A TOP Vietnamese property tycoon sentenced to death in a US$27 billion fraud case has launched an appeal against her conviction, state media said on Friday (Apr 26). Truong My Lan, chair of major developer Van Thinh Phat, was found guilty this month of swindling cash from Saigon Commercial Bank (SCB) over a decade.....
- Total consideration for Capital A’s disposal and correspondingly, AirAsia Group’s acquisition amounting to RM6.8 billion, to be fulfilled with shares and debt settlement - Capital A’s shareholders’ equity to turn positive for the first time in 14 quarters following the divestment, while AirAsia X's shareholders’ equity to also strengthen post-transaction - AirAsia Group to fortify its position as the largest low co…
Anwar also denies report government is mulling over a second casino licence to revive the beleaguered US$100b development Berjaya Corp denied that company founder Vincent Tan was in talks to build a casino in Johor’s Forest City, as reported recently. The response came after Malaysia’s Prime Minister Anwar Ibrahim on Thursday (Apr 25) denied a recent news report that the government is mulling over a second casino licence to revive th…
The Singapore economy is on track for faster growth in 2024, aided by resilient global demand for its exports and above-trend growth in tourism-related industries, the central bank said on April 26. The Monetary Authority of Singapore (MAS) maintained its estimate of 1 per cent to 3 per cent GDP growth in 2024, made in November, after the 1.1 per cent expansion in 2023. The main clusters of the economy are converging towards their pre-p…
AirAsia Cambodia's inaugural flight graced the skies of Phnom Penh International Airport on April 20, bringing with it the promise of enhanced connectivity and a tourism boost for Cambodia. As noted by Prime Minister Hun Manet in a recent social media post, the aircraft, adorned with the iconic image of Angkor Wat and traditional Cambodian motifs, marks a significant milestone in the country's aviation industry.....
The Vietnam Online Business Forum 2024, themed “Sustainable E-Commerce”, kicked off in Hà Nội on April 25. The annual event, held by the Vietnam E-Commerce Association (VECOM), aimed to provide a comprehensive overview of e-commerce in the past year and shed light on the latest technology trends impacting the industry through a market research on smart consumer behavior and overview of the 2024 e-commerce market and its …
The Asian Terminal, Inc. (ATI) and Dubai-based logistics firm DP World target to turn a newly registered economic zone in Cavite into a smart and world-class facility. This, as ATI and DP World inaugurated on Thursday the Tanza Container Terminal Inc. (TCTI) located inside the MetroCas Industrial Estates - Special Economic Zone (MIE-SEZ) in Barangay Calibuyo in Tanza, Cavite. “(T)he four-hectare facility features a concrete container yard, …
A brand new hotel, Hotel Indigo Changi Airport, will be opening at Changi Airport, expanding the airport’s hospitality offerings and enhancing the experience of passengers and visitors. The hotel will be located in the public area of the airport and connected to Terminal 2 via a linkway. Boasting 255 rooms with innovative design elements and modern facilities, it is expected to be completed and fully operational by 2028. Built at the existi…
Hotel operators anticipate high expenses from power bills, food prices and labour wages as the low season arrives amid scorching temperatures. Thienprasit Chaiyapatranun, president of the Thai Hotels Association (THA), said during the hot season, electricity expenses could rise to 20% of total costs, compared with 10% in the cool season.... https://www.bangkokpost.com/business/general/2781724/rising-expenses-add-to-hotels-woes
DP World and Malaysia’s Sabah Ports Sdn. Bhd today established a partnership to manage Sapangar Bay Container Port (SBCP) to cement SBCP’s position as the premier regional trade hub for the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA)1. Sabah Ports Sdn. Bhd is a wholly owned subsidiary of Malaysian public listed investment holding company, Suria Capital Holdings Bhd. The agreement was signed…
Southeast Asian casino investor Donaco International Ltd reported group-wide revenue of AU$12.7 million (US$8.3 million) in the three months to 31 March 2024, representing a 30.1% increase over the December quarter on improved business volumes at its Cambodian and Vietnamese casinos.....
Following a challenging 2023, local businesses have returned upbeat results from the first quarter (Q1) of this year, heralding rosier prospects for the rest of 2024. Thanh Cong Textile Garment Investment Trading JSC (TCM), a large exporter based in Ho Chi Minh City, revealed that the company saw an estimated $39 million in revenue and $2.5 million in profit in Q1, up 6 per cent and 9 per cent respectively, on-year.
The Asian Development Bank (ADB) and Buskowitz Solar Inc., a subsidiary of Buskowitz Energy Inc. signed a $12 million (equivalent to 675 million Philippine pesos) deal to support clean and affordable solar energy for commercial and industrial consumers in the Philippines. The project will generate 88 gigawatt-hours of clean electricity annually and reduce 54,000 tons of carbon dioxide equivalent emissions. The financing will support the deve…
The recently announced guidelines on flexible work arrangements have prompted Singapore-based companies to rethink their workplace policies. Many local employers, including those with flexible work arrangements already in place, see the potential for increased productivity and employee satisfaction, but smaller firms appear less convinced.....
MANILA moved up five spots in the latest ranking of financial centers based on their green finance performance, according to London-based think tank Z/Yen Group. In the 13th edition of the Global Green Finance Index (GGFI), Manila ranked 69th out of 96 financial centers. This was better than its 74th ranking in the previous edition...... More https://bit.ly/3Ubz9lG Via bworldonline.com
Zilingo's ex-CEO Ankiti Bose accuses co-founders Dhruv Kapoor and ex-COO Aadi Vaidya of misleading her and investors, coercing her to relinquish shares and business, and engaging in financial misconduct. Ankiti Bose, co-founder of and ex-CEO of fashion e-commerce startup Zilingo has reportedly filed a criminal complaint against fellow co-founder Dhruv Kapoor and ex-COO Aadi Vaidya, pressing charges of 'cheating', 'criminal intimidation', 'conspir…
PLANS are afoot to help more Singapore food and beverage (F&B) businesses expand overseas. Food exports have grown at a rate of more than 11 per cent each year since 2020, and they can be found in more than 120 markets worldwide, said Minister of State for Trade and Industry Low Yen Ling, citing figures from Singapore Economic Development Board’s Manufacturing Survey in 2023......
Sales of motor vehicles in the country rose by 12.7 percent in the first quarter from a year ago, supported by strong consumer demand and improved supply. A joint report released by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association yesterday showed a total of 109,606 vehicles were sold in the January to March period this year, higher than the 97,284 units during the same period in 2023…
South-east Asia’s fifth-largest economy will also offer tax breaks, subsidies and visa exemption fees to draw global tech companies With a 13 per cent market share in the global chip industry, Malaysia is set to up the ante by constructing the region’s largest integrated circuit (IC) design park. This initiative is part of the country’s strategy to advance from back-end semiconductor manufacturing to high-value front-end design …
Singapore’s shipping hub is well-placed to lead the world in digital transformation, decarbonisation and adoption of green technologies for the industry, said classification society DNV’s maritime chief executive officer Knut Orbeck-Nilssen. Initiatives on low-carbon fuels, electrification of harbour vessels and plans to establish the world’s longest green and digital shipping corridor with Rotterdam are among factors that will …
LinkedIn, a professional networking platform, unveiled its list of the top 15 companies renowned for fostering career development in Indonesia for the year 2024. Leading the pack is state-owned Bank Mandiri, recognized as the best workplace for career advancement in the country.....
Axiata Group Bhd's Sri Lankan unit Dialog Axiata PLC will acquire rival telco Airtel Lanka from Bharti Airtel Limited in exchange for 10.355% of the total issued shares in Dialog. According to a joint statement, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger between Dialog Axiata, the operator of Sri Lanka’s leading quad-play connectivity provider, and Airtel Lanka, which o…
Buoyed up by the recent spike in the two-way trade, the Royal Government of Cambodia (RGC) and the Australian Government recently reaffirmed their commitment to strengthen cooperation in key areas including investment, tourism, and agriculture while tackling the development of the Mekong-Australia Partnership (MAP). The commitment from both sides was made during the Fourth Senior Official’s Talks (4th SOTs) between Prak Nguon Hong, Secretar…
The three-day gathering serves as a pivotal event in the beauty sector, showcasing cutting-edge solutions and technologies from leading nations, and offering a platform for businesses to extend their networks, forge new partnerships and seek international collaborative ventures. The Beautycare Expo 2024 kicked off on Thursday in Hà Nội, featuring over 250 booths from more than 15 countries and territories, hosted at the Internationa…
The Lion City is keen to collaborate with South-east Asia’s 2023 star growth performer in economic transformation, renewable energy, carbon credits THE Philippines is “a very fertile ground” with a lot of potential still waiting to be tapped, and Singapore can play a role in the transformation of its economy, be it in master planning, training, or connecting local companies with global opportunities, said Singapore’s Minis…
Condominium rents rebounded slightly in March after seven straight months of decline, supported by healthy leasing demand from renters who returned after the festive Chinese New Year period in February. Rental volumes for both condo units and Housing Board (HDB) flats recovered during the month, after falling in February. This is based on flash estimates released by SRX and 99.co on April 18.....
An exodus of Chinese real estate companies has left this Cambodian seaside resort littered with hundreds of half-finished projects. The concrete skeleton of one of these buildings stands on a piece of land owned by 51-year-old elementary school teacher Pan Sombo.....
IATA points to range of potential threats Aviation bodies project Thailand's passenger numbers to recover by next year, though economic uncertainties and the slow rebound of some supply chains still hamper the industry....https://www.bangkokpost.com/business/general/2777864/aviation-bodies-see-recovery-in-passenger-figures-by-2025
Fintech firm Pomelo said that it placed a spot in the list of the global venture capital firm GGV Capital’s Innovation 50 list for 2024 for being one of the most“promising fintech companies in the eyes of investors.” This development follows reports that Pomelo has successfully secured $35 million in venture capital from multiple investors, coupled with a substantial $75 million expansion of its warehouse facility.....
Young Malaysians are having fewer children than the generations before them. Economists warn that if this trend plays out concurrently with rising life expectancy, the country’s healthcare and pension systems, and the economy on the whole, will come under strain. Malaysia’s fertility rate – the average number of births per woman – plummeted from 4.9 in 1970 to just 1.6 in 2023, a span of just over 50 years. The 1.6 figure,…
The latest report card on Singapore’s trade performance released on April 17 has economists sounding warnings on the export outlook and pointing to weakness in the key semiconductor industry. Non-oil domestic exports (Nodx) shrank 20.7 per cent in March, a steeper contraction than February’s revised 0.2 per cent decline, albeit from a high base a year ago....
The planning for 30 airports, both international and domestic, is expected to be completed by 2025 under a master plan on airport development for 2021-2030 with a vision towards 2050. The Ministry of Transport recently proposed the Prime Minister approve plans, policies, and solutions to materialise the master plan....
The Intellectual Property Office of the Philippines (IPOPHL) has signed a Memorandum of Agreement (MOA) with the Philippine Chamber of Commerce and Industry (PCCI) to bring IPOPHL’s inclusive incentive packages, especially its Juan for the World (JFTW) Program, closer to micro, small and medium enterprises (MSMEs). “IPOPHL looks forward to a stronger partnership with PCCI so that we empower our MSMEs not only to thrive but…
As the number of ships operating on zero or near-zero emission fuels grows, there is need for more maritime personnel and seafarers to be trained and equipped to operate these ships safely and efficiently. To address the current competencies gap, the Maritime and Port Authority of Singapore (MPA) will establish an industry-supported facility for the training of the global maritime workforce in handling and operating vessels using clean marine fue…
Singapore-based Hydroleap has teamed up with homegrown Biocare Health Resources Inc. (BHRI) to distribute advanced electrochemical solutions for treating wastewater in the Philippines. Hydroleap, a next-generation water technology firm, will power Cyclean, a flagship product of BHRI’s new environmental division ENVISOL (Biocare Environmental Solutions).....
US-based tech giant Apple will increase spending on suppliers in Vietnam – a key production hub, as CEO Tim Cook is paying a two-day visit to the country, starting on April 15.The group announced the information in a statement on its website but gave no details of how much it will spend as well as where the money will go.....
United States-based business process outsourcing (BPO) firm Afni formally launched its new Philippine site in the city of Santa Rosa, Laguna province on Saturday, expanding its presence outside Metro Manila. The new Afni office, located right next to SM City Santa Rosa, commenced hiring last December 2023 and hopes to fill at least 3,000 positions by end of 2024. Khalid Khursheed, senior vice president and country manager of Afni Philippines, sai…
South-east Asia’s used-car marketplace Carro is raising about US$100 million (S$136 million) as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player. The company is speaking with investors for a pre-IPO (initial public offering) funding round which could raise its valuation to more than US$1.5 billion, chief executive officer Aaron Tan said in an interview.....
THE electric vehicle (EV) industry has a lot of ground momentum driving its growth and adoption globally, but there are still key chokepoints that could impede any widespread adoption locally – at least for the moment. No doubt, the EV sector is still touted as the biggest shift in the automotive industry that is still in progress since the development of the petrol internal combustion engine (ICE) which took off in the 20th Century.....
Local reports in Thailand say a new Schengen-style visa system in Southeast Asia could boost tourism - and the wider economy. Thailand is looking to boost tourism across Southeast Asia with a new visa scheme. The Asian nation is advocating for a Schengen-style visa along with five neighbouring countries.....
It is necessary for Viêt Nam to develop a legal framework for cryptocurrency to prevent risks and illegal appropriation. Cao Đăng Vinh, deputy director of the Department of Economic and Civil Legislation, said on Friday that there are still different understandings about virtual assets, digital currencies and cryptocurrencies. Countries also have different management approaches.....
The country’s largest franchising association is looking to grow franchise stores and revenues by eight to 10 percent this year as more foreign brands are interested to enter the country, while local brands continue to expand. Philippine Franchise Association (PFA) chairman Sam Christopher Lim said during the 31st Franchise Asia Philippines Expo the group is looking at an eight to 10 percent growth in franchise stores this year.....
Vital for Singapore to engage Europe in new era of great power politics SINGAPORE’S plans to upgrade relations with France and Germany will open up new areas of cooperation, such as in artificial intelligence (AI), sustainability and defence, said Deputy Prime Minister Lawrence Wong on Friday (Apr 12). Wong was speaking to reporters at the Singapore embassy in Paris, as he wrapped up a six-day trip to Germany and France – hi…
The United States will set up an economic corridor on the main island of Luzon — the first of its kind in the Indo-Pacific region — to enable coordinated investments in high-impact projects, with assistance from Japan. The corridor under the US’s Partnership for Global Infrastructure and Investment (PGI), an initiative under the Indo-Pacific Economic Framework, will connect the capital Manila, the southern Luzon province of Bata…
After a month-long trial, Truong My Lan was sentenced to death by a court in Ho Chi Minh City on Thursday (Apr 11) for masterminding the largest fraud case in Vietnam’s history. She is also the first businesswoman in the country to face capital punishment. The 67-year-old chairwoman of the real estate empire Van Thinh Phat (VTP) was found guilty of bribery, violations of banking regulations, and embezzlement of 304 trillion dong (S$16.7 bil…
Singapore’s economy in the first three months of 2024 grew at its weakest quarter-on-quarter pace in a year as manufacturing slowed, but economists see growth strengthening ahead. On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.1 per cent in the first quarter, down from the 1.2 per cent growth in the fourth quarter of 2023,....
Indonesian conglomerate Agung Sedayu Group’s multibillion-dollar project, inspired by Singapore’s Sentosa Island and set to revitalise Jakarta’s north coast in three years, will feature a 27-hole golf course, a Formula 1 racetrack and a sports complex. The grand project called Tropical Coastland – one of Indonesia’s recently unveiled 14 national projects to galvanise activity across key sectors – is hoping to w…
A TOP Vietnamese property tycoon was sentenced to death on Thursday (Apr 11) in one of the biggest corruption cases in history. It involved an estimated US$27 billion. A panel of three hand-picked jurors and two judges rejected all defence arguments by Truong My Lan, chair of major developer Van Thinh Phat, who was found guilty of swindling cash from Saigon Commercial Bank (SCB) over a decade.....
