Home 2020 March 9

Daily Archives: March 9, 2020 | 12:30 am

Measure amending AMLA still being drafted at Senate

THE HEAD of the Senate economic affairs committee is still drafting a measure that seeks to strengthen the Anti-Money Laundering Act (AMLA), as Congress faces pressure to pass the bill before October to help the country avoid sanctions by the global anti-money laundering watchdog.

Treasury bill rates may decline on appetite for shorter tenors

THE RATES on the Treasury bills (T-bills) on offer today may inch lower amid continued appetite for short-term papers, with investors seen searching for higher returns on longer tenors amid falling interest rates.

Stories in thread and cloth

AMID A climate emergency, a possible pandemic, and all the great and small battles we all fight everyday, the world continued to spin for the designers of Paris. Two designers at the shows in the first week of March showed a nostalgia for days gone by, one designer opted for the arts as a palliative, while one maison refuses to go down without a fight.

Metro Pacific studies pullout from NAIA rehab consortium

METRO PACIFIC Investments Corp. (MPIC) is considering pulling out of the so-called “super consortium” that is proposing to rehabilitate the Ninoy Aquino International Airport (NAIA) amid issues on the draft concession deal, its top official said.

Agriculture dep’t asked to tag upland areas in Davao City for coffee production

THERE ARE about 17,000 hectares in upland areas in Davao City that are ideal for coffee farming, but development needs a push from government, according to the Davao City Coffee Council (DC3).

BSP to release rules for Islamic bank products

THE BANGKO SENTRAL ng Pilipinas (BSP) is set to release implementing rules and regulations (IRR) on Islamic financing products in a bid to bolster financial inclusion for people that have limited access to financial products partly due to religious suitability, according to an official.

Philippine history told through fashion

WHILE one may think that clothes don’t matter, history would show otherwise. An era’s fashions show the dictates of society at a point in time: the materials available to a people, the prevalent moral and social codes, and a measurement of the people’s prosperity. A fashion show at the Shangri-La Plaza aimed to tell the story of the Philippines through its clothing: from the pre-colonial period to the near-past of the 1960s.

Off-cockpit betting firm refutes P1.3-B unpaid taxes

MANILA Cockers Club, Inc. (MCCI) has refuted reports that it has P1.3 billion in unpaid taxes since the case remains under investigation, although it has agreed to settle the penalties and comply with registration requirements for its ticket-dispensing machines, which were earlier sealed for non-registration.

Bureau of Fisheries prepares new management strategy as sardine season starts this month

THE BUREAU of Fisheries and Aquatic Resources’ (BFAR) Zamboanga Peninsula regional office is preparing to implement the government’s new fisheries management strategy with the sardine fishing season opening March 1.

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Peso seen to weaken further as coronavirus continues to spread

THE PESO may continue to decline this week due to the prolonged coronavirus disease 2019 (COVID-19) outbreak, although it could get some relief from the release of key local and US data.

Valentino goes back to black at Paris Week

PARIS -- From leather bodices to sheer frilly dresses, Italian label Valentino showcased a series of all-black looks in Paris on Sunday as fashion houses pressed on with their shows in spite of the coronavirus outbreak that has kept some attendees away.

Voyager having tough time getting investors

PLDT, Inc. is having a hard time getting investors for its digital arm Voyager Innovations, Inc., its top official said.

Palay farmgate price little changed in last week of February; corn falls

THE AVERAGE farmgate price of palay fell 0.1% week-on-week to P16.04 per kilogram (kg) in the last week of February, with the price also declining 18% year-on-year, the Philippine Statistics Authority (PSA) said.

Stuck-at-home rich boost trading at Asia’s private banks

ASIA’S SUPER RICH suddenly have lots of time on their hands.

Animal mascots at Stella McCartney’s show

PARIS -- British designer Stella McCartney presented on Monday her snug and elegant looks for next winter with a playful twist, as animal mascots including a big white bunny joined models on the runway at the Paris fashion show.

Court affirms San Miguel Foods’ P960M canceled tax assessment

THE Court of Tax Appeals (CTA) affirmed the cancellation of the P959.9 million tax assessment against San Miguel Foods, Inc. for 2010.

Maxus PHL enters pickup segment via T60

FOLLOWING its release of people movers along with the commencement of business here nine months ago, Maxus Philippines now throws its hat into the highly competitive pickup arena. A total of three variants of the Maxus T60 join the local portfolio of the China-headquartered brand which touts a deep British history.

US says it will ban pig shipments if fatal hog virus is detected

CHICAGO -- The US Department of Agriculture said on Friday it will prohibit shipments of all pigs for at least three days if the nation ever finds a case of a fatal hog disease that has ravaged China’s herd.

MPIC shares climb as earnings results outweigh uncertainties

INVESTORS continued to take positions on Metro Pacific Investments Corp. (MPIC) stock last week following the release of the company’s annual earnings results late last month.

Yields on government debt drop on Fed emergency cut

YIELDS ON government securities (GS) declined further last week after the US Federal Reserve implemented an emergency half-percentage-point cut to its key rates to counter the impact of the spread of the coronavirus disease 2019 (COVID-19).

Giambattista Valli celebrates Paris attitude

PARIS -- Giambattista Valli paid homage to the innate style and apparently effortless chic of the emblematic Parisian woman at his fashion show in the French capital, as the Italian designer celebrated his 15 years in the business.

Electric dreams do come true

The future is electric.

Better farming practices needed to maximize hybrid seed — Chen Yi

CHEN YI Agventures calls said better farming practices are needed to maximize the impact of high-yielding hybrid seed, the use of which is poised to raise the rice industry’s competitivenes under a government-funded program.

UK plans levy on banks, other financial firms to tackle money laundering

LONDON -- Britain is expected to announce this week a new levy on banks and other firms regulated for anti-money laundering to raise up to 100 million pounds ($130 million) to tackle dirty money, the government said on Saturday.

Iloilo town ventures into silk production to meet demand of traditional weavers

LOCAL SILK yarn production is not enough to meet the needs of weavers around the country, especially with the renewed appreciation for indigenous designs. “Right now, the silk yarn that we are producing cannot meet the demand of the weavers, that is why we are encouraging more farmers to venture in this production,” Philippine Fiber Industry Development Authority (PhilFIDA)-Western Visayas Regional Director Evelyn B. Cagasan said in a recent interview as they announced a pioneering project in Lambunao.

Chen Yi Agventures says good farming practices lead to higher income, yield

POOR FARMING practices have denied Filipino farmers the chance to improve their yield and increase their income, an official of a company promoting sustainable agriculture said.

A spelunking good time Down Under

FOR SEVERAL MONTHS, Australia has been burning. The country-continent’s most recent fire season was completely devastating, and it was only last Feb. 13 that the New South Wales (NSW) Rural Fire Service declared that, after more than 240 days of active fire in NSW, now all of the fires in the state had been contained.

Ebro Foods boosts pasta and rice output in response to outbreak

MADRID -- Spain’s Ebro Foods has ramped up production of pasta and rice in Western Europe and the United States in the past couple of weeks to meet growing demand by consumers worried by the coronavirus crisis, a company spokeswoman said on Friday.

Dashboard (03/02/20)

Discounts for early reservers of Suzuki XL7 and S-Presso AHEAD of the launch of its two new vehicles here, Suzuki Philippines is offering promos for...

PSEi to move sideways ahead of earnings reports

THE MAIN INDEX is seen to keep moving with uncertainty this week due to the coronavirus disease 2019 (COVID-19) outbreak, but a possible catalyst will be the release of earnings of index heavyweights.
Malacañang Palace

Palace vows to make PSALM debtors pay

MALACAÑANG will not allow at least P95 billion in debts owed to the government by energy companies to remain uncollected, its spokesman said ahead of this week’s hearing on the matter at the House of Representatives.

US biofuel credits slump on expectation of EPA appeal

NEW YORK -- US renewable fuel credits fell more than 15% on Friday, traders said, after news the Trump administration plans to appeal a federal court decision that cast doubt on a program exempting small oil refineries from biofuel blending laws.

SS20 Athletics collection: functionality and style

RECOGNIZING the demand for sportswear that is both functional and stylish, adidas collaborated with local creators and launched a new athletics collection.

Dimon health emergency may blight China plans

JPMORGAN CHASE & Co. Chief Executive Officer (CEO) Jamie Dimon’s emergency heart surgery has put the spotlight on succession, and in Asia, on how much of the lender’s push into China hinges on his commitment.

How PSEi member stocks performed — March 6, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, March 6, 2020.