Author: Business News Asia

MANILA, PHILIPPINES – The latest survey conducted by Social Weather Stations showed that the net satisfaction rating of the administration of Philippine President Benigno Aquino III dropped to its lowest level in March. The survey, which was published by BusinessWorld, said 48 percent of the 1,200 respondents were satisfied with the government’s performance, down from 58% in December. About 29 percent said they were dissatisfied and 23 percent undecided with the national government’s general performance, resulting in a ”moderate” +19 net score. “The 2015 first quarter satisfaction rating of the national government marks a 15-percentage-point drop from the ”good” +34…

MANILA, PHILIPPINES – The number of fatalities in the ambush in Lumbacaya Unayan town in Lanao del Sur rose to eight after a 10-year-old girl died in the hospital, authorities said today. Norjana Amenor succumbed to gunshot wounds in the head and body while undergoing surgery at the Northern Mindanao Medical Center. Amenor was one of those onboard the truck that was riddled with bullets by armed men in Lumbaca Unayan, the police said. A manhunt was launched by authorities against the armed group headed by one Aragasi Bationg Ali. Authorities believed rido, or family feud, was the main motive…

Demand for family offices in the Asia-Pacific region is expected to rise as the number of multi-millionaires and billionaires in the region continues to grow at a rapid pace, a Wealth-X report said. Family offices refer to small financial firms that provide advisory or asset management to ultra-high net worth individuals and their families. Wealth-X report said Asia accounted for 30 percent of the net increase of global billionaires wealth last year, registering 52 new billionaires in 2014, with 33 coming from China. The rise in the number of billionaires in Asia is expected to also push the demand for…

BEIJING, CHINA – The Chinese government has warned Chinese nationals situated in South Africa’s anti-foreigner attack zones to be on alert for their safety. All Chinese people and companies are urged to be vigilant in the event of riots or protests, to protect their safety and property, and to contact the police or the local Chinese Consulate General in the event of emergency. The warning was issued after China made formal representations to the government of South Africa following a series of attacks against Chinese interests in the country. As anti-foreigner violence erupted in the eastern port city of Durban,…

TOKYO, JAPAN – For a still undisclosed reason, Samsung has taken off its corporate logo from its new smartphones – the Galaxy S6 and Galaxy S6 Edge – in Japan, a spokeswoman confirmed. The company spokeswoman confirmed the report but did not give any reason for the removal of the logo in Japan. While leading the smartphone race globally, Samsung ranks lower in Japan, a market dominated by Apple, Sony, Sharp and Fujitsu. In the Philippines, the waiting game was finally over as Samsung kicks off the much-anticipated arrival of the newest Galaxy smartphones through a spectacular two-day consumer launch…

MANILA, PHILIPPINES – The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, approved the amendment of the Unit Investment Trust Fund (UITF) regulations to allow for a unit-paying feature that will provide non-guaranteed stream of income to participants. The amendment is in line with the thrust of the BSP to institute reforms that will take advantage of investment opportunities while ensuring market order, both of which are expected to accrue to the investing public. The unit paying UITFs will invest in various income-generating securities and upon determination of the trust entity shall give…

MANILA, PHILIPPINES – Philippine President Benigno S. Aquino III led the turnover of Php3 billion (USD68 million) for the Department of Education’s program that aims to build more classrooms in public schools across the country. The funds were from the Philippine Amusement and Gaming Corporation (Pagcor) for the Department of Education’s “Matuwid na Daan sa Silid Aralan”. Coinciding with the turnover of funds was the handover of two new school buildings to the Tarlac National High School here. The school buildings were built by the Department of Public Works and Highways (DPWH), with funding from PAGCOR. In his speech during…

MANILA, PHILIPPINES – Philippine President Benigno Aquino III said Deputy Director General Leonardo Espina will remain Officer in Charge of the Philippine National Police until the president finds a new police chief. Aquino earlier confirmed that Espina has resigned but his acceptance of the resignation remains pending until he finds a new chief. In an interview here, the President noted that Espina will turn 56 years old in July. “(If) he assumes (office) today, he has about three months to serve. ‘Pag nag-three months to serve siya, may turnover na naman to the next guy who replaces him, and that’s…

ISLAMABAD, PAKISTAN – China, the world’s second-largest economy, is set to sign deals worth USD50 billion with Pakistan under the China-Pakistan Economic Corridor (CPEC), the ministry of planning and development said. The CPEC was originally estimated at about USD45 billion but the amount was revised to USD50 billion because of the addition of some projects and cost escalations, said Planning and Development Minister Ahsan Iqbal. A major chunk of the CPEC will be China’s investment in independent power projects, which will take up about USD35 billion to USD37 billion of the total amount. The remaining USD8 billion to USD9 billion…

TOKYO, JAPAN – Japan’s population shrunk by 0.17 percent, or by 215,000, to 127,083,000 as of 1 October 2014, government data released on Friday showed. The latest figure means the country’s population fell to its lowest in 15 years last year and one in four people in Japan are now aged 65 or older. The population drop, according to the government data, was attributed to a combination of low birthrate and long life expectancy. There are over 33 million people aged 65 or over in Japan, including long-staying foreigners. In releasing the population data, the government warned that the country’s…

HONG KONG – International financial services group Credit Suisse announced the appointment of George Chow and Zeth Hung as co-heads of investment banking (IB) in Greater China. Chow was previously head of fixed incomes sales for Greater China while Hung was vice chairman of IB and global markets solutions group for Greater China. The two Credit Suisse veterans are expected to start in their newly created roles in June. They will report to Vikram Malhotra, who is head of IB, Asia Pacific. Chow has an additional reporting line to Brian Yoon, head of fixed income Asia Pacific, on any fixed…

MANILA, PHILIPPINES – Comedian Richie D’ Horsie, who rose to fame as sidekick of comedy trio Tito, Vic and Joey, died Friday of complications from diabetes, kidney failure and brain attack. Richie D’ Horsie, Ricardo Reyes in real life, has been in and out of the hospital since last year. He was 58. According to his niece, April Alcober, the comedian died in his residence at 9:24 p.m. Friday due to complications of diabetes, kidney failure and brain stroke. D’ Horsie’s death was also confirmed by Bibeth Orteza, who posted the news on her Facebook page. “Rest in Peace, Ricardo…

FRESNO – At least 11 people were hurt, three of them in critical condition, due to a gas pipeline explosion near Fresno that also triggered the closure of a part of Highway 99 Friday afternoon. The explosion, recorded at about 2:30 pm, was triggered after a front-end loader hit a pipe that transports natural gas, said Tony Botti, spokesman of the Fresno County Sheriff’s office. A large fireball leapt into the sky, according to Pete Martinez from the Fresno Fire Department. The blaze was a two-alarm call for firefighters. To douse the fireball, PG&E workers shut the gas line. The…

MISAMIS ORIENTAL, PHILIPPINES – At least 38 people belonging to eight families were rushed to the hospital after they were reportedly poisoned by the food they took home from a fiesta celebration in Gingoog, Misamis Oriental. The victims attended a fiesta celebration in Barangay Kalahitan, Butuan City and brought home some some meat that were served in the celebration, a Misamis Oriental official said. The food were different types of viands from pork and beef and authorities believed the meat were already spoiled. The eight families shared the food to take home to their respective homes but were instead poisoned…

BAGHDAD, IRAQ – An Iraqi state-run television has reported the death of Izzat Ibrahim al-Douri, Saddam Hussein’s deputy and former top adviser, in an Iraqi security operation. Initial report said al-Douri was killed in a security operation after years of evading capture after the fall of Hussein’s regime in 2003. He was a former Iraqi general and a commander of the Army of the Men of the Naqshbandi Order. He was an Iraqi military commander and was Vice Chairman of the Iraqi Revolutionary Command Council, until the 2003 U.S.-led invasion of Iraq. Al-Douri continued to lead elements of the Iraqi…

HONG KONG – American softdrink giant Coca-Cola has reportedly agreed to acquire the beverage business of China Culiangwang Beverages Holdings Ltd for about USD400 million, marking Coke’s first acquisition in China since 2010. The USD400-million acquisition includes debts and China Culiangwang, in a statement to the Hong Kong stock exchange, said the company will continue to develop its consumer products business. China Culiangwang manufactures red bean and green drinks and owns and sells “Cu Liang Wang” branded beverages and food products. Meanwhile, China Culiangwang announced plans to raise raise up to HKD1.06 billion (USD137 million) in a rights issue as…

LONDON – A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of First Insurance Company (FIC) (Jordan) following its acquisition of a controlling stake in Yarmouk Insurance Company (Yarmouk) (Jordan). The outlook for both ratings remains stable. On 2 April 2015, FIC acquired a controlling stake (76%) in Yarmouk Insurance Company (Yarmouk) in Jordan. The transaction, which was completed on the Amman Stock Exchange and estimated at USD 15 million, is one of the largest in the region in recent times. The acquisition will broaden FIC’s business profile and provide the…

MALAYSIA – The Malaysian Automotive Association (MAA) announced that a total of 67,314 vehicles were sold in the country in March of this year, rising 33.6 percent from the total sales recorded in February. The rise in vehicles sales last month was attributed to the implementation of the Goods and Services tax (GST) on April 1, which promoted car companies to clear stocks prior to the implementation of the GST. Out of the 67,314 vehicles sold in March, 59,318 were passenger vehicles while the rest, or 7,996 units, were commercial vehicles, the MAA said. Vehicle sales in March brought the…

MANILA, PHILIPPINES – The family of the milk tea shop owner who was among the two people killed in an apparent poisoning claimed someone tried to sabotage the family business. In a news conference, the wife of William Abrigo, owner of Ergo Cha milk tea shop, suspected that someone was trying to sabotage the family’s business by putting poison into the ingredients of the milk tea drink. Abrigo and a customer, Suzaine Dagohoy, died after taking a sip out of what authorities said was contaminated milk tea that Abrigo prepared. Dagohoy’s boyfriend Arnold Aydalla also took a sip but spitted…

MALAYSIA – New Zealand is set to introduce food products to Malaysian restaurants and hotels as part of the island nation’s efforts to expand its food service industry into Malaysia, authorities said. New Zealand Trade Commissioner to Malaysia and Brunei Matt Richie said a business delegation from New Zealand will visit Malaysia this year to explore business opportunities. Richie said expanding the food service industry into Malaysia is crucial for New Zealand because the island country’s exports of goods and services take up 30 percent of gross domestic product. About 75 percent of New Zealand’s exports fall under the food…