Maniolas

TACLOBAN CITY — The Millennium Challenge Corp. (MCC) will not extend the $214-million Secondary National Roads Development Project (SNRDP) in the Samar provinces, due for completion on May 25 next year, amid delays encountered by the infrastructure program.

Greek flags fly over central Metropoleos square in Athens. AP/Yorgos Karahalis ATHENS, Greece — Greece repaid a roughly 450 million euro ($485-million) loan instalment to the International Monetary Fund due Thursday — easing concerns, for now, of a potential default as Athens faces a cash crunch. The IMF debt stems from Greece’s international bailout, under which the country was extended 240 billion euros in rescue loans from other eurozone countries and the IMF to prevent bankruptcy. Athens’ growing financial problems had renewed fears the country might miss the IMF payment and even have to leave the eurozone. Greece’s new left wing-led government has been locked in negotiations with creditors since winning elections in January on pledges to abolish the deeply resented budget austerity measures required by the rescue program. The creditors are insisting on the reforms, however, and want an agreement on them before they unfreeze Greece’s rescue loans, which have been on hold since August. A last installment of the bailout worth 7.2 billion euros is pending. Finance Minsiter Yanis Varoufakis, speaking at a conference in Paris on Thursday, said Greece was committed to a fiscal plan that made sense, but that the government would not sign a deal just to get the bailout tranche. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The only way I know that you can impress upon the other side of the negotiating process that you mean business, that you want to change the conversation, is by saying: Folks, we are not Read More …

MANILA, Philippines – Japanese electric vehicle (EV) maker BEMAC Electric Transportation Philippines Inc., which is ready to mass produce electric tricycles (e-trikes) here plans to make the Philippines its production hub for EVs in Southeast Asia. BEMAC vice president Koji Yano said during the press conference for the launch of the 68VM e-trike, the firm intends “to make the Philippines the production hub for the Asean (Association of Southeast Asian Nations).” While the firm’s production facility in Carmona in Cavite would primarily cater to the domestic market, BEMAC president Masato Oda said it would also serve the demand for EVs for other Asean countries. “We decided to make the Philippines the hub because we found a reliable partner here, Almazora (Motors Corp.),” he said. The firm is in talks with potential customers both here and in other Asean markets. While there have been inquiries from countries like Malaysia, Thailand and even India, BEMAC assistant vice president Yvonne Palomar-Castro said the firm would focus on the domestic market first and expects to begin exports by next year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The firm has so far invested P500 million for its production facility in Cavite. The facility, which opened in February, has a capacity of 500 units per month but could be expanded by another 500 units depending on demand. The first EV to be produced in the facility is the 68VM e-trike which retails for P450,000 and could be charged using any outlet. The 68VM, Read More …