Economy – Page 540

Crucial, long-overdue BlackBerry makeover arrives

Economy

Jan 292013

Crucial, long-overdue BlackBerry makeover arrives

TORONTO (AP) — The maker of the BlackBerry smartphone is promising a speedier device, a superb typing experience and the ability to keep work and personal identities separate on the same phone. It’s the fruit of a crucial, long-overdue makeover for the Canadian company. Thorsten Heins, chief executive of Research In Motion Ltd., will show off the first phone with the new BlackBerry 10 system in New York on Wednesday. A marketing campaign that includes a Super Bowl ad will accompany the long-anticipated debut. Repeated delays have left the once-pioneering BlackBerry an afterthought in the shadow of Apple’s trend-setting iPhone and Google’s Android-driven devices. Now, there’s some optimism. Previews of the software have gotten favorable reviews on blogs. Financial analysts are starting to see some slight room for a comeback. RIM’s stock has nearly tripled to $16.18 from a nine-year low in September, though it’s still nearly 90 percent below its 2008 peak of $147. Most analysts consider a BlackBerry 10 success to be crucial for the company’s long-term viability. “The old models are becoming obsolete quickly,” BGC Financial analyst Colin Gillis said. “There is still a big user base but it’s going to rotate off. The question is: Where do they rotate to?” The BlackBerry, pioneered in 1999, has been the dominant smartphone for on-the-go business people. Corporate information-technology managers like the phones because they’re relatively secure and easy to manage. Many employees loved them because of physical keyboards that were easier to type on than the touch-screen iPhone. Read More …

Fake title, fake owners

Economy

Jan 282013

A prominent lawyer told Spy Bits that a six-hectare property owned by SM Development Corp. is allegedly being claimed by persons holding a land title that was already declared as “fake” by the Land Registration Authority or LRA. The SM property is located in Barangay San Rafael in Pasay City but the claimants – said to be the heirs of a certain Danilo V. Herrera – continue to insist it is theirs on the strength of a reconstituted title that, upon closer scrutiny, happens to cover another property situated in Malibay, also in Pasay. A 2003 report from the LRA said the Register of Deeds declared the claimants’ title spurious or questionable due to irregularities in its issuance, and that the title from which Herrera based his claim was declared as defective and even included among those recommended for nullification. The signature of the Register of Deeds who reportedly issued the title also seems to have been faked according to the National Bureau of Investigation. The lawyer said that what’s really strange is that Pasay RTC Judge Jesus Mupas issued the reconstituted title and a writ of possession favoring the claimants “ex parte” (one sided) without giving notice to SMDC. SM was able to obtain a temporary restraining order from the Court of Appeals last Jan. 24 directing concerned parties to cease and desist from enforcing the Writ of Possession earlier issued by Mupas, but for some reason, the Pasay RTC sheriff disregarded the order and even brought a demolition Read More …

Watsons sets aggressive expansion plan this year

Economy

Jan 282013

Watsons sets aggressive expansion plan this year

MANILA, Philippines – Watsons Personal Care Stores (Philippines) Inc., partly owned by mall operator SM Prime Holdings Inc., has lined up an aggressive expansion program this year, banking on the strong economic growth. The personal care and pharmacy firm targets to reach more than 350 stores this year across the country, an official said. “We will continue to expand stores. This year, we are actually opening 40 stores and we will be expanding not only in the metropolis but also outside,” Robert Sun, general manager of Watsons Philippines told reporters. This will allow the company to grow its sales by 12 percent this year, double the estimated six-percent Philippine economic growth, Sun said. Watsons Philippines is a joint venture between SM Prime (40 percent) and Hong Kong’s A.S. Watson & Co. Ltd. of the Hutchison Whampoa Group (60 percent). The company ended 2012 with 315 stores after 47 new branches in areas like Butuan, Isabela, Puerto Princesa and Tuguegarao. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Sun said the budget last year was just 40 stores but the company expanded faster, which can also happen this year. “We put up stores in malls but we also put up stores where people live and work,” Sun said, adding that 75 percent of operating branches are located in shopping malls. Watsons Philippines, which started operations 10 years ago, is the exclusive drug store for all the SM supermarkets. “We want to accelerate our stand alone [store expansion] eventually because when Read More …

Ayala-Phinma power plant to start next yr

Economy

Jan 282013

Ayala-Phinma power plant to start next yr

MANILA, Philippines – Conglomerate Ayala Corp., through its power subsidiary AC Energy Corp., and the Phinma Group’s Trans-Asia Oil and Energy Development Corp. will start operating their P12-billion power plant joint venture in Calaca, Batangas in the third quarter of 2014, a top official said yesterday. In an interview, Trans-Asia president Francisco Viray said the two companies are on track with their Calaca project, with construction ongoing. “We are on track. It will be for commission in the third quarter of 2014,” Viray said. The two companies signed the joint venture agreement in 2011 to develop and operate the 135-megawatt coal power plant in Calaca. Ayala Corp. and Trans-Asia agreed to incorporate a joint venture company, South Luzon Thermal Energy Corp., equally owned by them and which had an initial capitalization of P200 million. The 135-MW thermal power plant in Batangas had an estimated cost of P12 billion to be financed by debt and equity. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Viray said the project has been fully funded already and is just awaiting completion. “The project has been fully funded. It’s really just the construction that we are waiting for,” Viray said. He is also optimistic on business prospects of the plant because open access regime, which would soon be in place. “We’re optimistic that there will be enough market because of the open access will be ready in June so there will be a market,” Viray said. Under the open access scheme, large power users Read More …

‘El Niño won’t harm palay output’

Economy

Jan 272013

MANILA, Philippines – The Department of Agriculture (DA) expects palay production to reach 7.90 million metric tons (MT) in the first six months of 2013, a flat growth rate from the 7.89 million MT recorded in the same period in 2012. DA said palay production in the first half of the year would likely be spared from the adverse effects of the El Niño phenomenon in the summer at irrigation facilities have already been put in place and the transfer of the bulk of palay cultivation in the early part of the year. In a report, DA’s Bureau of Agricultural Statistics (BAS) said the total harvest area may increase by 0.1 percent to 2.038 million hectares in the January to June this year from 2.036 million hectares in 2012. Yield per hectare, however, may remain at 2012 level of 3.88 MT. Based on standing crop, palay production in the first quarter of the year is forecast to reach 4.27 million MT, up by 7.1 percent from the output of 3.99 million MT in 2012. Based on farmers’ planting intentions, April to June forecasts indicate reductions in production, harvest area and yield by 6.9 percent, 4.1 percent and three percent respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The expected drop in production during the second quarter was because most farmers opted to concentrate the bulk of palay production in the early part of the year. “This time, we are more prepared. As long as we have sufficient irrigation, Read More …

Index seen testing record highs this wk

Economy

Jan 272013

MANILA, Philippines – The main index is seen to test record highs this week, riding last week’s positive economic news here and abroad. Investors are expected to look for indications on corporate earnings, with some picking cheaper second and third-liners. “Activity might be mostly ‘sequel story-sensitive’ especially those on expansion, partnerships or re-capitalization initiatives,” said Freya Natividad, investment analyst at brokerage firm 2Trade-Asia.com. Immediate support is 6,100-6,120 and resistance at 6,200-6,230, 2Trade-Asia said. Week-on-week, the Philippine Stock Exchange index rose 0.46 percent or 28 points to end the week at 6,167.64, just a tad lower than the all-time high of 6,171.70 recorded on Jan. 21. The main index was driven by the property (up 0.84 percent) and financial firms (up 3.37 percent). Last week, the policymaking Monetary Board kept key interest rates at record lows amid a benign inflation environment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Natividad said the low interest rates will support double-digit lending growth among listed financial institutions. However, the reversal of net foreign buying to sell position will likely cap robust gains in share prices, with some funds moving towards second and third-liners, Natividad said. Overseas, the main gauge of institutional investors will be the highlights of the most recent US Federal Open Market Committee’s meeting. “A sizeable part would rely on increments at the labor front, given the sensitivity of recovery and growth on consumer spending,” Natividad said. On Friday, Wall Street picked up anew due to earnings reports of Procter & Read More …

UnionBank posts 15% income growth

Economy

Jan 272013

MANILA, Philippines – The Union Bank of the Philippines (UnionBank) reported a 15-percent increase in net income to P7.58 billion in 2012 from P6.59 billion in 2011. Net interest income expanded by nearly six percent to P7.3 billion after slipping slightly to P6.98 billion in 2011 due to higher provisioning for probable losses. The bank’s total resources grew moderately to P275.8 billion in 2012 from P270 billion in 2011. Capital funds likewise grew to P47.8 billion in 2012, from P42.8 billion a year ago. Non-interest income grew to P10.7 billion last year from P9.55 billion due principally to trading gains, which rose P6.47 billion in 2012 from the previous year’s P5.4 billion. Total loans grew by 13 percent to P119.6 billion last year from the P105 billion in 2011. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Total deposits went down by nine percent, or from P204 billion in 2011 to P185.9 billion last year. In the last quarter of 2012, the bank’s branch network stood at 186, supported by 232 onsite and offsite ATMs, a call center and internet bank, www.unionbankph.com.

CAMPI eyes 10% sales hike

Economy

Jan 272013

MANILA, Philippines – Auto sales are expected to grow by 10 percent this year from last year on the back of the country’s strong economic performance. Chamber of Automotive Manufacturers of the Philippines Inc.(CAMPI) president Rommel Gutierrez said in a text message that they expect sales to reach 172,000 units this year. Last year, CAMPI sold 156,649 units, up 11 percent from 2011 due to an increase in purchases of both commercial vehicles and passenger cars as well as the influx of new models and availability of competitive financing schemes. The group said that last year’s growth could have even been higher if not for supply constraints in the first quarter as a result of heavy flooding in Thailand in 2011. For this year, Gutierrez said the higher sales will be driven by the “sustained economic growth, (and as) GDP (gross domestic product) per capita (is seen) to reach $2,500.” He said growth in remittances from overseas Filipino workers, election spending and overall positive economic outlook, are likewise seen to allow the group to achieve higher sales this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On expectations of continued positive economic conditions, car firms are also looking to introduce new models in the market. Gutierrez said total industry sales are likewise expected to rise, hitting 200,000 units this year. Total industry sales in 2012 stood at 184,248 units. Total vehicle sales last year posted an 11.6 percent increase from 2011 due to the strong demand for both Read More …

DOF pushes early passage of fiscal incentives bill

Economy

Jan 272013

DOF pushes early passage of fiscal incentives bill

MANILA, Philippines – The Department of Finance (DOF) hopes Congress can pass the fiscal incentives bill before the May 2013 elections. “We were hoping it would also pass this Congress,” said Finance Assistant Secretary Teresa S. Habitan when asked about the other proposed revenue-generating measures the government wants to implement following the passage of the controversial sin tax law. The fiscal incentives bill, which is pending in Congress, seeks to rationalize and simplify the grant and administration of fiscal and non-fiscal incentives to promote foreign and domestic investments in the country. Habitan said the DOF wants a uniform policy on the issuance of fiscal incentives to businesses to avoid redundancies and lost revenues for the government. “We want to streamline the fiscal incentives system since we believe there are some redundancies already,” Habitan said. The DOF wants to assign all incentive-granting functions solely to the Board of Investments. Several agencies of the government including the Philippine Economic Zone Authority, the Bases Conversion Development Authority and other economic zones, currently give different sets of incentive packages, making the incentives regime largely uneven. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the DOF, tax subsidies should only be given to qualified investors instead of a straight income tax holiday. The tax subsidy would be similar to the tax allowance that government-owned corporations receive. Under this plan, investors would have to settle their tax duties and get the refund later when tax payments have been paid and collected. The American Read More …

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