The Philippines will reap significant benefits from enforcing site blocking to combat piracy, the latest YouGov consumer surveys commissioned by the Coalition Against Piracy (CAP) showed, redounding to the vibrancy of the P1.60-trillion creative industry, a top contributor to the economy. The Globe Group said this as it celebrated the passage of House Bill No. 7600, which proposes revisions to the country’s 26-year-old Intellectual Property (IP) Code, including allowing site blocking, to address gaps that have allowed online piracy to endure and to empower regulators to act against violators. The bill, authored by Albay 2nd District Rep. Joey Salceda, was…
Author: Chris Lam
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Sunway University has earned the top spot among non-government linked private universities in Malaysia in the latest Times Higher Education (THE) World University Rankings 2023. Ranked within the 801-1000 bracket out of 1,799 universities across 104 countries and regions, the prestigious institution has also been recognized as one of Malaysia’s Top 10 universities. “We are very pleased to have entered the THE World University Rankings for meeting the eligibility criteria to receive a rank in the league table,” said Professor Sibrandes Poppema, President of Sunway University. The league table, compiled using 13 performance indicators, evaluates universities in areas such as…
Colliers, a diversified professional services and investment management company, has announced the successful completion of three significant deals in the Seoul market, with a combined value of USD780 million, in May 2023. This accomplishment, led by industry veteran Sungwook Cho, showcases the firm’s extraordinary transactional capabilities in a challenging market environment. The transactions include the sales of Munjeong Plaza, Donghwa Building, and Namsan Green Building, spanning a total land area of 20,487sqm. The company’s significant role in these deals strengthens its position as a trusted partner for investors in the Korean market. The Munjeong Plaza deal highlights the team’s ability…
Over two dozen blockchain teams and venture capital entities have come together to initiate a $50 million Cross-Chain Ecosystem Fund. The fund will support and promote budding startups that employ the Wormhole cross-chain messaging protocol. Borderless Capital, a prominent venture capital firm in the Web3 domain, will manage and operate the fund. Renowned blockchain protocols, infrastructure providers, and institutional investors back the fund, intending to encourage cross-chain innovations and stimulate the growth and adoption of the Web3 industry. Significant supporters of the fund include Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Algorand Foundation, and more. With the rapid multiplication…
Insurtech company bolttech has successfully raised US$196 million in its Series B funding round, with a valuation of US$1.6 billion. The funding round was led by Tokio Marine, the oldest insurance company in Japan with a rich 140-year history. Other key investors included MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as existing and new shareholders. This achievement is particularly notable as mega-round funding for the global insurtech sector has been at its lowest level since Q1 2020, according to a Gallagher Re report. bolttech’s Series B fundraise is the largest equity…
Laguna Health, the AI-powered contextual care management platform, has announced the initial close of its Series A funding round, securing $15 million in investment. The round was co-led by SemperVirens and HC9 Ventures, bringing Laguna’s total funding to over $21 million. The company plans to utilize the funds to enhance its AI capabilities in the context of care management and expand its go-to-market strategy. Currently, around 35 million Americans are hospitalized annually, and a majority of them are discharged to self-care at home. However, patients often receive minimal ongoing clinical oversight and rely on paper instructions for their recovery. Laguna…
Property giant Megaworld has commenced the construction of its inaugural hotel development in Northern Luzon, set to be located within the 35.6-hectare Capital Town Pampanga. The Savoy Hotel Capital Town will mark Megaworld Hotels & Resorts’ fifth property under the Savoy Hotel brand, the largest operator of homegrown hotel brands in the country. Strategically situated along San Fernando Boulevard, the hotel will be nestled in an area expected to witness a high concentration of tourists and guests within the township. It will be positioned near the upcoming Capital Mall and will be surrounded by residential condominiums, office developments, and the…
Jenfi, a financial technology firm specializing in revenue-based financing for digital-native businesses, has successfully raised $6.6 million in a Pre-Series B funding round. The round, led by Headline Asia, saw participation from several notable investors including Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, Atlas Ventures, among others. The additional funding will help Jenfi strengthen its position as a top fintech lender for emerging online businesses in areas such as e-commerce, SAAS, and consumer-tech. “We are honoured to be backed by such a distinguished group of investors as we strive to push the boundaries…
TPG Inc., a global alternative asset management firm, announced that it agreed to acquire Angelo Gordon, a $73 billion alternative investment firm focused on credit and real estate investing. The cash and equity transaction is valued at approximately $2.7 billion and includes $970 million in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG. Additionally, there is an earnout component based on Angelo Gordon’s future financial performance, valued at up to $400 million. Founded in 1988, Angelo Gordon is a fully integrated multi-strategy platform with over 650 employees across 12…
isense, the renowned consumer technology brand, made a significant announcement yesterday with the launch of its highly anticipated ULED X and hero U8 TV products in the United Arab Emirates region. Recognized as the second-largest global TV brand in terms of shipments in 2022, Hisense continues to solidify its position as an industry leader. Last year, the company’s exceptional dedication to quality was acknowledged when it received the prestigious ‘Dubai Quality Global Award’ for its outstanding range of products and services tailored specifically to the local Dubai market. One of the highlights of Hisense’s latest offerings is the ULED X,…
Jollibee Foods Corporation (PSE: JFC) has reported its financial results for the first quarter ended March 31, 2023. According to JFC CEO Ernesto Tanmantiong, the company’s financial results reflect continued strong momentum, delivering another quarter of strong topline and operating income growth. System-wide sales (SWS) and revenues for the quarter rose by 31.1% and 28.5%, respectively, while operating profit grew by 80.9%. SWS growth was broad-based with all brands posting strong double-digit growth compared to the first quarter of 2022. Same store sales grew by 22.4%, with the Philippine business growing by 31.6% and the international businesses by 8.8%. JFC…
Radisson Hotel Group and La Vie Hotels & Resorts have signed a Master Collaboration Agreement that will see over 30 hotels added to the Group’s portfolio over the next decade. As part of the agreement, La Vie Hotels & Resorts will develop, manage, and operate properties under Radisson Hotel Group’s five industry-leading brands, including Radisson Blu, Radisson RED, Radisson, Park Inn by Radisson, and Country Inn & Suites by Radisson, under a non-exclusive brand collaboration agreement. The partnership will focus on expanding the Group’s portfolio in key growth markets across the Asia Pacific region, including Australia, New Zealand, Vietnam, Thailand,…
City University of Hong Kong has launched the first-ever HK Tech 300 Southeast Asia Start-up Competition (HK Tech 300 SEA Competition) in Kuala Lumpur. The competition is part of the university’s flagship innovation and entrepreneurship programme, HK Tech 300, which has a total commitment of up to HK$600 million (about MYR 340 million). The HK Tech 300 SEA Competition is being held in partnership with universities and incubators in the region, including Universiti Malaya and Universiti Putra Malaysia from Malaysia, Universiti Brunei Darussalam from Brunei Darussalam, and Chulalongkorn University from Thailand, among others. The competition aims to foster start-ups and…
Lear Corporation, a global automotive technology leader in Seating and E-Systems, has announced the completion of its acquisition of I.G. Bauerhin (IGB), a privately held supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules. The €140 million acquisition expands Lear’s Thermal Comfort Systems portfolio, which combines efficient heating, ventilation, and active cooling with exceptional seating craftsmanship. IGB has more than 4,600 employees at nine manufacturing plants in seven countries, and its products will enhance Lear’s suite of in-vehicle comfort technologies. According to Lear President and CEO, Ray Scott, the acquisition of IGB…
Hong Kong Exchanges and Clearing Limited (HKEX) announced today that it welcomes the joint news release by the People’s Bank of China (PBOC), Hong Kong Securities and Futures Commission (SFC), and Hong Kong Monetary Authority on the launch of Swap Connect, a new mutual access program between Hong Kong and Mainland China’s interbank interest rate swap markets. Scheduled for launch on May 15, 2023, Swap Connect will initially start with a Northbound channel, granting Hong Kong and international investors access to Mainland China’s interbank financial derivatives market. This connection will be facilitated through financial infrastructure institutions in the Hong Kong…
The Securities and Exchange Commission (SEC) of the Philippines has extended the deadline for amnesty applications for late and non-filing of annual financial statements (AFS), general information sheets (GIS), and official email addresses and mobile phone numbers. Eligible companies now have until June 30 to complete their amnesty applications. Additionally, applicants will have 90 days, instead of 45 days, from the date of payment to submit their latest due financial statements. The Commission granted the extension through SEC Memorandum Circular No. 6, Series of 2023, issued on April 25. The SEC had launched the amnesty program for noncompliant corporations, as…
Hong Kong’s much-awaited AIA Carnival is set to return in a grand fashion on December 21, 2023, with new experiences and attractions promising to make it the best day of the year for many generations. The official countdown to the event was launched by Randy Bloom, CEO of Great China Entertainment Group Limited; Siobhan Haughey, AIA Hong Kong and Macau Ambassador and Hong Kong Swimmer; and Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau. This year’s Carnival will be the first mask-free Christmas, New Year’s Eve, and Chinese New Year event in recent times. The organisers and…
We have deleted this news after Temasek issued a statement saying it has not invested in Array. “This news is incorrect. Temasek has not invested in Array and we have no relationship with them,” Temasek said.
The Department of Social Welfare and Development (DSWD) welcomed on Saturday night the first batch of Filipinos evacuated from conflict-torn Sudan. The group of eight hotel workers arrived at Terminal 3 in Pasay City via Qatar Airways Flight No. QR 204. The DSWD provided psychosocial intervention to the repatriated Filipinos as an initial assistance. The eight fled from Khartoum, Sudan, and arrived in Greece onboard a Greek military aircraft. They were received by Philippine Ambassador to Greece Giovanni Palec. On Friday, the 17 repatriates flew out of Athens, Greece and Jeddah, Saudi Arabia, including the eight hotel workers, after representations…
International insurance group Ageas has announced the sale of its French life insurance, savings, and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac), following consultation with employee representatives. The divestment includes Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline, with a consolidated perimeter representing IFRS technical provisions of EUR 3.9 billion and an IFRS net profit of EUR 6.1 million as of the end of 2022. Carac is a mutual operating in the domain of savings, protection, and pension business in France. The transaction is estimated to have a positive impact on Ageas’s Solvency IIageas of 9% based…