Author: Paul McKinsley

US investment giant Blackstone Group has agreed to acquire Bourne Leisure, the largest provider of holidays and holiday home ownership in the UK, for an undisclosed amount. The acquisition will be carried out by funds managed by Blackstone Capital Partners (BCP) and Blackstone Real Estate Partners (BREP).  The Harris, Cook and Allen founding families are co-investing alongside the said funds and will together hold a significant minority stake in the business. “We are delighted to be partnering with Blackstone who has demonstrated a real understanding of our business and sector, and we look forward to working together to deliver on…

CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott) has added a record of over 14,200 units across 71 properties globally for 2020. Despite COVID-19, this exceeds the number of units secured in 2019, marking a fourth consecutive year of record growth for Ascott. In China, Ascott has also achieved an 80% year- on-year growth in units compared to 2019. The new properties secured will boost Ascott’s annual fee income by over S$27 million as they progressively open and stabilise. Since October 2020, Ascott added more than 4,900 units across 23 properties. This includes over 3,800 units across 17 properties…

Rotech Subsea has clinched a contract for a follow-on phase of sandwave clearance and seabed levelling work at a state-owned Taiwan offshore wind farm. The scope of works will bring the number of active jobs for the subsea excavation pioneer in the Asia region to four when it commences in March 2021. In Q3 2020 Rotech Subsea mobilised its state-of-the-art TRS2 Controlled Flow Excavation (CFE) and Suspended Jet Trenching tool, setting sail from Aberdeen to Taiwan. There, the TRS2 completed a sandwave clearance scope for a new client won on the back of Rotech’s unrivalled European track record in renewables.…

Mynt, the Fintech arm of Globe Telecom and operator of mobile wallet in GCash, has attracted fresh capital investment from ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management. Mynt raised over $175 million in fresh capital from Bow Wave and its existing shareholders in multiple tranches, with post-money valuation of the final tranches at close to $1 billion. Mynt is 45 per cent owned by Jack Ma’s Ant Financial. “This investment from Bow Wave is a validation of both what we have accomplished as well as the potential of GCash in unlocking digital…

BANGKOK – Kerry Express (Thailand) Plc. (KEX) has had its First Trading Day on the Stock Exchange of Thailand. With overwhelming responses during the subscription period, both from international and local investors. Viewed as a proxy of investment in the new economy, KEX provides an investment alternative in the local bourse, where a handful of choices are now available. The company is launching an aggressive strategy to expand its business into all provinces in Thailand, aimed at propelling further growth with technology and human resources, expanding express delivery service networks and boosting sorting capabilities to 3 million parcels per day…

The Manila-based Asian Development Bank (ADB) announced that it has approved a $100-million grant to help the Government of Afghanistan respond to the coronavirus disease (COVID-19) pandemic. In a press release posted on its website, ADB said Afghanistan’s economic outlook has deteriorated during the COVID-19 pandemic because of business lockdowns, a sharp drop in household incomes, and a downturn in regional trade and remittances. “ADB reaffirms its full commitment to supporting Afghanistan in its fight against COVID-19 and reducing the adverse impact of the pandemic on the lives of Afghans and the economy,” said ADB President Masatsugu Asakawa. “The assistance…

The Manila-based Asian Development Bank (ADB) has approved a $250-million loan to support Papua New Guinea’s response to the coronavirus disease (COVID-19) pandemic, according to the lender’s announcement. ADB said its program will the government finance and implement its $769-million pandemic response plan that includes an economic stimulus package. PNG declared a state of emergency on 21 March and the subsequent public health emergency, closure of its borders, lockdowns, and other response measures have put pressure on the country’s health system and economy. Among ADB’s Pacific developing members, only PNG is currently affected by community transmission of the pandemic. “COVID-19…

CRH Healthcare (CRH), the parent company of three leading urgent care brands in the Southeast, is pleased to announce the launch of their new brand, Patriot Urgent Care, in Maryland. This launch includes the rebranding of three Calvert County centers currently operating as ChoiceOne Urgent Care, which were purchased in March, and the opening of a new urgent care location in Reisterstown, northwest of Baltimore. In addition to opening urgent care centers, Patriot Urgent Care is focused on providing care for the greatest current need in the community – the COVID-19 pandemic. They are currently in the process of developing several temporary drive-thru COVID-19 evaluation and testing…

Nokia (NYSE:NOK) announced today the availability of a software based upgrade that will enable its 4G/LTE radios to be migrated seamlessly to 5G/NR. These features will have a high value to Nokia’s customers as they provide immediate support for approximately one million radios, reaching 3.1 million by the end of the year and over 5 million in 2021. By upgrading existing radio elements via software, Nokia is helping to streamline the process of refarming 4G/LTE spectrum into 5G/NR. The move will also support existing customers and the installed base by offering a seamless and cost-effective upgrade path to 5G/NR. Most…

People around the world maybe rejoicing at reports that remdesivir becomes the first medicine to have an impact on Covid-19 but the medicine will not be very affordable for patients. Remdesivir is an antiviral product that is being studied in multiple ongoing international clinical trials. In recognition of the current public health emergency and based on available clinical data, the approval status of remdesivir varies by country. In countries where remdesivir has not been approved by the regional health authority, remdesivir is an investigational drug, and the safety and efficacy of remdesivir have not been established. In a statement, Gilead…

The Tel Aviv Stock Exchange (TASE: TASE) announces today the launch of the English version of its ‘MAYA’ corporate website. The English ‘MAYA’ website is designed to make information regarding TASE and the companies listed on it more accessible to foreign investors, particularly in light of the growing interest expressed by investors from around the world in Israeli companies. The MAYA website, which serves as a central website for investors active in the Israeli capital market, was initially launched in 2000 and is the site on which corporate filings, reference and payment dates new issues schedules, TASE announcements, TASE board…

Allianz today announced that it has partnered with The National Pension Service of Korea (NPS) to establish a USD 2.3 billion investment platform to build a diversified core portfolio of high-quality properties in the Asia Pacific region. The platform will be in the form of a new Singapore domiciled, closed-end fund called Allianz Real Estate Asia-Pacific Core I (AREAP Core I) which will boast an investment capacity of over USD 4.6 billion. NPS and Allianz group companies will be 50:50 investors whereas Allianz Real Estate will serve as the Investment Manager and General Partner of the venture. “This is a…

AT&T announced that it is on track to meet its commitment to spend $3 billion with U.S. Black-owned suppliers by the end of this year, with the company now nearly 90 percent of the way there. The company’s AT&T Supplier Diversity team remains dedicated to making a significant economic impact in the Black business community, according to its announcement. Starting in 1968 working with the Chicago Urban League and the Chicago Economic Development Corporation, AT&T has sustained its commitment of spending with Black-owned businesses for nearly 52 years “Today, we have Black-owned businesses in many areas of our supply chain.…

The Philippine Stock Exchange (PSE) rallied minutes before the closing bell Monday, with the Index up by 32.36 points and all shares gaining 22.35 points, led by Industrial and Property stocks. A total of 1.2 billion shares were exchanged on the trading floor, with total value hitting P7.33 billion. While the Index and the sectoral groups were in the green, except for holding firms, there were 113 declines against 87 advances. Meralco (PSE:MER) led the blue chips with a 5.05-per cent gain from last week’s trade. Meralco’s stock opened at P270 a share and hit a high of P278.4 until…

NYSE-listed Target Corporation announced that it will permanently raise its starting wage for US workers to $15 per hour as part of a number of updates that the company is initiating. All US hourly full-time and part-time team members at stores, distribution centers and headquarters locations will be eligible for the $15 starting wage, which is more than 25% higher than the US industry average. Target set its 2020 goal of a $15 starting wage in September 2017, and over the last three years has increased wages from a starting wage of $11. The last starting-wage increase was in June…

ASX-listed eSense-Lab Limited announced that it has entered into a binding joint venture agreement with Sassey Pty Ltd, owner of Wise Winery, to produce and sell terpenes-infused sanitiser products. Wise Winery is a family-owned wine company based in Eagle Bay in the northern Margaret River Wine region. It recenly started producing surface and hand sanitiser products using ethanol distelled from its own Chardonnay wine at its Eagle Bay distillery. Under the joint venture agreement, Wise will broaden its sanitiser product offering to include ethanol sanitisers infused with eSense’s unique terpenes. eSense will provide its proprietary terpene mixes to the JV,…

Respiri Limited, an ASX-listed eHealth SaaS company supporting respiratory health management, announced its signing of a service agreement with The Pharmacy Guild of Australia, the national body representing over 5,700 community pharmacies across the country. The two-year agreement with Guild Learning and Development (GuildEd), the learning destination for all pharmacists, pharmacy assistants, and interns Australia-wide, will see the joint development of a Guild-accredited Continuing Professional Development online training course for pharmacists on optimising asthma patient management, in particular children, including the role of devices in detecting wheeze. This education program is expected to enhance and support the capability of pharmacists…

Firmenich International, the world’s largest privately-owned perfume and taste company, has announced its acquisition of Les Dérivés Résiniques et Terpéniques (DRT). Founded in 1932, DRT is a developer and supplier of renewable and naturally-derived ingredients. It specialises in the development of gum raisin and turpentine extracted from pine risen. DRT’s head office is located in Dax, France and sells its products around the world. “We are delighted to have closed this acquisition which will give us a significant competitive advantage moving forward,” said Gilbert Ghostine, CEO, Firmenich. “This acquisition affirms our commitment to becoming a global leader in renewable ingredients…

(BUSINESSNEWSASIA) – AIA Group Limited announced that Jayne Plunkett will join AIA as Group Chief Risk Officer with effect from 1 November 2019. Jayne will be a member of the Group Executive Committee and will report to Ng Keng Hooi, Group Chief Executive and President. Jayne joins AIA Group from Swiss Re where she was Chief Executive Officer Reinsurance Asia, Regional President Asia and member of the Group Executive Committee, responsible for Swiss Re’s businesses across Asia. Ng Keng Hooi said, “Jayne is a widely-respected insurance professional across Asia’s insurance sector with a proven track record of success. I know…

Stocks of Western Areas Ltd (ASX:WSA), one of Australia’s top nickel producer, and Mantra Group Ltd (ASX:MTR), an accommodation operator in Australia, New Zealand and Indonesia, ended today’s trading at the Australian Securities Exchange as top gainers. Western Areas Ltd (ASX:WSA)’s stock gained 4.17% to end the trading day at $2.50 a share, or $0.10 more from yesterday’s trading. Western Areas made no market-moving disclosure today. Mantra Group Ltd (ASX:MTR) gained 4.15% to end the day at $3.135 a share. A total of 2.2 million Mantra Group shares exchanged hands in today’s trading. Whitehaven Coal Ltd (AX:WHC) was up 3.81%…