Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11546

Actor Stephen Fry reveals battle with prostate cancer

LONDON — British actor Stephen Fry said on Friday he has had surgery to remove his prostate after battling cancer for two months, adding in a video posted on Friday that the operation appears to have been successful. The 60-year-old actor was part of the comic double act Fry and Laurie with actor Hugh Laurie, whom he knew from university, and has appeared in films such as V for Vendetta, The Hitchhiker’s Guide to the Galaxy, and Blackadder’s Christmas Carol. Fry said he had gone to his doctor just before Christmas to get a flu shot when signs of the cancer were first noticed. He added that his whole prostate had been removed in an operation in early January, and that the cancer did not seem to have spread. “As far as we know, it’s all been got… I generally felt that my life was saved by this early intervention,” Fry said in the video on his website. “For the moment, I‘m fit and well and happy.” Last month, Fry stepped down as host of Britain’s BAFTA film awards, having presented the ceremony 12 times. He is also known for presenting the BBC2 TV comedy quiz show QI. He has spoken frankly about his health previously, and his struggles with anxiety and depression. In 1995, he fled a London theater production just days after its opening in what he later called “emotional turmoil.” He won an Emmy in 2007 for his documentary Stephen Fry: The Secret Life of the Manic Depressive. — Reuters

2GO narrows net loss in 2017

2GO GROUP, Inc. narrowed its net loss to P310 million in 2017 from the P344 million posted in 2016, as revenues jumped 13% due to the growth of its logistics and distribution business.

In a disclosure to the stock exchange on Monday, 2GO Group said its recurring net income, which excluded one-time charges, stood at P314 million.

The listed company, which has yet to file its audited annual financial report, said its revenues rose 13% to P21.6 billion in 2017.

“Revenue growth was driven by continued strong performance in the Group’s Non-shipping business (Logistics and Distribution), which grew 30% in 2017, due to increased service offerings to existing strategic customers (e.g., end-to-end warehousing, inventory management, cross-docking, delivery, merchandising), the addition of new customers, and an increased overall focus on customer service,” 2GO Group said.

The share of non-shipping revenues accounted for 61% of 2GO’s total revenues, while shipping accounted for 39%.

Frederic C. Dybuncio, president and CEO of 2GO Group, noted 2017 was a “year of continued good underlying performance” for the company.

“Our focus on customer service and experience remained high and we continued to enhance our non-shipping business activities in particular, where we see significant long-term opportunities for growth,” Mr. Dybuncio said in a statement.

At the same time, the 2GO Group board approved the plan to merge the company with its parent Negros Navigation Company, Inc. (Nenaco).

“This is in line with its efforts to streamline operations, reduce costs and increase shareholder value,” 2GO said in a statement.

Nenaco is the parent firm of the logistics firm. 2GO is currently being managed by the group of businessman Dennis A. Uy through Chelsea Logistics Holdings Corp., along with SM Investments Corp. (SMIC). SMIC holds an interest in 2GO after it purchased a 34.5% stake in Nenaco last April.

Cebu Business Park developer set to merge with subsidiary

CEBU HOLDINGS, Inc. (CHI) is merging with subsidiary Cebu Property Ventures Development Corp. (CPVDC), as it seeks to promote operational synergies between their developments.

In separate disclosures posted after the stock market’s close on Monday, CHI and CPVDC said their respective boards of directors have approved the plan to merge the two companies, with the former as the surviving entity.

CHI is an affiliate of Ayala Land, Inc., and is the developer of the 50-hectare Cebu Business Park in Cebu City.

“The merger will consolidate the company’s portfolio under one listed entity, creating a unified portfolio for its investments and is expected to result in operational synergies, efficient funds management, and simplified reporting to government agencies as a result of the merger,” CHI said.

CHI will exchange 1.06 common shares for every one share of CPVDC Class A common shares or Class B common shares, resulting to 996.77 million CHI shares at the end of the merger. CHI said the exchange ratio was based on the net asset values of both companies.

With this, CHI will have a total of 2.916 billion outstanding shares after the merger. CPVDC, meanwhile, will cease to exist, should the transaction be approved by the Securities and Exchange Commission (SEC). CPVDC said all its assets and liabilities will also be absorbed by CHI.

The companies will seek the approval of their respective shareholders during the annual stockholders’ meetings on April 10. If approved, they will notify the SEC of the merger, which is expected to be approved within the next two months.

Incorporated in 1990 as a joint venture corporation between the province of Cebu and ALI, CPVDC is the owner and developer of the Cebu IT Park. The development covers 27 hectares and has been accredited as an IT park by the Philippine Economic Zone Authority in 2000.

Cebu IT Park is 1.5 kilometers away from CHI’s Cebu Business Park, which features residential, office, retail, and leisure facilities. Through CPVDC, CHI is also involved in the sale of office and residential condominium units, commercial lease of retail space, sale of proprietary sports club shares, and hotel development and operations.

CPVDC’s market capitalization stood at P3.385 billion on Monday, while CHI’s market cap was at P11.712 billion.

Both companies said they will disclose further information on the merger in due course.

Shares in CHI gained four centavos or 0.66% to close at P6.14 each, as CPVDC saw its shares rise 10 centavos or 1.67% to P6.10 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia

DBP profit climbs in 2017

DEVELOPMENT Bank of the Philippines (DBP) saw its net income rise in 2017 on the back of steady growth in its loan portfolio.

In a press briefing on Monday, DBP President and Chief Executive Officer Cecilia C. Borromeo said the state-owned lender booked a P5.1-billion net income in 2017, 21% higher than the P4.2 billion posted in 2016.

“There are a lot of positive things going in our institution. We are experiencing robust growth in our financials,” Ms. Borromeo said.

DBP’s net income growth was mainly driven by its gross loan portfolio, which grew 22% to P293.47 billion last year from the P240.9 billion logged in the comparable year-ago period.

Broken down, Ms. Borromeo said the lender lent a total of P76.23 billion to infrastructure and logistics projects.

DBP also approved a total of P7 billion for 132 projects under its Infrastructure Contractors Support Program to address funding gaps in support of the government’s Build, Build, Build program.

“We are intensely looking forward to helping bridge the country’s infrastructure gap and fund ongoing and proposed major infrastructure projects which are vital for sustaining high and inclusive growth,” Ms. Borromeo said.

The DBP president said the bank also helped build 120 hospitals and 2,486 schools through its P25.6-billion assistance to the social services sector.

The bank also supported small and medium enterprises by providing P57 billion under its Small Business Puhunan Loan and Broiler Contract Growing programs.

Aside from these, the lender also allocated a P21.87-billion assistance to help build environment-related projects such as those on water sewerage and management and power generation.

Meanwhile, the lender’s deposits also expanded 16% to P412.36 billion last year from the P356.24 billion recorded in 2016.

DBP’s total assets reached P597.41 billion, growing 11% from the P536.11 billion figure in 2016.

Looking ahead, DBP is eyeing to bolster its asset base to P1 trillion by 2022 through the” expansion of its deposit base and aggressive lending activities.”

The bank targets to 10 new branches and eight new extension offices across the country and add 200 more automated teller machines (ATM). Currently, DBP has a network of 125 branches, three extension offices and 637 ATMs.

Aside from this, DBP also targets to get a million new customers in the next five years to promote the government’s initiative of financial inclusion.

“This is an integral part of our advocacy to introduce more unbanked Filipinos into the financial mainstream,” Ms. Borromeo added.

For this year, the bank is targeting a net income of P5.55 billion and assets worth P657.30 billion.

“DBP will firmly work to accomplish its set directions for 2018, maximize the potentials of its human resources and seize every opportunity for growth and progress,” Ms. Borromeo said.

Data from the central bank showed that DBP was the eighth largest bank in asset terms as of September 2017. — Karl Angelo N. VIdal

Black Panther again slays North American box office

LOS ANGELES — Disney’s Black Panther sunk its claws into the top spot once again this weekend at the North American box office, taking an estimated $108 million, industry estimates showed Sunday. Following a record-shattering opening weekend — raking in $242.2 million — the frenzy to see the 18th entry in the Marvel Cinematic Universe continued, bringing total earnings to an astronomical $400 million in just 10 days, according to tracker Exhibitor Relations. Its global take is now more than $700 million. The film has yet to open in China or Japan. It is only the fourth movie ever to make more than $100 million in its second weekend, joining Star Wars: The Force Awakens, Jurassic World, and Marvel’s The Avengers, according to Disney, which owns Marvel Studios. Directed by Ryan Coogler, Black Panther features an almost entirely black cast led by Chadwick Boseman as the first non-white superhero to get his own standalone movie in the franchise. Starring alongside the likes of Michael B. Jordan, Lupita Nyong’o, and Daniel Kaluuya, Boseman plays the titular superhero also known as T’Challa, king and protector of Wakanda, a technologically advanced, affluent, never-colonized utopia in Africa. In at an anything-but-close second place was newly released dark comedy Game Night, with $16.6 million. Featuring Jason Bateman and Rachel McAdams, the film follows a group of friends whose game night descends into a murder mystery. Dropping one place into third was Peter Rabbit, based on Beatrix Potter’s classic children’s book. Sony’s family-friendly offering brought in $12.5 million in its third week in theaters. Paramount’s new science fantasy horror Annihilation was off to a weak start, debuting in fourth place at only $11 million. Starring Natalie Portman, the film — based on the novel by Jeff VanderMeer — tells the story of a team of military scientists who go into a quarantined zone known as “The Shimmer.” Finally, in at fifth was Fifty Shades Freed — the last film in the trilogy based on the wildly successful novels by EL James — with takings of $6.9 million. Rounding out the top 10 were: Jumanji: Welcome to the Jungle ($5.65 million); The 15:17 to Paris ($3.6 million); The Greatest Showman ($3.4 million); Every Day ($3 million); and, Early Man ($1.7 million). — AFP

Domestic market capitalization of select stock exchanges in Asia Pacific

A Belgian Castle painted by Peter Paul Rubens is now on market

NEW YORK — If finding the home of your dreams is an art form, there’s no doubt the famed painter Peter Paul Rubens knew what he was doing. The 17th century star of the Flemish Baroque movement lived the final five years of his life in central Belgium’s Elewijt Castle, a stunner less than a half-hour’s drive from downtown Brussels with origins stretching back to 1304. Now the property — over the years called Castle Het Steen and Rubens Kastee l— is on the market for €4 million ($4.9 million).

The sale includes three buildings: a six-bedroom sandstone residence with a high-ceilinged private chapel; a four-bedroom villa; and a tower complex that, despite its centuries-old history, boasts a decidedly modern four-car garage. There’s also a drawbridge and moat in the mix for impressing (or intimidating) guests.

For a little more than the median price of a luxury apartment in Manhattan ($4.2 million in the fourth quarter of 2017, according to StreetEasy), buyers will get soaring stone arches, intricate tile and parquet floors, and ornate fireplaces in many rooms, including one in the living room with Rubens’s coat of arms chiseled into it. In total, residents can make use of 33 rooms and amble over 20 acres of lush, rolling meadow.

As with any historic property, the overall design sense is one you’re either keen to keep or eager to renovate as your own.   The owner has gradually restored the castle since 1955, and in 2009 it was granted heritage designation.

Beyond any potential renovation or design costs, would-be buyers need to consider annual upkeep as well. German aristocrat Christoph von Schenck, a “castles expert” for the real estate agency Engel & Völkers AG (which also lists Elewijt Castle), told Bloomberg that annual upkeep for a small to medium-size home such as this might cost $118,040 a year, and perhaps even more if there’s a gardener involved.

But for millionaires whose pockets run deep, an investment here pays dividends in bragging rights. Rubens depicted the home in several of his priceless paintings, including A View of Het Steen in the Early Morning, currently on display in London’s National Gallery. — Bloomberg

How PSEi member stocks performed — February 26, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, February 26, 2018.

Rice QR exit, national ID touted to fight inflation

SENATOR Sherwin T. Gatchalian said the most pressing interventions to address inflation involve the removal of the quantitative restrictions (QR) regime on rice, as well as a national ID system, which will make it easier for poor citizens to avail of food and fare discounts.

“Right now, the immediate need is the removal of quantitative restrictions on rice. Another measure is the approval of the National ID system to identify who among the poor needing the discounts (on rice and on transport fares),” he told reporters after Monday’s Senate hearing on inflation.

Mr. Gatchalian has raised concerns over rising food prices after inflation hit 4% in January, following a 4.5% price increase in food and non-alcoholic beverages.

At the hearing, Claire Dennis S. Mapa, Dean of the University of the Philippines School of Statistics (UPSS), pointed out that the poorest Filipino families spent more on food, especially rice, citing data from the Philippine Statistics Authority (PSA) on the inflation in the price of goods on which the poorest segments of the population depend.

National Economic and Development Authority (NEDA) undersecretary for policy and planning Rosemarie G. Edillon concurred that removing the quantitative restriction regime on rice will reduce the retail price of the commodity.

“If we have a more liberalized trade regime with respect to rice — meaning we’re talking about the tariffication of rice — then our idea there is you take out the policy uncertainty in the rice market,” she said.

“And with the tariffication, the revenues can be plowed back to the sector in terms of very intensive agricultural development programs. And this will actually stabilize not just the rice but also the other food products in the market,” she added.

NEDA Director-General Ernesto M. Pernia also pushed for the lifting of the QR on rice to increase the purchasing power of households, especially the poor.

He added that the increased price of rice was also related to the “disorganization” at the National Food Authority (NFA), which is failing to maintain its mandated buffer stock levels.

“The NFA seems to have been in disarray and we need to do something about the way NFA handles this buffer system to make sure that there’s no spike in the price of rice,” he said.

Meanwhile, Mr. Mapa added that the safety nets for the poor in the form of cash transfers provided by the Tax Reform for Acceleration and Inclusion (TRAIN) law are insufficient to offset increased prices, based on his estimates.

Mr. Gatchalian said the government could look into “non-revenue measures” to address the insufficiency of the cash transfers, including the proposed national ID system in order to better identify those entitled to the mitigating measures under the TRAIN law.

“The national ID system is also very important because this is where we are going to be releasing the targeted subsidies such as the discounts on transportation fares and rice,” he said.

Finance Undersecretary Karl Kendrick T. Chua said the DoF has yet to implement the TRAIN law’s social benefit programs, such as the 10% discount on fares and NFA rice, pending the passage of the national ID system.

Aside from conditional cash transfers and the discounts, the TRAIN law also entitles beneficiaries to free skills training from the Technical Skills and Development Authority (TESDA). — Camille A. Aguinaldo

Excise tax collections rise 81.7% in Jan. after TRAIN

By Melissa Luz T. Lopez
Senior Reporter

EXCISE TAX collections rose nearly 82% year on year in January as the new tax law kicked in, according to data from the Bureau of Internal Revenue (BIR).

In a statement, the Department of Finance (DoF) said collections from cigarette, cars and sweetened drinks hit P22.078 billion last month, up 81.7% from January 2017, while also exceeding the P20.501-billion target by 7.7%.

The statement was quoting BIR Commissioner Caesar R. Dulay, who reported the collections to the DoF’s executive committee.

Signed by President Rodrigo R. Duterte as Republic Act No. 10963, the Tax Reform for Acceleration and Inclusion (TRAIN) Act removed some exemptions to value-added tax as it increased tax rates for fuel, cars, tobacco, coal, minerals, documentary stamps, foreign currency deposit units, capital gains for shares not traded on the stock exchange, and stock transactions.

It also introduced a new tax covering cosmetic procedures.

The BIR said tobacco excise collections doubled to P12.139 billion in January, while also exceeding the P7.944-billion target for the category.

Meanwhile, higher duties on automobiles soared to P443.34 million, more than double the P208.01 million collected in January last year and 29.4% higher than the P342.561 million goal for the month.

Taxes generated by sugar-sweetened drinks brought in P2.5 billion in revenue.

In particular, Coca-Cola FEMSA Philippines, Inc. paid P1.186 billion in taxes, followed by Pepsi Cola Philippines, Inc. with P666 million, ARC Refreshments Corp. with P293.015 million, Nestlé Philippines, Inc. with P143.5 million; and Inter Beverages Philippines with P112 million.

Other big firms which remitted the new taxes are Asia Brewery, Inc. with P18 million; Liwayway Marketing, P16.049 million; SMB Inc., P10.726 million; and Zesto Corp., P7 million.

TRAIN imposed an excise rate of P6 per liter on drinks containing caloric or non-caloric sweetener and P12 per liter on drinks containing high-fructose corn syrup. The higher prices seek to discourage Filipinos from consuming soft drinks and similar unhealthy beverages.

Instant coffee mixes and milk are exempted from these taxes.

Early this month, Mr. Dulay said preliminary data showed that BIR collections overall rose 15% year on year.

Higher taxes from new items are expected to more than offset lower rates for personal income taxes for those earning below P2 million, from which the DoF expects a P10-billion monthly reduction in collections.

The BIR is targeting to collect P2.039 trillion in taxes in 2018, which is 11.48% more than the P1.829 trillion goal it initially set early last year. If realized, this would also be 14.6% higher than the P1.779 trillion collected in 2017.

MPIC won’t propose projects pending toll dispute resolution

THE Metro Pacific group said it will hold off on submitting unsolicited proposals for expressway projects pending resolution of its road toll dispute with the government.

Metro Pacific Tollways Corp. Rodrigo E. Franco said the group will defer proposals until there is “some clarity” on its requests to raise road tolls.

“If the situation continues to not be resolved, then obviously we will be forced to slow down on the projects that have not yet started. That is why we are hoping to have some clarity on the toll rate,” Mr. Franco told reporters on the sidelines of the ceremonial drive-through of the SCTEx Mabiga interchange and the opening of the NLEx Sta. Ines-Magalang Interchange.

Mr. Franco said running losses due to the freeze in tolls are P6 billion for the North Luzon Expressway (NLEx) and P1.5 billion for the Manila-Cavite Expressway (Cavitex).

Unsolicited projects submitted by the Metro Pacific group include the Cavite-Tagaytay-Batangas Expressway (CTBEx) and the NLEx-Cavitex port expressway.

Toll Regulatory Board (TRB) consultant Alberto H. Suansing told reporters that the petition for the NLEx fare increase is with the Department of Finance (DoF) and the National Economic and Development Authority (NEDA).

“During the last administration, (the toll road operators) were not granted any increase, so they are seeking them right now. What they want was 2012-2014 to be added. That’s being deliberated by the board. Both NEDA and Finance are wary about that,” Mr. Suansing told reporters on the sidelines of the event.

He added that the government is studying a gradual increase in fees.

“What we are looking at is the gradual increase. Staggered… so the effect will be cushioned. Of course, what we are looking at is the motoring public, but we don’t want to make the government look as if we don’t honor contracts. So we have to consider both interests.”

Metro Pacific Investments Corp. (MPIC) filed in April 2016, through NLEX Corp., a notice of arbitration for around P3 billion in compensation for toll adjustments due to take effect on NLEx in both January 2013 and January 2015.

MPIC also filed through Cavite Infrastructure Corp. (CIC) in April 2016 a notice of arbitration and statement of claim to the government to obtain P877 million in compensation for what it says is inaction by the government over toll hike petitions due since 2012. Adjustments have been due since Jan. 1, 2012; Jan. 1, 2014; and Jan. 1, 2015.

In June, Romulo S. Quimbo, Jr., senior vice-president for Legal, Regulatory Affairs and Government Relations of Manila North Tollways Corp., said MPIC is open to a possible compromise with the government to resolve the dispute over toll fee increases covering Cavitex and the NLEx.

CIC and the Philippine Reclamation Authority (PRA) in September proposed a toll fee increase for the R-1 Expressway and R-1 Expressway Extension of Cavitex.

The TRB in November approved a provisional fare increase of P0.25 for NLEx, or P18 for 72 kilometers, subject to value-added tax (VAT), in response to a petition by MPTC to implement a toll increase of P0.27. The increase is intended to recover the P2.7 billion it invested in expanding the expressway.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

Half of social enterprises focused on agriculture — PwC

PWC Philippines said about half of domestic social enterprises are focused on developing the agricultural sector, specifically by improving managerial practices of farmers and growers.

Lawyer Alexander B. Cabrera, PwC chairman and senior partner, estimated the number of social enterprises at 30,000, with agriculture-based enterprises “easily” accounting for half.

“They are seeking to mobilize farmer groups, which help individual farmers become more productive,” Mr. Cabrera told reporters on the sidelines of PwC’s launch of its 2018 Development Social Enterprise Awards (DSEA).

Mr. Cabrera said the PwC will consider undertaking a study that will assess the landscape of social enterprises. The study may also include an analysis of the impact of tax reform.

On Monday, PwC, its Philippine member firm Isla Lipana & Co. and the Benita and Catalino Yap Foundation launched the third edition of the DSEA awards to recognize organizations committed to social objectives.

Deadline for applications is May 4 with awarding scheduled for June.

Qualified nominees should have been in operation for at least two years, be able to lay out well-defined social objectives and have total assets not exceeding P50 million.

At stake are a cash prize of P350,000, free legal consultancy services for two years, and assistance in tapping banks for loans. Finalists and the grand winner will receive training grants from PwC and BCYF. — Janina C. Lim

1...11,54511,54611,547...12,801Page 11,546 of 12,801
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube