Business

Southeast Asia online economy seen reaching $50 billion in 2017

Southeast Asia’s internet economy, spanning online travel to ride-hailing, will reach $50 billion this year, putting it on a solid trajectory to grow fourfold by 2025, according to a joint research report by Google and Temasek Holdings Pte.As more consumers buy airline tickets and book hotels through smartphones, the region’s online travel market expanded from $19.1 billion in 2015 to $26.6 billio
12 December 2017
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Temasek exploring $1 B Zuellig Pharma stake sale

Temasek Holdings Pte is exploring a sale of its stake in Asian drug distributor Zuellig Pharma, people familiar with the matter said.The Singapore state investment firm has been speaking with advisers about a potential sale of its 20 percent stake in Zuellig Pharma, which commands vast pharmaceutical distribution networks in about a dozen Asian markets, according to the people.
28 November 2017
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Sarath Ratanavadi poised to be Thailand's newest billionaire

A well-timed decision more than a decade ago to abandon coal in time for Thailand’s natural-gas boom is poised to make Sarath Ratanavadi the newest billionaire in Southeast Asia’s second-largest economy.Based on the low end of the pricing range for his Gulf Energy Development Pcl’s initial public offering this week, Sarath has a net worth of 1.9 billion dollars, according to the Bloomberg Billion
21 November 2017
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Local brands edge large multinationals

Nestle SA is losing buzz to an Indonesian coffee brand famous for brewing civet-cat feces, and L’Oreal SA is losing face to a Chinese skincare brand favored by President Xi Jinping’s wife.Asia traditionally was considered easy money for Western multinationals, with beverage makers, cigarette brands and fast-food giants capitalising on rising incomes and weak local competitors.
21 November 2017
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Trump lauds Asia trade wins and red carpets

Donald Trump on Monday lauded his trade achievements during a five-nation tour of Asia, promising he would reveal "far bigger" steps when he returned to Washington.The US president has frequently bemoaned what he calls "unfair" international trade deals and a perceived lack of respect for America and its leaders.But standing alongside the prime ministers of Japan and Australia in Manila on Monday,
13 November 2017
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Vietnam relies on Facebook to kick-start businesses

Quang Dang built a business with 200 staff selling lipstick and perfume. His secret to success? Once-banned Facebook.Like a growing number of Vietnamese, the 25-year-old turned to Facebook to put money in his pocket as getting his own physical shop proved out of reach.
8 November 2017
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Indonesia to probe Subianto, Suhartos after 'Paradise Papers' leak

Indonesian authorities are investigating if former presidential candidate Prabowo Subianto and the children of ex-dictator Suharto, named in documents leaked from a Bermuda law firm, are in breach of the country’s tax laws.The tax office will scrutinise financial disclosures made by Subianto in the past to check against information contained in the massive leak of confidential information from off
6 November 2017
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DBS's profit fell due to bad energy loans

DBS Group Holdings reported a surprise drop in third-quarter profit as Southeast Asia’s largest bank boosted bad-loan allowances more than sixfold in an effort to deal with its problem lending to the regional oil and gas services sector.The bank reported a 23 percent drop in net income to S$822 million (602 million dollars), worse than even the most pessimistic of analyst forecasts, but indicated
6 November 2017
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UOB's bad loans take shine off profit

Troubles in the oil and gas services industry took the gloss off United Overseas Bank’s results, with bad loans increasing the most in more than a year. The Singaporean lender declared S$799 million (588 million dollars) of new nonperforming assets in the three months to September, overshadowing a better-than-expected profit figure that was driven by higher interest income and wealth-management
3 November 2017
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AirAsia partners SATS for smoother ride in ASEAN

“We are very pleased to announce that two home-grown companies have partnered together to form a new Asean joint venture,” said Tony Fernandes, Chief Executive Officer (CEO) of AirAsia Group.In line with AirAsia’s goal to solidify its position as the leading low-cost carrier in the Southeast Asian region, the company had recently formalised a partnership with SATS Ltd (SATS) – the chief ground-han
2 November 2017
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Singapore Airlines to revamp A380 cabins, redefining luxury

Singapore Airlines, the first carrier to put a double bed in its cabins, is spending 850 million dollars to refit all its Airbus SE A380 jets to take airborne luxury up another notch.The airline on Thursday unveiled its first major overhaul across cabin classes of its Airbus SE A380s since 2007, when it became the first carrier to fly the double-decker aircraft.
2 November 2017
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