SingTel-Samsung partnership to benefit Globe subscribers

 Economy
Sep 282013
 
SingTel-Samsung partnership to benefit Globe subscribers

MANILA, Philippines – Ayala-led Globe Telecom Inc. is expected to benefit from the strategic partnership entered into by its partner SingTel Group with Samsung of Korea focusing on driving next-generation mobile communication, infotainment and technology services in Asia. In a statement, International SingTel Group Consumer, CEO Mark Chong said the partnership intends to take advantage of the scale of the SingTel Group and Samsung’s innovative products and services.  “SingTel Group and Samsung will deliver an exciting mobile experience for customers, through brilliant mobile and innovative devices,” Chong said.  “Not only will our companies mutually benefit, but our combined 400 million mobile customers will be able to take advantage of the unique offerings that will be provided in the future,” he added. For his part, Samsung Electronics president and head of sales and marketing DJ Lee said both companies would provide customers with advance technology.  “We are honored by this opportunity to provide our customers with advanced mobile experiences. In order to introduce Samsung’s next generation mobile communications, we continue to fully support and work closely with leading mobile operators,” Lee said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The partners would offer applications and digital services to customers of SingTel Group companies including Advanced Info Service (Thailand), Airtel, Globe Telecom (Philippines), Optus (Australia), SingTel (Singapore) and Telkomsel (Indonesia). In addition, the SingTel Group would work with Samsung to identify opportunities for joint launches and marketing campaigns of key Samsung device announcements. The companies will also be able to Read More …

EEI bags P1.7-B air traffic surveillance contracts

 Economy
Sep 282013
 
EEI bags P1.7-B air traffic surveillance contracts

MANILA, Philippines – Yuchengco-led construction firm EEI Corp. recently won two air control projects with a combined value of P1.7 billion. Sources said EEI has resumed the construction of the Communication, Navigation and Surveillance/Air Traffic Management Systems Development of the Department of Transportation and Communication under Sumitomo Corp., which was suspended in 2011. The first package is worth around P700 million while the second is worth around P1.2 billion. For its overseas operations, EEI had already completed the construction of its projects in Singapore and New Celadonia. EEI remains on the lookout for new opportunities in other Asian countries. In the Middle East, EEI, through Its subsidiary, will continue to capitalize on its reputation and strong presence in the Kingdom in pursuing more construction projects. It shall also pursue overseas projects outside Saudi Arabia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company expects to strengthen its robust position in the domestic market by various building initiatives in the areas of business process outsourcing, mining and power as well as the development of structures to support tourism and residential acquisition which will be fuelled by OFW remittances. EEI is also looking at Public-Private Partnership projects under the government’s privatization program. As of the end of end-June this year, EEI’s unworked portion of existing contracts reached P27.06 billion, 45 percent of which are for domestic projects and the remaining 55 percent for foreign projects.

Yahoo, Softbank back Chinese e-commerce giant Alibaba in fallout over failed Hong Kong IPO

 Economy
Sep 272013
 
Yahoo, Softbank back Chinese e-commerce giant Alibaba in fallout over failed Hong Kong IPO

A group of men walk past the corporate logo at the headquarters compound of Alibaba Group in Hangzhou in eastern China’s Zhejiang province.(AP Photo) HONG KONG — Chinese e-commerce giant Alibaba’s biggest shareholders, Yahoo and Japan’s Softbank Corp., on Friday backed the company’s unusual management structure that Hong Kong’s stock exchange was unwilling to accommodate, forcing it to look to the U.S. for a potentially mammoth IPO. The show of support came a day after a senior Alibaba Group executive sharply criticized the southern Chinese city’s stock exchange for being too inflexible in discussions about a share sale that had been expected to raise up to $15 billion. The company broke off talks for a Hong Kong initial public offering because the stock market wasn’t willing to make an exception to its listing rules. Instead, it’s looking to New York for an initial public offering that analysts estimate could value the company at more than $100 billion. That would dwarf the tech world’s other hotly anticipated share offering by Twitter, which is estimated to have a market value of $10 billion. In a column posted late Thursday on Alibaba’s blog, Vice Chairman Joe Tsai said “Hong Kong must consider what is needed in order to adapt to future trends and changes.” Tsai said the company had ended its discussions for a potential listing. It’s the first public acknowledgement that it has dropped its plans for an IPO in Hong Kong, which Tsai said was the company’s “first choice” because most Read More …

New P4-B ind’l estate to rise in Batangas

 Economy
Sep 272013
 
New P4-B ind’l estate to rise in Batangas

MANILA, Philippines – Science Park of the Philippines, Inc. (SPPI) is spending P4 billion to develop Light Industry and Science Park IV, a new industrial estate in Batangas amid demand from foreign firms for spaces for manufacturing facilities. “We are developing the latest site in Malvar, Batangas in response to demand from foreign firms,” SPPI chairman and chief executive officer Guillermo Luchangco said in a press conference yesterday. He said they have received interest from foreign firms engaged in electronics, as well as the automotive sectors, to invest in manufacturing operations here. The 200-hectare industrial park is alongside the Southern Tagalog Arterial Road (STAR) expressway that links to Makati and Metro Manila to the Batangas International Port. The industrial park would be complemented by a 60-hectare residential and commercial area. Luchangco said SPPI expects to complete the development of the industrial park in two and a half years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The development of the residential and commercial area though, he said, may take a longer time to complete. The firm intends to fund the development of the industrial estate through internally generated funds and loans from banks. The Light Industry and Science Park IV is the fourth industrial estate being developed by SPPI. The firm has already developed industrial parks in Cabuyao and Calamba in Laguna as well as in Sto. Tomas in Batangas. The development of the new industrial park comes as many foreign firms have expressed interest to bring their manufacturing Read More …

Meralco eyes $250-300 M bonds to finance capex

 Economy
Sep 272013
 
Meralco eyes $250-300 M bonds to finance capex

MANILA, Philippines – Manila Electric Co. (Meralco), the country’s biggest power distributor, is eyeing to issue US dollar bonds of up to $300 million to finance its capital expenditure requirements. Meralco chief finance officer Betty Siy-Yap said while the company has not set a specific amount for the planned transaction, she said it would be a benchmark size of “anywhere between $250 million and $300 million.” She said proceeds would be used for Meralco’s capex needs. The final transaction date would depend on market conditions. “We continue to monitor the market for the interest while we have not priced,” Siy-Yap said. The planned dollar bond issue comes after Meralco earlier embarked on an investor roadshow in Singapore and Hong Kong. It is also distinct from the plan to issue P20 billion in long-term peso bonds, which would be used to refinance existing debts. Meralco earlier mandated Citigroup to arrange a series of fixed-income investor meetings in Singapore and Hong Kong for the dollar bonds issue. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Officials earlier said the company has allotted P13 billion for capital expenditures this year from P10.3 billion last year. The company expects to post a consolidated core net income of P17 billion this year, higher than the P16 billion posted last year. In the first half of the year, Meralco reported a consolidated core net income of P9.2 billion, two percent higher than the P9 billion posted in the first half of last year. However, its Read More …

Gov’t to borrow P120B in Q4

 Economy
Sep 272013
 
Gov’t to borrow P120B in Q4

MANILA, Philippines – The government plans to borrow P120 billion from the domestic debt market in the fourth quarter, the Bureau of Treasury said yesterday. The borrowing is made up of P40 billion worth of Treasury bills and P80 billion worth of Treasury bonds, according to a memorandum posted on the Bureau of Treasury website. For the T-bills, the government will borrow P20 billion in October, and another P20 billion in November. The government will issue P4 billion worth of 91-day papers, P6 billion worth of 182-day papers, and P10 billion worth of one-year papers. With regard to the T-bonds, the Treasury will offer P20 billion worth of 20-year RTBs in October, P30 billion worth of 7-year RTBs in November, and another P30 billion worth of RTBs in December. In the third quarter, the government borrowed P150 billion from domestic sources. This was composed of P60 billion worth of T-bills and P90 billion worth of T-bonds.

EastWest Bank raising P10B

 Economy
Sep 272013
 
EastWest Bank raising P10B

MANILA, Philippines – EastWest Banking Corp., the banking unit of the Gotianun family’s Filinvest Group, is raising P10 billion through the issuance of securities to comply with Basel 3 global banking requirements, the bank told the Philippine Stock Exchange (PSE). The bank said its board of directors authorized the issuance of Basel 3-compliant securities of up to P10 billion in one or more tranches. The issuance would form part of the bank’s regulatory compliance in accordance with Basel 3 capital guidelines of the Bangko Sentral ng Pilipinas and to manage the bank’s capital base for its growth. Details of the issuance, however, were not disclosed pending corresponding approval from regulators. The Basel 3 guidelines issued by the BSP in Jan. 15, 2003 requires that Tier 2 notes have a provision for the instrument to either be written off or converted to common equity upon occurrence of certain trigger events. The BSP circular further stipulates that banks must make the necessary amendments to their articles of incorporation to accommodate such a conversion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 EastWest Bank is a subsidiary of Filinvest Development Corp. (FDC), the publicly-listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun Sr. in 1955. FDC is one of the country’s premier conglomerates, with business interests in real estate, banking, sugar, hospitality and tourism, and power generation. Through the years, EastWest Bank has successfully capitalized on the financial strength and synergy from the Read More …

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