Asia – Page 5 – Maniolas

Discovery World pushes through with P1-B IPO

Economy

Jul 262013

Discovery World pushes through with P1-B IPO

MANILA, Philippines – The company behind upscale resort hotel Discovery Shores Boracay is pushing through with its P1-billion initial public offering (IPO) late next month. In a memorandum, the Philippine Stock Exchange (PSE) said it “approved the application of Discovery World Corp. for the initial listing of 764 million common shares.” Discovery World plans to sell 306 million common shares at P3.28 apiece to generate P1.003 billion in fresh capital. The shares to be sold represent 40.05 percent of the issued and outstanding common shares of Discovery World. Offer period will run from Aug. 12 to 19, which will be followed by the listing in the PSE on Aug. 29. The new schedule is roughly a month behind the original plan as the market encountered volatility last month. Discovery World, the third company of the Tiu family to be listed in the PSE, tapped Abacus Capital & Investment Corp. as issue manager and underwriter. The Tiu family owns i-Remit Inc. and TKC Steel Corp. Early this month, Discovery World secured the Securities and Exchange Commission’s approval to raise fresh capital from the local stock market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The net proceeds from the offer will be used for investments in new businesses, debt retirement and working capital purposes,” Discovery World said. Specifically, P575 million will be spent to develop a resort hotel in Palawan, refurbish boats for its cruise business and buy more shares in culinary, hotel and restaurant, and business administration institution Enderun Read More …

Del Monte denies Suntory takeover

Economy

Jul 202013

MANILA, Philippines – Newly-listed Del Monte Pacific Ltd. of condiments king Joselito D. Campos Jr. said it is not in negotiations with Japanese beverage giant Suntory Beverage & Food Ltd. for a takeover. “Neither Del Monte Pacific nor its controlling shareholder, NutriAsia Pacific Ltd., nor its representatives, are in discussions with Suntory, its shareholders or representatives,” the company said in a disclosure. Shares of Del Monte Pacific, which implemented a temporary trading suspension, hit an intraday high of P27.05 on Friday before easing to P26.80, still up P1.13 compared with Thursday’s closing price. Several reports came out that Suntory, the maker of Boss coffee and Orangina soda, is planning to acquire Del Monte Pacific. Last month, Suntory completed Asia’s largest initial public offering so far this year. The softdrinks unit of conglomerate Suntory Holdings Ltd. raised nearly $4 billion, beefing up its war chest for a $5-billion acquisition spree that is seen to help double sales by 2020. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Del Monte Pacific, for its part, is the first company to list in both the Philippine and Singapore bourses. It is banking on increasing the footprint of its branded business here and abroad. The 23,000-hectare plantation of Del Monte in Mindanao is the world’s largest fully-integrated pineapple operation with a 750,000-metric ton processing capacity. It was set up in 1926 by the US government because of the widespread pineapple disease in Hawaii. Del Monte Pacific produces, markets and distributes food, beverages, and related Read More …

Forex reserves lowest in 10 mos

Economy

Jul 052013

MANILA, Philippines – The country’s foreign exchange reserves dropped to a 10-month low in June after the central bank’s gold holdings plummeted in value, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. The BSP said its gross international reserves (GIR) – buffer funds in times of external shocks – fell to $81.640 billion in June. It marked the third straight month of decline since GIR peaked at $85.273 billion in January. The latest tally was also the lowest level for reserves – one of the drivers tagged by credit rating agencies for their upgrades – since August 2012 when figures were recorded at $80.728 billion. Despite the decrease, BSP Governor Amando Tetangco Jr. said in a statement reserves remain sufficient to cover 11.8 months worth of imports of goods and services. They are also equivalent to 8.3 times the country’s short-term foreign debt based on original maturity, and six times based on residual maturity. The BSP expects GIR to hit $87 billion this year. “The slight decline in reserves was due mainly to revaluation adjustments on the BSP’s gold holdings arising from the decrease in the price of gold in the international market…,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to official figures, gold holdings decreased 11.33 to $7.663 billion in June from a month ago, the lowest level in nearly two years. It was the single biggest drag to reserves last month. “These outflows were partially offset by inflows from foreign exchange operations of Read More …

Filipinos in HK help make Asia a creative capital

Economy

Jul 042013

Filipinos in HK help make Asia a creative capital

File photo from 2012 Asia on the Edge conference. MANILA, Philippines – Filipino creative entrepreneurs, thinkers and leaders and their counterparts from Indonesia, Hong Kong, Japan, Malaysia, Singapore and Myanmar attempt to make Asia among the world’s foremost creative capitals as they let ideas simmer at the Hong Kong Fringe Club for the 2013 Asia on the Edge (AOTE). Much anticipation for conference, said to be especially for the “mentally agile, frighteningly creative and daringly enterprising,” is also brewing in social media. [View the story “Asia on the Edge 2013 in social media” on Storify] Poached Mag writer Valerie reports that delegates are already looking forward to a “robust” creative dialogue with its unmatched lineup of guests and speakers. Yuchengco Museum owner and serial entrepreneur Marco Santos as well as Intellectual Property Ventures Group chief executive Enrique Gonzalez will be involved in the creative mapping of the Philippines. Other leading creative minds to be heard from at AOTE are filmmaker Antony Szeto, Singaporean ambassador to Russia Michael Tay, Filipino politician Imee Marcos and Press Room Group HK director Alan Lo.

Q2 growth outlook ‘very good’ – BSP

Economy

Jun 292013

MANILA, Philippines – Economic growth could have remained “very good” in the second quarter, a senior central bank official said, as he outlined reasons why domestic demand supported expansion amid lackluster trade performance. “For us, the outlook never changed: we continue to see a good economic turnout in economic performance,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said Friday. “That is, very good economic performance,” he told reporters. The Philippine economy expanded by 7.8 percent in the first three months of the year, beating market expectations to become Asia’s fastest growing economy for that period. The Aquino administration has set a six- to seven-percent growth target this year. The local economy grew 6.8 percent last year. From April to June, Guinigundo said domestic demand could have been boosted by the continued expansion of business in the manufacturing sector in time for the election season. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Based on latest Purchasing Managers Index figures, the manufacturing gauge went up to 58.6 in June from 56 the previous month, indicating faster expansion. Any figure above 50 means growth. Manufacturing is part of the industry sector, which grew 10.3 percent in the first quarter, the fastest among other industrial origins. “In the last so many quarters, we have noticed a big rebound in capital expenditures, capital investment, and domestic capital investments. These could ensure growth is sustainable in the long run,” Guinigundo explained. In addition, business and consumer sentiments have improved, he said, providing Read More …

Phl needs $600-M investment for energy efficiency, says ADB

Economy

Jun 272013

Phl needs $600-M investment for energy efficiency, says ADB

MANILA, Philippines – The Asian Development Bank (ADB) is eyeing to accelerate investments in end-user energy efficiency to help Asia Pacific economies meet the growing demand for power. At the 8th Asia Clean Energy Forum organized by the ADB, Bindu Lohani, ADB vice-president for knowledge management and sustainable development, said the Philippines needs $601 million in investments for energy efficiency from now up to 2020. He said there is huge potential for saving energy by making buildings, vehicles, machinery and water pumps more energy efficient to the benefit of consumers and the environment, and the time is right for ADB to do more in the area. “We want to promote demand-side energy efficiency through public and private sector partnership with ADB taking a lead role in providing customized policy advisory services, technical assistance and innovate financing support in developing member countries,” Lohani said. In a new ADB study, the multilateral lender noted the booming demand for power in developing Asia. In the study, the ADB said the region’s share in primary global energy consumption is set to rise to 56 percent in 2035 from only 34 percent in 2010. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 By then, the ADB said most Asian countries will produce less than half of the energy they need, forcing substantial fuel imports. The ADB study said if governments push for more energy efficiency investments, there would be less need to build power plants. This would free up government funds for spending elsewhere. Read More …

Peso drops to 2-year low then bounces; trades between P43-P44

Economy

Jun 212013

Peso drops to 2-year low then bounces; trades between P43-P44

MANILA, Philippines – The peso touched its lowest level in more than two years on Friday before bouncing back to close on a stronger note versus the dollar as investors realized the drop has been a “bit too overdone.” The local unit appreciated by eight centavos to close the week at 43.72 from a 17-month low of 43.80 last Thursday. Dollars traded reached $1.084 billion, down from $1.407 billion the previous day. During the day, the peso traded within a range of 43.63-44.17, the upper end being the weakest since February 2011. “We actually saw the Indian rupee and the Thai baht also appreciate. I guess investors have realized (the drop) was already a bit too overdone,” Emilio Neri Jr., lead economist at the Bank of the Philippine Islands, said in a phone interview. “Investors who are not carried away by emotions and by a rather emotional environment are able to distinguish the countries that are fundamentally supported,” he added. Financial markets around the globe have been rattled since Thursday by pronouncements from US Federal Reserve Ben Bernanke that stimulus measures will be scaled down “later this year.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earlier on Friday, the Bangko Sentral ng Pilipinas (BSP) reiterated that the economy, which expanded by 7.8 percent in the first quarter, remains one of those countries with “positive story” that should keep the peso afloat. As of Friday, the peso, Asia’s second best performer last year, has already weakened by 6.5 percent Read More …

SM Supermalls wins Reader’s Digest Trusted Brands award

Economy

Jun 142013

SM Supermalls wins Reader’s Digest Trusted Brands award

MANILA, Philippines – The SM Supermalls recently received a Platinum Award in the Reader’s Digest Trusted Brands Shopping Centers/Malls category during ceremonies held recently at the Edsa Shangri-La, Manila. The award, which is considered the ultimate seal of consumer approval, has been a tradition for Reader’s Digest Asia since 1999. The Reader’s Digest Trusted Brands Survey has a well-established reputation as the premier consumer-based and international measure of brand preference. It seeks to identify which brands consumers in Asia trust and provides an objective and reliable reference for consumers throughout the region. Survey respondents are asked to name their most trusted brand in each of the product categories, and then give each brand they name a rating from one (poor) to five (excellent), on six qualitative criteria: Trustworthiness and Credibility, Quality, Value, Understanding of Customer Needs, Ability to Innovate, and Social Responsibility. Each brand then receives a mathematical score based on the number of respondents who named it multiplied by the average rating of the six qualitative criteria. Awardees are given gold and platinum recognitions. Brands that have a clear lead over competitors receive a gold award. Brands that score three times more than their nearest competitor get a platinum award. SM Malls have been recipients of the Reader’s Digest Trusted Brands Awards for the past years – SM North EDSA, SM Megamall, and the SM Mall of Asia in 2011 and SM North EDSA and SM Megamall in 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Petronas announces project to export LNG to Asia

Economy

Jun 122013

Petronas announces project to export LNG to Asia

KUALA LUMPUR, Malaysia (AP) – Malaysian national oil company Petronas has announced a multibillion dollar plan to extract, liquefy and export natural gas in western Canada to energy-hungry markets in Asia, officials said. Arif Mahmood, Petronas’ vice president of corporate planning, said between $9 billion and $11 billion would be invested to construct two LNG liquefaction plants. Target date for the project’s completion is late 2018. The site will be designed with the potential to add a third plant and LNG storage tank, the company said on its website. Another $5 billion will be invested in a pipeline 750 kilometers (466 miles) long, to be built and operated by TransCanada Corp., to supply gas to the plants, Arif confirmed in an e-mail to The Associated Press. The Pacific NorthWest LNG project, located on Lelu Island in the Port Edward district in British Columbia, will liquefy and export natural gas produced by Progress Energy Canada, which Petronas also owns. Separately, Progress Energy Canada said it plans to spend “several billion dollars on activities related to natural gas extraction.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This will bring the total project cost to around $20 billion, the company said by email through a representative. Petronas recently sold a 10-percent stake in the gas facility to Japan Petroleum Exploration Co. to secure its first long-term buyer, and is hunting for more buyers.

Market intelligence seen as key to competitiveness

Economy

Jun 052013

Market intelligence seen as key to competitiveness

MANILA, Philippines – The Philippine Franchise Association (PFA) has advised local entrepreneurs to prepare for the next wave of foreign brands that will enter the country, through constant retooling and market intelligence. Samie Lim, the recognized “Father of Philippine Franchising,” said the scheduled integration of Southeast Asia into a single market in 2015 presents a formidable challenge for existing businesses in the country to gear up and face tougher competition from other brands in the region. “It is but prudent for local brand owners to continuously check out competition and learn the latest trends globally. The PFA is aware of this, which is why we have put together anew a distinguished line-up of local and foreign experts that will speak in the two-day Franchise Asia Philippines 2013 International Conference at the SMX Convention Center on July 17 and 18,” Lim said. Lim, PFA chairman emeritus, will set the tone for the plenary session on day one of the conference by making a presentation on the “Global Franchise Trends and Opportunities.” The conference is a major component of the 4-in-1 Franchise Asia Philippines 2013, organized by PFA and co-presented with BPI Family Ka-Negosyo, PLDT SME Nation and Sun Cellular, the biggest and grandest franchising event in Asia today with its banner theme “Asia to the World, The World to Asia: Driving Growth Towards a Philippine Tiger Economy.” “This year’s line up of speakers will tackle the latest trends and developments in the franchise sector, local and international,” Franchise Asia Philippines 2013 Overall Read More …

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