Feb 212015
 
Greece, euro zone settle row – for now

BRUSSELS – Following weeks of recrimination and distrust, Greece and its creditors in the 19-nation eurozone reached an agreement Friday on extending the country’s rescue loans, a move that should dramatically ease concerns it was heading for the euro exit as soon as next month. The agreement, which looked a long way off Thursday when one German official compared Athens’ request for more time to the infamous Trojan Horse, will mean that Greece will avoid going bankrupt, at least over the four months of the extension. It should also mean that capital controls won’t be needed and that Greek banks will have enough money to stock up their ATMs. To get the money though, the Greek government has one more hurdle to clear. On Monday, it has to present a series of unspecified economic reforms measures that are deemed acceptable by creditors and rooted in Greece’s previously enacted bailout agreement – something the government had promised not to do. Still, the Greek government will be the author of the reforms pursued and that represents a change from the past five years when Greece has relied on rescue money to avoid going bankrupt and was effectively ordered to enact a series of austerity measures. “We have established common ground again,” said Jeroen Dijsselbloem, the eurozone’s top official, after the meeting in Brussels. And Greek Finance Minister Yanis Varoufakis said the deal allows both Greece and Europe “to turn a page … As of today, we are beginning to be co-authors of Read More …

Feb 202015
 
Maynilad calls on gov’t guarantee

Maynilad Water Services Inc. on Friday said the government should compensate it for at least P208 million in monthly opportunity losses that it is incurring because of regulators’ inaction on its rate hike petition. The concessionaire said it has invoked a Philippine government undertaking to pay for such losses caused by the Metropolitan Waterworks and Sewerage System’s “refusal to implement rate adjustments, notwithstanding Maynilad’s having won in the arbitration with MWSS almost two months ago.” In early January, Maynilad’s major stockholders announced that an appeals panel with the International Chamber of Commerce had decided in the company’s favor, awarding an average increase of P3.06 a cubic meter—on top of the current basic rate of P31.28 cubic meters—for the five-year rate rebasing period 2013-2017. In early 2013, the water service firm submitted to the MWSS a five-year business plan that required an increase in the company’s basic charges by P8.58 a cubic meter. In September that year, the MWSS issued a memorandum ordering Maynilad to cut rates by P1.46 a cubic meters for the five years until 2017 or 49 centavos a year. Similarly, Manila Water proposed to raise rates by P5.83 a cubic meter, but the MWSS ordered a reduction of P1.48 a cubic meter per year. Last Monday, MWSS chief regulator Joel C. Yu said the government agency would not act on Maynilad’s petition for implementation of the tariff hike as it preferred to wait for the decision on Manila Water’s case. On Friday, Maynilad said it had asked Read More …

Feb 202015
 
Oro Chamber gears up for Asean Integration

THE Cagayan de Oro Chamber of Commerce (Oro Chamber) is gearing up for the challenges in the upcoming Association of Southeast Asian Nations (Asean) integration through Asean Economic Community (AEC) this year. With AEC on, Oro Chamber expects new investors arriving in the city to take advantage of the market. The Asean integration is aimed at improving the standard of living and quality of life of the people in the region. Cerael Donggay, president of Oro Chamber, said that they are expecting much from this integration. “Our role, with the upcoming Asean Regional Integration, is to help our members – industries, sectors, commercial establishments, trade and commerce, services, etc. survive the [upcoming integration] competition… so we should find ways for them to survive,” Donggay said. Donggay added that they are now in the “planning stage” on how to make local businesses and entrepreneurs compete and collaborate with foreign investors. He said that one example in helping local businesses is for Oro Chamber to promote more industries to come in and put up their business here and generate employment through vertical integration – upstream and downstream. He added that as part of the AEC, inclusive growth should be achieved in which there is a reduction of poverty along with increase of employment – if this happens, there is peace and order. “A country with a low economic development will create disorder – militant movement, rebellion – subversive element… we can eliminate this by ensuring that there is an inclusive growth where Read More …

Feb 182015
 
Samsung buying mobile-pay co. in bid to challenge Apple Pay

This product image provided by LoopPay shows the LoopPay card, front, and the LoopPay app for Android. Samsung is buying mobile-payment startup LoopPay as the Korean phone maker steps up its rivalry with Apple and its payment system on iPhones. AP/LoopPay NEW YORK — Samsung is buying mobile-payment startup LoopPay as the Korean phone maker steps up to challenge Apple and its payment system on iPhones. The deal strengthens speculation that Samsung Electronics Co. plans to include mobile-payment technology in its next major phone, which is expected to be announced March 1 at the Mobile World Congress in Barcelona. Launched a year ago, LoopPay works by reproducing the signals from a credit card’s magnetic swipe as users tap a LoopPay device next to a retailer’s card reader. That means LoopPay should work with most retailers’ existing payment terminals. Most other mobile-payment systems, including Apple Inc.’s Apple Pay, require newer terminals with wireless chips called near-field communication, or NFC. That limits the number of retailers that can accept such payments. But LoopPay has had trouble with some older readers; restaurants and bars often couldn’t process LoopPay transactions due to a variety of hardware and software issues. It also doesn’t work with transit fares, parking meters and other machines that require the customer to fully insert a card, like a bank ATM. Plus, it’s not clear what will happen when merchants hit an October deadline for accepting cards with stronger security known as EMV, as LoopPay offers only the basic magnetic signals. Read More …