Business

JAKARTA: Due to concerns from two creditors, the ratification of Garuda Indonesia’s deal to restructure the airline’s more than 9 billion dollar debt has been postponed for a week, according to an administrator. Garuda’s restructuring proposal was approved by the majority of its creditors last week, and the agreement was set to be formalized in a meeting on Monday. The …

DOHA: Malaysia Airlines’ chief executive said that the airline aims to announce its decision to replace its fleet of 21 Airbus A330 widebodies with more fuel-efficient new-generation planes in mid-to-late July. Malaysia Airlines CEO Izham Ismail told Reuters at the IATA’s annual convention in Qatar that they are at the end of the process and that they are looking at …

PHILIPPINES: The board of the Philippines’ largest casino has announced that it is suing Kazuo Okada, a Japanese businessman, and his accomplices for coercion and other wrongdoings in the casino’s “violent and unlawful” takeover. Okada’s camp has taken physical possession of the Okada Manila casino since May 31 with the help of private security guards and local police. The decision …

TAIWAN: The box office smash — which is by far Tom Cruise’s most successful commercial debut — now incorporates the flag on his iconic bomber jacket, including in the Taiwanese edition. The film’s teaser from 2019 initially suggested otherwise. During the preview, the patches on Cruise’s jacket looked to have been swapped out and replaced with two unclear symbols in …

PAKISTAN: As the world’s top tea importer grapples with surging inflation and a rapidly declining currency, Pakistanis have been advised to consume less tea to keep the economy afloat. Pakistan’s Federal Minister for Planning and Development, Ahsan Iqbal, told reporters on Tuesday that Pakistanis might cut their tea consumption by “one or two cups” each day because imports are straining …

Philippines – Shakey’s Pizza Asia Ventures, Inc or SPAVI has announced that it will acquire Potato Corner for an undisclosed amount in a carbo-loaded deal. In a disclosure to the stock exchange, the Po family-led SPAVI said the deal covers all assets and intellectual property of Potato Corner, as well as all company-owned stores. Potato Corner has said before that …

Philippines – On schedule for the festival of its 110th-year presence in the country, Nestlé Philippines was as of late named as one of the top work environments in Asia by the Asia Corporate Excellence and Sustainability (ACES) Awards. This differentiation is given to organizations that adopt on a group driven strategy and exhibit solid responsibility towards representative strengthening and …

Philippines – Surprisingly, Bacolod City has been named the “Most Business-Friendly Local Government Unit” for 2021 by the Philippine Chamber of Commerce and Industry (PCCI), outmaneuvering 10 different finalists in the exceptionally urbanized city (HUC) class of the cross country search. Chairman Evelio Leonardia got the honor in a virtual service went to by PCCI president Ambassador Benedicto Yujuico and …

Malaysia – Malaysia Airlines Bhd (MAB) anticipates a robust recovery in its business, as well as a seamless operation with no labor shortages, after the resumption of interstate flights. According to group chief marketing and customer experience officer Lau Yin May, MAB, in a show of unity, retained its full workforce in readiness for traffic recovery despite a difficult time …

The effect of pandemic has been really intense around the world especially ib the Philippines. A lot of business has been affected and loss is unimaginable. And unexpectedly, Philippine Airlines petitioned for Chapter 11 bankruptcy in the United States to seek after a bank upheld rebuilding plan that means to cut obligation by more than $2 billion and diminish its …