Author: Business News Asia

The US government has reported that the country’s economy contracted by 0.7 percent annually in the first quarter of this year, lower than the estimated 0.2% growth pace. The contraction of the economy was attributed to a more dismal trade performance and continued caution by businesses and consumers, the New York Times has reported. While the US economy weakened in Q1, India posted annual economic growth of 7.3 percent in the same quarter. The growth figure, however, was lower than than the government prediction of 7.4 percent but was higher than the economic growth in China, the world’s second largest…

MALAYSIA – A report released by Bank Negara Malaysia, the country’s central bank, showed that headline inflation, as measured by the annual percentage change in Consumer Price Index (CPI), increased to 1.8 percent in April from 0.9 percent in March. The report said the rise April’s inflation reflected mainly the impact from the implementation of the Goods and Services Tax (GST) and the abolishment of the Sales and Sales and Services Tax (SST) on 1 April. “The higher price increases were relatively broad-based, with eleven out of the twelve categories of consumer goods and services registering higher rate of inflation in April…

MALAYSIA – Bank Negara Malaysia (BNM) deputy governor Datuk Muhammad Ibrahim said advancement in technology has, to some extent, aggravated the magnitude of insurance fraud around the world. Bernama has quoted Muhammad as saying that insurance fraudsters can now hide through a shield of anonymity online while they perform more complicated, expensive and elusiv fraud. In the United Kingdom alone, insurance claims fraud topped GBP2.1bn, with nearly 60% of the total concentrated in the motor vehicle insurance. In Malaysia, insurers and takaful operators posted estimated loss of MYR760 million in 2013 due to insurance fraud in the motor segment. -…

MANILA, PHILIPPINES – The Philippine Stock Exchange, Inc (PSE) is expected to move to its new office in the latter part of 2016 after purchasing office units in Bonifacio Global City (BGC). In a statement posted on its website, the PSE said it has signed a contract to sell with Fort Bonifacio Development Corporation (FBDC) for PSE’s acquisition of office units in BGC for a total purchase price of Php805.37m (USD18m). The purchased property in BGC will serve as headquarters of the PSE and house its unified trading floor. “We are pleased with the developments in this transaction with FBDC.…

MANILA, PHILIPPINES – The Philippine government is set to import rice from neighboring Asian countries to augment the country’s buffer stock in preparation for the lean season and the effects of the El Niño phenomenon. The National Food Authority (NFA) has approved the importation through government-to-government procurement scheme an additional 250,000 metric tons of rice. Also approved is the importation of another 250,000 MT of rice that would be used should the country experience rice shortage due to the prevailing dry spell. Among those that will be invited to participate in the rice procurement scheme of the Philippine government are…

MANILA, PHILIPPINES – Electricity consumers in the Philippine capital will soon have control over their power bills as the Manila Electric Co (Meralco) is set to implement its prepaid electricity service. Meralco is expected to roll out its “Kuryente Load” after getting approval from the Energy Regulatory Commission, subject to certain conditions. “There are no service fees, no bill deposit and no meter installation fee, making it more accessible for the previously unserved customers,” Meralco said in a statement. The ERC, however, stressed that Meralco should stop the prepaid electricity service or assign it to a qualified entity once the…

Despite the region’s low insurance penetration, Asia-Pacific is poised to become a dominant player of the world insurance growth by 2020, with insurance premium income forecast to double during that year. This was the content of the report released by the Economic Research Department of Munich Re, a global reinsurance company. The report also stated that nearly 50 percent of the estimated additional primary insurance premiums globally will continue to be generated in the Asia-Pacific region until 2020. Munich Re added that five of the expected global top-ten primary-insurance growth markets will be in the Asia-Pacific region, both in property/casualty…

HONG KONG – Hong Kong’s Peak Tramways Company Ltd has announced the temporary suspension of service of the Peak Tram for one day on June 1, 2015, HongKongTravelNews.com has reported. In a statement posted on its website, Peak Tramways said the temporary suspension of service is necessary for maintenance work to be carried out. Services provided by New World First Bus Route No. 15C between Central Ferry Piers and Central (Garden Road Peak Tram Lower Terminus) will be suspended during the period. The Peak Tower, however, will remain open during the suspension period. During the service suspension period, alternative public transportation…

SINGAPORE – The United Overseas Bank (UOB), a major banking organization headquartered in Singapore, predicts a growth in the number of firms investing in Southeast Asia, Channel News Asia reported. UOB based its projections on the number of its clients that doubled last year. UOB set up the Foreign Direct Investment Advisory Unit to address the needs of companies seeking to invest in the region. The report quoted Sam Cheong, Executive Director and Head of the Group FDI Advisory Unit, as saying that customers believe in the long-term economic prosperity of the region. As a result, the demand for cross-border…

MANILA, PHILIPPINES – The National Bureau of Investigation (NBI) has officially launched its online registration, appointment and e-Payment system that seeks to ease the process of securing clearance. Previously, those who want to secure an NBI clearance will have to undergo the tedious process of lining up for hours to do so. An NBI clearance is one of the requirements for securing a Philippine passport. It is also among the requirements for new employees. With the launch of the website clearance.nbi.gov.ph, applicants will only need to register online, pay and show up at an NBI processing center to have his…

CAMBODIA – A speeding bus collided with van loaded with garment workers in Svay Rieng Tuesday morning, killing at least 18 garment workers and injuring 20 others, authorities said. The road accident, considered as deadliest so far in the province, occurred at about 7 in the morning while the workers were on their way to the Manhattan Special Economic Zone in Bavet, said Svay Rieng provincial governor Chieng Am. “It is the biggest ever accident to happen in my province,” said Am, who added that the bodies of victims had already been claimed by family members. “I think the number…

MANILA, PHILIPPINES – Asia’s Got Talent champion El Gamma Penumbra is set to personally meet Philippine President Benigno Aquino III during a scheduled courtesy call on Tuesday, the group’s manager revealed. Malacanang has already issued its congratulatory remarks for El Gamma following the group’s fete as the first ever winner of Asia’s Got Talent held in Singapore. Presidential Communications Secretary Sonny Coloma said El Gamma represents the talent and skills of the Filipinos. El Gamma defeated the finalist from Mongolia in the competition based on votes via SMS, Facebook and mobile applications. Aside from El Gamma, three other contestants from…

NEW YORK – Global luxury brands Gucci, Yves Saint Laurent and other brands owned by Paris-based Kering SA have filed a lawsuit in Manhattan federal court against Alibaba Group Holding, China’s e-commerce firm, claiming the Chinese shopping giant allowed counterfeiters to sell their products through Alibaba.com The brands are seeking damages and an injunction for alleged violations of trademark and racketeering laws, alleging that Alibaba, which listed in New York, conspired with manufacturers to sell and traffic fake goods bearing trademarks of the complainants without permission. Alibaba, however, said in a statement that the complaint has not basis and that…

GENEVA – The International Air Transport Association (IATA) and the United Nations Economic Commission for Europe (UNECE) signed a Memorandum of Understanding (MoU) to strengthen their support to developing countries seeking to implement the World Trade Organization (WTO) Trade Facilitation Agreement. In a statement posted on its website, IATA said the agreement promises enormous potential for countries to reduce transport costs by up to 10 percent through more efficient facilitation, making them more competitive in the global economy. Specifically for air cargo, countries implementing the Agreement will need to build capacity to facilitate automated and smart border solutions and secure…

US-based Southwest Airline Co, the world’s largest low-cos carrier, is adding new domestic and international service in the next several months. Carrier extends flight schedule systemwide through early January 2016 and offers ten new international routes including a new, second destination in Costa Rica, as well as new flights connecting U.S. cities from coast to coast New service between Akron/Canton and Las Vegas will begin Nov. 15, and on Nov. 22, the airline will add daily flights between Orange County/Santa Ana and both St. Louis and Kansas City, Missouri. In addition, Southwest said that it will offer new international service…

DOMINICAN REPUBLIC – Bomb jokes and fake bomb threats in airports and inside airplanes have long been considered a serious crime and a Domican-American will learn that lesson well. Frank Bruno Diaz was arrested for a fake bomb threat on a flight between the Dominican Republic and New York City on Friday, the Dominican Republic’s Specialized Body for Airport Security and Civil Aviation (CESAC) said. Diaz was aboard the JetBlue plane when he suddenly “acted in a violent manner and claimed to be a terrorist”, authorities said. CESAC told reporters that Diaz demanded that the plane go back to Santo…

BEIJING – At least 35 people were killed when the bus they boarded fell into a deep cliff in Shaanxi province, China, authorities said today. The official Xinhua news agency reported that 11 persons were also injured in the deadly accident. Details of the accident are still sketchy and authorities were still trying to determine why the bus fell into the cliff. Road accidents in China have been considered as one of the serious problems in the country, sources said. – BusinessNewsAsia.com

HONG KONG – The Eastern Magistrates Court has convicted Hong Kong Game Theory Association Limited (Hong Kong Game Theory) and Mr Sze Ching Lok, its sole director and shareholder, of advising on futures contracts without a license following a 10 day trial. Sze was sentenced to one month’s imprisonment suspended for two years, while Hong Kong Game Theory was fined $7,000. The SFC alleged that, between July and August 2010, Sze ran courses via Hong Kong Game Theory on trading in Hang Seng Index futures contracts in which real time investment advice was provided to attendees as to when and…

MANILA, PHILIPPINES – The Philippine Stock Exchange, Inc (PSE) announced that starting June 1, it will replace the PSEtrade platform provided by NYSE Euronext Technologies SAS with the new trading engine developed by NASDAQ, the PSEtrade XTS. “The shift to XTS is one of our major projects in our strategic plan. This upgrade brings us closer to our technology goals for the Exchange,” PSE President and CEO Hans B. Sicat said. The launch date was set following a series of market rehearsals that have been conducted since March. The PSE will hold one more market rehearsal on May 23 to…

MANILA, PHILIPPINES – The Philippine Stock Exchange, Inc. (PSE) has issued an advisory warning the public against the proliferation of investment scams. In a statement posted on its website, the PSE advised the public to be more discerning and cautious about investment solicitations and transactions as some may be of fraudulent nature. “The Exchange enjoins potential investors to only deal with PSE-accredited brokerage firms, the list of which is available on the PSE website,” the PSE said. Investors are likewise asked not to be swayed by unauthorized discounted pricing schemes offered to attract people to buy shares. The PSE also…