As US budget cuts loom, is gov’t shutdown next?

 Economy
Feb 282013
 
As US budget cuts loom, is gov’t shutdown next?

WASHINGTON (AP) — With big, automatic budget cuts about to kick in, House Republicans are turning to mapping strategy for the next showdown just a month away, when a government shutdown instead of just a slowdown will be at stake. Both topics are sure to come up at the White House meeting Friday between President Barack Obama and top congressional leaders, including Republican House Speaker John Boehner. A breakthrough on replacing or easing the imminent across-the-board spending cuts still seems unlikely at the first face-to-face discussion between Obama and Republican leaders this year. To no one’s surprise, even as a dysfunctional Washington appears incapable of averting a crisis over economy-rattling spending cuts, it may be lurching toward another over a possible shutdown. Republicans are planning for a vote next week on a bill to fund the day-to-day operations of the government through the Sept. 30 end of the 2013 fiscal year — while keeping in place the new $85 billion in cuts of five percent to domestic agencies and eight percent to the military. The need to keep the government’s doors open and lights on — or else suffer the first government shutdown since 1996 — requires the GOP-dominated House and the Democratic-controlled Senate to agree. Right now they hardly see eye to eye. The House GOP plan, unveiled to the rank and file on Wednesday, would award the Pentagon and the Department of Veterans Affairs with their line-by-line budgets, for a more-targeted rather than indiscriminate batch of military cuts, Read More …

MPIC profit jumps 28% to P6.5 B

 Economy
Feb 282013
 
MPIC profit jumps 28% to P6.5 B

MANILA, Philippines – Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC), fresh from beating its full-year core earnings guidance, expects another banner year amid continuous economic growth. Core net income, which strips out currency and derivatives-related items, jumped 30 percent to P1.5 billion in the fourth quarter. This allowed MPIC to post a 28-percent uptick in core profit to P6.5 billion in 2012 from P5.1 billion in 2011. It is also higher than the company’s P6.3-billion core profit guidance. “The strong results for 2012 reflect significant improvements in service levels and efficiency gains for all our operating companies,” MPIC chairman Manuel V. Pangilinan said in a briefing. “It is likely that the 2013 results will be better than the 2012,” Pangilinan said, adding that the outlook is encouraging given optimistic views on the Philippine economy. In the fourth quarter, profits were driven by strong water, power distribution, toll roads and hospitals businesses, MPIC chief finance officer David J. Nicol said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the entire year, consolidated net income rose to P6.4 billion from P5.1 billion a year ago. This reflects a P142-million non-recurring net loss. MPIC president and CEO Jose Ma. K. Lim said the increase in core net income was due mainly to higher profit contributions from Manila Electric Co. (Meralco), higher rates for Maynilad Water Services Inc., traffic growth at Metro Pacific Tollways Corp. (MPTC) and investments from the hospital group. In terms of contribution to MPIC’s net operating income, Maynilad Read More …

Globe, PLDT grapple with interconnection issues

 Economy
Feb 282013
 
Globe, PLDT grapple with interconnection issues

MANILA, Philippines — Rivals Globe Telecom and Philippine Long Distance Telecommunications Co. continue to wage a bitter fight over interconnection problems. Globe has urged PLDT to address  the interconnection problems  in several areas in the past three days. In a statement, Globe reported  that problems began  February 25. The telco recalled that at around 8 p.m. last February 25, the local interconnection with PLDT in the province of Bulacan was monitored to be out-of-service. It was relayed immediately to PLDT and initial investigation showed the problem was owing to the unavailability of Signaling Link.  The PLDT team advised Globe that they will look into the problem and perform a reset if necessary. Globe revealed that since year 2012, the POIs with PLDT have experienced problems on the signaling link at PLDT side, prompting globe to perform a reset of these signaling links.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On February 26, at around 12 p.m., other North Luzon local interconnections with PLDT (La Union, Baguio, Tarlac, Bulacan, Nueva Ecija) also went out-of-service,  still owing to the unavailability of signaling links. The case was again brought  to PLDT ‘s attention. PLDT informed Globe that they forwarded the concern to their technical teams and will update Globe accordingly. Yet on the morning of February 27, the local POIs were still out-of-service and PLDT was unable to give  any reason for it. Given the amount of time and the inconvenience to Globe’s customers, it became necessary for Globe to issue a public advisory Read More …

Trading company charged with tax evasion

 Economy
Feb 282013
 
Trading company charged with tax evasion

MANILA, Philippines – The Bureau of Internal Revenue filed on Thursday a criminal complaint against a trading company for tax evasion. Jera Marketing, Inc. (JMI) and its President Ester Almendrala were charged before the Department of Justice for violating the National Revenue Code of 1997 as defined and penalized under Section 255 and in relation to Section 253. JMI is a local corporation involved in trading goods. It is registered with the BIR and is based in San Pedro, Laguna. The state agency said the firm failed to submit its books of accounts and other accounting records for all internal revenue taxes covering taxable year 2006. JMI was earlier issued a letter of authority for BIR to examine its documents. A subpoena duces tecum, a preliminary collection letter, a final notice before seizure and a warrant of distraint and/or levy were also issued to the company to settle its tax obligations. “However, despite such repeated demands and the lapse of a considerable length of time, JMI has obstinately failed and adamantly refused to pay, through its responsible corporate officer, the aforementioned deficiency taxes, to the prejudice of government,” BIR said. The criminal case filed against JMI is the 152nd filed under the bureau’s Run After Tax Evaders program.

Aren’t you ‘on’ yet?

 Economy
Feb 272013
 

TO SWITCH channels, you simply have to hold the remote control and press the +/- or up/down channel or use the scroll key/s. It is a way of life; something we do every day without effort at all. Wasn’t there a time when you wished everything can be remote controlled? This wish coming true may not be too far out in the future but obviously will not cover everything.

Mla Water posts 28% income hike

 Economy
Feb 272013
 
Mla Water posts 28% income hike

MANILA, Philippines – Manila Water has reported a 28 percent year-on-year increase in its net income to P5.44 billion for 2012 on higher billed volume. In a financial statement filed at the local bourse, the company said its revenues grew 21 percent to P14.55 billion, while its core income rose 27 percent to P5.72 billion. The company’s total billed volume for 2012 was placed at 579.4 million cubic meters, up by 39 percent year-on-year. The East zone concession area, which is the company’s main income source, accounted for 427.3 million cubic meters of the billed volume, up four percent from the previous year. The firm’s earning before interests, taxes, depreciation and amortization (EBITDA), rose 29 percent to P10.54 billion. Other concessions that contributed to the company’s billed volume are its subsidiaries Laguna Water Co., Boracay Island Water Co. and Clark Water Corp. The company last year acquired the Thu Duc Water Boo Corp. in Vietnam. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The East zone concession area covers the cities of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, parts of Quezon City, parts of Manila and towns in Rizal province. As of end- 2012, the East Zone concession area had 896, 148 service connections comprising domestic, commercial and industrial customers, up five percent year-on-year. In the fourth quarter of 2012, Manila Water installed 37, 120 new domestic service connections and 1, 047 commercial and industrial clients. For 2012, the company’s operating expenses rose 22 percent to P4.38 billion as Read More …

Gov’t warns of another power crisis

 Economy
Feb 272013
 
Gov’t warns of another power crisis

MANILA, Philippines – The power crisis that hobbled Mindanao last year may recur if the region’s baseload capacity is not increased soon, a government think tank said. Based on a study conducted by the Philippine Institute for Development Studies (PIDS), the Mindanao power crisis may stage a comeback in this year’s and next year’s summer season given that there had been no additions to the baseload capacity. Baseload capacity refers to the generation units normally used to meet power demand round-the-clock. PIDS senior research fellow Adoracion Navarro said in the summer of 2012, Mindanao experienced a crippling power crisis, which revealed the shoddy and fragmented state of energy infrastructure in the region as well as in the whole country. Entering another summer period, attention is again rising because of the precariously low power supply, which is feared to put a brake on economic development. “Businesses, for instance, have voiced concerns that the country’s energy situation may slow down and even stunt the country’s economic growth,” Navarro said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Consolidated forecasts for electricity demand for the period 2010-2019 show an annual average demand growth of 4.28 percent in Mindanao, which is higher than the national rate of 3.63 percent for the same period. The Mindanao grid at present has 37.31-percent baseload generating capacity, a far cry from Luzon’s 63.94 percent and Visayas’ 71.88 percent, based on 2012 data from the Department of Energy (DOE). Mindanao’s generating capacity is also heavily dependent on hydropower, Read More …

Gokongwei Group expands in Visayas

 Economy
Feb 272013
 
Gokongwei Group expands in Visayas

MANILA, Philippines – Tycoon John Gokongwei Jr., named recently as an adopted son and honorary mayor of Bacolod City, is expanding his portfolio in the Visayas. This as Universal Robina Corp. (URC), the food manufacturing arm of Gokongwei-led conglomerate JG Summit Holdings Inc., will add value to its sugar mills in the region. Specifically, the company will put up an ethanol plant and power facilities in its sugar milling complexes in Negros Oriental and Negros Occidental, respectively, and operate a newly-acquired sugar mill also in the province to support the region’s booming economy. Gokongwei announced the projects last week in Bacolod, where he was named Honorary Mayor and Adopted Son by City Mayor Evelio Leonardia as part of the Bacolaodiat celebration of Chinese New Year. To date, the conglomerate has three sugar mills in the Visayas: Manjuyod in Negros Oriental, Kabankalan City in Negros Occidental and Passi City in Iloilo. “We recently bought a sugar mill in Tolong, Negros Oriental to add to our growing list of sugar mills,” said Gokongwei, chairman emeritus of JG Summit. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “And we are still thinking of more ways to partner with the region in its progress,” he added. URC is putting up ethanol and power plants using by products of sugar milling. In January, URC secured shareholders’ approval to enter the power generation business for the first time through a $60-million power plant in its sugar mill that will start commercial operations in 2014. Outside Read More …

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