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From the Newsrooms: March 17 to 23, 2024
By: CMFR StaffPosted on: March 25, 2024, 8:00 amUpdated on: March 25, 2024, 1:00 am THIS WEEK, "From the Newsrooms" looks at the media coverage of two events. On March 20, a hearing in the House on the Philippine Coast Guard (PCG) revealed that Chinese nationals were included in the Philippine Coast Guard Auxiliary (PCGA). On March 21, Arnolfo Teves, the alleged mastermind of the Pamplona.....»»
From the Newsrooms: March 17 to 23, 2024
By: CMFR StaffPosted on: March 25, 2024, 8:00 amUpdated on: March 25, 2024, 1:00 am THIS WEEK, "From the Newsrooms" looks at the media coverage of two events. On March 20, a hearing in the House on the Philippine Coast Guard (PCG) revealed that Chinese nationals were included in the Philippine Coast Guard Auxiliary (PCGA). On March 21, Arnolfo Teves, the alleged mastermind of the Pamplona.....»»
Diffusing tension
In his 2024 State of the Union Address, President Joseph Biden doubled down on his rhetoric against China as he boasted revitalized partnerships in the Pacific. He rattled off India, Australia, Japan, South Korea and the Pacific Islands. He said the United States is standing up against China’s economic practices while standing up for peace across the Taiwan Strait......»»
GCash sets sights on further international expansion
With GCash Overseas, Filipinos in the United States, Canada, the United Kingdom, Spain, Italy, Germany, Qatar, Kuwait, Japan, South Korea, Taiwan, Singapore, Hong Kong and Australia can now download and use the GCash app, whether they have Philippine SIMs or local mobile phone numbers in the countries or territories where they live......»»
TikTok facing ban in America; penalized $384 million in Europe
The US House of Reps has passed a bill to ban TikTok unless it cuts ties to Communist China. Chinese parent ByteDance must sell TikTok to another nationality in six months or be shut down......»»
Biden to Host Japan PM Kishida, Philippines President Marcos
WASHINGTON - President Joe Biden will host Japanese Prime Minister Fumio Kishida and Philippines President Ferdinand Marcos Jr. for a White House summit next month amid growing concerns about North Korea's nuclear program, provocative Chinese action in the South China Sea and differences over a Japanese company's plan to buy an iconic American steel company.White House press secretary Karine Jean-Pierre in a sta.....»»
Biden to host trilateral summit with Japan, Philippines on April 11
Washington, DC [US], March 19 (ANI): US President Joe Biden will host a three-way summit with Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos in Washington on April 11, as announced by the White House, as reported by Kyodo News. This historic summit, the first of its kind involving the United States, Japan, and the Philippines, aims to bolster defence cooperation in response to China's asse.....»»
US Officials Warn of New Axis of Evil With China at the Fore
WASHINGTON - U.S. military and defense officials are increasingly concerned that as China and Russia forge ever stronger ties, they might attempt to challenge Western unity and eventually alter the balance of power on the world stage.The commander of U.S. forces in the Indo-Pacific told lawmakers on the House Armed Services Committee that the evolving relationship between Beijing and Moscow is a "big portion" of.....»»
China Alleges Evergrande in $78 Billion Fraud Scandal
The China Evergrande Group, one of the country’s largest developers, is currently embroiled in a financial scandal that has rocked the real estate industry. Allegations.....»»
Jollibee FY23 profit: P8.8-B (up 16%)
Jollibee posted an FY23 net income attributable of P8.8 billion, up 16% from its FY22 net income of P7.6 billion. Systemwide sales were up 16.3% to P345 billion, with the biggest growth coming from China (+21.9%), the Philippines (+17.6%) and EMEA (+16.0%)......»»
China Bank nets record P22 billion
Higher core business revenues boosted the net income of Sy-led China Banking Corp. by 15 percent to hit an all-time high of P22 billion in 2023......»»
Uncertainty looms over Davao-Samal Bridge project amid RoW hurdles
The construction of the Samal Island-Davao City Connector (SIDC), also known as the Davao-Samal Bridge project, has faced numerous setbacks due to right-of-way (ROW) acquisition challenges. The project was halted on January 3, 2024, due to issues with landowners near a pier in Lanang at Davao City, leading to delays in the project's implementation. While there have been conflicting statements regarding the project's status, the National Economic and Development Authority-Davao Region (Neda-Davao) aims to complete the detailed engineering plans for the substructure of the west land via dock once the Deed of Transfer Possession in Davao City is released. However, ROW issues continue to persist. Despite these challenges, the project is still considered a priority and is included in the Davao Region Development Plan (DRDP) for 2023–2028. The project is funded through China’s Official Development Assistance with an estimated budget of P23.04 billion, and negotiations with the Philippine government are ongoing with a target completion date in 2027. The uncertainty surrounding the project's timeline remains as ROW hurdles persist, impacting the much-anticipated toll-free four-lane concrete exodus bridge spanning a 3.98-kilometer distance......»»
China s defence budget could be far greater than declared
Beijing [China], December 18 (ANI): Everyone acknowledges that China's declared defence budget is lower than its real expenditure. The only question is how much, and it turns out it could be several times higher than what most think. When China announced its 2023 defence budget on March 5, the figure quoted by the government was CNY 1.5537 trillion (USD 224.59 billion). This represented a rise of 7.2 per cent compared to.....»»
China s defence budget could be far greater than declared
Beijing [China], December 18 (ANI): Everyone acknowledges that China's declared defence budget is lower than its real expenditure. The only question is how much, and it turns out it could be several times higher than what most think. When China announced its 2023 defence budget on March 5, the figure quoted by the government was CNY 1.5537 trillion (USD 224.59 billion). This represented a rise of 7.2 per cent compared to.....»»
Philippines generates $1.1 billion from China trade show
he Philippines has generated $1.1 billion worth of sales from its participation in a recently concluded trade show in China, according to the Center for International Trade Expositions and Missions, the export promotions arm of the Department of Trade and Industry......»»
Government told to stop borrowing from China
Think tank Infrawatch PH has asked the government to consider cancelling P159 billion worth of Chinese projects, mostly in transport, in light of Beijing’s aggression in the West Philippine Sea that endangers Filipino lives......»»
Cliffhanger
One of the challenges of operating a convenience store is theft by shoplifters. In the United States alone, the losses of small city retail stores were estimated at over $94 billion in 2021, Bloomberg reported. Washington State recorded the highest retail store losses from theft in the country, according to the National Retail Federation. Local stores have installed security cameras, motion sensors, and inventory control systems to help prevent shoplifting, an NRF survey showed. It remains to be seen if such high-tech security measures work, but location and size are definitely effective in discouraging shoplifters for one remote convenience store in China. The tiny wooden store at the Shiniuzhai Scenic Area in the Chinese province of Hunan is only two square meters. Opened in 2018, the store recently trended online after a popular military blogger with 889,400 followers posted on the popular Chinese social network Weibo a photo with the caption: “The most inconvenient convenience store,” CNN reported. Few customers are served by the store but not because of its limited offerings. It just so happens to be located along a route less traveled called via ferrata. The pathway for climbers consists of steel bars driven into the mountainside to serve as steps and metal anchors for fastening climbing ropes. In any case, the store is convenient for adventurers summiting the mountain, as they can get a water refill or buy a beverage for hydration while perched on the side of a vertical cliff. At the same time, the store looks inconvenient for its sole attendant as it hangs halfway to the top of the cliff, 120 meters from the ground, with its floor supported only by steel brackets bolted to the cliffside. Moreover, restocking requires the storekeeper to pull up supplies from the ground with a rope, according to Oddity Central. To others, inconvenient is an understatement for the store hanging from a cliff. Scary should be a more accurate description......»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
China Bank profit hits P16.2 billion in 9 months
China Banking Corp. grew its earnings by 10.2 percent to P16.2 billion from January to September versus last year’s P14.7 billion on the back of robust growth from core businesses and lower loan loss provisions......»»
Philippines drops China loans for 2 projects
The Philippines continues to withdraw infrastructure ties with China after the government decided to drop Beijing for two more railway projects with a combined cost of nearly P200 billion......»»