Author: Business News Asia

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…

MALAYSIA – At least 20 more Ugandan women sex slaves are hiding in Kuala Lumpur to avoid being arrested by authorities or being hunted by their recruiters, sources said. The report about more Ugandan sex slave women in Kuala Lumpur was revealed following the rescue of three Ugandan sex slaves in Malaysia’s capital. Sources added that there are even Ugandan women sex slaves in Malaysian prisons for various offenses. The Ugandan women in Malaysia were among the group of women that were trafficked from Uganda to different countries and were promised employment. The Ugandan women, however, ended up as sex…

MALAYSIA – The search area for the missing Malaysia Airlines flight MH370 will be widened to 120,000 kilometers in the southern Indian Ocean if the plane remains missing by May, authorities said. Malaysia, Australia and China, which head the multi-national efforts to locate the ill-fated Boeing 777, have decided to continue with the search and extend the area by an additional 60,000 square kilometres. Sources said the search for the missing Malaysian Airlines flight MH370 could take another year as Malaysia and China vowed to continue search for the plane. During a conference attended by Malaysian Transport Minister Liow Tiong…

DUBLIN, IRELAND – Luxembourg-based Ardagh Group, a glass and metal packaging solutions giant, is reportedly finalizing a deal to acquire Saint Gobain’s Verallia glass packaging unit for about EUR3 billion (USD3.2 billion). The Irish Independent reported that Ardagh, which operates 89 facilities in 21 countries, is nearing the close of its biggest ever acquisition. Saint Gobain, a French multinational corporation, has placed its Verallia glass packaging unit up for sale for months, getting the attention of Ardagh and other global private equity giants. In January 2013, Ardagh Group agreed to acquire Saint Gobain’s Verallia North America for €1.275 billion. Ardagh…

Vancouver – The two pilots who died after their cargo plane crashed in the North Shore Mountains of Vancouver were identified as Robert Brandt, 34, and co-pilot Kevin Wang, 32. The identities of the pilot and the co-pilot of the twin-engine Swearingen SA 226 airplane that crashed Monday were released by the British Colombia Coroners Service. Brandt and Wang were both residents of the Vancouver area, authorities said. Brandt and Wang, whose bodies were found Tuesday afternoon, were the only persons onboard the plane, which was carrying paper products from Vancouver to Prince George. The aircraft reportedly suddenly plummeted into…

HOUSTON – A 41-year-old barber and father of three died following a police chase that ended in shooting outside an elementary school, authorities said. What started as suspected traffic violation turned tragic for Frank “Trey” Shephard, who was fatally shot by police officers in northeast Harris County. According to a Harris County Sheriff’s Office spokesman, the chase began about 10:40 a.m. in the Crosstimbers area of US-59. Houston Police tried to pull over the driver of a blue Chrysler 300 due to “suspicious activity,” including two unsafe lane changes. As they approached the car, the driver fled. A chase ensued…

MANILA, PHILIPPINES – A report released by the National Bureau of Investigation (NBI) and the National Posecution Service (NPS) revealed that at least 90 people had been recommended to be charged for their roles in the bloody clash in Mamasapano, Maguindanao, which resulted to the death of 44 elite policemen. Those who had been recommended to be criminally charged are members of the Moro Islamic Liberation Front, Bangsamoro Islamic Freedom Fighters, and private armed groups, a report by gmanetwork.com said. Justice Secretary Leila De Lima presented a copy of the 224-page NBI report on the Mamasapano clash on Thursday. The…

CEBU CITY, PHILIPPINES – At least 71 families living close to the Inayawan Sanitary Landfill were immediately evacuated on Thursday after Cebu City Mayor Michael Rama said the lives of those in the area at risk. Personnel from the Cebu City Hall aided the families in the immediate evacuation after authorities found a huge crack in the mountain of garbage inside the landfill, which could trigger a landslide. Rama he had directed the Department of Public Services and the Cebu City Disaster Risk Reduction and Management Council (CCRRMC) to enforce the evacuation within 24 hours and get all those people…

MANILA, PHILIPPINES – The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), issued an advisory to the public to inform them of the appropriate action to take if unsolicited text messages about bank advertisement, loan offer or marketing are received. Earlier, the BSP issued a Memorandum to all banks and its subsidiaries and affiliates, reminding them of their compliance with the law/rules that prohibit unsolicited text messages. The Cybercrime Prevention Act or R.A. No. 10175 criminalizes the transmission of commercial electronic communication with the use of computer system which seeks to advertise, sell or offer for sale products…

MANILA, PHILIPPINES – The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said personal remittances from overseas Filipinos (OFs) amounted to US$2.1 billion in February 2015, an increase of 4.0 percent compared to the same period in 2014. As a result, remittance inflows for the first two months of the year reached US$4.1 billion, posting a year-on-year growth of 2.1 percent, BSP Officer-in-Charge Nestor A. Espenilla, Jr. said. For the period January-February 2015, personal remittances from land-based workers with work contracts of one year or more, and migrants’ transfers totaled US$3.1 billion. Meanwhile those from sea-based and…

MANILA, PHILIPPINES – Thousands of taxpayers in the Philippines trooped to the different offices of the Bureau of Internal Revenue (BIR) to beat the deadline of the filing of income tax returns (ITR). Taxpayers lined up outside BIR district offices around the country as early as 5 a.m. to ensure that they beat the deadline of the filing of ITR and avoide penalties. While taxpayers in Manila complaint of slow processing of their ITR filing, some BIR district offices in Visayas had different approach to address the influx of taxpayers. In Tacloban City, the BIR district office offered free food,…

NEW YORK – Low-cost Chinese telecoms equipment firm are now eating up on the market share of other global manufactures. But Nokia just won’t vow to the pressure. Finnish multinational communications and information technology firm Nokia announced that it is set to acquire Alcatel-Lucent, a French global telcommunications equipment company. Experts believe Nokia’s takeover of Alcatel-Lucent is part of its effort to challenge Ericsson and become the world’s leading telecoms equipment firm. The move is also considered as Nokia’s way of bolstering its market share as Chinese firms, such as Huawei and ZTE, challenge the sector on cost. The deal…

MAKATI, PHILIPPINES – Makati City Mayor Junjun Binay can now heave a sigh of relief after Vice Mayor Romulo Peña agreed to step down as the city’s acting mayor. Tensions are now expected to ease at the Makati City Hall and government service will be back to normal following Peña’s decision to heed the order of the Department of Interior and Local Government (DILG) to relinquish his position as acting mayor. Peña said his decision to step down was based on the orders from the DILG. He earlier asked the DILG to clarify his status after Binay was able to…

US technology giant Apple Inc announced that selfie sticks or similar monopods will be banned during the next Worldwide Developers Conference (WWDC). The move is aimed at providing members of the audience a better viewing experience, free from anything that could block their attention or could hit them in the head or face. “You are not permitted to make audio or audivisual recordings of WWDC or take professional photograhpic or video equipment, or wearable recording devices into Moscone West or Yerba Buena Gardens,” the company said in a statement posted on its website. In addition the company said: “You may…

MANILA, PHILIPPINES – Six Filipino nurses who have been stranded in Saudi Arabia for six months after their contracts have expired finally arrived in the Philippines through the help of a Saudi government official. The six nurses – Andrian Marie A. del Mundo, Mei-Lin B. Gunio, Patrice Anne C. Garcia, Norina A. Magsilang, Lourdes G. Molina and Melanie Maurine A. Masakayan – thanked Director General Saleh Al-Ahmari of the Ministry of Labor in Hail for his assistance in resolving their case. The Filipino nurses had stopped working following the termination of their contracts on October 2014 due to delayed salaries…

MANILA, PHILIPPINES – The World Bank (WB) cited the financial consumer regulatory environment in the domestic banking system in its “Republic of the Philippines: Diagnostic Review of Consumer Protection in the Banking Sector” that was published recently in the WB website. In the review, the multilateral lender said, “There is an impressive focus on consumer protection in the banking sector in the Philippines.” The WB said this finding is manifested through the wide range of laws and regulatory instruments issued by the Bangko Sentral ng Pilipinas (BSP) relating to such subjects such as Truth in Lending for loan products, credit…

MANILA, PHILIPPINES – At least 100 houses were destroyed, leaving 400 families homeless, when fire hit a densely-populated area in Longos, Zapote, Las Piñas City. The fire broke out at 12:28 a.m. and lasted until early dawn before it was totally placed under control by responding firefighters. No one was seriously injured although there were a few residents who sustained minor burns as they tried to salvage some of their belongings from the raging blaze. The cause of the blaze is still being investigated as the city’s fire marshall said damage to properties was initially pegged at P800,000. In Cebu,…