Asean Business File

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...

  • Wilmar recovers growth despite weak palm oil margins

    SINGAPORE -- Singaporean palm oil giant Wilmar International, Asia's leading agribusiness company, recorded 2% growth in net profits of $422 million for the quarter ending in September -- reversing a 22% fall in profit in the previous quarter. Th...

  • Indosat turns to bonds to cover foreign-currency debt

    JAKARTA -- Indosat, Indonesia's second-largest mobile telecommunications provider, will issue bonds to help pay off its foreign-currency-denominated debt and modernize its network. The company's latest earnings figures, announced Monday, reflect ...

  • Singapore Airlines ups stake in Virgin Australia

    SINGAPORE -- Singapore Airlines (SIA) has increased its shareholding in Virgin Australia Holdings to 22.8%, enhancing the partnership between the two airlines as they work to close the gap on Australian flag-carrier Qantas. Strengthening partners...