Author: Iselle Chua

Perennial Holdings Private Limited officially unveiled the various eldercare, medical and hospital brands within Perennial International Health and Business City Tianjin, the company’s first healthcare centric High-Speed Railway Transit-Oriented Development integrating eldercare, medical and hospitality components. The brands include Perennial-branded eldercare facilities, as well as Perennial-branded and Perennial co-branded medical facilities. Concurrently, Perennial Holdings officially launched its eldercare component, Perennial Eldercare Community, and its rehabilitation centre. The ceremony was graced by various key government officials including Mr Desmond Lee, Singapore Minister for National Development and Minister-in-Charge of Social Services Integration and Co-Chair of the Singapore-Tianjin Economic and Trade Council, Mr…

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Insular Life (InLife) and Oona Insurance group (Oona) today jointly announced that they are entering into an agreement, with InLife selling its 40% stake in their non-life insurance joint venture, Oona Insular Insurance Corporation (Oona Philippines), making it Oona’s fully owned subsidiary. Oona Philippines and Insular Life will continue their cooperation arrangements to cross-sell insurance products in the Philippines. The agreement is expected to further boost Oona Philippines’ status in the general insurance industry, building upon the series of innovations and services that it has brought to the Philippine market since it set up shop in the country last year.…

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PUERTO PRINCESA CITY, Palawan – Megaworld, the Philippines’ leading developer of integrated urban townships, and its subsidiary Suntrust Properties, Inc., are set to transform a 6-hectare property into a ‘lifestyle estate’ in Puerto Princesa City, Palawan. The project, named BAYTOWN PALAWAN, will be Megaworld’s 31st township development in the country and is positioned along the Puerto Princesa South Road, offering a picturesque view of the Puerto Princesa Bay. This new development aims to blend residential condominiums, hotels, and commercial retail spaces seamlessly. “We are thrilled to introduce our signature ‘lifestyle estate’ concept to Palawan’s capital. The design of our residential…

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Singapore-based insurance technology (insurtech) company Igloo announced that it has successfully  raised $36 million in a pre-Series C funding round. The round was led by global investment firm Eurazeo through its insurtech fund, backed by insurer BNP Paribas Cardif. This marks a significant milestone for Igloo, as it strengthens its position in the rapidly evolving insurance market in Asia. The round also saw participation from Openspace and La Maison, who were part of Igloo’s previous Series B and B+ fundraises. This reaffirms their confidence in Igloo’s strong business fundamentals. Openspace’s investment came through its mid-stage fund OSV+, focusing on Series…

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Compawnion, an emerging Indonesian pet food brand, has recently received a new wave of investment led by East Ventures, a prominent venture capital firm in Indonesia and Southeast Asia. This funding boost is designated to expand Compawnion’s distribution channels, escalate their research and development, enrich their product offerings, and capture a broader market of health-conscious pet owners. Launched in 2020 by a trio of co-founders with deep expertise in canine nutrition, trade marketing, business strategy, and branding, Compawnion is steering towards capitalizing on the booming pet food sector, propelled by the trend of pet humanization and increased pet ownership during…

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DHL Supply Chain is set to invest €350 million over five years in Southeast Asia, targeting warehousing expansion, workforce augmentation, and green initiatives. The decision follows Indonesia’s recent $400 billion infrastructure investment, with the country emerging as a pivotal economy in Southeast Asia. Andries Retief, CEO of DHL Supply Chain Southeast Asia, highlighted their intention to stay ahead of the imminent demand surge and support customers in future-proofing their supply chains. A significant milestone in this expansion is the DHL Maheswara Green Logistics Center in West Java. Slated for completion by 2023, this EUR25 million facility, emphasizing sustainability, will boost…

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The Investment Management Association of Singapore (IMAS) and the Asset Management Association of Shanghai (AMAOS) have taken a significant step towards fostering cross-border collaboration by signing a Memorandum of Understanding (MOU) on October 12, 2023. This landmark agreement sets the stage for strengthened ties in the asset management industry between two of Asia’s largest financial centers. Under the MOU, IMAS and AMAOS have identified five key areas of cooperation: Events: Both associations will offer support and participation in each other’s asset management events, promoting knowledge exchange and industry networking. Research: The MOU encourages knowledge sharing of industry research findings, facilitating…

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DoubleDragon Corporation’s subsidiary Hotel101 Global Pte. Ltd. officially opens and formally begins the operation of both its Global Corporate Office and Global Sales Hub in Singapore. DoubleDragon has purchased a prime office space at the 4th floor of PLUS Building, 20 Cecil street at the heart of Raffles Place in Singapore for Hotel101 Global Pte Ltd’s Global Corporate Office. The Global Sales Hub is also located in the same building at the Ground Floor of PLUS Building. The Hotel101 Global Sales Hub in Singapore has the newest version of Hotel101’s signature 21 square meter HappyRoom equipped with its worldwide standard…

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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…

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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…

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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…

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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…

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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…

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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%…

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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…

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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…

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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…

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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…

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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…

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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…

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