ECONOMIC ties between the Philippines and Switzerland are expected to deepen with the establishment of a joint commission to look into the lowering trade barriers between the two, the Swiss Ambassador yesterday said.
Jan 162014
Jan 162014
FRENCH firm Aeroports de Paris arrived Monday to conduct the feasibility study for the master plan of the P7.2-billion budget terminal to be built at the Clark Civil Aviation Complex.
Jan 162014
DAYTON, Ohio — An Ohio woman made fliers offering a case of beer and a pack of cigarettes as a reward for finding her lost dog — and it worked. Twenty-three-year-old Abigail Miller of Dayton offered the unusual reward after her two dogs escaped through an open gate on Jan. 2. She found one of them at a local animal shelter a few days later, but the other, a Husky named Zoro, remained missing. The Dayton Daily News reports that Miller came up the reward because she could afford it and figured it would attract attention. She was right. The man who called and told Miller where to find her dog turned down the reward, but she says she’s going to offer him some food from the sandwich shop where she works.
Jan 162014
BEIJING — Chinese tech giant Huawei on Wednesday rejected suggestions its telecoms equipment is vulnerable to hacking and forecast a rise in 2013 profit of nearly 50 percent. Chief financial officer Cathy Meng rejected as “groundless” reports that Huawei equipment might be more vulnerable to security threats than telecoms infrastructure made by other companies. The German magazine Spiegel reported last month that the U.S. National Security Agency installed secret “back doors” in telecoms equipment made by Huawei and other companies. Earlier, some researchers said they found vulnerabilities in Huawei routers. “We have seen no incidents on networks due to security problems,” said Meng at a news conference. “A lot of reports say Huawei equipment has more vulnerabilities or is more easily breached. These reports are groundless.” Huawei Technologies Ltd., founded in 1987, has grown rapidly in developing countries but faces hurdles in the United States, where authorities have warned it might be a security risk. The company has rejected such claims as trade protectionism that it says hurts American consumers by limiting competition and raising the cost of telecoms equipment. Huawei expects a 2013 operating profit of 28.6 billion yuan to 29.4 billion yuan ($4.8 billion to $4.9 billion), according to Meng, the daughter of Huawei founder Ren Zhengfei. That would be an increase of 43 to 47 percent over last year’s operating profit of 19.96 billion yuan. Audited results are due to be released in the second quarter of the year. Business ( Article MRec ), pagematch: 1, sectionmatch: Read More …
Jan 162014
Parents and relatives of the rescued children allegedly victims of Cyber Pornography cover their faces from press photographers and TV cameramen as they rush to the Women and Children Friendly Room in the NBI office for questioning after they were invited during the rescue operation with the US Homeland Security, NBI, Provincial Women Commission and PNP at the Municipality of Cordova. CDN FILE PHOTO LONDON—British police are working with Australian and US counterparts in breaking up a Philippine pedophile ring that has been streaming live scenes of child abuse over the Internet, the National Crime Agency (NCA) revealed on Thursday. The NCA, which has been investigating the ring since it discovered obscene videos on a British pedophile’s computer two years ago, called abuse in developing countries “a significant and emerging threat.” “This investigation has identified some extremely dangerous child sexual offenders who believed paying for children to be abused to order was something they could get away with,” said the agency’s Andy Baker. “Being thousands of miles away makes no difference to their guilt,” he said. “Protecting the victims of abuse is our priority and that means attacking every link in the chain, from dismantling the organized groups who are motivated by profit through to targeting their customers.” The inquiry—called Operation Endeavor—has covered 12 countries and led to the arrest of 17 Britons, five of whom have been convicted. Fifteen children aged between 6 and 15 have been rescued in a raid in Angeles City in the Philippines and several Read More …
Jan 162014
member of the Philippine National Police (PNP) shows the new Glock 17 Generation 4 pistols after a distribution ceremony of the pistols at the police headquarters in Manila July 2, 2013. Philippine President Benigno Aquino attended the ceremony in which 22,603 pistols were distributed to PNP officers as part of the government’s effort to arm each police officer in the country with a handgun in order to strengthen the police force, local media reported. (MNS photo) MANILA (Mabuhay) – The Philippine National Police (PNP) is just ironing out final details of the gun amnesty which is expected to start within the month as part of implementation of Republic Act 10591 or the Comprehensive Firearms and Ammunition Regulation Act. PNP Director General Alan Purisima said that the PNP leadership is now finalizing details of the gun amnesty for the smooth implementation of the new firearms law. ”We are just ironing out some details so that there will be proper procedures in the gun amnesty,” said Purisima. The PNP chief the gun amnesty will start as soon as the police leadership finalized the procedures. ”There is just a review and then we will implement it. We will publish it,” said Purisima. The final gun amnesty is part of the provisions of RA 10591, which was signed into law last year by President Benigno Simeon Aquino III. Purisima cited the importance of the new firearms law in combating crimes in the country, which mostly involved guns. He vowed strict implementation by the PNP Read More …
Jan 162014
MANILA, Philippines – China Banking Corp. (Chinabank), a banking unit of the SM Group, has completed the purchase of a controlling 84.77 percent stake in Planters Development Bank for P1.58 billion, a bank disclosure to the Philippine Stock Exchange (PSE) said. Under a share purchase agreement (SPA), Chinabank said it has paid P1.58 billion out of the total amount of P1.863 billion for the full acquisition of Plantersbank. The 84.77 percent capital stock are owned by the family of former Amb. Jesus Tambunting and the Dutch development bank FMO. The acquisition of the remaining 15.23 percent percent common stock for P283.7 million will be made through a tender offer, Chinabank said. Based on audited financial statements as of Dec. 31, 2012, Plantersbank equity net of PFRS-related adjustments stood at P919 million. At the ensuing special stockholders’ meeting, Tambunting and Carlos Borromeo were re-elected to the new Plantersbank board as chairman and president, respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 With Plantersbank now part of the China Bank Group, China Bank is now the fifth largest private universal bank in the country with P410 billion in assets as of Sept. 30, 2013. It closed 2013 with 368 branches – 295 for the main bank and 73 for the savings bank. With the addition of Plantersbank’s 78 branches and two unopened licenses, the combined branch network now stands at 448 branches – well over the 400-branch network target of China Bank for 2014. The strategic partnership represents opportunities for Read More …
Jan 162014
MANILA, Philippines – Cigarette manufacturer Mighty Corp. will embark this year on a three-pronged assistance program to benefit 65,000 tobacco farmers in Cagayan Valley and Ilocos Region. Mighty Corp. executive vice president Oscar Barrientos said the company allocated P10 million for the distribution of 35 irrigations pumps to some 35 farmers associations, 10 mini-tractors in tobacco-growing provinces, tools and farm implements. Barrientos said the agricultural assistance would serve as common-service production equipment to groups of organized tobacco farmers for tobacco farms that have no access to irrigation facilities and small tractors. The company will also provide some 20,000 long-sleeved farm shirts to ease the plight of tobacco farmers. Hand in hand with the agricultural production assistance, the company will launch a scholarship program, in tandem with National Tobacco Administration (NTA) in the two regions for children of tobacco farmers. At present, NTA has en existing scholarship grants to 400 scholars who are provided P5,800 financial assistance each. “Mighty Corp. will initially support NTA’s scholarship grants with 200 new college scholars this coming school year,” Barrientos said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The third component of the social responsibility program is Mighty Corp.’s institutional support for the annual search for outstanding tobacco farmers. The search being done by NTA covers three categories, one for Virginia tobacco growers, another for burley tobacco farmers and a third for native tobacco producers.
Jan 162014
MANILA, Philippines – Food and beverage firm RFM Corp. has strengthened its foothold in the pasta segment with the acquisition of the pasta business of Anglo-Dutch consumer goods giant Unilever Group for more than P2 billion. The deal that combines the two largest pasta makers in the country will allow RFM to significantly boost its market share, officials said yesterday. In a regulatory filing, RFM, the maker of Selecta ice cream and Fiesta pasta, said it acquired the brand Royal and pasta business of the Unilever Group. “The transaction was valued at $47.8 million or over P2.1 billion, covering mainly the Royal trademarks, goodwill and inventories,” RFM said. RFM president and CEO Jose A. Concepcion III said the Royal brand, which has a premium price point, will strengthen the market leadership of RFM and complement the value-positioning of the Fiesta brand. “I estimate our market share to go beyond 50 percent with the acquisition,” said RFM chief operating officer Felicisimo M. Nacino Jr. As of end-2013, Fiesta pasta cornered 35 percent of the market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Fiesta and Royal brands are the market leaders in spaghetti, macaroni, and pasta-and-sauce bundles that provide more convenient easy-to-prepare pasta meals. Concepcion said the company plans to grow the pasta market by offering ready-to-cook and affordable pasta meals to Filipino consumers. Proceeds from RFM’s P1.62-billion private placement last October will fund the acquisition, with the balance to be sourced from internally generated cash. RFM said the Royal Read More …
Jan 162014
MANILA, Philippines – Listed Philex Mining Corporation has appointed a new resident manager for its only operating mine in the country. In a regulatory filing, the company announced that industry veteran Manuel A. Agcaoili has been appointed as senior vice president and resident manager of the Padcal copper-gold mine in Benguet. He replaces Libby Ricafort who has retired. Agcaoili holds a Bachelor of Science degree in Metallurgical Engineering from the University of the Philippines, graduating in 1980, and has a Masters in Business Administration from the Ateneo de Manila Graduate School of Business as of 2002. He served as director and president of MBMI Resources Phils. Inc. and Senior Philippine representative of MBMI Resources, Inc. based in Vancouver. He was also a director and president of Narra Nickel Mining and Development Corporation, Tesoro Mining and Development Corporation, and McArthur Mining, Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Agcaoili also served as a director and president of Rapu-Rapu Processing Inc. and a director of Lafayette Philippines, Inc. He was previously connected with the Philippine Associated Smelting and Refining Corporation (PASAR). Philex Mining has been operating the Padcal mine for 55 years, producing copper concentrate. Philex is operating its copper-gold mine in Padcal, Benguet on a probationary capacity as it undertakes mine rehabilitation after the massive tailings spill that occurred in the mine in August 2012. In the first nine months of the year, the Padcal mine in Benguet was among the top five producing mines in the country, Read More …