Maniolas

A sign for Wall Street outside the New York Stock Exchange. U.S. stocks were moderately higher for a third straight day. AP/Mark Lennihan, File TOKYO — Global markets meandered Thursday after early gains from surging oil prices faded in light pre-Christmas holiday trading. Germany’s markets were closed and many other major markets had half-day sessions. KEEPING SCORE: Britain’s FTSE 100 edged up 0.1 percent to 6,245.61 while France’s CAC40 fell 0.3 percent to 4,658.58. Wall Street looked set for a slow start, with Dow futures down 0.8 percent and S&P futures down 0.2 percent. THE QUOTE: “Falling volatility and trade volume mark the days prior to the Christmas holidays,” said Bernard Aw of IG, noting a lack of inspiration as funds and traders wind down positions before the end of the year. JAPAN BLUES: Share prices in Japan fell back after Bank of Japan Gov. Haruhiko Kuroda, in a speech to business leaders, commented on the difficulty of attaining the BOJ’s 2 percent inflation target without faster wage increases — a persistent challenge in a country where companies are reluctant to invest more given the declining population and slow growth in demand. ASIA’S DAY: Japan’s Nikkei 225 stock index fell 0.5 percent to 18,789.69 after spending most of the day in positive territory. The Shanghai Composite Index lost 0.7 percent to 3,612.49 and South Korea’s Kospi fell 0.4 percent to 1,990.65. But Hong Kong’s Hang Seng index added 0.4 percent to 22,138.13 and Australia’s S&P/ASX 200 gained 1.3 percent to Read More …

MANILA, Philippines – Dividends remitted by state corporations to the national government reached a record P29.61 billion in the first 10 months of the year, according to data from the Department of Finance. The 10-month tally was the biggest since 1995 when data first became available. It also represented an increase of 23.55 percent from last year and was way above the P6 billion target for 2015. A total of 53 GOCCs remitted to the national government during the period, higher than the 51 GOCCs that participated a year ago. GOCCs are required to remit at least half of their net profit to the Bureau of the Treasury. “The number of GOCCs remitting dividends speaks well on the effectiveness of the GCG,” Finance Assistant Secretary Ma. Teresa Habitan said in an e-mail. “That the amount remitted by certain GOCCs increased too implies two things: better income for the GOCCs and the DOF doing its job in the oversight of financial operations of GOCCs,” she added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under Republic Act No. 10149 enacted in 2011, the Governance Commission on GOCCs (GCG) was established as operational overseer of state firms and financial institutions to ensure they are performing according to mandate. The DOF, on the other hand, sees to it that GOCCs remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the NG. Remittances, in turn, are recorded in the state balance sheet as revenues.

In a government filing, the state-owned transmission company is asking the Energy Regulatory Commission (ERC) to approve the feed-in tariff allowance (FIT-All) of P0.1025 per kwh for 2016. Philstar.com/File MANILA, Philippines – Consumers may start paying higher electricity bills starting 2016 if the power regulator approves the application of the National Transmission Corp. (TransCo) for at least 10 centavos per kilowatt-hour (kwh) tariff for the renewable energy (RE) sector. In a government filing, the state-owned transmission company is asking the Energy Regulatory Commission (ERC) to approve the feed-in tariff allowance (FIT-All) of P0.1025 per kwh for 2016. With the provisional authority, the state-run agency can enforce the rate adjustment while the petition is still being heard by the ERC. Apart from a provisional authority, TransCo is also seeking for a permanent approval for the rate, “or in the alternative, such other amount as may be found by the Commission to be consistent with the FIT-All guidelines.” The FIT-All is a uniform charge billed to all on-grid electricity consumers, reflected as a separate component in their monthly electricity bills. Under the FIT-All guidelines, TransCo is designated as the administrator of the FIT Allowance Fund and is required to make an annual determination of the tariff. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 TransCo is a government agency created under Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001, which used to operate and manage the country’s power transmission system until it was bid out in Read More …

The World Bank said the drawdown period is three years and renewable up to four times for a total of 15 years. Amounts repaid during the drawdown period are available for subsequent withdrawal. Philstar.com/File MANILA, Philippines – The World Bank is extending a $500-million credit line to help the Philippines prepare for further damage caused by natural disasters. The credit line will come from the Second Disaster Risk Management Development Policy Loan with a catastrophe-deferred drawdown option (CAT-DDO 2), which provides a $500-million package to strengthen investment planning and regulations to reduce disaster risks and help manage the financial impacts when disasters strike. CAT-DDO 2 gives the Philippines flexibility to use the funds as needed. The World Bank said the drawdown period is three years and renewable up to four times for a total of 15 years. Amounts repaid during the drawdown period are available for subsequent withdrawal. World Bank country director Motoo Konishi said this new operation signifies the World Bank’s recognition of the Philippines’ comprehensive efforts to strengthen the country’s capacity for managing disaster risks. The World Bank official said if not managed well, disasters can roll back years of development gains and plunge millions of people into poverty. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “Disasters can induce and exacerbate poverty through the loss of lives, destruction of assets, disruption of economic activities and trade, and indirect impacts on health, mobility, gender equality, and access to education,” Konishi added. The Philippines was the first country Read More …