Maniolas

MANILA, Philippines – The Philippine Stock Exchange index bounced back from Thursday’s tumble with its best performance of the year, fueled primarily by the flat domestic inflation data. The main composite index climbed yesterday to its highest level for the year, gaining 0.83 percent or 59.47 points to close at 7,263.58. The broader all shares index likewise joined the bellwether index on its upward hike as it picked up 0.79 percent or 33.47 points to end the week at 4,290.36.  “The market reacted positively on the August inflation data. It provided good news for the market,” said First Grade Finance Inc. managing director Astro del Castillo. Inflation stayed flat at 4.9 percent in August, bringing year-to-date inflation to 4.4 percent, well within the Development Budget Coordination Committee’s three-to five-percent inflation target for the year.  Castillo said the market has continued to defy odds, as it was earlier expected to consolidate this week following successive days of gains the previous week.  “On the contrary, the market continues to gain steam,” Castillo said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The advance in Philippine share prices also counter flowed with the slip seen in Asia and US markets. The three main indexes on Wall Street ended lower, with the Dow sliding 0.05 percent, the S&P 500 slipping 0.15 percent and the Nasdaq declining 0.22 percent. Market breadth was positive as advancers crushed decliners, 111 to 67, while prices of 49 stocks did not change.

COSTLIER electricity looms for households and establishments in Metro Cebu by the end of 2014, said an official of the Visayan Electric Co. (Veco). The increase will be roughly 27 centavos per kilowatt hour or three to four percent higher in most consumers’ electricity bills, said Veco Chief Operating Officer Sebastian Lacson, during his presentation during the 23rd Visayas Area Business Conference in the Oakridge Business Park in Mandaue City last Aug. 22. He attributed the increase to the privatization of the Unified Leyte Geothermal Power Plant, from which Veco secures 30 percent of its supply, for distribution in Metro Cebu. “By the fourth quarter of this year, the last (government-) subsidized power in the Visayas will be gone. It (Unified Leyte) has been privatized, and the owners will take possession of the plants by the fourth quarter of this year. Its power supply buyers, like Veco, will be paying market rates for this power…which means rates are going to go up,” Lacson said. Last year, the Power Sector Assets and Liabilities Management Corp. (PSALM), the government agency tasked to privatize state-owned power assets, held the bidding for the selection and appointment of Unified Leyte’s independent power producer administrators (IPPAs). The 588.5-megawatt geothermal power complex is located in Tongonan, Leyte. It consists of four production wells: the 125-mw Upper Mahiao plant, 232.5-mw Malitbog plant, 180-mw Mahanagdong power plants and the 51-mw optimization plants. The good news, amid this impending increase caused by privation and the reduction of government subsidies, is Read More …

MANILA, Philippines – The birth of a third child usually signifies the end to owning any car that’s remotely stylish. The dream of owning something that’s out-of-this-world fun is replaced by something much more down-to-earth. Adjectives such as “sporty” and “dynamic” are replaced with “comfortable” and “practical.” Thankfully, modern day moms and dads are blessed with a player out there; one that manages to blend practicality with some French flair. Meet the Peugeot 5008—a sexy MPV that’s also quite sensible. The Peugeot 5008 looks nothing like a typical MPV. In fact, the styling is more wagon than family hauler. Upfront, it has the modern Peugeot family face with the triangular headlights, split grille work, and the large lion emblem set upon a shield-like opening. The 5008 equally impresses in the detailing as well. It uses subtle curves, creating a delicate play of light, especially in the front quarter. At the side, the 5008’s wheelbase has been clearly stretched out, endowing it with a 2,727mm wheelbase despite the compact 4,530mm overall length. The nice detail work continues with the rising chrome beltline, front fender flare, and the parallel front-back crease line. Even the wheels, fitted with Michelin Primacy HP 215/50R-17 tires look perfect. The rear is perhaps the only view on the 5008 that looks like an MPV. And yet, there’re still some things left to talk about such as the rectangular taillights that seem to wrap around the rear fenders and the rear glass that dips to fit the Peugeot Read More …

MANILA, Philippines – The peso plunged against the dollar midday Tuesday, settling at 43.566 from the previous day’s 43.475. Total volume transacted at the Philippine Dealing System amounted to $762.1 million in the morning, higher than the $395.5 million posted the same period on Monday. The peso opened Tuesday at 43.51.

MANILA, Philippines – DoubleDragon Properties Corp., the joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., is bringing back to life this year a foreclosed mixed-used property previously owned by Globe Asiatique Realty Holdings Corp. DoubleDragon said yesterday in a disclosure to the Philippine Stock Exchange that it has sealed the acquisition of the Skysuites Tower after a “thorough due diligence” with Rizal Commercial Banking Corp (RCBC) was completed. The Skysuites Tower is a 38-story commercial, office and residential tower situated on a 2,811.60 square meter prime lot at the corner of EDSA and Quezon Ave. RCBC became the holder of the property’s title two months after it was foreclosed in September 2010. DoubleDragon said it aims to re-launch and re-brand the project this year in a plan to make the tower one of the most prominent landmarks along EDSA. The project is expected to pour in a total of P5.2 billion in revenues and is seen to contribute to the company’s net income starting on the second half of the year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 DoubleDragon said it will continue both the construction and sale of the remaining inventory of the residential units and intends to retain the commercial and office spaces. DoubleDragon’s net income grew more than six times to P84.3 million in the first semester of the year from P13.4 million a year ago on the back of high residential sales and new investments. Read More …