Latest news with #Philippine-based
GMA Network
3 days ago
- Business
- GMA Network
US sanctions PH-based firm over $200-M virtual currency scam
LOS ANGELES, California — The United States has imposed sanctions on a Philippine-based company that provides critical computer infrastructure for alleged scams involving virtual currency. In separate advisories dated May 29, the United States' Department of State, Department of the Treasury, and Federal Bureau of Investigation (FBI) flagged the activities of Funnull Technology Inc. Also sanctioned was its administrator, Chinese citizen Liu Lizhi, according to the State and Treasury Departments. "Fraudulent virtual currency investment scams cause serious financial harm to the American people. Today's targets are directly connected to over $200 million in losses reported by U.S. victims, with an average cost of over $150,000 per individual," the US State Department said in its advisory. It added that the US will continue to hold accountable those who use virtual currencies and online services to commit fraud, as well as cybercriminals who exploit the United States' financial system. Meanwhile, the Department of the Treasury's Office of Foreign Assets Control (OFAC) said Funnull's alleged acts of providing infrastructure to numerous websites involved in virtual currency investment scams is commonly referred to as "pig butchering." "Funnull has directly facilitated several of these schemes, resulting in over $200 million in U.S. victim-reported losses," the OFAC advisory read. Majority of virtual currency investment scam websites reported to the FBI, the OFAC said, are linked to Funnul. Citing a 2023 alert by the Treasury's Financial Crimes Enforcement Network (FinCEN), OFAC said pig butchering scams are largely perpetrated by criminal organizations based in Southeast Asia. These groups exploit victims of labor trafficking to reach out to unsuspecting individuals worldwide. Scammers use fictitious identities, the OFAD said, under the pretense of potential romantic or business relationships, and elaborate storylines to deceive victims. They then steal the victims' assets by convincing them to invest in virtual currency through fake websites designed to look like legitimate investment platforms, which falsely show significant returns. Once a victim is unable or unwilling to invest more, the scammer abruptly cuts off communication—taking the entire investment with them. US Deputy Secretary of the Treasury Michael Faulkender said the action taken against Funnull underscores the government's "focus on disrupting criminal enterprises," which enable cyber scams and deprive Americans of their savings. "The United States is strongly committed to ensuring the continued growth of a legitimate, safe, and secure digital asset ecosystem, including the use of virtual currencies and similar technologies," he added. The OFAC online statement provided a link to a cybersecurity advisory by the FBI, which indicates technical details about Funnull's operations. GMA News Online has requested comment from Funnull through the email address and Telegram contact number listed in its company website. GMA News Online has also emailed the official addresses indicated in Funnull's corporate document with the Philippines' Securities and Exchange Commission. Responses to these requests for comment have yet to be received as of posting time. Under US sanctions, all property and interests in property of the designated or blocked persons described above that are located in the United States, or in the possession or control of US persons, are blocked and must be reported to OFAC. Additionally, any entities owned—directly or indirectly—individually or in the aggregate, 50% or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or otherwise exempt, OFAC regulations generally prohibit all transactions by US persons or within (or transiting) the United States that involve any property or interests in property of blocked persons. — with a report from Ted Cordero/ VDV, GMA Integrated News
Business Times
23-05-2025
- Business
- Business Times
Fishy business: South-east Asia's startup ecosystem battles fallout from eFishery scandal
[SINGAPORE] Towards the end of 2024, South-east Asia's startup ecosystem appeared to be on the cusp of a bounceback. A flurry of deals were being signed at the tail end of 2024, and more were expected to land in 2025. Then, in January 2025, players in the region were rocked by news of fraud uncovered at the former agri-tech unicorn eFishery, where almost US$600 million in sales were found to have been faked. The news could not come at a worse time. Indonesia, where eFishery was based, appears to have been hit the hardest by this scandal, with anecdotes of investors being hesitant or even more cautious about deploying more capital there. However, the rest of the region has not been immune to the fallout. 'Such incidents have ripple effects across the broader South-east Asian startup ecosystem, and the Philippines is not immune to the resulting perceptions,' Dan Siazon, managing partner and co-founder at Kickstart Ventures, told The Business Times. The Philippine-based Kickstart is the corporate venture capital (VC) arm of Globe Telecom. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up South-east Asian markets outside Indonesia are not immune from the impact of eFishery said Dan Siazon, managing partner and co-founder at Kickstart Ventures. PHOTO: KICKTSTART VENTURES Limited partners (LP) will likely scrutinise investment deals coming from South-east Asia in the short-term. While the damage from eFishery pales in comparison to others from a pure financial perspective – crypto exchange FTX bankruptcy uncovered a US$8 billion hole – it has resonated beyond the region. The failure of eFishery was a headline that broke through to the US, coming up in conversations with LPs there, noted Lim Kuo-Yi, co-founder and managing partner at Monk's Hill Ventures. Already, LPs have been disillusioned by the perceived peak of 2021. The promise of unicorns and large markets driving good outcomes for investors have yet to play out. Lim said: 'There are some question marks hanging over Indonesia-specific pieces and South-east Asia as a whole, so we're really kind of coming from that sort of level of deficit, and then clearly this doesn't help.' Singapore so far has been less affected by the fallout, owing mainly to its credibility and reputation for good corporate governance, said Tan Xin Hui, general partner (GP) at Paragon Ventures. Valuations in the island republic remained relatively reasonable, and the potential reputational fallout is less likely, as Singapore remains a small market for most funds. 'If anything, funds or investors can potentially see Singapore as a place with good corporate governance, that we may pay a bit more attention,' she said. To be fair, no region or market is immune to bad actors; eFishery is just the latest one in the news. Others that have made it to the headlines for wrong reasons include e-commerce fashion platform Zilingo, where potential fraud was uncovered by its investors, and crypto exchange FTX. Even in the US, bigger scandals have erupted – such as blood-testing startup Theranos, and student financial aid startup, Frank. Counting the cost The fallout in the short term appears contained within Indonesia; LPs and investors are generally not asking whether such fraud is happening elsewhere in South-east Asia. With Indonesia often hogging the limelight in the region due to its population size and potential, capital has not quite swung to other countries as a result of this incident. 'It's not a zero-sum game,' said Lim. One ecosystem player noted that VC firms with a focus on Indonesia were already in a bit of a tight spot before the eFishery incident, and had trouble deploying their capital. Market talk has it that some LPs were defaulting on their capital commitments to Indonesia-focused funds. Murli Ravi, co-founder of Tin Men Capital, said: 'I think people are finding it difficult to draw down capital. Even if they have the capital, they are being asked by the LPs for details of the deals.' Capital has not swung to other markets outside of Indonesia since the eFishery scandal, noted Lim Kuo-Yi, co-founder and managing partner of venture capital firm Monk's Hill Ventures. PHOTO: MONK'S HILL VENTURES The immediate fallout of the eFishery scandal may have been a higher perceived risk to investing in an emerging market like South-east Asia, and higher, longer fund-raising cycles. However, the macroeconomic and geopolitical environment now is also more complicated than when eFishery's fraud first came to light back in January. Anecdotally, ecosystem players and observers had noted an uptick in deal activity in late 2024, entailing deals slated to land in 2025. Now, it seems that deals have been paused or have had their timelines stretched. 'Investors are placing more focus on due diligence and testing valuation models and assumptions, all of which extend timelines and increase deal costs,' said Ang Lip Kuan, principal for mergers and acquisitions and private equity at Baker McKenzie Wong & Leow Singapore. The impact on deals with larger ticket sizes is more pronounced because the stakes are higher, said Ang. This incident is more of a short-term speed bump, which may be a good thing for the ecosystem. It makes players pause and take stock. Next steps In the few months since the uncovering of the eFishery fraud, VCs have recognised the potential impact of reputational damage, and begun to examine their models and resourcing against governance needs. This is not a bad thing, said Lim. 'It's a safety pause, and we kind of just got to make sure that it doesn't happen again, or if it happens again, that you do the right thing and manage it before it becomes too big,' he added. The VC ecosystem has stepped up in this regard. The Singapore Venture Capital & Private Capital Association (SVCA) has, with its counterparts in Indonesia, Thailand, Vietnam and Malaysia, released a White Paper to create frameworks and catalyse action for corporate governance in South-east Asia's private markets; VCs and other partners in the ecosystem contributed to the report, making it an industry-wide effort. To strengthen governance in South-east Asia's private markets, the White Paper is proposing a five-pillar approach: Active diligence; Utilising of technology; Enhanced adviser ecosystems; Stronger governance frameworks; Enforcement. SVCA said in the paper: 'One of the goals of improving corporate governance is to pave the way for more companies to transition from private to public markets.' Ang described the paper as the 'first in a series of efforts by the SVCA to help improve standards and restore confidence in corporate governance practices in the region'. Lim said there is a need to confront fraud in cases like eFishery, and ensure that the perpetrators are held to account. Because while these things happen in all ecosystems and locations – mature or emerging – it is important that the rule of law is being shown to work and is applied. 'I think it's absolutely important that collectively, we don't let it slide. We don't avert our gaze and try to have it go away by not letting it surface or by sweeping it under the rug,' he said. Siazon echoed this view, saying that the eFishery case is potentially an inflection point for a more mature and resilient ecosystem. Founders who invest early in internal controls and transparent reporting will be better positioned to build trust and capital. Investors looking to exit the region because of the incident could well be missing out on riding a region with a growth potential that makes it a priority market for many businesses. Diamonds in the rough Investors will need to fine-tune their risk-management approach in South-east Asia, or risk losing out on potential gems, said Siazon. 'Those who are experts in their field may appreciate that local knowledge is likely the best antidote to the eFisheries of this world,' he added. Local knowledge could very well be the edge that investors need when investing into emerging markets like South-east Asia. Rather than investing from afar, a case can be made for working with local VCs to find out whether a potential target is kosher. Recounting a conversation with a local VC in Vietnam, Murli noted that tapping the local knowledge of such individuals would make a difference in understanding a company better. '(We can) just check on people's antecedents, even if we're not invited to the deal; we can share our views, because we know these people,' he said. South-east Asia as a region will continue to be a priority market for many businesses, said Amy Tan, who heads innovation economy in the Asia-Pacific at JPMorgan. The Philippines, Malaysia and Thailand have been showing promise in the fintech and consumer-tech sectors; Singapore continues to draw investor interest in deep tech, artificial intelligence and life sciences. South-east Asia still has the right ingredients for success, said Amy Tan, who heads innovation economy for the Asia-Pacific at JPMorgan. PHOTO: JP MORGAN Even Indonesia continues to be an important market in the region, courtesy of its size and growth potential. Despite the hiccup and the current uncertain macroeconomic environment, JPM's Tan expects strong financing activity in the region, especially for early-stage companies. 'While the fund-raising environment may be challenging, high-quality companies can still secure funding to accelerate their growth,' she added. The region still has the right ingredients for success, with a large digital native population, a growing middle class and an educated workforce, noted Tan. Promising businesses will continue to be funded, particularly by investors with a deep understanding of the region – 'though the bar is higher and valuation multiples are lower than a few years ago', she said. As the region's ecosystem treads cautiously post eFishery amid uncertain macroeconomic conditions, investor interest is likely to return to the region. 'We expect global investor interest to accelerate as macroeconomic conditions stabilise and the roster of successful, scaled businesses grows,' said Tan.
Yahoo
19-05-2025
- Business
- Yahoo
Insider Action In Asian Undervalued Small Caps
In recent weeks, Asian markets have experienced a positive shift in sentiment, buoyed by the temporary de-escalation of trade tensions between the U.S. and China, which has helped lift indices such as China's CSI 300 and Hong Kong's Hang Seng Index. In this environment, identifying small-cap stocks that are potentially undervalued requires careful consideration of factors like market positioning and growth potential amidst evolving economic conditions. Name PE PS Discount to Fair Value Value Rating Security Bank 4.4x 1.0x 40.62% ★★★★★★ Puregold Price Club 8.6x 0.4x 23.23% ★★★★★☆ East West Banking 3.1x 0.7x 35.91% ★★★★★☆ Atturra 29.9x 1.2x 33.43% ★★★★★☆ Hansen Technologies 291.8x 2.8x 22.64% ★★★★★☆ Dicker Data 19.9x 0.7x -41.60% ★★★★☆☆ Sing Investments & Finance 7.2x 3.7x 41.71% ★★★★☆☆ Smart Parking 74.5x 6.6x 44.82% ★★★☆☆☆ PWR Holdings 36.4x 5.0x 21.41% ★★★☆☆☆ Integral Diagnostics 162.4x 1.9x 41.86% ★★★☆☆☆ Click here to see the full list of 66 stocks from our Undervalued Asian Small Caps With Insider Buying screener. Let's review some notable picks from our screened stocks. Simply Wall St Value Rating: ★★★☆☆☆ Overview: Smart Parking operates in the parking management and technology solutions sector, with a focus on providing services across regions such as the United Kingdom, New Zealand, Australia, and Germany; the company has a market capitalization of A$100.23 million. Operations: Smart Parking generates revenue primarily from its Parking Management operations in the United Kingdom, New Zealand, and Germany, alongside its Technology Division. The company has seen a notable trend in its gross profit margin, reaching 64.13% as of September 2024. Operating expenses are a significant cost component, with depreciation and amortization also contributing to the expense structure. PE: 74.5x Smart Parking, a player in the parking technology sector, has recently been added to the S&P/ASX Emerging Companies and All Ordinaries Index. Despite facing lower profit margins this year (8.8% from 13.6%), they are poised for earnings growth of 34% annually. A recent follow-on equity offering raised A$45 million, indicating strategic expansion efforts. Insider confidence is evident with recent share purchases, suggesting potential optimism about future prospects despite reliance on higher-risk external borrowing for funding. Navigate through the intricacies of Smart Parking with our comprehensive valuation report here. Learn about Smart Parking's historical performance. Simply Wall St Value Rating: ★★★★★☆ Overview: East West Banking Corporation is a Philippine-based financial institution providing a range of banking and financial services, with a market capitalization of approximately ₱20.55 billion. Operations: East West Banking generates revenue primarily from its banking operations, with a notable gross profit margin of 98.93% as of the latest quarter. The company's cost structure includes operating expenses which have shown an upward trend, reaching ₱23.08 billion in the first quarter of 2025. General and administrative expenses form a significant part of these operating costs, amounting to ₱11.27 billion in the same period. PE: 3.1x East West Banking, a smaller player in Asia's financial sector, has seen its earnings grow from PHP 6.1 billion to PHP 7.6 billion over the last year, with basic earnings per share rising from PHP 2.7 to PHP 3.38. Despite a high bad loan ratio of 4.4% and a low allowance for these loans at 66%, insider confidence is evident through recent share purchases by executives earlier this year, signaling potential growth prospects amidst challenges. Dive into the specifics of East West Banking here with our thorough valuation report. Review our historical performance report to gain insights into East West Banking's's past performance. Simply Wall St Value Rating: ★★★★★☆ Overview: Ferretti is a company involved in the design, construction, and marketing of yachts and recreational boats with a market capitalization of approximately HKD 7.12 billion. Operations: The primary revenue stream is from the design, construction, and marketing of yachts and recreational boats. The company has seen fluctuations in its gross profit margin, with a notable increase to 37.38% by the end of 2022. Operating expenses have been steadily rising over time, impacting overall profitability. PE: 10.1x Ferretti, a company with growing profits and high-quality earnings, recently reported sales of €1.34 billion for 2024, up from the previous year. With insider confidence evident from Karel Komarek's purchase of 1 million shares worth approximately €21.35 million between March and May 2025, there's a clear vote of confidence in its potential. Despite relying on higher-risk external borrowing for funding, Ferretti's forecasted annual earnings growth rate of 9.56% suggests promising prospects in the competitive yacht manufacturing industry. Delve into the full analysis valuation report here for a deeper understanding of Ferretti. Understand Ferretti's track record by examining our Past report. Take a closer look at our Undervalued Asian Small Caps With Insider Buying list of 66 companies by clicking here. Hold shares in these firms? Setup your portfolio in Simply Wall St to seamlessly track your investments and receive personalized updates on your portfolio's performance. Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ASX:SPZ PSE:EW and SEHK:9638. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Tesco rows back on 300% plant-based meat growth target
Tesco has cast doubt on whether the UK's largest supermarket chain can achieve its 300% growth target for plant-based meat as sales for the category "slow". The 'Big Four' grocery group had set a goal to reach that threshold by December of this year, a target laid down in 2020 as part of its sustainability objectives to lower the environmental impact of the average UK shopping basket. Tesco had established the category objective based on its sales figures for 2018 but plant-based meat has since undergone a step-change in consumer demand. While growth is still there, it has not turned out to meet the lofty expectations of some years back amid issues around quality and price, overly processed accusations, and more recently, budget strains around the cost of living. Amid "year-on-year declines in the plant-based market, we've seen plant-based meat-alternative sales slow", Tesco said in its latest sustainability report, adding: "This means we are highly unlikely to hit our target of a 300% sales increase in these ranges by December 2025." Plant-based meat sales were initially growing in line with Tesco's stated aim. At the end of 2021, sales had increased 130% compared to the 2018 baseline, but by 2024 growth had slowed to 94%. The supermarket added that other plant-based products had seen an uptick in sales. "We've been seeing a growing demand for 'protein diversity', including plant-based whole foods such as lentils, chickpeas, beans, nuts, seeds and tofu. Many of our customers who are interested in plant-based foods are turning to veg-led dishes, where vegetables are the star, rather than relying on meat alternatives," Tesco said in its report. The supermarket said such veg-led dishes now represent 40% of all plant-based sales, citing market industry figures. Quorn, one of the largest meat-free and vegetarian brands in the UK, has faced challenges of late linked to the category slowdown, as has Beyond Meat over in the US. Owned by Philippine-based Monde Nissin, Quorn expected in February to recognise another impairment charge on its meat-alternative business, following similar charges in 2023 and 2022. Quorn has also undergone restructuring and cut jobs to right-size the business in face of the waning demand. And last week, Beyond Meat cut its guidance due to continuing losses and further sales declines in the US, announcing it had raised $100m from an external investor to support a dwindling cash flow. "Tesco rows back on 300% plant-based meat growth target" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malay Mail
29-04-2025
- Business
- Malay Mail
Jollibee Group recognized anew with Gallup Exceptional Workplace Award
Jollibee Group remains the sole Philippine-based company to be recognized by the prestigious award Jollibee Group remains the sole Philippine-based company to be recognized by the prestigious award MANILA, PHILIPPINES - Media OutReach Newswire - 29 April 2025- The Jollibee Group, one of the world's fastest-growing restaurant companies, has once again been recognized for its commitment to fostering a joyful workplace culture. For the fourth time, the company has received the Gallup Exceptional Workplace Award (GEWA)—a prestigious global recognition given to organizations that set the benchmark for employee engagement and Group remains the only Philippine-based company to receive this honor, standing alongside a select group of organizations worldwide that have successfully embedded employee engagement as a core driver of their business Ernesto Tanmantiong, Jollibee Group's Global President and Chief Executive Jon Clifton, Gallup's chief executive latest recognition comes on the heels of the company's recognition as 2024's "Employer of the Year" by the People Management Association (PMAP)—the premier and largest association of people managers in the Philippines. This comes after a rigorous competitive process involving other major companies in the Group's Global Chief Human Resources Officer, Arsenio "Archie" Sabado, was also recognized as People Manager of the Year by PMAP, recognizing his role in shaping the company's joyful Jollibee Group was also included in TIME Magazine's list of the World's Best Companies for 2024 and made the FORTUNE 500's inaugural Southeast Asia company employs over 31,000 people worldwide, with a footprint spanning 9,700 stores in 32 countries across its 19 brands. To learn more about the Jollibee Group, visit . To learn more about the Gallup Exceptional Workplace Awards, visit Hashtag: #JollibeeGroup The issuer is solely responsible for the content of this announcement. About Jollibee Group Jollibee Foods Corporation (JFC), also known as the Jollibee Group, is one of the world's fastest-growing restaurant companies, with a mission to deliver great-tasting food, bringing the joy of eating through its 19 brands with over 9,700 stores across 32 countries. The Jollibee Group's portfolio includes nine wholly owned brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger and Tim Ho Wan), five franchised brands (Burger King, Panda Express, Yoshinoya, Common Man Coffee Roasters, and Tiong Bahru Bakery in the Philippines), and ownership stakes in other key brands like The Coffee Bean and Tea Leaf (80%), Compose Coffee (70%), SuperFoods Group that operates Highlands Coffee (60%), and bubble tea brand Milksha (51%). The Company also has membership interests in Tortazo, LLC, along with Chef Rick Bayless, for Tortazo in the U.S. and has recently invested in Botrista, a leader in beverage technology. The Jollibee Group's global sustainability agenda, Joy for Tomorrow, underscores its commitment to sustainable business practices across food safety, employee welfare, community support, good governance, and environmental responsibility, among others. These focus areas are aligned with the United Nations Sustainable Development Goals (UN SDGs). The Jollibee Group has been recognized as the Philippines' Most Admired Company by the Asian Wall Street Journal, named one of Asia's Fab 50 Companies, and listed among Forbes' World's Best Employers and Top Female-Friendly Companies. The Company is also a three-time Gallup Exceptional Workplace Award recipient and featured in TIME's World's Best Companies and Fortune's Southeast Asia 500 List. To learn more about Jollibee Group, visit
