Multilateral development banks (MDBs), including the Asian Infrastructure Investment Bank (AIIB), have announced the release of their joint principles outlining how they will align future financing with the goals of the Paris Agreement. This signifies the culmination of a five-year process to standardize and harmonize their approach. This collective agreement among MDBs is the result of collaborative efforts that commenced when the Paris Agreement was signed. Since 2017, MDBs have committed to ensure new financial flows align with the Paris Agreement’s objectives. The published technical papers offer explicit guidance on how new MDB financing operations must be structured to support…
Author: Iselle Chua
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According to provisional statistics released by the Insurance Authority (IA), the Hong Kong insurance industry experienced a 7% decrease in total gross premiums during the first quarter of 2023 compared to the same period in 2022, amounting to $147.2 billion. In the long-term business sector, total revenue premiums for in-force policies reached $126.6 billion, reflecting a decrease of 8.9%. This decline was primarily driven by a decrease in the Individual Life and Annuity (Non-Linked) business, which accounted for $109.7 billion (a decrease of 3.2%). Individual Life and Annuity (Linked) business also saw a significant drop of 18%, contributing $6.5 billion…
SIA Engineering Company Limited (SIAEC) and Cambodia Airport Investment Co., Ltd (CAIC) will form a line maintenance joint venture in Cambodia, with SIAEC holding a 51% stake and CAIC the remaining 49%. The partnership will establish line maintenance services at the new Techo International Airport (“TIA”) in Phnom Penh, expected to start operations in March 2025. The venture will enhance SIAEC’s existing network of Line Maintenance International (LMI) stations, evolving into a regional hub for aircraft maintenance, repair, and overhaul. Mr Ng Chin Hwee, CEO of SIAEC, emphasized that the partnership would strengthen SIAEC’s position as a leading line maintenance…
Ripple, a cryptocurrency solutions company, today announced the launch of Ripple Central Bank Digital Currency (CBDC) Platform, a comprehensive solution for central banks, governments, and financial institutions to issue their own CBDCs. The platform utilizes the blockchain technology of the XRP Ledger (XRPL) to manage the life cycle of CBDC transactions and distributions. Aimed at enhancing financial inclusion and reducing costs and risks in payment processes, the Ripple CBDC Platform allows users to create and manage their digital currencies effectively. The platform seeks to digitize financial services, extending financial access to millions of unbanked individuals worldwide. “Partnering with Ripple to…
OUE Healthcare Limited (OUEH) has announced the launch of its first joint venture hospital in Changshu, Jiangsu Province, China. The inauguration of the Changshu Hospital took place with the presence of Singapore’s Senior Minister of State for Manpower and Sustainability and the Environment, Dr. Koh Poh Koon, and Suzhou’s Mayor, Mr. Wu Qingwen. The 100-bed Obstetrics and Gynaecology (O&G) hospital will be operated by OUEH’s joint venture company, China Merchants Lippo Hospital Management (Shenzhen) Limited (CM Lippo). This is the first private O&G hospital in Changshu, offering premium medical services in obstetrics, gynaecology, paediatrics, and other related specialties to patients…
Philippine-listed Century Properties Group (CPG) announced its robust financial performance for the first quarter of 2023, with consolidated revenues reaching P3.3 billion, marking a substantial 28% growth compared to the same period in 2022. The company’s net income also showed a notable increase of 21% year-on-year, amounting to P302 million. As economic activities accelerated both domestically and globally, and most businesses reopened, CPG experienced stability and continuous recovery across its business segments. The First-Home Market Residential Developments segment played a significant role, contributing P1.6 billion or 48% to the company’s total revenues. Impressively, this segment’s contribution witnessed a remarkable 33%…
Figaro Coffee Group, Inc. (PSE:FCG), a rapidly expanding food group, has delivered impressive financial performance in its fiscal third quarter, which ended on March 31, 2023. During the three-month period, the company’s revenues reached P1.03 billion, reflecting a remarkable growth rate of 95% compared to P528 million from the same period last year. Additionally, same-store sales experienced a 6% increase. For the nine-month period spanning from July 2022 to March 31, 2023, Figaro Coffee Group recorded revenues of P3.07 billion, representing a notable growth rate of 73% from P1.77 billion. The company’s strong sales growth can be attributed to the…
SM Prime Holdings, Inc. (SM Prime) has announced the interest rates for its Peso-denominated Fixed Rate Bonds, which are part of the company’s PHP100 billion Debt Securities Program. The Series S bonds will have an interest rate of 6.2069% due in 2025 (2.5 years); the Series T bonds will have an interest rate of 6.2151% due in 2027 (4 years); and the Series U bonds will have an interest rate of 6.3275% due in 2029 (6 years). The company has issued an aggregate principal amount of PHP25.0 billion, with an oversubscription option of an additional PHP10.0 billion. The proceeds from…
Young talents from universities in China, Spain, and Singapore have emerged as winners of the 2023 Alibaba Global E-commerce Challenge, organized by Alibaba International Digital Commerce Group (AIDC). The competition aimed to identify future leaders in the digital commerce sector by challenging university students and recent graduates to develop creative solutions for real-world business scenarios. This year’s challenge received a record-breaking response, with around 3,500 participants from 141 universities in 59 countries and regions. Nine teams were chosen from regional rounds to compete in the global finals held in Singapore. Finalists pitched live to a panel of AIDC executives, presenting…
AROBS Transilvania Software, a technology company listed on the Bucharest Stock Exchange, has announced the complete takeover of the Future WorkForce Global (FWF) group, a company that specializes in providing intelligent automation solutions through Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML). The acquisition of FWF Global Group will extend AROBS’ software services portfolio and consolidate its position in the intelligent automation market. AROBS is already present in the intelligent automation business in Benelux through CoSo by AROBS, under the FastPath Automation brand. FWF Global has around 100 specialists in Robotic Process Automation, Artificial Intelligence, and Machine…
Mastercard has announced its plan to eliminate first-use, PVC plastics from its payment cards network by 2028. This move reinforces the company’s sustainability commitments and aims to increase accessibility to more sustainable card options for customers who seek to reduce their environmental impact. Starting from January 1, 2028, all newly-produced Mastercard plastic payment cards will be made from sustainable materials, such as recycled or bio-sourced plastics like rPVC, rPET, or PLA. This is a first for any payment network, and the cards will be approved through a certification program. The company will support its global issuing partners in the transition…
The Philippine Department of the Interior and Local Government (DILG) announced on Saturday that it has put in place a contingency plan to address the looming El Niño that experts forecast to occur in the coming months. DILG Central Office Disaster Information Coordination Center (DILG-CODIX) Director Allan Tabel stated that a new team will be formed to replace the old Task Force El Niño as directed by the President. This team will review the plans and actions taken in the past and focus on new activities needed to address this new El Niño. The National Disaster Risk Reduction and Management…
Chairman and CEO of the Philippine Amusement and Gaming Corp. (PAGCOR), Alejandro Tengco has revealed that the company wants to take private control of the country’s casino sector. He announced that the company is shifting into a purely self-acting status. During his tenure as CEO, Tengco said that the company planned to sell its casino section to a third party to expand the power of the board and to produce more casino gaming projects. He announced his plans at the start of the ASEAN Gaming Summit held at the Marriott Manila Hotel. Since Tengco was appointed CEO of PAGCOR in…
Prep, an online learning platform based in Vietnam that specializes in standardized language test preparation, has raised $1 million in funding co-led by East Ventures and Cercano Management. The funding round will bring Prep’s total funds raised to $2 million, including $1 million invested by Touchstone Partners earlier in 2022. The new investment will help Prep accelerate its product development and increase adoption in the market. Prep offers online courses and mock exam solutions for standardized language tests like IELTS, TOEIC, and the High School Graduation Exam. The platform provides personalized learning experiences that are result-oriented, engaging, and tailored to…
Alchemy Pay has partnered with DWF Labs, a web3 investment firm, to expand its payment business in the Korean market. The partnership has secured $10 million in funding to capitalize on the region’s high level of cryptocurrency acceptance and assist Korean enterprises in achieving greater internationalization. Alchemy Pay has partnerships with major payment channels like Visa, Mastercard, Discover, Diners Club, Google Pay, and Apple Pay, as well as local mobile wallets and domestic transfer options. The company has over 300 local alternative payment channels, extending its reach beyond traditional credit cards. Alchemy Pay has established an extensive coverage area encompassing…
DHL Supply Chain, the world’s leading contract logistics provider and a business division under Deutsche Post DHL Group, has appointed Mihaela Isac as its Chief Information Officer (CIO) for Asia Pacific. Isac was most recently Vice President of IT Life Sciences & Healthcare in North America, where she was responsible for enhancing the organization’s IT offering in transportation and warehousing in the life sciences sector. “Mihaela has been with DHL Supply Chain for over a decade, and her achievements during this period speak for themselves. I am confident that her international experience and capabilities make her the perfect choice to…
Having a proper office is key to develop your company and while there are various options available in Hong Kong, choosing one that perfectly fits your budget and that is tailored to suit your needs can be challenging. The city offers different options that would suit freelancers, small companies and large corporations, but there are different types of criteria you might want to take into consideration before finding the right office for your company. 1. Costs and Budget Before you can dive into nitty-gritty details of your office-to-be and start suiting different locations to your needs, it’s better to see…
Planned Dubai hotels will account for 76% of new keys adding to the UAE’s existing 200,000 rooms. The total investment in the UAE’s hospitality sector is valued at USD 32 billion as per the data shared by global property consultancy, Knight Frank. The UAE’s hotel development pipeline is expected to experience a 25% growth by 2030 as more global travellers continue to book cheap flights and make their way to the gulf country. According to Faisal Durrani, Knight Frank’s Head of Middle East Research, “Dubai is set to account for the lion’s share of this total, with 76% of all new…
Most startups engage in doing business on a limited budget to bring a change in society. Not only are the startups known to bring innovations but also to create millions of jobs across different economies. However, now startups and other businesses are feeling the burn of inflation. According to reports, the consumer price index has increased along with the producer price index. The market is constantly fluctuating, and out of all the industries and sectors, start-ups and small businesses are the most vulnerable category. This is how inflation impacts start-ups and businesses. Interest Rates Go High Firstly, in inflation, the…
If you’re aspiring to start your own business, you’re likely to have come up with a business idea. While that’s a great start, there’s more to entrepreneurship than that. To carry your idea all the way through, you need to put the right amount of time, effort, and dedication into planning things beforehand. Only then will your idea see the light, and your business will grow and flourish. Starting a successful business has to start somewhere, right? The tips we’ll provide in this article will help you get off on the right foot and have a real chance at succeeding…