Maniolas

A Singapore-based arbitration court ruled that GGAM’s management services contract with Solaire Resorts had been unjustly terminated in 2013.  MANILA, Philippines – Enrique Razon’s Bloomberry Resorts Corp., the hotel and casino operator of Solaire Resorts and Casino, has lost a case it filed against its former manager, Las Vegas-based Global Gaming Philippines LLG (GGAM). A Singapore-based arbitration court ruled that GGAM’s management services contract with Solaire Resorts had been unjustly terminated in 2013.  In a Sept. 20 decision, the tribunal also upheld GGAM’s claim to an 8.7-percent take in Bloomberry Resorts. Bloomberry disclosed to the Philippine Stock Exchange (PSE) yesterday that the Singaporean Arbitration Tribunal hearing the dispute between Bloomberry  and Sureste Properties Inc. (SPI) and GGAM had issued a “partial award on liability.” In its decision, the Singaporean tribunal ruled that GGAM did not mislead Bloomberry and SPI into signing the management services agreement (MSA) and that Bloomberry was not justified in terminating the MSA because the services rendered by the Bloomberry management should be considered as services rendered by GGAM under the MSA. The tribunal also upheld GGAM’s claim to some 921 million Bloomberry shares. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 There is no basis for Bloomberry and SPI to challenge GGAM’s title to the 921 million shares because the grounds for termination were not substantial and fundamental, thus GGAM can exercise its rights in relation to those shares, including the right to sell them. In 2013, Bloomberry terminated the management contract with GGAM, claiming a Read More …

PH strengthens commercial ties with Mexico: Trade and Industry Secretary Ramon Lopez recently met with Ambassador Julio Camarena Villaseñor to discuss economic ties with Mexico and put forward the interest of establishing a Joint Economic Committee in the future. Mexico is the Philippines’ second biggest trading partner in Latin America. Both countries have long-shared historical and economic ties.   MANILA, Philippines – The Philippines is eyeing $2 billion worth of investments from Mexico following recent meetings among ranking officials that strengthened commercial ties between both countries. The Department of Trade and Industry (DTI) said yesterday some $2 billion worth of investments is being allocated by Mexico to the Philippines, bulk of which is targeted for the telecommunications sector. Mexican Ambassador Julio Camarena Villaseñor, who met with Trade Secretary Ramon Lopez during a recent courtesy visit, emphasized the Philippines is a priority area for investments in Asia. The diplomat likewise expressed Mexico’s interest to make the Philippines an economic gateway to the ASEAN region, the DTI reported. Total investments between both countries in 2015 reached $6 billion. During the meeting, both sides also discussed the establishment of a joint economic committee that will further strengthen bilateral trade and investment between the Philippines and Mexico. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The Philippines is eager to know that one of our strong commercial allies, Mexico, has expressed its keen interest in the country. Our long-shared history with Mexico makes it easier to understand each other’s interest,” Lopez said. Lopez Read More …

MANILA, Philippines – The Department of Energy (DOE) has ordered Mindanao oil players to explain the unusual price reductions in gasoline products which is considered as anti-competitive behavior under the law. Based on the monitoring of the DOE-Mindanao Field Office (MFO), the oil companies from Aug. 30 to Sept. 6 cut prices a sizable P3 per liter on the average. Elsewhere in the country, oil companies raised gasoline prices by 50 centavos per liter during the period, reflecting the uptrend in the global market amid positive signals over a production freeze among major oil producers. While price rollbacks are a welcome development for the consumers, the DOE cautioned that sudden and sustained huge decreases in oil prices might qualify as an anti-competitive behavior under the Oil Deregulation Law. “This market behavior puts both the smaller oil players and the consumers at a disadvantageous position in the long run. Smaller oil players may actually lose its market share and end up closing, allowing the remaining oil players the chance to dictate prices to the detriment of the consuming public,” the DOE said. This market behavior could also spark more peddling of petroleum products through the “bote-bote” scheme and the alleged smuggling of oil products from nearby countries. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOE said its Mindanao office has been coordinating with local government units (LGUs) and the Bureau of Fire Protection to eliminate the “bote-bote” scheme while also discouraging consumers from patronizing such activity as this Read More …