Maniolas

Agence France-Presse January 7th, 2016 10:31 AM SHANGHAI—China stock markets closed for the day less than half an hour after opening on Thursday when shares fell more than seven percent, triggering an automatic “circuit breaker”. By 9.58am, when the market halted trading, figures showed the benchmark Shanghai Composite Index had slumped 7.32 percent, or 245.95 points, to 3,115.89. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, had tumbled 8.35 percent, or 178.08 points, to 1,955.88. The “circuit breaker” went into force at the beginning of the year as part of efforts to reduce volatility on China’s wild bourses, which plummeted in mid-2015, sending jitters through world markets. It was triggered for the first time on Monday. The system is based on the CSI 300 index, which tracks the largest 300 stocks on the two exchanges. If it falls by five percent, trading is initially suspended for 15 minutes. “The use of the circuit breaker is the main reason for the falls as investors panicked after seeing it being triggered on Monday,” Phillip Securities’ analyst Chen Xingyu told AFP. “The circuit breaker has cut off the market liquidity and investors are afraid they won’t be able to sell. The market-selling pressure was originally not this heavy.” Shanghai dived 6.86 percent on Monday — before trading was suspended — after the release of weak manufacturing data heightened worries about the health of the world’s second-largest economy. That was followed by a 0.26 percent fall Tuesday, before they rallied more Read More …

President Benigno S. Aquino III, accompanied by National Historical Commission chair Ma. serena Diokno and AFP Chief of Staff Gen. Hernando Iriberri, graces the commemoration of the 119th Anniversary of the Martyrdom of Dr. Jose Rizal at the Rizal National Monument in Rizal Park, Manila City on Wednesday (December 30), with the theme: “Rizal 2015: Dangal Ng Pilipino, Gabay Sa Pagbabago. (MNS photo) MANILA (Mabuhay) – For the last time in his term, President Benigno Aquino III led the flag-raising ceremony at Rizal Park to commemorate the 199th anniversary of the martyrdom of national hero Dr. Jose Rizal. In his message for Rizal Day, Aquino said Filipinos should be inspired by Rizal’s intelligence, sense of duty, hunger for knowledge, passion for reform and undying love for the country. “Dr. Jose Rizal worked hard to pursue our independence, serving as a catalyst for change; his works remain relevant to this day, a reminder of a past when freedom seemed beyond our reach. Let us remember him on this occasion, along with other heroes who shared their strength and vision to make the Philippines the nation it is today,” Aquino said. “Let us all be heroes in our own way, and reaffirm our commitment to the Daang Matuwid. Only by traversing this road towards fairness and progress can we translate our dreams into tangible realities for our people,” Aquino added. President Benigno Simeon Aquino III, accompanied by Armed Forces of the Philippines Chief of Staff Gen. Hernando Iriberri, troops the line during Read More …

As such, the SEC has been pushing to relax the Bank Secrecy Law which the SEC said can be done through the amendments to the Securities Regulation Code. STAR/File photo MANILA, Philippines – The Philippines needs to ease its Bank Secrecy Law to be able to fully participate in the Paris-based International Organization of Securities Commissions (IOSCO)’s multilateral memorandum of understanding concerning consultation and cooperation and the exchange of information (MMOU), a ranking Securities and Exchange Commission official said. SEC Commissioner Ephyro Amatong attributed its non-participation in the MMOU to the Bank Secrecy Law, which prevents the SEC from fully sharing information with other securities regulators. Amatong, nevertheless, said full participation in the MMOU on information sharing is not a precondition for the Philippine Stock Exchange (PSE) to be able to link up with other stock markets in the region.  “The Asean Trade Link is a contractual arrangement among participating exchanges (from Singapore, Malaysia and Thailand) using technology to facilitate cross-border/cross-exchange trading. Full participating by the Philippine SEC in the IOSCO’s MMOU is not a precondition,” Amatong said. The proposal to link the local bourse with other exchanges in Southeast Asia, however, remains pending. The PSE said it is waiting for the SEC to become a member of the IOSCO, which would give the country’s corporate regulatory environment a vote of confidence and could facilitate cross-border transactions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines had been seeking membership to the Paris-based body since 2008. However, Amatong Read More …

The benchmark Philippine Stock Exchange index (PSEi) retreated 31.53 points to close at 6,952.08 from Monday’s 6,983.61. It was also 3.85 percent lower than the previous year’s close of 7,230.57. File photo MANILA, Philippines – Philippine stocks tumbled yesterday, marking the last trading day of the year in negative territory to which analysts attributed to a combination of global and local developments that influenced the market in 2015. The benchmark Philippine Stock Exchange index (PSEi) retreated 31.53 points to close at 6,952.08 from Monday’s 6,983.61. It was also 3.85 percent lower than the previous year’s close of 7,230.57. Likewise, the broader All Shares index finished at 3,990.47, down 5.69 points or 0.14 percent from Monday’s close. All other indexes except for two barometers closed in negative territory, with losers led by the property and holding firms, which declined by 0.64 and 0.50 percent, respectively. Value turnover was P6.46 billion. IGC Securities Inc. president Ismael Cruz said while the index closed in negative territory, the market is still on a bull run. “While it ended up being a down year, we should take note the bull run is still intact,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cruz said a credit rating upgrade in the near future may boost the market. Fitch Ratings said the Philippines could receive another upgrade if the reforms undertaken under the leadership of President Aquino would be sustained in the next administration. “Increased confidence that these trends will be sustained under the Read More …

MANILA, Philippines – Century Pacific Food Inc. has formalized the acquisition of a 100 percent stake in integrated coconut producer Century Pacific Agricultural Ventures Inc. The total consideration for the purchase amounted to P4.5 billion, half of which would be sourced from existing bank borrowings while the other half would be paid via the issuance of 18.2 million CPF shares at a price of P17.55 each. The P17.75 issue price is  “equivalent to a 4.41 percent premium from CPF’s 30-day volume weighted average price of P16.81 per share as of October 26, 2015, and a 3.85 percent premium from its October 26 closing price of P16.90.” “The acquisition is estimated to be seven to eight percent 2016 earnings accretive and will improve the consolidated company’s net profit margins,” CPF said . “This acquisition is in line with Century Pacific’s priority to cement itself as a leading player in growing food markets. Global food companies have seen an increased appetite to search for acquisition targets in this higher growth, health-conscious, and organic product categories,”  CPF president Christopher Po said. Evercore Asia Ltd. served as the financial advisor for the transaction.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CPF is the largest canned food company in the country. Its brands include Century Tuna, Argentina Corned Beef, 555 Sardines, Angel, and Birch Tree, which have established market leading positions locally. The company also provides private label tuna products for export overseas. Established in 2012, Century Pacific Agriculture operates an integrated coconut Read More …