filipino in Taiwan is safe and unharmed. At least six persons…

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MANILA – The National Food Authority (NFA) has revealed that there is no fake rice in the Philippines, based on a series of laboratory examination that it conducted on various rice samples. The NFA downplayed earlier reports of alleged fake rice in Davao and some parts of the country as its laboratory tests showed the samples taken from the alleged fake rice turned out to be just tainted rice. NFA administrator Renan B. Dalisay told reporters that the 25-gram sample of allegedly fake rice from Davao City was found to have traces of dibutyl phthalate (DBP), a chemical compound used…

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An US soldier was likely to be among those killed in an attack on an American military base in Kabul, Afghanistan, CNN and Fox News have reported. The US government, however, has not confirmed the nationality of the NATO coalition soldier who was killed along with nine Afghan contractors. Reports said hundreds of NATO soldiers and foreign contracted civilians were wounded in the night attack on Friday, Col. Brian Tribus, NATO spokesman, told the Associated Press. The attack occurred on Camp Integrity, an American base in Kabul. Camp Integrity is run by U.S. security contractor Academi, which was known as…

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