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Accenture Cloud First launches with $3 billion Investment

Accenture announced the formation of Accenture Cloud First with a $3 billion investment over three years to help clients across all industries rapidly become “cloud first” businesses and accelerate their digital transformation to realize greater value at speed and scale. Karthik Narain will lead Accenture Cloud First and join the Global Management Committee, effective October 1. .....»»

Category: techSource: thestandard thestandardSep 21st, 2020

Accenture Announces Its Cloud First with $3B Investment

Accenture announced the formation of Accenture Cloud First with a $3 billion investment over three years to help its clients across all industries rapidly become “cloud-first” businesses and accelerate their digital transformation to realize greater value at speed and scale. “COVID-19 has created a new inflection point that requires every company to dramatically accelerate the […].....»»

Category: newsSource:  metrocebuRelated NewsSep 22nd, 2020

Alibaba Cloud invests $283 million to accelerate global partner innovations

Alibaba Cloud, the data intelligence backbone of Alibaba Group, today announced that it will invest RMB2 billion (US$283 million) during this fiscal year to empower global partners and accelerate joint innovations in the post-pandemic era. The investment aims to bring its partners up to speed with digitalization capabilities and create joint products and solutions to benefit even more customers across all sectors......»»

Category: techSource:  thestandardRelated NewsJun 16th, 2020

Huawei Philippines launches Cloud & AI Summit, IP Club

Following the success of Huawei Connect 2020 in Shanghai last September, Huawei Philippines hosted its own Huawei Connect 2020 to introduce ICT solutions more suitable to the Philippine market. .....»»

Category: techSource:  thestandardRelated News2 hr. 39 min. ago

Accenture launches biggest brand move in a decade

Accenture has launched a sweeping brand campaign and new company purpose designed to inspire organizations to embrace change to create more value for the benefit of all......»»

Category: financeSource:  thestandardRelated News9 hr. 56 min. ago

US company investing P11b in Batangas gas import terminal

Texas-based Excelerate Energy LP said Wednesday it is developing the country’s first open access liquefied natural gas import terminal off Batangas Bay with an investment of P11.3 billion ($230 million)......»»

Category: financeSource:  thestandardRelated NewsOct 29th, 2020

AREIT buys P5.1-B office mall

AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., has acquired a mall and office development in Pasig City from the real estate giant for P5.1 billion.                 In a disclosure to the Philippine Stock Exchange, AREIT said it is buying The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig City. “The asset will increase AREIT’s portfolio to 246,000 square meters of GLA from 170,000 square meters and will contribute to its net income and dividends in 2021,” AREIT said. The 30th is a commercial development that was planned and developed by Ayala Land and completed in 2017. The office building is fully occupied predominantly by BPO companies. The 30th includes an amenity retail podium which will be operated and leased by Ayala Land from AREIT. Simultaneous to the acquisition of the building by AREIT, ALI will assign the long-term land lease to AREIT. AREIT wil lease office spaces to tenants, and the retail podium to Ayala Land under a fixed lease as operator of the retail spaces. The acquisition will be funded through debt. It will be a cash purchase with the installment schedule to be agreed by the parties. Currently, AREIT has no debt thereby allowing it to acquire assets that are yeld accretive through leverage. “This demonstrates AREIT’s ability to grow its portfolio and add value to its shareholders while its Sponsor, Ayala Land, Inc. can recycle the capital for its real estate projects in the Philippines,” AREIT said......»»

Category: newsSource:  mb.com.phRelated NewsOct 24th, 2020

Ayala Land to sell Ortigas building to REIT unit for P5.1B

Property developer Ayala Land Inc. is selling a mixed commercial development in Ortigas City to its real estate investment trust company AREIT Inc. for P5.1 billion......»»

Category: financeSource:  thestandardRelated NewsOct 23rd, 2020

Family of missing GenSan cop seeks Senate intervention

GENERAL SANTOS CITY (MindaNews / 21 Oct) – The family of a rookie police officer who went missing at the height of the investigation here last year into a reported P2-billion investment scam is planning to seek the intervention of the Senate to resolve the matter. Lawyer Remigio Rojas, uncle of missing Pat. Kristine Joy […].....»»

Category: newsSource:  mindanewsRelated NewsOct 22nd, 2020

COA questions ‘validity and propriety’ of Land Titling Computerization Project

The Commission on Audit has questioned the “validity and propriety” of the Land Titling Computerization Project (LTCP) of the Land Registration Authority (LRA)that lacked approval of the President and allegedly deprived the government an estimated P3.12 billion in possible income. COA has questioned the  Build-Own-Operate Agreement  (BOO) for the implementation of the LTCP that has so far earned for the private partner of the LRA some P21 billion in just 10 years. The audit agency’s observations are contained in the recently-released  2019 LRA annual audit report submitted to LRA Administrator Renato Bermejo by COA Director Michael Bacani. The LTCP introduced the automation of the functions and processes and standardization of the registration procedure for land registration in the country. COA said the BOO between the LRA and the Land Registration Systems Inc. (LARES) lacked the mandatory approval of the President as required under Republic Act 77198. “Other necessary documentary requirements were likewise not submitted to the Office of the Auditor, thus, validity and propriety of both the BOO and the corresponding IT service fees collected and released by LRA to Lares, Inc. amounting to more or less P20 billioin out of the P21 billion, as doubtful,” COA stated. The BOO was originally entered into by LRA with the Stradec FF Cruz and CONFAC (SUFC) Consortium, now LARES), in 2000 for the implementation of the agency’s Information Technology Network and Database Infrastructure Project. In a special audit on the contract that was conducted by COA from 2004 to 2005, the audit agency concluded that the LTCP “was not efficiently and effectively implemented and the interest of the government and the public was not adequately protected” due to the delay in its implementation. In the 2015 annual audit report, COA observed that various documents covering the BOO were not certified true copies, including the presidential approval of the agreement through then Executive Secretary Ronaldo Zamora. In 2019, COA sought confirmation of the presidential imprimatur of the agreement but Malacanang was not “able to provide positive confirmation on the authenticity of the presidential approval dated July 31, 2000” that was ostensibly signed by Zamora. Originally costing just P3.483 billion, the project was able to earn P21 billion, P20 billion of which was released to LARES. The LRA management took exception to COA’s doubts on the validity and propriety of the BOO agreement is”without factual and legal basis”. Officials of the agency also pointed out that all BOO Contracts are presented to the president through the National Economic Development Authority. “Since the President chairs the NEDA Board, NEDA Board approval already carries with it the president’s approval,” the LRA argued. In the same audit report, COA disclosed that the LRA has failed to incorporate amendments to the agreement with LARES for the provisions of reasonable rate of return (ROI) to ensure that “no unwarranted benefit is given to the LARES” at the expense of the public.” “Likewise the absence of a revenue sharing arrangement deprived Government of more or less P3.12 billion of possible income,” the state audit agency noted. Audit examiners stressed that LRA has continuously failed to assess the “extent of recoupment of the investment” relative to the total IT services fee imposed and collected.  They said this is”detrimental to the paying public which the government ought to protect.” COA also assailed LRA for allowing the use of 12 “outdated” network switches, “causing security vulnerability and possible performance defect due to bugs.” Further, only two out of 10 software licenses were used for the project. Among the outdated software installed was the Kaspersky Security version 10.0.0.485......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

Labella eyes P10B for Cebu City 2021 annual budget

CEBU CITY, Philippines — Cebu City Mayor Edgardo Labella is considering only P10 billion for Cebu City’s 2021 annual budget. Labella said this on Saturday, October 10, 2020, a day after the P22.3 billion Annual Investment Plan (AIP) was endorsed by the Cebu City Development Council (CCDC)  The mayor said that even if the annual […] The post Labella eyes P10B for Cebu City 2021 annual budget appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsOct 10th, 2020

SEC approves local Del Monte’s P7.5-B bond offer

The Securities and Exchange Commission (SEC) has approved the public offering by Del Monte Philippines Inc. (DMPI) of fixed-rate bonds worth up to P7.5 billion. The Commission En Banc resolved to render effective the company’s registration statement for up to P5 billion worth of bonds, with an oversubscription option of up to P2.5 billion, subject to the company’s compliance with certain remaining requirements. DMPI will issue the bonds at face value, consisting of series A bonds due 2023 and series B bonds due 2025. They will be listed and traded on the Philippine Dealing & Exchange Corporation. The company expects to net P7.39 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature. The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Service Corporation. BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and RCBC Capital Corporation were tapped as joint issue managers, joint lead underwriters, and joint bookrunners for the offer......»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

CCDC submits 2021 ‘wish list’; seeks approval of P22.3B AIP

CEBU CITY, Philippines –The Cebu City Development Council (CCDC) is seeking a P22.3 billion allocation in 2021 for the implementation of programs and projects that will improve health, environment, social services, and traffic management in the city. A breakdown of these projects were included in the city’s Annual Investment Plan (AIP), said Councilor Raymond Alvin […] The post CCDC submits 2021 ‘wish list’; seeks approval of P22.3B AIP appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsOct 9th, 2020

Salceda eyes $20b in foreign investments

Albay Rep. Joey Sarte Salceda seeks to lead a “relentless policy effort to secure whale-sized trading and investment opportunities for the Philippines” worth as much as $20 billion, amid the escalating US-China trade tensions that push global manufacturing investors to diversify their value chains......»»

Category: financeSource:  thestandardRelated NewsOct 6th, 2020

SEC clears SMIC’s P30 billion bond issue

SM Investments Corp., investment holding firm of the Sy Group, obtained the Securities and Exchange Commission’s approval to issue as much as P30 billion worth of bonds......»»

Category: financeSource:  philstarRelated NewsSep 24th, 2020

DA asks NEDA approval for additional P14-B funding

The Department of Agriculture (DA) is seeking the approval from the National Economic and Development Authority-Investment Coordination Committee (NEDA-ICC) for the additional P14-billion funding to extend the Philippine Rural Development Project (PRDP), the largest World Bank-funded project in the country. PRDP National Deputy Project Director Shandy Hubilla said that even ... The post DA asks NEDA approval for additional P14-B funding appeared first on Manila Bulletin......»»

Category: newsSource:  mb.com.phRelated NewsSep 11th, 2020

Italy launches probe into Google, Apple cloud services

Italy's competition watchdog Monday said it had opened probes into tech giants Google, Apple and Dropbox for possible unfair commercial practices in their cloud computing services......»»

Category: newsSource:  thestandardRelated NewsSep 8th, 2020

UnionBank expands cloud-based service

Aboitiz-led Union Bank of the Philippines is further expanding its cloud-computing footprint through its partnership with Amazon Web Services as it continues to reap the benefits of its annual P3 billion investments in the digital space......»»

Category: financeSource:  philstarRelated NewsSep 4th, 2020

Investment pledges up in Davao Region amid pandemic

DAVAO CITY (MindaNews / 27 August) – Approved investment pledges registered in Davao Region increased to P2.4 billion in the second quarter this year despite the crippling impact of the coronavirus disease (COVID-19) on the economy, National Economic Development Authority-Davao director Maria Lourdes Lim said. Lim said this figure is higher by 79.29-percent compared to […].....»»

Category: newsSource:  mindanewsRelated NewsAug 29th, 2020

TIEZA, tourism groups continue to seek financial support

The Tourism Investment and Enterprise Zone Authority, as well as tourism groups, is appealing to the House of Representatives to prioritize the financial support for the tourism stakeholders under the sector’s P10 billion allocation in the proposed Bayanihan to Recover as One or Bayanihan 2 bill in a bid to help revive the industry......»»

Category: financeSource:  philstarRelated NewsAug 18th, 2020

Ayala& rsquo;s REIT unit concludes P12-b IPO

AREIT Inc., a real estate investment trust sponsored by Ayala Land Inc., concluded its P12.3-billion initial public offering amid the current volatile trading environment because of the coronavirus pandemic......»»

Category: lifestyleSource:  abscbnRelated NewsAug 6th, 2020