Phl stock prices ease on sideways trading

 General
Jun 062014
 
Phl stock prices ease on sideways trading

MANILA, Philippines – Share prices traded sideways yesterday, dragging the main composite index 0.14 percent or 9.82 points lower at  6,762.62. “The market is still moving sideways,” Miguel A. Agarao, an analyst at Wealth Securities Inc., said in a phone interview. Agarao said investors are assessing different leads like the stimulus measures in the Eurozone and the tapering of the US Federal Reserve. In contrast, Wall Street climbed anew overnight as investors expect liquidity to remain high with the European Central Bank’s stimulus measures. The Dow Jones industrial average rose 0.59 percent or 98.58 points to 16,836.11, while the broader Standard & Poor’s 500 index added 0.65 percent or 12.58 points to close at 1,940.46. Asian markets were mixed yesterday ahead of the release of the US payrolls data. Locally, most counters were in the negative territory, led by holding firms that eased 0.34 percent or 20.82 points to 6,165.41. Industrial companies gained 0.11 percent or 11.05 points to finish at 10,366.56. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Investor participation went down as P7.84 billion worth of shares changed hands from P8.81 billion on Thursday. Losers outpaced advancers, 95 to 74, while 48 stocks did not change. Most traded shares were in the red, paced by blue chips Megaworld Corp. (-0.86 percent), PLDT (-0.07 percent), Ayala Land Inc. (-0.16 percent) and Security Bank Corp. (-0.94 percent). Top-traded Sinophil Corp. (+15.70 percent) continued its ascent following a reorganization plan that will make it SM Group’s gaming arm.

ADB warns of climate change impact on growth

 Economy
Jun 062014
 
ADB warns of climate change impact on growth

MANILA, Philippines – The Asian Development Bank (ADB) has warned that catastrophic events brought about by climate change could stall economic growth in Southeast Asia, especially the Philippines. ADB economist David Anthony Raitzer said a worst-case scenario under its integrated assessment model indicates that a natural catastrophic event could result in economic losses equivalent to 6.7 percent of gross domestic product (GDP). Based on World Bank eastimates, the combined destruction brought by typhoons Yolanda, Ondoy, Pepeng, Sendong and Pablo resulted in economic damage at $18.6 billion (approximately P799.8 billion. In a media forum sponsored by the Philippine Agricultural Journalists Inc., Raitzer said the Philippines is in the top of the list of countries in Southeast Asia most affected by climate change. “Manila is the second most vulnerable city in the world, and the Philippines is sixth most vulnerable country globally,” Raitzer said. British risk consultancy Maplecroft, in its Change Vulnerability Index 2014, also ranked Manila among five cities worldwide facing “extreme” climate risk. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The ADB economist said in a “mild” disaster caused by climate change in Southeast Asia, economic losses from damaged marketed goods and services would reach an equivalent of 2.2 percent of GDP every year until 2100. This could increase to 5.7 percent of GDP if it takes into account health and ecosystem service losses. The ADB economist also noted that climate change would also result in an increase in length of the dry season, and greater intensity of Read More …

2 firms qualify for IT project

 Economy
Jun 062014
 
2 firms qualify for IT project

MANILA, Philippines – Two companies are expected to slug it out for the P3.44-billion Land Transportation Office (LTO) information technology system project, the Department of Transportation and Communications (DOTC) said yesterday. Transportation Secretary Joseph Emilio Abaya said the government has qualified two bidders for the project while other disqualified bidders have filed motions for reconsideration (MRs). “Two have qualified and those who didn’t as usual filed MRs,” Abaya said. The two companies that qualified for the two-stage bidding are Indra Systems Inc. and Kaisa Consulting and Ceragon Network. The joint DOTC and LTO committee is expected to look into the proof of concept of both Indra and Kaisa Consulting before going to bidding proper for the project. The new IT system would provide a viable and long-term solution to address the current system’s issues.  The previous LTO IT system of Stradcom, which has been running for 13 years, is no longer responsive to current land transportation regulation requirements. Once the new LTO-IT system is in place, it would make it easier for authorities to recover stolen vehicles, trace smuggled vehicles, prevent double registration and monitor unregistered vehicles. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DOTC has decided to slash the cost of the LTO-IT system project to P3.44 billion instead of P8.2 billion after two failed biddings. The project would instead be undertaken in two stages.

BSP closely monitoring impact of ECB action

 Economy
Jun 062014
 
BSP closely monitoring impact of ECB action

MANILA, Philippines – The Bangko Sentral ng Pilipinas said yesterday it will remain watchful of any impact the European Central Bank (ECB)action has on domestic markets. “The impact on individual economies and currencies however is likely going to be different and thus, the needed policy responses may also vary. For the BSP, we will include this development in our discussion during our next policy meeting,” BSP Governor Amando M. Tetangco, Jr. said in a text message to reporters. “In the meantime, we will continue to closely watch out for shifts in global investor sentiment and  monitor movements in our own  financial markets, and any financial stability pressures that these may bring about,” he added. The ECB on Thursday cut its benchmark interest rates by 10 basis points to record lows of 0.15 percent, and introduced a number of measures meant to pump money into the euro zone economy. “This is a clear sign of asynchronicity in the stance of monetary policies of the advanced countries. In a way, this should be favorable from a global liquidity point of view,” Tetangco said. The ECB also moved to encourage lending to businesses in the euro zone economy through incentives that will be given to banks. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ECB president Mario Draghi also stressed the central bank will keep inflation rates within levels close to two percent. However, inflation is only seen settling at 0.7 percent this year, 1.1 percent in the next, and 1.4 percent Read More …

Geralyn and Andrea opens web-based ‘Sammy and Claire’ quality kid’s apparel

 Entertainment
Jun 062014
 
Geralyn and Andrea opens web-based ‘Sammy and Claire’ quality kid’s apparel

A new, trendy and upscale  web-based children’s apparel called “Sammy and Claire” was launched by young, perky Fil-Am entrepreneurs: Geralyn Villaflor and Andrea Cajucom-Hawkens. Theirs is a great partnership blend with Geralyn lending her business acumen while Andrea inputs her creative side. Childhood classmates from St. Joseph’s School in Lakewood, Geralyn and Andrea recently decided it was time to launch their business together, when Geralyn obtained her MBA at Wharton. while Andrea currently has hands-on experience being the mother to her three-year old son,  Gabriel, who currently models for the children’s division of American Apparel. Geralyn, whose parents were originally from.Marinduque, was born here. Andrea on the other hand, was also raised here since she was a young girl, inheriting the creative genes of her mom’s family (mother Cory, is the older sister of Gloria and Rio Diaz). Together, they launched “Sammy and Claire,” whose mission is to “help bring affordability and sustainability to high quality children’s fashion and to keep fast-growing children dressed in beautiful, luxury clothing..” In their research, both Geralyn and Andrea found a niche market base “recognizing that children outgrow their upscale clothing quickly,” so they thought of addressing the need to “dress children in high-quality clothing with the need to make it cost-effective.” Fil-Am entrepreneurs: Geralyn Villaflor and Andrea Cajucom-Hawkens Most of their resale luxury children’s apparel represent the kind of children’s clothing seen during the popular hit TV show, “Punky Brewster” during the mid-80’s. Their business sense innovates a personalized niche market base giving their customers a selection of programs through their web-based, e-commerce system such as the Buy-Back Programs Read More …

Jinggoy to question plunder, graft charges before Sandiganbayan

 News
Jun 062014
 
Jinggoy to question plunder, graft charges before Sandiganbayan

Senator Jinggoy Estrada will formally question with the Sandiganbayan the plunder and graft charges filed against him by the Office of the Ombudsman in connection with the alleged pork barrel scam. In a phone-patch interview on GMA News TV’s “Balita Pilipinas Ngayon,” Estrada’s lawyer Alexis Abastillas said they are preparing to file a motion for judicial determination of probable cause with the anti-graft court. “We will be asking the Sandiganbayan justices to personally examine and evaluate the evidence presented before it in the record,” he said. “It is also for them to determine if there is a probable cause.” According to the Supreme Court jurisprudence, a judicial determination of probable cause is made by a judge to “ascertain whether a warrant of arrest should be issued against the accused.” It added that if the judge finds no probable cause, he or she cannot be forced to issue an arrest warrant. Meanwhile, Abastillas said they may also ask the Supreme Court to intervene in the plunder charges filed against Estrada after the Ombudsman junked his motion for reconsideration. Estrada is among three senators charged with plunder at the Sandiganbayan on Friday afternoon in relation to the supposed diversion of their Priority Development Assistance Fund allocations to fake foundations connected to detained businesswoman Janet Lim-Napoles. The other two senators are Senate Minority Floor Leader Juan Ponce Enrile and Ramon Bong Revilla Jr. This was the second time Estrada was charged with plunder. In 2001, he was charged with the same offense before Read More …

Ombudsman wants special divisions for pork cases

 News
Jun 062014
 
Ombudsman wants special divisions for pork cases

Ombudsman Conchita Carpio Morales has asked the Supreme Court to create at least two special divisions of the Sandiganbayan to “exclusively try and conduct continuous trial” of the cases related to the alleged mulribillion-peso pork barrel fund scam. According to a post on the Ombudsman’s website, Morales has asked Chief Justice Maria Lourdes Sereno to consider creating the special divisions due to the “national magnitude of these cases, the complexities of the issues involved, the number of accused and the far-reaching consequences of these cases.” Morales made the request after the Ombudsman on Friday filed before the Sandiganbayan plunder charges against alleged scam mastermind Janet Lim Napoles, Senate Minority Floor Leader Juan Ponce Enrile, Senator Jinggoy Estrada and Senator Ramon ‘Bong’ Revilla Jr. The last time a special division of the anti-graft court was created was in 2001 when former President Joseph Estrada was indicted for plunder. Jinggoy Estrada was also an accused in the earlier plunder case involving proceeds from the illegal numbers game jueteng. The news release said Morales’ letter to Sereno cited Section Five, Article Eight of the Philippine Constitution, which indicates that the Supreme Court has the power to “promulgate rules concerning x x x pleading, practice, and procedure in all courts.” Napoles’ racket involved the diversion of billions of pesos worth of livelihood projects and farm inputs intended for poor farmers to her fake non-government organizations and ghost projects.   Under the scheme, lawmakers and government officials get kickbacks for allowing priority development assistance funds to be Read More …

Drilon: Legislative work will continue despite charges vs. colleagues

 News
Jun 062014
 
Drilon: Legislative work will continue despite charges vs. colleagues

The plunder charges lodged against three senators will not affect the Senate’s legislative work, Senate President Franklin Drilon said Friday. In a statement, Drilon said Friday’s development is part of the “constitutional and legal process” that people must “accept and respect.” “(T)he Senate leadership assures that this will not impair us from continuing to perform our mandate of enacting legislation that will provide jobs, combat poverty and strengthen anti-graft measures,” he said. Earlier Friday, the Ombudsman filed plunder charges against Senators Juan Ponce Enrile, Jinggoy Estrada and Ramon Revilla Jr. over the P10-billion pork barrel fund scam. Also charged were suspected scam mastermind Janet Napoles and several others. He said he hopes the Sandiganbayan will “set the case for speedy trial so that the innocent would be cleared and freed, and the guilty punished and jailed.” “The search for truth may be painful, but this is a process that strengthens our government institutions and reinforces the trust and confidence of our people in our justice system. We are a government of laws, not of men. And no one is above the law,” he said. — Joel Locsin/JDS, GMA News

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