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BPI unit targets to onboard more wealthy clients
The wealth management arm of Ayala-led Bank of the Philippine Islands (BPI) aims to onboard more clients with high to ultra-high net worth by the end of the year......»»
Citicore Energy REIT doesn’t deny report of potential 30% stake sale
Citicore Energy REIT responded to a Biz Buzz article that claimed a “blue chip conglomerate” (BCC) was in negotiations to acquire “a little less than 30%” of CREIT in a deal that would be completed “in the coming days or weeks”......»»
The inanities and shenanigans of Vice Ganda
The mere mention of his showbiz moniker Vice Ganda immediately brings to mind this persona of a blabbermouth — a cross-dressing, larger-than-life gay man that is the creation of Jose Marie Viceral. As Vice Ganda, he has had his lion’s share of box-office hit movies and sold-out concerts, as well as becoming one of the pillars of the noontime program It’s Showtime and an inspiration to the descamisados, madlang pipol and maricons aspiring for and coveting what he possesses and represents. Vice is famous, affluent, social media and traditional media-savvy, with an Ion Perez as a lover that completes his fairy-tale existence. His sense of humor and the kind of comedy that his adoring public consumes polarize viewers. His movies are no way near the guffaw-inducing antics and commitment of a Roderick Paulate. The comedic elements are almost similar but not quite with the political incorrectness and craziness that are staples in the movies of Tito Sotto, Vic Sotto and Joey de Leon. Definitely, the humor in Ganda’s offerings are not as funny and pale in comparison with the intelligently written sketches and characters of Michael V. The junk food masquerading as laugh-out-loud fare is inferior to the charisma, magic and legend of the one and only Philippine Comedy King Dolphy. It is a given that Vice Ganda is an easy target of the nakakainis na nagmamalinis demographics. Proof of this: An aging politician hogged the headline lately when he lambasted the comedian: “Sarili mo lang ang iniisip mo, akala mo maganda iyang ginagawa mo. Super bastos ka, bastos kang tao (You only think about yourself, you think what you are doing is good. You’re super rude, you’re a rude person).” This outburst and judgment from a political dinosaur is lamentable. But with this tirade, the stock value of the reigning fairy this side of Hollywood actually gets a reboot and a fresh dose of relevance. Prior to this high and mighty summation of who Ganda is and what he represents, public perception was ripe that the hold, popularity and reign of Vice was going downhill. Whatever he was holding on to was all confined, controlled and milked in the afternoon program and early primetime weekend singing competition that he hosted. When Vice became the replacement brand ambassador of an online shopping app, the decision puzzled some, given the lackluster sales of the makeup brand that Ganda carries. Add the fact that even during the height of Jose Marie’s reign and popularity, there were only a handful of brands that gave their trust to him. It has been so many days since the app’s sale date and still, there is no official statement on how massive the increase in purchases has been with Vice as the figure employed to seduce the public to spend their hard-earned pesos online. Likewise, the box-office powers and premium of Ganda are no longer stellar and superior. Well- chronicled and documented are his “may pera sa basura” kind of movies. But for two years now in succession, his movies have been clobbered by family dramas that put an exclamation point to his producers laughing their way to bank supremacy. Indeed, it was an astute decision not to participate in this year’s December festival, because his movie not grabbing the number one spot is almost inevitable, and it will be further proof of the old saying that bad luck comes in threes. But now, I cannot help but wonder: With a political dinosaur’s statements about his crudeness and salacious behavior, and a “criminal case” filed by a “kapisanan” latching on to the MTRCB brouhaha, will everything turn rosy and robust once more for the career and romance of the Unkabogable Vice Ganda? Time, being the best storyteller, will provide us the answer. The post The inanities and shenanigans of Vice Ganda appeared first on Daily Tribune......»»
Napocor completes Visayas Mindanao solar projects
he National Power Corp. has completed four rural network solar power plants in Visayas and Mindanao in partnership with the European Union and the World Bank......»»
Repower Energy completes tutorial level with price above IPO offer
Repower Energy disclosed that China Bank exercised its over-allotment option to purchase 10 million REDC shares, just 33.3% of the 30 million over-allotment shares available to CHIB as part of its option......»»
PBBM opens Samar Pacific Coastal Road
CATARMAN, Northern Samar — Five years since the start of its construction, the Samar Pacific Coastal Road Project, which completes the circumferential road connecting the three provinces of Samar Island, is finally completed. President Ferdinand Marcos Jr. led the inauguration of the 11.6-kilometer SPCR project worth P1.17 billion on Friday in Barangay Simora, Palapag, Northern Samar. The project also included the construction of three bridges that connected Northern Samar’s Pacific towns to the rest of the province. The project, which cost around 1.17 billion pesos, was initiated in 2018 through a collaboration between the local and national governments, as well as the Korea Export-Import Bank Economic Development Cooperation loan. “With the opening of this road and its bridges, the development of Northern Samar’s rich agricultural lands and bountiful fishing grounds will follow suit. It will also expedite the delivery and movement of our basic goods and services, which will hopefully boost our people’s quality of life,” Marcos said. Governor Edwin Ongchuan expressed his gratitude to President Marcos and the Department of Public Works and Highway for their support, highlighting the economic benefits of the project in terms of increased agricultural productivity, improved tourism, and enhanced peace and resiliency efforts in Northern Samar. “The SPCR will greatly impact the economic development of our province, as it will remarkably encourage increased agricultural productivity of the thousands of our farmers and fisherfolks, thereby improving our program for food self-sufficiency. It will also boost our tourism industry and help sustain our peace and resiliency efforts in Northern Samar,” Ongchuan said. Governor Ongchuan also acknowledged the administration of former President Rodrigo Duterte for including SPCR 1 in the priority funding of the national government under its “Build Build Build” Program and the Government of Korea for its support to the project. South Korean Ambassador Lee Sang-Hwa said the SPCR project is part of their country’s commitment to helping in the Philippines’ development. “Local communities stand to gain from this grand infrastructure undertaking. SPCR will highlight the beauty of the island, ease the movement of people and goods, improve the delivery of services, and spur economic and business activities,” Lee added. Aside from opening the road project, President Marcos also led in the distribution of P91-worth of assistance to 2,500 vulnerable residents of Northern Samar. The Department of Agriculture, Bureau of Fisheries and Aquatic Resources, and Philippine Crop Insurance Corporation, among others, distributed material and financial assistance to the beneficiaries. The Provincial Agriculture Office distributed farming equipment, the DA provided tractors, irrigation systems, and seeds, and BFAR distributed fishing boats and aquaculture implements, among other assistance. The event also included a job fair to help jobseekers in the province. Governor Ongchuan emphasized the significance of the program in providing direct access to consumers for farmers and entrepreneurs, contributing to increased income and affordability of basic necessities, and expressed his commitment to working with the national government for the country’s progress. The post PBBM opens Samar Pacific Coastal Road appeared first on Daily Tribune......»»
UBS completes Credit Suisse takeover
UBS finalized the takeover of its former rival Credit Suisse on Monday, clearing the way for the Herculean task of integrating two of the world's most important banks. UBS, Switzerland's leading bank, was forced into the marriage on March 19 to prevent its closest domestic rival from going under -- which potentially could have had catastrophic consequences for the global financial system. "UBS has completed the acquisition of Credit Suisse today, crossing an important milestone," the bank announced. "Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group." UBS chairman Colm Kelleher said he was pleased to have closed the transaction in under three months, "bringing together two global systemically important banks for the first time. "We are now one Swiss global firm and, together, we are stronger," he said. The technically- and politically-complex merger has created a megabank bigger than anything Switzerland has seen before -- and its size has some politicians worried, fearing it could not be rescued if it too got into trouble. No other option "We consider the merger to be a massive task with substantial executions risks," said ING senior sector strategist Suvi Platerink Kosonen. For Thomas Jordan, chairman of Switzerland's central bank, there was no other solution. "Of course, it's a pity there is only one (big bank) left. But I am sure that if the takeover by UBS hadn't succeeded, there would have been an international financial crisis," the Swiss National Bank chief told the SonntagsZeitung weekly newspaper. UBS chief executive Sergio Ermotti said Monday that "instead of competing, we'll now unite as we embark on the next chapter of our joint journey. Together, we'll present our clients an enhanced global offering, broader geographic reach, and access to even greater expertise." But he warned Friday that the coming months are likely to be "bumpy", saying the operation would require "waves" of difficult decisions, particularly regarding employment. At the end of 2022, the two giants had around 120,000 employees worldwide, including 37,000 in Switzerland. Ermotti told public broadcaster SRF that around 10 percent of the Credit Suisse workforce had left in recent months. "It helps in part to mitigate the social costs a bit, which we're pleased about," he said while adding that it showed there was competition in the sector, and "people who are willing to hire employees". Just the beginning For the time being, the two banks will continue to operate separately under the UBS umbrella. But UBS has already created a new board of directors for certain Credit Suisse operations, headed by current UBS vice-chairman Lukas Gaehwiler. Credit Suisse risked collapse when its share price plunged more than 30 percent during trading on March 15, after three US regional lenders folded. A series of scandals had undermined confidence in the 167-year-old bank. The Swiss government, the central bank, and the financial regulators FINMA stepped in and strongarmed UBS into a quickfire $3.25 billion takeover announced on March 19. The deal includes guarantees for UBS in case there are any nasty surprises in the Credit Suisse cupboards, and liquidity to facilitate the takeover. In an internal memo to staff, seen by AFP, UBS executives welcomed Credit Suisse workers, calling for "patience" from all employees while concrete details are worked out. "The most crucial phase is just beginning," Kelleher and Ermotti said. Clarity and stability According to the Financial Times newspaper, UBS will impose red lines on Credit Suisse staff on the type of business they can do while waiting for the integration to be completed. And UBS executives have been careful to highlight their conservative approach to risk, saying the integration cannot be compromised. The outline of UBS's plans should become clearer when it publishes its second-quarter financial results. The bank has pushed the publication date back by more than a month to August 31. FINMA said the merger completion "marks the end of a phase of great uncertainty" and "creates clarity and stability". "FINMA welcomes UBS's strategic focus, which foresees a rapid reduction of risk in investment banking," it said in a statement, referring to the most troubled part of Credit Suisse's operations. UBS expects its CET1 capital ratio, which compares a bank's capital to its risk-weighted assets, to be around 14 percent in the second quarter of 2023. Monday marks the last trading day for Credit Suisse shares on the Swiss stock exchange. Shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The post UBS completes Credit Suisse takeover appeared first on Daily Tribune......»»
Laogan is new BI deputy commissioner
The Bureau of Immigration welcomed Daniel Y. Laogan as its new deputy commissioner. A lawyer by profession, Laogan holds a business degree from the University of Santo Tomas. He also enrolled in a Master of Science in Commerce program at the same college. In 1982, he was admitted to the Philippine Bar after receiving his law degree from Ateneo de Manila University. Apart from his experience in both the public and private sectors, Laogan also worked in the academy, having served as the Regent of the Pamantasan ng Lungsod ng Maynila and professor of law in taxation at the college of law at Adamson University. He previously worked as the director of the Philippine Savings Bank, the National Food Authority, and the Development Bank of the Philippines. He was a senior adviser for investment, promotions, and investor relations at the Manila Economic and Cultural Center. Prior to his appointment as deputy commissioner, he was the Director of the Philtrust Bank and a Senior Adviser of the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. He also served as President Emeritus of the Chinese Filipino Business Club Inc., chairman and President of the Addmore Group of Companies, and a managing partner of the Daniel Y. Laogan Law Offices. The latest appointment completes the BI’s three-member board of commissioners, composed of a commissioner and two deputy commissioners. The post Laogan is new BI deputy commissioner appeared first on Daily Tribune......»»
UnionBank completes P12-B stock rights offer
Aboitiz-led Union Bank of the Philippines has completed its stock rights offering meant to raise cash for the company’s capitalization and additional funding for its nascent digital bank......»»
PBB completes P1.25 billion capital hike
Shareholders of Yao-led Philippine Business Bank completed the subscription to P1.25 billion worth of shares to cover the increase in its authorized capital stock......»»
BayaniPay completes $4.5M Seed Round to deliver pioneering cross-border banking services to Asian-American immigrants
BayaniPay, a financial service for global professionals, has raised $4.5 million in seed funding from East West Bank, Wavemaker Partners and Talino Venture Labs......»»
Metrobank completes P100 billion fundraising
Metropolitan Bank & Trust Co. has completed its P100-billion fundraising program launched in November 2018 with the sale of P19 billion bonds in the domestic market......»»
DPWH completes flood control structure along Cagnipa River
The Department of Public Works and Highways has completed another flood control structure along Cagnipa River in Brgy. Cagnipa, Calbayog City. It covers a 45-meter section of the river bank near the coast......»»
ED attaches asset worth Rs 70 lakh in bank fraud implicating Hyderabad-based Jasleen Enterprises
New Delhi [India], March 28 (ANI): The Directorate of Enforcement (ED) has attached an immovable property valued at Rs 70 lakh in a bank fraud case involving Jasleen Enterprises headquartered in Hyderabad. The Hyderabad division of the ED attached the fixed asset in accordance with the stipulations outlined in the Prevention of Money Laundering Act (PMLA) of 2002. ED initiated investigation on the basis of First Informati.....»»
PLDT, Smart named among world’s leading employers
PLDT Inc. and its wireless unit Smart Communications Inc. have been named among the Top One Percent of Leading Employers of 2023 by German firm Institute of Research and Data Aggregation......»»
Jollibee invests $28 million in beverage tech firm
Filipino-owned Asian food conglomerate Jollibee Foods Corp. is investing $28 million for a 10 percent stake in beverage technology company Botrista Inc. to support the growth of its coffee and tea business......»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»
Globe closed on an additional P1.16-B in tower sales
Globe Telecom, the Zobel Family’s telecommunications company, disclosed that it closed on the sale of another 91 cell towers to Frontier Towers to raise approximately P1.16 billion in cash......»»
Globe gets P5 billion from sale of towers
Telco-to-tech provider Globe Telecom Inc. raised almost P5 billion from the sale of towers in the first quarter, providing it with some of the capital needed to upgrade services and pay debts......»»
PLDT puts up new unit for data centers
Telco leader PLDT Inc. has formed a new unit under its technology arm, delegating it with the task of building and operating data centers......»»