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Oil prices headed for weekly gains as Israel rejects ceasefire offer
(Reuters) – Oil prices rose in early trade on Friday, on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas. Brent futures climbed 8 cents, or 0.1%, to $81.71 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures rose 17 cents, or.....»»
3 TLRC execs get 26 years for ‘pork’ scam
The Sandiganbayan yesterday sentenced three ranking officials of the abolished state firm Technology and Livelihood Resource Center to serve up to 26 years in prison for graft and malversation of public funds in connection with their involvement in the “pork barrel” fund scam......»»
Sandigan upholds sentence for Nabcor execs in ‘pork’ scam
The Sandiganbayan has upheld the conviction of three officials of abolished state firm National Agribusiness Corp. (NABCOR) in connection with the pork barrel scam......»»
Jinggoy sees no political color in Sandiganbayan ruling
Sen. Jinggoy Estrada does not see any political color in the Sandiganbayan Fifth Division’s ruling that found him guilty of one count of direct bribery and two counts of indirect bribery over his alleged involvement in the pork barrel scam......»»
A tale of ‘pork-barrel’ era
The first time I met Senator Jinggoy Estrada was while he was still mayor of San Juan City on June 30,1998 when he attended the inaugural of his father, former president Joseph Estrada. At that time, I was still a reporter covering Malacañang Palace. As it turned out, it was the first and last time I saw mayor Jinggoy inside the Palace grounds......»»
Jinggoy convicted of bribery, cleared of ‘pork’ plunder
The Sandiganbayan Fifth Division has found Sen. Jinggoy Estrada guilty of one count of direct bribery and two counts of indirect bribery over his alleged involvement in the pork barrel scam – placing him in a position where he may eventually be booted out of office, pay fines and be imprisoned......»»
Jinggoy Estrada acquitted of plunder, convicted of bribery in pork barrel scam
(4th UPDATE) Estrada was convicted of one count of direct bribery and two counts of indirect bribery. He will remain free as he appeals those convictions......»»
Ex-Iloilo lawmaker acquitted of ‘pork’ rap
The Sandiganbayan has acquitted former Iloilo 5th District representative Rolex Suplico of a graft case in connection with the alleged misuse of his Priority Development Assistance Fund (PDAF) or pork barrel amounting P14.7 million in 2007......»»
Supreme Court affirms Ombudsman ruling vs Napoles, ex-DBM execs
The Supreme Court has upheld the ruling of the Office of the Ombudsman finding probable cause to indict businesswoman Janet Lim-Napoles and her co-accused for graft in connection with the alleged misuse of the Priority Development Assistance Fund (PDAF) or pork barrel of former Davao del Sur representative Douglas Cagas......»»
Ex-La Union lawmaker cleared of ‘pork’ raps
Former La Union second district representative Thomas Dumpit Jr. has been cleared of graft and malversation charges filed against him in connection with the alleged misuse of his Priority Development Assistance Fund or pork barrel in 2008 amounting to P5.85 million......»»
Stock markets dip as US inflation comes into view
Stock markets drifted lower on Monday as investors eyed the release this week of key US inflation data that could guide Federal Reserve plans for interest rates going into the new year. Oil prices fell nearly two percent before bouncing higher and then sliding back lower as dealers awaited a delayed meeting of OPEC and its allies to decide over output levels. With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action, though analysts were upbeat about the end of the year. "Although there isn't much buying interest at the moment, it's more notable that there still isn't much selling interest," said Briefing.com analyst Patrick O'Hare. The retreat in equities comes after a recent run-up across world stock markets fuelled by bets the US central bank has finished lifting interest rates as inflation comes down and the jobs market comes off the boil. Expectations that the Federal Reserve is done with hiking rates continued to weigh on the dollar Monday. The main focus this week is the release Thursday of the personal consumption expenditures (PCE) price index, the Fed's preferred gauge of inflation. "These numbers will be closely scrutinized for insights into inflation trends and their potential implications for monetary policy decisions," said SPI Asset Management's Stephen Innes. "While the current backdrop does not signify 'mission accomplished' in terms of addressing inflation, policymakers must now focus on planning for the next phase of the economic battle." Still, observers were upbeat about the outlook, with the latest weakness blamed on traders taking a breather after a strong month. Tony Sycamore, at IG Group, said early December could see some selling as investors "rebuild energy and (look) to set up for the end-of-year fireworks". Others said a drop in Wall Street's VIX "fear gauge" -- a measure of equity volatility -- to its lowest since January 2020 suggested investors were getting their mojo back. Eyes are also on developments at OPEC after the group and its allies, notably Russia, delayed a meeting aimed at agreeing production quotas, with some African countries said to be baulking at Saudi Arabian calls for more cuts. The group is thought to be close to reaching an agreement that could see the Saudis and Russia extend output reductions into the new year. OANDA analyst Craig Erlam said the OPEC+ group has shown in the past it usually can get a deal done, even if Saudi Arabia and Russia need shoulder bigger cuts. "But the question is how far they'll push it, given the recent trend in oil prices and increasing concerns around global growth next year," said Erlam. Crude prices have fallen in recent weeks as demand is seen coming down owing to slowing economies, particularly China's, and the Middle East conflict appears to not have expanded to include other countries in the region. Key figures around 1630 GMT New York - DOW: DOWN 0.2 percent at 35,338.58 points London - FTSE 100: DOWN 0.4 percent at 7,460.70 (close) Paris - CAC 40: DOWN 0.4 percent at 7,265.49 (close) Frankfurt - DAX: DOWN 0.4 percent at 15,966.37 (close) EURO STOXX 50: DOWN 0.4 percent at 4,354.41 (close) Tokyo - Nikkei 225: DOWN 0.5 percent at 33,447.67 (close) Hong Kong - Hang Seng Index: DOWN 0.2 percent at 17,525.06 (close) Shanghai - Composite: DOWN 0.3 percent at 3,031.70 (close) Euro/dollar: UP at $1.0935 from $1.0922 Pound/dollar: UP at $1.2611 from $1.2585 Euro/pound: DOWN at 86.70 pence from 86.79 pence Dollar/yen: DOWN at 148.94 from 149.56 yen West Texas Intermediate: DOWN 0.1 percent at $75.44 per barrel Brent North Sea crude: DOWN 0.3 percent at $80.36 per barrel .....»»
Napoles seeks dismissal of plunder raps
Detained businesswoman Janet Lim-Napoles has asked the Sandiganbayan to dismiss the plunder case against her in connection with her alleged role in the misuse of the Priority Development Assistance Fund or “pork barrel” of former senator and incumbent Presidential Legal Counsel Juan Ponce Enrile......»»
Janet Lim Napoles kulong ng 108 years dahil sa graft, malversion ng PDAF
GUILTY ulit ang naging hatol ng Sandiganbayan laban sa kasong graft ng mastermind ng pork barrel scam na si Janet Lim Napoles. Sa pagkakataong ito, ang hatol ay nauukol sa isa pang kaso na kinasasangkutan ng isang dating mambabatas sa Ilocos Sur na pinawalang-sala ng anti-graft court. Bukod kay Napoles, kasama rin sa hinatulan ng.....»»
Napoles gets over 100 years for another ‘pork’ conviction
Businesswoman Janet Lim-Napoles was sentenced to 78 up to 150 years in prison as she was convicted anew of multiple criminal charges, this time in connection with the alleged misuse of P35 million worth of Priority Development Assistance Fund or pork barrel of former Ilocos Sur 1st District representative Salacnib Baterina......»»
UN barking up the wrong tree
Negotiations with the terror group Hamas, the crux of the humanitarian pause being pushed in the Gaza Strip by the United Nations, or UN, are backed by groups with an ax to grind against the United States and Israel. The UN said the halt in hostilities is needed to bring in aid and provide fuel primarily to run the electricity for hospitals to maintain medical operations. At the height of the terror attack, the United Nations Relief and Works Agency for Palestine Refugees in the Near East said Hamas bandits ransacked the UN office and carted away provisions, including fuel. The UN agency, which provides aid to Palestinian civilians in the Gaza Strip and is the only specialized UN agency for a particular group of refugees, warned it would have to halt operations if no fuel was delivered. The lack of fuel means hospitals and water desalination plants will not function. While there have been limited deliveries of food, water, and medicines, no fuel has been allowed, as Israel is concerned about Hamas’ possible diversion of fuel deliveries. White House national security spokesman John Kirby described Israel’s concerns as legitimate. A satellite image provided by the Israel Defense Forces showed Hamas owns fuel tanks near the Rafah border crossing, containing 500,000 liters of fuel. The IDF suggested that the United Nations ask Hamas for fuel after it showed the satellite images on social media. “Ask Hamas if you can have some,” the IDF wrote. Rafah is the main crossing in and out of Gaza that does not border Israel. It has become the focus of efforts to deliver aid since Israel imposed a “total siege” of the enclave in retaliation for an attack by Hamas militants on 7 October. Israel’s military spokesperson Daniel Hagari recounted that Hamas has been stealing fuel from UNRWA, prompting the decision to block the fuel supply to Gaza. “Petrol will not enter Gaza. Hamas takes the petrol for its military infrastructure,” he said. Another IDF spokesperson, Avichay Adraee, said the photographs belied Hamas’s claims that “it does not have enough fuel to support hospitals and bakeries.” The IDF added: “Hamas-ISIS steals this fuel from civilians and transfers it to its tunnels, rocket launchers, and leaders. This is what Hamas’s list of priorities looks like.” Hamas propaganda said that a power outage at the Indonesian Hospital in the northern Gaza Strip was a “crime against humanity” and called on Arab and Muslim countries and the UN to address the crisis. A power outage hit the hospital on Monday night due to a fuel shortage. It was news network Al Jazeera which reported that electricity was restored during the night, but the hospital only had fuel to operate generators for 48 more hours, after which lifesaving medical devices such as respirators and incubators would cease functioning. The fuel supply from Israel was halted after the 7 October terror assault. Under the cover of a barrage of thousands of rockets, over 2,500 gunmen crossed the border and rampaged murderously through southern Israeli towns, killing more than 1,400, most of whom were civilians. More than 220 were taken hostage. Now, Hamas is trying to deceive the world by crying in violation of human rights with the denial of fuel to the territory it controls. The outrageous twist Hamas applies to the atrocities it initiated then is swallowed lock, stock and barrel by the UN, which is pounding on Israel for a humanitarian pause. “Residents of Gaza, the address for your complaints is not Israel. It’s Yahya Sinwar, Muhammad Deif, and other Hamas-ISIS members who pushed Gaza into this abyss,” according to the IDF. The IDF has disputed the so-called humanitarian crisis in the Gaza Strip that the UN and Hamas are peddling. “As of now, I can tell you that there is no humanitarian crisis in Gaza. There are hardships in moving people within days to the south of the Gaza Strip, but the population is getting along,” an IDF official said. Another indicator that the terror organization controlling Gaza has little concern for the civilians is their obstructing the movement of the Gaza residents south as Israel had directed to the extent of confiscating the car keys of individuals. Hamas is the source of the crisis that the UN said should be solved, which is precisely what Israel is trying to do in committing to wipe out the terror group from the planet. The post UN barking up the wrong tree appeared first on Daily Tribune......»»
UN barking upthe wrong tree
Negotiations with the terror group Hamas, the crux of the humanitarian pause being pushed in the Gaza Strip by the United Nations, or UN, are backed by groups with an ax to grind against the United States and Israel. The UN said the halt in hostilities is needed to bring in aid and provide fuel primarily to run the electricity for hospitals to maintain medical operations. At the height of the terror attack, the United Nations Relief and Works Agency for Palestine Refugees in the Near East said Hamas bandits ransacked the UN office and carted away provisions, including fuel. The UN agency, which provides aid to Palestinian civilians in the Gaza Strip and is the only specialized UN agency for a particular group of refugees, warned it would have to halt operations if no fuel was delivered. The lack of fuel means hospitals and water desalination plants will not function. While there have been limited deliveries of food, water, and medicines, no fuel has been allowed, as Israel is concerned about Hamas’ possible diversion of fuel deliveries. White House national security spokesman John Kirby described Israel’s concerns as legitimate. A satellite image provided by the Israel Defense Forces showed Hamas owns fuel tanks near the Rafah border crossing, containing 500,000 liters of fuel. The IDF suggested that the United Nations ask Hamas for fuel after it showed the satellite images on social media. “Ask Hamas if you can have some,” the IDF wrote. Rafah is the main crossing in and out of Gaza that does not border Israel. It has become the focus of efforts to deliver aid since Israel imposed a “total siege” of the enclave in retaliation for an attack by Hamas militants on 7 October. Israel’s military spokesperson Daniel Hagari recounted that Hamas has been stealing fuel from UNRWA, prompting the decision to block the fuel supply to Gaza. “Petrol will not enter Gaza. Hamas takes the petrol for its military infrastructure,” he said. Another IDF spokesperson, Avichay Adraee, said the photographs belied Hamas’s claims that “it does not have enough fuel to support hospitals and bakeries.” The IDF added: “Hamas-ISIS steals this fuel from civilians and transfers it to its tunnels, rocket launchers, and leaders. This is what Hamas’s list of priorities looks like.” Hamas propaganda said that a power outage at the Indonesian Hospital in the northern Gaza Strip was a “crime against humanity” and called on Arab and Muslim countries and the UN to address the crisis. A power outage hit the hospital on Monday night due to a fuel shortage. It was news network Al Jazeera which reported that electricity was restored during the night, but the hospital only had fuel to operate generators for 48 more hours, after which lifesaving medical devices such as respirators and incubators would cease functioning. The fuel supply from Israel was halted after the 7 October terror assault. Under the cover of a barrage of thousands of rockets, over 2,500 gunmen crossed the border and rampaged murderously through southern Israeli towns, killing more than 1,400, most of whom were civilians. More than 220 were taken hostage. Now, Hamas is trying to deceive the world by crying in violation of human rights with the denial of fuel to the territory it controls. The outrageous twist Hamas applies to the atrocities it initiated then is swallowed lock, stock and barrel by the UN, which is pounding on Israel for a humanitarian pause. “Residents of Gaza, the address for your complaints is not Israel. It’s Yahya Sinwar, Muhammad Deif, and other Hamas-ISIS members who pushed Gaza into this abyss,” according to the IDF. The IDF has disputed the so-called humanitarian crisis in the Gaza Strip that the UN and Hamas are peddling. “As of now, I can tell you that there is no humanitarian crisis in Gaza. There are hardships in moving people within days to the south of the Gaza Strip, but the population is getting along,” an IDF official said. Another indicator that the terror organization controlling Gaza has little concern for the civilians is their obstructing the movement of the Gaza residents south as Israel had directed to the extent of confiscating the car keys of individuals. Hamas is the source of the crisis that the UN said should be solved, which is precisely what Israel is trying to do in committing to wipe out the terror group from the planet. The post UN barking upthe wrong tree appeared first on Daily Tribune......»»
Fuel subsidy easing eyed
An immediate release of government assistance to public utility vehicles will be achieved by shortening the trigger period from three months to one and simplifying the requirements, the Department of Energy said yesterday. The proposal, nonetheless, may need the amendment of the law for releasing fuel subsidies to the transport sector. In a press briefing, Energy Secretary Raphael Lotilla said this was one of President Ferdinand “Bongbong” Marcos Jr.’s proposed solutions to the oil price shock that is expected to worsen amid the spreading Middle East conflict. $80 per barrel long breached Under the current law, fuel subsidies are released to the transport sector whenever the Dubai crude oil price exceeds $80 per barrel for three consecutive months. Lotilla said shortening the trigger period will allow the government to release the subsidies faster to the transport sector, one of the sectors most affected by rising fuel prices. “With this simplification or shortening of the period, we will be able to release the subsidies in a shorter period,” Lotilla said. “Since Congress is now considering the General Appropriations Act, it will be included in that process. The amendment will take effect in 2024 immediately upon Congress’s approval of the GAA,” he added. The DoE chief also said the government will simplify the requirements for the release of the fuel subsidies. The release of the subsidies requires the approval of the DoE, the Department of Transportation, and the Department of Budget and Management. Lotilla said that under the new proposal, the release of the subsidies will only require the approval of the DBM, DoTr and the DoE. He said the DoTr will finalize the list of beneficiaries for those with franchises, the Department of the Interior and Local Government for tricycle drivers, and the Department of Trade and Industry for delivery service drivers. Even though there’s an effort to expedite assistance, Lotilla said the fuel subsidy in the 2024 national budget was decreased to P2.5 billion from P3 billion this year. The energy chief, however, believes that even with the reduced budget, the required funding will be met. “That’s based on the experience of the previous year. We don’t know what will be the final amount,” the official said. Other measures on table Lotilla added the government will implement a voluntary 20-percent ethanol blend for gasoline, which is targeted for approval by the end of 2023. He said the ethanol blend will help mitigate the rising fuel prices, as ethanol is cheaper than gasoline. Lotilla said the President also instructed him to continue the transport sector’s electrification, particularly for mass transport and light cargo vehicles. He said the government will put in place charging stations and ensure that the benefits to the transport sector, particularly the drivers, will be there. Lotilla said the President also emphasized the need to prepare the economy for the eventual manufacture of electric vehicles and to link this with the local mining sector that will produce the minerals needed to manufacture batteries and other components of electric vehicles. Rules out soon The DoE is also releasing the guidelines for the implementation of the long-delayed higher biofuels blend before the year ends. Lotilla said the current 10-percent ethanol blend, also known as E10, in gasoline would be increased to 20 percent or E20, although it would be a voluntary option for motorists. Lotilla added that the current two percent or B2 coco methyl ester or CME blend on diesel will be adjusted to three percent or B3. Based on the DoE calculation, implementing the E20 blend could slash gasoline prices by around P1.28 to P1.50 per liter. While ethanol is generally cheaper than gasoline, Lotilla noted that local ethanol at P79.49 a liter is still more expensive than the imported supply at P41.84 per liter. Lotilla said DoE will bank on the coconut industry, whose production reaches up to 15 billion nuts annually, to complement the B3 shift. “An additional 1 percent blend only needs 2.6 billion nuts. The increase in the blend can also drive down the cost of CME because there will be a bigger market for it. Right now, we expect pure diesel to be at parity with the per liter price of CME,” Lotilla explained. With Maria Romero The post Fuel subsidy easing eyed appeared first on Daily Tribune......»»
Govt to shorten trigger period for fuel subsidies
The government will shorten the trigger period for releasing fuel subsidies to the transport sector from three months to one month, and simplify the requirements for its release, the Department of Energy said on Tuesday. In a Malacañang Press Briefing, Energy Secretary Raphael Lotilla said this was one of President Ferdinand Marcos Jr.'s decisions during the latest sectoral meeting. Under the current law, fuel subsidies are released to the transport sector whenever the Dubai crude oil price exceeds $80 per barrel for three consecutive months. Lotilla said the shortening of the trigger period will allow the government to release the subsidies faster to the transport sector, which is one of the sectors most affected by the rising fuel prices. "With this simplification or shortening of the period, we will be able to release the subsidies in a shorter period of time," Lotilla said. "Since Congress is right now considering the General Appropriations Act, it will be included in that process. The amendment will take effect in 2024 immediately upon Congress's approval of the GAA," he added. The DOE chief also said the government will simplify the requirements for the release of the fuel subsidies. The release of the subsidies requires the approval of the DOE, the Department of Transportation, and the Department of Budget and Management. Lotilla said that under the new proposal, the release of the subsidies will only require the approval of the DBM, the DOTr, and the DOE. He said the DOTr will finalize the list of beneficiaries of the fuel subsidies for those with franchises, the Department of Interior and Local Government for tricycle drivers, and the Department of Trade and Industry for delivery service drivers. Even though there's an effort to expedite assistance distribution, Lotilla mentioned that the fuel subsidy allocation in the 2024 national budget was decreased from P3 billion this year to P2.5 billion. However, he believes that the reduced budget will still be adequate to meet the required funding. "That’s based on the experience on the previous year. We don't know what will be the final amount,” the official said. Other measures Lotilla also said that the government will implement a voluntary 20 percent ethanol blend for gasoline, which is targeted for approval by the end of 2023. He said the ethanol blend will help mitigate the rising fuel prices, as ethanol is cheaper than gasoline. Lotilla said the President also instructed to continue the transport sector's electrification, particularly mass transport and light cargo vehicles. He said the government will put in place charging stations and ensure that the benefits to the transport sector, particularly the drivers, will be there. Lotilla said the President also emphasized the need to prepare the economy for the eventual manufacture of electric vehicles in the country, and linking this up with the local mining sector that will produce the minerals needed to produce batteries and other components of electric vehicles......»»
Napoles gets 66 to 102 years for ‘pork’ misuse
Businesswoman Janet Lim-Napoles was sentenced to 66 up to 102 years in prison for multiple counts of graft and malversation of public funds in connection with the alleged misuse of P20.91 million in Priority Development Assistance Fund (PDAF) or pork barrel of former South Cotabato Second District representative Arthur Pingoy Jr......»»
Napoles convicted anew on P20.91-M graft case
The Sandiganbayan has found convicted plunderer Janet Lim Napoles guilty of graft and malversation of the P20.91-million pork barrel of ex-South Cotabato lawmaker Arthur Pingoy intended for livelihood projects that turned out to be ghost or non-existent projects. In a 66-page ruling handed down on Friday, the Sandiganbayan Special Second Division sentenced Napoles to up to 60 years in prison on four counts each of graft and malversation. Pingoy, however, walked free from the same charges, including direct bribery — notwithstanding whistleblower Benhur Luy’s testimony — “for the failure of the prosecution to prove his guilt beyond reasonable doubt.” Aside from Napoles, the anti-graft court also convicted erstwhile officials of the now defunct National Agribusiness Corporation’s Rhodora Mendoza, Maria Ninez Guanizo and Victor Roman Cacal; and Evelyn de Leon of the Philippine Social Development Foundation Inc. Pingoy, who served three terms in the House of Representatives from 2001 to 2010, was accused of funneling his P20.91-million Priority Development Assistance Fund or pork barrel to bogus non-government organizations set up by Napoles in exchange for kickbacks. The Ombudsman’s probe showed the projects supposedly to finance farm implements, livelihood materials, and training turned out to be “ghost” projects as borne out by Commission on Audit reports and the testimonies of whistleblowers. The Sandiganbayan, however, ruled that “there was no sufficient evidence” that Pingoy had received kickbacks or commissions from Napoles. The PDAF was a lump sum discretionary fund allocated to lawmakers “to identify and fund key projects that local government units could not fund.” The Supreme Court abolished it in November 2013 after it became a source of corruption and was declared unconstitutional. Napoles, the principal suspect in the case, has been detained at the Correctional Institution for Women in Mandaluyong City since 2018 on plunder charges involving the unlawful disbursement of Senator Ramon Revilla Jr.’s pork barrel worth P224 million. She is still facing several graft charges, all related to the pork barrel scam. The post Napoles convicted anew on P20.91-M graft case appeared first on Daily Tribune......»»