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SEC joins clampdown vs UK finance firm

The Securities and Exchange Commission has issued a stern warning to investors against Financial.Org, a UK company which claims to manage hundreds of thousands of dollars for Asian investors......»»

Category: financeSource: philstar philstarApr 16th, 2018

Agri firm advances with help from ACEF

THE Philippines’ agriculture department is mandated to use the Agricultural Competitiveness Enhancement Fund (ACEF) to finance projects and activities that will help agricultural and fisheries sectors become globally-competitive, viable, efficient and sustainable. Julie Delima, regional coordinator, said ACEF offers interest-and-collateral free loans through the Land Bank of the Philippines as the credit conduit. One of […] The post Agri firm advances with help from ACEF appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsApr 9th, 2018

PSEi drops below 8,000 anew on US-China trade war jitters

  Local stocks fell below the 8,000 mark anew on Friday as a brewing US-China trade war spooked global markets. The main-share Philippine Stock Exchange index (PSEi) tumbled by 153.65 points or 1.89 percent to close at 7,970.80. About P1 billion worth of foreign funds exited the stock market during the day. For the week, the PSEi shed a total of 267.35 points or 3.24 percent. "The looming trade war triggered investors to run for the shelters. The smell of gunpowder is getting stronger," said Astro del Castillo, managing director at fund management firm First Grade Finance Corp. "The consequences will not be good for the global economy." US President Donald Trump o...Keep on reading: PSEi drops below 8,000 anew on US-China trade war jitters.....»»

Category: newsSource:  inquirerRelated NewsMar 23rd, 2018

BIR files tax evasion case vs GDI; food firm denies claims

    The Bureau of Internal Revenue (BIR)on Fridayfiled before the Department of Justice (DOJ) a tax evasion complaint against Golden Donuts Inc. (GDI), the exclusive franchisor and license grantee of US company Dunkin Donuts.   Facing complaint for alleged violation of Sections 254 and 255 of the National Internal Revenue Code (NIRC) for willful attempt to evade or defeat tax and for deliberate failure to supply correct and accurate information is GDI and its officers namely Walter C. Spakowski, president; Miguel H. Prieto, treasurer; Pedro E. Paraiso, Chief Financial Officer; and Jocelyn V. Santos, Vice President for Finance and Administration.   GD...Keep on reading: BIR files tax evasion case vs GDI; food firm denies claims.....»»

Category: newsSource:  inquirerRelated NewsFeb 23rd, 2018

DoF firm on net worth requirement for insurers

Insurance companies should merge if they cannot comply with mandatory net worth requirements, Finance Secretary Carlos Dominguez 3rd said, noting the need for a stronger and more competitive domestic industry. From a P550-million requirement — up from P250 million previously — that took effect at the end of 2016, insurers will have to increase their [...] The post DoF firm on net worth requirement for insurers appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsFeb 21st, 2018

FINTQ microinsurance platform set for rollout

FINTQNOLOGIES Corp. (FINTQ), the financial technology (fintech) arm of Voyager Innovations, Inc., is set to launch a microinsurance platform to tap the uninsured. FINTQ managing director Angelito M. Villanueva told BusinessWorld in an interview that the firm will launch KasamaKA Microinsurance “in the last week of February.” The second Inclusive Digital Finance Report released last month […] The post FINTQ microinsurance platform set for rollout appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsFeb 7th, 2018

MPIC avails of P8-B loan facility

METRO Pacific Investments Corp. (MPIC) has secured an P8-billion syndicated term loan facility to partially finance the obligations of one of its subsidiaries. In a disclosure to the stock exchange on Friday, the Manuel V. Pangilinan-led firm said the syndicated term loan facility — set to mature in 10 years and 15 years — will […] The post MPIC avails of P8-B loan facility appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJan 12th, 2018

Gov’t has caught biggest tax evader, says Dominguez

The Duterte administration has caught the biggest tax evader in the Philippines -- namely, tobacco firm Mighty Corp., which has just paid the government P30 billion to settle its tax liabilities, Finance Secretary Carlos Dominguez III saidon Monday. "Right now, we have not caught all the tax evaders, but we caught the biggest one, okay," Dominguez said in a news briefing at Malacaang Palace. "We caught the tax evader who was penalized 30 billion pesos and that was Mighty Cigarettes -- and Mighty is no longer in the business." "Their business was taken over by somebody, by another company, and no jobs were lost. But the government collected 30 billion pesos -- actually 29.5 bill...Keep on reading: Gov’t has caught biggest tax evader, says Dominguez.....»»

Category: newsSource:  inquirerRelated NewsJan 8th, 2018

BPI Capital Corporation Wins 8 Awards From 3 Regional Finance Magazines

BPI Capital Corporation, the fully-owned investment banking firm of Bank of the Philippine Islands, recently clinched multiple awards from The Asset, Alpha Southeast Asia, and IFR Asia, some of the most respected finance magazines in... The post BPI Capital Corporation Wins 8 Awards From 3 Regional Finance Magazines appeared first on MetroCebu News......»»

Category: newsSource:  metrocebuRelated NewsJan 2nd, 2018

LRWC subsidiary to obtain P2.5B loan from BDO

A UNIT of Leisure and Resorts World Corp. (LRWC) will be taking out a P2.5-billion loan from BDO Unibank, Inc. to partially finance its planned resort development. In a disclosure to the stock exchange on Friday, the listed firm said its wholly-owned subsidiary AB Leisure Global, Inc. has executed an omnibus loan and security agreement […] The post LRWC subsidiary to obtain P2.5B loan from BDO appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsDec 1st, 2017

CAPITOL LACKS FUEL SUPPLIERS

THE ILOILO provincial government is inviting qualified companies to join the bidding for the Capitol’s fuel supply. Provincial Legal Office head Dennis Ventilacion said that since 2010, only one firm joins the bidding and supplies fuel to Capitol offices. “Ang aton supplier isa lang gid. Sang una duha pa na, pero na-disqualify ang isa. Kulang […] The post CAPITOL LACKS FUEL SUPPLIERS appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsNov 27th, 2017

IFC to invest P650M in Discovery World

THE International Finance Corp. (IFC), the private sector investment arm of the World Bank, is investing in Discovery World Corp. (DWC), a property firm developing two new hotels in Palawan and Benguet. In a disclosure to the stock exchange on Tuesday, Discovery World said it signed a subscription agreement with IFC allowing the latter to […] The post IFC to invest P650M in Discovery World appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsNov 21st, 2017

URC attributable net income down in 3rd quarter

UNIVERSAL ROBINA Corp. (URC) reported a 39% drop in attributable profit for the third quarter of 2017, as the firm saw lower volumes and higher net finance costs in addition foreign exchange gains. In a regulatory filing, the Gokongwei-led firm said it posted a net income attributable to the parent of P1.96 billion in the… link: URC attributable net income down in 3rd quarter.....»»

Category: newsSource:  manilainformerRelated NewsNov 8th, 2017

URC attributable net income down in 3rd quarter

UNIVERSAL ROBINA Corp. (URC) reported a 39% drop in attributable profit for the third quarter of 2017, as the firm saw lower volumes and higher net finance costs in addition foreign exchange gains. In a regulatory filing, the Gokongwei-led firm said it posted a net income attributable to the parent of P1.96 billion in the […] The post URC attributable net income down in 3rd quarter appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsNov 7th, 2017

Tax haven secrets of ultra-rich exposed – BBC News

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen’s private estate, secretly invest vast amounts of cash in offshore tax havens. Donald Trump’s commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US. The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance. BBC Panorama is part of nearly 100 media groups investigating the papers. As with last year’s Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. The Guardian is also among the organisations investigating the documents. Sunday’s revelations form only a small part of a week of disclosures that will expose the tax and financial affairs of some of the hundreds of people and companies named in the data, some with strong UK connections. Many of the stories focus on how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy. The Paradise Papers show that about £10m ($13m) of the Queen’s private money was invested offshore. It was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m private estate. There is nothing illegal in the investments and no suggestion that the Queen is avoiding tax, but questions may be asked about whether the monarch should be investing offshore. There were small investments in the rent-to-buy retailer BrightHouse, which has been accused of exploiting the poor, and the Threshers chain of off-licences, which later went bust owing £17.5m in tax and costing almost 6,000 people their jobs. The Duchy said it was not involved in decisions made by funds and there is no suggestion the Queen had any knowledge of the specific investments made on her behalf. The Duchy has in the past said it gives “ongoing consideration regarding any of its acts or omissions that could adversely impact the reputation” of the Queen, who it says takes “a keen interest” in the estate. Wilbur Ross helped stave off bankruptcy for Donald Trump in the 1990s and was later appointed commerce secretary in Mr Trump’s administration. The documents reveal Mr Ross has retained an interest in a shipping company which earns millions of dollars a year transporting oil and gas for a Russian energy firm whose shareholders include Vladimir Putin’s son-in-law and two men subject to US sanctions. It will again raise questions about the Russian connections of Donald Trump’s team. His presidency has been dogged by allegations that Russians colluded to try to influence the outcome of last year’s US election. He has called the allegations “fake news”. Democratic Senator Richard Blumenthal has called for an investigation, telling NBC News that Mr Ross had given Congress the impression he no longer held shares in the shipping company. “Our committee was misled, the American people were misled by the concealment of those companies.” Most of the data comes from a company called Appleby, a Bermuda-based legal services provider at the top end of the offshore industry, helping clients set up in overseas jurisdictions with low or zero tax rates. Its documents, and others mainly from corporate registries in Caribbean jurisdictions, were obtained by Süddeutsche Zeitung. It has not revealed the source. The media partners say the investigation is in the public interest because data leaks from the world of offshore have repeatedly exposed wrongdoing. In response to the leaks, Appleby said it was “satisfied that there is no evidence of any wrongdoing, either on the part of ourselves or our clients”, adding: “We do not tolerate illegal behaviour.” Essentially it’s about a place outside of your own nation’s regulations to which companies or individuals can reroute money, assets or profits to take advantage of lower taxes. These jurisdictions are known as tax havens to the layman, or the more stately offshore financial centres (OFCs) to the industry. They are generally stable, secretive and reliable, often small islands but not exclusively so, and can vary on how rigorously they carry out checks on wrongdoing. The UK is a big player here, not simply because so many of its overseas territories and Crown dependencies are OFCs, but many of the lawyers, accountants and bankers working in the offshore industry are in the City of London. It’s also about the mega-rich. Brooke Harrington, author of Capital Without Borders: Wealth Managers and the One Percent, says offshore finance is not for the 1% but the .001%. Assets of around $500,000 (£380,000) would just not meet the offshore fees the schemes would need, she says. Well, it is a lot of cash. The Boston Consulting Group says $10tn is held offshore. That’s about the equivalent of the gross domestic products of the UK, Japan and France – combined. It may also be a conservative estimate. Critics of offshore say it is mainly about secrecy – which opens the door to wrongdoing – and inequality. They also say the action of governments to curb it has often been slow and ineffective. Brooke Harrington says if the rich are avoiding tax, the poor pick up the bill: “There’s a minimal amount the governments need to function and they recoup what they lose from […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsNov 6th, 2017

16 top PH firm joins major Taiwan food show

Sixteen Philippine companies are set to exhibit at Taipei International Food Show or popularly known as Food Taipei this June 21-24, 2017......»»

Category: newsSource:  samarnewsRelated NewsJul 19th, 2017

Finance: AXA to offer parametric insurance

AXA GLOBAL Parametrics wants to offer its parametric insurance product in the country, primarily targeting the local agriculture sector, with the firm is also eyeing to introduce the product to the Insurance Commission (IC) by end-June......»»

Category: financeSource:  bworldonlineRelated NewsJun 29th, 2017

Finance: Philam Life interested in funding government infrastructure deals

THE Philippine American Life and General Insurance Co. (Philam Life) is interested in financing some of the government's infrastructure projects, the firm's chief said......»»

Category: financeSource:  bworldonlineRelated NewsJun 20th, 2017

Fox News owner joins race to buy Tribune

NEW YORK  — Fox News owner 21st Century Fox and a New York investment firm are in talks to buy TV station operator Tribune Media, according.....»»

Category: financeSource:  philstarRelated NewsMay 2nd, 2017

DoF cites tax amnesty prerequisites

THE GOVERNMENT is biding its time in its plan to offer amnesty to tax delinquents until it lays firm groundwork for an effective program, the head of the Department of Finance (DoF) said......»»

Category: newsSource:  bworldonlineRelated NewsApr 24th, 2017

Taiwan leasing firm to finance PhilJets’ 5th H130

Taiwan leasing firm to finance PhilJets’ 5th H130.....»»

Category: newsSource:  manilatimes_netRelated NewsApr 19th, 2017