Financial regulatory reform: What it means for bank business models

 Economy
Jun 092013
 

(Third of three parts)OVER THE last two weeks, we have been talking about the many challenges facing banks, supervisors and policy makers given the current convoluted and evolving financial regulatory reform landscape. While these reforms are still in various stages of finalization, we have enough information to make qualified assessments of how these reforms will impact banks and their business models, providing financial organizations with a small breathing space within which to engage in scenario planning and risk management assessments.

Lacson’s parting advice for Enrile: Avoid ‘rosy cheeks’

 News
Jun 092013
 
Lacson’s parting advice for Enrile: Avoid ‘rosy cheeks’

Watch your temper and avoid getting “rosy cheeks.” This was outgoing Sen. Panfilo Lacson’s parting advice to former Senate President Juan Ponce Enrile, who still has three years left on his term as a senator. In a radio interview, Lacson explained that the “rosy cheeks” remark referred to high blood pressure. “Pinuntahan ko siya sa office niya noong after mag-resign [bilang Senate President si Sen. Enrile]. Umakyat ako sa opisina niya, pinasyalan ko muna. Isa lang ang advice ko sa kanya, ‘May tatlong taon ka pa sa Senado, huwag ka masyadong mainit ang ulo kasi nagro-rosy cheeks.’ Pag rosy cheeks tumataas ang blood pressure,” Lacson said on dzBB radio. Lacson is leaving the Senate after serving two consecutive six-year terms, the maximum allowed by the 1987 Constitution. Enrile’s second consecutive six-year term ends in 2016. Lacson said Enrile’s “rosy cheeks” had shown itself last year, during the impeachment trial of Chief Justice Renato Corona, and when he had a heated exchange with Sen. Alan Peter Cayetano. “Nakakaalala rin, mahirap yan, traydor ang blood pressure,” he said. Lacson also belied claims by Sen. Antonio Trillanes IV that Enrile’s irrevocable resignation last Wednesday was just “drama.” He said that when he went to Enrile’s office, he saw the staff was already packing and preparing to leave. Inkling Lacson said he had an inkling Enrile was going to resign when he saw Enrile’s privilege speech on the day’s agenda. Had he found out earlier, Lacson said he would have tried to dissuade Enrile Read More …

Hurry Maguindanao massacre trial, int’l reporters urge

 News
Jun 092013
 
Hurry Maguindanao massacre trial, int’l reporters urge

By Ryan D. Rosauro Inquirer Mindanao 3:50 am | Monday, June 10th, 2013 OZAMIZ CITY, Philippines—More than 300 delegates to the 28th World Congress of the International Federation of Journalists (IFJ) in Dublin, Ireland, have called on President Aquino to “take steps to expedite the trial” of those accused in the Maguindanao massacre. The call was contained in an urgent resolution adopted by the congress, according to National Union of Journalists of the Philippines (NUJP) chairperson Rowena Paraan, who attended the Dublin meeting, which ended on Thursday. “Everybody is disappointed that… the justice system in the Philippines has not moved forward. Journalists here from 120 countries are absolutely united in making sure that they will help [promote] the widest campaigns until justice is found,” IFJ president Jim Boumelha was quoted as saying in an NUJP news release. The IFJ is the world’s largest organization of journalists with some 600,000 members in 120 countries. The NUJP is its affiliate in the Philippines. Fifty-eight people died in the Maguindanao massacre, 32 of them media workers. The massacre has been dubbed the world’s single worst attack on the press and the trial has earned the attention of press freedom advocates. Nov. 23, the date of the massacre, has been declared by freedom of expression advocates worldwide as the International Day to End Impunity. It has been three and a half years since the killings and “there has not been a single conviction for the murders,” the IFJ noted. Among the steps the government Read More …

PH hails diplomatic ties with China despite row

 News
Jun 092013
 

By TJ Burgonio Philippine Daily Inquirer 3:28 am | Monday, June 10th, 2013 MANILA, Philippines—Their territorial dispute in the West Philippine Sea (South China Sea) should not stop the Philippines and China from celebrating the 38th anniversary of the establishment of their diplomatic relations, Malacañang said Sunday. Deputy presidential spokesperson Abigail Valte said relations between the two countries were multifaceted and the territorial dispute over parts of the West Philippine Sea was just one facet. After all, there were other facets of this relationship that “we continue to develop and that we continue to move forward on,” Valte said on state-run radio dzRB. “So let’s let the maritime disputes not be the whole of our relationship but, rather, just a part of it. And, again, given the close ties that we have, then that’s worth something to look at all the other facets and check and see if we can move forward on those fronts,” she said. Starting 1975 The Philippines and China opened diplomatic relations on June 9, 1975. Since then, the relations have reached “unprecedented levels” in security and regional cooperation, trade, investment, agriculture, tourism and cultural exchanges, according to the Philippine Embassy in China. In April 2005, then Chinese President Hu Jintao, on a state visit to Manila, and then President Gloria Macapagal-Arroyo described the relations between the two countries as the “golden age of partnership.” The relations hit a low when Philippine and Chinese ships faced off at Panatag Shoal (Scarborough Shoal) in April last year. Read More …

Popular Fil-Am mayor of Milpitas, California delivers

 News
Jun 092013
 
Popular Fil-Am mayor of Milpitas, California delivers

By Harvey I. Barkin INQUIRER.net U.S. Bureau 1:25 am | Monday, June 10th, 2013 Mayor Jose Esteves of Milpitas, California MILPITAS, California–Five-term Mayor Jose Esteves, a Filipino American, told hundreds of constituents at his very first State of the City address May 30 that the city was in a better position compared with others in Northern California. “Let me say plainly that our current financial standing is +AA and our outlook is very positive,” Esteves told the standing-room-only crowd at the Chamber of Commerce venue. “I don’t want to move ever,” said Deritha May Randall has lived in Milpitas for 50 years. “Thank God for the (Milpitas) Police and Fire Departments. The mayor is good and has improved Milpitas more than any man, especially in the Dixon area (where she lives). Mayor Esteves has got it under control.” Esteves admitted, however, that the last seven years were the most difficult in the city’s history. Tough decisions and sacrifices had to be made, he said, for Milpitas to become financially solvent. “We cut costs internally and redefined our service delivery without compromising it. This is an accomplishment not all cities can claim,” he explained. But the solvency came at a price. In the last year, the city council had to cut $9.2 million from the $69.2 million general fund in June, as a result of State’s decision to eliminate redevelopment agency funding. This forced the city to cut its expenses by $7 million on top of a $2.2 million structural deficit. Read More …

SMI touts Tampakan project achievement

 Economy
Jun 092013
 
SMI touts Tampakan project achievement

MANILA, Philippines – Real stories of real people from Southern Mindanao filled the Manila air during the Sustainability Report launch of Sagittarius Mines Inc. (SMI) last June 6. The Manila launch is the culminating event from a series of two other roll-outs that happened in Davao City last 29 May and Koronadal City last May 31. SMI is the holder of a financial and technical assistance agreement that manages the Tampakan Copper-Gold project located in Southern Mindanao. Aside from the Sustainability Report magazine given to all attendees, the event showcased the stories of SMI’s different stakeholders who benefited from the companies programs – on education, livelihood, healthcare, resettlement consultation, and responsible mining advocacy campaign. The event touched on ‘a-day- in-the-life’ of a 73-year-old Blaan elder, Masalio Sumangay, who has witnessed all the changes that happened in her tribal community. Lola Sumangay expressed during the ‘Dialogue with the Stakeholders’, “I feel better now.  I see progress everywhere and life for my people is now more comfortable.” Lola Sumangay added, “I am happy that all my children and grandchildren are now able to school.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 My daughter Dalena, one of the tribal chieftains, goes to many meetings to promote responsible mining and tell people about the benefits of mining.” Lola Sumangay further added, “SMI’s (sustainable) programs should benefit all tribal communities and barangays within the project area so that the IPs will not be jealous of the benefits that one tribe is enjoying.” The Read More …

PPA dividends to gov’t hit P1B

 Economy
Jun 092013
 
PPA dividends to gov’t hit P1B

MANILA, Philippines – Dividends remitted by the Philippine Ports Authority (PPA) to the national coffers jumped 23.5 percent last year, making it one of the largest contributors among government-owned and controlled corporations (GOCCs). PPA general manager Juan Sta. Ana said the agency has consistently been among the profitable government agencies sharing its net earnings to the National Government since the law was enacted in 1998. Sta. Ana said PPA’s total dividend payment reached P1.009 billion last year from P817 million in 2011.  “The port agency will always be a strong partner of the government in moving the country forward specifically in the area of providing support to the National Government’s fiscal consolidation efforts,” he stressed. He added that PPA landed seventh in the top 10 list of the biggest contributors for 2012 out of the 38 GOCCs that paid their respective dividends. Other major contributors include Philippine Amusement and Gaming Corp., Land Bank of the Philippines, Development Bank of the Philippines, Bases Conversion and Development Authority, Power Sector Assets and Liabilities Management Corp., Manila International Airport Authority, Philippine Reclamation Authority, Philippine Deposit Insurance Corp. and the Philippine National Oil Co. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Republic Act 7656 requires GOCCs to remit at least 50 percent of its annual gross earnings to the National Government. For 2013, the government aims to keep its budget deficit at below P238 billion or two percent of the projected gross domestic product (GDP). The deficit limit for this year is Read More …

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 …

180,000 foreign workers leave Saudi in 2 months—report

 News
Jun 092013
 
180,000 foreign workers leave Saudi in 2 months—report

Agence France-Presse 7:54 pm | Sunday, June 9th, 2013 AP FILE PHOTO RIYADH — Some 180,000 illegal foreign workers have left Saudi Arabia since April 1 under an amnesty that allowed them to try to sort out their papers or leave without paying a penalty, a report said on Sunday. “Between the beginning of April and the start of June, 180,000 foreigners left the kingdom for good,” Okaz daily quoted Badr Malek, spokesman for the passports department, as saying. This wave brings to 380,000 the number of foreign workers who have left Saudi Arabia since the beginning of the year. Malek stressed that violators of immigration rules in the oil-rich kingdom will face penalties when the amnesty period ends on July 3, with punishment including imprisonment up to two years, and fines up to 100,000 riyals ($27,000). According to official statistics, eight million expatriates work in the kingdom. Economists say there are another two million unregistered foreign workers. Saudi Arabia is aiming to create job opportunities for its unemployed nationals through cutting the number of foreign workers, although many of those are in low-paid jobs that Saudis would not accept. The world’s largest oil exporter is a goldmine for millions of people from poor Asian and Arab countries that are reeling under high levels of unemployment. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING Read More …

Journalists from 120 countries press Aquino to speed up Maguindanao massacre trial

 News
Jun 092013
 
Journalists from 120 countries press Aquino to speed up Maguindanao massacre trial

By Jeannette I. Andrade, Ryan D. RosauroInquirer Mindanao, Philippine Daily Inquirer 7:03 pm | Sunday, June 9th, 2013 The massacre in Maguindanao where over 30 journalists were also killed in 2009 is testament to the danger media men and women face in the Philippines. INQUIRER FILE PHOTO OZAMIZ CITY, Philippines — More than 300 delegates to the 28th World Congress of the International Federation of Journalists (IFJ) in Dublin, Ireland have called on President Benigno Aquino III to “take steps to expedite the trial” of those accused in the Maguindanao massacre. The call was contained in an urgent resolution adopted by the congress, according to the National Union of Journalists of the Philippines (NUJP) chair Rowena Paraan, who attended the Dublin gathering. “Everybody is disappointed that … the justice system in the Philippines has not moved forward. Journalists here from 120 countries are absolutely united in making sure that they will help [promote] the widest campaigns until justice is found,” IFJ president Jim Boumelha was quoted in an NUJP news release. The IFJ is the world’s largest organization of journalists with some 600,000 members in 120 countries. The NUJP is its affiliate in the Philippines. Fifty-eight people died in the Maguindanao massacre, 32 of whom were media workers. The massacre has been dubbed the world’s single worst attack on the press and the trial of those accused has earned the attention of press freedom advocates. Nov. 23, the date of the massacre, has been declared by advocates of the freedom Read More …

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