February 2015 – Page 3

Bloomberg projects PHL as world’s 2nd fastest economy in 2015

Feb 272015

President Benigno S. Aquino III to present the TAYO award during the Ten Accomplished Youth Organizations Year 12 (TAYO 12) Awarding Ceremonies at the Heroes Hall of the Malacañan Palace on Tuesday (February 24). Since 2002, TAYO Awards recognizes and supports the outstanding contributions of youth organizations to the country. Also in photo are TAYO Awards founding president and Senator Paolo Benigno “Bam” Aquino IV, Presidential Assistant for Food Security and Agricultural Modernization Francis Pangilinan and Coca-Cola Foundation Philippines vice chairman Juan Ramon Felix. (MNS photo) MANILA (Mabuhay) – A Bloomberg survey of economists shows the Philippines will be the second fastest-growing economy in the world this year, second only to China. Bloomberg’s survey says the Philippines and China will be the only two economies out of 57 included in the report that will grow 6 percent or more this year. The report is based on average economists’ estimates. Various analysts have said the Philippines is one of the biggest beneficiaries in the world from lower oil prices. “The world is expected to grow 3.2 percent in 2015 and 3.7 percent next year after expanding 3.3 percent in each of the past two years, according to a Bloomberg survey of economists. China, the Philippines, Kenya, India and Indonesia, which together make up about 16 percent of global gross domestic product, are all forecast to grow more than 5 percent in 2015,” Bloomberg said. Malaysia, an oil producer that is being hit by lower oil prices, will see growth slow from Read More …

BIR to Pacquiao: Properly pay taxes in Mayweather bout

Entertainment

Feb 272015

BIR to Pacquiao: Properly pay taxes in Mayweather bout

Manny Pacquiao connects with a right to the head of Timothy Bradley in their WBO world welterweight title fight Saturday, June 9, 2012 at the MGM Grand Garden Arena in Las Vegas. Pacquiao landed more power punches and appeared to have won most of the 12-round fight.(MNS Photo) MANILA (Mabuhay) – The Bureau of Internal Revenue (BIR) expects Sarangani Rep. and boxing icon Manny Pacquiao to have learned from his tax battle with the bureau, and accurately settle and report his taxes in connection with his much anticipated bout with Floyd Mayweather, Jr. in May. BIR Commissioner Kim Henares said Pacquiao should properly and accurately report to the BIR the taxes he will be paying the United States Internal Revenue Service (IRS), and submit supporting documents authenticated by the Philippine Embassy in the US. Henares also reminded Pacquiao to withhold taxes from salaries and other payments he makes to his employees and staff. Pacquiao and the BIR are in a legal battle in connection with his alleged deficiency income tax and value-added tax (VAT) assessments for taxable years 2008 and 2009 amounting to P2.2 billion. Pacquiao will meet Mayweather in a mega-fight in Las Vegas on May 2.(MNS)

Ex-solon wants to be detained with Jinggoy, Bong

Entertainment

Feb 272015

Ex-solon wants to be detained with Jinggoy, Bong

Senator Jinggoy Estrada arrives at the Sandiganbayan in Quezon City on Monday, June 30, for his arraignment over the plunder charges filed against him and businesswoman Janet Lim-Napoles in connection with the alleged P10-B pork barrel scam. (MNS photo) MANILA (Mabuhay) – Citing his diabetes and a bullet lodged in his spine, former APEC party-list Rep. Edgar Valdez on Wednesday asked to be detained at the PNP-Custodial Center instead of a regular jail, noting its proximity to a hospital. “It is most respectfully prayed for of the Honorable Court to order his detention at the PNP Custodial Center in Camp Crame, Quezon City, while the above captioned case against him is being heard,” said Valdez in his motion to the Sandiganbayan. Valdez was among the second batch of lawmakers charged earlier this month by the Office of the Ombudsman for their alleged involvement in the pork barrel scam. Three senators also charged in connection with the pork barrel scam are currently detained in Camp Crame — Jinggoy Estrada and Ramon Bong Revilla Jr. at the PNP Custodial Center, and Juan Ponce Enrile, who is 91 years old, at the PNP General Hospital. In his Urgent Ex-Parte motion, Valdez, who surrendered to the sheriff of the Sandiganbayan on Wednesday, said he needs easy access to a hospital for regular monitoring of his health. He chose the PNP Custodial Center because of its proximity to the PNP General Hospital, which is also in Camp Crame. He said this will make it easier Read More …

FVR says Enrile sick, in isolation since Wednesday

Entertainment

Feb 272015

FVR says Enrile sick, in isolation since Wednesday

Senate Minority Floor Leader Juan Ponce Enrile (center) arrives at the Sandiganbayan in Quezon City on Friday, July 11, to attend his arraignment on graft and plunder charges in connection with the alleged P10-billion pork barrel scam. He faces one count of plunder and 15 counts of graft. (MNS photo) MANILA (Mabuhay) – Senate Minority Leader Juan Ponce Enrile had been isolation since Wednesday after he suffered from an infection, former President Fidel V. Ramos told reporters Thursday. “Kahapon pa may infection, naka-isolate,” Ramos said when asked about Enrile’s condition. Enrile has been found to have pneumonia and was brought to Makati Medical Center before dawn Thursday, the Philippine National Police said. PNP Health Service spokesman Chief Inspector Raymond Santos said that Enrile was transferred to the hospital at 3 a.m. “He needed some lab procedures na walang capability ang (PNP General) Hospital,” Santos said. Santos said the Sandiganbayan, which had ordered Enrile detained in connection with the P10-billion pork barrel scam, allows such emergency transfers if the PNP General Hospital does not have the necessary facilities. Ramos and Enrile were two of the key players in the EDSA People Power Revolution in 1986 that toppled then President Ferdinand Marcos from power. Ramos, then vice chief of staff and Philippine Constabulary chief, and Enrile who was Defense Minister at that time, withdrew support from Marcos and rallied people to support Corazon Aquino, Marcos’ opponent in the snap presidential elections. Aquino was subsequently installed as president. Both Ramos and Enrile were Read More …

Hollande tours typhoon-hit Philippines ahead of climate deal

News

Feb 272015

Hollande tours typhoon-hit Philippines ahead of climate deal

GUIUAN, Philippines (AP) — French President Francois Hollande on Friday took his warning about the need for funds for a landmark climate deal to a central Philippine town that was devastated by a killer typhoon in 2013. Hollande arrived in Guiuan town, where Typhoon Haiyan made its first landfall before claiming more than 7,300 lives, after he and President Benigno Aquino III launched an international appeal to back efforts to seal the climate change accord in Paris in December. Hollande warned that there will be no deal if wealthy countries don’t commit adequate funds to help poor nations fight global warming. “There will be no agreement concluded in Paris if the countries, the poorest countries, are not convinced that there will be a fund … which would be made available to them,” Hollande said Thursday. In Guiuan, he is expected to meet with fishermen, tour the town and make a statement at a local school on the need to fight climate change. Adding star power to Hollande’s party are two French actresses — Oscar winner Marion Cotillard and Melanie Laurent. The Paris agreement isn’t expected to stop climate change, but organizers hope to secure for the first time the commitment of most countries to do something about it. Previously only rich countries have committed to limit their emissions of global warming gases, primarily carbon dioxide, from the burning of coal, oil and gas. The slow-moving U.N. talks got a boost last year when top climate polluters China and the U.S. Read More …

Top Asian News at 8:30 a.m. GMT

News

Feb 272015

WASHINGTON (AP) — China is expanding its outposts in the South China Sea to include stationing for ships and potential airfields as part of its “aggressive” effort to exert sovereignty, the U.S. intelligence chief said Thursday. Director of National Intelligence James Clapper was speaking at a Senate Armed Services Committee hearing on worldwide threats. His comments underscore U.S. concern over land reclamation activities that could fuel tensions between China and its neighbors over disputed islands and reefs. SEOUL, South Korea (AP) — A gunman shot and killed three people Friday before he was found dead at a home in a city near the capital Seoul in the second such incident in two days, police officials said. Shooting incidents are rare in South Korea, which tightly controls gun possession, and the two deadly shootings this week will likely trigger a debate on whether the country should tighten its control on hunting weapons that can be legally owned. TOKYO (AP) — Diplomatically speaking, they may be the most important words Japanese Prime Minister Shinzo Abe utters this year. So much so that he convened a panel of experts this week to advise him on what to say to mark the 70th anniversary of the end of World War II on Aug. 15. BEIJING (AP) — China imposed a one-year ban on ivory imports that took immediate effect Thursday amid criticism that its citizens’ huge appetite for ivory has fueled poaching that threatens the existence of African elephants. The State Administration of Forestry Read More …

IN PHOTOS: Hollande talks to Philippine business leaders

Economy

Feb 272015

IN PHOTOS: Hollande talks to Philippine business leaders

French leader François Hollande urges Filipino and French industry leaders to aid in narrowing the Philippines’ development gaps in a meeting in Makati City on Thursday, Feb. 26, 2015. Élysée/Released MANILA, Philippines — French President François Hollande on Thursday addressed top Filipino and French businessmen on helping bridge the country’s development gaps. Speaking at the Makati Business Club and the Philippines-France Business Council forum, Hollande said that while the Philippines enjoys one of the fastest growth rates in the world, it needs major investments for renewable energy and education. “This is where France can stand by you,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 RELATED: Hollande sees Philippines as major tourist destination

Gov't keen on promoting entrepreneurship amid ASEAN economic integration

Economy

Feb 262015

Gov't keen on promoting entrepreneurship amid ASEAN economic integration

“The challenge now is nurturing an innovation-driven entrepreneurship ecosystem that is consciously inclusive, open and inviting to those who want to participate but lack the means to do so,” said Ceferino Rodolfo, assistant secretary for the Industry Development Group at DTI. CEBU CITY, Philippines – The Department of Trade and Industry is working on promoting entrepreneuship among Filipinos to take advantage of the integration of markets with the Association of Southeast Asian Nations (ASEAN). “The challenge now is nurturing an innovation-driven entrepreneurship ecosystem that is consciously inclusive, open and inviting to those who want to participate but lack the means to do so,” said Ceferino Rodolfo, assistant secretary for the Industry Development Group at DTI. Rodolfo spoke on Thursday before engineering students and budding entrepreneurs at the second IDEA Global Entrepreneurship Symposium organized by the Philippine Science and Technology Development Foundation Manila, Inc. and the United States Agency for International Development. Ceferino said that among the efforts done by the government to promote entrepreneurship is the setting up of the Fabrication Laboratory (FabLab) at the Bohol Island State University, where would-be entrepreneurs and manufacturers and manufacturers can create prototypes of products they wish to introduce to the market. The FabLab, the only one of its kind in the country, was a project between the Japan International Cooperation Agency (JICA) and the Department of Science and Technology. Through FabLab, Bohol manufacturers can create product designs through an open-source software which helps improve the product’s marketability. According to JICA, the FabLab allows Read More …

Report: Surge in Chinese investment raises fraud risks

Economy

Feb 262015

Report: Surge in Chinese investment raises fraud risks

WASHINGTON — Chinese investors seeking green cards to live in America run the risk of being defrauded under a loosely regulated visa program, according to a report Thursday from a federal watchdog. The U.S.-China Economic and Security Review Commission raises questions about America’s EB-5 visa program, which grants green cards to foreigners in return for investments of $1 million — or just $500,000 in high-unemployment or rural areas. Local government officials are supposed to vet the investors and their projects before visa applications are approved. “The program has been flooded by Chinese applicants,” the report found. “Instances of fraud and lax regulation have cast doubt on the ability of local authorities to screen Chinese EB-5 investors properly.” The commission cites the case of a real estate developer indicted last year on charges of duping 290 Chinese investors into sinking money into a fraudulent $912 million hotel complex outside Chicago. In South Dakota, a state official committed suicide in 2013 after coming under investigation for mismanaging Chinese and South Korean EB-5 investment funds connected to a failed beef-packing plant. Started 24 years ago, the EB-5 has only recently begun to attract intense interest in China, where investors and business owners are worried about a cooling economy and a crackdown on corruption. Many are also eager to take advantage of a strengthening U.S. economic recovery. The United States issued 6,895 EB-5 visas to Chinese citizens in 2013, up from less than 2,500 in 2011. Chinese accounted for 85 percent of EB-5 visas Read More …

Basic Energy, Trans-Asia ink farm-in deal for Mabini project

General

Feb 262015

Basic Energy, Trans-Asia ink farm-in deal for Mabini project

MANILA, Philippines – Basic Energy Corp., a listed oil and gas company, and Trans Asia Oil and Energy Development Corp., the power generation arm of the Phinma Group, have signed a farm-in agreement and deed of assignment covering a geothermal service contract in Mabini, Batangas. In separate disclosures to the Philippine Stock Exchange (PSE), Trans-Asia and Basic Energy said the agreements provide for Trans-Asia’s acquisition from Basic of 25 percent participating interest in geothermal service contract (GSEC) 8 dated July 10, 2008. “As part of its farm-in obligation, Trans-Asia completed a comprehensive gravity geophysical program in the area of interest. Under geothermal service contract No. 8, one exploratory well is committed to be drilled by the third quarter of this year,” Trans-Asia said in its disclosure. The assignment of interest is subject to the approval of the Department of Energy, the two companies said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Older Entries Newer Entries