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End of era as Toshiba completes $13.5-billion offer to go private
Japanese industrial giant Toshiba marked the end of an era as a listed company on Thursday as it announced that a private consortium had bought almost 80 percent of its shares. Remaining shareholders will be "squeezed out" after the $13.5-billion tender offer and Toshiba shares will be delisted after more than 70 years on the stock market, Toshiba said. Toshiba traces its roots back to 1875 and evolved into a vast conglomerate in the 20th century synonymous with Japan's postwar economic revival and its technological innovation. The firm became a household name in Japan and beyond, making everything from early laptop computers, elevators and nuclear power stations to microchips. But it has lurched from crisis to crisis in recent years, including a huge accounting scandal in 2015 and billions of dollars in losses from US nuclear subsidiary Westinghouse. Pressure from activist shareholders and a takeover offer from private equity group CVC prompted aborted attempts to split the company first into three, and then into two. Finally, Toshiba's board accepted in March the takeover bid by the consortium that includes more than 20 Japanese banks and other firms. "Toshiba Group will now take a major step toward a new future with a new shareholder," CEO Taro Shimada said in a statement Thursday. The saga has been closely watched in business circles for clues about what could become of other huge, diversified conglomerates in Japan and elsewhere. The post End of era as Toshiba completes $13.5-billion offer to go private appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
BSP junking LIBOR as rates benchmark
The Bangko Sentral ng Pilipinas and market stakeholders have agreed on a new overnight rate that will replace the London Interbank Offered Rate or LIBOR this month, central bank governor Felipe Medalla said on Wednesday. Medalla said the new overnight or ON rate will be generated by translating the 28-day BSP bill rate to its ON equivalent. This new ON reference will be effective on or before 30 June 2023. Medalla added that the market’s agreement on the new ON rate is a “major milestone” in the transition away from LIBOR. “The new ON rate will provide a reliable and transparent benchmark for pricing short-term financial instruments,” Medalla said. “This will help to ensure the smooth functioning of the financial markets,” he added. Credible curve In addition to the new ON rate, the BSP and market stakeholders also discussed the need for a credible yield curve. A yield curve is a graph that shows the relationship between interest rates and maturities. It is used by investors to assess the risk of different investments. Medalla said that a credible yield curve is essential for the efficient functioning of the financial markets. “Since macro-financial decisions are based on these benchmark risk prices, having a credible yield curve is in everyone’s best interest,” Medalla said. He also pointed out the necessity of having a yield curve based on “active trading of marketable securities.” “This will ensure that the yields are accurate and reflective of the true risk of the underlying assets,” he added. The central bank chief said the BSP and market stakeholders agreed that the start of January 2024 would be the “fighting target” for having a credible yield curve in place. Another central bank official said that Philippine banks still have transactions worth billions of pesos tied to LIBOR. “Global markets need alternative means to price. This is the tentative solution,” Bangko Sentral ng Pilipinas assistant governor Johnny Noe Ravalo said in the same briefing The LIBOR rate, which had a global linkage of $265 trillion at the start of 2021, has served as a benchmark rate for a wide range of financial instruments, such as credit cards, corporate loans, mortgages, and derivatives. The post BSP junking LIBOR as rates benchmark appeared first on Daily Tribune......»»
BSP to replace LIBOR with new ON rate
The Bangko Sentral ng Pilipinas and market stakeholders have agreed on a new overnight rate that will replace the London Interbank Offered Rate (LIBOR) this month, central bank governor Felipe Medalla said on Wednesday. In a media briefing, Medalla said the new ON rate will be generated by translating the 28-day BSP bill rate to its ON equivalent. This new ON reference will be effective on or before 30 June 2023. Medalla added that the market's agreement on the new ON rate is a "major milestone" in the transition away from LIBOR. "The new ON rate will provide a reliable and transparent benchmark for pricing short-term financial instruments," Medalla said. "This will help to ensure the smooth functioning of the financial markets," he added. In addition to the new ON rate, the BSP and market stakeholders also discussed the need for a credible yield curve. A yield curve is a graph that shows the relationship between interest rates and maturities. It is used by investors to assess the risk of different investments. Medalla said that a credible yield curve is essential for the efficient functioning of the financial markets. "Since macro-financial decisions are based on these benchmark risk prices, having a credible yield curve is in everyone's best interest," Medalla said. He also pointed out the necessity of having a yield curve based on "active trading of marketable securities." "This will ensure that the yields are accurate and reflective of the true risk of the underlying assets," he added. The central bank chief said the BSP and market stakeholders agreed that the start of January 2024 would be the "fighting target" for having a credible yield curve in place. Another central bank official said that Philippine banks still have transactions worth billions of pesos tied to LIBOR. “Global markets need alternative means to price. This is the tentative solution,” BSP assistant governor Johnny Noe Ravalo said in the same media briefing The LIBOR rate, which had a global linkage of $265 trillion at the start of 2021, has served as a benchmark rate for a wide range of financial instruments, such as credit cards, corporate loans, mortgages, and derivatives. The post BSP to replace LIBOR with new ON rate appeared first on Daily Tribune......»»
BSP, MARKET agree to replace LIBOR with ON
The Bangko Sentral ng Pilipinas (BSP) and market stakeholders have agreed on a new overnight (ON) rate that will replace the London Interbank Offered Rate (LIBOR) this month, central bank governor Felipe Medalla said on Wednesday. In a media briefing, Medalla said the new ON rate will be generated by translating the 28-day BSP bill rate to its ON equivalent. This new ON reference will be effective on or before 30 June 2023. Medalla added that the market's agreement on the new ON rate is a "major milestone" in the transition away from LIBOR. "The new ON rate will provide a reliable and transparent benchmark for pricing short-term financial instruments," Medalla said. "This will help to ensure the smooth functioning of the financial markets," he added. In addition to the new ON rate, the BSP and market stakeholders also discussed the need for a credible yield curve. A yield curve is a graph that shows the relationship between interest rates and maturities. It is used by investors to assess the risk of different investments. Medalla said that a credible yield curve is essential for the efficient functioning of the financial markets. "Since macro-financial decisions are based on these benchmark risk prices, having a credible yield curve is in everyone's best interest," Medalla said. He also pointed out the necessity of having a yield curve based on "active trading of marketable securities." "This will ensure that the yields are accurate and reflective of the true risk of the underlying assets," he added. The central bank chief said the BSP and market stakeholders agreed that the start of January 2024 would be the "fighting target" for having a credible yield curve in place. Another central bank official said that Philippine banks still have transactions worth billions of pesos tied to LIBOR. “Global markets need alternative means to price. This is the tentative solution,” Bangko Sentral ng Pilipinas assistant governor Johnny Noe Ravalo said in the same media briefing The LIBOR rate, which had a global linkage of $265 trillion at the start of 2021, has served as a benchmark rate for a wide range of financial instruments, such as credit cards, corporate loans, mortgages, and derivatives. The post BSP, MARKET agree to replace LIBOR with ON appeared first on Daily Tribune......»»
US banks set aside billions as buffer against bad loans
Three major US banks have set aside an additional $23 billion as a backstop against bad loans, highlighting the brittle state of the US economy due to the coronavirus pandemic, the companies said Tuesday......»»
Belmonte, Binay call for climate action funding from development banks
The C40 coalition of cities, a network of nearly 100 mayors, asked MDBs to increase urban climate investment, integrate urban climate action into their strategies, and implement tailored programs to support city projects. .....»»
MLB season begins
Shohei Ohtani and the Los Angeles Dodgers take center stage on Thursday as Major League Baseball’s new season gets under way on US soil against the backdrop of a gambling scandal that has engulfed its brightest star......»»
Lessons from Shohei Ohtanis Interpreter Blame: The Daily Guardia
Los Angeles Angels pitcher and designated hitter Shohei Ohtani has found himself at the center of a scandal involving alleged sports betting activities and theft.....»»
Agdao Public Market vendors want variety and vegetable sections merged
DAVAO CITY (MindaNews / 24 March) – Vendors of Agdao Public Market here are asking the city government to merge the Variety and Vegetable Sections into one section claiming they have difficulties in getting customers because of their location. In a letter addressed to Mayor Sebastian Duterte, the City Administrator’s Office, the City Economic Enterprise […].....»»
LIST: Bank schedules for Holy Week 2024
Bookmark and refresh this page for the Holy Week schedules released by banks.....»»
Shohei Ohtani to address theft allegations against interpreter in investigatio
Shohei Ohtani Denies Involvement in Gambling Scandal In a shocking turn of events, baseball star Shohei Ohtani has found himself caught up in a gambling.....»»
Southeast Asian Police, Prosecutors Join Forces to Fight Scamdemic
Bangkok - Police and prosecutors across Southeast Asia are forging new ways of working together to thwart and pursue the sprawling criminal networks behind the online scam centers that have quickly taken root in the region, experts involved in the effort have told VOA.In a few short years, scamming hubs bilking billions of dollars out of victims across the globe have set up shop in Cambodia, Laos, the Philippine.....»»
Billions for commercial tuna industry, crumbs for fisherfolk
Months of investigation by Bulatlat revealed that the booming commercial tuna industry in General Santos City, dubbed the Philippines’ “tuna capital,” favors industrial scale commercial fishing fleets at the expense of the livelihood of thousands of ordinary fisherfolk. The post Billions for commercial tuna industry, crumbs for fisherfolk appeared first on Bulatlat......»»
Meralco reminds public of electrical safety tips this Holy Week
Electric concessionaire Meralco said that its personnel will attend to the needs of its customers during Holy Week despite its offices being closed from Maundy Thursday to Black Saturday......»»
Southeast Asian Police, Prosecutors Join Forces to Fight Scamdemic
Bangkok - Police and prosecutors across Southeast Asia are forging new ways of working together to thwart and pursue the sprawling criminal networks behind the online scam centers that have quickly taken root in the region, experts involved in the effort have told VOA.In a few short years, scamming hubs bilking billions of dollars out of victims across the globe have set up shop in Cambodia, Laos, the Philippine.....»»
Over 40 defective weighing scales seized in Carbon Market
CEBU CITY, Philippines — The Office of the City Markets (OCM) of the Cebu City Government has confiscated over 40 defective weighing scales in Carbon Public Market as of March 21. Led by Market Administrator Robert Barquilla, the operation, dubbed “Operation Timbangan,” aims to ensure accurate measurements for customers. Barquilla, with assistance from Task Force.....»»
PNP exec in sex scandal threatened victim with enforced disappearance
A Philippine National Police colonel embroiled in a sex scandal allegedly threatened his victim that he could make her disappear......»»
Bank loans used as RRR compliance hit P6.4 billion
Mid-sized and small banks have extended around P6.4 billion loans to micro, small and medium enterprises (MSMEs) as well as large companies, and booked these loans in compliance with their reserve requirement ratios, according to the Bangko Sentral ng Pilipinas......»»
Grab tests DriveYourCar service
Ride-hailing giant Grab Philippines is testing the viability of a new service that allows customers with vehicles to hire a driver for almost P2,000 for 12 hours......»»