Author: Iselle Chua

The Asian Development Bank (ADB) and the Government of the United Kingdom (UK) have signed a memorandum of understanding to develop a £107 million (around $134 million) trust fund to support efforts by Association of Southeast Asian Nations (ASEAN) countries to scale up green financing and shift to low-emission, climate-resilient development. The UK–ASEAN Catalytic Green Finance Facility (ACGF) Trust Fund will leverage UK and ADB funds to accelerate a pipeline of low-carbon and climate-resilient infrastructure projects and catalyze financing from public and private capital sources. The fund will be part of the ASEAN Green Recovery Platform launched at COP26. “We…

Emerging Power Inc. (EPI), the renewable energy subsidiary of natural resources development company Nickel Asia Corp. (NAC), signed an agreement with Shell Overseas Investments B.V. (Shell) to jointly develop, own, operate, and maintain onshore renewable energy projects in the Philippines. The EPI-Shell venture is targeting 1 gigawatt (GW) by 2028 with ambitions to contribute up to 3 GW into the country’s renewable capacity by initially rolling out a series of projects in Luzon and Visayas. The focus will be on utility scale solar photovoltaic (PV) while evaluating opportunities in onshore wind and energy storage systems. Based on industry data, a…

New York-listed insurer Chubb Limited announced that it has completed its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in six Asia-Pacific markets. Chubb paid $5.36 billion for the operations, which include Cigna’s accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia. The reduction in the final purchase price from the original announcement reflects the impacts of rising interest rates and foreign exchange rates on acquired book value and other minor adjustments. This complementary strategic acquisition advances Chubb by…

The Korean launch vehicle Nuri(KSLV-II) was successfully launched from the Naro Space Center in Goheung, South Korea at 16:00 pm on 21st June 2022. Private space companies participated in this test launch along with Korea Aerospace Research Institute(KARI), contributing to the achievement of the first Korean launch vehicle developed solely from domestic technology. Ground station operator CONTEC used its ground stations in Alaska, Sweden, and Ireland to provide real-time ground support for its payload satellite. Once KSLV-II reaches the target altitude and separates the Performance Verification Satellite (PVSAT), ground stations receive data from the satellite including its current location and…

Mead Johnson Nutrition Hong Kong (“Mead Johnson”) is bringing back the “We CAN Protect the Future” Formula Cans Recycling Program together with the 24-hour online shopping mall HKTVmall (“HKTVmall”) and the World Green Organization (“WGO”) from 15 June to 31 July 2022. The rewarding program encourages parents to make recycling a part of their lives at the same time earning shopping vouchers and taking measures to build a sustainable future for the next generation in a convenient way. “At Mead Johnson, we are committed to helping parents give their children the best start in life. A green and sustainable future…

Omnistream, a Singapore-based data-empowered solutions company for the retail industry, has raised $7 million in Series A funding led by SIG Venture Capital, the Asian venture capital arm of Susquehanna International Group. Delivery Hero Ventures, an independently managed venture capital fund backed by Delivery Hero, Asian investment management firm Spiral Ventures, and venture capital firm Wavemaker Partners also participated in the funding round. In a statement, Omnistream said the new funding will allow the company to rapidly scale to address the needs of retail clients globally and will result in the addition of more than 50 new roles to the…

Southeast Asian online property major PropertyGuru reported strong performance in the first three months of this year, with revenue growing 44% year-on-year to S$28.2 million ($20.6 million). In a stock exchange filing, PropertyGuru Group said its revenue growth in Q1, which is a typically slower quarter, reflects the company’s strong execution coupled with increasing confidence in Southeast Asia’s economies. The company’s net loss, however, increased to S$120.3 million but PropertyGuru said this was due to accounting adjustments in relation to the business combination with Bridgetown 2 Holdings Ltd. Marketplaces revenues increased by 41.7% year-on-year, due to our investments during the…

MANILA – Listed property giant Megaworld has announced plans to build its first upscale residential village inside the 140-hectare Maple Grove township in General Trias, Province of Cavite, in the Philippines. The 22-hectare Maple Grove Park Village will be a luxury resort-inspired residential community that offers 377 lots, ranging in size from 280 square meters up to more than 500 square meters. Designed by renowned global design firm Wimberly, Allison, Tong & Goo (WATG) – the same group behind some of the world’s most extraordinary resort destinations like Shangri-La Maldives, Sofitel Bali in Indonesia, Atlantis The Palm in Dubai, as…

Andrew Tan’s Megaworld Corporation has clarified that it has no outstanding or unpaid past tax liabilities needing any enforcement action, according to a PhilippinesToday.ph report. The PSE-listed company made the announcement after the Bureau of Internal Revenue (BIR) issued a media advisory stating that it would issue a closure order against Megaworld at the property giant’s main office in Bonifacio Global City. “[Megaworld] is being regularly audited by the Large Taxpayers Services of the BIR Head Office, and all its tax returns up to taxable year 2020 have been examined and all previous deficiency assessments have already been paid for…

The 9th International Coffee & Tea Asia 2022 will be taking place at the Marina Bay Sands from May 19 to 21, incorporating the Cafe Asia and Sweets & Bakes Asia, according to organizers. It will also be held in conjunction with the 3rd edition of Restaurant Asia 2022, a dedicated showcase of restaurant, kitchen and culinary equipment that serves as a one-stop platform for the sourcing of the finest ingredients and latest culinary and kitchen equipment. Over three days, the exhibitions will showcase the latest equipment, machinery, accessories, products, solutions and supplies that embrace sustainability and innovation for F&B…

Singapore parent-tech company The Parentinc gains the leadership of Prasad Khasnis as its inaugural Chief Technology Officer. Khasnis is poised to bring a new era of innovation that will bolster the company’s mission to help 100 million parents have healthy pregnancies and raise healthy families. Khasnis has two CTO feathers in his cap: he played the role of CTO at OLX Indonesia (via IT and software development company, Globant), and then as CTO of Indonesia’s leading car dealership platform Rajamobil.com. As CTO in these companies, he succeeded in executing key projects, from introducing Rapid Prototype to improve go-to-market time and…

Patriot Battery Metals Inc announced that it has commenced the process to dual list on the Australian Securities Exchange (ASX). In a statement, Patriot said it already has a strong number of shareholders based out of Australia on its register so it is the logical next step for the company to provider greater ease of access to existing and new investors. The company also believes the ASX listing will position the company better in the Australian market, which has many well established lithium companies listed on ASX with hard rock lithium projects in Canada. Patriot Battery Metals Inc. is a…

State Street Corporation (NYSE:STT) today announced that it has appointed Michael Knowling to head of its Global Clients Division (GCD). Knowling will report jointly to Joerg Ambrosius and Chris Coleman. In this role, Knowling will manage a team of senior client executives, global relationship managers, and client analysts as part of State Street’s client centric coverage model focused on delivering cross-enterprise solutions and insights to the company’s global and most complex clients. “Michael has a deep knowledge of the complex needs of our client base having lead teams across every client sector,” said Ambrosius, who recently assumed additional responsibility as…

Leading digital solutions platform Globe continues to step up its campaign against illegal sites carrying child pornography content and online gambling, blocking 11,320 URLs and 502 domains hosting lewd content, as well as 194 domains of illegal gambling since the start of the year. Since it launched the #MakeITSafePH initiative in 2017, Globe has clamped down on 3,975 domains and 57,785 URLs featuring child pornography. Through the advocacy, Globe educates consumers on rampant cases of online sexual abuse and exploitation of children (OSAEC) and how they can protect minors from such risks. Globe has invested over $2.7 million in content…

ACEN, the listed energy platform of the Ayala Group, ACE Endevor, Inc. (“Endevor”) and CleanTech Renewable Energy 4 Corp. (“CleanTech”) have formed a joint venture company, Natures Renewable Energy Development Corporation (NAREDCO) to develop, own and operate a 133 MW solar farm and transmission line project located in Lal-lo, Cagayan. The companies recently signed a shareholders’ agreement for the strategic partnership, with ACEN and Endevor to have a combined 60% ownership stake in NAREDCO, and CleanTech owning the remaining 40%. NAREDCO will proceed with the construction the solar farm and transmission line, which has a potential expansion of up to…

Animoca Brands, the company advancing digital property rights for gaming and the metaverse, today announced it has completed the acquisition of 100% of indie game developer Grease Monkey Games. Grease Monkey Games is the developer of Torque Burnout and Torque Drift, and has a new major motorsport title in development. Grease Monkey Games is a Melbourne-based developer of high-quality motorsports games, founded in 2013 by Arran Potter, a veteran of the video visual effects industry. With extensive experience in motorsports games development and established industry partnerships across motorsports and automotive manufacturing, Grease Monkey Games adds significant game development capabilities and…

Globe is now the largest telecommunications company in the Philippines in terms of market capitalization. Globe, with trading symbol GLO at the Philippine Stock Exchange, now has a market value of over P363 billion as of end-August trade. Globe’s high market capitalization shows investors’ confidence in the company’s prospects, including its strategy to invest and diversify into adjacent sectors. Once a telco business only, the Globe Group of Companies has expanded into various digital solutions businesses, leveraging its substantial customer base, distribution capabilities, deep market knowledge, and synergies with its strategic partners. Globe has successfully transformed its telco business into…

The Bangko Sentral ng Pilipinas (BSP) urges financial technology firms (fintechs) to seize opportunities presented by the rise in digital transactions and issuance of supportive e-payment policies in developing innovative solutions. “Strike while the iron is hot. Tap into your innovation DNA to create worthwhile solutions. The conditions are ripe and the time to act is now,” said BSP Governor Benjamin E. Diokno during the recent Fintech Alliance Philippines’ 2nd General Membership Meeting. The BSP noted a significant spike in digital transactions amid the pandemic. As of end-July 2021, InstaPay transaction volume and value rose respectively by 64% and 103%…

Integrated energy company Semirara Mining and Power Corp. (SMPC) has turned over close to P1.7 billion in royalty payment to the Department of Energy for the second quarter, the highest ever in its history. SMPC was able to generate the record-setting quarterly payment after recognizing P14.8 billion in revenues on the back of all-time high coal sales and higher average selling prices. “The pandemic has taken a significant toll on our country. We hope that our contribution can help boost our government’s response against COVID-19,” said SMPC president and COO Maria Cristina C. Gotianun. Of the P1.7 billion, more than…

The Department of Transportation, together with the Philippine Ports Authority (PPA) and the Civil Aviation Authority of the Philippines (CAAP), is set to inaugurate the expanded Siquijor port and airport facilities on Thursday, effectively ending the decade-long concern against congestion. The Port of Siquijor is the main door of the mystical island province to and from Luzon, the rest of the Visayas and Mindanao. Coinciding with the inauguration of the port is the launching of the rehabilitated Siquijor Airport, which now boast of a spanking Passenger Terminal Building, bigger parking area and a powerhouse to supply the energy requirement of…