Author: Business News Asia

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…

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…

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…

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…

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…

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…

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…

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…

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. -…

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…

Swiss lender UBS Group AG, the biggest private bank in Asia, is set to open a Shanghai branch within this year to further cement its position in the country’s wealth management sector. The decision of UBS to open a branch in Shanghai was partly triggered by China’s move to open up its financial industry. The bank already has offices in Guangzhou, Shanghai and Beijing and a store-front operation in the capital but it is a relative newcomer in China. We need to get a foothold there first,” she said by phone from Hong Kong. “It’s really to establish our presence,…

MANILA, PHILIPPINES – Canadian pop star Carly Rae Jepsen, whose “Call Me Maybe” single topped the music charts around the world, is set to return to the Philippines in August for her second concert in the country. Sources said Carly will be in the Philippines on 12 August for her second concert that will be held at the Araneta Coliseum. This time, the 29-year-old Carly is expected to sing her new hit song “I Really Like You”. The music video of the song features Hollywood actor Tom Hanks. Concert tickets are priced from Php1,500 to Php5,000. It was in 2013…

VIENNA – State news agency Xinhua of China has reported that a historic comprehensive agreement has been reached over the Iranian nuclear issue. Quoting an Iranian diplomat, Xinhua said Iran and major countries of the world has reached agreement on the Islamic republic’s nuclear program. The report quoted a European Union spokesman as saying that result of the talks between the six countries — China, Britain, France, Russia, the United States and Germany — will be formally announced at 0800 GMT. – BusinessNewsAsia.com

KORONADAL CITY, PHILIPPINES – Even as reports of fake rice continues to grip residents in some towns in Southern Philippines, authorities on Tuesday said seven members of a family were poisoned by fake salt in South Cotabato. Local officials have confirmed that seven members of the Ricablanca family in barangay Dajay were poisoned by what they believed was fake salt mixed into the food that the family cooked Monday night. The victims were identified as Vicenta, Sandy, Roland, Lucena, Heidi (pregnant), Agapitong and his two children. Reports said Vicenta went to the Municial Health Center Monday night and complained that…

MEXICO – Anyone with information that can lead to the arrest of the leader of the Sinaloa cartel, Joaquin “El Chapo” Guzman, will receive USD3.8 million in rewards. The reward was offered immediately after Guzman escaped from the maximum security prison in Almoloya de Juarez Saturday night. Authorities still have not received any information leading to the recapture of El Chapo as of Tuesday afternoon. As the clock ticks, authorities fear that El Chapo will never be seen again. On Monday night, the the country’s attorney general announced a reward of up to 60 million pesos (USD3.8 million) for information…

CEBU, PHILIPPINES – BDO and American Express formally announced the launch of the American Express Cashback Credit Card. In the Philippines, the Card will be issued exclusively by BDO with simple and straightforward features that provide card members with cash rebates for every purchase, whether local or overseas. “Being to save on expenses is a priority of Filipino consumers,” says Ma. Nannette R. Regala, BDO Senior Vice President and Consumer Lending Group Marketing Head. “This is precisely why we decided to make available in the market a credit card that provides outright cash rebates – with no minimum spend and…

TAIPEI, TAIWAN – Starting October 2015, all tourists from mainland China will have to show proof of insurance before they will be allowed to enter Taiwan, the Tourism Bureau of Taiwan has announced. Mainland Chinese tourists who will not be able to show proof that they have purchased travel insurance that covers unexpected illnesses or injuries sustained while traveling in Taiwan will not be given entry permits. The Tourism Bureau took notice of the increase in the number of tourists from mainland China, boosting Taiwan’s tourism revenue. However, the bureau also noticed that the rise in the number of Chinese…

SURIGAO, PHILIPPINES – At least 200 students fell ill after eating durian and mangosteen-flavored candies in the province of Surigao del Sur, northern Philippines, on Friday. Eight persons have already been arrested for allegedly selling the contaminated candies that downed at least 200 students in the town of Cagwait. Authorities fear that the number could rise because sources said the vendors were able to sell the candies to five other towns. The eight vendors were reporteldy onboard an L-300 van going from one town to another to sell their candies near schools. Surigao del Sur provincial director Senior Supt. Narciso…

After a breath-taking dive, China’s benchmark index, the Shanghai Composite Index, posted its biggest two-day gain since 2008 on Friday, but investors and observers remain cautious. The Shanghai Composite Index surged 6.1% to 3,934.13 at 11:03 a.m., Bloomberg reported, adding to Thursday’s 5.8% surge, as health-care, industrial and consumer companies advanced. About 1,422 Chinese-listed companies are currently suspended from trading as of Friday, down from Thursday’s 1,439. Meanwhile, the China Insurance Regulatory Commission (CIRC) told reporters that the country’s insurers have bought a total of Rmb112.3bn (USD18bn) of equity since the start of the stock market fall. The total industry…

SHANGHAI, CHINA – About 1,323 listed Chinese firms have suspended trading on mainland exchanges, locking up at least USD2.6 trillion worth of shares, or nearly half of China’s market capitalization. About 353 companies listed on the Shanghai exchange suspended trading while 970 were halted in Shenzhen as of Wednesday as the government scrambles to prevent a further fallout of the market. The China Financial Futures Exchange raised margin requirements for sell orders on CSI 500 index futures, while China Securities Finance Corp said it will buy more shares of small- and mid-cap companies. The move is part of the Chinese…