Home 2020 May 15

Daily Archives: May 15, 2020 | 12:08 am

URC trims capex by up to P3 billion to conserve cash

UNIVERSAL Robina Corp. (URC) is taking off P2.5-P3 billion from its capital expenditure (capex) budget this year as part of efforts to survive the ongoing pandemic.

Senate plans one-year franchise for ABS-CBN

THE Senate is looking at granting ABS-CBN Corp. a provisional franchise of at least one year, which it plans to have approved on final reading by June 1, a Senate leader said on Thursday.

FDCP launches surveys to see effect of COVID-19 on audio-visual industry

THE Film Development Council of the Philippines (FDCP) is asking audio-visual workers, their companies, and distribution companies to answer several online surveys for the council to be able to assess the impact of the COVID-19 pandemic and quarantine measures on the audio-visual (AV) industry.

DMCI Holdings income plunges 78%

CONSUNJI-LED DMCI Holdings, Inc. recorded a huge profit fall in the first quarter, citing low market prices and the impact of the government’s quarantine measures to arrest the spread of the global pandemic since the latter half of March.

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How the arts have been helping during hard times

THE enhanced community quarantine (ECQ) in Metro Manila has hit its 60-day mark. While selected industries will slowly begin to resume operations as the metropolis transitions to a modified enhanced community quarantine (MECQ), live performances and other activities which entail large gatherings remain postponed. Still, over the past two months, singers, musicians, actors, directors, and writers have collaborated to raise money for the benefit of those who have been badly affected by the enhanced community quarantine. And they are already planning for the future.

Construction halt pulls down Eagle Cement earnings by 25%

EAGLE Cement Corp. reported a 25% drop in net earnings for the first quarter due to reduced construction activity in light of quarantine measures to contain the coronavirus.

Spotify’s microsite offers musical connections

LIKE almost everything these days, how and where people listen to music has also been affected by the pandemic and the various quarantine or lockdown procedures. Music streaming service Spotify noted in a late-March blog post that people are now listening to more “chill” music — more acoustic fare than dance music. And thanks to social distancing, The Police’s “Don’t Stand So Close To Me” (1980) also saw a 135% spike in people searching and listening to it.

Bloomberry net profit slumps 38% after slowdown in tourism, gaming

BLOOMBERRY Resorts Corp. (Bloomberry), the listed operator of Solaire Resort & Casino (Solaire), posted a 38% profit drop in the first quarter as measures to counter the coronavirus pandemic led to a decline in tourism and the suspension of gaming activities.

WFH during the ECQ: Ateneo de Davao’s Mark “Macoy” Samante

FOR a unit involved in community engagement and advocacy, with disaster response and resilience among its main programs, working from home during a health emergency sounds rather contradictory.

Franchise group lists post-pandemic top businesses

The Philippine Franchise Association (PFA) has identified new market opportunities for the retail sector as a result of the pandemic, including home-cooked meal deliveries, health products, and cheap makeup.

A novel of its time

Everyone has rained plaudits upon Sally Rooney. I think I’m alone in expressing ambivalence.

Shakey’s to cut capex by 70%

SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI), the listed firm behind Shakey’s Pizza and Peri-Peri Charcoal Chicken, is reducing its capital spending for the year to focus on reopening its store network and ramping up its delivery business.

OFWs subsidy program receives additional P1B

LABOR SECRETARY Silvestre H. Bello said his department was granted an additional P1 billion to expand a subsidy program for Overseas Filipino Workers (OFWs).

Managing cash flow in this crisis

John Clements CEO Carol Dominguez invited me to join Professor Marc Bertoneche of Harvard Business School in the John Clements Leadership series on the topic Managing Cash Flow During the COVID-19 Crisis. Marc reminded that cash is king (or queen), and more so today that it’s even like god (with small g)! He said there is a need to reward the cash culture in any business today — to shift the focus from profit and loss/balance sheet to cash flow. It’s very important to stabilize and keep essential operations going. Liquidity is of immediate concern. On the cash to cash conversion of a business cycle, these are his suggestions:

Stuff to do at home (05/15/20)

THE Instituto Cervantes de Manila and the Academy of Cinematographic Arts and Sciences of Spain will be showing Spanish film classics with “Clásicos contigo / Classics with You,” a cycle that will be shown through the Instituto Cervantes channel on the Vimeo platform, for free.

Fruitas to launch chicken line with PeriPeri Corp.

FRUITAS Holdings, Inc. has teamed up with the operator of Eduardo’s Peri-Peri Chicken to launch a new chicken line.

Employee motivational strategies during coronavirus disease 2019

Now that we’ve been locked down due to COVID-19, what would you advise people managers about motivating workers, including those under flexible work arrangements like work-from-home? -- White Lily.

World-leading Data Scientist joins UnionBank’s drive to next level of digital transformation

Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, Union Bank of the Philippines (UnionBank) recently...

How PSEi member stocks performed — May 14, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, May 14, 2020.