Author: Business News Asia

TOKYO, JAPAN – Expatriates in Japan turned out to earn the highest expat pay and benefits packages in all of Asia, with expatriate manager getting a package of up to USD375,000, a survey conducted by ECA International showed. ECA’s MyExpatriate Market Pay Survey, which looks at pay levels for expatriates around the world, including information on benefits, allowances, salary calculation methods and tax treatment, ranks Japan first among the 14 Asia Pacific countries it surveyed. Australia was ranked second, followed by India, China and Hong Kong, in order. Mainland China remains 4th highest in the region having overtaken Hong Kong…

SHANGHAI – Alibaba Group Holdings has named Daniel Zhang, the group’s current chief finance officer, as its new Chief Executive officer starting 10 May, replacing Jonathan Liu. Alibaba said Liu, who succeeded Jack Ma in 2013, will remain in Alibaba as vice chairman. The CEO change was announced barely nine months after its record IPO in the United States and as Alibaba’s sales rose to 17.4 billion yuan ($2.8 billion) in the three months through March, beating analysts’ estimates. Zhang’s promotion came as he helped turn the Nov. 11 “Singles Day” shopping event as its world’s largest online shopping event.…

NEPAL – Nepal’s devastating earthquake is expected to result to economic losses of as high as USD5 billion, more than double previous estimates of USD2 billion and equal to 25 percent of the country’s gross domestic product, according to the Global Catastrophe Recap Report released by Aon Benfield’s catastrophe model development team Impact Forecasting. However, the report added, that very low insurance penetration in the region meant that merely a fraction of the total damages were insured. Impact Forecast Asia Pacific Head Adityan Krovvidi said the team had already developed an earthquake scenario model for Nepal, which it released at…

HONG KONG – Chinese state-owned financial and insurance group China Taiping Insurance said in a securities filing that it plans to raise HKD13.48bn (USD1.74bn) in a private share sale. The proceeds, it said, will be used to expand its insurance business and grow into new areas. The insurer plans to sell 486 million shares at HKD27.74 apiece, a 5 percent discount to Wednesday’s closing price. Reuters reported that the share sale will be made through a top-up placement, with China Taiping’s main shareholder selling existing and shares and subscribing to the same number of new shares at the same price.…

Fifth Street Asset Management, a rapidly growing asset manager that provides credit solutions to small and mid-sized businesses, announced that David A. Heilbrunn will join the company as a Managing Director and member of the Management Committee. Heilbrunn’s appointment will take effect on May 11, 2015, AssetsNews.com reported Heilbrunn will be responsible for driving growth across Fifth Street’s businesses, specifically focusing on expanding its growing structured credit products platform, developing institutional client relationships and optimizing the firm’s various financing arrangements. Heilbrunn joins Fifth Street with over 27 years of experience focused on institutional business development and structured credit products. Most…

CEBU, PHILIPPINES – Tsuneishi Heavy Industries (Cebu), Inc (THICI) hit the ground running at the beginning of the year as Akihiko Mishima was appointed president and CEO, effective January 2015. Under Mishima’s watch, THICI prepares to deliver 18 ship this year, with the shipbuilder’s 200th ship set to be turned over to its new owner in June. Mishima joined as an engineer for Tsuneishi Shipbuilding in Japan in 1976. His more than three decades-long career led him to join THICI as director in 2014, before taking over as president and CEO. THICI, a joint venture between Japan-based shipbuilder Tsuneishi Group…

SINGAPORE – Singapore Airlines and Croatia Airlines customers can now enjoy more choice and convenience when traveling between Singapore and Croatia as a result of a new codeshare agreement between the Star Alliance partners. Under the agreement, Singapore Airlines will add its ‘SQ’ designator code to Croatia Airlines-operated flights beyond its European gateways at London and Copenhagen to the Croatian capital of Zagreb. On a reciprocal basis, Croatia Airlines will add its ‘OU’ designator code on Singapore Airlines-operated flights between Singapore and London as well as on flights between Singapore and Copenhagen. “We are delighted with our new codeshare agreement…

TEXAS, USA – American Airlines Group Inc. announced the appointment of two Air Operations officers to its leadership team. Kimball Stone has been named Vice President – Flight where he will lead the airline’s team of more than 15,000 professional aviators. Stone most recently served as Vice President – Integrated Operations Control. During his 26 years at American, Stone has held numerous roles within the Flight, Maintenance and Dispatch organizations. He holds flight ratings on the F100, DC10, MD80, A300 and Boeing 727, 737, 757 and 767 aircraft types and is currently type rated on the Boeing 777. Prior to…

Filipino boxing icon Manny Pacquiao is now recovering from the shoulder operation that lasted for two hours at Kerlan Jose Orthopedic Clinic in Los Angeles, California. Pacquiao underwent the operation for his torn right rotator cuff injury, one of the major reasons cited for his loss to Floyd Mayweather Jr. The operation was performed by famous sports surgeon Dr. Neal ElAttrache, the same doctor who operated on NBA superstar Kobe Bryant and other top athletes in the United States. The recovery period for the shoulder operation is expected to last up to six months, depending on the rehabilitation process. Pacquiao…

MALAYSIA – U for Life, Malaysia’s first Internet insurance platform, has been launched to provide Malaysians an easy access to life insurance products online. U for Life issues e-policies instantly, allowing consumers to buy life insurance in a simple, quick and affordable manner, a statement on its website said. The Sun Daily reported that U for Life is backed by its principal shareholder, Hannover Re, the third-largest reinsurer in the world, and underwritten by Tokio Marine Life Insurance Malaysia, a unit of the Japan’s largest insurance group. In a statement, U for Life general manager Iskandar Ezzahuddin expressed confidence that…

San Francisco-based video-game maker Zynga announced that it will cut about 18 percent of its workforce by the fourth quarter of this year, a move that is expected to affect 364 employees. The New York Post reported that Zynga’s founder and Chairman Mark Pincus, who is retaking the helm as Chief Executive, is implementing the job cuts to save USD100 million in cost. Aside from cutting jobs, Pincus also said he is slashing the number of games that Zynga has, although analysts said “Farmville”, “Words With Friends” and “CSR Racing” will be kept. Zynga insiders said among the games that…

LEGAZPI CITY, PHILIPPINES – Authorities have ordered the evacuation of families living within the permanent danger zone around Mount Bulusan in Sorsogon as the volcano continues to spew ashes. The Philippine Insitute of Volcanology and Siesmology (Phivolcs) together with the Sorsogon Provincial Disaster Risk Reduction and Management Office (PDRRMO) and Office of Civil Defense (OCD)-Bicol are set to conduct aerial survey of Mt. Bulusan following teh phreatic explosion recorded at 9:46 p.m. on Wednesday. A phreatic eruption, also called a phreatic explosion or ultravulcanian eruption, occurs when magma heats ground or surface water. The survey will try to determine the…

The International Monetary Fund (IMF) launched a regional photo contest entitled “Latin America and the Caribbean: Through the Eyes of its Youth” for Latin American and Caribbean youth. The contest, which is open to citizens of Latin American and Caribbean countries age 18-30, provides an opportunity for youth in the region to communicate visually the economic and social challenges facing their countries, as well as ideas about how best to build a better future for the region. Carla Grasso, IMF Deputy Managing Director, announced the launch of the photo contest today during a roundtable event with university students in Lima.…

SINGAPORE – Honan Insurance Group, an Australian based insurance and financial services broker with a strong presence in the Asia Pacific region, has acquired MACS Insurance Brokers, a Singaporean broker specializing in General Insurance and Employee Benefits in South East Asia. The purchase of MACS Insurance Brokers allows Honan Insurance Group to increase their presence in Asia and enhance their Employee Benefits, Property & Casualty, Trade Credit and Surety capabilities. “We are pleased to have had this opportunity to partner with MACS Insurance Brokers, as the combination of our global resources and their expertise in the Asian marketplace gives us…

MANILA, PHILIPPINES – SM Investments Corporation announced that its consolidated net income in the first quarter of 2015 grew 8.1% to PHP6.7bn (USD150 million), with net income margin at 10.4 percent. “We are focused on expanding all our core businesses given the favorable economic outlook. Our expansion plans are geared towards meeting the needs of underserved customers across the country and to positioning ourselves to compete effectively in each of our growing markets,” SM President Harley T. Sy said. Banks accounted for 41 percent of net income while property delivered 40 percent and retail contributed 19 percent. Retail operations under…

Harvard Researchers Find Way to Detect Cancer 15 Years Earlier Cancer can now be detected 15 years before it can actually occur, scientists at Harvard University and Northwestern Medicine said. The detection can be done through a simple blood test. This test based on telomeres will be able to detect cancer many years before it actually occurs in a person. Telomeres are nothing but the protective end caps of the human DNA strands. Cancer drug spending Up by USD25 Billion in Five Years The IMS Insitute for Healthcare Informatics has published a report saying the cost of cancer medicines has…

MANILA, PHILIPPINES – The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), said headline inflation slowed down to 2.2 percent year-on-year in April from 2.4 percent in March, thanks to a slower increases in food prices. In a statement posted on its website, the BSP said the April inflation rate was within the BSP’s range forecast of 1.9-2.8 percent for the month. “This brought the year-to-date average inflation rate to 2.3 percent, within the Government’s inflation range target of 3.0 percent ± 1.0 percentage point for 2015,” the BSP said. Similarly, core inflation—which excludes certain volatile food and energy items…

SINGAPORE – Sudoku lovers who have long wanted to know how to quickly solve the combinatorial number-placement puzzle have finally found the answer to their quest… from an unlikely source. Singapore Prime Minister Lee Hsien Loong has shared the source code of the Sudoku solver he wrote in C++ program several years ago. “I told the Founders Forum two weeks ago that the last computer program I wrote was a Sudoku solver, written in C++ several years ago. Someone asked me for it. Here is the source code, the exe file, and a sample printout,” Lee said on ihs Facebook…

MANILA, PHILIPPINES – Shoppers in the Philippine capital of Manila have become cautious about getting into major malls following a text message allegedly sent by a terrorist group threatening to bomb malls. But the Armed Forces of the Philippines clarified that the text message was a hoax and assured the public that Manila is not facing any specific threats. The text message, allegedly sent by terrorist group Abu Sayyaf, advised the public to stay away from malls this week and to warm loved ones about the threat. The text message added that the Abu Sayyaf will stage the bombings if…

Singapore-based private dental healthcare group Q&M Dental Group has announced plans to list its China and Malaysia subsidiaries on a reputable stock exchange. The company said in an announcement that it is exploring a spin-off of its two subsidiaries – Q&M Dental Holdings (China) and Q&M Dental Group (Malaysia) – to provide an additional source of funding. The company’s board of directors sees the proposed spin-off of Q & M Aidite as a good way to access the public market for the capital needed to invest more into the capital-intensive manufacturing business. The details about Q & M’s plan have…