Maniolas

BANGKOK, Jan 23 (Reuters) – Southeast Asian stock markets rose on Friday as a larger-than-expected bond buying decision of the European Central Bank lifted sentiment in risk assets, and helped Indonesia notch a record high and Singapore a 20-month peak. The European Central Bank launched a government bond-buying programme which will pump hundreds of billions in new money into a sagging euro zone economy. Jakarta’s composite index (JCI) was up 1.3 percent at 5,319.53, after hitting an all-time high of 5,324.34. Foreign investors led buying in large-caps and banks gained before earnings releases. Astra International rose 3.2 percent to its highest since August, while Bank Central Asia climbed 1.1 percent to a more than one-month high. Stronger foreign inflows to the region due to higher liquidity are expected to be tentative, brokers said. Bahana Securities maintained its JCI target for 2015 at 5,900. “This is because the Indonesian market is more USD centric. Thus far we did not benefit from QE in Japan nor in the euro zone, as investors would have to convert to USD first, resulting in currency risks,” said head of research Harry Su. “Nevertheless, our market should benefit from improved sentiment.” Singapore’s Straits Times Index was up 1.1 percent at 3,409.28. It earlier hit 3,412.08, the highest since May 2013. Shares of DBS Group Holdings and Singapore Telecommunications were among the actively traded. The rally helped Indonesia and Singapore to head for a weekly gain of more than 3 percent, the biggest for both since March Read More …

MANILA, Philippines – Cash strapped Bayan Telecommunications Inc. (Bayantel) yesterday said the entry of Ayala-led Globe Telecom Inc. into the Lopez-owned company is crucial to its going rehabilitation. According to Bayantel chief operating officer Rafael Aguado, the company is confident that the National Telecommunications Commission (NTC) would approve its joint petition with Globe for the change in ownership. Aguado pointed out that the change of ownership, with the entry of Globe, would complete the rehabilitation of Bayantel. Bayantel, Aguado said, is confident in the wisdom of NTC’s decision-making process to allow the change in the majority shareholder of Bayantel for the greater benefit of the consumers. “We stand behind every part of our rehabilitation plan in our aim to build a stronger Bayantel,” he said. In 2013, both Globe and Bayantel jointly filed a petition with the NTC to approve its debt-to-equity transaction wherein the Ayala-owned telco provider acquired a sizable portion of Bayantel’s debt. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The approval of the NTC of the transaction will strengthen Bayantel’s position as a viable player in the rapidly evolving telecommunications industry, making the environment more competitive in the process, “ Aguado added. As soon as Bayantel gets out of rehabilitation, Aguado said the company would become stronger and would have new capabilities to better serve its customers.

FILING SEASON for income taxes has begun, a BIR official said.  (SUN.sTAR FILE) THE Bureau of Internal Revenue 13 has been given a collection target of P25.9 billion this year, about 25 percent higher than last year’s target. BIR-13 Director Hermeno Palamine admitted that he is anxious about the amount, noting that even last year’s goal was difficult to achieve. While he believes they have met last year’s target, he could not furnish Sun.Star Cebu with the official collection report as some payments made through the banks have not yet been reflected in their system. The BIR-13 shutdown their system from Dec. 16 to Jan. 5 for routine maintenance and clearing of unused files. However, unofficially, they are sure that the collection target has been met. Palamine, though, said that whether or not they hit the target, goals set by the central office are always much higher than the previous year’s goal. Palamine also met with his revenue district officers Tuesday and has instructed them to pay close attention to income taxes filed by establishments that have a tendency to draw large crowds during the holidays and the Sinulog. He explained that when they checked taxes paid for the months of January, some establishments did not show significant increases in incomes. He said that just roaming around Cebu City in the run up to the Sinulog would show otherwise. He pointed out that restaurants, cafés and bars are mostly full while hotels, resorts, inns and pension houses are fully booked. Palamine Read More …