MANILA – The United States, through the Defense Threat Reduction Agency (DTRA), presented a donation of P54.8 million ($1.1 million) in sustainment supplies to the Special Response Units of the Philippine Bureau of Fire Protection (BFP) national headquarters in Quezon City. The supplies will assist the BFP in fulfilling its mandate as the Philippines’ Chemical, Biological, Radiological, and Nuclear (CBRN) response agency. The BFP is also one of the primary agencies conducting decontamination and response activities during the COVID-19 pandemic. DTRA and the BFP have a longstanding partnership to strengthen the Philippines’ capabilities to respond to CBRN incidents and conduct…
Author: Michael Chen
Michael Chen
Based in Hong Kong, Michael Chen is expert in financial reporting, having worked for a business wire agency for at least five years. He currently works full time as Business News Asia’s Hong Kong / China correspondent.
Read More
JAPAN – Allianz Real Estate, the dedicated real estate investment manager of the Allianz Group, has acquired a portfolio of prime multi-family residential assets in Tokyo for approximately EUR110 million (US$122 million). The portfolio comprises 11 newly built assets with 275 units offering 8,400 sqm net rentable area. All assets are located in Tokyo 23 wards and are on an average within six minutes of a subway station. Allianz Real Estate said the portfolio is stabilized and has a well-diversified tenant base. This latest transaction follows the acquisition in November 2019 of a EUR1.1 billion multi-family residential portfolio of 82…
The Orange wholesale arm, International Carriers, has signed a partnership deal with PLDT for international voice aggregation services to deliver “better quality of service” to millions of customers globally. As the preferred aggregator for voice traffic, Orange will handle all global inbound traffic terminating on the PLDT and Smart network. Orange’s experience and expertise will be available to PLDT for the management of its global partner porfolio. The partnership agreement also includes support from Orange’s global sales team in the joint implementation of various voice traffic management solutions. Additionally, in a move to increase voice traffic and security, Orange will…
With stock markets around the world having wrapped up Q1 2020 with sustained (and in some cases ongoing) crashes, many investors are looking for other places to protect and grow their money. The truth of the matter is that investment generally is an uncertain prospect in the current economic climate. For those who are curious about potential alternative markets though, there are three in particular that come to mind. Gold Gold is a popular commodity in ordinary times, and one that people tend to look at more seriously when the markets are struggling. The precious metal has a reputation for…
Southeast Asian luxury online fashion marketplace BlinQ today announced a commercial affiliation with the leading global online fashion retailer that revolutionized the luxury fashion industry, the YOOX Net-a-Porter group. The partnership closely follows the launch of the BlinQ pre-loved segment and Asean Houz – a collection of high-end fashion brands from around the region. With operations all over the world from the United States to Japan, YOOX has over 3 million high-spending customers worldwide. This partnership with BlinQ will bring more of YOOX’s products into the Southeast Asian region, the startup said. BlinQ said fashion lovers looking to spend their…
Singapore-listed Ocean Sky International is acquiring an office building in Melbourne, Australia for A$21.83 million ($15 million), the company disclosed. Ocean Sky said it has entered into a contract of sale to acquire an office building at 541 Blackburn Road, Mount Waverley, Melbourne. The property sits on a large freehold site area measuring 6,210 square meters with a 150-meter-long corner street frontage, offering significant future development potential. The acquisition will be funded by a combination of internal resources and bank borrowings, Ocean Sky said. The acquisition of 541 Blackburn Road is set to grow the Group’s source of recurring rental…
Global contract logistics solutions provider DHL Supply Chain has formed a joint venture agreement with local conglomerate JG Summit Holdings Inc to provide transport and distribution solutions for Philippine-based and international businesses in the country, according to news site BusinessReporter.ph. JG Summit said the joint venture company – DHL Summit Solutions Inc – will leverage the strengths of both parties to enhance domestic transportation operations to improve safety, compliance, and customer experience in the Philippines. The parties involved have agreed to invest approximately P60 million in the joint venture, which is expected to start commercial operations in June 2020. “The…
SM Prime Holdings, one of the largest integrated property developers in Southeast Asia, recorded an 18% growth in its consolidated net income in the first nine months of 2019 to P27.60 billion from P23.44 billion in the first nine months of 2018. The consolidated revenues rose by 14% to P85.03 billion from P74.56 billion of the same period, while consolidated operating income reported a 17% growth to P41.00 billion from P34.91 billion of last year. SM Prime’s net income for the third quarter of the year is up by 22% to P8.30 billion from P6.82 billion of the previous year.…
Hmlet, the Singapore headquartered co-living operator, has raised $40 million in a Series B round, which will allow the company to continue bridging gaps in demand for affordable, flexible and secure housing across the region. The round was led by Burda Principal Investments, with participation from existing investor Sequoia India and new investors Mitsubishi Estate Co, Reinventure Group, and angel investors. The company recently raised a $6.5 Million Series A in November 2018, and a $1.5M seed round in 2017. The funds raised in Series B will continue to grow Hmlet’s presence in gateway cities – where housing is expensive…
Scoot, the low-cost arm of the Singapore Airlines Group, will operate from Singapore Changi Airport’s Terminal 1 (T1) from Tuesday, 22 October 2019. Currently operating from Terminal 2 (T2), the move seeks to facilitate Scoot’s growth in the next few years. Since April 2019, Scoot has launched eight new destinations in China, India, Laos and Malaysia, as part of expansion plans for the future, and is on track to launch nine more new routes by end of 2020. As Scoot’s growth is expected to continue, customer experience will play an even bigger role, with check-in experience identified as one of…
Singapore-based smart access startup igloohome raises $15 million and launches iglooworks while PAG Asia acquires Australian restaurant operator Craveable Brands for an undisclosed amount. Singapore Startup igloohome Raises $15M, Launches iglooworks Singapore-based smart access startup igloohome has raised $15 million in fresh funding co-led by Insignia Ventures Partners, Wavemaker Partners, and SEEDS Capital, according to a statement. New investors include Kickstart Ventures, TH Capital, Pine Venture Partners, On Asset Management, InnoVen Capital and a group of angel investors. Existing investors Singtel Innov8 and Great Noble International also participated in the round. With a new round of funding, igloohome officially launched…
(BUSINESSNEWSASIA) – PayU, the payments and fintech business of Naspers, announced the acquisition of a majority stake in Red Dot Payment, a Southeast Asia focused online payment solutions provider. With this transaction, PayU expands into the Southeast Asia region and brings the total amount deployed in fintech investments and M&A to north of $700 million over the last three years. Under the terms of the agreement, PayU has acquired a majority stake in RDP in a transaction valuing the company at US$65 million. The founder will continue to retain a stake in the company, while the majority of other shareholders…
(BUSINESSNEWSASIA) – PLDT SVP and Group Controller and Smart CFO Chaye Cabal-Revilla was named CFO of the Year for the Telecoms Sector by CMO Asia at the Philippine Leadership Awards held last June 7 at the Dusit Thani Manila. The prestigious Philippine Leadership Awards is organized by CMO Asia, a global community established in 2010 that recognizes top C-executives and professionals and their outstanding contributions in various industries. The CFO of the Year award is given to exceptional leaders who demonstrate leadership excellence by developing innovative financial processes and help transform their organization and its financial performance through strategic directions…
Hiring a photobooth in Singapore can be challenging if not done properly. You will need to know the right steps of hiring the photo booth and the factors to consider while selecting the right booth. Even if you are not hiring the booth for the first time you will still need to know what to look for. Here is a guide to hire the right photobooth in Singapore. To hire the right photobooth you need to start by comparing several providers of these booths. You can easily find different providers in Singapore through different means. Most of the providers have…
Singapore Exchange-listed luxury boat builder Grand Banks Yachts has announced intention to acquire the Stuart Service Yard in Florida, USA, for USD3.2 million and turn it into its official US headquarters. In a statement, Grand Banks said it has entered into a stock purchase agreement to acquire the entire stake of Stuart Yard Corporation for USD3.2 million. Of this, approximately USD1 million will be paid upfront in cash and the remainder to be paid over six years. The company said it will consolidate its existing Florida offices and storage under the new headquarters, which will be run by Samuel Henry…
PHILIPPINES – Metropolitan Bank & Trust Company (Metrobank; PSE:MBT) reported a consolidated net income of P18.1 billion in 2016. Net income in the fourth quarter alone was at P5.5 billion, 3% higher than the comparative period in the previous year. In a disclosure, Metrobank said it achieved all-time high levels in the Bank’s 54-year history in 2016. Total resources peaked at P1.9 trillion, total deposits reached P1.4 trillion, and total loans hit P1.1 trillion. “Throughout this growth cycle, Metrobank maintained its strong balance sheet profile in terms of liquidity, asset quality and capital adequacy,” the bank said. As a result…
Chinese listed holding firm Shenghe Resources received approval for its plan to set up a new life insurance company, called Huagui Life Insurance, in China. The approval from the China Insurance Regulatory Commission (CIRC) makes Huagui Life the 10th insurance firm to receive a license from the regulator this year so far. In a statement, Shenghe Resources said Huagui Life has a registered capital of Rmb1 billion (US$150 million) and will be established in Gui’an New Distrcit in Guizhou. Chengdu-headquartered Shenghe and its partners reached agreement to set up the life insurer in 2013. The nine other new insurance entities…
Philippine telecommunications company Globe Telecom Inc announced that its full-year consolidated service revenue in 2015 reached Php113.7 billion (US$2.38 billion), 15 percent higher than the previous record level of Php99 billion in 2014. In a disclosure to the Philippine Stock Exchange (PSE), Globe Telecom said its revenues peaked in the fourth quarter of last year, reaching a record high of Php30 billion, up 3 percent from the previous quarter and 15 percent higher in the same period in 2014. “The sustained trajectory was driven by the solid growth in data consumption across all segments and the consolidation of the performance…
For the first time, mergers and acquisitions (M&As) in the Asia-Pacific region touched the US$1-trillion mark, which Chinese deals taking up the bulk of the transactions this year, data released by Thomson Reuters showed. The data, however, noted that while the deal activity jumped to a record US$1.1 trillion, M&A fees dropped 1.8 percent to US$3.7 billion, which reflects an increase in less lucrative corporate restructurings. The M&A deals in Asia accounted for 21 percent of global value, still lower than the nearly 50 percent for deals in the Americas region, Reuters has reported. Among the top deals this year…
The Department of Health in Central Visayas (DOH 7) has recorded at least 140 various health cases involving delegates and field personnel of the Asia Pacific Economic Cooperation (APEC) meetings in Cebu. The DOH 7, however, stressed that all of the health cases were minor in nature and that there were no alarming cases during the holding of the meetings that started last week. Of the total cases, 27 involved APEC delegates who sustained small wounds, minor scrapes, cuts, or other small injuries that involved sharp surfaces. The other 113 cases involved APEC personnel assigned on field. Most of the…