Asean Business File

Indonesia's Blue Bird debut hit by impending fuel hike

JAKARTA -- Indonesia's largest taxi operator Blue Bird said it plans to raise $2.4 trillion rupiah ($192 million) from an initial public offering in November, half of its initial target, reflecting weak investor appetite amid uncertain market conditi...

  • TV demand pulls up display panel earnings in Taiwan

    TAIPEI -- Innolux, Taiwan's leading display panel manufacturer, has announced strong third quarter revenue and profit increases due to revived demand for large televisions. Innolux's statement came as Taiwanese panel makers overcome steep losses...

  • Palm oil helps Astra's troubled auto business

    JAKARTA -- Astra International, Indonesia's largest distributor of cars and motorcycles, has offset shortfalls in its core automotive business with strong performances in its palm oil and coal units. "Discounting in the car market continues to ha...

  • Singapore's GLP invests in bullish Japanese logistics

    SINGAPORE - With performance outstripping expectations, Singapore's Global Logistic Properties (GLP) is expanding its joint venture in Japan with partner Canada Pension Plan Investment Board (CPPIB). The 50:50 partners will each invest 15 billion...

  • Impending Indonesian fuel hike already depressing the market

    JAKARTA -- Investors in Indonesia are girding themselves for an upcoming fuel price hike that is expected to dent consumer demand in the short term as a long-standing economic distortion caused by energy subsidies is corrected. Shares of major co...

  • Siam Cement sees demand bottoming out

    BANGKOK -- Siam Cement Group, Thailand's largest building materials company, projects that cement demand in Thailand will recover next year as government infrastructure projects take off. "I believe that cement demand bottomed out in August," CE...

  • Big Thai banks report rise in nonperforming loans

    BANGKOK -- Loan growth at Thailand's four major banks slowed in the third quarter through September, reflecting the slow recovery in the country's business and consumer confidence since the political turmoil deepened in the country earlier this year....

  • Ho Ching upbeat as Temasek's portfolio expands offshore

    SINGAPORE -- Despite recent economic turmoil, Temasek Holdings remains focused after 40 years on long-term returns from a major investment portfolio that has spread offshore. Temasek opened offices in London and New York this year in its strat...

  • Indonesia's motorcycle show overshadowed by looming fuel hike

    JAKARTA -- Indonesia's biggest motorcycle exhibition opened in Jakarta Wednesday, testing consumer confidence in the world's third largest market for motorcycles as the country confronts fuel hikes and an economic slowdown. The Indonesian Motorcycl...

  • Singapore developer deploys smart meters for energy saving

    SINGAPORE -- City Developments, one of Singapore's top real estate developers, is introducing smart meters to help tenants make office buildings and shopping malls more environmentally friendly. The company launched its Green Lease Partnership Prog...

  • Philippines' Aboitiz profit nosedives due to poor-performing plants

    MANILA -- Profit at Aboitiz Power fell 11% to 4.3 billion pesos ($96 million) last quarter from year ago due to a slump in its power generation business. Earnings from power generation, the Philippine company's cash cow, fell 21% to 3.2 billion p...

  • TWG Tea expansion depletes OSIM profits

    SINGAPORE -- OSIM International, the massage chair retail chain from Singapore, announced on Tuesday that quarterly profits for July to September shrank by almost a third to 16.4 million Singapore dollars ($13.11 million) year on year. OSIM bil...

  • Malaysia uses biodiesel to tackle palm oil surplus

    KUALA LUMPUR -- In a move to reduce stocks of crude palm oil that have depressed prices, Malaysia is blending more palm oil into diesel for sale at gas stations nationwide. Since June 2011, motorists have been able to purchase a biodiesel blend w...

  • Cebu Pacific eyes steady passenger growth for next 5 years

    MANILA -- Philippine budget carrier Cebu Pacific is gunning for up to 10% annual growth in passenger volume for the next five years, CEO Lance Gokongwei said Tuesday. The airline, owned by listed Cebu Air, already carries around 17 million passe...

  • Raffles Medical Group posts 11% profit growth in 3Q

    SINGAPORE -- Singapore's leading private medical provider, Raffles Medical Group, announced Monday that net profit for the quarter through September rose to 15.4 million Singapore dollars ($12.3 million), up 11.3% on the year. Higher patient load in ...

  • Philippines' BDO posts 41% jump in Q3 profit

    MANILA -- The Philippines' largest bank, BDO Unibank, reported a 5.7 billion peso ($127 million) net profit in the third quarter, up 41% from a year ago. The increase in the July-September period was due to "sustainable quality earnings from its ...

  • Foxconn considering display panel plant in China

    TAIPEI -- Foxconn Technology Group, a major assembler for U.S. consumer tech giant Apple, is reviewing its investment plans following a report that it is in preliminary talks about building a display panel facility in Zhengzhou in central China's Hen...

  • Malaysian taxi app grabs $90 million

    SINGAPORE -- GrabTaxi, a taxi booking app operator of Malaysian origin, has received a round of investment led by U.S. investment firm Tiger Global Management believed to be worth around $65 million dollars - bringing the total it has raised this yea...

  • SAP setting up new base for innovation in Singapore

    SINGAPORE -- German software giant SAP announced Friday that it will open a new research-and-development center in Singapore. Through partnerships with client companies as well as universities, the SAP Innovation Center will pursue products and s...

  • SingTel allies with SoftBank for Japanese business

    SINGAPORE -- Singapore Telecommunications (SingTel) has linked up with SoftBank Telecom to expand business with Japanese corporations based in Singapore. SoftBank will act as a one-stop agent for SingTel services that range from basic telecoms to...