Home 2019 November 8

Daily Archives: November 8, 2019 | 7:47 pm

Probe under way on troubled brokerage

THE CAPITAL MARKETS Integrity Corp. (CMIC) has placed R&L Investments, Inc. under involuntary suspension as it continues its probe on the stock brokerage that was reportedly forced to stop operating after an employee allegedly stole stocks from the firm worth more than P700 million.

MWSS assures Razon firm of action on Wawa dam proposal

THE GOVERNMENT REGULATOR has assured that the Wawa bulk water supply project is up for final approval, Prime Metroline Infrastructure Holdings, Corp. (Prime Infra), the water company led by businessman Enrique K. Razon Jr., said on Friday.

VP vows to enforce anti-drug drive within the law

VICE President Ma. Leonor G. Robredo on Friday vowed to enforce the state’s anti-illegal drug campaign “within the bounds of the rule of law.”

Maguindanao massacre ruling out by December 20

THE Supreme Court has extended the deadline for a ruling on a decade-old case where more than 50 people were massacred in Maguindanao province, Chief Justice Diosdado M. Peralta said on Friday.

Christmas product prices steady, DTI says

THE prices of 134 products that many Filipinos consume during the Christmas holidays have remained stable, the Trade department said on Friday.

Japanese investors keen on PHL retail, real estate, bankers say

JAPANESE investors are seeking opportunities in Philippine retail, real estate and consumer finance, a Japanese banker said.

DoF says health education best way to curb salt consumption

DEPARTMENT OF Finance (DoF) officials expressed skepticism about the government’s ability to curb salt consumption via taxation, and said the problem might be better addressed via health education.
TIEZA logo

TIEZA to offer Bohol resort, Intramuros golf club to JV partners

THE Public-Private Partnership (PPP) Center on Friday said the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Board has identified two assets in Bohol and Manila which will be developed and managed by the private sector.

DENR campaign touts ‘development’ opportunities from mining

THE Department of Environment and Natural Resources (DENR) said it has launched a responsible mining information campaign which it hopes will promote “pro-people” business practices while clearing up the public’s “misconceptions” about the industry.
telcom tower BMI

Fitch sees telcos turning to debt to fund capex, 5G prospects still limited

THE Philippine telecommunications sector is expected to spend more than it can generate internally over the next 18 months, with telcos turning more to debt to fund their future capital expenditures, Fitch Ratings said.
taganito mining

Nickel Asia profit falls 43% in first 9 months on weak prices

NICKEL Asia Corp. said net profit fell 43% in the nine months to September due to weak nickel prices as well as a stronger peso and investments in loss-making processing plants.

Shakey’s net profit up 27.3% on new-store openings

Shakey’s Pizza Asia Ventures Inc. said third-quarter net profit rose 27.3% to P176.38 million as revenue grew in the double digits, in part after the opening of new stores.

PRC invests in two gaming subsidiaries

PHILIPPINE Racing Club, Inc. (PRC) said its board approved this week investments in two firms to bolster its gaming operations.

There’s room for another BSP rate cut in 2020: MUFG

THE Philippine central bank might further cut benchmark interest rates next year as the economy continues to pick up amid global conditions, according to Leong Sook Mei, Association of Southeast Asian Nations head of Global Markets Research at MItsubishi UFJ Financial Corp.
1000 peso bills

Peso barely moves as market waited for US-China deal

THE peso slightly weakened against the dollar on Friday as markets waited for details of a trade tariff deal between the US and China.

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Central bank shuts down another rural bank

THE Philippine central bank has ordered for the closure of AMA Rural Bank of Mandaluyong, Inc. and ordered the Philippine Deposit Insurance Corp. (PDIC) to take over its liquidation.

PSBank Q3 net income jumps 20% on fees

PHILIPPINE Savings Bank (PS Bank) posted a 20% increase in profits to P813 million in the third quarter from a year earlier, boosted by interest and fee-based income, according to a stock exchange filing on Friday.
Social Security System (SSS)

SSS wants to cover more informal sector workers

THE state-run Social Security System (SSS) wants to include workers in the informal sector in its pension coverage as part of a plan to improve the system.

Islamic banking rules to be OK’d this month

THE central bank is likely to approve this month the rules that will enforce Islamic banking in the Philippines, which is expected to attract more local and foreign banks, Bangko Sentral ng Pilipinas (BSP) Managing Director Arifa Ala said on Friday.

Bourse ends flat, but stays above 8,000 and up for fifth week in a...

LOCAL SHARES ended flat on Friday in the face of MSCI rebalancing and signs of improving Sino-US trade ties, staying above 8,000 for the fifth straight day and gaining for the fifth week in a row.

Building a kumunity of global Pinoy talents

KUMU is the country’s fastest-growing social media app. For Rexy Josh Dorado, KUMU’s president and co-founder, it’s the culmination of a career built on advocacy, championing the countless talents of the Filipino diaspora.

How 5G helps Filipinos work in their pajamas

If there are compelling professional and personal reasons to embrace remote working, why, then, are Filipino companies so in favor of on-site working? While there are cultural reasons at play the biggest roadblock to remote working is technological.

TV special, app features mark Lazada’s 11/11 sale

ASIDE from a TV special on the night before the e-commerce platform’s biggest sale of the year, Lazada also announced several new features to make the app a “lifestyle destination,” according to a Philippine executive.

IBM launches new partnerships, innovations to better scale AI on the cloud

The innovations announced today are designed to help organizations overcome the barriers to AI. From detecting ‘drift’ in AI models to recognizing nuances in the human voice, these new capabilities can be run across any cloud via IBM’s Cloud Pak for Data platform to begin easily connecting their vast data stores to AI.
crane infrastructure construction

Economic growth closes in on target

THE COUNTRY’s economic growth in the July-September period beat market expectations as it rebounded from the first and second quarters and from a year ago on the back of bigger government expenditures that added to the lift from robust household spending, the Philippine Statistics Authority (PSA) reported on Thursday.

Gross domestic product quarterly performance (Q3 2019)

THE COUNTRY’s economic growth in the July-September period beat market expectations as it rebounded from the first and second quarters and from a year...

Trade dep’t, foreign chambers differ on reduced retail capital requirement

A SENATE technical panel tackling proposed amendments to the retail trade law on Thursday zeroed in on the provision that will reduce the minimum paid-up capital for foreign entrants and possible safeguards for small local businesses.
electric meters linemen technician

Bigger WESM charge pushes up Meralco bills

THE MANILA ELECTRIC CO. (Meralco) said on Thursday that electricity rates in November will increase by P0.4717 per kilowatt-hour (/kWh) as the power generation charge rose during the month.

BoI pledges more than double as of September

THE BOARD of Investments (BoI) more than doubled its approved investments to P764.7 billion in the nine months to September from a year ago, the agency said in a press release on Thursday.

Netflix bets on anime to battle Disney, Apple in streaming wars

AS NETFLIX INC. prepares for a bruising battle against the Walt Disney Co. and Apple Inc. for streaming subscribers, it’s playing a card that may deliver enough of an edge to fend them off in Asia: Japanese anime.

The rewards and perils for brands latching on to issues

BRANDS CONNECTING to an issue or a purpose they are passionate about and making it into a marketing campaign is a trend that a Twitter regional executive said exploded in the past two years as more and more users look for authenticity in marketing.

James Dean to appear in movie 60 years after death

JAMES DEAN is coming back from the dead to appear in a new movie, a Hollywood production company said on Wednesday, causing an uproar about the idea of reincarnating one of America’s most beloved film icons.

AboitizPower bullish on 2020

ABOITIZ Power Corp. (AboitizPower) expects new power plants that will post their first full-year operations in 2020 to more than make up for the decline in its profit and revenue figures this year, its incoming president said.

Late pop idol George Michael returns with new song

LONDON — A new track recorded by George Michael in his last studio sessions before his 2016 death was released on Wednesday, in which the late British pop idol sings about social ills.

SMC earnings drop by 5%

EARNINGS of San Miguel Corp. (SMC) fell 5% in the first nine months of the year, as Petron Corp.’s profits took a hit from shrinking refining margins.

Shopee pushes 11/11 sale with TV special

SINGAPOREAN e-commerce platform Shopee is gearing up for its biggest sale of the year on Nov. 11 with a TV special the night before on GMA Network, featuring performances from the network’s biggest stars.

Data demand drives Globe Q3 profit higher

GLOBE Telecom, Inc. reported a 17% rise in profits in the third quarter, driven by strong growth in all its data-related products and services.

Davao union files strike notice against Pepsi-Cola Products PHL

PEPSI-COLA Products Philippines, Inc. said a group of its workers in Davao filed a strike notice after a failure to conclude a new collective bargaining agreement.

Lecture on the state of oceans

ON NOV. 12, 4 p.m., a Spanish expert on Marine Sciences, Dr. Emma Huertas, will give a lecture on the state of the oceans at the Intramuros branch of Instituto Cervantes de Manila.

AllHome opens 3 new stores

ALLHOME Corp. said it is on track to hit its target of having 70 stores by next year as it opened three new stores in October.

Nurses complete Singapore training ahead of UHC

AROUND 100 nurses have completed a program of the Department of Health (DoH) in partnership with Singapore’s Nanyang Polytechnic and Temasek Foundation, in order to upgrade the nursing profession in time for the Universal Health Care (UHC) Program which takes effect next year.

Lost in space

PAUL W.S. ANDERSON’s Event Horizon is arguably the Mary Celeste of science fiction cinema, not just being the story of a ship lost in the vast oceans of space but the film itself falling victim to malevolent forces (Paramount Studios) and mutilated, the missing portions gone forever.

Emperador earnings hit P5.3 billion in 9 months

EMPERADOR, Inc. earnings reached P5.3 billion as of end-September, driven by an 11% rise in revenues.

Reserves hit $85.7B at end-Oct.

GROSS INTERNATIONAL reserves (GIR) — which shield the country from liquidity shocks — strengthened further at end-October, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

Death of an Empress

THE spoiler paradox posits that knowing how a story ends lends richness to the narrative’s experience by giving more room for analysis: the removal of the element of an ending’s shock provides the audience with the tools to piece the story together. Elisabeth das Musical, telling a darker version of the doomed Empress of Austria, takes full advantage of the spoiler paradox by beginning with a trial of her assassin, Luigi Lucheni, in the afterlife. He calls upon witnesses, the long-dead aristocracy of the Austro-Hungarian Empire, to support his story: that he was merely fulfilling the wishes of the Empress.