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Cost-cutting buoys Cemex Holdings profits as building yet to restart

Earnings by cement manufacturer Cemex Holdings Philippines Inc. bounced back in the third quarter but hardly due an economic restart......»»

Category: financeSource: philstar philstarOct 29th, 2020

Pandemic hammers HSBC profits in H1

HONG KONG (AFP) – HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions. The lender reported post-tax profits of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion. Chief executive Noel Quinn described the first six months of the year as ”some of the most challenging in living memory”. ”Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility,” he said in a statement to the Hong Kong stock exchange, Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid year. Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain’s departure from the European Union. The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash some 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe. The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic. But HSBC has a further headache — geopolitical tensions via its status as a major business conduit between China and the West. HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth.  Caught in crossfire As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington. The bank has tried to stay in Beijing’s good graces. It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests. The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing’s line. But that has not shielded it from Beijing’s wrath. Last month the bank was a subject of multiple reports in China’s state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant. HSBC released a statement on its Chinese Weibo accounts saying it had not ”framed” telecom giant Huawei or ”fabricated evidence” that led to the arrest of Meng. China’s internet censors blocked access to HSBC’s statement within hours of publication, without offering an explanation. Quinn referenced the bank’s growing political vulnerability in Monday’s statement. ”Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint,” he said. ”However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfill this role,” he added. The bank’s Asia operations continued to show ”good resilience”, Quinn said, with profit before tax of $7.4 billion. Earlier this year Quinn put some of the job cuts on hold as the pandemic struck. But in Monday’s statement he vowed to press ahead with the cost-cutting. ”As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us,” he said......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Lloyds to Cut 1,340 Jobs in U.K. Under Plan to Boost Profits

Lloyds Banking Group Plc, Britain’s largest mortgage lender, will eliminate about 1,340 jobs as part of a cost-cutting program that started in October 2014......»»

Category: newsSource:  mb.com.phRelated NewsOct 12th, 2016

JG Summit, Alliance Global, LT Group posted better Q3 profits

Major conglomerates on Friday reported improved profits in the third quarter from the second quarter as the government eased mobility and quarantine restrictions to help the economy recover from the impact of the pandemic.JG Summit Holdings Inc. of the Gokongwei Group said third-quarter earnings reached P844 million, a turnaround from the P720-million net loss it […].....»»

Category: newsSource:  balitaRelated NewsNov 14th, 2020

DMCI earnings fall in third quarter as building delays persist

A halt in construction activities and weak mining revenues hurt DMCI Holdings Inc.’s earnings despite the economy largely back to business in the third quarter......»»

Category: financeSource:  philstarRelated NewsNov 10th, 2020

COVID-19’s impact on banks manageable – BSP report

The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said.  “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.”  But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019.  “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits.  “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

Big businesses sacrifice to prop up economy during pandemic

The country’s top corporations have shown that they have been walking the talk even before signing the Covenant for Shared Prosperity wherein they have sacrificed profitability in order to take care of their stakeholders and ensure sustainability.                 SM Prime Holdings Inc. Chairman Hans T. Sy said that, during this pandemic, “We were the first to announce to continue all the salaries even when we were all down. So these are all sacrificing profits. Why do we do that? …We are all looking into long term. Investment is not only just for the short term basis, it is really for the long term we’re in here.” SM Prime Holdings Inc. Chairman Hans T. Sy (left) and Ayala Corporation Chairman Jaime Augusto Zobel de Ayala.               Ayala Corporation Chairman Jaime Augusto Zobel de Ayala agreed with Sy, noting that most businesses, “in one way or another has suffered a great deal of pain and, in many ways, to preserve the ecosystem, to retain their employees, the people that support them.”              “I have 1001 examples that I’ve seen during this crisis of everybody sacrificing a great deal,” he noted.              Sy and Zobel were keynote speakers during the launching of the Philippine Business Community’s Covenant for Shared Prosperity organized by the Management Association of the Philippines.              “As we struggle with the COVID pandemic, we also need to address the critical longer-term global issue of inequality which has worsened because of the current health crisis. Many businesses have closed, millions have lost jobs and many are going hungry,” said MAP President Francis Lim.              He noted that, “When the crisis is over, we at MAP would like to see a new ‘normal’ in the way we deal with our stakeholders — our employees, customers, product/service/fund providers, the communities we serve (especially the bottom of the pyramid), the environment and our shareholders (both majority and non-controlling shareholders).”             Lim explained that, “The Covenant… is envisioned to be the private sector’s response to the stakeholder theory now enshrined under the Revised Corporation Code.”             Securities and Exchange Commission Chairman Emilio Aquino explained that the stakeholder theory is a major shift in focus of businesses which used to be focused only in the interests of its stockholders.             Aquino said that, now, publicly-listed companies “are mandated to report on their economic, environmental and social impacts which further strengthened the Stakeholder Theory. At this point, we have seen a drastic paradigm shift in the way corporations do business and create shareholder value. Profit, while essential in the survival of the corporation, is not anymore the sole focus of corporate ventures.”            “Maybe it had to take a beast like COVID-19 for all of us to understand that we all have to support each other as communities and institutions if we are to rebuild successfully,” said Zobel.            He added that, “Now, more than ever, we have to find ways to expand our traditional definition of who we are responsible for and accountable to – well beyond our shareholders and other providers of capital; well beyond the sole pursuit of profit.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

Ayala Group building cancer specialty hospital

Ayala Healthcare Holdings Inc. (AC Health), the healthcare unit of the Ayala Group, is building the country’s first cancer specialty hospital in FTI Complex in Taguig City......»»

Category: financeSource:  thestandardRelated NewsNov 3rd, 2020

Nuclear med facility to cut cancer detection cost

A new building for the Center for Nuclear Medicine Research and Development is set to rise as part of a government program to enable early cancer detection and treatment through more affordable cancer diagnosis in the country......»»

Category: newsSource:  philstarRelated NewsOct 30th, 2020

Memorial lot investments yield good ROI – Golden Haven

Investing in a memorial lot offers higher yield, according to the top executive of Golden Haven Memorial Park. Red Rosales, chief operating officer of the country’s first integrated memorial parks, reported of the huge price valuation of Golden Haven lot owners. Investing in Golden Haven lots now will grant you high returns in the future. When its Golden Haven Memorial Park, Las Pinas first opened in 1984, memorial lots cost only P5,000. “Today that value has gone up to P378,000, showing an impressive 2,240 percent increase or 67 percent increase per annum,” said Rosales. Golden Haven Memorial Park in Las Piñas, a 15-hectare property that features elements of Spanish architecture and a beautiful Butterfly Garden for people of all ages to enjoy. When the park first opened in 1984, memorial lots at this location cost P5,000. The Villar Group owned Golden Haven has also other memorial park investments in other locations. The Golden Haven Cebu, the most beautiful memorial park in the country inspired by Italian design, costs only P25,000 per plot in 2005. Today, a lot at Golden Haven Cebu costs P232,000, an increase of over 828 percent in value or a 46 percent increase per annum. This mountaintop sanctuary maximizes the enchanting surroundings with its various amenities such as the Pope John Paull II Memorial Hill, the Garden Plaze, the Imperial Gardens, among others. Still another choice place is the Golden Haven Memorial Park in Cagayan de Oro which is known for its majestic replica of the famed Christ the Redeemer statue at Rio de Janeiro, Brazil. In 2007, memorial plots at this beautiful location cost P33,000. Today, those plots now cost P89,000, boasting a 170 percent increase in value.  Under normal circumstances, Rosales said that investing in a memorial lot might be the last thing on many people’s minds. After all, the pursuit of leisure and other mundane affairs often take precedence over matters like a final resting place—for themselves or for those they love.          However, Rosales said that realizing how fragile and unpredictable life is may motivate people into making smart decisions now such as investing in a memorial lot at any of Golden Haven’s premier locations. Families go to Golden Haven Memorial Parks not just to visit those long gone but also to forge new happy memories together. “Because there is no telling what lies ahead for all of us, now is actually the best time to invest in a beautiful final resting place that befits the wonderful memories we shall leave behind. In this regard, there is no better choice than a prime lot at any of Golden Haven Memorial Park’s many locations across the country,” he said.  But people do not just buy a memorial lot, they now choose parks that are strategically located, beautifully designed, and high potential for growth.    According to Rosalies, families go to Golden Haven Memorial Parks not just to visit those long gone but also to forge new happy memories together. “Golden Haven inspires this through its elegant architecture that complement the park’s picturesque naturescapes,” said Rosales.  Golden Haven has more going for it than its beautiful parks and tranquil settings that honor the dearly departed. As with any piece of real estate, memorial lots at Golden Haven increase in value over time. “With an annual appreciation of 20 percent, investing in Golden Haven lots now will grant you high returns in the immediate future,” he said. The pandemic also presents opportunities for clever investors—both seasoned and beginners—to purchase properties while price increases have been temporarily halted. He said that many developers are now offering incredibly flexible terms and even substantial discounts to prospective property seekers. They can come in at a low cost—with no risks involved—but with a proven high return on their investments. “Nowhere is this more evident than at Golden Haven, one of the most trusted names in the deathcare industry,” he said. As it works towards having a memorial park in every Filipino’s hometown, Golden Haven now boasts of thirty beautiful and enticing sites across the country, offering memorial lots that make perfect low-risk and safe investments. For the numbers do not lie when it comes to Golden Haven. Rather, they tell a story of continuous growth. Golden Haven is a subsidiary of publicly listed Golden Bria Holdings Inc., currently positioned as the third largest real estate company in the country in terms of market capitalization valued at more than P200 billion......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

Believe it or not: Rival gangs vow to maintain peace inside Bilibid

Leaders of rival gang Sigue Sigue Sputnik and Sigue Sigue Commando vowed to end their squabble and maintain peace among their members. (BuCor / MANILA BULLETIN) They made the assurance through a conversation with Bureau of Corrections (BuCor) Director General Gerald Bantag on Monday during a joint search operation or Oplan Galugad at the New Bilibid Prison (NBP) in Muntinlupa City. BuCor said that both parties gave their assurance that the brawl will never happen again. Members of BuCor NBP, Muntinlupa City Police, Bureau of Jail Management and Penology, Philippine National Police – Special Action Force, and National Capital Region Regional Mobile Force Battalion conducted the search operation NBP Quadrant 4 (Quadrant East – Bldg. 5) and Quadrant 3 (Quadrant South – Bldg. 8). BuCor said that the search operation sustains the preventive and preemptive efforts to halt the violence among the Persons Deprived of Liberty (PDLs) inside the NBP. It added that Building 5 and Building 8 including its surrounding areas were targeted as persistent intelligence reports continue to come in that bladed weapons are being strategically stored in these areas to be used as weapons by members of the two rival groups. More than 400 confiscated prohibited items of bladed weapons and blunt instruments were discovered in various corners and compartments of PDLs’ cells, temporary shelters and even those hidden or buried in the ground. “This search operation is a strong message delivered to these two groups creating violations and distraction inside the prison camp that such criminal behaviors and activities need to be stopped at all cost,” BuCor said. “This search operation will be sustained until such violent behaviors subside and normalcy return to the prison camp,” it added. BuCor expressed gratitude to the PNP especially for the support from NCRPO Regional Director Debold Sinas. They lent anti ballistics shields and Civil Disturbance Management (CDM) shields to the BuCor that tremendously boosted the confidence of its personnel in accomplishing their mission. The PNP-SAF elements also provided perimeter security and standby force during the entire search operation......»»

Category: newsSource:  inquirerRelated NewsOct 13th, 2020

CEMEX Holdings PH takes pride in safe, digital culture

Construction activities in the country were halted when enhanced community quarantine protocols were put into place earlier this year, affecting large scale operations and businesses......»»

Category: techSource:  thestandardRelated NewsSep 4th, 2020

Aljun Melecio s never-ending quest to prove he belongs

Aljun Melecio has these hardware sitting pretty on his trophy case: UAAP 78 Jrs. MVP, UAAP 79 Rookie of the Year, UAAP 79 champion. Now heading into his fifth and final year in De La Salle University, he remains recognized as one of the best point guards in all of college. Well, recognized by just about everybody except himself. Asked if he feels worthy to stand alongside the likes of NCAA 95 Finals MVP Fran Yu or UAAP 82 Rookie of the Year Mark Nonoy, he answered, modest as always, "Nope. I don't. Wala pa akong napapatunayan." Yes, the 5-foot-8 super scorer who was then head coach Aldin Ayo's "most-wanted recruit" feels he is yet to prove himself. Yes, the primetime playmaker who was once comforted by Tab Baldwin after the Green Archers had lost the championship despite his 16 points in Game 3 of the Finals feels he is yet to prove himself. That in itself is not necessarily surprising, though. And that's because all throughout his young career, Melecio has felt, again and again, that he has to prove himself. He had to prove himself even to La Salle, his home of nine years now. "Actually, 'di naman ako ni-recruit ng Zobel dati," he shared. "To be honest, my mindset at that time ay mag-Team B lang sa Zobel para pag may games, mas magagamit ako. Kaysa naman mag-Team A ako and nakaupo lang sa bench." BREAK IN Aljun Melecio, now a graduating guard, is La Salle's most recent homegrown product. Of the Green Archers' probable UAAP 83 roster, the now-22-year-old is the lone player to have come from the Taft-based school's Jrs. programs - and mind you, they have two in La Salle Zobel and La Salle Green Hills. In DLSZ, Melecio was a scoring dynamo who once dropped 42 points on archrival Ateneo de Manila High School. Did you know, though, that he wasn't even supposed to wear the green and white? "I was supposed to transfer sa UST nung high school," he recalled. "Pero napag-usapan naming family na since si kuya, nasa Zobel na nung time na yun, mas okay sigurong Zobel na lang din ako para magkasama kami." Aljun was referring to older brother Aleck who was also his teammate for three years with the Jr. Archers. If not for Aleck, however, Aljun would have suited up for University of Sto. Tomas High School where good friend Renzo Subido had already committed to play for college. After all, it was Subido, and dad Henry, who had convinced the Melecios to move to Manila from Bukidnon. "The reason talaga why we took the risk to come here was because of Coach Henry," Aljun shared, looking back at the time when all of them were repping Lourdes School of Mandaluyong. "They invited us to play basketball in Manila kaya malaki ang utang na loob namin sa Subido family." While Coach Henry and Renzo have been always there to lend a helping hand, that did not necessarily make the transition any easier - especially for a 10-year-old kid who was born and bred in Valencia City. "Grabe yung sacrifice na ginawa namin just for me to have more opportunities in life. That was a big adjustment not just for me, but also for my parents," Melecio said. He then continued, "Dumating yung time na ayoko nang bumalik sa Manila kasi na-homesick ako. Looking back now, normal lang naman siguro yun, lalong-lalo na bata pa ako." BREAKTHROUGH Make no mistake about it, looking back now, Aljun Melecio has no regrets. As he put it, "It was all worth it." Of course, he also had lady luck smile on him somewhat as, yet again following the footsteps of Subido, he transferred from Lourdes to DLSZ. And there, he found yet another mentor willing to believe in him. "Sina Coach Boris [Aldeguer], pagdating ko sa Zobel, they invited me to join yung practice ng Team A. Nagulat ako na kaya ko naman pala so doon na nag-start yung confidence ko," he said. Indeed, Melecio did not let Coach Boris down as in his first year, he proved to be a building block in their rebuild. While the boys from Alabang eventually ended outside the playoff picture, he had made more than enough noise to get the attention of the Philippine national youth team. There, DLSZ's top gun got his first taste of wearing the flag as part of the Batang Gilas training pool. "Masayang-masaya ako nun na makasama sa practice team dahil dream ko talaga maging part nun," he narrated. "May jersey lang and makasali lang ako sa practice, masayang-masaya ako." There, Melecio showcased his skills alongside other promising prospects such as Nieto twins Mike and Matt as well as Jolo Mendoza of Ateneo, Renzo Navarro of San Sebastian College-Recoletos, and Jollo Go of Hope Christian High School. And there, yet again, he knew full well he had to prove himself. During training itself, the new kid on the block believed he was doing so. At the same time, however, he had to come face-to-face with another beast altogether - how to get to practice in the first place. As it turned out, the then-13-year-old had to commute from south to north each and every time he participated in Batang Gilas training. How did his trips go? "From Alabang, mag-tricycle ako to [Alabang] Town [Center] then jeep going to Starmall [Alabang]. After nun, bus to Magallanes, MRT, then LRT, tapos jeep ulit," he shared. He then continued, "So papunta pa lang to Moro, pagod na ako. Then after practice, mag-commute na naman pauwi." Fortunately for him, there were also kind hearts like the Nieto twins who took him to the LRT station in Katipunan or Evan Nelle whom he rode with going back south. Still, around 33km and about an hour separated DLSZ in the south and Ateneo's Moro Lorenzo Sports Center in the north - indeed, that was some sort of workout already. BREAKDOWN In the long run, that was, unfortunately, much too much for young Aljun Melecio. While wearing the flag would have meant much, he also felt circumstances, such as that hell of a commute that cost him PHP 200 for a one-way trip, held him back from giving his all. Instead, Melecio felt he could do much more if he just rechanneled his energy to DLSZ. "After ilang weeks na ginagawa ko yung routine na yun, I started asking myself kung paano maayos yung priorities ko. Pinakiramdaman ko kung saan ako mag-iimprove so I talked to Coach Boris," he said. He the continued, "And I decided na mag-all in sa Zobel." All in for the Jr. Archers, he did, and boy, did it prove to be the right call. He was just getting started in UAAP 76, slowly but surely getting a grasp of both his capabilities and confidence as he helped the green and white barge back into the Final Four. Then in Season 77, it all clicked as he shot the green and white to the second rung of the stepladder all while putting up per game counts of 16.6 points, 6.2 rebounds, 4.1 assists, and 2.3 steals. Without a doubt, he willed his way into the Mythical Team that included the Nieto twins, his batchmates in Batang Gilas. The following year, with averages of 22.7 points, 7.1 rebounds, 3.3 assists, and 2.3 steals, he carried DLSZ all the way to the Finals where they stole one game from eventual champion Nazareth School of National University. And oh, he was the unanimous MVP of Season 78, besting the likes of future Gilas Pilipinas pool members Justine Baltazar and Gomez de Liano brothers Javi and Juan. Even then, though, he wouldn't call himself the best of the best. "I didn't think na I belonged kasi never kong gustong isipin na ganun ako," he said. He then continued, "Ang alam ko lang, I worked extra hard, I had extra motivation to play. Thankfully, coach Boris supported my decision and dahil dun, na-boost yung confidence ko." BREAK FREE From there, Aljun Melecio did nothing but go onto greater and greater heights in La Salle's Srs. squad. Never tell him he has accomplished anything, though, as he would be the first to tell you that you're wrong. Up until now, he feels that he is yet to prove himself. He hopes to prove that he has what it takes to be behind the wheel for the Green Archers' new era. He hopes to prove that he could bounce back following the worst statistical season for him. And he hopes to prove that he has every right to be mentioned in the same breath as his one-time teammates in the Batang Gilas pool and his batchmates who are now part of the Gilas Pilipinas pool. "Lahat naman, ginagawa kong motivation," he said. "May it be positive or negative, we all have our timing so I'm just being patient para sa kung anuman ang ibibigay na chance sa akin." If and when that next shot at wearing the flag comes along, Melecio only vows to do what he has never stopped doing. Asked about getting a golden opportunity at the Gilas pool, he answered, "That's still a dream for me. I know I still have a lot to prove." He then continued, "But I will give my all if given the chance to represent. I always do." If and when that time comes, there would be no more 33km distance, one-hour travel time, or PHP 200 cost. Still, Aljun Melecio would work just as hard - if not more - as he did when he once had to commute south to north just to get to practice. Don't forget, proving himself is already second nature to him. --- Follow this writer on Twitter, @riegogogo......»»

Category: sportsSource:  abscbnRelated NewsAug 29th, 2020

Pandemic Basketball begins, with some comforts of home

LAKE BUENA VISTA, Florida  — Michael Baiamonte was not at Walt Disney World on Wednesday, July 22, 2020. The public address announcer for the Miami Heat wasn’t in the building for the team’s season-restart scrimmage debut. His voice was. The sound of him bellowing one of his signature phrases — “stand up and make some […] The post Pandemic Basketball begins, with some comforts of home appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJul 23rd, 2020

Sports team owners also take a hit due to pandemic

Most teams in different leagues have been trying to cope with the situation with salary cuts and other cost-cutting measures......»»

Category: newsSource:  philstarRelated NewsJul 16th, 2020

UST admin denies cutting athletes scholarship

In a statement, UST's Institute of Physical Education director Rev. Fr. Jannel Novino Abogado, O.P. guaranteed that sports scholarships of the student-athletes will not be affected by cost-cutting measures of the school......»»

Category: sportsSource:  philstarRelated NewsJun 3rd, 2020

Allowances of athletes, coaches cut to 50 percent

BY REY C. LACHICA         Even the national athletes and coaches will have to make some drastic cost-cutting measures after the Philippine Sports Commission (PSC) sliced their monthly allowances to a half beginning next month. In what could be the harshest decision he ever made since joining the government’s sports agency, Ramirez […].....»»

Category: newsSource:  tempoRelated NewsMay 30th, 2020

Cemex says 3-month profit fell to P89m

Cemex Holdings Philippines Inc. said first-quarter net income declined 47 percent to P89 million from P168.6 million year-on-year mainly due to lower operating earnings mostly as a result of COVID-19 community quarantine measures......»»

Category: financeSource:  thestandardRelated NewsMay 4th, 2020

Pilipinas Shell profits P5.6B in 2019

Listed Pilipinas Shell Petroleum Corp. registered 11 percent higher net earnings in 2019, to P5.6 billion, on the back of strong marketing delivery and refinery cost savings that helped temper suppressed regional refining margins and higher excise taxes. In a regulatory filing to the stock exchange, the integrated fuel refining and marketing company said retail […] The post Pilipinas Shell profits P5.6B in 2019 appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsMar 30th, 2020

Rise to the top

Leading property developer 8990 Holdings Inc. takes a step higher as it tops off the first building in its newest 22-tower condo residential development, Urban Deca Homes Ortigas......»»

Category: newsSource:  philstarRelated NewsMar 5th, 2020

Local carriers eye more cost cutting

Local carriers are expected to undertake more cost-cutting measures that may include workforce reduction should the travel ban on major markets persist amid the spreading coronavirus......»»

Category: financeSource:  philstarRelated NewsMar 4th, 2020