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Voting for SC chief justice shortlist moved to Aug. 24 — Guevarra

By Vann Marlo M. Villegas
Justice Secretary Menardo I. Guevarra said the voting for the shortlist of candidates for chief justice (CJ) has been moved to Aug. 24.
“Voting on CJ shortlist reset to Aug. 24 to have more time to review all the documents submitted, particularly the SALNs (statement of assets, liabilities and net),” Guevarra told reporters in a mobile message.
The Judicial and Bar Council held the public interview for the aspirants last Aug. 16. The five nominees are Supreme Court (SC) Associate Justices Lucas P. Bersamin, Teresita L. De Castro, Diosdado M. Peralta and Andres B. Reyes Jr., and Davao Regional Trial Court Judge Virginia Tehano-Ang.
The JBC is mandated to recommend appointees to the Judiciary and President Rodrigo R. Duterte shall appoint the new chief justice from the shortlist submitted by the Council.
The highest magistrate position was declared vacant after former Chief Justice Maria Lourdes P.A. Sereno was ousted through quo warranto on May 11 and was affirmed on June 19 after the SC denied her motion for reconsideration.
The four associate justices nominated were among those who voted to oust Ms. Sereno and rejected her plea.

PepsiCo to buy SodaStream for $3.2 billion

New York — PepsiCo said Monday it plans to buy SodaStream, an Israeli maker of carbonation products, for $3.2 billion as the beverage and snacks giant makes further inroads with in-home goods.
The cash deal will see PepsiCo pay $144 per share for SodaStream’s outstanding stock, a 32 percent premium over its average price of the past 30 days.
SodaStream offers consumers “the ability to make great-tasting beverages while reducing the amount of waste generated,” PepsiCo chair and CEO Indra Nooyi said in a statement.
“That focus is well-aligned with Performance with Purpose, our philosophy of making more nutritious products while limiting our environmental footprint. Together, we can advance our shared vision of a healthier, more-sustainable planet.”
PepsiCo says it aims to provide environmentally friendly and cost-effective products that promote health and wellness.
“From breakthrough innovations like Drinkfinity to beverage dispensing technologies like Spire for food service and Aquafina water stations for workplaces and colleges, PepsiCo is finding new ways to reach consumers beyond the bottle,” said Ramon Laguarta, PepsiCo CEO-elect and president.
While the boards of directors of both companies have approved the deal, it is still subject to a SodaStream shareholder vote, regulatory approvals and other conditions, PepsiCo said, adding that closing was expected by January 2019.
PepsiCo had $63 billion in revenue last year.

Stock markets rise on hopes for easing of US-China trade dispute

London, United Kingdom — European and Asian stock markets mostly rose on Monday and the dollar firmed, with investors hoping that China and the United States will resolve their trade dispute.
Wall Street ended last week with gains following a report that top officials from the world’s two biggest economies would hold talks to resolve a crisis that has seen them hit each other with tariffs on billions of dollars worth of goods, and with more in the pipeline.
The report in the Wall Street Journal said the talks were aimed at easing the trade dispute before US President Donald Trump and Chinese President Xi Jinping hold a summit in November.
“Investors will be hoping that negotiations between China and the US can start to break the trade tariff deadlock or at the very least open the door to a summit between President Trump and President Xi, which might begin to ease the pressure,” noted Rebecca O’Keeffe, head of investment at Interactive Investor.
A possibility that the months-long row which has battered world markets could be brought to an end was enough to spur optimism on trading floors.
Greg McKenna, chief market strategist at AxiTrader, pointed out that Beijing, which is struggling to support the economy while also addressing a debt mountain, may have had a “lightbulb moment” last week with the release of more weak data and a sharp drop in the troubled yuan.
Authorities in China appeared to be moving to support the yuan last week as it headed towards seven to the dollar, its weakest level since January 2017.
Some observers have suggested the central bank has been letting the yuan soften in recent weeks to offset the effects of any US tariffs, a claim China has denied.
Elsewhere Monday, the Turkish lira was hovering above six to the dollar, well off the record levels around seven seen last week but still facing pressure after Ankara and Washington traded fresh sanctions threats as the row over a detained American pastor drags on.
Ratings agency Standard & Poor’s on Friday downgraded Turkey’s sovereign debt for the second time in four months and warned of a recession in 2019.
“The worry over Turkey’s currency crisis eased slightly last week as the lira rebounded against the US dollar. But this isn’t the end of the problem,” said Masayuki Kubota, chief strategist at Rakuten Securities.
Attention this week turns also to the annual central bankers’ symposium at Jackson Hole in Wyoming, which will be followed for clues on US interest rate plans among other issues. — AFP

Malaysia PM calls for China’s help with fiscal problems

Beijing — Malaysian Prime Minister Mahathir Mohamad called on China’s top leadership to help with his country’s fiscal problems Monday, as he seeks to revise major Beijing-backed projects signed under his country’s scandal-plagued former regime.
The 93-year-old leader, who returned for a second stint as premier following a shock election win in May, has railed against a series of deals struck with Chinese state-owned companies by the administration of toppled leader Najib Razak.
His government has suspended China-backed projects worth more than $22 billion, including a major rail link, and Mahathir had pledged to raise the issue of what he views as unfair terms related to some of the deals on his five-day trip.
During a press conference with Chinese Premier Li Keqiang at Beijing’s Great Hall of the People, Mahathir thanked China for agreeing to increase imports of specialty agricultural products, such as durian fruit.
But Mahathir also said he expected more from the world’s second largest economy.
“I believe that China will look sympathetically towards the problems that we have to resolve and perhaps help us in resolving some of our internal fiscal problems,” he said.
During his nine-year rule, Najib was accused of cutting quick deals with Beijing in return for help paying off debts linked to a massive financial scandal that ultimately helped bring down his long-ruling coalition.
Last week, Mahathir had said that he would look to cancel or modify the previous administration’s agreements with China, stressing that “the most important thing is for us to save money”.
Mahathir is seeking to cut Malaysia’s national debt, which has ballooned to some $250 billion.
Despite the threat to revise China-linked contracts, Mahathir is seeking to strengthen business ties with Beijing during the trip.
He met the founder of e-commerce giant Alibaba, Jack Ma, in the eastern city of Hangzhou on Saturday. Mahathir also oversaw the signing of a cooperation agreement between Chinese auto firm Geely and Malaysian carmaker Proton.
China is the top trading partner of Malaysia, which is home to a substantial ethnic Chinese minority.
Bilateral ties were warm under the old regime, and Chinese investment into the country surged as Beijing signed deals for major infrastructure and construction projects.
But critics said there was often a lack of transparency and the terms, such as interest rates on loans, were unfavourable to Malaysia, fuelling suspicions about Najib’s real motives.
Najib and his cronies were accused of plundering billions of dollars from a sovereign wealth fund, 1MDB, in an audacious fraud.
Since losing power, Najib has been charged over the scandal and will stand trial. He denies any wrongdoing.
As well as the rail link, which would have run from the Thai border to Kuala Lumpur, the government has suspended a China-backed project to build pipelines after alleging that almost all the money for the work was paid out but only a fraction of the project had been completed. — AFP

DoJ warns public against fake website claiming to be gov’t procurement agency

The Justice department cautioned everyone against a fraudulent organization claiming to be part of the government in order to illegally solicit money and conduct biddings.
The Department of Justice – Office of Cybercrime (DoJ-OOC) warned in a statement on Monday, Aug. 20, “against a fraudulent online scheme involving a certain Philippines Project Award Commission (PPAC), and its supposed authorized agents, Champs Court Business Consulting Agency Services.”
The Justice department’s cybercrime division reported that through the website www.philippinesprojectawardscommission.info, PPAC fronts itself to appear like an “official procurement agency of the Philippine government.”
In its website, PPAC said “The Commission may, by law, do anything to enter any transaction which it considers necessary or desirable for the proper performance of its functions.”
DoJ-OOC said that the PPAC is not recognized by the government nor is it legally registered in the Securities and Exchange Commission (SEC).
“The general public is hereby advised to exercise extraordinary caution in conducting online transactions so as not to unwittingly fall prey to such other similar fake websites,” the Justice department said. — Gillian M. Cortez

HSBC Philippines president resigns

HSBC (Philippines), Ltd. said its president and chief executive officer Jose Arnulfo “Wick” A. Veloso has stepped down from his position.
In a statement, HSBC Philippines said Mr. Veloso has vacated his post and that the successor will “be announced in due course.”
The bank refused to comment further when sought for comments regarding the reason behind Mr. Veloso’s resignation.
Mr. Veloso has been the chief executive of HSBC Philippines since December 2012. Prior to this, he also served as Head of HSBC’s global and markets operations, according to Bloomberg.
He is also the Vice Chairman of the Open market Committee of the Bankers Association of the Philippines. — Karl Angelo N. Vidal

DILG: Almost one-third of Boracay establishments may be allowed to operate in October

By Camille A. Aguinaldo
The government may open Boracay Island by Oct. 26 with at least 30% of the establishments allowed to operate, Department of Interior and Local Government Undersecretary for Operations Epimaco V. Densing said on Monday, Aug. 20.
“The target is between 30% to 50% now that the DENR (Department of Environment and Natural Resources) will release their carrying capacity study. Around 30 to 50% (establishments) may be opened,” he said during the continuation of the Senate hearing on Boracay’s environmental woes.
Four months into the island’s closure, Mr. Densing said several establishments remained noncompliant with the necessary permits from the local and national government as well as the directive to connect to the sewer lines of water concessionaires or to install their own sewage treatment plants (STPs).
According to DILG’s count, there were about 2,384 establishments in Boracay. Mr. Densing said only 71 out of 440 hotels, inns, and restaurants have complete business requirements as of Monday. Meanwhile, only 21 out of 162 establishments have sewage treatment plants based on DENR’s figures presented during the hearing.
In an interview with reporters, Mr. Densing clarified that the government is still looking at 100% compliance of businesses but he said they will have to settle with a 30% target to ensure the improved water quality attained during the closure is maintained with the island’s opening.
“If 30% (of establishments) are connected to the sewer line, only 30% have STPs in total, then we’ll have to open it at 30%… It is not to the interest of everybody to keep Boracay closed. But if you are not following the law to make sure that the water quality that comes out of the island is (class) SB levels, then we’ll have to do with the 30%,” he added.

Property firms post mixed second-quarter results

Property companies reported mixed performances in the second quarter of 2018, depending on the real estate sales and rental income each firm posted for the period.
In a regulatory filing, Rockwell Land Corp. said it generated P628 million in net income attributable to the parent during the April to June period, 21% higher than what it posted in the same period a year ago. This followed a 28% increase in revenues to P4.72 billion.
On a six-month basis, the Lopez-led property company grew its attributable profit by a fifth to P1.25 billion, on the back of a 19% rise in revenues to P8.05 billion from the P6.76 billion it recorded in the same period a year ago.
In a separate filing, Sta. Lucia Land, Inc. (SLI) registered a 12% decline in net income to P242 million in the second quarter of the year, as revenues likewise dropped three percent to P1.05 billion.
For the first six months of the year, SLI’s net income increased by six percent to P508 million, driven by a 13% climb in revenues to P2.03 billion.
Meanwhile, luxury property developer Anchor Land Holdings, Inc. (ALHI) reported a 45% decrease in net income attributable to equity holders of the parent in the second quarter to P127.43 million, versus the P174.15 million it delivered in the same period a year ago. Revenues for the April to June period reached P1.3 billion, flat from the P1.32 billion it generated in the second quarter of 2017.
This brought ALHI’s attributable profit for the first half of the year to P231.04 million, 26% lower than the P312.7 million it generated in the same period a year ago. The company’s revenues meanwhile went up by two percent to P2.54 billion.

DM Consunji first-half net income up 36%

The construction arm of DMCI Holdings, Inc. grew its net income by 36% in the first six months of 2018, fueled by its building and infrastructure units.
In a disclosure to the stock exchange, DM Consunji, Inc. reported that its net income reached P676 million in the first half of 2018, higher than the P497 million it posted in the same period a year ago. This followed a 13% increase in revenues to P7.2 billion.
“Overall, we still maintain a positive outlook for D.M. Consunji, Inc. for the second semester of this year,” President and CEO Jorge A. Consunji said in a statement.
“We intend to be one of the major players participating in the rollout of infrastructure projects under the Build, Build, Build Program of the government, as well as in private construction projects,” he said. — Arra B. Francia

Moody’s affirms Security Bank investment grade

Moody’s Investors Service has affirmed its investment-grade rating to Security Bank Corp, maintaining the “stable” outlook on the lender.
In a statement sent to reporters on Monday, the global debt watcher said it has maintained Security Bank’s long-term local and foreign currency deposit and issuer ratings of Baa2, a notch above the minimum investment grade.
Moody’s likewise maintained its short-term local and foreign currency deposit and issuer ratings at P-2,while baseline credit assessment (BCA) stood at baa3.
Counterparty risk assessments were also affirmed at Baa2(cr)/P-2(cr). — Karl Angelo N. Vidal

PSALM to rebid P886-million Manila thermal plant

Power Sector Assets and Liabilities Management Corp. (PSALM) will rebid a thermal power plant in Manila that it valued at around P886 million after the agency failed to receive any bids after the deadline it set last week.
In a statement, PSALM President and Chief Executive Officer said her office would look into the reasons as to why the four bidders, who initially purchased bid documents, decided not to participate in the bidding.
She declaired the public auction as a failure due to the non-receipt of any bids on the deadline set at 12:00 noon of Aug. 15, 2018.
The proceeds from the sale of the underlying land will help augment PSALM’s funding sources for the management of its assumed liabilities.
PSALM said the property has a potential commercial value because of its proximity to Manila’s business district. — Victor V. Saulon

Government fully awards T-bills

The government once again decided to fully award the Treasury bills (T-bill) it auctioned off on Monday, Aug. 20, as rates slipped across all tenors on the back of additional liquidity in the market brought about by the P91 billion worth of government maturities.
The Bureau of the Treasury (BTr) borrowed P15 billion as planned at its T-bills auction. Demand from investors totaled P43.1 billion, slightly lower than the P49.4 billion recorded at last week’s offering.
Broken down, the government borrowed P4 billion as planned via the 91-day tenor as tenders by investors amounted to P12.857 billion. The average rate on the papers slid 4.1 basis points (bp) to 3.203% from the 3.244% logged in the previous auction.
For the 182-day T-bills, the BTr borrowed P5 billion as planned out of the P17.928 billion offered by banks and other financial institutions. The average rate likewise slipped by 5.3 bp to 4.064% from the 4.117% quoted in the previous offering.
The Treasury also made a full award of the 363-day papers, accepting the programmed P6 billion out of total offers amounting to P12.358 billion. The average yield likewise declined 2.3 bps to 4.869% from last week’s 4.892%.
At the secondary market prior to the auction, three-month and six-month papers were quoted at 3.615% and 4.0651%, respectively, while one-year securities fetched a 5.1077% yield. — Karl Angelo N. Vidal

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