Oil firms imposing big-time price hike Tuesday morning

 News
Jul 152013
 
Oil firms imposing big-time price hike Tuesday morning

Starting 6 a.m. Tuesday, oil companies will impose a big-time fuel price hike. At least two major oil firms on Monday night announced price hikes for fuel products including gasoline, kerosene and diesel, radio dzBB’s Manny Vargas reported. Chevron and Shell both cited price changes in the world market for oil as the reason behind the hike, the report said. The price hikes include: – 75 centavos per liter for diesel– P1.60 per liter for gasoline– P1.00 per liter for kerosene A separate report by GMA News’ Julius Segovia said Petron will implement a similar oil price hike on Tuesday morning. Last week, oil companies including Petron, Shell and Chevron also raised prices of their products. Last week’s price adjustments included: – 60 centavos per liter for gasoline– 45 centavos per liter for diesel– 40 centavos per liter for kerosene — DVM, GMA News

Chinese drug traffickers, Ozamis robbers nabbed by police

 News
Jul 152013
 
Chinese drug traffickers, Ozamis robbers nabbed by police

Convicted members of the Ozamis robbery and hold-up group as well as two Chinese drug traffickers were nabbed by police authorities in two consecutive arrests over the weekend, according to the Department of Interior and Local Government. Serial bank robbers Ricky Cadavero alias “Kambal” and his accomplice Wilfredo Panogalinga Jr. alias “Kulot” were arrested last Friday at Barangay San Agustin 2, Dasmariñas, Cavite. Cadavero escaped New Bilibid Prison December last year, while Panogalinga escaped from Ozamis City jail July last year. Cadavero’s group is linked to various mall and bank robberies in Metro Manila. Panogalinga is also a key suspect in the shooting and killing of a foreigner during the September 2012 robbery of a 7-11 convenience store in Malate, Manila, police said. He is also responsible for the killing of a security guard in another 7-11 store last December 2012. In a “24 Oras” report on Monday, both suspects said poverty compelled them to commit crimes. They were killed Monday night by their police escorts during what police investigators said was an attempt by the Ozamis gang to rescue them. Meanwhile, convicted drug traffickers and couple Li Lan Yan alias Jackson Dy and Wang Li Na, both of whom escaped the Cavite Provincial Jail last February, were recaptured on Saturday at San Juan City. The third drug trafficker Li Tian Hua escaped the police’s dragnet operation, and is believed to have fled to China. Other members of the Ozamis group arrested in Cavite and Batangas were: Nestor Buenabente alias Moklo,Rogie Read More …

SMC raising $4 B to fund transformation

 Economy
Jul 152013
 
SMC raising $4 B to fund transformation

MANILA, Philippines – San Miguel Corp.’s plan to raise about $4 billion by selling power assets brings it closer to funding the Philippines’ biggest company’s expansion into industries and infrastructure. The Southeast Asian nation’s most acquisitive company plans to spend $35 billion to complete Ramon Ang’s strategy to transform SMC from a brewer and foodmaker into an investor in energy, mining, airlines and roads. San Miguel, which started making beer before the country declared independence from Spain more than 100 years ago, has made more than $5.6 billion worth of purchases since 2008, when it announced an investment in Manila Electric Co. That stake has more than tripled in value, while Ang acquired control of Petron Corp., the country’s largest refiner, and bought three of the nation’s biggest power plants. “Ang has been an opportunistic entrepreneur and he has seen better opportunities so he’s selling assets that have already paid off to fund these new ventures,” said Marvin Fausto, who oversees about $20 billion as Manila-based chief investment officer at BDO Unibank Inc.  “He’s moving assets from one to the other, liquidating those where he has made money, and financing opportunities that will eventually pay off like toll roads and airlines.” Completion of Ang’s plan to sell a 32.8- percent stake in Meralco and 49 percent of SMC Global Power Holdings Corp. would bring his asset sales in the past seven years to about $10 billion, according to data compiled by Bloomberg. “If we can sell something, good,” Ang said Read More …

BIR misses collection target for June

 Economy
Jul 152013
 
BIR misses collection target for June

MANILA, Philippines – Tax collections of the Bureau of Internal Revenue (BIR) rose 9.2 percent to P88.76 billion in June from a year ago level. However, the June collection failed to meet the BIR’s target of P100.51 million for the month. The BIR also missed its collection target in May after  performing above expectations in April. Revenues from BIR operations reached P86.28 billion in May, up P7.37 billion or 9.34 percent from the same month last year. Collections from non-BIR operations went up by 1.94 percent to P2.48 billion. Non-BIR operations refer to taxes collected by the the state from government securities issued by the Bureau of Treasury. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BIR’s Regional Offices collected P31.53 billion during the month, an increase of P3.5 billion or 12.48 percent. Collections from the large taxpayers, on the other hand, amounted to P54.75 billion,  7.61 percent more than last year’s figure. For the first half of the year, the BIR collected P593.71 billion, up 13.92 percent from a year ago.  Collections from BIR operations  increased 15.29 percent to P574.84 billion. Collections from non-BIR operations, on the other hand hand, fell 16.4 percent to P18.87 billion. Excise tax collections on sin products likewise saw an expansion during the six-month period, rising 46.06 percent to P38.54 billion. The bulk of the amount or P22.38 billion came from tobacco products while the balance of P16.16 billion came from alcohol. The excise tax collected from tobacco firms represents an increase of Read More …

DA asked to investigate ‘dumping’ of Turkish flour

 Economy
Jul 152013
 
DA asked to investigate ‘dumping’ of Turkish flour

MANILA, Philippines – Small flour millers are asking the Department of Agriculture (DA) to investigate the alleged dumping of Turkish flour into the country. The Philippine Association of Flour Millers (PAFMIL) yesterday said it filed a petition before the DA in May seeking a public hearing on the issue and to coordinate with the Tariff Commission to institute safeguards against the supposed dumping of Turkish flour. “We asked the DA to look into the matter and conduct a public hearing. Afterwards, it can coordinate with the Tariff Commission to put in place the necessary safeguards,” said PAFMIL executive director Ric Pinca. “We hope to get a favorable ruling because we believe we have a strong case.” PAFMIL alleged that Turkish flour exportation to the Philippines at dumping prices violates World Trade Organization (WTO) rules. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Dumping occurs when a country exports a commodity at prices lower than its domestic prices. “When a country exports products at dumping prices, it is engaged in unfair trade. Thus, we are up against a group of flour exporters engaging in unfair trade,” said Pinca. PAFMIL noted that in 2010, average export price of Turkish flour was $276 per metric ton while their domestic price was $600 per MT. In 2011, export price was at an average of $388 per MT against Turkish domestic price of $600 per MT. Last year, it was $340 against their domestic price of $470 per MT. PAFMIL said Turkish flour exports Read More …

Federal Land gets P1.1-B fresh equity from GT Capital

 Economy
Jul 152013
 
Federal Land gets P1.1-B fresh equity from GT Capital

MANILA, Philippines – GT Capital Holdings Inc., the investment vehicle of banking tycoon George S.K. Ty, is infusing more than P1 billion of fresh capital into its property unit. The fresh funding completes the capital requirements of Federal Land Inc. for 2013, a company executive said. In a regulatory filing, GT Capital said it bought 11 million common shares worth P1.1 billion from wholly-owned subsidiary Federal Land. “The proceeds of the capital infusion will be used to fund construction of existing projects,” Jose Mari H. Banzon, executive vice-president and general manager of Federal Land, said in a text message yesterday. “Our capital requirements are fully funded for 2013,” Banzon added. Federal Land committed to spend P12 billion for its property projects this year, up from the P9 billion it spent in 2012. Of the capital spending this year, P4-5 billion will be spent for the Fort Bonifacio developments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The GT Capital equity infusion of P1.1 billion is in addition to the P5-billion corporate notes that Federal Land issued in early July,” Banzon said. Early this month, the property development arm of GT Capital completed its second fundraising in the capital markets. Federal Land issued P5-billion worth of seven- and 10-year fixed-rate corporate notes to a group of institutional lenders composed of banks, insurance companies, pension funds and trust institutions. The property firm initially planned to issue P3 billion in corporate notes but robust institutional demand prompted the company to exercise the Read More …

GSIS mulls return to int’l financial markets next year

 Economy
Jul 152013
 
GSIS mulls return to int’l financial markets next year

MANILA, Philippines – State pension fund Government Service Insurance System (GSIS) is reconsidering tapping the international financial markets next year with a placement of between $300-$400 million amid improving economic prospects for the United States and Japan. In a briefing yesterday, GSIS president Robert Vergara said the plan is hinged on several domestic factors such as the stock market’s performance by the end of the year.  “We haven’t definitely decided whether we’re going international.  It all depends on domestic valuations, how the market performs at the end of year but I think it’s time for us to reconsider whether deploying assets externally will help dampen the volatility,” Vergara said. Volatility in emerging markets has been rising as foreign investors pull out of the world’s most expensive equities given the US Federal Reserve’s moves to scale back its massive bond-buying program. “If the market continues to correct, then why should we go outside and take foreign currency risk?  At the moment investing abroad is not something in the cards, although we’ll look at it as the market progresses.  It could be placements in stocks, bonds or private equity,” Vergara said. Vergara said the fund is looking to invest around $300 million to $400 million in the event it decides to go back to the overseas markets. This is roughly the same amount it shelled out for its first infrastructure project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Like all things we do, we never go out there and take Read More …

Taiwan military drill stages China attack scenario

 News
Jul 152013
 
Taiwan military drill stages China attack scenario

Agence France-Presse 9:00 pm | Monday, July 15th, 2013 TAIPEI — Taiwan started a computerized military drill on Monday, set against an imagined scenario in which China invades the island in 2017. The five-day exercise is part of the island’s biggest annual military maneuver which is this year codenamed ‘Han Kuang 29′ (Han Glory 29), officials at the defense ministry said Monday. The drill simulates a surprise attack by the Chinese in 2017, followed by a large-scale invasion, the ministry said, without explaining why the scenario is being staged in that particular year. But analysts said the time-frame was reasonable, given China’s continued military development and its territorial disputes with neighboring countries. “Looking ahead, we can expect China to put into service — to name just a few — its first carrier battle group, stealth planes and Type 081 amphibious assault ships,” Kevin Cheng, editor-in-chief of the Taipei-based Asia-Pacific Defense Magazine, told AFP. “China’s landing capabilities would be significantly lifted once its forces are armed with the amphibious assault ships, designed to carry transport, anti-submarine and attack helicopters,” he said. The amphibious assault ships could be used in its disputes in the East China Sea and the South China Sea, Cheng added. He also warned of the threat from China’s deployment of more than 1,500 ballistic and cruise missiles targeting Taiwan, as their accuracy has been enhanced. Tensions across the Taiwan Strait have eased since Ma Ying-jeou’s China-friendly administration came to power in 2008 on a platform of beefing up Read More …

Binibining Pilipinas USA pageant night July 27

 Entertainment
Jul 152013
 

As many as 20 finalists will vie for the prestigious Binibining Pilipinas-USA 2013 title with coronation night to be held on July 27 at the Centinela Valley Center for the Arts in Lawndale, California said a news release sent to Weekend Balita over the weekend. The finalists – Kristine Masajo, Kathleen Bautista,Jessica Marasigan, Jessica Joan, […]

New World Bank VP for East Asia and Pacific pays courtesy call to President Aquino

 Entertainment
Jul 152013
 

MANILA  (Mabuhay) — President Benigno Aquino III on Friday met with new World Bank Vice President for East Asia and Pacific (EAP) Axel van Trotsenburg during a courtesy call at Malacanang’s Music Room. This is the first visit of Trotsenburg to the Philippines since he assumed his post on February 1, 2013. Joining Trotsenburg were […]

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