Author: Business News Asia

MANILA, PHILIPPINES – The Department of Foreign Affairs (DFA) of the Philippines said there are still an estimated 458 Filipinos in Yemen despite the Philippine government’s efforts to repatriate them. The DFA again reiterated its call to Filipinos who are still in Yemen to sign up for repatriation while it is still possible to move them out of Yemen. “Once again, the DFA reiterates its call to all Filipinos remaining in Yemen to return to the Philippines as soon as possible,” the DFA said in a statement. A total of 413 Filipinos have been evacuated out of Yemen and about…

MANILA, PHILIPPINES – Former Senator and Philippine National Police Director Panfilo Lacson announced intention to run for president in the coming 2016 Presidential elections. However, Lacson stressed that his final decision will depend on how he will rank in presidential surveys in the coming months. “If you are asking if I have the intention, yes, I have the intention but my decision will depend on many factors which I am currently discussing with my old and new regional leaders, coordinators and volunteers,” Lacson said. In senatorial surveys, Lacson currently ranks high with 58.3 percent based on the latest Pulse Asia…

AUSTRALIA – Australian authorities have intercepted a shipment of 110-kilogram of ivory bound for Malaysia, the Australian Customs and Border Protection Service (ACBPS) said. The illegal shipment was intercepted while being trans-shipped through Perth en route to Malaysia last Sunday, authorities said today. In a statement, ACBPS regional commander WA, Rod O’Donnell, said Australia had some of the strongest wildlife protection laws in the world. “The smuggling of endangered wildlife and wildlife parts is a very serious issue and we are dedicated to shutting down this horrible and cruel trade,” he said. “This seizure shows Australia’s commitment to protecting the…

MANILA, PHILIPPINES – Former Senator and Philippine National Police Director Panfilo Lacson announced intention to run for president in the coming 2016 Presidential elections. However, Lacson stressed that his final decision will depend on how he will rank in presidential surveys in the coming months. “If you are asking if I have the intention, yes, I have the intention but my decision will depend on many factors which I am currently discussing with my old and new regional leaders, coordinators and volunteers,” Lacson said. In senatorial surveys, Lacson currently ranks high with 58.3 percent based on the latest Pulse Asia…

MANILA, PHILIPPINES – US Ambassador to the Philippines Philip Goldberg has reiterated the US government’s assurance that it will continue to stand “together, shoulder-to-shoulder” with the Philippines when it is threatened. Goldberg, who spoke during the 73rd commemorative rites of the Araw ng Kagitingan or “Day of Valor” at the Mount Samat National Shrine in Pilar, Bataan, said the Philippines will not stand alone against its enemies. “Make no mistake, as President (Barack) Obama said last year during his visit to Manila, our commitment to the Philippines under our Mutual Defense Treaty is ironclad,” he said. “In 2015, as in…

MANILA, PHILIPPINES – Two peopled died while one remains in critical condition after drinking what authorities believed was contaminated milk tea in Sampaloc, Manila. Authorities are now investigating the alleged milk tea poisoning following the incident involving Suzaine Dagohoy, 28, and her boyfriend Arnold Aydalla, 34. The Homicide Section of the Manila Police District said Dagohoy and Aydalla ordered Hokkaido milk tea at a tea house in Bustillos St. when the notice that odd taste of the milk tea. The two complained to the owner of the tea house, William Abrigo, 57, about the taste of the milk tea, prompting Abrigo…

CEBU CITY, PHILIPPINES – Therma Visayas, Inc., a subsidiary of Aboitiz Power Corp. (AboitizPower) and Vivant Corp. (Vivant), announced the commencement of the construction of its 340-MW thermal power plant in Toledo City in the Province of Cebu. The power plant, which will have a net capacity of 300 MW is scheduled for completion in early 2018. The notice to proceed to contractors was issued in March 2015. Benjamin A. Cariaso Jr., president and COO of Therma Visayas said the power plant is an answer to the need of Cebu and the Visayas for reliable base load power. “Cebu and…

MANILA, PHILIPPINES – Philippine President Benigno S. Aquino III has signed Proclamation No. 991, declaring 2015 as ‘Visit the Philippines Year’, as the country gears up for the hosting of this year’s Asia-Pacific Economic Cooperation (APEC) Forum. The proclamation, which was signed by the President last March 30, stated that the APEC Forum and the Association of Southeast Asian Nations Tourism Forum in 2016 will both promote the country as a host for meetings, conventions and exhibitions in the Asia-Pacific. Proclamation No. 991 also recognizes the need to consolidate the activities of the public and private sectors into one Calendar…

International financial services group Credit Suisse Group announced the appointment of John Knox as its new Australia CEO effective 1 May. In a statement, the bank said Knox, who will replace Rob Stewart, will also assume the position of sole head of investment banking in Australia. The bank said Stewart is leaving the bank to pursue other opportunities. Stewart, meanwhile, will report to Credit Suisse Asia Pacific CEO Helman Sitohang and will be tasked to drive Credit Suisse businesses in Australia across private banking, wealth management and investment banking division. Knox joined Credit Suisse in 1995 and was appointed the…

BANGKOK, THAILAND – One passenger died while a 12-year-old was still missing as a tourist boat in Thailand caught fire, causing it to sink near in the Andaman Sea off Thailand’s southwestern coast, authorities said. The missing girl was later identified as an Israeli national who was travelling with her family. The tourist boat Ao Nang Princess 5, owned by Ao Nang Travel Tour Co, was carrying 117 passengers, including 107 adults and 10 children, when it left Koh Phi Phi towards Nopparatthara Beach near Ao Nang. The vessel, however, caught fire at 3:30 p.m., said Police Col. Sompong Thip-apakul.…

SEOUL – An online survey showed that South Korean technology giant Samsung Electronics Co has overtaken its rival Apple Inc of the United States in terms of customer loyalty, Yonhap news agency reported. The survey, which polled 5,000 consumers in the last quarter of 2014, ranked Samsung first with 35 points while its archrival Apple only got 7 points. Samsung’s score also surpassed the industry benchmark of 19 points, said Survey Monkey, the company that conducted the online survey. The result of the survey, Yonhap reported, came as unexpected considering that there is reportedly a general view among industry experts…

MANILA, PHILIPPINES – Philippine power utility firm Manila Electric Co (Meralco) announced that electricity rates in April went up by Php0.25 per kilowatthour (kWh) as Malampaya shuts down its deepwater gas-to-power facility. Meralco stressed though that the electricity rates increase was lower than what was initially estimated. Even with the Php0.25 per kPw increase, a household consuming 200 kWh will see its April bills up Php10.68 per kWh. The rate is still lower compared to the P11.49 per kWh during the same month of last year, Meralco said. The rate increase in April was triggered by the adjustment in generation…

SINGAPORE – Prime Minister Lee Hsien Loong is reshuffling his cabinet and other appointed positions as part of continuing leadership renewal, the Prime Minister’s Office said today. Based on the statement posted on the Prime Minister’s website today, Masagos Zulkifli will be promoted to full Minister with effect from 9 April 2015. He will be appointed Minister in the Prime Minister’s Office and will continue in the Ministry of Home Affairs and Ministry of Foreign Affairs as Second Minister in both ministries. “I am promoting Masagos Zulkifli to full Minister. He has performed well, both in his ministries and as…

MANILA, PHILIPPINES – The Philippine Stock Exchange has released the updated list of Shariah-compliant securities listed in the local bourse. The list was based on the quarterly screening of its PSE securities for Shariah compliance for the period January to March 2015. It engaged the services of IdealRatings, Inc, a provider of Islamic finance information, to screen listed companies in accordance with the standards for Shari’ah compliance as stipulated by the Accounting and Auditing Organization for Islamic Finance Institutions (AAOFI). “We update our PSE Guidelines on Screening of Securities for Shari’ah Compliance to further align our screening methodology with AAOIFI…

MANILA, PHILIPPINES – Metropolitan Bank and Trust Company (Metrobank), the second largest bank in the Philippines, held a bell ringing ceremony at the Philippine Stock Exchange (PSE) to mark the completion of its Php32 billion (USD720 million) stock rights offering. The rights offer is the bank’s largest capital raising transaction in its 52-year history. The offering involved 435,371,720 common shares. “This landmark offering supports the company’s mission of ensuring that its financial capability is invigorated for dynamism, growth, and stability,” said PSE Chairman Jose T. Pardo in his welcome remarks during the ceremony. “I am pleased that the PSE is…

MANILA, PHILIPPINES – As repatriation activities continue to become harder, the Department of Foreign Affairs (DFA) of the Philippines has urged all Filipinos in Libya and Yemen to immediately come home. DFA Secretary Albert del Rosario said the past week has been very difficult for governments around the world to repatriate their nationals in Libya and Yemen due to the worsening crisis in those countries. “Let us not wait for the time that it will become impossible for us to take you out (of Libya and Yemen),” Del Rosario said in a video message posted on the official Gazette of…

MANILA— Philippine merchandise exports recorded a 3.1-percent decline in February 2015 on account of lower sales in agro-based products, manufactures, and petroleum products, according to the National Economic and Development Authority (NEDA). The Philippine Statistics Authority reported today that total revenue from Philippine exports reached US$4.5 billion in February 2015, down from US$4.7 billion in the same period last year. “Majority of the major economies in East and Southeast Asia registered negative export performance in February 2015, with only PR (People’s Republic) China in the positive territory. This partly mirrors the still fragile global economy, which is particularly reflected in…

MALAYSIA – The call of Dewan Rakyat Speaker Pandikar Amin for the inclusion of native languages in the national educational system was hailed by Malaysian netizens who support multilingualism. Pandikar called on education policymakers in the country to consider the possibility of incorporating ethnic minority launages into Malaysia’s educational system, saying ethnic groups in Sabah and Sarawak are also part of Malaysia. “Language can unite a country as aspired by our government. Ethnic groups in Sabah and Sarawak are also part of the backbone of harmony in Malaysia,” he told reporters in Kota Kinabalu. Netizens took to Facebook and Twitter…

MALAYSIA – Malaysia’s largest bank and financial group, Malayan Banking Bhd (Maybank), is set to open its fourth branch in Greater China this week as it also gears up for a debut offering of Samurai bonds. Maybank said it will open a new branch in Kunming China, its fourth in Greater China after Hong Kong, Shanghai, and Beijing. Maybank Kunming, which will have 15 employees, will offer wholesale banking services to both local and foreign clients. Maybank Chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said opening the new branch was a strategic move for Maybank because Yunnan province is…

MANILA, PHILIPPINES – The Department of Trade and Industry (DTI) pushed for the capability of Halal market be explored in the Philippines through its hands-on participation in the 8th World Halal Conference 2015 (WHC) and 11th Malaysia International Halal Showcase (MIHAS) on 31 March to 02 April 2015 at Kuala Lumpur, Malaysia. DTI Undersecretary Prudencio M. Reyes Jr., also the Senior Official for Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA), attended the three-day event to further study and explore the Halal Project. “This is a great opportunity for the Philippines to enter the billion-dollar halal industry. Mindanao could be a potential…