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.

Bradesco, Brazil’s second-largest private sector bank, is reportedly in exclusive talks with HSBC for a USD4bn sale of its Brazilian unit. The Financial Times report quoted sources familiar with the matter as saying that HSBC is nearing the sale of its Brazilian subsidiary to local rival Bradesco for close to USD4bn. HSBC earlier promised to shed 50,000 jobs and sell its subsidiaries in Brazil and Turkey as its focuses more on the promising Asian markets. Analysts believe the disposal is timely for HSBC, which made a loss of USD247m in Brazil in 2014. HSBC is the seventh-largest bank in Braziil…

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From the current limit of 40 percent, Indonesia’s Financial Services Authority has hinted that it is open to lifting the curb and allowing a higher percent of foreign ownership in local banks. The percentage of foreign ownership, however, will depend on an investor’s business plan, according to Muliaman Hadad, chairman of the Financial Services Authority, in an interview with Bloomberg. But Hadad did not say how much more the authority would allow in terms of foreign holdings in domestic banks. It will depend on the seriousness of the investor and the concept of what the investor is going to do,…

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The Taliban’s one-eyed leader Mulla Mohammed Omar is reportedly dead but Afghan government officials said they are still trying to verify the report. If indeed Omar, who has a USD10-million bounty on his head following the 9/11 attack, is dead, a power struggle within the Taliban is likely to occur sources said. The BCC has reported that Omar may have been dead for as long as three years. “We are aware of the reports of the passing away of Mullah Omar, the Taliban leader,” Zafar Hashemi, a deputy spokesman for Afghan President Ashraf Ghani said. He added that the governmet…

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KUALA LUMPUR – Malaysian authorities scored big in the fight against illegal drugs as police busted a Pakistani drug syndicate that tried to sneak up to 35 kilograms of heroin into the country. Elements of the Bukit Aman’s Special Tactical Intelligence Narcotics Group (Sting) arrested a total of 22 Pakistanis aged between 20 and 45. Authorities said the drug syndicate tried to ship the heroin from Karachi in Pakistan to be trafficked to western countries. The syndicate, which has been operating for a month already, reportedly used Malaysia as a transit point. “The syndicate was using our country as a…

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MANILA, PHILIPPINES – Metropolitan Bank & Trust Company (Metrobank) recently signed an agreement with one of Japan’s leading financial conglomerates, The Bank of Yokohama (BOY), in a bid to better service Japanese companies operating in the Philippines. The deal gives the latter more flexibility in serving their clients’ needs from opening accounts to payment settlements. Metrobank has established strategic partnerships with over 60 Japanese regional banks to strengthen its position in the local SME and institutional banking segments. BOY is the 18th bi-lateral Memorandum of Understanding (MOU) or direct tie-up established by Metrobank with a Japan-based financial institution. Under the…

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MANILA, PHILIPPINES – Clash of Clans fans all over the Philippines may now gear up for their ultimate battle as wireless services leader Smart Communications, Inc. (Smart), the mobile subsidiary of PLDT, has finally opened the nationwide online registration for the Philippine Clash 2015. The country’s biggest CoC tournament, Philippine Clash 2015 covers five key regions and offers over P2 million worth of prizes – the largest prize pool ever offered in a local gaming competition. The competition builds on the success of Clash of Summer, the country’s first ever stand-alone COC tournament held in Taguig City last May, also…

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MANILA, PHILIPPINES – Businesses around Asia now have an online venue for their corporate announcements, press releases, and disclosures as BusinessNewsAsia.com, a Google News-indexed website now allows companies to post their press releases for free. Launched on 25 July, BusinessNewsAsia’s press release service is free for Asian-based companies that seek to promote their products or services, announce developments, or reach clients through news releases. “We would like to become a venue for Asian businesses to post their announcements and press releases, subject to review, for free. We want to help these businesses relay their messages to their target audience in…

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The Hong Kong Monetary Authority (HKMA) wishes to remind members of the public again to stay vigilant to a recent massive scale of bogus voice message (VM) phone calls purportedly from banks claiming irregularities in the customers’ bank or credit card accounts and asking them to input their personal information or contact the operator for account authentication. Over the past two weeks, the HKMA and some banks (including The Hong Kong and Shanghai Banking Corporation Limited, Bank of China (Hong Kong) Limited and Hang Seng Bank Limited) have received a total of almost 2,000 inquiries from members of the public…

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Twelve Filipinos, 11 men and a woman, who are languishing in the jails of Qatar will soon be going home to the Philippines after they were given royal pardon by the Qatari government. The Department of Foreign Affairs (DFA) of the Philippines has confirmed that the 12 Filipino inmates in Qatar were given clemency as part of the country’s celebration of Ramadan. The DFA did not name the 11 men and one woman who will soon be going home as ordered by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani. Information provided by the DFA showed that the…

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LAGUNA, PHILIPPINES – More than 400 students fell ill after allegedly eating sponge cake, locally known as “mamon”, and ice candy provided to them by a company that conducted community service, authorities said. The students from Real Elementary School in Laguna were rushed to the hospital after they started experiencing severe stomach pain and nausea minutes after eating the free snacks, according to Vicente Tomazar, director of the Office of the Civil Defense in Region 4. Authorities said the food was allegedly brought by the AMS Electronic Company and distributed as part of the outreach program of the City College…

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Grammy nominated singer Chris Brown was finally allowed to leave the Philippines Friday night, after four days of being stranded in the country due to an estafa case filed by a religious group. The Civil Aviation Authority of the Philippines (CAAP) revealed that Brown left the Philippines at 9:30 pm Friday on board his private plane. Brown went straight to Hong Kong to prepare for his scheduled concert in Macau. Bureau of Immigration spokesperson Elain Tan also confirmed that Brown was able to secure an Emigration Clearance Certificate (ECC) from the immigration office, proving that he has no more financial…

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Botswana Life Insurance Limited (BLIL), the country’s oldest and only home-grown life insurer, has unveiled a new corporate identity during its 40th anniversary celebration. BLIL, which is currently manaing a file size of over 300,000 policies, announced that the new identity will take the insurer to the next four decades. “In coming up with this new brand, we introspect on who we are, who our clients are and what we want to all our stakeholders. In the eyes of many we are an icon, a symbol of pride, a beacon of hope. We have therefore summed up our brand presence…

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Ratings agency Standard & Poor has warned Australia that the country’s AAA credit rating could be lowered if its budgetary performance does not improve broadly. The agency reaffirmed Australia’s AAA rating but warned that the constant failure of the budget deficit to narrow could trigger a scenario where the rating will be lowered. Craig Michaels, Standard & Poor’s director of sovereign ratings, was quoted as saying that the agency will closely monitor the Australian government’s success in meeting its budget forecasts in the next six to 12 months. “We continue to believe that there is political and community consensus for…

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China Deficit Hits USD104 Billion Mainland China experienced more net-capital outflow from January to June this year, even as the foreign-exchange settlement deficit went up. According a State Administration of Foreign Exchange statement on 23 July, China’s banks purchased foreign exchange worth Rmb5.31 trillion (USD855 billion) in the first six months of 2015 and sold Rmb5.96 trillion (USD960 billion) worth of forex, for a net sale of Rmb647.4 billion (USD104.25billion). The figure is comparable to the Rmb383.8 billion (USD61.80 billion) deficit in H2 of 2014. Chinese Stocks Rally for Sixth Days Straight Stocks in Mainland China increased for a sixth…

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Chinese insurance firm Anbang Insurance Group and Delta Lloyd Bank Belgium have announced in a statement that Anbang’s acquisition of the Belgian bank has been concluded. Anbang received all regulatory approvals to acquire Delta Lloyd Bank Belgium from Delta Lloyd Group for about USD226.6 million. The deal started in December 2014. Delta Lloyd sold its banking activities in Belgium to focus on its insurance business. Delta Lloyd Belgium mainly focuses on affluent and wealthy individuals clients in need of financial advice. The bank has 114 branches and 171,000 customers. It officers a full range of banking products and services, such…

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American health insurance giant Anthem is acquiring its rival Cigna for USD48.3 billion, creating a combined insurance company that will have an estimated USD115 billion revenue and serve 53 million clients. In a statement on Friday, Anthem said the merger will give the insurer nearly USD2 billion in annual cost savings. The merger, however, requires one-time charges of USD600 million over a two-year period. “We believe that this transaction will allow us to enhance our competitive position and be better positioned to apply the insights and access of a broad network and dedicated local presence to the health care challenges…

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North Korea’s economy expanded by 1 percent last year, lower than the 1.1 growth posted in 2013, South Korea’s central bank, the Bank of Korea (BOK) has reported. Data released by the BOK showed that the North’s economy continued to post growth in 2014, its fourth year of expansion, but at a relatively low level. In an annual report, the BOK said the slightly faster expansion last year was marked by growth in services and signs of rising private consumption. The statistics do not include black market economic activity that has grown steadily in recent years, creating a consuming class…

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CEBU, PHILIPPINES – The National Commission for Culture and the Arts (NCCA) will hold a press conference on Monday at the Summit Circle Hotel in Fuente Osmeña as it spearheads an event dubbed “CinemaRehiyon 7’. The event adopts the theme “At the Crossroads of the Seventh Art” and showcases the regional films from across the archipelago. A total of seventeen full length films are set to grace Cebu cinemas from August 6-9, 2015 as part of the Cinema Rehiyon 7, the flagship project of the NCCA’s National Committee on Cinema (NCC) headed by Director William Mayo. “Cebu has a unique…

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Silicon Valley-based Google proved that it is still a force to reckon with when it comes to mobile search and advertising after posting an 11 percent in revenue in the second quarter. Google beat expectations after its second-quarter net income soared USD3.4 billion on an 11 percent rise in revenue to USD17.7 billion. Google’s new chief financial officer Ruth Porat said during her first earnings call at the company that Google continues to close the gap between mobile and desktop search monetization. The announcement immediately sent Google’s shares up by more than 11% to nearly USD650 in after-hours trade. -…

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DAVAO CITY, PHILIPPINES – Authorities announced today that seven suspected drug pushers were killed during a shootout with police operatives in Davao City past 3 a.m. Wednesday. The shootout erupted when combined elements of the Davao City Police Office, Criminal Investigation and Detection Group, and the Philippine Drug Enforcement Agency launched a series of operations under the “Lambat-Sibat Oplan Kaagapay”. The raiding personnel were implementing 35 search warrants issued by RTC Branch 16 Judge Emmanuel Carpio when the suspects allegedly resisted arrest and started firing. Some of the fatalities were identified as Cyril Ramos,Arnulfo Senieso, Michael Cadiente, Reynaldo Quindao, Dondon…

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