Author: Business News Asia

MANILA, PHILIPPINES – Philippine President Benigno Aquino III welcomed the European Union’s decision to lift its yellow-card warning on the Philippines, moving the country out of the list of countries that the EU threatened with a trade ban due to illegal, unreported and unregulated fishing. “This warning was issued in June of 2014, because the EU deemed that the Philippines had previously not done enough to combat illegal, unreported, and unregulated fishing. Had the situation worsened, this would have alienated one of the biggest importers of fish for the Philippines, which would have been a blow against our fishing industry and Filipino…

CEBU, PHILIPPINES – The Philippines has been removed from the list of countries that the European Union (EU) has threatened with a trade ban due to illegal, unreported, and unregulated (IUU) fishing, following reforms in the legal framework of the Fisheries Code. Oceana welcomed the de-listing of the Philippines, which shows that the government has enough political will to reform the fishing industry. “We congratulate the Philippine government’s efforts in complying with the conditions to lift the yellow card warning imposed by the EU. The yellow card was actually a positive development as it pushed government into action by amending…

MANILA PHILIPPINES – Veteran actress Janice de Belen has denied reports linking her to the recent break-up of Gerald Anderson and Maja Salvador while Senator Chiz Escudero said wife Evangelista will only enter politics if he enters showbiz. In a post on her social media account, the veteran actress, who was Anderson’s mother in the hit ABS-CBN teleserye Budoy, said “Rumors are carried by haters, spread by fools and accepted by idiots”. She also urged everyone not to judge any person. Anderson and Salvador announced the breakup of their relationship, saying they both need some space. While the two did…

MANILA, PHILIPPINES – Maybank Philippines Inc (MPI), the local unit of Malaysia’s largest bank and financial group, posted a record net income of Php1.01 billion (USD22.6 million) in 2014. The 2014 net income was more than double the Php409 million (USD9.25 million) that the bank booked in 2013, thanks to the growth of its core businesses and the realization of one-off gains. “2014 turned out to be an eventful year for MPI as new milestones and breakthroughs were achieved against a business environment that remained challenging not only for MPI, but the whole banking industry as well,” MPI President and…

ANTIPOLO CITY, PHILIPPINES – Eleven children, aged six to 12, were hospitalized after eating the fruits of Jatropha, locally known as tuba-tuba in Antipolo Tuesday afternoon, authorities said today. The children, all residents of San Jose in Antipolo City, feasted on the fruits of tuba-tuba but started vomiting minutes later. The children then complained of stomach pains. Parents of the children said they did not know that tuba-tuba is poisonous until their children started showing signs of food poisoning. Seven of the children were rushed to the Rizal Provincial Hospital while the other four were brought to the Amang Rodriguez…

NEW YORK – The Clinton Foundation said it will only accept donations from governments of Australia, Canada, Germany, Netherlands, Norway and the United Kingdom, taking out Mid-eastern governments. The foundation has been criticized for its reliance on governments that suppress women equality concerns and the issue could be raised against board member Hillary Clinton, who is undertaking her presidential campaign, Moneyflowindex.org reported The Clinton Foundation said that going forward it will continue to look abroad for millions of dollars but will limit donor nations to a select group of 6, which are long-time allies of the United States. The foundation…

MANILA, PHILIPPINES – Stakeholders in the automotive industry are gathering for the 22nd Asia-Pacific Economic Cooperation (APEC) Automotive Dialogue, which is held Dusit Thani Hotel in Makati City from April 22 to 24 to discuss the challenges facing the industry, the Office of the President reported. The Automotive Dialogue, with the theme “Integrating SMEs (Small and Medium Enterprises) into the Automotive Global Value Chains,” aims to encourage economies to move toward more integrated regional and global approaches to automotive policies. The APEC Automotive Dialogue is an avenue for APEC member economy officials and senior industry representatives to collaborate in formulating…

MANILA, PHILIPPINES – After years of rigorous planning and consultations with education stakeholders, the Department of Education (DepEd) has identified and mapped more than 5,800 public schools set to offer Senior High School (SHS) in 2016 nationwide as part of its continued preparations for the full implementation of the K to 12 program. Over the last several years, division personnel field office personnel and school heads have been continuously collaborating with their respective communities, local chief executives, legislators, industry partners, civil society organizations, and other stakeholders for SHS preparations. Factors such as the availability of space and school sites, community…

JAKARTA, INDONESIA – An Indonesian court has sentenced to 10 years and 18 years in prison an American couple, from the state of Chicago, for the murder of the convicted woman’s mother. The Denpasar District Court sentenced Heather Louis Mack, 19, and Tommy Schaefer, 21, to 10 years and 18 years in prison, respectively, for the murder of Mack’s 62-year-old mother, Sheila Ann von Wiese-Mack. The penalty, however, was lower than the expected death penalty for the American couple. The murder of Wiese-Mack shocked the public when it was reported in August 2014. The American woman’s body was found in…

MANILA, PHILIPPINES – The Supreme Court (SC) of the Philippines has ruled as unconstitutional the contract that allowed the exploration, development and exploitation of petroleum resources within Tañon Strait in the Visayas area. Tañon Strait was declared as a protected area in 1998 by former President Joseph Estrada. In a decision penned by Associate Justice Teresita Leonardo de-Castro, the SC ruled that Service Contract 46 (SC-46) failed to comply with the safeguards under Section 2, Article XII of the Constitution which requires that the service contract be authorized by a general law signed by the President, and reported to Congress.…

SHANGHAI, CHINA – After a robust 2014, China’s private equity market is forecast to grow at a slower pace this year, a report by Bain & Co showed. The industry report said it will be difficult for PE investors in China to maintain the momentum for the rest of the year due to various factors, including fierce competition and economic slowdown. In 2014, PE investors in China invested in USD451bn worth of deals, a 173 percent year on year. The number of deals surged to 350, exceeding the market’s five-year average by 30 percent, the report said. The value of…

MANILA, PHILIPPINES – In the middle of a hot Tuesday afternoon, a sudden downpour caused by a thunderstorm surprised residents in Metro Manila while other areas experienced hailstorms as the rest of the country works hard to contain the effects of the dry spell caused by mild El Niño. The downpour that lasted for less than two hours immediately triggered flooding in some parts of the metropolis. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) earlier issued a thunderstorm advisory in Metro Manila and warned that heavy rains, strong winds and possible flash floods may occur. The heavy rains…

MANILA, PHILIPPINES – In the middle of a hot Tuesday afternoon, a sudden downpour caused by a thunderstorm surprised residents in Metro Manila while other areas experienced hailstorms. The downpour that lasted for less than two hours immediately triggered flooding in some parts of the metropolis. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) earlier issued a thunderstorm advisory in Metro Manila and warned that heavy rains, strong winds and possible flash floods may occur. The heavy rains followed days of sizzling temperatures and Pagasa said warmer days were expected with the end of the northeast monsoon and the…

CHICAGO, USA – Mark Hoplamazian, President and Chief Executive Officer of Hyatt Hotels Corporation announced the appointment of Atish Shah as Senior Vice President, Interim Chief Financial Officer, pending the company’s selection of a permanent Chief Financial Officer. Shah currently serves as Senior Vice President – Strategy, Financial Planning & Analysis and Investor Relations. Prior to joining Hyatt in 2009, Mr. Shah served as a portfolio manager of a hospitality real estate private equity fund at Lowe Enterprises. Prior to that, he worked for Hilton Hotels Corporation in a variety of finance roles, including feasibility, planning, investment analysis, and investor…

PENNSYLVANIA, USA – Teva Pharmaceutical Industries, an international pharmaceutical company headquartered in Petah Tikvah, Israel, has reportedly offered to buy Mylan NV, a Pennsylvania-headquartered global generic and specialty pharmaceuticals company, for about USD40.1bn, Teva said in a statement Teva made the unsolicited offer to acquire all of the outstanding shares of Mylan in a transaction valued at USD81 per Myslan share, with the consideration to be comprised of approximately 50 percent cash and 50 percent stock. Teva’s proposal also provides Mylan stockholders with a more attractive alternative to Mylan’s proposed acquisition of Perrigo Company plc, as announced on April 8,…

VATICAN CITY – The Vatican announced on Tuesday that Pope Francis has already accepted the resignation of Bishop Robert Finn, who was convicted of failure to report suspected child abuse in 2012. Finn, who was church leader of the Diocese of Kansas City-St. Joseph, Missouri in the United States, when he was convicted, becoming the first sitting bishop to be convicted in the child sex abuse scandal in the Catholic Church. In 2012, Finn was convicted for failing to report suspected child abuse in connection with the Fr. Shawn Ratigan child pornography case. The diocese waited five months to inform…

CATANIA, SICILY – Prosecutors in Sicily announced that the Tunisian captain of the capsized vessel that killed as many as 900 people was charged with reckless multiple homicide in relation to the sinking. The captain and a Syrian crew member were arrested aboard the Italian coastguard ship, Gregoretti, as they arrived in port with the survivors of vessel that sank off the Greek Island of Rhodes. Public prosecutor Giovanni Salvi, who was also on the harbor front, told reporters that the two men arrested had been identified thanks to the testimony of other survivors. Salvi said several of the survivors…

TOKYO, JAPAN – Chinese search engine Baidu has announced that it has officially shut down its search engine operation in Japan as part of its efforts to focus on its mobile business in the country. “Baidu stopped updating its search index for Japan in 2013, and it finally exited the Japanese search market in mid-March of this year to focus on other parts of the business, like the mobile input method editor, Simeji”, a company representative told China Daily. Baidu, however, clarified that it will continue to operate its Japan office in Tokyo and will continue to develop other areas,…

MANILA, PHILIPPINES – Secretary General of the Organization of Islamic Cooperation (OIC) Iyad Ameen Madani of Saudi Arabia expressed hope that the peace process in Mindanao will continue. Madani had a meeting with Philippine Peace Process Secretary Teresita Quintos-Deles, as well as with officials of the Moro Islamic Liberation Front (MILF) and the Moro National Liberation Front (MNLF), during which he expressed hope that the peace process would continue. “We are optimistic, we are supportive,” Madani said after presiding over the Bangsamoro Coordination Forum (BCF) in Davao City. The OIC chief arrived in the country on April 16 for a…

MANILA, PHILIPPINES – The Philippine Stock Exchange, Inc. (PSE) will hold its annual stockholders’ meeting (ASM) on May 2, 2015, 8:00 a.m., at Pavilions A and B of Wack Wack Golf and Country Club in Mandaluyong City. Items in the ASM agenda include the proposed increase in PSE’s stake in the Philippine Dealing Systems Holdings Corp., the proposed Employee Stock Purchase Plan and the election of Directors. The PSE’s Nominations and Elections Committee released the official list of candidates on March 26. Stockholders who cannot attend the meeting or vote in person may submit a signed proxy form and/or Secretary’s…