Author: Business News Asia

Digital solutions platform Globe sees more core business growth as it expects mid-single digit growth in overall service revenues versus the record level of 2022. Likewise, the company is focusing its efforts on free cash flow sustainability by slowing down on capital spending and optimizing network utilization, as it makes the most out of network investments made in the last three years. Globe Chief Finance Officer Rizza Maniego-Eala said the company is also looking at maintaining its 50 percent margin for earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. “We have a guidance of revenue growth of mid-single…

During the Centenary Celebration of the Accountancy Profession in the Philippines gala in Manila on Friday, it was revealed that the country needs more accountants, ABS-CBN reported. According to Professional Regulatory Board of Accountancy Chairman Noe Quiñanola, although there are nearly 200,000 registered Certified Public Accountants in the Philippines, there is still a high demand for more CPAs in the country. Quiñanola highlighted that accountants play a crucial role in driving economic growth and that many businesses and agencies require more accountants. Thelma Ciudadano, Chairperson of the Centenary Celebration, hopes that young Filipinos will stay in the country as there…

According to the 21st Century Business Herald newspaper, former finance minister Lou Jiwei said on Saturday (Mar 18) that China plans to encourage foreign capital to enter its financial markets and may allow foreign-funded financial institutions to go public in the country once “conditions are ripe”. This move aligns with China’s effort to open up its financial industry. At the Global Asset Management Forum in Beijing, Cao Yu, vice-chairman of the China Banking and Insurance Regulatory Commission, also stated that China would respond to foreign financial institutions’ demands and promote the common development of both Chinese and foreign-funded banking and…

The estimated prize for the Friday, Mar. 17 drawing is $254 million, with a cash option of $136.8 million. The winning numbers for the Friday night drawing were 26, 28, 29, 39, 49, and the Mega Ball was 25, with a Megaplier of 3X. Unfortunately, no one was able to claim the jackpot, leaving it to continue to grow.

Actor Lance Reddick, known for his roles in “The Wire” and the “John Wick” franchise, has passed away at the age of 60 from natural causes, according to his representative, Mia Hansen. Reddick began his acting career in the 1990s with credits in shows like “New York Undercover” and “The West Wing,” but he initially intended to become a musician. He eventually applied to Yale University to study drama and went on to land his breakout role as Narcotics Unit Lt. Daniels on “The Wire.” Reddick’s career continued to flourish, with memorable parts on shows like “Lost” and “Fringe,” as…

FMO, the Dutch entrepreneurial development bank, has announced that it is investing in the first-ever green bond to be issued in Mongolia. The bond will be issued by Khan Bank, the country’s largest commercial financial institution. FMO has invested $35 million in the five-year bond, with the International Finance Corporation (IFC) investing $15 million and MicroVest contributing $10 million. The investment will help Khan Bank to grow its climate portfolio by funding projects that support renewable energy, energy efficiency, green buildings, green mobility, and climate-smart agriculture in Mongolia. The subscription will also contribute to improved sustainability of the country’s financial…

Asia’s largest digital stationery service for tablet users, WeBudding, has announced a content partnership agreement with GoodNotes 5, the popular digital paper app used by millions worldwide. Under the partnership, WeBudding will offer digital note templates, planners, sticker images, and more for use within the GoodNotes 5 app. In exchange, WeBudding will receive exclusive distribution rights in the Korean market. This expansion into the global market is a significant move for WeBudding, which already boasts over 400,000 content downloads and a community of over 2,000 global creators selling more than 15,000 products on its platform with over 10,000 digital stationery…

The Globe Group and leading climate data and analytics software company Komunidad Global have teamed up to implement an early warning monitoring system in Siargao island, a famous tourist destination in the Philippines, to strengthen its climate-resiliency to typhoons and other natural emergencies. The collaboration was announced by Komunidad Global Co-Founder and Chief Operations Officer Allister Ayque at the “Mobile For Development Seminar: A Better Climate Future – Opportunities For Innovation In Climate Adaptation And Resilience” at the recent Mobile World Congress 2023 in Barcelona. The Climate-Resilient Siargao Project, which also involves select local government units in Siargao, is a…

AutoStudio Cebu recently acquired a new dealership with two premium Italian motorcycle brands – Vespa and Aprilia SR GT. The two Italian brands will showcase their top-of-the-line models during the grand opening of the new AutoStudio showroom on March 21, 2023, in Veterans Drive Nivel Hills, Lahug, Cebu City. AutoStudio Philippines is the home of Mini Cooper Philippines since 2019. Among the models that will be showcased during the showroom opening are the ever-popular Italian scooter Vespa Primavera, which offers greater safety, comfort, and style, and the Vespa Sei Giorni, which capitalizes on the classic sporty spirit of the original…

Digital solutions platform Globe has brought in international food rescue organization Scholars of Sustenance (SOS) Philippines Food Rescue as its latest partner for the Hapag Movement, a unified hunger alleviation program. Globe is taking various approaches to address involuntary hunger in the country through the Hapag Movement. Aside from supplemental feeding efforts and livelihood training and assistance, the company is now looking at reducing food waste and showing the value of food through SOS PH. “Globe aims to create an even bigger impact by discouraging food waste among consumers and businesses. This partnership with SOS PH will help us achieve…

Bank of Commerce (BankCom), a San Miguel Corporation affiliate, reported a record net income of ₽1.8 billion for the fiscal year that ended on December 31, 2022. This marks a 49% increase from last year’s ₽1.2 billion, which is the highest since the acquisition of SMC. BankCom had a successful year as it raised P3.37 billion of common stock capital through an IPO and listed on the Philippine Stock Exchange. It also raised its maiden issuance of P7.5 billion bonds and was officially granted a universal banking license. In FY2022, BankCom’s gross revenue increased by 30% to ₽8.12 billion, and…

DBS and Heritas Capital have announced the the first close of the Asia Impact First Fund (AIFF), which will provide financing for social enterprises in Asia. The fund raised more than $20 million, led by DBS, which pledged $10 million, and other investors such as IMC Group, the Tsao Family Office and ANF Family Office. The AIFF aims to help 10-15 high-growth social enterprises that have shown clear social and environmental impact and have viable business plans to scale their dual objectives of impact and profitability. The fund has a target size of $50m and prioritises long-term impact outcomes rather…

Globe is setting up SIM Registration Assistance Desks in 51 sites across the country as it joins the eighth leg of the National Telecommunications Commission’s (NTC) SIM registration assistance program from March 13 to 17, 2023. Globe’s participation in the initiative is a demonstration of its commitment to providing excellent service to its customers regardless of their location, and helping them meet the April 26, 2023 deadline set under the law. “We recognize the significance of staying connected. With our SIM registration booths stationed throughout the country, we aim to make the process as convenient and straightforward as possible for…

digital solutions platform Globe has announced a capital expenditure (CAPEX) budget of approximately US$1.3 billion this year, a reduction of over 30% from the 2022 record CAPEX spending as the company shifts focus to capital efficiency and optimization. Globe has spent record-high levels of CAPEX in the past several years, as it took advantage of different opportunities to fast-track its network expansion and customer experience enhancements. As it moves to 2023, on the back of those significant investments, the focus of Globe shifts to ensuring the sustainability of its free cash flow generation. Globe aims to further drop its CAPEX…

Globe has made history by becoming the first company in the country to test Low Earth Orbit (LEO) satellite connectivity for Short Messaging Service (SMS) and emergency alerts in partnership with global firm Lynk Global. During the field trial, which took place in Bataan from February 16 to 20, 2023, standard mobile phones connected directly to Lynk’s LEO satellites and successfully sent and received text messages. The satellite was also able to broadcast an emergency message to the phones registered to the Lynk network. This breakthrough technology is expected to augment Globe’s existing terrestrial networks and provide cellular connectivity to…

CEBU CITY, Philippines – Homegrown virtual asset company C PASS has been issued a license to extend its send-and-receive cryptocurrency operation to Europe. This was announced by the company’s Vice President, Charlie Seo, who added that they will officially launch their digital wallet service and their stable coin, C PESO, for Europe this March. “This will enable users to send, receive, and swap cryptocurrency within the European Union and those based elsewhere but transacting with clients there,” Seo said. For the Philippine market, C PASS’s cryptocurrency operation will be available to a limited few as the Bangko Sentral ng Pilipinas…

ANTA PH officially launches its ANTA Ayala Cebu store, the 18th in the Philippines and so far, its largest boutique in the country. Festivities began as the brand met with team officials of Sacred Heart School-Ateneo de Cebu to formalize the brand’s sponsorship of the school’s basketball team. Currently bannering high school standouts such as Jared Bahay, Raffy Celis and Mike Asoro, the Magis Eagles will be defending their championship next season in ANTA gear. As the newest and only school outside of Metro Manila to be part of the ANTA Varsity Project, the SHS-Ateneo de Cebu Magis Eagles will…

Independent Reserve, the first licensed cryptocurrency exchange for all investors in Singapore, will look to further strengthen its Asia footprint with the upcoming appointment of Lasanka Perera as Chief Executive Officer, Singapore. In his new capacity, Perera will build on the strong foundation that Independent Reserve has established in Singapore to develop its growth strategy in Asia, as it continues on its mission to be Singapore’s trusted cryptocurrency exchange. Concurrently, he will be responsible for the smooth operations of Independent Reserve’s global business as he retains his role as Group Chief Operating Officer. Perera will take over the reins from…

Globe has emerged as the only telco to win the prestigious 5 Golden Arrow Award from the Institute of Corporate Directors (ICD) at the recently concluded 2022 Golden Arrow awards ceremony. It is the first such award for Globe, cementing its standing as a top-performing publicly listed company in the Philippines under the 2021 ASEAN Corporate Governance Scorecard (ACGS). Globe is among three awardees. The recognition is reflective of Globe’s score between 120 and 130 points in the ACGS Assessment, the highest level of performance set forth by the ICD. The Golden Arrow is presented to companies that achieve a…

NUSTAR Resort and Casino’s “Island of New Celebrations” is launching the country’s first “jumbotron”- currently the biggest 3D LED billboard and the only one in the Visayas and Mindanao. Measuring at 620 square meters, NUSTAR’s 3D LED billboard is expected to be captivating, iconic, entertaining, and adventurous. To effectively deliver on its promise of being the ultimate leisure and entertainment destination in the region, NUSTAR is taking on another feat with the launching of its 3D LED billboard just in time for the grand return of the Sinulog. “This display gives viewers a more creative and immersive experience, for a…