Asean Business File

Hotline proposed

Ho Chi Minh City anti-corruption push aims to restore investor faith

HO CHI MINH CITY -- In an effort to stamp out corruption and attract direct foreign investment, Vietnam's southern commercial capital is setting up an English-language online system to provide information to potential investors on projects open to fo...

  • Carnival in Southeast Asia

    Princess Cruises out of Singapore

    SINGAPORE -- Princess Cruises, a cruise brand owned by U.S.-based Carnival Corporation, arrived in Southeast Asia in late November when it launched regional cruises out of Singapore. With growing regional affluence and an increasingly cruise-frie...

  • GIC invests in Indonesia

    Singaporean sovereign wealth fund backs Rajawali

    SINGAPORE -- Buoyed by the prospect of economic reforms under the new government that are expected to tap long-term growth potential, the Singaporean sovereign wealth fund GIC is partnering Indonesia's Rajawali Group on property projects. With a ...

  • Telekom Malaysia in TV move

    MYTV set to go digital by mid-2015

    KUALA LUMPUR -- MYTV Broadcasting has signed a deal in which it will pay Telekom Malaysia, the big fixed-line communications company, 1 billion ringgit ($298 million) to help it roll out digital terrestrial television broadcasts by mid-2015. Tel...

  • Mizuho in Thailand

    Tie-up with Siam Commercial Bank to start with deposits, settlements

    BANGKOK -- Mizuho Bank announced Wednesday that it will form a business tie-up with Thailand's Siam Commercial Bank to partner on services ranging from corporate and retail banking to investment. The two plan to offer a new deposits and settlemen...

  • Indonesian energy

    Pertamina investing $20 billion to cut oil imports

    JAKARTA - Pertamina, Indonesia's state energy company, plans to double domestic oil production to 1.6 million barrels per day by 2020 to cut imports. According to the Energy and Resources Ministry, in 2014 Indonesia has had to import 608,000 barr...

  • CIMB earnings slump

    Profits down as banks prepare for merger

    KUALA LUMPUR -- Malaysia's leading lender, CIMB Group Holdings, said on Tuesday that its profit for the July-September quarter fell 16% to 890 million ringgit ($265 million) year on year because of foreign exchange losses and higher nonperforming loa...

  • Singapore Airlines' challenge

    Fewer paying customers have airline scrambling to adjust

    SINGAPORE -- Singapore Airlines suffered a year-on-year fall in passenger load factor last month and is adjusting its capacity accordingly. The airline's October operating results show the total distance passengers traveled declined 1.2% from a ...

  • San Miguel's $3B bet

    Philippine brewer wants to get into steelmaking

    MANILA -- San Miguel, a diversified Philippine group best known as a beer brand, is planning to build the country's first integrated steel plant, worth around $3 billion, as it seeks to double sales and earnings in the next five years. "If we can...

  • Southeast Asia aviation

    VietJet Air joins air cargo club

    HO CHI MINH CITY -- VietJet Air, Vietnam's low-cost carrier and first private airline, launched its subsidiary VietJet Air Cargo on Nov. 15 to compete in the air cargo business in Vietnam which has hitherto been dominated by foreign airlines. Vie...

  • Thai seafood colossus

    TUF sails ahead with global M&As

    BANGKOK -- The world's largest canned tuna company, Thai Union Frozen Products, has reported a record quarterly net profit for the third quarter ending in September of 1.9 billion baht ($57 million) -- a 91% increase year on year. The strong grow...

  • CapitaLand Jakarta development

    Singaporean developer to build in Indonesia

    SINGAPORE -- CapitaLand announced Monday its first foray into Indonesia with a major development project in the capital, Jakarta. In a joint venture with Indonesia's Credo Group, the company will pursue its "pan-Asia strategy" with an integrated prop...

  • Company background

    Telekom Malaysia

    Telekom Malaysia is the country's leading telecommunications company. Its roots date back to the early 20th century when Malaysia's postal and telegraph services were incorporated by British colonizers. Today, TM is the dominant provider of fixed...

  • Olam's profit falls 2.9%

    Singapore-listed trading house hurt by Turkish hazelnut shortage

    SINGAPORE -- Olam International, the Singapore-listed agricultural produce trader, has reported profit and revenue declines in the quarter ending in September due to a variety of factors, including divestments overseas, serious frost damage to the ha...

  • True has $1.3B plans

    Thailand's third largest cell service provider to expand network

    BANGKOK -- True Group, Thailand's third largest mobile service provider, plans to upgrade its network for both home and mobile Internet with a 43-billion-baht ($1.3 billion) investment over the next two years largely made possible by the 18% stake ta...

  • Ayala's $314 million profit

    Philippine conglomerate credits 'strong economic environment' for 35% jump

    MANILA -- Ayala, a major Philippine conglomerate, said its profit jumped 35% from a year earlier to 14.1 billion pesos ($314 million) in January to September, thanks to robust results in the real estate, telecommunications, and water distribution bus...

  • Earnings plunge at major Philippine port company

    MANILA -- Further expansion in Latin America by International Container Terminal Services has put pressure on the bottom line of the Philippines' largest port operator. Net income attributable to equity holders plunged 26% on the year to $34.1 mi...

  • January-September results

    Alliance's earnings flat in Philippines

    MANILA -- Philippine conglomerate Alliance Global Group said its January-September net income attributable to equity holders was flat at 11.4 billion pesos ($254 million). The nine-month results came after initial public offerings late last year...

  • Software industry

    Vietnam's FPT to send 10,000 engineers to Japan

    TOKYO -- Vietnam's largest software developer, FPT Software, will send 10,000 Vietnamese development engineers to Japan to learn skills needed to mediate between Japanese companies and FPT software development bases in Vietnam. The move is aimed at b...

  • Singtel net profit up

    Overseas interests boost Singaporean communications group

    SINGAPORE -- Singapore Telecommunications (SingTel) announced on Wednesday that net profit for the quarter ending in September grew 19% year on year to 1.04 billion Singapore dollars ($800 million) largely because of good returns from its internation...