Wal-Mart plans $15B more in stock buybacks

 Economy
Jun 092013
 
Wal-Mart plans $15B more in stock buybacks

FAYETTEVILLE, Ark. — Wal-Mart’s biggest news at its annual meeting on Friday was that the world’s largest retailer will repurchase up to $15 billion of its shares at a time when the behemoth faces increased scrutiny from investors over its business overseas. The buyback replaces the current $15 billion share repurchase program that Wal-Mart began in 2011. About $712 million is left under that program, according to the company. The program comes as Wal-Mart encounters concerns over how it handled bribery allegations that surfaced last year at its Mexican unit. The company also is being pressured to increase its oversight of factories abroad following a building collapse in April in Bangladesh that killed more than 1,100 garment workers. Wal-Mart wasn’t using any of the factories in the building at the time of the collapse, but it is the second-largest retail buyer of clothing in Bangladesh. During the annual meeting, shareholders in the audience presented four proposals that related to increasing governance of its board in light of the incidents overseas. They included a proposal for an independent chairman that doesn’t serve as an executive at Wal-Mart. None of those resolutions passed, according to a preliminary shareholder tally. “If the world’s largest retailer refused to improve the state of workers’ rights and labor standards, things will not change,” said Kalpona Akter, a labor activist based in Bangladesh, who introduced the proposal about having a special shareholders’ meeting. Executives referred to the problems Wal-Mart has been having abroad during the meeting. Business Read More …

China's top butcher tries to sell US on takeover

 Economy
Jun 062013
 
China's top butcher tries to sell US on takeover

Wan Long, 72, chairman of Shuanghui International, prepares himself before an interview in his office in Luohe, in central China’s Henan province. (AP Photo/Alexander F. Yuan) LUOHE, China  — At an age when most Chinese executives are long retired, the country’s top hog butcher is taking on a daunting new job persuading Americans to allow him to complete China’s biggest takeover of a U.S. company. Shuanghui International’s $4.7 billion bid for Smithfield Foods Ltd. has the endorsement of the American company’s board. But facing anxiety over food safety scandals in China and complaints about Chinese cyber spying, 72-year-old chairman Wan Long has launched a charm offensive to reassure Americans they have nothing to fear and possibly much to gain from the tie-up. “We want to be vigilant that Smithfield’s brand doesn’t change, its team doesn’t change, its production sites don’t change, it doesn’t cut jobs,” said Wan in an interview at Shuanghui’s 15-story headquarters in this eastern Chinese city. As for reassuring American consumers about quality, Smithfield “already has a very good food safety control system,” Wan said. “With our support, they will do better in quality and safety controls.” Wan’s strategy of talking to reporters and inviting them to visit Shuanghui’s packing plants is an unusual approach in China, where companies are secretive and corporate bosses rarely speak in public. As Chinese companies expand abroad, those habits have hurt some when the United States, Australia and other countries balked at acquisitions by unfamiliar buyers in oil, mining and technology Read More …

FTI offers new investment opportunities

 Economy
Jun 062013
 
FTI offers new investment opportunities

MANILA, Philippines – With the recent acquisition of Food Terminal Inc. (FTI) by Ayala Land Inc. (ALI) in late 2012, it is expected that the 120-hectare property will soon grow to become one of the brightest and busiest commercial business districts in Southern Metro Manila. In a signing ceremony witnessed by President Aquino at the Malacañang Palace, ALI executives led by chairman Fernando Zobel de Ayala expressed their plans to develop the sprawling 74-hectare complex into a commercial district featuring dining, retail and entertainment for residents and employees in the area as well as travelers from various parts of the country. The complex already features various services and amenities such as banks, fast-food restaurants, food markets and the Sunshine Plaza Mall. FTI began as the Greater Manila Terminal Food Market in 1968 through a Presidential directive meant to ensure price stability and productivity of the country’s agricultural economy. In the 80s, FTI became involved in retailing various products at government subsidized prices, trading, food processing and cold storage. Today, FTI operates as a provider of prime lots for industrial, commercial and residential use. Many of its industrial buildings offer leasable facilities for various manufacturers, exporters and food producers. Conveniently located near the country’s major local and international airports such as the Ninoy Aquino International Airport Terminal 3, South Luzon Expressway, C-5 and C-6 roads, as well as surrounded by various communities, FTI is a promising hub for economic activity and a key pivotal convergence point for the south. The planned Read More …

New OR reqm’t will proceed as planned – BIR

 Economy
Jun 062013
 
New OR reqm’t will proceed as planned – BIR

MANILA, Philippines – The new regulations requiring all business  establishments to print new official receipts, invoices and other business documents  will proceed as scheduled on July 1, 2013, the Bureau of Internal Revenue (BIR) said yesterday. BIR Commissioner Kim S. Jacinto-Henares said “the complaints against the new regulation are without any basis” and that business establishments were given more than enough time to meet the requirement. Henares said the BIR issued the new policy last year and published the same in a newspaper of general circulation informing the parties concerned that existing receipts would expire on June 30, 2013. “We believe that six months is enough preparation for everyone to comply with such requirement,” Henares pointed out. The BIR, in issuing this new regulations, aims to regulate further the printing of all invoices, set validity period and generate reports relative to the Authority to Print official receipts. This was an offshoot of the agency’s discovery of businesses registered with the BIR that are not really engaged in any business except to sell invoices, thereby defrauding the government of billions in tax revenues. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These businesses, the BIR noted,  sell their invoices to entities who are either engaged in smuggling and/or purchasing goods without receipts. When BIR looked for these companies, mostly Small and Medium Enterprises, they cannot be found. The BIR also discovered that a lot of invoices that were printed in the ‘70s are still being used. Henares said the issuance Read More …

Fight gout with Goutritis

 Economy
Jun 062013
 
Fight gout with Goutritis

MANILA, Philippines – Fight gout with Goutritis, an all-natural food supplement that contains tart or sour cherries, which have a high content of anthocyanins, antioxidants and potassium.  All these natural nutrients combine to effectively and safely reduce inflammation and contribute to alkalizing the body, which is helpful in reducing pain associated with gout. Goutritis is FDA-approved.  It is available directly from Whealth Inc. with customer hotlines 524-6549, 354-2208 to 09 and 09474890262.  It is currently sold in jars of 90 capsules priced at P900.  For additional product information, email info@goutritis.com or visit www.goutritis.com and www.facebook.com/GoutritisSupplement. Three capsules of Goutritis, taken daily before breakfast, will help the patient manage his gout on top of doctor’s orders to take the prescribed medication, maintaining a healthy and  balanced diet low on Purine-rich foods, drinking plenty of water to rehydrate the body and flush out excess uric acid, exercising regularly and maintaining a healthy body weight.

Binay bats for more German investments in Phl

 Economy
Jun 062013
 
Binay bats for more German investments in Phl

MANILA, Philippines – Vice President Jejomar Binay has invited German businessmen to invest in the country. Binay, presidential adviser on Overseas Filipino Workers (OFWs) concerns, urged the German business community to look past the Fraport-Piatco affair and take a second look at different investment opportunities in the Philippines. “It may not seem easy to think of doing business as usual without looking back at Fraport-Piatco affair. But that is now before the international courts, and we must let it take its own course as the stronger parts of our cooperation and partnership move on. We must not forget that we have gone through tougher things than this,” Binay said. On separate meetings, Binay reminded the Ostasiatscheveerein (Asia Pacific Business Association and the Thewirtschasftsrat Deutshcland (Economic Council Germany) that the Philippines continues to receive investment upgrades from the international credit rating agenices as well as attract many short-term and long-term investments from abroad. “So I believe we can move on, and I have come here to move on. The exchange of visits between Foreign Secretary Albert Del Rosario to Berlin in November 2011 and Foreign Minister Guido Westerwelle to Manila last February and Labor Minister Ursula von Der Leyen and a high-level group from the Bundestag also to Manila in March has, I believe, created a vigorous momentum for a fresh start,” Binay said. Binay also told German businessmen that a number of major infrastructure projects are up for international public bidding in the Philippines.  Business ( Article MRec ), pagematch: Read More …

Bread making seminar set

 Economy
Jun 062013
 
Bread making seminar set

MANILA, Philippines – The Golden Treasure Skills and Development program will conduct a one-day seminar on cake baking and bread making to be held at the mezzanine, rm. 14 and 15, SMX Convention Center, Mall of Asia Complex, on June 9, from 10 a.m. to 6 p.m. The day long seminar will have an actual demo, food tasting and hands-on experience on how to make different kinds of bread. Other topics to be discussed are sourcing of materials, costing, and step by step guidelines on how to venture into baking business. Each participant will be given a certificate of training right after the seminar. Lunch, snacks hand-outs and all the raw materials  needed for actual demo and hands-on experience will be provided. For questions call 913-65-51; 421-15-77; cel. no 0905-205-0110 or 0949-930-8487 or log on to www.GoldenTreasureSkills.com or like us on facebook.

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