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DOH: Pertussis cases 20 times higher since January
The number of pertussis cases nationwide has increased 20-fold this year from 2023, according to the Department of Hea.....»»
Upson income drops despite record revenue
Listed IT products retailer Upson International Corp. posted record high revenue in 2023 but lower gross margin and higher expenses dragged down profit for the year......»»
Fish catch in West Philippine Sea grows despite tensions with China
Despite rising tensions with China, the Philippines expanded its fish catch in the West Philippine Sea (WPS) last year to a four-year high of over 200,000 metric tons on the back of higher state support to fishermen......»»
CLI allots higher capex, partners with Japan firm
Cebu Landmasters Inc. is hiking its capital spending to P14.5 billion this year as it gears up for growth and expansion following a strong financial performance in 2023......»»
Think tank: SMGPH faces liquidity crunch
The declining profitability of San Miguel Corporation’s energy unit San Miguel Global Power Holdings Corp. has affected the capability of the company to meet near-term financial obligations, according to a report of the Institute for Energy Economics and Financial Analysis, or IEEFA. Local groups held a forum on Wednesday ahead of the 133rd anniversary of the Adian conglomerate that focused on the “losing strategy” of maintaining its dependence imported fossil fuel with its planned shift from traditional coal to liquefied natural gas, or LNG. Think tank Center for Energy, Ecology and Development indicated during the event that SMGPH is implementing “a losing strategy that is having devastating consequences on shareholders and investors, energy consumers, and the environment.” “While SMC is pursuing the country’s further dependence on fossil fuel, it is also losing on the actual energy transition development. SMC had lost in the race to secure new permits for renewable energy capacity, which will be built in the next two to three years,” Gerry Arances, CEED executive director, said. Sam Reynolds, author of an Institute for Energy Economics and Financial Analysis, or IEEFA, report titled San Miguel Global Power: Fossil fuel-oriented growth strategy raises financial red flags, said the article detailed the financial issues SMC faces because of its reliance on coal and gas. IEEFA is a Detroit-based advisory group for energy industry strategies. He warned the company’s overexposure to volatile fossil fuel prices could sink its financial health and that “SMGPH’s overreliance on fossil fuels has weakened its financial health — moving from coal to LNG is not going to solve the fundamental problem of overexposure to fossil fuel prices.” SMGPH debts are falling due between 2024 and 2026, according to the study. The company’s financial position would likely remain inadequate to address the callable perpetual securities, amounting to $3.4 billion (P193 billion). “SMGPH could face a double-edged sword. On one hand, the need to redeem perpetual securities demands additional capital or funding. On the other, opting not to exercise the call option subjects the company to additional financial costs, further straining its financial position,” according to IEEFA. No contract to back up projects “This is especially true when you consider the company’s lack of contracts for its existing and proposed LNG facilities,” he added. SMC’s status as one of the country’s biggest conglomerates entails that the company should be among those leading the transition away from fossil fuels, Reynolds added. Reynolds also doubts the company will be able to fulfill the 2050 net zero commitment it unveiled earlier this year. “Unless there is a major, material pivot within the company to transition to renewables and phase out its fossil fuel expansion plans, the company is going to have very little chance of achieving its 2050 net zero target. Without a strategic, material, immediate pivot, that goal is simply unrealistic,” he said. Liquidity crunch possible As a result of SMGPH’s declining profitability, IEEFA’s analysis indicated that its ability to cover near-term financial commitments in the form of debt, interest and capital distribution for perpetual securities may have worsened considerably. This points to an overall liquidity crunch, which could translate to a longer-term funding shortfall if not carefully managed. IEEFA indicated that its view “aligns with conclusions from Bloomberg Intelligence, which stated that the company may need $900 million (P51 billion) by the end of this year to meet its financial commitments. “SMGPH’s funding constraints also depend on its ability to extend P21 billion worth of short-term loans. There is also a possibility of obtaining local funding due to its connection to parent company SMC,” IEEFA indicated. Its financial SMGPH’s perpetual securities come with a notable feature: a step-up interest mechanism. If the call option on the security is not exercised, the interest rate increases by a certain percentage each year. SMGPH has strategically tapped into the issuance of bonds and loans to fund its expansion plans, increasing its total debt. Total equity has also grown, driven largely by the company’s issuance of perpetual securities. The paper added that a broader assessment, beyond operating cash flows, reveals a rising liquidity risk for SMGPH. It measured the SMGPH’s cash flow from operations (CFO)-to-current liabilities ratio, the results of which pointed a “concerning trend.” The ratio has been on a downward trajectory since 2019. In 2022, the CFO-to-current liabilities ratio plummeted to an all-time low of -0.12, indicating insufficient cash flow to cover short-term liabilities. The same ratio remained weak in the first half. Its ratio in 2022 was 1.00, down from 1.43 in 2021, meaning the company has exactly one dollar of current assets for every dollar of current liabilities. “In essence, the company holds a relatively tight margin of assets available to cover its immediate financial obligations. Meanwhile, the accounts receivable turnover ratio stood at 3.15, marking its lowest value since 2016.” The post Think tank: SMGPH faces liquidity crunch appeared first on Daily Tribune......»»
Equities edge higher as inflation moderates
Global stocks mostly edged up on Monday as investors remained optimistic that interest rates will not go higher and China made moves to boost lackluster growth. Wall Street stocks finished a choppy session modestly higher, as investors traded cautiously ahead of key economic and earnings releases later in the week. European stock markets were boosted by data showing the economy grew in the second quarter and inflation slowed in July, raising hopes the European Central Bank will be able to hold off from hiking interest rates. Asian equities closed with gains, tracing a pre-weekend bump on Wall Street and bolstered by new pledges from China of measures to stimulate its stuttering economy. In the eurozone, official figures on Monday showed the economy grew 0.3 percent in the second quarter, while inflation eased to 5.3 percent in July from 5.5 percent the previous month. That could support expectations for a pause in ECB rate hikes after its chief Christine Lagarde said Sunday "we are reaching our goal" of inflation at around two percent. "We do expect a much lower reading in inflation by the end of the year," said Bert Colijn, a senior economist at ING. Inflation remains much higher in the UK, at nearly eight percent, putting the Bank of England on course to raise interest rates once more on Thursday. In China, the world's second-largest economy, the government announced fresh measures to boost consumption days after unveiling some initiatives for light industry. The move comes as spending by China's vast number of consumers remains subdued even after the lifting of strict Covid containment measures late last year. A fresh round of figures showed the country's manufacturing activity continued to shrink in July, albeit at a slightly slower pace than last month. Hopes for a government drive to kickstart the economy have provided much-needed support to markets over the past week, even as some observers warn the large-scale measures seen in the past were unlikely. Oil prices kept rising. "Fears that Saudi Arabia will go further and extend their production cuts into September is seeing demand return at the same time as the US economy looks to be faring better than expected," said analyst Michael Hewson at CMC Markets. In currency markets, the yen continued its retreat against the dollar as the Bank of Japan announced a move to buy government bonds. This was seen as a message to the market that the central bank was committed to keeping the long-term interest rate in check. The bank slightly increased the flexibility of its super-easy monetary policy last week, but it was seen as a small enough change not to disrupt the market. The post Equities edge higher as inflation moderates appeared first on Daily Tribune......»»
MIF signing ahead of PBBM SONA
President Ferdinand R. Marcos Jr. is set to sign the Maharlika Investment Fund bill on 18 July less than a week before his second State of the Nation Address on 24 July. The Presidential Communications Office confirmed that the signing of the MIF bill is part of Marcos’ schedule for next week. The MIF Act of 2023 is currently an enrolled bill, which will undergo legal scrutiny and await the President’s final approval. Once enacted, the MIF will provide an additional avenue for development financing, particularly for projects that are “considered risky but strategically important and have the potential for long-term returns.” National Economic and Development Authority Undersecretary Rosemari Edillon previously said the establishment of the MIF, the country’s first sovereign wealth fund, will prompt the Philippines to sustain and complete its development programs while targeting to become an “upper middle-income country” by 2025. Edillon said the MIF will serve as means for the Philippines to upgrade its current lower-middle income classification—a goal that has been outlined in the Philippine Development Plan for 2023 to 2028. Marcos certified the MIF bill as” urgent" and if passed into law the sovereign fund will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects. Finance Secretary Benjamin Diokno earlier said that legislating Maharlika Investment Fund would help the government further hasten the completion of the 'big-ticket' projects. The bill mandates the Maharlika Investment Corp. to facilitate the sovereign fund which will act as the "sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments. The post MIF signing ahead of PBBM SONA appeared first on Daily Tribune......»»
SEC approves Ayala Land’s P50-B bond sales program
The Securities and Exchange Commission gave the go-ahead to Ayala Land Inc.’s shelf registration that covered up to P50 billion in bonds......»»
US averts first-ever default with 11th-hour debt deal
US senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of the deadline set by the Treasury. Economists had warned the country could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which extends the government's borrowing authority through 2024 while trimming federal spending. Hammered out between Democratic President Joe Biden and the Republicans, the measure passed the Senate with a comfortable majority of 63 votes to 36 a day after it had sailed through the House of Representatives. "No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people," Biden said in a statement posted to social media. He said he would sign the bill "as soon as possible" and address the nation Friday. Democratic Senate Majority Leader Chuck Schumer added that the nation could "breathe a sigh of relief" after avoiding a "catastrophic" economic collapse. "But, for all the ups and downs and twists and turns it took to get here, it is so good for this country that both parties have come together at last to avoid default," he said. The bill -- which now heads to Biden's desk to be signed into law -- ended a day of intense back-and-forth between party leaders and rank-and-file members who had threatened the bill's quick passage with last-minute gripes about the details. Democratic leaders had spent months underlining the havoc that a first default in history would have wrought, including the loss of millions of jobs and $15 trillion in household wealth, as well as increased costs for mortgages and other borrowings. 'Behind the eight ball' The late evening drama came after a series of failed ballots on amendments sought mainly by Republicans who were threatening at one point to hold up the process, dragging it deep into the weekend. Senators elected to offer 11 tweaks to the 99-page text, many objecting to funding levels for their pet projects -- from border control and Chinese trade to taxation and the environment -- and each requiring a vote. Defense hawks upset at Pentagon spending being capped at Biden's budget request of $886 billion threatened at one point to derail the bill's passage entirely. In the end, they fell in line after being offered a commitment to a separate bill providing cash for Ukraine's defense against the Russian invasion, and promoting US national security interests in the Middle East and in the face of Chinese aggression against Taiwan. "As currently written, this bill puts our military behind the eight ball... The first and most important dollars we allocate each year in the budget are those to protect and defend the United States and our interests," said South Carolina Republican Lindsey Graham. America spends more money than it collects through taxation, so it borrows money via the issuing of government bonds, seen as among the world's most reliable investments. Around 80 years ago, lawmakers introduced a limit on how much federal debt could be accrued. Politically toxic The ceiling has been raised more than 100 times since to allow the government to meet its spending commitments -- usually without drama and with the support of Democrats and Republicans -- and stands at around $31.5 trillion. Both parties see raising the debt limit as politically toxic, although they acknowledge that failure to do so would plunge the US economy into a depression and roil world markets as the government missed debt repayments. Republicans hoped to weaponize the extension to campaign against what they see as Democratic overspending ahead of the 2024 presidential election, although hikes in the debt ceiling only cover commitments already made by both parties. Kevin McCarthy, the top lawmaker in the Republican-led House, had touted the bill he spent weeks negotiating as a big victory for conservatives, although he faced a backlash from hardliners on the right who said he made too many concessions on spending cuts. He fell one short of the 150 votes -- two-thirds of his caucus -- he had promised to deliver in the lower chamber as he fought to quell a right-wing rebellion, and needed Democratic help to advance the bill to the Senate. On the other end of Pennsylvania Avenue, the vote was being touted as a major victory for Biden, who managed to protect almost all of his domestic priorities from deep cuts threatened by Republicans. "This legislation protects the full faith and credit of the United States and preserves our financial leadership, which is critical to our economic growth and stability," said US Treasury Secretary Janet Yellen. The post US averts first-ever default with 11th-hour debt deal appeared first on Daily Tribune......»»
Aboitiz redeems bonds ahead of maturity
Aboitiz Power Corp. has fully redeemed its 2018 fixed-rate retail bonds ahead of its maturity schedule......»»
Metrobank raises P23.7 billion from oversubscribed bonds
Metropolitan Bank and Trust Co. has successfully raised P23.7 billion, more than double the original issue size of P10 billion, despite ending the offer period of its peso-denominated bond ahead of schedule due to strong demand......»»
Wall Street revives Russian bond trading after US go-ahead
Following guidelines allowing US holders to wind down their positions, the largest Wall Street firms cautiously return to the market for Russian government and corporate bonds.....»»
Government securities to fetch higher rates
Investors are expected to swarm the auctions for government securities this week as rates for Treasury bills and Treasury bonds may rise ahead of a US Federal Reserve meeting, traders said......»»
Congratulations flood in for Biden’s ‘historic’ win
Congratulations poured in for US president-elect Joe Biden from around the world, with Washington’s allies, particularly in Europe, seeing his win as a chance at a fresh start after the antagonistic years under Donald Trump. From the EU to the UAE president-elect Joe Biden has received congratulations from around the world (AFP/ MANILA BULLETIN) As crowds rushed into the streets of Washington and other cities in exuberant celebration after US networks declared Biden the winner, here are some reactions from across the globe: – Germany – “Congratulations!” said Chancellor Angela Merkel. “I wish luck and success from the bottom of my heart. “Our transatlantic friendship is irreplaceable if we want to overcome the great challenges of our times,” she said in a tweet issued by a government spokesman. – France – French President Emmanuel Macron tweeted: “The Americans have chosen their President. Congratulations @JoeBiden and @KamalaHarris! We have a lot to do to overcome today’s challenges. Let’s work together!” – Britain – British Prime Minister Boris Johnson congratulated Biden “on his election as President of the United States and Kamala Harris on her historic achievement. “The US is our most important ally and I look forward to working closely together on our shared priorities, from climate change to trade and security.” – European Union – In a joint statement, EU Commission President Ursula von der Leyen and Charles Michel, president of the European Council, which represents the leaders of EU member states, said: “We take note of the latest development in the electoral process. “On this basis the EU congratulates President-elect Joe Biden and Vice President-elect Kamala Harris on reaching enough Electoral Votes.” – NATO – NATO chief Jens Stoltenberg described Biden as a “strong supporter of our Alliance”. Stoltenberg, who often had to adapt to President Donald Trump making unexpected announcements about US troop drawdowns from NATO deployments, said in a tweet he looked forward to working with Biden. “A strong NATO is good for both North America and Europe,” he said. – Canada – Canada’s Prime Minister Justin Trudeau said: “I look forward to working with President-elect Biden, Vice President-elect Harris, their administration, and the United States Congress as we tackle the world’s greatest challenges together.” – Barack Obama – Former US president Barack Obama hailed Biden’s win as “historic and decisive” and appealed to Americans to overcome bitter divides and “find some common ground.” “Once every vote is counted, President-Elect Biden and Vice President-Elect Harris will have won a historic and decisive victory,” Obama, Donald Trump’s White House predecessor, said in a statement. – Ireland – The republic’s prime minister Micheal Martin was one of the first to take to Twitter, tweeting: “I want to congratulate the new President Elect of the USA @JoeBiden. Joe Biden has been a true friend of this nation throughout his life and I look forward to working with him in the years ahead. I also look forward to welcoming him back home when the circumstances allow!” – Greece – Prime Minister, Kyriakos Mitsotakis tweeted: “Congratulations to US President-Elect @JoeBiden. Joe Biden has been a true friend of Greece and I’m certain that under his presidency the relationship between our countries will grow even stronger.” – Italy – Prime Minister Giuseppe Conte tweeted: “Congratulations to the American people and institutions for an outstanding turnout of democratic vitality. We are ready to work with the President-elect @JoeBiden to make the transatlantic relationship stronger. The US can count on Italy as a solid Ally and a strategic partner.” – Spain – Prime Minister Pedro Sanchez tweeted: “The American people have chosen the 46th President of the United States. Congratulations @JoeBiden and @KamalaHarris. We wish you good luck and all the best. We are looking forward to cooperating with you to tackle the challenges ahead of us.” – India – “Congratulations @JoeBiden on your spectacular victory!” Prime Minister Narendra Modi tweeted. In a separate tweet to Biden’s running mate Kamala Harris, whose mother was Indian, Modi wrote: “Your success is pathbreaking, and a matter of immense pride not just for your chittis, but also for all Indian-Americans.” “Chitti” is a Tamil term of endearment for the younger sisters of one’s mother, which Harris used in her acceptance of the Democratic nomination for vice president. She is the first woman of color elected to the US vice presidency. – Nigeria – In his congratulations, President Muhammadu Buhari, leader of Africa’s most populous nation, called for “greater engagement” with the continent. He said he looked forward to “enhanced cooperation between Nigeria and the United States, especially at economic, diplomatic and political levels, including especially on the war against terrorism”. – Ukraine – President Volodymyr Zelensky tweeted in English: “Congratulations to Joe Biden, Kamala Harris! Ukraine is optimistic about the future of the strategic partnership with the United States. Ukraine and the USA have always collaborated on security, trade, investment, democracy, fight against corruption. Our friendship becomes only stronger!” – South Africa – President Cyril Ramaphosa said on Twitter his government looked forward to “working with you and deepening our bonds of friendship and cooperation”. – Iraq – President Barham Saleh extended “warmest congratulations” to Biden, describing him as “a friend and trusted partner in the cause of building a better Iraq. We look forward to working to achieve our common goals and strengthening peace and stability in the entire Middle East”. – Egypt – President Abdel Fattah al-Sisi said Egypt, the most populous Arab country, looked forward to “strengthening strategic bilateral ties between Egypt and the US in the interest of both countries and peoples”. – UAE – “Congratulations to @JoeBiden and @KamalaHarris on winning the US elections. Our sincere wishes for further development and prosperity for the American people. The UAE and USA are friends and allies with a strong historic partnership that we look forward to strengthening together,” tweeted Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan......»»
China Bank raises P15 billion from bonds
China Banking Corp. raised P15 billion as investors swarmed its bond offering, prompting the bank to end the fundraising activity ahead of schedule......»»
DOH: Pertussis cases 20 times more than last year
DOH: Pertussis cases 20 times more than last year.....»»
Philippines logs 40 pertussis deaths this year
MANILA, March 28 (Xinhua) -- Forty children have died of whopping cough, a respiratory infection also called pertussis, since this year, the Philippines' Department of Health (DOH) has reported. The DOH said in a statement on Wednesday that cases have continued to increase since the start of this year, recording 568 cases from Jan. 1 to March 16. "The total number of cases for the same period in 2023 was.....»»
Property prices slow in Q4
The growth in property prices has been sustained for 10 straight quarters, albeit at a slower pace in the fourth quarter last year, according to the Bangko Sentral ng Pilipinas......»»
Binance ban a boon to local crypto firms
Local crypto traders are now experiencing as much as four times higher transaction volumes as investors shift their tokens from Binance......»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»