Author: Business News Asia

CEBU, PHILIPPINES – A 45-year-old Korean diver, who was one of the three divers who went missing last Sunday, was found dead near the shore off Camotes Island, Cebu, Wednesday morning. The body of Heo Seung Yung, 45, was found near a resort in Camotes Island past 6 a.m. Wednesday, more than 12 hours after his two companies were found alive at sea. Those who were found alive floating in the waters were identified as Baek Seung Kyoon, 34, a diving instructor, and his student Kim Eun, 31. They were found by local fishermen and policemen separately in Barangay Himensulan,…

[correction: authorities said only two Koreans were found alive while the third Korean diver was found lifeless Wednesday morning] CEBU CITY, PHILIPPINES – Two of the three Korean divers who were reported missing after diving in the rough sea waters of Mactan Island last Sunday were found alive Tuesday. Authorities said the two Korean divers were found alive floating in the waters off San Francisco town on Camotes Island. The third diver was found dead Wednesday morning. The three were on the waters since Sunday. The Korean divers were reported missing Sunday afternoon after diving off Barangay Punta Engano in…

CEBU CITY, PHILIPPINES – A 23-year-old call center agent died on the spot after he was shot by a still unidentified gunman inside Cebu’s IT Park Tuesday dawn. The Cebu City Homicide Division is looking at love triangle as a possible angle in the murder of 23-year-old Deogracias Guda III, a call center agent at Convergys. Homicide Division chief, Senior Insp. Elizandro Quijano, said his investigators received information that the victim allegedly had a relationship with a female call center agent who has a live-in partner. Guda is married but his wife is working abroad, Quijano said. Guda was walking…

Philippine inflation further eased to 1.2 percent in June, hitting the lowest level since 1995, the Philippine Statistics Authority (PSA) said on Tuesday. Headline inflation further eased to 1.2 percent at the national level in the first six months of this year, the lowest level in 20 years. This compares to the 1.6% recorded in May and 4.4% posted in the same month in 2014. In its report, the PSA said inflation reached 2 percent in the first six months, the lower bound of the government’s target range of 2 percent to 4 percent. Inflation in May reached 1.6 percent.…

SHANGHAI, CHINA – At least 700 listed firms in China have filed a request to suspend trading of their shares in what experts claimed is an attempt to shield their companies from the stock market falldown. Reuters reported that the number of listed firms seeking to suspend or extend trading halts have gone up since the Chinese stock market reached its peak on 12 June this year. The total number of Chinese-listed firms that are seeking to suspend trading in their shares is equal to around a quarter of the total firms listed on the Shanghai Stock Exchange and the…

Australian media reported Tuesday night that life insurance distributor Greenstone has pulled its plan to raise about USD900m in an IPO in Australia. Both the Australian Financial Review and The Australian have ran similar stories about the reported shelving of Greenstone’s IPO, which would have been one of the largest floats in Australia so far this year. The reports said Greenstone decided to pull its Australian IPO due to persistent doubts among fund managers about its valuation. Greenstones owners have reportedly decided to cancel the IPO indefinitely than accept a cut to the company’s valuation. Greenstone, which distributes insurance products…

Miguel Cotto retained his WBC middleweight championship belt following a successful defense against Daniel Geale. Cotto won via a fourth round technical knockout against the Australian boxer. The referee stopped the fight with 1:28 remaining in the fourth round after Cotto showered Geale with body shots and a powerful left hook. Geale failed to break into the defense of the Puerto Rican boxer, who trained under hall-of-famer Freddie Roach. Cotto attributed his successful title defense to coach Roach, saying he was able to regain his power and strength that he had in the early 2000s because of Roach’s training. Roach…

MALAYSIA – Analysts and economists issued forecast that said the FTSE Bursa Malaysia KLCI (FBM KLCI) will continue its downtrend this week due to external and internal factors. The FBM KLCI posted its sixth losing weekly streak last week and the local benchmark is likely to continue its downtrend due to the volatile market sentiment. Bernama has reported that among several doji candlesticks appeared in the daily technical chart, which suggested that the FBM KLCI is up for more downside ahead. Meanwhile, Senama Agro International Sdn Bhd announced plans to tap into the lucrative markets of Japan and South Korea.…

MANILA, PHILIPPINES – Less than a month after their suspension, SkyJet and Seair have been allowed to fly again following an inspection conducted by the European Union team. The Civil Aviation of the Philippines (CAAP) announced that the two airlines, which were suspended on May 15, have been given clearance to operate again. The two airlines were grounded due to safety concerns. CAAP director general William Hotchkiss III the lifting of the suspension was based on the result of the European Union Assessment findings during a visit of inspectors from April 16 to 24. Hotchkiss assured the public that the…

Two weeks after Deutsche Bank gave one of its co-chief executives more power, the two Co-CEO have reportedly offered to resign, Reuters has reported. Deutsche Bank and its co-CEOs Anshu Jain and Juergen Fitschen have decline to comment on the resignation offers but sources said the bank is expected to appoint Jain’s replacement, John Cryan. Cryan is the former chief financial officer of UBS. The leadership crisis at Deutsche Bank came after investors and staff criticized its board for giving Jain more power. The offer to resign also takes place at a time that the bank is struggling to restore…

AXA Group, one of the world’s leading insurance and financial groups, is setting up three units across Asia as part of its efforts to boost relationship with the growing pool of entrepreneurs and talents in the region. Singapore’s Business Times reported that AXA is establishing a “Data Innovation Lab” in Singapore, “AXA Lab Asia in Shanghai, and AXA Strategic Ventuers in Hong Kong. Said Henri de Castries, AXA chairman and CEO said the group is looking to seize the new opportunities offered by the region, prompting the series of initiatives in Shanghai, Singapore and Hong Kong. The Data Innovation Lab…

The China Securities Regulatory Commission (CSRC) announced that a total of 166 companies have been given the go signal to list on the stock market after raising about USD16.3 billion from investors during their IPOs. The amount raised from their IPOs surpassed the amount raised for the whole year last year. Aside from the approved 166 firms, the country’s securities regulator said it is currently reviewing the IPO applications from 549 companies, which have a combined subscription of Rmb373.5bn (USD60.2bn). – BusinessNewsAsia.com

The government of South Africa is reportedly selling its 13.9 percent stake in mobile phone company Vodacom Group for at least USD2.1 billion, sources told local news publications. The report said South Africa is selling part or its entire stake in the mobile phone company to the Public Investment Corp (PIC). PIC already owns 3.19 percent of Vodacom. The government, it added, needs funds for the country’s power utility, prompting the sale of its stake. The government has not issued an official statement regarding the negotiations but the National Treasury announced that it will provide details when the transactions are…

SHANGHAI – The official state-broadcaster CCTV has reported that at least 330 people have been confirmed dead following the capsizing of a cruise ship on the Yangtze river. Out of the 456 on board the ship, only 14 have been rescued alive so far. As of 8 a.m. Saturday, the death toll was officially placed at 331, the official Xinhua news agency also confirmed. Authorities said the capsizing of “Eastern Star” stands to be the worst shipping disaster in China in almost 70 years. Officials said rescuers no longer expect any new survivors of the capsizing. Among the rescue effort…

TANZANIA – The Bank of Tanzania, the central bank of the United Republic of Tanzania, was awarded the title of “Best Governance Risk and Compliance Project in Africa” for this year. Reports said the Bank of Tanzania was handed the award for its successful implementation of Governance Risk Compliance project, which has tremendously reduced the number of days used to complete various processes. The award was presented during the Asian Banker Technology Implementation Awards 2015 Ceremony, an activity organized by The Asian Banker. African Finance Business Inks USD20m Investment Pact Zambia’s Daily Mail has reported that African Finance Business (AFB)…

TOKYO, JAPAN – Several Japanese firms, most of them engaged in manufacturing, have expressed desires to invest or expand their businesses in the Philippines, the Philippine government announced on its website. Philippine President Benigno S. Aquino III witnessed the signing of letters of intent between the Philippine Economic Zone Authority (PEZA) and several Japanese companies that plan to invest or expand their businesses in the Philippines. These Japanese companies are engaged in manufacturing office equipments, electronics, ships, and medical devices. One of these companies is Bemac Uzushio Electric Co. Ltd, the first company to set up production of electric tricycles…

MANILA, PHILIPPINES – Headline inflation in the Philippines continued to fall in May, hitting a 20-year low as it slid to 1.6 percent year-on-year from 2.2 percent in April, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank said. May’s headline inflation was within the BSP’s range forecast of 1.6-2.4 percent for the month, it said in a statement. The resulting year-to-date average inflation rate of 2.2 percent was also within the Government’s inflation range target of 3.0 percent ± 1.0 percentage point for 2015. Likewise, core inflation—which excludes certain volatile food and energy items to better capture underlying…

SEOUL – Despite a weak trade and consumption, South Korea’s economy expanded in the first three months of the year, thanks to increased investment in construction. Official data released by the Bank of Korea, the country’s central bank, showed that South Korea’s economy expanded 0.8 percent in the January-March period from 0.3 percent growth posted in the previous quarter. The Q1 growth was in line with the estimates of the central bank released in April. On a yearly basis, however, the country’s economic growth slowed to 2.5 percent from the 2.7 percent growth posted in the fourth quarter of 2015.…

China’s Shanghai Securities News has reported that the Shanghai Insurance Exchange, which has been planned since 2011, could finally get approval from the China Insurance Regulatory Commission this year. If the approval pushes through, the insurance exchange will further boost Shanghai’s aim of becoming an international financial center because the exchange will encourage insurance pricing transparency and centralised transactions. The plan for the Shanghai Insurance Exchange was first announced in 2011. The exchange will offer risk securitisation products, catastrophe bonds and insurance derivates. In other insurance news, Japan’s second largest life insurer, Nippon Life Insurance Co, is reportedly negotiating with…

TOKYO – Philippine President Benigno Aquino III announced that his country is still studying the proposal to join the China-led Asian Infrastructure Investment Bank (AIIB) even as the country already signed a non-binding agreement to become the bank’s founding shareholder. Aquino, who is in Japan for a state visit, told reporters that he wants to make sure that the China-led bank will not be affected by the ongoing conflicts between China and other Asian countries. “We are studying the invitation to join the AIIB and we have to determine whether it is a net positive or not,” Aquino stressed. Last…