Asean Business File

Singapore makes major investment in Brazilian education

SINGAPORE -- The Government of Singapore Investment Corporation (GIC), a major sovereign wealth fund, has increased its presence in Latin America with the acquisition of an 18.5% stake in Abril Educacao, a Brazilian education company listed on the Bo...

  • Indonesia's BRI considering acquisition of life insurer Jiwasraya

    JAKARTA -- Indonesian state-owned lender Bank Rakyat Indonesia said it is exploring the acquisition of life insurer Asuransi Jiwasraya, another state-owned entity, in what is seen as the latest government effort to consolidate the country's financial...

  • Chinese tourists becoming scarce at SE Asian destinations

    KUALA LUMPUR -- Chinese tourist arrivals to Southeast Asia's top three destinations have been declining in recent months. Political upheavals, a missing airliner and unfavorable exchange rates are some of the factors that have been deterring Chinese ...

  • Malaysia's new property developer Eco World builds up luxury home market

    SINGAPORE -- Malaysia's emerging property developer Eco World Development Group is expanding quickly as it snatches up land for high-end homes around Kuala Lumpur and other big cities in the country. Its stock price has risen seven-fold in just one y...

  • Heftier tax payments weigh on Alliance Global's 1st-half earnings

    MANILA -- Major Philippine conglomerate Alliance Global Group saw its first-half earnings slide by nearly a tenth as revenues dropped while tax payments soared. Its net income attributable to equity holders of the parent company declined 9.1% to ...

  • Pertamina CEO to step down

    JAKARTA -- Indonesian state-owned oil and gas company Pertamina announced that its chief executive will step down to pursue a career in academia. Pertamina's President and CEO Karen Agustiawan, 55, submitted a letter of resignation to the company...

  • Genting's casino resort management course to include Japanese students

    SINGAPORE -- Genting Singapore, an international arm of Malaysia's top casino operator Genting, will launch a three-month program for university students from Japan and Singapore to teach them how to run integrated casino resorts. Genting Singapore t...

  • Malaysia's Astro shoots for reality-TV success in SE Asia

    KUALA LUMPUR -- Hoping to win over viewers across Southeast Asia, pay-TV operator Astro Malaysia Holdings will soon begin producing the region's answer to "American Idol," the hit U.S. reality show that has launched many amateur vocal artists to star...

  • Singapore's F&N in $82M deal to up stake in Vietnam dairy king

    SINGAPORE -- Fraser & Neave, the Singapore-based food and beverage unit of Thai Beverage, announced Friday it will increase its stake in Vietnam Dairy Products Joint Stock Co. (Vinamilk). The deal could see F&N acquire up to 15 million additional sha...

  • Globe Telecom raises $230 million from share sale

    MANILA -- Philippine communications service provider Globe Telecom said Monday it successfully raised 10 billion pesos ($228.7 million) from the issuance of preferred shares. The company said in a Philippine Stock Exchange filing that the 7 billi...

  • Singapore's luxury serviced apartment operators tap Japan demand

    TOKYO -- Singaporean operators of luxury serviced apartments are moving into Japan as an influx of business travelers on monthslong stints fuels demand for high-class, convenient accommodations. Banyan Tree Hotels and Resorts plans to launch the ...

  • Top Thai seafood company more than doubles profit

    BANGKOK -- Thai Union Frozen Products (TUF), the world's largest processor of canned tuna, announced Thursday that net profits for the first half of 2014 surged 240% year on year to 2.47 billion baht ($77 million) due to robust sales of well recogniz...

  • Philippines’ LT Group sees profits slide on weak banking, tobacco units

    MANILA -- LT Group, a Philippine holding firm led by a Filipino-Chinese tycoon Lucio Tan, saw its profit slide by 69% to 2.16 billion pesos ($49.5 million) in the first semester on weaker earnings at its banking and tobacco units. Its Philippines...

  • Philippine Airlines parent back in black after 2 years

    MANILA -- PAL Holdings, the parent company of flag carrier Philippines Airlines, returned to the black in the second quarter as revenues grew faster than expenses. Net income attributable to equity holders of the parent company stood at 1.47 bil...

  • Telekomunikasi Indonesia turns to Silicon Valley for growth

    JAKARTA -- In its latest effort to boost subscriber numbers, Indonesia's largest mobile phone operator, Telekomunikasi Indonesia, is looking to Silicon Valley in the U.S. for the funds and know-how to support the local startup scene. Telekomunika...

  • Genting Singapore's Q2 profit falls on bad-debt provisions

    SINGAPORE -- Casino operator Genting Singapore announced that its net profit attributable to ordinary shareholders of the company for the second quarter ended June fell 27% from a year earlier to 102.2 million Singapore dollars ($82 million). The pro...

  • Philippines' Ayala logs 34% profit growth

    MANILA -- Major Philippine conglomerate Ayala saw its net income rise 34% to 9.8 billion pesos ($225 million) in the first half of the year as most of its units booked higher earnings. The company attributed the growth to its real estate unit Ay...

  • True benefiting from 3G and 4G investment

    BANGKOK -- True Corp., Thailand's third largest mobile operator, has almost halved its second quarter losses to 1.7 billion baht ($53 million) compared to 2013 as the heavy depreciation burden of second generation, or 2G, networks reduces and revenue...

  • Thai Airways hemorrhaging from political unrest

    BANGKOK -- Thai Airways International has booked a net loss of 10.29 billion baht ($327 million) for the first half of 2014 after a decline in arrivals due to prolonged political unrest. The first half loss was a 60-fold increase on the 156 milli...

  • Chicken exports take wing for CP Foods

    BANGKOK -- Charoen Pokphand Foods, the listed food arm of Thai conglomerate Charoen Pokphand Group, said net profit more than doubled in the first half of 2014 to 5.59 billion baht ($177 million) year on year as its livestock business continued to re...