Author: Business News Asia

MANILA, PHILIPPINES – The murder trial involving US Marine Private First Class Joseph Scott Pemberton, the prime suspect in the death of transgender Jeffrey “Jennifer” Laude, should be covered live by the media, the Laude family said. The family of Laude went to the Supreme Court to ask that the murder trial be carried out live by media because the Filipino people “have the right to know what is happening in the proceedings. “More importantly, the so-called fourth estate has the constitutionally guaranteed protection to report on matters of great public interest, including the criminal proceedings in this case,” the…

DAVAO, PHILIPPINES – At least two milk tea sores in Davao City were caught allegedly selling expired milk tea ingredients just a few weeks after two persons in Manila died due to milk tea poisoning, authorities said. The discovery of the milk tea shops, located inside a mall in the city, came after the Davao City Health Office conducted massive inspection of milk tea shops in the city. The two shops, however, complained that there sales have been affected following the reports that they were selling expired milk tea ingredients. But Davao City Mayor Rodrigo Duterte said naming the two…

NEPAL – Global insurers and reinsurers with presence in Nepal are sending their teams to assess the damages brought about by the massive earthquake that struck the nation last Saturday. Analysts said most of the claims will come from home insurance policy that provides cover for any damage to property and contents caused by natural or man-made calamities. Among the insurance companies that are sending their teams in Nepal are the General Insurance Corporation of India (GIC) Re, the largest international reinsurer in Nepal, and Bajaj Allianz General Insurance. The Indian-government-owned GIC Re said it has formed a special team…

MANILA, PHILIPPINES – The Philippine government is sending a team from the Philippine embassy in New Delhi to Nepal to address the needs of Filipinos affected by the earthquake, President Benigno Aquino III said. “More than this, the Philippine government will be communicating with our counterparts in Nepal, to offer assistance. We are prepared to, and consequently taking steps to, render aid to the maximum of our limitations,” Aquino said. Aquino, who is in Malaysia for the 26th Association of Southeast Asian Nations (Asean) summit, said the Filipino people join the rest of the world in expressing sorrwo and concern…

KUALA LUMPUR, MALAYSIA – At least 100 local and international companies have been targeted to participate in the price reduction campaign that the Domestic Trade, Cooperatives and Consumerism Ministry has introduced. This was revealed by Minister Datuk Seri Hasan Malek, who added that at least 40 companies have so far expressed interest to join in the ongoing campaign. Among the 100 firms that are expected to participate in the program by the end of this year are giant retailers and food and product manufacturers. “With their participation, a total of 488,056 products are being offered at lower prices and are…

MANILA, PHILIPPINES – Philippine President Benigno Aquino III vowed to personally appeal the case of Mary Jane Veloso, the 30-year-old Filipina who is in the death row in Indonesia, to Indonesian President Joko Widodo. In his first statement regarding the case of Veloso, Aquino said he will personally talk to Widodo to appeal the case of Veloso, who has been given a 72-hour notice of execution by the Indonesian government. Before flying to Kuala Lumpur, Malaysia for the ASEAN Summit, Aquino said he will personally look for the chance to speak to his Indonesian counterpart to stop the execution of…

NEPAL – Rescuers race against time to save those who are still trapped underneath rubble of collapsed buildings in Kathamandu following a devastating 7.9 magnitude earthquake that rocked Nepal Saturday. Health and disaster officials have not released an official count of fatalities but sources said the death toll has already passed 700 and reports of fatalities in other parts of the Himalayan nation continue to pour in. It was the biggest earthquake to strike Nepal in over 80 years, hitting the very populous Kathmandu valley, AlJazeera reported. The earthquake’s epicentre was 80 kilometres northwest of Kathmandu, but the ground also…

MONTREAL, CANADA – Montreal-headquartered Stingray Digital Group Inc, a leading B2B multi-platform music and in-store media solutions provider operating on a global scale, aims to raise about CAD120 million, or USD99 million, when it lists on the Toronto Stock Exchange. Stingray has not officially revealed the details of its initial public offering (IPO) but sources said the listing could be completed sometime in early June of this year. Stingray Digital offers music TV channels, smartphone apps and an online streaming service for consumers and businesses. Reuters reported Montreal-based Stingray, founded in 2007, is headed by Eric Boyko, who owns a…

VANCOUVER, CANADA – The City of Vancouver has announced plans to regulate marijuana dispensaries in the city, a move that could result to the shutting down of about 25 percent of Vancouver’s dispensaries. The city currently has 80 marijuana dispensaries and senior health officials said the plan to license these marijuana shops is a smart move but could affect 20 dispensaries. These 20 dispensaries, sources said, will be forced to close shop because they are either located less than 300 meters from a school or are selling baked marijuana goods and candies. Under the new rules that the City of…

For the millions of fans who have been following the hit TV series “Everybody Loves Raymond”, this will come as a sad news. Sawyer Sweeten, who played the character of Geoffrey Barone from 1996 to 2005, died of an apparent suicide, authorities said. The actor passed away last 12 April and was believed to have committed suicide although his family has requested privacy at this moment of their grief. “This morning a terrible family tragedy has occurred. We are devastated to report that our beloved brother, son, and friend, Sawyer Sweeten, took his own life. He was weeks away from…

Watching the fight of the century, the much-awaited boxing fight of undefeated Floyd Mayweather Jr and Filipino boxing icon Manny Pacquiao, comes with a price – as much as USD141,000 a ticket. Boxing fans, however, did not mind the cost of the tickets to watch the fight on 2 May at the MGM Grand in Las Vegas as the 1,000 tickets that were made available to public sold out in just a matter of minutes. The most expensive ticket was priced at USD141,000 while the cheapest was USD1,500 based on the first posting on the website. When the tickets sold…

CALIFORNIA – Trek Bicycle Corporation, a major bicycle product manufacturer and distributor, has ordered a recall of about one million bicycles following the injuries of three riders. The recall involves 900,000 bicycles in the United States and 98,000 units in Canada that were built between 2000 and 2015, the company said. The recall was ordered after a thorough check showed that the bicycles’ front quick release lever that opens past 180 degrees can potentially become caught in the front disk brake, causing the front wheel to come to a sudden stop. THe check was conducted after three riders were injured…

Watching the fight of the century, the much-awaited boxing fight of undefeated Floyd Mayweather Jr and Filipino boxing icon Manny Pacquiao, comes with a price – as much as USD141,000 a ticket. Boxing fans, however, did not mind the cost of the tickets to watch the fight on 2 May at the MGM Grand in Las Vegas as the 1,000 tickets that were made available to public sold out in just a matter of minutes. The most expensive ticket was priced at USD141,000 while the cheapest was USD1,500 based on the first posting on the website. When the tickets sold…

MANILA, PHILIPPINES – Nine days before his fight against undefeated Floyd Mayweather Jr., in what is considered as the fight of the century, Filipino boxing icon Manny Pacquiao said he is all set for fight day. Pacquiao posted on his twitter account “I’m ready to rumble. 9 days to go.” with his photo and the Philippine flag as background. Meanwhile, coach Freddie Roach provided a hint of the strategy that Pacquiao’s team will implement during fight night. Roach said that during the first few rounds of the scheduled 12-round championship fight, Pacquiao will have to give it all, showcasing his…

SINGAPORE – Changi Airport Group (CAG) announced that it will implement several reductions and rebates to aeronautical fees at Singapore Changi Airport, one of the largest airports in Southeast Asia, to provide temporary cost support for airlines, ground handlers and passengers. The plan includes reducing passenger service fees for transfer or transit passengers, landing fees for larger aircraft types, and franchise fees for flight catering and ground handling services. Towards this end, the Passenger Service Charge for transfer and transit passengers will be reduced by two-thirds from S$9 to S$3 for travel from 1 July 2015 onwards, CAG said. The…

NEW ZEALAND – Spark New Zealand, a New Zealand-wide communications service provider, is no longer the country’s largest listed company by market capitalization after it was bumped off the top spot by Fletcher Building. The New Zealand Herald reported that Spark’s market capitalization was valued at USD5.17 billion Thursday from USD6.51 billion in February. The value is not even enough to land Spark on the second spot. Investors’ sentiments seemed to have moved from telecommunications to other sectors as Fletcher Building, the infrastructure and building materials manufacturer and general construction contractor, is now New Zealand’s largest listed company. Fletcher Building…

CANADA – Canada’s Senate has lost its speaker, Pierre Claude Nolin, who died at the age of 64 Thursday, five years after he was diagnosed with a rare form of cancer, a Senate spokeswoman revealed. Nolin, who became Speaker of the upper chamber last November, died just after 7 p.m. Thursday, leaving the Canadian Senate without a leader in the midst of its greatest crisis. It was Nolin who announced the he had a rare form of cancer when he was diagnosed in 2010. He also revealed details of his treatment in recent years. “We are all going to die.…

DUBAI, UAE – Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has been named the ‘Best Islamic Bank in the UAE’ at the 2015 World Finance Awards. This marks the second time in the last three years that Emirates Islamic has won the coveted award, having previously received the same recognition in 2013. The announcement comes after the bank, among the fastest growing in the UAE, reported impressive double digit growth for the third consecutive year for the period ended December 31, 2014 with a net profit of AED 364 million. Commenting on the award, Jamal…

MANILA, PHILIPPINES – The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, announced that the country’s inflation eased further in the first quarter of the year. In its BSP Inflation Report, the central bank said year-on-year headline inflation in Q1 2015 remained within the government’s target range of 3.0 percent at 2.4 percent, lower than the quarter- and year-ago rates of 3.6 percent and 4.1 percent, respectively. “The continued deceleration in headline inflation was driven mainly by the slower increases in food prices resulting from adequate domestic supply,” the BSP report said. Non-food inflation likewise slowed down…

SHANGHAI – Citigroup and JPMorgan are clearly seeing a bright prospect in China, whose economy continues to be in the downturn, as manifested in their latest senior appointments aimed at expanding their reach in the country. JPMorgan appointed Hong Kong-based Karen Li as head of China equity research, a newly-created position. Li, who joined JPMorgan in 2005, will report to JPMorgan’s chief of equity research for Asia, ex-Japan, James Sullivan. She will retain her duties as head of Asia infrastructure and industrials research. In announcing the appointment, Sullivan said JPMorgan considers China and India as the absolutely critical markets in…