Facebook Instagram Linkedin X Youtube
Home Blog Page 11571

Anti-harassment groups share $20-M CBS handout

LOS ANGELES — CBS Corp. on Friday named the Time’s Up anti-sexual harassment group and 17 other organizations that will share a $20 million donation stemming from the exit of its chief executive Les Moonves following allegations of sexual misconduct. Time’s Up and the body representing Hollywood producers swiftly announced that they will spend their share of the funds on programs to increase diversity in the entertainment industry, and provide anti-sexual harassment training. CBS said in a statement that the $20 million grant was part of the company’s separation agreement with Mr. Moonves and “was deducted from any severance benefits that may be due to him.” Mr. Moonves, a major figure at the CBS broadcast network for more than two decades, was forced out in September after multiple allegations of sexual misconduct. Mr. Moonves has acknowledged three of the encounters but said they were consensual, and denied others. He was the most powerful US figure to have been brought down in the #MeToo scandal that has roiled Hollywood, politics and boardrooms since October 2017. The organizations receiving the CBS funds, including the #MeToo social media movement and the anti-sexual violence group RAINN, said the money would “drive real progress” in ending sexual harassment. But they added in a joint statement: “We also recognize that these funds are not a panacea, nor do they erase or absolve decades of bad behavior.” — Reuters

Cathay Land keeps investing in Silang, Cavite

CATHAY LAND Inc. is betting big on Silang, Cavite, as it continues to launch new projects to take advantage of the area’s growth potential.
The property developer this year opened the 20-hectare Acienda Designer Outlet, and plans to expand its existing projects Mallorca City and Cavite Light Industrial Park.
Cathay Land began investing in Silang 15 years ago when it began developing the 500-hectare masterplanned community, South Forbes Golf City.
Cathay Land President Jeffrey Ng said South Forbes now has boutique communities, commercial buildings, an award-winning 18-hole golf course, as well as Microtel and Destination hotels.
This year, the company launched two low-rise residential condominium projects in South Forbes Golf City, namely Stanford Suites 3 and Fullerton Suites.
There are plans to launch Mallorca Villas Phase 2 and the second phase of CLIP, which will add 60 hectares, soon.
Mr. Ng also said the company partnered with Ayala’s Alveo Land to develop a 50-hectare area in Barangay Hukay into a commercial and residential project called Hillside Ridge.
For the newly opened Acienda Designer Outlet, Mr. Ng expressed confidence the country’s first “true international outlet mall” will draw more tourists to Silang.
“We would like to see tourists coming not only to Tagaytay, but also to Silang as well. With the expected completion of the interchange of the Cavite-Tagaytay-Batangas Expressway (CTBEx), whose exit will be right beside this outlet in three years’ time, we have no doubt that this area of Silang will continue to progress and boom in the years ahead,” he said.
Freeport Retail Co-founder and Director Chris Milliken, whose company partnered with Cathay Land for Acienda Designer Outlet, said the outlet mall will create jobs in the area.
“I have been doing this for 25 years, and I have seen what it can do to a locality. This will really boom and create about 800 jobs. Because ADO presents what a proper outlet store is all about, with great planning, proposition, consumer experience, the future is bright for this business and for the community,” Mr. Milliken said.

8990 taps SM Hypermarket as anchor tenant for mall

MASS HOUSING developer 8990 Holdings, Inc. has tapped SM Hypermarket as the supermarket operator for its first mall development in Tondo, Manila.
In a disclosure to the stock exchange on Monday, the listed firm said it has signed an agreement with SM Hypermarket to be the lead anchor tenant for Deca Mall, which is set to open in the second quarter of 2019.
SM Hypermarket will occupy 3,073 square meters (sq.m.), comprising about a sixth of Deca Mall’s 18,000 sq.m. worth of gross floor area.
“By bringing in SM Hypermarket as the anchor tenant of Deca Mall, Urban Deca Homes residents and those from the environs no longer have to travel far for their everyday shopping needs,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said in a statement.
The P452-million Deca Mall will also house up to 450 small and medium enterprises in addition to a tiangge at the second floor.
The mall stands within 8990 Holdings’ 13-tower residential complex called Urban Deca Homes Manila. This is the company’s second largest project to-date, following a similar project in Ortigas Extension that will be launched in the first quarter of 2019.
Urban Deca Homes Manila covers a total area of 8.4 hectares, offering more than 13,000 residential units valued at about P20 billion. 8990 Holdings targeted residents of Tondo, the Port Area, Intramuros, Divisoria, and the Camanava (Caloocan-Malabon-Navotas-Valenzuela) area for the project, addressing the housing needs of those living in these densely populated areas.
The property developer has already sold out all units in the project, given the low amortization rates of P9,000 to P11,000 per month.
8990 Holdings booked a net income attributable to the parent of P3.41 billion in the first nine months of 2018, 38% higher than the same period a year ago as gross revenues also surged 41% to P8.63 billion.
The company expects 2018 to be another banner year, targeting P11.5 billion worth of revenues and about P4.49 billion in earnings by year-end.
Shares in 8990 Holdings went up by a centavo or 0.13% to close at P7.75 each at the stock exchange on Monday. — Arra B. Francia

Gov’t partially awards T-bills as demand weakens

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT partially awarded the Treasury bills (T-bill) it auctioned off yesterday, rejecting all bids on the longer tenors, as investors await the US Federal Reserve (Fed) policy meeting.
The Bureau of the Treasury (BTr) borrowed just P4 billion out of the P15 billion it intended to raise at its auction on Monday, which is its last one for the year. This, even as bids from market participants reached P19.3 billion, lower than the P23.5 billion recorded last week but still filling the total volume on offer.
Broken down, the Treasury accepted P4 billion as planned for the 91-day securities out of tenders totalling P6.575 billion. The average rate slipped by 2.7 basis points (bp) to 5.323% from the 5.35% fetched last week.
Meanwhile, the government rejected all bids programmed under the 182-day tenor, with tenders amounting to P5.884 billion, slightly above the P5 billion it intended to raise. Had the government proceeded with a full award, the debt papers would have fetched an average rate of 6.594%, 25 bps higher than the 6.344% logged during the previous auction.
The BTr likewise did not award any 364-day T-bills, even as it received bids worth P6.855 billion, slightly above the programmed P6 billion. Had the government fully awarded the papers, the papers would have fetched an average yield of 6.86%, 27.5 bps higher than last week’s 6.585%.
Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 5.706%, 6.425% and 6.709%, respectively, yesterday.
National Treasurer Rosalia V. De Leon said investors are holding on to their cash as they are still waiting for the policy meeting of the Fed.
The US central bank is widely expected to raise its interest rates during its policy meeting on Dec. 18-19. However, it is uncertain how many more hikes are expected from the Fed going forward given a potential slowdown in economic growth.
“The Fed will be meeting on the rate hike decision. I think they (market participants) are still waiting for the outcome,” Ms. De Leon told reporters on Monday.
She added that banks are now holding on to their funds to service heavy withdrawals during the holiday season.
“They would rather prefer to keep their stash rather than put into the securities,” Ms. De Leon said, noting that players would rather park their funds in the shortest tenor than in the six-month and one-year T-bills.
Sought for comment, a bond trader said the weak demand from investors was expected.
“Given that the BTr rejected the one-year and six-month, it looks like the market appetite is already weak as we usher in the holiday season,” the trader said in a phone interview. “Last year, the December auctions were also rejected. That’s why it is expected there will be lower amount of tenders.”
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds.
NO MORE DOLLAR BONDS
Meanwhile, Ms. De Leon said the Treasury will no longer issue dollar-denominated bonds this year, with investors already closing their portfolios.
“Sarado na ang tindahan, ‘no (We’re done borrowing for the year)?” she said, adding that the Treasury is still looking at a confluence of factors abroad, such as the Fed’s decision this week, developments in US-China trade relations, as well as the exit of the United Kingdom from the European Union.
Ms. De Leon previously said there is “still some window” for the Treasury to offer dollar-denominated Republic of the Philippines bonds this year even as the market was on a risk-off sentiment. In January, the government offered 10-year greenback bonds amounting to $2 billion which carry a 3% coupon.

New Cebu hotel aims to provide 5-star service

SMALL DETAILS make the differences at the newly opened Bai Hotel in Mandaue City in Cebu, the largest city-hotel in the VisMin region and outside Metro Manila.
Named after a Cebuano term for “friend,” the Bai Hotel sits on a 69,000-square meter (sq.m.) property. It boasts of 12 conference and event venues, eight restaurants, and 688 guest rooms ranging from deluxe to presidential suite.
In addition to the usual amenities like free WiFi, flat screen television and a mini-bar, Bai Hotel’s rooms have safety features such as two panic buttons (one beside the bed and another in the bathroom), and a fire escape mask (found under the lamp).
Among executive club privileges include a 24-hour butler service, afternoon tea, and complimentary daily shoe shine service.
While the Department of Tourism has not given a rating to the property, Bai Hotel hopes to receive the highest rating by the first quarter of 2019.
“Service-wise we’re a five-star,” Bai Hotel General Manager and Vice President for Operations Alfred M. Reyes said during the hotel’s grand launch on Nov. 23.
The 23-storey hotel also has spa services, swimming pool, playroom, fitness center, and business center.
Guests can have breakfast at the Cafe Bai which has an all-day buffet that serves Asian (Filipino, Chinese, Japanese and Korean food) and Western cuisines; and lunch at Marble + Grain Steakhouse, which serves custom-aged USDA prime beef.
Other dining options include Japanese restaurant Ume, Wallstreet Coffee + Bar, Twilight roof-deck lounge and bar, lobby lounge, and the executive lounge.
As of November, Mr. Reyes said the hotel enjoys 79% occupancy, which is high for a new hotel.
“Normally, a newly-opened hotel has 40 to 45% occupancy rate, and if you are lucky, it will normally take you a year to break even. It only took us two months to break even in terms of cash flow and we are also enjoying a record breaking 79% occupancy rate,” he said.
Mr. Reyes said Mandaue City is usually a jump-off point to other local destinations like Siquijor, Bohol, and Dumaguete.
To cater to the female travelers, Bai Hotel will soon open a floor solely for women, where the staff will also be women.
While Mandaue is not in the heart of Cebu City, Bai Hotel is 25 minutes away from Mactan-Cebu International Airport, 25 minutes away from the business park, and 20 minutes away from the I.T. park.
Bai Hotel is a Filipino-owned hotel that has partnership with World Hotels, an international chain that also operates Le Monet Hotel in Baguio, Makati Diamond Residences, and Hotel Luna in Vigan City. — N.F.P. De Guzman

Spain’s prosecutor accuses singer Shakira of tax fraud

MADRID — Spanish prosecutors filed charges against Colombian singer Shakira on Friday, accusing her of failing to pay €14.5 million in tax ($16.3 million) in the country where her Spanish footballer partner plays. The charges were filed in the Catalonia region, where the singer is a regular presence at matches of her partner Gerard Pique’s team, Barcelona. She was accused of failing to pay tax on income earned from 2012-2014, when the prosecutors say she lived there. Representatives of Shakira said in a statement that the singer did not live in Spain until 2015, and has met all of her tax obligations to Spanish authorities. The “Hips Don’t Lie” singer and Mr. Pique have been a couple since the start of the decade and have two children. It is the latest case of a high-profile foreigner with links to top level Spanish soccer being accused of avoiding tax while living there. Earlier investigations looked into Mr. Pique’s Argentinian Barcelona teammate Lionel Messi and Portuguese international Cristiano Ronaldo, who left Real Madrid for Juventus this year. — Reuters

Cusi says non-performing units like PNOC should be abolished

IF IT were up to him, Energy Secretary Alfonso G. Cusi said he would have wanted “non-performing” companies affiliated to his department to be abolished or consolidated.
“I want to abolish mga things that are not performing, mga offices that are not performing like sabi ko nga kay Admiral, mabuti pa isara na natin ang PNOC (Philippine National Oil Co.) kung ganyan ang ginagawa natin (I want to abolish things that are not performing, offices that are not performing, like what I’ve said to the admiral, it would be better if we close PNOC if that’s what we are doing),” he told reporters in an informal gathering with other Energy officials.
Mr. Cusi was referring to retired Admiral Reuben S. Lista, president and chief executive officer of PNOC, who first announced the company’s liquefied natural gas (LNG) terminal project but has yet to find a partner that will provide capital.
Last month, PNOC announced that it had “postponed until further notice” the process of selecting a partner for the LNG terminal project. The company is attached to the DoE, with the secretary as its ex-officio chairman.
Mr. Cusi had envisioned the project to transform the country into a regional LNG hub, saying that it had been performing as one.
In a notice posted on its website dated Nov. 21, 2018, PNOC said it had postponed the pre-eligibility activity that was supposed to be on Dec. 4. It also postponed the submission date of eligibility documents.
Mr. Cusi has expressed disappointment over the performance of PNOC, which lagged behind private entities in advancing the LNG project.
Thus far, Phoenix Petroleum Philippines, Inc. and its Chinese partner China National Offshore Oil Corp. had submitted a proposal with details on technical, financial and legal qualifications.
First Gen Corp. announced earlier this month that it had signed a joint development agreement with Tokyo Gas Co., Ltd. to pursue the joint development of an LNG terminal at the Lopez-led company’s Batangas Clean Energy Complex.
Meanwhile, the local unit of Australia-listed Energy World Corp. Ltd. said it had revived talks with lenders to finance the completion of its 650-megawatt (MW) combined cycle gas-fired power plant.
Mr. Cusi said if it were up to him, he would proceed with the project even ahead of finding a partner with the funding. He said PNOC had no notable accomplishment even if it has funding because its charter requires it to seek congressional approval for funding.
“Sabi ko sa kanila sa board: you know if I were you, if I were PNOC and I own PNOC as a businessman, ibinibigay ang LNG terminal na ‘yan, gagawin ko nalang ‘yan… Kung ako dedesisyunan ko ‘yan. (I told them in the board: you know if I were you, if I were PNOC and I own PNOC as a businessman, and that LNG terminal is being offered, I’d just do it … If it were up to me, I’d decide on it.),” he said.
Mr. Cusi said he would prefer that consolidation of PNOC along with its subsidiaries PNOC-Exploration Corp. and PNOC-Renewables Corp.
“Pero (But) I want to assure, I want to say that it’s not as simple as that,” he said, citing the personnel of the companies who might lose their jobs.
Also, only Congress can abolish a government-led company through legislation. — Victor V. Saulon

Metrobank’s bond reissue yields P18B in fresh funds

METROPOLITAN Bank & Trust Co. (Metrobank) raised P18 billion from the reissuance of its peso-denominated bond program.
In a disclosure to the local bourse Monday, the Ty-led Metrobank said it successfully completed the P18-billion reissuance of its two-year fixed-rate bonds yesterday.
The issuance is part of its P100-billion bond program approved by its board of directors last Sept. 19. The papers issued will mature in two years and carry an interest rate of 7% per annum to be paid quarterly until December 2020.
Due to “overwhelming investor demand” for the instrument, the lender upsized the offer size by more than thrice from the P5 billion it initially intended to offer.
The bonds issued on Monday, along with the P10-billion fixed rate bonds raised last month, brings Metrobank’s total issue to P28 billion, which it said is the largest peso-denominated bond issuance to date.
The bank said robust investor demand and strong credit led to a decline in the overall cost of the bond and credit spread.
“This serves as a significant milestone for Metrobank who has consecutively proven its ability to always be the first to market, and pioneer a reopening following its successful maiden issuance last November,” Metrobank President Fabian S. Dee was quoted as saying in the statement.
Standard Chartered Bank (SCB) acted as the transaction’s sole arranger and bookrunner. It also acted as a selling agent alongside Metrobank and First Metro Investment Corp.
Lynette V. Ortiz, SCB Philippines chief executive officer, said the reissuance proves Ty-led bank’s flexibility and swiftness to tap the local capital markets when the opportunity arises and when market conditions are constructive.
In October, Metrobank also raised some P8.68 billion from the first tranche of its P25-billion long-term negotiable certificates of deposit program. The notes will mature in 5.5 years to be paid quarterly and carry a 5.375% rate.
Metrobank posted a P5.7-billion income in the second quarter, up 55% from the P3.7 billion tallied the previous year on the back of its robust core business.
Shares in Metrobank went down P1.20 or 1.48% to close at P79.80 each on Monday. — Karl Angelo N. Vidal

Astoria Current reopens

ASTORIA CURRENT welcomed tourists once again when Boracay island reopened last Oct. 26.
“The expediency by which Astoria Hotels & Resorts (AHR) complied with the environmental guidelines set forth by the government allowed this resort to reopen 205 rooms with direct beach access. This is currently the most number of such rooms of any property in Station 3,” the company said in a statement.
During Boracay’s closure, AHR built an additional annex with more hotel rooms designed by Atelier Almario and upgraded its function room. Rainbow-colored underwater lights were installed at the saltwater pool, while the famous glass pool and lounge area were repainted.
AHR said its staff, who were reassigned to properties in Bohol, Palawan, and even Plaza in Ortigas Center, returned to work at Astoria Current.

Grammy-winning singer Nancy Wilson, 81

GRAMMY award-winning singer Nancy Wilson, whose hits ranged from R&B to jazz and funk, died at her California home at age 81 on Thursday after a long illness, her publicist said. Ms. Wilson, who came to fame as a torch singer in the 1960s, called herself a “song-stylist” and resisted labeling as a jazz singer for most of her career since she could cross many genres. “She was one of those rare vocalists who could do it all.” longtime publicist Devra Hall Levy told Reuters. “Jazz, blues, pop and even funk. She did it all.” Ms. Wilson’s “How Glad I Am” earned her a Grammy in 1965 for best R&B performance. She won more Grammys in 2005 and 2007 for jazz, along with a 2004 lifetime achievement award, the Jazz Masters Fellowship, from the National Endowment for the Arts. “Nancy gave her all for her fans,” Ms. Levy said. A music critic once called Ms. Wilson the heir apparent to iconic jazz singer Ella Fitzgerald, and she was influenced by Nat King Cole and other legendary vocalists. Her first album, Like in Love, came out in 1959 to commercial success and she frequently topped the Billboard pop charts in the 1960s. Jazz historian and author Ted Gioia told Reuters that the jazz world had lost a music giant whose supple talents brought her songs emotive heights. “She was one of those rare vocalists who could sing any style, cross any genre but still put her unique imprint on the music. Her albums were full of gems,” Mr. Gioia said. — Reuters

BCDA, Villar-led consortium ink water deal for New Clark City

THE BASES Conversion and Development Authority (BCDA) on Monday signed a joint venture agreement with a consortium led by the Villar Group’s Prime Water Infrastructure Corporation (PrimeWater) and Israel’s Tahal Group to deliver smart water and wastewater facilities for New Clark City.
“By offering state-of-the-art water and wastewater services at competitive rates, we are staying true to BCDA’s promise for New Clark City to become the Philippines’ most attractive destination for residences and businesses, and the action-oriented ethos of President Rodrigo Duterte’s administration,” said BCDA President and Chief Executive Officer Vivencio B. Dizon in a statement.
The BCDA inked the deal with PrimeWater, Prime Assets Ventures, Inc., (PAVI), MGS Construction, Inc., and Tahal Group.
Last Nov. 12, the consortium won the tender with its bid of P9.45 per cubic meter charge that applies to water supply only. The same amount will be charged for wastewater services, bringing the total tariff of P18.90 per cubic meter over the first five years of the 30-year joint venture period.
The Asian Development Bank (ADB) was the transaction advisor to BCDA on the water project. The ADB described the winning bid as “highly competitive,” compared to water rates in other cities in the Philippines and other parts of Southeast Asia.
PrimeWater provides water supply and distribution systems to real estate developments of sister company Vista Land & Lifescapes, Inc. such as Brittany, Camella Homes and Crown Asia. It also has bulk water supply projects with partner water districts, according to its website.
Tahal Group, on the other hand, is described as a “leading global provider of sustainable infrastructure development projects in developing countries worldwide.” It is owned by the Kardan Group, which is listed on Euronext Amsterdam and Tel Aviv Stock Exchange.
Located inside the Clark Special Economic Zone in Pampanga, the New Clark City is being touted as the country’s “first smart, green, and sustainable metropolis.” — E.J.C.Tubayan

Tighter watch needed to spot derivatives risks

LONDON — Regulators should scrutinize clearing houses and banks together to spot financial stability threats from the world’s multi-trillion dollar derivatives market, the Bank for International Settlements (BIS) said on Sunday.
Almost two-thirds of interest rate swaps pass through clearing houses like LICH and Eurex, ensuring the safe completion of trades even if one side of a transaction goes bust.
This compares with a fifth in 2009, before new rules were introduced in the aftermath of the financial crisis that require banks to clear trades to improve safety and transparency.
Banks and clearing houses are now regularly “stress tested” on an individual or sector-wide basis to check their resilience to defaults and extreme market stresses, but the BIS paper called for checks to be coordinated.
Clearing has cut risk in the financial system overall, but banks and clearing houses, also known as central counterparties (CCPs), could create a “destabilizing feedback loop” that amplifies stresses in markets, said the BIS, a forum for central banks from across the world.
“Hence, the risks of banks and CCPs should be considered jointly, rather than in isolation,” it said in its quarterly review.
Mandatory clearing has built up large exposures between a small number of banks and CCPs, or what the BIS calls a CCP-bank nexus that regulators should now be studying more closely.
Clearing houses are processing large notional values of interest rate and credit default swaps equivalent to 4.4 times the world’s economic output, up from 2.8 times in 2008 when Lehman Brothers bank went bust.
Rules for clearing houses have already been tightened, and they must now be able to hold enough default funds to survive their two largest members going bust.
“However, given the complex web of incentives, spanning different institutions and markets, what might transpire under some stress scenarios is less than fully understood,” the BIS said.
Only three clearing houses have failed in the past 50 years, though some have come under severe stress.
A Norwegian power market trader racked up losses he could not cover in September, leaving commodities companies part of the Nasdaq clearing house and the exchange itself to plug a €114-million hole in a contingency fund. — Reuters

1...11,57011,57111,572...14,236Page 11,571 of 14,236
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube