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Travel Chronicles – Part 3

Economy

May 242013

We spent four days in beautiful sun-kissed Greece, toured the Acropolis and Delphi ruins and visited the Delphi Museum with our second tour guide Electra Toya from the Greek Ministry of Culture who guided us through Delphi so knowledgeably and patiently. We also spent about half a day in the quaint island of Hydra where no cars or motorcycles are allowed and the locals and tourists alike still travel only on bicycles, mules and donkeys or taxi boats. Small wonder that close to 17 million tourists descend upon this lovely country every year, with more tourists than locals even, because Greece has so much to offer, from antiquity via their world-famous archaeological sites to leisure through their scenic islands. It was time for our next stop: Istanbul in Turkey. We breezed through the short one hour-20 minute trip comfortably, enjoyed the light meal on board our chosen airline Qatar Airways, and so soon we landed smoothly at the Istanbul Ataturk International Terminal. The airport, vast and modern, was literally a sea of people, the line to the immigration counters snaking several long loops, and we inched our way through like everyone else, sweating from the sheer volume of people in the airport for at least an hour before reaching the counter where several booths were efficiently manned– that is how many tourists arrive daily in Turkey. Airport transfer cost us TL170, and we soon realized why —our hotel, Asia Artemis, was about two hours away from the airport. At $160/night Read More …

Busy is the new lazy

Economy

May 242013

This is very interesting. Have you ever met people who keep on telling you they’re busy? I knew a group of people who always said they’re busy, yet people see them wandering in the malls and watching movies all the time. When confronted as to why they have the time to watch movies while they don’t have the time to help people, they reasoned with conviction that they’re “doing research.” The funny thing is the same group of people would never dare tell me to my face that “they’re busy” when they know for a fact that I load my days with trainings, talks and seminars, but would rarely say, “I’m busy.” “I’m working.” “I have engagements.” Those are words I’d use, but rarely would I use “I am busy.” Fast Company came up with a very interesting article entitled “Busy is the New Lazy”. Let me share parts of it. “Going on about how busy you are isn’t conversation and doesn’t lead anywhere,” wrote iDoneThis CCO Janet Choi on her company blog, “Except making your conversation partner bored, or worse, peeved.” Choi observed that people who are “legitimately occupied” with work or family rarely play the “too busy” card. Choi supplied some translations: I’m busy = I’m important. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Being busy gives people a sense they’re needed and significant, and it could well be someone’s ego trip. I’m busy = I’m giving you an excuse. Saying that you’re busy is a handy Read More …

Index down anew on negative external news

Economy

May 242013

Index down anew on negative external news

MANILA, Philippines – External weaknesses dampened investor sentiment yesterday, pushing the main index back to the 7,200 level. The Philippine Stock Exchange index declined 0.62 percent or 45.47 points to settle at 7,268.91, marking the second straight day the bellwether index ended in the red. “Investors found little reason to take aggressive positions in the market following Thursday’s surprise 70-point slump leaving the floor to the bears,” said Justino Calaycay Jr., analyst at Accord Capital Securities. “The rush of negative news in the last two days, and a tepid movements in US stocks overnight, have kept investors opting for safety,” Calaycay said. Wall Street and Asian stocks were again in the negative territory, still reeling from the weak Chinese manufacturing data and potential cut in US Federal Reserve’s stimulus program. The Dow Jones industrial average shed 0.08 percent or 12.67 points to 15,294.50 while the Standard & Poor’s 500 index dropped 0.29 percent or 4.84 points to 1,650.51. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 All counters in the local bourse were in the red, paced by industrial firms that shed 0.7 percent or 76.80 points to 10,855.16. Investor participation eased, with value of shares traded sank to P7.13 billion from P12.14 billion on Thursday. Decliners again outpaced advancers, 95 to 57, while 56 stocks did not change. Top-traded stocks were also in the red, led by property giant Ayala Land Inc. (-0.57 percent), Universal Robina Corp. (-2.0 percent) and Bank of the Philippine Islands (-2.03 percent).

SMC unit allots $1.5 B for 2 power plants

Economy

May 212013

SMC unit allots $1.5 B for 2 power plants

MANILA, Philippines – SMC Global Power Holdings Corp., the power generation unit of diversified conglomerate San Miguel Corp., is investing $1.5 billion for the construction of two new power plants, its top official said yesterday. In a briefing with reporters on the sidelines of Petron Corp.’s annual stockholders’ meeting, SMC president Ramon Ang said the energy unit is spending about $1 billion for the construction of a 600-megawatt coal fired-plant in Bataan in northern Luzon and $500 million for another plant in Davao. Construction for the two plants has already started, he said. He said SMC Global may construct more power plants, depending on the viability and business climate. “We’re supposed to do more. We’re still evaluating the best option,” he said. The two plants should start operating in the middle of 2015, Ang said. He said there are no plans to borrow for the funding requirements for both projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The (funding) will be in-house. Madami kaming cash,” Ang said. He also confirmed plans to revive the initial public offering (IPO) of SMC Global, possibly within the year. He said there is an interested investor who wants to come in. “There’s really a very hot buyer who wants to invest in that business,” he noted. He said SMC Global may sell as much as 49 percent, equivalent to $500 to $800 million. In 2011, SMC Global filed an IPO application before corporate regulators. The power generation firm earlier planned to raise Read More …

Lucio Tan holding firm hikes Q1 profit to P3.8B

Economy

May 212013

Lucio Tan holding firm hikes Q1 profit to P3.8B

MANILA, Philippines – The investment holding firm of taipan Lucio Tan grew its profits to nearly P4 billion in the first quarter, driven by its banking and property units. In a regulatory filing, LT Group said its net income climbed 36 percent to P3.8 billion. Consolidated earnings surged 53 percent to P5.8 billion “on the back of the strong performance of the conglomerate’s banking and property segments,” the company said. Revenues picked up 14 percent to P17.7 billion “due to higher revenues from banking, distilled spirits and property development, which offset the revenue drop in the beverage and tobacco sectors,” LT Group said. Specifically, Philippine National Bank (PNB) doubled its profits to P3.7 billion in the first quarter from P1.8 billion a year ago. Revenues of PNB, which merged with Allied Bank to create the country’s fourth largest bank in February, jumped 22 percent to P10.3 billion. Real estate unit Eton Properties Philippines Inc.’s profits surged to P127.5 million from P19 million last year as revenues almost doubled to P1.16 billion from P560 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The increase in revenues is mainly attributed to higher percentage of completion of Eton’s residential and condominium units as well as higher leasing revenues from commercial projects,” LT Group said.

Globe taps Irish firm to improve network

Economy

May 212013

Globe taps Irish firm to improve network

MANILA, Philippines – Ayala-led Globe Telecom Inc. has tapped Dublin-based Nasc Technologies (Nasctech) to optimize and enhance the efficiency of its recently completed $790 million upgraded and transformed network. Robert Tan, chief technical adviser of Globe, said in a statement that the global provider of field operation support system would help further improve network quality, enhance efficiency in its field operations and improve customer experience. Under the partnership, Globe would utilize Nasctech’s Streamline solution to allow for a stronger degree of visibility and control over the management of its field operation resulting in reduced operating expenses. “We selected Streamline to transform our field operations due to the uniqueness of the platform and the willingness of Nasctech to customize to our needs. They have demonstrated their commitment by deploying all necessary resources to deliver the project against aggressive timelines,” Tan stressed. He pointed out that the move to tap Nasctech is in step with Globe’s transformation program covering the recently completed $700 million network modernization and the ongoing $90 million IT upgrade project. Nasctech was incorporated in March 2010 in Dublin and develops innovative enterprise grade field operating expenses management solutions, targeted at the mobile telecoms sector.

Technical rebound boosts share prices

Economy

May 212013

MANILA, Philippines – A technical rebound lifted share prices yesterday, allowing the bellwether index to claw back to the 7,300 as it snapped a three-day skid. The Philippine Stock Exchange index (PSEi) rebounded 0.72 percent or 52.20 points to 7,327.58, while the broader all shares index gained 0.38 percent or 16.90 points to 4,506.74. “Technical rebound for yesterday following corrections of the PSEi in prior sessions,” Freya Natividad, analyst at online brokerage firm 2TradeAsia.com. The local market bucked the trend in Wall Street, which closed lower as investors opted to stay on the sidelines ahead of more information regarding the Federal Reserve’s economic stimulus program. The Dow Jones industrial average lost 0.1 percent or 19.12 points to 15,335.28 while the broader Standard & Poor’s 500 index shed 0.1 percent or 1.18 points to 1,666.29. Locally, most subindices were in the green, led by property firms that rallied 1.94 percent or 57.89 points to 3,047.63 while mining and oil was again a laggard, falling 0.8 percent or 140.88 points to 17,453.59. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Decliners outplayed advancers, 100 to 70, while 49 stocks did not change. Natividad said there was no good news to push share prices higher, with investors opting to cash in on recent gains. Turnover value improved to P9.72 billion from P8.72 billion on Tuesday. Top-traded Ayala Land Inc. rallied 2.75 percent or 95 centavos to P35.50 given news that the Securities and Exchange Commission already finalized its foreign ownership cap rules.

MVP Group eyes Davao farm

Economy

May 212013

MANILA, Philippines – The group of businessmen Manuel V. Pangilinan is eyeing 30,000 hectares of land in Davao Oriental for palm oil production. Pangilinan, the managing director and chief executive officer of Hong Kong based First Pacific Co. Ltd. said the conglomerate’s agribusiness unit PT Indofood has sent a team to Davao Oriental to assess available areas suitable for palm oil production. “We’re still waiting for the assessment of Indofood with regards to a potential palm oil plantation,” he told reporters yesterday. “So far only palm oil has been assessed,” he added. The total hectarage is only 10 percent of what Indofood has secured in Indonesia. Indofood’s palm oil cultivation area in Indonesia is placed at around 240,000 hectares, making it the third largest palm oil producer in the world. “It is large in Philippine standards but not in global standards,” said Pangilinan. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pangilinan’s group is planning to put up an integrated palm oil production chain starting from palm cultivation to producing crude palm oil from palm branches. Crude palm oil could be processed further into cooking oil and other applications. “We will build not only a plantation but also factories,” said Pangilinan. He said the finished products could be used for domestic consumption or for export. Pangilinan earlier said that his group is looking at sizeable agricultural areas that could be leased for cultivation of palm oil, sugar, rubber, coffee and cacao. He said the conglomerate is more interested Read More …

Greenberg firm enters non-life insurance mart in Phl

Economy

May 092013

Greenberg firm enters non-life insurance mart in Phl

MANILA, Philippines – After nearly two decades, a major foreign insurance and financial institution has entered the country’s struggling non-life insurance industry. Starr International Insurance (Asia) Ltd. received its certificate of authority to operate from the Insurance Commission (IC) yesterday, after raising P1 billion as minimum paid-up capital. Starr International is part of C.V. Starr & Co. Inc., the diversified investment group of Maurice “Hank” R. Greenberg, the former the head of insurance giant American International Group (AIG). In an interview, Starr International Insurance president and chief executive officer Ross E. Matthews said they are willing to cooperate with other domestic insurers in creating business. He said they would be starting exploratory talks with AIG’s former – subsidiary Philippine American Life and General Insurance Co. (Philam Life), which has a composite license. A composite license holder empowers it to operate both as a life and non-life insurer. Philam Life has not been utilizing its non-life insurance privileges in the past few years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “There are areas in their business were we can work together, especially their retail and corporate accounts,” Mattews added. The Hong Kong-based insurer said the Philippines is favorably viewed by foreign businesses, and that foreign direct investments (FDI) are expected to flood the local market. Starr International prefers to look for opportunities in the power sector, oil exploration and distribution, mining and mining-related activities, port operations and other port-related passenger and cargo activities, utilizes, real estate, airport and airport-related Read More …

Index inches up in listless trade

Economy

May 092013

MANILA, Philippines – The local stock market managed to eke out slight gains for the second straight session yesterday as investors exited the market ahead of a long weekend. The Philippine Stock Exchange index (PSEi) inched up 0.18 percent or 13.13 points to settle at 7,194.43, while the broader all shares index added 0.18 percent or 8.19 points to 4,481.81. “Investors appeared listless in yesterday’s trades, with the index staying generally positive despite a brief dip into negative territory before the midsession break,” said Justino Calaycay Jr., analyst at Accord Capital Securities. Financial markets will be closed on Monday for the mid-term elections. The market failed to secure an additional push from Wall Street that benefited from rosy first quarter corporate earnings. The Dow Jones industrial average gained 0.3 percent or 48.92 points to 15,105.12 while the broader Standard & Poor’s 500 index climbed 0.4 percent or 6.73 points to another record high at 1,632.69. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, most counters were in the green, paced by holding firms that rose 0.38 percent or 24.77 points to 6,510.85. But mining and oil again bucked the trend, falling 0.13 percent or 24.76 points to 19,636.28. Investor participation thinned, with P6.68 billion worth of shares changing hands, down from P9.01 billion on Wednesday. Advancers outpaced decliners, 83 to 66, while 71 stocks did not change.

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