Author: Business News Asia

MANILA, PHILIPPINES – The Philippine government said members of the Moro Islamic Liberation Front (MILF) who were deemed responsible for the death of 44 Special Action Force commandos will still face criminal charges even with the death of international terrorist Abdul Basit Usman. Even MILF assisted in neutralizing Usman, its members who were deemed responsible for the death of 44 police commandos last January will still face criminal charges, Communications Secretary Herminio Coloma, Jr. said. “Malinaw naman ang nakasaad sa ulat nina Secretary (Leila) de Lima at ng Department of Justice (DOJ). Batay sa kanilang ginawang pag-aaral at case buildup…

MANILA, PHILIPPINES – The Philippine government said members of the Moro Islamic Liberation Front (MILF) who were deemed responsible for the death of 44 Special Action Force commandos will still face criminal charges even with the death of international terrorist Abdul Basit Usman. Even MILF assisted in neutralizing Usman, its members who were deemed responsible for the death of 44 police commandos last January will still face criminal charges, Communications Secretary Herminio Coloma, Jr. said. “Malinaw naman ang nakasaad sa ulat nina Secretary (Leila) de Lima at ng Department of Justice (DOJ). Batay sa kanilang ginawang pag-aaral at case buildup…

SYDNEY – The Reserve Bank of Australia (RBA) has decided to lower interest rates to a record low of 2 percent as part of efforts to stimulate growth in the economy. The RBA cut the cash rate by 25 basis points effect 06 May 2015. The last change was in February when the cash rate moved from 2.5% to 2.25%, and economists had warned another rate cut was on the way following last month’s close decision. In a statement posted on RBA’s website, Governor Glenn Stevens said the Board judged that the inflation outlook provided the opportunity for monetary policy…

LEGAZPI CITY, PHILIPPINES – The Philippine Institute of Volcanology and Seismology (Phivolcs) fears a possible magmatic eruption of Mount Bulusan following the phreatic or ash explosion on Friday. A phreatic eruption, also called a phreatic explosion or ultravulcanian eruption, occurs when magma heats ground or surface water. The extreme temperature of the magma causes causes explosion of steam, water, ash and rock but the inclusion of lava is unusual. Phivolcs volcanologists said they are now studying the possibility of raising the alert level on Mount Bulusan following the ash explosion last Friday. The ash explosion lasted for five minutes and reached…

CEBU, PHILIPPINES – A 52-year-old American from California and his 17-year-old son were arrested in Lapu-Lapu City, Cebu for their alleged involvement in a murder case in Dipolog City. Gary Kennan Juncker, 52, and 17-year-old Kyle Kennan Juncker, were arrested by the local police in separate operations here. The two hailed from Rancho Santa Margarita, California. The two were among the group of persons charged in the death of 28-year-old Ivan Exan Zay Malinao in Dipolog City on April 2004. The victim was stabbed to death by several suspects inside Juncker’s residence in Dipolog City. The Dipolog City police classified…

Filipino boxing icon Manny Pacquiao weighted slightly lighter than his American opponent and undefeated Floyd Mayweather Jr. based on the official weigh-in of the two fighters ahead of the fight of the century at the MGM Grand Garden Arena in Las Vegas. The two fighters made it to the required 147 lbs weight limit, with the eight division world champion Pacquiao weighing 145 lbs. Mayweather weighed 1 pound heavier at 146. Sporscaster also noticed the physical difference between the two, describing Mayweather as “taller, stronger and heavier”. Pacquiao entered the MGM first, introduced by TOp Rank’s world famous ring announcer…

CEBU, Philippines – Philippine President Benigno Aquino III said his administration did well in solving labor disputes in the country, saying saying only 12 cases of labor strikes were recorded since he was elected into office in 2010. In a speech he delivered during the unveiling of the New Mill Facility Marker at CEMEX Philippines in the City of Naga, south of Cebu City, Aquino said only 12 cases of labor strikes occurred under his administration, compared to the 259 labor strikes that were launched during the administration of former President Gloria Macapagal-Arroyo. In 2010, only one labor strike was…

MALAYSIA – The International Medical Travel Journal (IMTJ) Medical Travel Awards 2015 has named Malaysia as “Medical Travel Destination of the Year”, further boosting the country’s medical tourism sector. Malaysia won the award, which was handed at the Royal Garden Hotel in London, based on all-round excellence in promoting inbound medical tourism, verified statistics of yearly growth in medical tourists served, evidence of high levels of patient satisfaction and coordinated activities that delivered an increase in medical tourism. Sherene Azura Azli, the CEO of Malaysia Healthcare Travel Council (MHTC) received the award in London. MHTC was established in 2009 under…

HONG KONG – The Ngong Ping Cable Car, which is a part of the world-class tourist attraction Ngong Ping 360 on Lantau Island, will be temporarily closed starting today, May 1, until May 12 due to maintenance works, Ngong Ping 360 said. Ngong Ping said it will advance its track rope maintenance work after a regular inspection on 29 April found a slight increase in surface wear on a section of the track rope near Tower 5 (near Nei Lak Shan). The surface wear was approximately 3 to 5 millimetres, or just a tiny bit of the total length of the…

MAURITIUS – The inaugural EUR1 million (USD1.1 million) AfrAsia Bank Mauritius Open, which will be played at the Heritage Golf Club from May 7 to 10, is attracting an exciting list of professional golfers, the Asian Tour announced. Thailand’s Kiradech Aphibarnrat, who won his second European Tour title at the Shenzhen International two weeks ago, South African George Coetzee who also won his second European Tour title at the 2015 Tshwane Open and Australian Scott Hend, one of the most successful international players on the Asian Tour will be among the star-studded cast to headline the inaugural tournament. AfrAsia Bank…

HONG KONG – The Hong Kong Monetary Authority (HKMA) has published statistics that showed overall foreign-currency deposits falling by 1.3 percent in March, with renminbi deposits decreasing by 2.2 percent. The KHMA data showed that total deposits with authorized institutions grew by 2.5 percent in March 2015. With demand, savings and time deposits increasing, Hong Kong-dollar deposits went up by 6.8 percent during the month, the HKMA data showed. Renminbi deposits in Hong Kong decreased by 2.2 percent to Rmb952.0 billion at the end of March. The total remittance of renminbi for cross-border trade settlement amounted to Rmb616.2 billion in…

CEBU, PHILIPPINES – Philippine President Benigno Aquino III, who is in Cebu for activities related to the Labor Day celebration, led the soft opening of the 300-bed Level 2 hospital in Mandaue City, the University of Cebu Medical Center (UCMed). President Aquino inspected the center’s Catheterization Laboratory, Cardiothoracic Intensive Care Unit, Coronary Care Unit, and the Operation Room during the soft opening of the medical center, which sits on a one-hectare property along Ouano Avenue in Mandaue City. UCMed Chairman Augusto Go said the medical center is the most advanced and modern hospital in the Philippines outside of Metro Manila.…

AUSTRALIA – Tourism Australia has announced that Queensland’s Gold Coast will play host to the country’s largest annual tourism trade show – the Australian Tourism Exchange (ATE) – in 2016. Tourism Australia’s Managing Director John O’Sullivan made the announcement at an industry briefing on the Gold Coast hosted by Tourism and Events Queensland. ATE is Australia’s annual business-to-business tourism travel trade event, which brings together around 600 travel wholesalers and agents from more than 30 countries to meet and do business with 1,500 Australian tourism seller delegates from 500 companies. The economic benefits of hosting the Australian Tourism Exchange are…

CEBU, PHILIPPINES – Philippine President Benigno Aquino III, who is in Cebu for activities related to the Labor Day celebration, led the soft opening of the 300-bed Level 2 hospital in Mandaue City, the University of Cebu Medical Center (UCMed). President Aquino inspected the center’s Catheterization Laboratory, Cardiothoracic Intensive Care Unit, Coronary Care Unit, and the Operation Room during the soft opening of the medical center, which sits on a one-hectare property along Ouano Avenue in Mandaue City. UCMed Chairman Augusto Go said the medical center is the most advanced and modern hospital in the Philippines outside of Metro Manila.…

COTABATO, PHILIPPINES – At least three persons were confirmed injured in a grenade explosion in a small village in Barangay Tomado, Aleosan, North Cotabato, south of the Philippine capital of Manila. Cotabato Philippine National Police Provincial Director Senior Superintendent Danilo Peralta said the victims were just buying food in a small store owned by one Ramil Cordero when a still unidentified man lobbed a grenade into the store. The victims were identified as Shiela Calambro, 16; Leo Caligayan 34, at Nenita Calambro, 41, all residents of the Sitio Baliwasan. The victims sutained injuries that were not life-threatening, said Peralta, while…

MANILA, PHILIPPINES – The Insurance Commission (IC) of the Philippines now requires banks that intend to sell insurance products to first secure bancassurance agreement with insurance firms. The insurance firms that the banks will deal with must also be approved by the IC and the bancassurance agreement must also pass the scrutiny of the insurance regulator. The bancassurance agreement must also contain provision stating that the insurance company will comply with all the requirements provided in the Insurance Code of the Philippines, which was signed into law by Philippine President Benigno Aquino III in August 2013. “The selling of insurance…

AUSTRALIA – Aspen Re is further boosting its presence in the Asia-Pacific region by poaching two senior executives from competitors. The reinsurance unit of Aspen announced that it has appointed Andrew Parker, who joins from Hannover Re, as head of Aspen Re’s Australian branch and as senior underwriter. Paul Wedlock, who joins from Swiss Re Australia, has also been appointed senior underwriter within the Asia-Pacific region, Aspen Re said in a statement. Parker, who was recently head of the Australian facultative branch and head of Inter Hannover Australian branch, will report to Thomas Lillelund, managing director, Asia-Pacific, in his new…

MALAYSIA – Sales of Islamic bonds, also known as sukuk, in Malaysia hit its highest in 16 months in April at USD3.1 billion, figures compiled by Bloomberg showed. In another sign that confidence is returning to Malaysia, the world’s biggest sukuk market, Islamic bond issuance was registered at MYR11 billion (USD3.1 billion), a 24 percent rise from the issuance recorded in March. Sovereign wealth fund Khazanah Nasional Bh accounted for MYR2 billion (USD560m) of the total issuance while Danalnfra Nasional Bhd raised MYR3.5 billion. Malaysia’s third-biggest arranger of Islamic notes, AmInvestment Bank projected that local sukuk sales in the country…

MANILA, PHILIPPINES – Bank lending in the Philippines slowed down in March from a month ago, posting a growth of just 13.7 percent from February’s 15.2 percent rise, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the central bank showed that outstanding loans of commercial banks, net of reverse repurchase (RRP) placements with the BSP, rose by 13.7 percent in March, slower than the 15.2 percent growth recorded in February. Similarly, bank lending inclusive of RRPs grew by 13.2 percent in March from 14.6 percent in the previous month. On a month-on-month seasonally-adjusted basis, commercial bank lending increased…

MANILA, PHILIPPINES – The Department of Foreign Affairs (DFA) of the Philippines said it will continue to appeal to Indonesia to commute the death penalty it imposed on Filipina drug convict Mary Jane Veloso. The DFA said it will not leave the case of Veloso behind just because the Indonesian government has postponed her execution, which would have been carried out on April 29. DFA spokesman Charles Jose said authorities will even up its efforts to coordinate with their counterparts in Indonesia for the development of the case. “We’ve employed diplomatic track since Veloso’s conviction in 2011. In fact, we’ve…