Author: Business News Asia

MANILA, PHILIPPINES – Headline inflation in the Philippines eased slightly to 2.4 percent year-on-year in March from 2.5 percent in February, the country’s central bank said in a statement. The March inflation reading was within the Bangko Sentral ng Pilipinas (BSP)’s range forecast of 2.1-2.9 percent for the month. The resulting year-to-date average inflation rate of 2.4 percent was also within the Government’s inflation range target of 3.0 percent ± 1.0 percentage point for 2015. Meanwhile, core inflation, which excludes certain volatile food and energy items to better capture underlying price pressures, rose slightly to 2.7 percent in March from…

MANILA, PHILIPPINES – The Philippine Department of Foreign Affairs (DFA) announced that all DFA satellite offices and regional consular offices in the country will be closed on Thursday for the Araw ng Kagitingan Holiday. The DFA said there will be no consular services, such as passporting and red ribbon services, on April 9 (Thursday) as the nation commemorates the valor and sacrifices of those who gave up their lives for the country’s freedom. Regular passport and authentication services shall resume on Friday, April 10, the DFA said in a statement published in the Official Gazette of the Philippine government. Araw…

MANILA, PHILIPPINES – Philippine President Benigno S. Aquino III today inaugurated the Php772.9-million (USD17.35 million) bridge in Barangay Lullutan, Ilagan City, Isabela province. In a project briefing during the inauguration, Public Works and Highways Secretary Rogelio Singson said the bridge used to be a spillway that was destroyed by a typhoon some 20 years ago. Secretary Singson apologized for the one-year delay in the construction of the 500-meter Lullutan Bridge, explaining that the government ran into a number of problems while building it. Noting that the Department of Public Works and Highways (DPWH) has allocated P8.1 billion for Isabela from…

MALAYSIA – Traders Hotel Puteri Harbour, Johor has rebranded as Hotel Jen Puteri Harbour, Johor, becoming the tenth hotel to adopt the new Hotel Jen brand by Shangri-La International Hotel Management Ltd. Catering to a new “Jeneration” of independently minded business and leisure travellers, the brand has quickly launched ten hotels in seven months in nine cities in Asia Pacific. Puteri Harbour lies within Iskandar Malaysia, the new southern development corridor in Johor identified as one of the key developments to spur the growth of the Malaysian economy. The launch of Hotel Jen Puteri Harbour, Johor highlights Shangri-La’s long-term commitment…

Mandarin Oriental confirms that the credit card systems in a limited number of its hotels in the US and Europe have been accessed without authorization and in violation of both civil and criminal law. In a statement posted on its website, the group said it has taken, and is continuing to take, all necessary steps to contain the situation. “We have identified and removed malware and are coordinating with credit card agencies, law enforcement authorities and forensic specialists to fully protect our guests and our systems across our portfolio,” Mandarin said in the statement. Mandarin said it has been taking…

MANILA, PHILIPPINES – Foreign exchange reserves in the Philippines fell to USD80.4 billion as of the end of March from USD80.8 billion in February, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank said. The BSP said the country’s gross international reserves (GIR) dropped to its lowest in March since end-December, mainly due to government payments for maturing foreign debt as well as revaluation adjustments. The value of gold in Bangko Sentral vaults dropped to USD7.437 billion from USD8.006 billion in the same comparable period, while foreign investments declined to USD450.6 million from USD594.9 million, the central bank reported…

MANILA – The Philippine Stock Exchange index (PSEi) broke past the 8,100 level and registered a new all-time high on Tuesday as inflation eased to 2.4 percent in March. The PSEi climbed to an all-time intraday high of 8,136.97 before ending the session at 8,098.68, up by 44.94 points or 0.6 percent. Both levels surpassed the previous intraday high and record close posted yesterday at 8,062.79 and 8,053.74 respectively. “Interest rates are expected to remain low with the benign inflation data released today which augurs well for the equities market. We hope to more see favorable developments in the coming…

A report released by global management consulting firm Bain & Company showed that private equity (PE) deals signed in the Asia-Pacific region reached USD81 billion in 2014, an all-time high. The last time PE deals in Asia hit a record high was in 2007, when deal value reached USD77 billion, Bain said. The number of deals also went up 14 percent to 742 last year, with the average deal size grew to USD110 million from USD77 million in the previous year. Most of the region’s PE investment growth came from China, which had six mega-deals worth more than USD1 billion…

SINGAPORE – Singapore authorities filed sedition charges against a Filipino nurse working in Singapore for his Facebook post that called Singaporean’s “loosers”. Ello Ed Mundsel Bello, 28, was arrested after he posted a seditious statement on his Facebook account that authorities said promote feelings of ill-will and hostility between Filipinos and Singaporeans. He faces three years imprisonment or a fine of SGD5,000, or both, if found guilty of sedition charge filed by the Singaporean authorities. “Now the Singaporeans are loosers in their own country, we take their jobs, their future, their women, and soon, we will evict all SG…

SINGAPORE – A Filipino nurse working in Singapore faces three years imprisonment or a fine of SGD5,000, or both, if found guilty of sedition charge filed by the Singaporean authorities. Ello Ed Mundsel Bello, 28, was arrested after he posted a seditious statement on his Facebook account that authorities said promote feelings of ill-will and hostility between Filipinos and Singaporeans. “Now the Singaporeans are loosers in their own country, we take their jobs, their future, their women, and soon, we will evict all SG loosers out of their own country hahaha. The best part, I will be praying that disators…

MALAYSIA – The arrest of a Swedish man, who was jailed in Thailand for major credit card fraud, again resurrects the issue on immigration checks in Sabah for people coming from Labuan through sea transport. Per Johan Robin Bentley, 28, managed to get into Malaysia despite his previous arrest due to his involvement in major credit card fraud in Thailand, the Daily Express reported. Bentley pleaded guilty to illegally entering through the Jesselton Point ferry terminal on March 24. He has stayed in Malaysia from Thailand for the past five months but was arrested in Sabah last March. Because of…

SYDNEY, AUSTRALIA – Australia’s central bank, the Reserve Bank of Australia (RBA), decided to keep its cash rate steady at a record low of 2.25% on Tuesday, bucking the global trend of rate cuts and surprising economists who had looked for another easing to follow February’s cut. The RBA made the announcement following its monthly policy meeting. It strongly hinted in February, when it cut official cash rate to 2.25%, that it would cut rates again this year to help revive the country’s economy. The RBA decision did not come as unexpected as only 13 of 30 major economists expect…

DUBAI – About 400 key players and stake holders in the global Islamic insurance industry, also called the takaful industry, will be meeting in Dubai for the World Takaful Conference on April 13 and 14. The 10th anniversary special edition of the World Takaful Conference (WTC 2015), under the theme ‘Revitalising the Industry: A New Way Forward For Takaful,’ will take place on April 13 and 14 at the Dusit Thani. The conference will set the stage for discussions that will strive to improve the competitive performance of takaful players and will also seek answers to questions such as the…

MALAYSIA – It took more than 15 hours for Malaysian lawmakers to decide to pass the controversial Prevention of Terrorism Act (Pota) Bill, which gives teeth to Malaysia’s fight against terrorism. The controversial anti-terrorism law was passed days after Malaysian authorities arrested 17 persons, including a 14-year-old boy, suspected to plotting terror acts in the countries capital, Kuala Lumpur. Opposition, however, criticized the passing of the anti-terrorism law specially that it contains provision that detains a person without trial and was passed after the arrest of the 17 suspected militants. While the opposition claimed that the new anti-terror law was…

MANILA, PHILIPPINES – Justice Secretary Leila de Lima has denied reports that the Philippine government will surrender its Sabah claims in exchange for a deal with Malaysia. De Lima assured the Filipinos that the government will not give up its claims on Sabah, which has been considered by Malaysia as under its terroritory. De Lima made the assurance in reaction to a new report that mentioned about a note verbale that allegedly stated that the Philippines will downgrade its claims on Sabah in exchange for Malaysia support in the ongoing territorial dispute between the Philippines and China. The justice secretary…

SINGAPORE – Singapore Prime Minister Lee Hsien Loong has officially launched the country’s new Police Operations Command Center (POCC), which will serve as the new nerve center of the Singapore Police Force. Prime Minister Le said POCC will monitor big and small events in the country, including taking 999 calls, and then coordinates the police response to them. “Our Police Officers don’t carry little black notebooks around anymore . They use IT and 3G comms, and are linked to the Police Operations Command Centre (POCC),” said Lee in his Facebook page. At the center, Lee and Deputy Prime Minster and…

KENYA – Kenya is not delaying its response to an al-Shabab attack that left 148 people dead at Garissa University as it launched two air strikes aimed at al-Shabab targets in Somalia, authorities said. The Kenyan warplanes dropped bombs at two camps in the Gedo region, a military spokesman said. The region has been used by al-Shabab militants as passage to Kenya from Somali. Kenya’s military spokesman Col. David Obonyo, however, clarified that the airstrikes were part of continuing operations against al-Shabab an dnot just in response to the deadly Garissa attack. Al-Shabab has killed more than 400 people in…

NEW YORK – Global financial information and services firm Markit Ltd said the final reading of its Purchasing Managers Index for the US services sector expanded at its fastest pace in March since August. The US services sector PMI increased to 59.2 in March from 57.1 in February, registering the highest level since August. The final reading also overtook the flash reading of 58.6, Markit said in a report it released on Monday. A PMI reading above 50 indicates an expansion in economic activity while a reading below 50 signals a contraction. According to Markit’s report, employment at service companies…

MANILA, PHILIPPINES – Traders at the Philippine stock market were on high spirits Monday as the Philippine Stock Exchange index (PSEi) reached another record high, its 25th for this year. The PSEi for the first time passed the 8,000 level following the long Holy Week break, registering 8,053.74 points at the closing bell on Monday. The closing points were higher by 60.65 points from a record high registered last week. The PSEi also reached a new all-time intraday high of 8,062.79, eclipsing the previous intraday high of 8,007.98 registered on March 30, 2015. “Closing above the 8,000 level is significant…

NORTH CAROLINA, USA – Craig Stephen Hicks, the main suspect in the killing of three North Carolina college students who were Muslims, could face the death penalty if convicted of first-degree murder. Hicks, 46, is set to appear in court today for a hearing that will determine if he will be facing the death penalty for killing Deah Shaddy Barakat, 23; his wife Yusor Mohammad Abu-Salha, 21; and her sister Razan Mohammad Abu-Salha, 19. Durham County District Attorney Lawyer Roger Echols earlier said he plans to seek the death sentence if Hicks is convicted of first-degree murder. The police said…