Author: Business News Asia

MALAYSIA – The arrest of a Swedish man, who was jailed in Thailand for major credit card fraud, again resurrects the issue on immigration checks in Sabah for people coming from Labuan through sea transport. Per Johan Robin Bentley, 28, managed to get into Malaysia despite his previous arrest due to his involvement in major credit card fraud in Thailand, the Daily Express reported. Bentley pleaded guilty to illegally entering through the Jesselton Point ferry terminal on March 24. He has stayed in Malaysia from Thailand for the past five months but was arrested in Sabah last March. Because of…

SYDNEY, AUSTRALIA – Australia’s central bank, the Reserve Bank of Australia (RBA), decided to keep its cash rate steady at a record low of 2.25% on Tuesday, bucking the global trend of rate cuts and surprising economists who had looked for another easing to follow February’s cut. The RBA made the announcement following its monthly policy meeting. It strongly hinted in February, when it cut official cash rate to 2.25%, that it would cut rates again this year to help revive the country’s economy. The RBA decision did not come as unexpected as only 13 of 30 major economists expect…

DUBAI – About 400 key players and stake holders in the global Islamic insurance industry, also called the takaful industry, will be meeting in Dubai for the World Takaful Conference on April 13 and 14. The 10th anniversary special edition of the World Takaful Conference (WTC 2015), under the theme ‘Revitalising the Industry: A New Way Forward For Takaful,’ will take place on April 13 and 14 at the Dusit Thani. The conference will set the stage for discussions that will strive to improve the competitive performance of takaful players and will also seek answers to questions such as the…

MALAYSIA – It took more than 15 hours for Malaysian lawmakers to decide to pass the controversial Prevention of Terrorism Act (Pota) Bill, which gives teeth to Malaysia’s fight against terrorism. The controversial anti-terrorism law was passed days after Malaysian authorities arrested 17 persons, including a 14-year-old boy, suspected to plotting terror acts in the countries capital, Kuala Lumpur. Opposition, however, criticized the passing of the anti-terrorism law specially that it contains provision that detains a person without trial and was passed after the arrest of the 17 suspected militants. While the opposition claimed that the new anti-terror law was…

MANILA, PHILIPPINES – Justice Secretary Leila de Lima has denied reports that the Philippine government will surrender its Sabah claims in exchange for a deal with Malaysia. De Lima assured the Filipinos that the government will not give up its claims on Sabah, which has been considered by Malaysia as under its terroritory. De Lima made the assurance in reaction to a new report that mentioned about a note verbale that allegedly stated that the Philippines will downgrade its claims on Sabah in exchange for Malaysia support in the ongoing territorial dispute between the Philippines and China. The justice secretary…

SINGAPORE – Singapore Prime Minister Lee Hsien Loong has officially launched the country’s new Police Operations Command Center (POCC), which will serve as the new nerve center of the Singapore Police Force. Prime Minister Le said POCC will monitor big and small events in the country, including taking 999 calls, and then coordinates the police response to them. “Our Police Officers don’t carry little black notebooks around anymore . They use IT and 3G comms, and are linked to the Police Operations Command Centre (POCC),” said Lee in his Facebook page. At the center, Lee and Deputy Prime Minster and…

KENYA – Kenya is not delaying its response to an al-Shabab attack that left 148 people dead at Garissa University as it launched two air strikes aimed at al-Shabab targets in Somalia, authorities said. The Kenyan warplanes dropped bombs at two camps in the Gedo region, a military spokesman said. The region has been used by al-Shabab militants as passage to Kenya from Somali. Kenya’s military spokesman Col. David Obonyo, however, clarified that the airstrikes were part of continuing operations against al-Shabab an dnot just in response to the deadly Garissa attack. Al-Shabab has killed more than 400 people in…

NEW YORK – Global financial information and services firm Markit Ltd said the final reading of its Purchasing Managers Index for the US services sector expanded at its fastest pace in March since August. The US services sector PMI increased to 59.2 in March from 57.1 in February, registering the highest level since August. The final reading also overtook the flash reading of 58.6, Markit said in a report it released on Monday. A PMI reading above 50 indicates an expansion in economic activity while a reading below 50 signals a contraction. According to Markit’s report, employment at service companies…

MANILA, PHILIPPINES – Traders at the Philippine stock market were on high spirits Monday as the Philippine Stock Exchange index (PSEi) reached another record high, its 25th for this year. The PSEi for the first time passed the 8,000 level following the long Holy Week break, registering 8,053.74 points at the closing bell on Monday. The closing points were higher by 60.65 points from a record high registered last week. The PSEi also reached a new all-time intraday high of 8,062.79, eclipsing the previous intraday high of 8,007.98 registered on March 30, 2015. “Closing above the 8,000 level is significant…

NORTH CAROLINA, USA – Craig Stephen Hicks, the main suspect in the killing of three North Carolina college students who were Muslims, could face the death penalty if convicted of first-degree murder. Hicks, 46, is set to appear in court today for a hearing that will determine if he will be facing the death penalty for killing Deah Shaddy Barakat, 23; his wife Yusor Mohammad Abu-Salha, 21; and her sister Razan Mohammad Abu-Salha, 19. Durham County District Attorney Lawyer Roger Echols earlier said he plans to seek the death sentence if Hicks is convicted of first-degree murder. The police said…

INDONESIA – Despite Australia’s appeal for clemency for the planned executions of two Australian drug smugglers, who are members of the Bali Nine, an Indonesian court here said death by firing squad will push through. A panel of three judges in the administrative court in Jakarta confirmed an earlier ruling that will send Andrew Chan and Myuran Sukumaran to the country’s so-called “execution island” for firing squad. The two were sentenced to death for their role in a failed heroin smuggling plot in 2005. The Bali Nine were arrested after Indonesian police received a tip off from Australian Federal Police.…

Malaysia’s insurance industry is set for a another fruitful year as the Life Insurance Association of Malaysia (LIAM) has predicted that the country’s life insurance industry will grow between 5% and 10% in insurance coverage this year from last year’s 6.9% increase. LIAM President Vincent Kwo said last year’s insurance coverage amounted to MYR1.17tr (USD321bn) from 2013’s MYR1.09tr (USD299bn). Kwo added that last year’s 9.3% growth in total premiums is expected to be repeated this year. The report, however, does not mention how much Malaysia’s life insurance industry paid back to the consumers but Kwo said medical claims and bonuses…

MALAYSIA – Malaysia will be hosting the 29th Southeast Asian (SEA) Games in 2017 based on the recent meeting in Singapore by the Southeast Asian Games Federation (SEAGF) Sport & Rules Committee. The committee agreed during the Singapore meeting that Malaysia will host the SEA Games in 2017, followed by Brunei in 2019 and then Vietnam in 2021. Since the inaugural SEA Games, which was held in Bangkok in 1959, Malaysia has hosted the 1977, 1989 and 2001 Games. The last time Malaysia host the Games is in Kuala Lumpur 2001. By the time the country will host the games,…

KUALA LUMPUR, MALAYSIA – The Malaysian police detained 17 suspected militants who were allegedly planning terror activities in the Malaysian capital of Kuala Lumpur. Malaysian Inspector-General of Police Khalid Abu Bakar confirmed the arrest through a Twitter post on Monday. “Syabas Bhg Counter Terrorism @PDRMsia semlm t’kap 17 org sedang merancang lakukan keganasan di KL. 2 dr mrk baru balek dr Syria. Go PDRM Go,” Khalid Abu Bakar. The Twitter post translates to “Congratulations to the police’s Counter Terrorism division yesterday [Sunday] for arresting 17 people planning to commit acts of terror in Kuala Lumpur. Two of them had just…

IRELAND – The Irish Coast Guard rescue helicopter has airlifted a male camper who sustained serious injuries after falling into a ravine at Mahon Falls in the Comeragh Mountains. The man, who has not been identified as of this posting, was reportedly with a group of campers holding a party near the Mahon Falls when the accident occurred. Another source, however, said the man was doing an early morning walk when he slipped in a ravine. Authorities said they were still investigating the incident. The man sustained spinal and shoulder injuries after the fall, which occurred just after 6 a.m.…

CANADA – Despite facing a long list of challenges in Cabada, taxi-hailing corporation Uber is not giving up on Canada, despite its current row with some officials, and even expresses hope to maintain further expansion in the country. The San Francisco-based tech giant has been facing a barrage of charges from municipal governments, ranging from political salvos to court injunctions, just so Uber can take its cars off Canada’s streets. Critics have been particularly vocal about the company’s UberX service, which allows unlicensed drivers to offer rides in their own vehicles. Such trips, sources said, are not eligible under the…

MANILA, PHILIPPINES – The Philippine government said it supports a United Nations (UN) initiative raising awareness on disasters to make vulnerable communities much safer. UN Secretary General Ban Ki-Moon and United Nations Office for Disaster Risk Reduction head, Margareta Wahlström, have urged disaster-prone countries like the Philippines to make “disaster risk reduction” a household word. In a radio interview on Sunday, Presidential Communications Operations Office Secretary Herminio Coloma said such an initiative is already being done by the Aquino administration. Disaster risk reduction has been the priority of the Aquino government and has incorporated it in the pillars of its…

MANILA, PHILIPPINES – The Philippine government has successfully evacuated 99 Filipino nationals from the war-torn Yemen, the official Philippine gazette reported. The Crisis Management Team (CMT), led by Philippine Ambassador to Saudi Arabia Ezzedin Tago, along with officials and personnel from the Philippine Embassy in Riyadh and the Philippine Consulate General in Jeddah, successfully evacuated the 99 Filipino nationals from Yemen. THe group is composed of 54 men, 43 women, and two infants. The group traveled on a convoy of two buses. They left the western Yemeni city of Hodeidah at 7:00 a.m. (Saudi time) on April 5 and arrived…

The China Securities Regulatory Commission (CSRC), China’s securities regulator, has approved 30 new initial public offerings (IPOs), in an attempt to cool a stock market rally. Based on stock exchange filing on 03 April, 28 of the 30 new IPOs have published their share issue prospectus to launch the IPOS over the next two weeks. Analysts said the 30 IPOs could lock up as much as Rmb3.7 trillion (USD597.13 billion) in subscription funds over the next two weeks. The number of latest IPOs approved was the most for this year after the securities regulator approved 20 IPOs in January and…

SINGAPORE – CapitaLand Limited announced that Mr Peter Seah Lim Huat will retire from the position of an Independent Non-Executive Director and Deputy Chairman of the CapitaLand Board and not seek re-election at the upcoming Annual General Meeting to be held on 30 April 2015. On the same day, he will also retire as Chairman of the Finance and Budget Committee, Chairman of the Nominating Committee and a member of the Executive Resource and Compensation Committee. Mr Seah, aged 68, was appointed to the Board on 18 December 2001 and assumed the role of CapitaLand’s Deputy Chairman on 1 January…