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Nintendo chief stays on, health business planned

 Economy
Jan 312014
 
Nintendo chief stays on, health business planned

Shoppers walk through the sales floor of Nintendo 3DS video game software at an electronics store in Tokyo.(AP Photo/Shizuo Kambayashi) TOKYO — Nintendo has been unable to arrest a slide in console sales as more people play games on smartphones and tablets. The company’s apparent solution? A move into health care. Nintendo president Satoru Iwata vowed Thursday to stick to the company’s old ways, refused to resign or cut product prices despite its dismal earnings, but said the video game maker will enter the health care industry. Iwata didn’t give details of what he called his “quality of life” business plans, except that it won’t be a wearable device. Kyoto-based Nintendo already offers fitness games. Iwata promised to disclose details later this year. Iwata displayed his typical stubbornness in brushing off criticism about how the maker of Super Mario and Pokemon games should update itself for the era of smartphone and other mobile devices. The popularity of such devices has been drawing consumers away from consoles devoted to games but Nintendo has resisted changing its business to incorporate tablets and smartphones. “Nintendo has value because it is different from others,” Iwata said at a Tokyo event for analysts and reporters, a day after he and other top executives took a pay cut for the company’s poor performance. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Nintendo reported Wednesday a 10.2 billion yen ($99 million) profit for April through December, down from 14.55 billion yen a year earlier as sales Read More …

A touch of red helps global art market boom

 Economy
Jan 312014
 
A touch of red helps global art market boom

A Sotheby’s employee poses for photographers with ‘Wand’ by Gerhard Richter, center, ‘Mao’ by Andy Warhol, left, and ‘Rosso Plastica’ by Alberto Burri on display at the auction house in London. (AP Photo/Sang Tan) LONDON — Want to sell that masterpiece for a fortune? It might help if it’s red. That’s just one trend from an art market that has come roaring back from the global financial crisis, with buyers from emerging markets such as China molding tastes and driving top-end prices ever higher. Sales next week at London’s Sotheby’s and Christie’s auction houses are expected to generate at least 400 million pounds ($658 million) amid an insatiable global appetite for works by Picasso, Matisse and other modern masters. Sotheby’s put its works on public display in London Thursday, and there was a distinct scarlet hue to the star lots — Gerhard Richter’s cadmium-colored abstract “Wall,” expected to sell for at least 15 million pounds; an Andy Warhol portrait of Chairman Mao valued at 5 million pounds to 7 million pounds; a vivid red piece in molten plastic by Alberto Burri that could break the 3-million-pound record for the Italian artist. “When we’re pricing things we’re aware of the power of red,” said Alex Branczik, head of Sotheby’s contemporary art department in London. “Red is a color that incites passion. It’s the color of the sunset, it’s the color of blood,” he said. “I think it’s more primal than nationality, but I do think it has a special resonance for Read More …

PSALM to pick administrator for Mt. Apo geothermal plants

 Economy
Jan 312014
 
PSALM to pick administrator for Mt. Apo geothermal plants

MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM), the state agency tasked to oversee the privatization of power assets, will start the selection and appointment of the independent power producer administrator (IPPA) for the Mindanao-based Mt. Apo 1 and 2 geothermal power plants. PSALM president Emmanuel Ledesma, Jr. said during the meeting of the board of directors on Jan. 29, “we have been given the authority to commence the sale process for the Mt. Apo IPPA selection, and we plan to conduct the bidding in the third quarter of this year.” He said PSALM would use the same structures used in the selection and appointment of IPPA for the bulk energy of the Unified Leyte Geothermal Power Plant, which was bid out last year. The IPPA for the Mt. Apo plant will manage two government contracts, with contracted energies of 390 gigawatt-hours (gwh) and 398 gwh per year, respectively. The Mt. Apo 1 and Mt. Apo 2 geothermal plants, each with a rated capacity of 54.24 megawatts, are located in Kidapawan City, North Cotabato. Owned and operated by Energy Development Corp., the power plants were commissioned in February 1997 (Mt. Apo 1) and June 1999 (Mt. Apo 2) under a build-operate own contract scheme. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The cooperation period for both plants is 25 years, which would expire on Feb. 15, 2022 for Mt. Apo 1 and on June 17, 2024 for Mt. Apo 2.

Roadmaps, compasses and gps

 General
Jan 312014
 
Roadmaps, compasses and gps

One unforgettable characteristic of the great exploits of Alexander the Great many centuries ago was that he conquered the world with great speed and ferocity. Alexander marched on with his mapmakers, and then one day this young conqueror looked out at the horizon and cried. He lamented that there was no longer any world to conquer. History would have told a different story had Alexander the Great not relied on his mapmakers but used GPS — if only this technology was available then. Today, in business, roadmaps, compasses and GPS devices are necessary. There was a time when all you needed to do business was a roadmap. Roadmaps come by different names.  Sometimes they were called “Business Strategic Plans.”  These came with different versions.There were annual, two-year, five-year and even 10-year business strategic plans as leaders within the organization prepared the roadmap for the future. But a roadmap is useful only when the terrain is familiar and the geography does not change.The big question now is this: How do you use a roadmap today when the terrain continues to transform and the geography is always changing? Roadmaps are important, but apart from them you need another device. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 You need a compass. A compass will perennially point you towards the direction you need to go as you navigate an uncertain world that keeps on transforming.  While a compass brings you to uncharted territories — which is more symbolic of what we are Read More …

Cement sales up 6% in 2013

 Economy
Jan 292014
 
Cement sales up 6% in 2013

MANILA, Philippines – Cement sales grew six percent in 2013 from a year ago amid strong construction activity, the Cement Manufacturers Association of the Philippines (CeMAP) said. Data from the CeMAP showed total cement sales reached 19.445 million metric tons (MT) last year, up from the 18.356 million MT sold in 2012. For the fourth quarter alone, cement sales went up 2.1 percent to 4.503 million MT compared to the 4.409 million MT in the same period in 2012. CeMAP president Ernesto Ordoñez said in a telephone interview the growth in sales in 2013 was supported by the construction activities undertaken by both the government and private sector last year. For 2014, he said the group expects cement sales to continue to grow. “We see strong growth in 2014 because of continued confidence in government, which should lead to more investments in projects,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said the huge budget of the Department of Public Works and Highways (DPWH) for infrastructure spending would likewise support higher cement sales this year. More investments in mass housing, he added, will also drive higher cement sales. Philippine Constructors Association Inc. president Augusto Manalo said earlier the construction sector is seen to post double-digit growth this year from about P380 billion in 2013.

Phl hosts AsPac Drive Tourism Conference

 Economy
Jan 292014
 
Phl hosts AsPac Drive Tourism Conference

MANILA, Philippines – Explore the Philippines’ countryside charm and cultural gems through driving at the first Asia Pacific Drive Tourism Conference, Auto and Travel show scheduled at the Subic Bay Exhibition and Convention Center on Jan. 29 to Feb. 2, 2014. A first of its kind in the country, the five-day confab and expo is presented by the Department of Tourism (DOT) and Automobile Association of the Philippines (AAP), the National Auto Club and the Subic Bay Metropolitan Authority (SBMA). Keynoting the event are Tourism Secretary Ramon Jimenez Jr. and Jean Todt, president of the Paris-based Federation Internationale d’Automobile (FIA), the world’s largest group of car clubs and motorsports associations with over 200 member organizations in 132 countries. Other invited speakers are the transport ministers of Sri Lanka, Malaysia and New Zealand, and the tourism ministers of Nepal, Maldives, Palau, Bhutan and Thailand, Automobile Association of Upper India president TK Malhotra and FIA Region 2 president Ross Heron, as well as representatives from the Asian Development Bank and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). The conference will serve as the market launch of the DOT’s Drive Tourism program in coordination with AAP which aims to consolidate the components of all tourism-oriented road and driving activities. “Drive Tourism is where participants move through a tourism highway or road network that allows them to see diverse attractions on the road and experience the local way of life,” says Jimenez. Business ( Article MRec ), pagematch: Read More …

PSALM to rebid Leyte power plant contract

 Economy
Jan 292014
 
PSALM to rebid Leyte power plant contract

MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM), the government agency tasked to privatize state-owned power assets, will rebid the selection and appointment of the Unified Leyte independent power producer administrators (IPPAs) for bulk energy, its top official said. PSALM president Emmanuel Ledesma Jr. said that the rebidding would be in September 2015. But while PSALM said it would rebid the selection of IPPAs for Unified Leyte’s bulk energy, it already approved the award of IPPAs for the strips of energy but the issuance of certificate of effectivity will be moved by one year because of Super Typhoon Yolanda which affected the Unified Leyte plant. This after the winning bidder, Unified Leyte Geothermal Energy Inc. (ULGEI) withdrew from the project. “The board (of PSALM) approved the withdrawal of ULGEI as winning bidder for bulk energy,” Ledesma said. ULGEI tendered a bid of P215 million for the Unified Leyte IPPA for bulk energy and met the reserve price set by the PSALM board but consequently withdrew from the project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to PSALM, an IPPA for the bulk energy will have the right to the capacity in excess of the 240-megawatt sum of strips. The obligation to trade ULGPP’s total output (bulk and sum of strips, as well as the necessary registration applications required by the Wholesale Electricity Spot Market shall lie solely with the IPPA for the bulk energy, PSALM said. Unified Leyte is composed of the 125-MW Read More …

Isuzu targets record sales of 15,000 units

 Economy
Jan 292014
 
Isuzu targets record sales of 15,000 units

MANILA, Philippines – Isuzu Philippines Corp. (IPC) intends to achieve record-high sales of 15,000 units this year as it expects strong demand for the D-Max pickup and its trucks. “This year, we are targeting sales to reach 15,000 units,” IPC president Nobuo Izumina told reporters. A total of 11,793 Isuzu vehicles were sold in the country last year, up slightly from the 11,759 sold in 2012. The firm is banking on the D-Max pickup introduced in the market in September to hit a new sales milestone. “There is reason why we are optimistic because we launched the D-Max last year and we are aiming for higher share in the pickup segment,” IPC executive vice president Takashi Tomita told reporters. As of last year, the company accounted for a 12- to 13-percent share in the local pickup market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tomita said the firm iaims to produce 4,300 units of the D-Max pickup at its plant in Biñan, Laguna for the local market to increase its share in the pickup market to 20 percent this year. Aside from the D-Max pickup, the company likewise expects higher sales this year to be supported by demand for trucks. “The government announced investments for infrastructure like roads, railroad and airport, so we see more demand for trucks,” Izumina said. While the firm is upbeat on the growth of its sales and the local automotive market this year, it is pushing for more government support to encourage companies Read More …

Peso fall not inflationary, says Tetangco

 General
Jan 292014
 
Peso fall not inflationary, says Tetangco

MANILA, Philippines – The recent weakness of the peso is not expected to stoke inflation, the Bangko Sentral ng Pilipinas (BSP) chief said yesterday, stressing the central bank remains ready to curb any excessive volatility in the foreign exchange market. “The pass-through of exchange rate movements to the inflation rate has gone down over the years because of gains in efficiency (and) productivity in the domestic economy,” BSP Governor Amando M. Tetangco Jr. told reporters. “There are also countervailing factors or forces like commodity prices – world commodity prices have not really risen that much partly because the expected global recovery is only beginning,” he continued. The peso tumbled to a fresh three-year low on Monday, closing at 45.3:$1. It was the unit’s weakest level after finishing at 45.38:$1 on May 6, 2010. The central bank in September last year noted that the impact of the exchange rate to inflation has been declining, with a pass through rate of 0.06 percent in inflation for every one percent depreciation. Despite the peso’s losing streak in late 2013, inflation has remained benign as it averaged three percent last year, at the low end of the BSP’s three- to five-percent target range. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tetangco, however, stressed the local unit’s volatility is still in line with that of other Asian currencies. “The (peso’s) volatility remains within the range of volatilities of currencies in the region which is really the objective of the BSP — to leave Read More …

SM Prime to bring in more upscale global brands

 Economy
Jan 282014
 
SM Prime to bring in more upscale global brands

MANILA, Philippines – SM Prime Holdings Inc. is completing its retail portfolio as it introduces upscale global brands in its existing shopping malls. The consolidated property group of the SM mall and banking conglomerate is investing P36 billion this year, mostly to expand its shopping malls that will include more upscale brands, company officials said. The Mega Fashion Hall at SM Megamall opened yesterday its doors, offering a premier shopping, dining and lifestyle destination. “This is a new concept we are really trying to introduce, its the aspirational side,” said SM Prime president Hans T. Sy. “The market really asks for it. The market really demands it so we’re just answering,” Steven Tan, vice-president for SM Supermalls’ Premier Division, told reporters. The 86,000-square meter new wing of SM Megamall is home to flagship stores of the world’s most popular fashion brands Uniqlo and Zara. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Many new global brands will likewise be opening their first store’s in the Philippines at the new wing, including Switzerland’s H&M, Denmark’s Vero Moda, Spain’s Pull & Bear and Uno de 50, LA-based Joe’s Jeans, London’s Savile Row and Burton, French shoe brand Nao de Brasil and US skincare label Philosophy. SM Prime chief finance officer Jeffrey Lim said the company is investing P36 billion this year to expand its presence in the country’s shopping mall and residential sector. Several shopping malls will have a separate area for high-end shops, Sy said. Tan said H&M is also Read More …

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