Maniolas

The Philippine Stock Exchange index (PSEi) gained 0.30 percent or 23.78 points to close 8,049.13, while the broader All Shares index inched up 0.27 percent or 12.95 points to settle 4,806.98. Philstar.com/File Photo MANILA, Philippines – Local share prices climbed yesterday on optimism on President Duterte’s first State of the Nation Address (SONA) which came later in the day. The Philippine Stock Exchange index (PSEi) gained 0.30 percent or 23.78 points to close 8,049.13, while the broader All Shares index inched up 0.27 percent or 12.95 points to settle 4,806.98. Analysts said all eyes were on the SONA yesterday, and investors were “positively” looking forward to what the President has to say. “The trading week begins with President Duterte’s first SONA, coming half an hour after  the market closes. Markets should be hearing for  the first time the new government’s comprehensive plan – a chance to gauge whether it is putting  money where its mouth is, so to speak,” A&A Securities research head Justino Calaycay Jr. said. With optimism running high, all local counters except for the mining and oil finished in the positive territory. Financial companies were the biggest winners, gaining 0.83 percent or 15.08 points. Mining and oil firms, however, lost 0.60 percent or 67.56 points. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Market breadth was positive as advancers pummeled decliners, 115 to 85, while 45 stocks were unchanged. Value turnover was robust at P10.18 billion. “As the index trades at all-time high amid continued net Read More …

In separate resolutions released yesterday, the 12th and 6th divisions of the appellate court directed the PCC to answer the respective petitions filed by PLDT and Globe both questioning its comprehensive review of the P70-billion acquisition deal. MANILA, Philippines – The Court of Appeals (CA) has ordered the Philippine Competition Commission (PCC) to justify its decision to investigate the buyout of the telecommunication assets of San Miguel Corp. (SMC) by industry giants PLDT Inc. and Globe Telecom Inc. In separate resolutions released yesterday, the 12th and 6th divisions of the appellate court directed the PCC to answer the respective petitions filed by PLDT and Globe both questioning its comprehensive review of the P70-billion acquisition deal. “Without necessarily giving due course to the instant petition…Philippine Competition Commission is directed to file a comment (not a motion to dismiss) within a non-extendible period of 10 days from notice and show cause why the petition with prayer for a temporary restraining order and/or preliminary injuction should not be granted,” the CA’s 12th division said in a resolution written by Associate Justice Ramon Bato Jr. on PLDT’s petition. After submission of PCC’s comment, the PLDT was also ordered by the court to submit its reply after five days before the justices decide on whether to hold hearings or submit the case for decision. The CA’s 6th division also gave the same order to PCC in the case of Globe. But it denied petitioner’s request for issuance of a temporary restraining order against PCC’s investigation. Read More …

MANILA, Philippines – Sorry India, but the Philippines is likely to keep its crown as the world’s contact center capital for more years to come. Industry experts told The STAR there is a very slim chance the Philippines would be dethroned as the global leader in call center operations over the next five years. “The Philippines at least for the foreseeable future will continue to be leader in the voice segment. I don’t see that going anywhere. Five years definitely, but 10 to 15 years I don’t want to bet on that because you don’t know how technologies will change and how the new generation of people will use communication,” said Nitin Bhat, senior partner at Frost and Sullivan, the consultancy firm crafting the roadmap with Information Technology and Business Process Association of the Philippines (IBPAP). “That’s our intention (to sustain our number one spot) and I think it’s not unrealistic,” Contact Center Association of the Philippines president and IBPAP executive committee chairman Benedict Hernandez added. Hernandez said the Philippines snatched the world’s biggest call center title from India in 2010 and the country has not let go of it since. At present, India remains second behind the Philippines while other market are also growing. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “You have India and the Philippines, but Philippines is positioned much better because of English language skills, the customer service orientation that they see in the Philippines, as well as the English accent which is a Read More …

G20 Finance Ministers and Central Bank Governors pose for a group photo in Chengdu in Southwestern China’s Sichuan province, Sunday, July 24, 2016. Finance Ministers and Central Bank Governors of the 20 most developed economies met in the southwestern city of Chengdu ahead of a G20 leaders meeting in September hosted by China. Participants in the front row are, from left: Britain’s Chancellor of the Exchequer Philip Hammond, World Bank President Jim Yong Kim, an unidentified member, Turkey’s Deputy Prime Minister Mehmet Simsek, China’s Finance Minister Lou Jiwei, China’s People’s Bank of China Governor Zhou Xiaochuan, Germany’s Federal Minister of Finance Wolfgang Schauble, International Monetary Fund Managing Director Christine Lagarde and OECD Secretary-General Angel Gurria. AP/Ng Han Guan, Pool BEIJING  — Finance officials of major economies have pledged to boost sluggish global economic growth and defend against the shockwaves of Britain’s exit from the European Union. Envoys from the Group of 20 major economies ended a two-day meeting Sunday with a pledge to use government spending and regulatory reforms to strengthen growth but announced no joint action. Governments at the meeting, which included Britain, called for a “close partnership” between that country and its European neighbors if the British government follows through on plans to leave the trade bloc. They said the British vote to leave the EU has caused turmoil in global markets but that they have taken steps to limit its impact.

MANILA, Philippines – Homegrown Jollibee Foods Corp. (JFC), now the largest food company in Asia, will continue to expand outside the region with plans to establish stores in Chicago in the US,  its top official said. “We are going to Chicago in July. We are also in Canada,” JFC chairman Tony Tan Caktiong said in a briefing following the company’s annual stockholders meeting yesterday. The goal is to put up 200 new stores in the Philippines this year and around 80 to 100 stores abroad. The company has more than doubled its capital expenditures for the year to P10.4 billion to further expand its network. “We plan to build 200 new stores (in the Philippines) in 2016,” said JFC chief executive officer Ernesto Tanmantiong. To support the fast growing business, the company also plans to build three new commissary facilities and expand its existing commissary in Canlubang, Laguna. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Of the P10.4 billion capex, P7.5 billion will be for stores, of which P5 billion will be used for new stores while the remaining P2.5 billion will be used for new commissaries. Tanmantiong said 70 percent of the planned new stores will rise in Visayas and Mindanao. For its international expansion, the company is on the lookout for acquisition opportunities in China and the US. Tan Caktiong said they are interested in brands that have a potential to grow.“  In China, JFC is targeting to add around 20 to 40 stores this year Read More …