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Business

Philippine tycoon’s firm in talks with Go-Jek for venture, sources say

MANILA: Ayala Corp. is looking to hitch a ride on Go-Jek’s Southeast Asia expansion with a possible investment in the ride-hailing company’s Philippine venture as it takes on regional giant Grab.

Business

Indian govt sacks two Punjab National Bank execs over US$2b fraud

NEW DELHI: India has sacked two senior executives of state-run Punjab National Bank (PNB) for allegedly failing to prevent a US$2 billion fraud, two sources with direct knowledge of the matter said on Sunday, nearly a year after the country's biggest bank scam came to light.

Business

Enter Four Seasons Hotel, exit Grand Seasons

AS owners and guests sit down to a grand dinner at the official opening of the new Four Seasons Hotel Kuala Lumpur in November 2018, the Grand Seasons Hotel prepares to close.

Corporate News

Mr D.I.Y. explores RM2.1bil IPO

KUALA LUMPUR: (Bloomberg) -- Mr. D.I.Y., Malaysia’s biggest home improvement retailer, is exploring an initial public offering that could raise about RM2.1bil (US$500mil), people with knowledge of the matter said.

Business

Pakistan urban housing crisis deepens

KARACHI: Nowhere is Pakistan’s housing shortage more acute than in its most densely-populated metropolis of Karachi, where over half of its 15 million residents live in slums.

Business

Chinese city's property easing a test of central govt resolve as economy slows

BEIJING/SHANGHAI: The Chinese city of Heze has reversed a rule designed to curb real estate flipping, boosting shares in property developers on Wednesday and sparking speculation that more cities could follow suit as slowing sales weigh on the economy.

Business

Huawei US$2bil security pledge followed walkout by British official

LONDON: Huawei's relations with British authorities hit a low last month when a top official walked out of a meeting with the Chinese company over its perceived failure to fix security holes in its products, sources familiar with the talks told Reuters.

Business

Sun Life vies for US$3bil Hong Kong Insurer FTLife

HONG KONG: Canada’s Sun Life Financial Inc is among suitors vying to acquire FTLife Insurance Co, in a deal that could value the Hong Kong insurer at more than US$3bil, sources said.

Business

Saudi school operator IPO gets less demand that previous sales

DUBAI: A Saudi private-school operator’s initial public offering in October attracted less demand than recent previous sales in the kingdom, two people with knowledge of the matter said, a further indication that investors abroad are cautious about the potential economic aftermath of dissident columnist Jamal Khashoggi’s murder a month ago.

Business

Cloud communications provider Twilio to buy SendGrid in US$2bil deal

NEW YORK: Cloud communications provider Twilio Inc said on Monday it would buy email technology firm SendGrid Inc in an all-stock deal valued at about US$2 billion.