Home 2019 August 2

Daily Archives: August 2, 2019 | 6:25 pm

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Local stocks up despite Trump’s tariff threat

LOCAL shares ended the week in the green, despite the United States’ fresh threats to impose more tariffs on Chinese goods.

PHL raises 92 billion yen from samurai bonds

THE Philippines raised ¥92 billion ($860 million or P44.3 billion) from the sale of ”samurai” bonds across four tenors, amid strong demand from investors.

NBI to include retired generals in STL probe

JUSTICE Secretary Menardo I. Guevarra said that the National Bureau of Investigation will be investigating retired military and police generals who own small town lottery (STL) franchises after allegations were made that they had not been remitting the government’s share of the earnings.

No Martial Law in Negros until situation assessed — Lorenzana

DEFENSE SECRETARY Delfin N. Lorenzana said martial law in Negros Oriental province should not be declared until the recommendations of security officials on the ground and local government executives have been fully assessed.

National Artist Ryan Cayabyab receives Ramon Magsaysay award

THE Ramon Magsaysay Award Foundation on Friday announced its 2019 awardees, which include National Artist for Music Raymundo “Ryan” P. Cayabyab.

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PHL, Indonesia agree to delineate overlapping EEZ boundaries

THE Philippine and Indonesian governments have agreed to implement the deal which delineates the boundary between the overlapping exclusive economic zones (EEZ) of the two countries.

COA upholds previous decision vs GSIS for ‘unnecessary’ antibiotics purchase

THE Commission on Audit (COA) has rebuked Government Service Insurance System (GSIS) officials for procuring “unnecessary and irregular” Oseltamivir capsules worth P25.13 million in 2006, saying that procurement of medicine is not in the GSIS’ purview.

CHR points out inadequate supply of anti-HIV drugs

THE Commission on Human Rights(CHR) on Friday called out the government for the reported inadequate supply of medications for the treatment of people living with human immunodeficiency virus (PLHIV).
Bureau of Internal Revenue (BIR)

BIR’s first semester collections fall short of goal

THE Department of Finance (DoF) said the Bureau of Internal Revenue (BIR) fell “a little short” of its target revenue collection for the first half amid slow economic growth.

Sugar output inches lower as crop year nears end

RAW SUGAR production dropped by 0.27% year-on-year as of the first week of July, the Sugar Regulatory Administration (SRA) reported, with the crop year nearing its end.

Globe posts flat earnings in Q2

GLOBE Telecom, Inc. reported flat earnings in the second quarter as ramped-up infrastructure spending dampened the growth in revenues.

Robinsons Retail earnings fall 33% in 2nd quarter

EARNINGS of Robinsons Retail Holdings, Inc. (RRHI) dropped in the second quarter despite higher sales due to the impact of a new accounting standard.

Roxas Holdings widens net loss in Q3

ROXAS Holdings, Inc. (RHI) widened its net loss by 271% in the third quarter ending June, as unfavorable weather conditions depleted the supply of cane, affecting the sugar industry as a whole.

PhilWeb trims Q2 losses as e-bingo business grows

PhilWeb Corp. posted slimmer losses in the second quarter as revenues improved thanks to its foray into electronic bingo (e-bingo).

ABS-CBN keeps nationwide ratings lead in July

ABS-CBN Corp. maintained nationwide ratings lead in the month of July as rival GMA Network, Inc. claimed dominance in Urban Luzon and Mega Manila, citing different measurement reports.

Peso sinks on renewed US-China tensions

THE PESO dropped further against the dollar on Friday as the market’s risk appetite waned following escalating trade tensions between China and the United States.

Milestone Ayala North Exchange is the new gateway to Makati CBD

Ayala Land, Inc. (ALI) marked yet another milestone as it officially opened the Ayala North Exchange — the newest gateway to the Makati central...
assembly line

PHL factory gain strongest in 6 months

BUSINESS for manufacturers marked July with the strongest improvement in six months -- though still described as “moderate” -- on the back of sales and job growth, according to results of the latest survey IHS Markit conducted for Nikkei, Inc., keeping the country in third place behind Myanmar and Vietnam among seven tracked Southeast Asian economies.

ASEAN manufacturing purchasing managers’ index, July (2019)

BUSINESS for manufacturers marked July with the strongest improvement in six months — though still described as “moderate” — on the back of sales and job growth, according to results of the latest survey IHS Markit conducted for Nikkei, Inc., keeping the country in third place behind Myanmar and Vietnam among seven tracked Southeast Asian economies.

Manufacturing pain spreads through Asia; more stimulus seen

HONG KONG -- Asian factory activity contracted further in July, fueling worries that a Sino-US trade war and a slowdown in China could tilt the world towards a global recession, which central banks will have to fight with depleted ammunition.
Mactan-Cebu Airport

Competition body speeds up PPP project checks

THE PHILIPPINE Competition Commission (PCC) has streamlined merger rules for solicited projects under public-private partnership (PPP), which is one of the financing modes for major infrastructure development.
Securities and Exchange Commission (SEC) logo

SEC issues more rules for smaller corporations

THE SECURITIES and Exchange Commission (SEC) will now allow at least two people to form a corporation, in line with amendments in Republic Act No. 11232, otherwise known as the Revised Corporation Code.

Philex seeking partners for Silangan

PHILEX Mining Corp. is looking for partners for the long-delayed Silangan mine project, which it hopes to begin operations by mid-2022.

Woodstock 50 is off

THE ORGANIZERS of the Woodstock 50th-anniversary festival canceled the event a week after its relocation to Maryland led many of the acts to back out.

BPI net earnings climb 47% in the 2nd quarter

BANK OF THE Philippine Islands (BPI) reported higher net earnings in the second quarter on the back of strong interest and non-interest income growth.

MPIC income drops 10% in 2nd quarter

EARNINGS of Metro Pacific Investments Corp. (MPIC) went down by 9.8% in the second quarter of 2019, as the infrastructure conglomerate incurred foreign exchange losses in the period.

Rak on!

BARANGAY VENEZIA is still underwater three months after the last typhoon hit. It has affected every aspect of their lives. The children and the elderly are getting sick. Their livelihood has been threatened. The simple act of moving from one street to the next would require a boat ride. Its residents, frustrated by the inaction of the local government, realized that the massive flooding began only after a subdivision for the affluent was built near their impoverished community.

PBB posts higher profit

PHILIPPINE Business Bank (PBB) booked a higher net profit in the second quarter, boosted by its lending and trading businesses.
hard hat office

DoLE pushing ILO job safety resource for young workers

THE Department of Labor and Employment (DoLE) said it launched a campaign to educate young workers on occupational safety and health (OSH), because that segment of the labor force is deemed most vulnerable to workplace hazards.

Coffee gives URC’s Q2 earnings a boost

GOKONGWEI-LED Universal Robina Corp. (URC) expanded its attributable profit by 12% in the second quarter of 2019, boosted by the strong performance of its local coffee business led by Great Taste.

Broadway producer Hal Prince, 91

HAROLD “HAL” PRINCE, who won a record 21 Tony Awards as producer and director of some of Broadway’s biggest hits of the second half of the 20th century including The Phantom of the Opera, West Side Story, Fiddler on the Roof, Cabaret, and Evita, died on Wednesday at age 91.

BDO Leasing books net loss in Q2

BDO Leasing and Finance, Inc. (BDOLF) posted a net loss in the second quarter dragged by compressed margins.

POEA suspends new-hire processing for Sudan

THE Philippine Overseas Employment Administration (POEA) said it suspended processing of applications for all new hires to Sudan, including those for seafarers taking ship in Sudan, due to security concerns.

PLDT-Smart expands with new lifestyle hub in Quezon City mall

PLDT, Inc. and its wireless unit Smart Communications, Inc. is expanding physical presence in the north with a new lifestyle hub in Quezon City.

U2 is coming to the Philippines

IRISH rock band U2 is coming to the Philippines for the first time for a concert that is part of the band’s ongoing Joshua Tree World Tour. The concert will be held a Dec. 11 at the Philippine Arena in Bulacan.

PBoC keeps policy steady

SHANGHAI — China’s central bank kept its main policy rates on hold on Thursday, opting not to follow an overnight benchmark rate cut by the US Federal Reserve as policy makers wait to see if earlier support measures start to stabilize the economy.

Carlyle Group to give shareholders votes in switch to corporation

CARLYLE GROUP LP emulated its peers on Wednesday with plans to convert from a publicly traded partnership into a corporation, and went one step further by announcing it will become the first U.S. private equity firm to hold shareholder votes.

MPIC plans women’s medical center

THE hospital unit of Metro Pacific Investments Corp. (MPIC) is investing about P5-6 billion for a new medical facility specializing in women’s health care.

She ain’t heavy, she’s the weightlifting fairy

THAT one iconic role can catapult an artist’s popularity to unimaginable heights and earn him a spot among the elites. In the world of Korean drama, there are only a few actors whose portrayal created such impact that they continue to be recognized years after their series have ended.

Fed cuts interest rates, signals it may not need to do more

WASHINGTON — The Federal Reserve cut interest rates on Wednesday, but the head of the US central bank said the move might not be the start of a lengthy campaign to shore up the economy against risks including global weakness.
Pag-IBIG Fund

Pag-IBIG collects P30B in home loan payments

THE HOME Development Mutual Fund (Pag-IBIG Fund) reported home loan payments rose 12% to a record-high P30.44 billion in the first six months of 2019.

Cisco whistleblower gets first False Claims payout over cybersecurity

SAN FRANCISCO -- Cisco Systems Inc has agreed to settle a whistleblower’s claim that it improperly sold video surveillance software with known vulnerabilities to US federal and state governments, marking the first payout on a False Claims Act case brought over failure to meet cybersecurity standards.

IMI earnings plunge in April-June

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) saw its attributable profit plunge 79% in the second quarter of 2019, weighed down by the lower demand for its new programs amid additional investments.

Out of Africa

AFI AFRICA’s The Lookout first appeared in last year’s Cinemalaya Festival, to less than stellar notices. You can hardly blame the skeptics: the script features largely unsympathetic characters, a complex plot told nonlinear fashion, a generous (or — depending on how you feel about such things — excessive) dose of langorously lingered-upon sex.

Singapore Life looks to start PHL operations by 2020

SINGAPORE LIFE will be ready to operate in the Philippines next year and is looking to offer "fairly priced" services.