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

No Chinese ODA has been firmed up for Mindanao Railway

DAVAO CITY (MindaNews / 28 Nov) – The government has yet to firm up agreements with the Chinese government for the official development assistance (ODA) of the first Tagum City-Davao City-Digos City segment of the Mindanao Railway Project three months before its target groundbreaking set on February 2019. Finance Secretary Carlos G Dominguez, said during […].....»»

Category: newsSource:  mindanewsRelated NewsNov 28th, 2018

International Finance Corp. investing $40 million in Voyager

The International Finance Corp., a member of the World Bank Group, and a fund managed by its wholly owned subsidiary are investing $40 million in Voyager Innovations Inc., joining global investment firm KKR and China’s Tencent Holdings Ltd. as new investors in PLDT’s digital innovations arm......»»

Category: financeSource:  philstarRelated NewsNov 26th, 2018

World Bank firm on PH’s Doing Business ranking

THE World Bank is firm on the accuracy of its 2019 Easte of Doing Business (EoDB) report after the Finance and Trade departments demanded it to correct the Philippines’ current...READ MORE The post World Bank firm on PH’s Doing Business ranking appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsNov 8th, 2018

Leaks reveal Man City deal to hide player costs from UEFA

By Graham Dunbar, Associated Press GENEVA (AP) — Manchester City created a shell company for a commercial deal to disguise tens of millions of dollars in income from UEFA investigators, according to club documents cited by a German magazine. Der Spiegel cites internal Man City correspondence to show the team's holding company, state-backed Abu Dhabi United Group, paid the shell firm to "buy" player image rights from the club. The magazine reported that Man City officials detailed a long-term search for "creative solutions" to hiding expenses and evading UEFA monitoring of spending on players. Man City risked Champions League expulsion in 2014 if a UEFA club finance panel had found it had severely breached "Financial Fair Play" rules, designed to curb overspending on player costs. Critics say FFP protects storied clubs from ambitious rivals with new and wealthy owners. Der Spiegel is leading the Europe-wide publication of the "Football Leaks" documents. In recent days, European media have detailed plans shaped by Real Madrid for a breakaway European Super League kicking off in 2021, and how FIFA President Gianni Infantino has intervened in its independent ethics committee's work. Der Spiegel also reported last Friday that Man City threatened to destroy UEFA with legal action before reaching a 2014 settlement to forfeit 20 million euros ($22.8 million) in prize money. Man City has not disputed the authenticity of the documents, and said an "attempt to damage the club's reputation is organized and clear." Asked about what was reported in Der Spiegel, Man City manager Pep Guardiola said Tuesday: "Of course I trust the club, what they have done. Of course we want to follow the rules. UEFA, FIFA and the Premier League, they do what they have to do. Believe me, I'm completely honest, I don't know what happened, I'm a manager, focused on the pitch, the locker room." "I'm part of the club, I support the club," added Guardiola, who was speaking at a news conference ahead of City's Champions League match against Shakhtar Donetsk on Wednesday. "We want to do what we have to do in terms of the rules." Since Man City was bought with Abu Dhabi sovereign wealth in 2008, a team long in the shadows of more glamorous Manchester United has overtaken its rival on the field. City achieved this spending more than 1 billion pounds ($1.3 billion) to win a first Premier League title in 2012. This rise coincided with UEFA creating rules — in consultation with the European Club Association — to limit spending within a club's ability to generate revenue. Der Spiegel cited Man City documents in which officials wrote: "Without significant additional revenues ... UEFA FFP compliance WILL NOT be achieved." City CEO Ferran Soriano complained in one memo that ECA members were pushing for the UEFA rules — which many thought could curb the rise of Man City and Qatari-owned Paris Saint-Germain. "We will need to fight this," Soriano wrote, according to the magazine, "and do it in a way that is not visible, or we will be pointed out as the global enemies of football." Man City apparently wanted to shift some costs away from the club and helped set up a shell company called Fordham Sports Management with two British investors. It was supposedly used as a vehicle to disguise payments to players for the right to use their image in marketing campaigns. Der Spiegel said this helped turn almost 30 million euros ($34 million) into revenue instead of a cost, for the purpose of UEFA's investigation of club accounts......»»

Category: sportsSource:  abscbnRelated NewsNov 7th, 2018

Hong Kong firm joins Cagayan fintech hub

Hong Kong firm joins Cagayan fintech hub.....»»

Category: financeSource:  thestandardRelated NewsOct 28th, 2018

Every Loan to Help Pay for a Child’s Education

Every loan with Flexi Finance Asia Inc. will now help pay for the children’s education and well-being as the Cebu-based financial services firm announced its partnership with World Vision, a child-focused relief, development and advocacy agency. “We are proud to announce our partnership with World Vision. Flexi Finance strives to be a socially responsible company. […].....»»

Category: newsSource:  metrocebuRelated NewsOct 27th, 2018

Maduro says China to finance failing oil industry

CARACAS, Venezuela -- Venezuelan President Nicolas Maduro said Saturday he had new commitments from Beijing on funding for the oil industry on which crisis-hit Caracas relies. Oil output is the main generator of Venezuela's income but has fallen to its lowest level in three decades, with the South American country's state-led economy in free-fall. Analysts blame years of neglect during which state oil firm PDVSA's infrastructure became rundown and exploration was curbed, while oil revenues were used to plug the fiscal deficit. Now, however, "there are financing commitments to increase oil production, gold production as well as investment in more than 500 development projects...Keep on reading: Maduro says China to finance failing oil industry.....»»

Category: newsSource:  inquirerRelated NewsSep 16th, 2018

IFC extends $40 million loan for healthcare

The Philippine units of Singapore-based healthcare firm Fullerton Health have secured a $40 million long-term loan facility from the International Finance Corp. (IFC)—the private sector arm of the World Bank Group......»»

Category: financeSource:  philstarRelated NewsSep 12th, 2018

Government firm on fiscal deficit targets

The Department of Finance (DOF) is willing to listen to suggestions on the tax reform program as long as the ideas will not affect the country’s fiscal deficit ceiling......»»

Category: financeSource:  philstarRelated NewsAug 28th, 2018

Dominguez stands firm on third telco bidding

Finance Secretary Carlos G. Dominguez III is standing firm on his proposal to auction off the frequency spectrums for the selection of the third major player in the local telecommunications industry. Dominguez stands firm on third telco bidding Finance Secretary Carlos G. Dominguez III is standing firm on his proposal to auction off the frequency… link: Dominguez stands firm on third telco bidding.....»»

Category: newsSource:  manilainformerRelated NewsJul 8th, 2018

PH joins AIIB board meeting

The Philippines is participating in the third annual meeting of the Asian Infrastructure Investment Bank’s (AIIB) board of governors, the Finance department said, with Finance Secretary Carlos Dominguez 3rd representing the country in the gathering in Mumbai, India. Dominguez delivered the Philippines’ statement during a business roundtable on Monday and will make a keynote speech [...] The post PH joins AIIB board meeting appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsJun 25th, 2018

Dennis Uy joins another Ongpin-run firm

Davao-based businessman Dennis Uy has joined another Ongpin-led company, Alphaland Corp. as a director......»»

Category: financeSource:  philstarRelated NewsJun 21st, 2018

ANI hikes capital of affiliate agri bank, forms new agri-fintech firm

The board of directors of listed agri-conglomerate AgriNurture, Inc. (ANI) said it has approved a plan to infuse P100-million to increase the capital of affiliate Agricultural Bank of the Philippines (ABP) to Php200-million, subject to final approval by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP). In a disclosure to the Philippine Stock Exchange (PSE), ANI said on Wednesday that ABP's capital hike would fund the expansion of the bank's P2P platform and e-wallet business. Through the capital infusion, ANI aims to enhance supply chain micro-finance access of Filipino farmers in remote areas using technology. ANI president and CEO Antonio...Keep on reading: ANI hikes capital of affiliate agri bank, forms new agri-fintech firm.....»»

Category: newsSource:  inquirerRelated NewsJun 14th, 2018

Stricter criteria readied for 3rd telco pick

The Department of Finance (DOF) will come up this week with a stricter pre-qualification criteria for the selection of a third telecommunication firm, ensuring that the new entrant has the capability to compete against existing players in the market......»»

Category: financeSource:  philstarRelated NewsJun 10th, 2018

EU joins global battle against Trump tariff onslaught

WHISTLER, Canada – The EU on Friday, June 1, launched its first counteroffensive against Washington's punishing steel and aluminum tariffs  while the US began meetings in Canada with outraged finance ministers from its top trading partners. Meanwhile in Washington, US President Donald Trump floated the possibility of scrapping the 24-year-old North American Free Trade Agreement ........»»

Category: newsSource:  rapplerRelated NewsJun 2nd, 2018

Mining firm bullish on nickel prospects

Listed Nickel Asia Corp. (NAC), the country's biggest nickel miner, is banking on the growing global demand for nickel in the next few years to grow its revenue, given the increase in the use of the commodity for the production of batteries for electric vehicles. During the annual stockholders' meeting of NAC, chief finance officer Emmanuel Samson said the company was planning to increase its shipment volume for the year by 13 percent to 20 million wet metric tons (WMT) from last year's 17.7 million WMT to meet the rising demand for nickel. A shortfall in the supply of the commodity is seen in the next few years as analysts are projecting nickel demand to grow at the same rate as t...Keep on reading: Mining firm bullish on nickel prospects.....»»

Category: newsSource:  inquirerRelated NewsMay 28th, 2018

Former Ayala exec joins Finance dept

Former Ayala Corp. executive Antonio Joselito Lambino 2nd has been sworn in as a new assistant secretary for the Department of Finance. The department, in a statement, said Lambino had been assigned to the Strategy, Economics and Results Group where he will provide strategic advice on policy advocacy and stakeholder engagement programs supporting the Comprehensive [...] The post Former Ayala exec joins Finance dept appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsMay 17th, 2018

Metro Pacific bags P1.62B Dumaguete water concession

Metro Pacific chair Manuel V. Pangilinan and chief finance officer David Nicol Infrastructure holding firm Metro Pacific Investments Corp. has expanded its footprint in the water sector with a new.....»»

Category: newsSource:  philippinetimesRelated NewsMay 16th, 2018

ISM board approves sale of treasury shares to unit

ISM Communications Corp. is selling treasury shares to give the holding firm some flexibility to finance possible investments and issue cash dividends. In a disclosure to the stock exchange on Wednesday, ISM said its board of directors approved the sale of 560 million treasury shares to wholly owned subsidiary ISM Equities Corp. at a price […] The post ISM board approves sale of treasury shares to unit appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMay 2nd, 2018

SMIC to Spend P90B for Expansion in 2018

SM Investments Corporation (SMIC), the holding firm of the Sy family, has allocated a total of PHP90 billion for capital expenditures (capex) this year to support its expansion program as it looks for more emerging business opportunities. SMIC Senior Vice President of Finance Franklin Gomez said the group’s property arm, SM Prime Holdings Inc., will […].....»»

Category: newsSource:  metrocebuRelated NewsApr 26th, 2018