Korea& rsquo;s Hynix buying Intel& rsquo;s flash memory chip business
Seoul, South Korea—The world’s second-largest chipmaker, South Korea’s SK Hynix, announced a record $9-billion deal Tuesday to buy Intel’s flash memory chip operation as it seeks to bolster its position against rival behemoth Samsung Electronics......»»
Pilmico on World Bread Day: Bread’s transformative impact on communities
Every year on 16 October, the world celebrates “World Bread Day” to honor all kinds of bread around the world. A dietary staple in people’s lives for centuries, bread plays a much more significant role in the lives of those who bake bread as their primary source of livelihood. Pilmico has been a steadfast partner of bakers since 1962. It has given out 108 bakery kits nationwide since it started distributing livelihood kits in 2016. In honor of the “World Bread Day,” Pilmico reflects on how it has helped change the lives of several people through bread. Feeding the future Pilmico’s “Kutitap Feeding Program” was launched as a sustainable initiative to address malnutrition in public schools while at the same time supporting local bakeries. The program was made possible through the help of its partner bakeries, who went through technical training and received equipment from Pilmico. They provided bread to public schools within their communities. The Kutitap Feeding Program started in Iligan City in 2015 and in Tarlac in 2018. Since then, the program has progressively evolved through the years. Due to pandemic restrictions, it was turned into the “Kutitap Care Package,” where students received baked goods and eggs through its partner bakery, Aguila Bakeshop. Now, the program has also started incorporating meats in the meals served to the daycare students in Bamban, Tarlac. Aside from feeding students with nutritional bread, this initiative also contributed to the success of some partner bakeries such as C&G Bakery from Iligan City. Marlon C. Gecale, owner of C&G Bakery, has devoted his life to baking — from when he was a teen working as a baker to an adult owning his bakery. In between, he worked as an OFW and his passion for baking grew stronger, prompting him to have his own bakery. After buying an oven with his first salary, Gecale and his wife spent the next five years building their small bakery while he worked abroad. In 2017, they applied to become a bakery partner for Pilmico’s “Kutitap Feeding Program.” They were determined to prove that their small bakery could fulfill the demands of the program despite their new and small bakery. By partnering with Pilmico for the Kutitap Feeding Program, C&G Bakery, owned by Marlon Gecale, was able to expand to three more branches in Mindanao. Gecale underwent a month-long training with Pilmico where he earned new technical skills in baking and new recipes, which he still uses in his bakery. Since then, their bakery has grown and has been a reliable partner of Pilmico in various programs including the Iligan Community Pantry. Today, C&G Bakery has expanded to three branches in Iligan City, Misamis Oriental and Zamboanga del Sur. 'Tinapay Ti Uno' program Aside from Pilmico’s own initiatives, it has partnered with local government units such as the Department of Agrarian Reform Tarlac for the “Tinapay Ti Uno” program in partnership with Technical Education and Skills Development Authority, Department of Trade and Industry and the Office of Congressman Jaime Cojuangco from the 1st District of Tarlac province. This program aims to create healthy buns using locally sourced ingredients from Agrarian Reform Beneficiary Organizations and provide them to public school students in the 1st district of Tarlac. A total of 11 ARBOs participated in a bun and special bread competition where the winners will be responsible for the distribution of buns to the students. In the competition held last 24 2023, three ARBOs were hailed as the grand winners: Cabayaoasan Farmer Agriculture Cooperative from Paniqui, Tarlac; Bacabac Farmers Producers Cooperative from Brgy. Bacabac, Camiling, Tarlac; and Sinulatan 1st Agriculture Cooperative from Brgy. Sinulatan 1st, Camiling, Tarlac. Each winner received a bakery livelihood package from Pilmico that included an oven, stainless steel table, bread rack, bread showcase, proofer with cover, spiral mixer and 10 Pilmico flour sacks. In addition to the equipment, the winners were to receive technical assistance and bakery management training from Pilmico as they set up their bakery business. During the winners’ onsite bakery training in Camiling, Tarlac last 3 October, it was revealed that two out of the three ARBOs have already opened their bakeries within their communities. In celebration of “World Bread Day,” Pilmico emphasizes its unwavering commitment to providing high-quality flour that helps create nutritional bread products. “We believe in the transformative power that a simple loaf of bread can bring to people’s lives, especially those who rely on it as their main source of livelihood. Pilmico is dedicated to delivering the finest flour for the community’s bread making needs,” said Ma. Katrina Bayog, Pilmico Corporate Social Responsibility manager. The post Pilmico on World Bread Day: Bread’s transformative impact on communities appeared first on Daily Tribune......»»
Blueprint for a sustainable tomorrow
Through a combination of cutting-edge technology, data science and a culture of innovation, Aboitiz Land is making innovative strides in the real estate industry, establishing benchmarks for sustainability and community development. This commitment to adaptability and progress was underscored by Aboitiz Land CEO and president David Rafael during his presentation at the CEO Forum of the CREBA Golden Jubilee National Convention & Housing Expo on 28 September 2023, held at Conrad Manila. Aboitiz Land's dedication to environmental sustainability is evident in every facet of its residential real estate developments. The company's sustainable master plan features prioritize harmony with nature, respecting the natural topography of the land and integrating existing water and landforms like lagoons and hilly terrain seamlessly. This human-centric approach extends to the promotion of green open spaces across high-end and mid-market projects, fostering a connection between residents and the environment. A pinnacle of this commitment is its residential enclave, The Villages at Lipa, within the 800-hectare integrated LIMA Estate. LIMA Estate proudly holds a five-star BERDE certification, a testament to its eco-friendly practices including energy and water efficiency, waste management and community well-being. Poised to become a blueprint for smart cities, it leverages digital technologies for enhanced urban operations. Aboitiz Land also embraces innovation in construction technology, utilizing precast concrete panels to reduce greenhouse emissions associated with traditional concrete production. This approach not only contributes to a significant reduction in environmental impact but also translates into tangible benefits for homeowners, including reduced energy consumption. Aboitiz Land understands the urgent demand for accessible and quality housing in the Philippines. The company addresses this by strategically placing its projects near emerging growth centers and infrastructure. This not only eases congestion in central business districts but also creates job opportunities for thousands of Filipinos. Aboitiz Land’s notable developments include The Villages at Lipa in LIMA Estate, Foressa Mountain Town in the West Cebu Estate and Ajoya communities in key areas of Central Luzon, which is at the heart of the current infrastructure development and growth centers. To help address the critical issue of 6.5 million housing backlog and rising property costs, Aboitiz Land has introduced OneVecino, an innovative digital platform. This tool provides digitized solutions for property search, payments, customer support and property management. It's tailored to cater to the needs of overseas Filipino workers, making home buying more accessible and secure. Aboitiz Land's commitment to community well-being is likewise demonstrated through various CSR initiatives. Elevate AIDA, in partnership with Connected Women, provides digital skills training to women near our communities in Luzon, advances gender parity and promotes socio-economic development. Meanwhile, Project Banca, recognized as an Outstanding CSR Project in Disaster Resilience, supported 60 fisherfolks with motorized fishing boats in areas affected by typhoon “Odette,” showcasing Aboitiz Land's dedication to community well-being and resilience. Aboitiz Land's corporate governance framework is rooted in core values of Integrity, Teamwork, Innovation and Responsibility. The developer is the real estate arm of the Aboitiz Group, which has consistently been acknowledged as one of the best managed conglomerates in the ASEAN region, exemplified by the Golden Arrow Recognition awarded to Aboitiz Equity Ventures. The post Blueprint for a sustainable tomorrow appeared first on Daily Tribune......»»
Fools in suits
When a ranking Department of Agriculture official was asked in a recent Congress hearing what steps the agency had taken to break the rice cartel, he replied that he did not believe that a “mafia” existed. Coming from a high DA official, the statement revealed that nothing was being done to stop the syndicate that everyone in the industry knows about since, to the authorities, it does not exist. In the reenacted Anti-Agricultural Smuggling Act of 2016, smuggling, hoarding, profiteering, and forming cartels for agricultural and fishery products are considered economic sabotage and are non-bailable offenses for which a long jail term could be meted out. The strengthened law, however, lacks strong teeth against government officials who are in cahoots or protect the syndicates. Contained in the proposed bill is a provision indicating that any government officer or employee found to be an accomplice in the commission of the crime will “suffer the additional penalties of perpetual disqualification from holding public office, exercising the right to vote, from participating in any public election, and forfeiture of employment monetary and financial benefits.” The bill is pending in both houses of Congress. With the slow grind of justice in the country, a public official looking for a fast buck will not hesitate to risk his job in exchange for a huge payback. The recent series of events showed the markets are being manipulated by the big players in the sugar, vegetable and rice businesses. These syndicates are known to be deeply entrenched due to their connections with government bigwigs who facilitate their domination of the markets either through edicts or the use of public resources. In the most ridiculous situation, the recent spike in onion prices was found to be artificial since farmers were even throwing away their harvests because of low farmgate prices, thus there was no reason for prices to surge. Later, it was exposed in a congressional hearing that a cartel had succeeded in manipulating the onion market to create a condition that would require its importation, from which its members would make a killing. The warehouse and storage facilities are controlled by the mafia which makes it easy to create artificial conditions to which the market reacts by raising retail prices. The ultimate goal is to coax the government to allow importation from suppliers in overseas markets that are also flooded with the commodity, The cartel rakes in profits from both the high markup and the kickbacks from the overseas suppliers desperate to sell their surplus. The woeful victims are the Filipino farmers whom the cartel boxes out of the market. In extreme cases, these farmers just throw away their harvest since they cannot afford to transport their products without the middlemen who are also in the pocket of the cartel. The same goes for the rice industry, where the market was manipulated for a different reason, which was to kill the rice tariffication law that kicked the National Food Authority out of the import business. Rice prices then surged to as high as P56 a kilo, which pushed President Ferdinand Marcos Jr. to impose price ceilings. The NFA used to have a monopoly on importation, but that resulted in acrimonious confrontations at the apex of government. The tariffication law, in turn, opened importation to all grain traders and relegated the NFA to buying rice from local farmers. Under the new anti-smuggling bill which has the endorsement of Mr. Marcos, an Anti-Agricultural Economic Sabotage Council headed by the President or his designated permanent representative will be formed. The proposed body will have the power to investigate and file charges, as well as freeze violators’ funds, properties, bank deposits, placements, trust accounts, assets and records. The creation of the body looks good on paper but in the real world, it might just add another layer of bureaucracy and source of corruption unless the cartel, which DA officials claim does not exist, is dismantled. Chief Presidential Legal Counsel Juan Ponce Enrile has a simple solution for breaking the cartel, which is for the government to confiscate all the rice overstock and let the owners of the warehouses prove that their huge inventory is legitimate. Such a move would prompt the traders to release more rice into the market to avoid confiscation. The imposition of the price cap on rice indicated that the prices are artificial since the markets are now selling at lower than the manipulated prices despite conditions being constant. An expected bumper harvest is also prompting the prices to go back to normal, after the attempt of the cartel to create a price shock to support their effort to return to the old ways. To know the real situation, President Marcos goes out of his way to see what is on the ground. His underlings, particularly at the Department of Agriculture, should do better. The post Fools in suits appeared first on Daily Tribune......»»
Biden’s son Hunter to plead not guilty to gun charges
US President Joe Biden's son Hunter will plead not guilty to charges of illegally buying a gun when he was using drugs, his lawyer said Tuesday. Hunter Biden, 53, was charged last week with two counts of making false statements when claiming on forms required for a 2018 gun purchase that he was not using drugs illegally at the time. On Tuesday, Hunter Biden's lawyer, Abbe David Lowell, asked the judge presiding over the case in the eastern state of Delaware to hold the first court appearance by video conference instead of requiring his client to attend in person. Hunter Biden currently lives in California. "Mr. Biden understands both the charges against him and his rights... and we believe the Court can be assured of that fact by conducting this initial appearance by video," Lowell said in the letter to US Magistrate Judge Christopher Burke. "Mr. Biden also will enter a plea of not guilty, and there is no reason why he cannot utter those two words by video conference," Lowell said. "Mr. Biden is not seeking any special treatment in making this request," he added. "He has attended and will attend any proceedings in which his physical appearance is required." Hunter Biden is also facing a third charge, based on the same statements, that he illegally possessed the gun during an 11-day period in October 2018. If convicted on all three felony charges, he could face 25 years in prison, though in practice the offenses are seldom punished by any jail time. The indictment came two days after Republicans in Congress opened an impeachment probe against Joe Biden, a Democrat, alleging that when the elder Biden was vice president he benefited financially from his son's foreign business dealings. They alleged, without offering hard evidence, that while vice president in 2015-2016, Biden intervened to protect an allegedly corrupt Ukrainian energy company, Burisma, where Hunter Biden sat on the board. The gun charges against Hunter Biden were filed by Justice Department special counsel David Weiss, who has been investigating him since 2018 over various allegations, mostly related to his overseas business deals. A plea deal between Hunter Biden and Weiss, covering the gun charge as well as alleged tax violations, collapsed two months ago. Hunter Biden is a Yale-trained lawyer and lobbyist-turned-artist, but his life has been marred by alcoholism and crack cocaine addiction and his indictment has cast a shadow over his father's campaign for reelection next year. The post Biden’s son Hunter to plead not guilty to gun charges appeared first on Daily Tribune......»»
Biden’s son Hunter indicted on gun charges
US President Joe Biden's son Hunter was indicted Thursday for illegally buying a gun when he was using drugs, casting a new shadow over his father's campaign for reelection next year. Hunter Biden, 53, was charged with two counts of making false statements when claiming on forms required for the 2018 gun purchase that he was not using drugs illegally at the time. A third charge said that, based on the false statements, he illegally possessed the gun during an 11-day period in October that year. If convicted on all three felony charges, Biden could in theory face 25 years in prison, though in practice they are seldom punished by any jail time. In attesting that he was not an unlawful user of drugs when he bought the Colt Cobra revolver, Biden "knew that statement was false," the Justice Department said. The indictment came two days after Republicans in Congress opened an impeachment probe against Democrat Joe Biden, alleging that when he was vice president he benefitted financially from his son's foreign business dealings. The legal troubles of Hunter Biden present a target for political rivals of his father, who is bidding for a second term in the White House. Hunter is a Yale-trained lawyer and lobbyist-turned-artist, but his life has been marred by alcoholism and crack cocaine addiction. Without offering any evidence, Republicans have accused Biden's Justice Department of protecting his son and have accused Weiss, a Republican appointee, of going easy on Hunter. Representative James Comer, a Republican from Kentucky who will be leading the impeachment inquiry, welcomed the filing of the gun charges, calling it a "very small start." "Mountains of evidence reveals that Hunter Biden likely committed several felonies and Americans expect the Justice Department to apply the law equally," Comer said. Twice-impeached former president Donald Trump reacted on his Truth Social platform. "This, the gun charge, is the only crime that Hunter Biden committed that does not implicate Crooked Joe Biden," he said. - Plea deal collapsed - But a leading Democrat, Keisha Lance Bottoms, ex-mayor of Atlanta and a former senior adviser to Joe Biden, questioned why Hunter had been charged. "Can anyone tell me how many people have been federally indicted for purchasing a gun while dealing with substance abuse issues?" Bottoms said on X, formerly known as Twitter. "I don't know the answer, but in my over 29 years as an attorney, I have never heard of it." The gun charges were filed by Justice Department special counsel David Weiss, who has been investigating Hunter Biden since 2018 over various allegations, mostly related to his overseas business deals. Two months ago a plea deal between Biden and Weiss, covering the gun charge as well as alleged tax violations, went sour. Biden agreed to plead guilty in federal court in Delaware to two minor tax charges. In exchange he was offered probation, as he had already paid what he owed the government along with penalties. Weiss agreed to suspend the felony gun charge if Biden completed "pretrial diversion," which often involves counseling or rehabilitation. But in a dramatic July 26 hearing, the deal collapsed over whether Biden would have been immune from any other charges also investigated by Weiss, including possible crimes related to his business dealings in Ukraine, China and elsewhere. The judge mentioned the possibility that Biden could be charged as having acted as a lobbyist for foreign governments without registering with the Justice Department. Three weeks later, after the deal collapsed, Weiss dropped the tax charges and said an indictment on the gun charge would come by the end of September. As the 2024 election race swings into gear, Republicans in the House of Representatives on Tuesday formally opened an impeachment inquiry against President Biden. They alleged, without offering hard evidence, that while vice president in 2015-2016, Biden intervened to protect an allegedly corrupt Ukrainian energy company, Burisma, where Hunter Biden sat on the board. Republicans allege Joe Biden and his family reaped large sums for helping Burisma. The post Biden’s son Hunter indicted on gun charges appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
Biden leads US tech push in Vietnam
President Joe Biden and senior executives from top US tech firms including Google and Intel met Vietnamese business leaders Monday after the two countries agreed to deepen cooperation as Washington seeks to counter China's growing clout. Biden and Vietnam's ruling Communist Party chief -- the country's paramount leader -- struck a "comprehensive strategic partnership" as Washington pushes to boost its network of allies around Asia and the Pacific. The United States sees manufacturing dynamo Vietnam as an important part of its plan to decrease reliance on China for supplies of strategic resources, and the new pact includes agreements on semiconductors and rare earths. Executives from tech behemoth Google, chip makers Intel and GlobalFoundries, and aviation giant Boeing joined Biden and Secretary of State Antony Blinken for an "innovation and investment summit". They held talks with senior figures from a host of leading Vietnamese tech and manufacturing companies including electric car maker VinFast, internet firm VNG and digital wallet Momo. At the talks, Biden announced that flag-carrier Vietnam Airlines had agreed a $7.8-billion deal with Boeing to buy 50 medium-haul 737 airliners. Other deals announced include Microsoft developing a "generative AI-based solution tailored for Vietnam" and NVIDIA teaming up with local companies to deploy artificial intelligence in the cloud, automotive and healthcare sectors. Semiconductor security The new partnership includes an agreement on semiconductors, with the United States committing to help Vietnam develop its capabilities and expand production, including by funding workforce training. Tiny semiconductors are vital to modern life, found in every electronic device from children's toys and smartphones to electric cars and sophisticated weapon systems. Biden moved last month to restrict US investment in Chinese technology in sensitive areas including semiconductors, quantum computing and AI. With Washington looking to diversify and strengthen its supply chains after a series of shocks hit the global economy, it is increasingly looking to Vietnam, which has the world's second-largest deposits of rare earths -- another strategically vital resource -- after China. The White House highlighted US investment in chipmaking in Vietnam, pointing to a new $1.6 billion factory near Hanoi due to start operations soon. China difficulties Biden insisted Sunday that he did not want to "contain" China, but accused Beijing of seeking to change the rules of the international order. And in their joint statement, Biden and Trong launched a fresh broadside at Beijing in the sprawling, multi-state territorial row over the South China Sea. They warned against "threat or the use of force", days after the latest clash involving Chinese vessels, and insisted the competing claims to the strategic waterway must be settled under international norms. Beijing claims almost the entire sea, through which trillions of dollars in trade passes annually, and has ignored an international court ruling that its assertion has no legal basis. The president met Chinese Premier Li Qiang -- the country's number two leader -- on the sidelines of the G20 summit in Delhi on Sunday. Biden said the major economic problems Beijing was wrestling with would limit its scope for action, particularly on Taiwan -- which China regards as a renegade province. "China has a difficult economic problem right now for a whole range of reasons that relate to the international growth and lack thereof and the policies that China has followed," he said, pointing to high youth unemployment and real estate issues. "I don't think it's going to cause China to invade Taiwan. As a matter of fact, the opposite -- it probably doesn't have the same capacity that it had before." Vietnam has its own squabbles with Beijing, notably over the contested South China Sea. Hanoi's state media on Monday hailed the deal with former war foe the United States as "historic". Biden will end his visit by paying his respects at a memorial to his friend John McCain, the former US Senator shot down in Hanoi as a pilot during the Vietnam War. The post Biden leads US tech push in Vietnam appeared first on Daily Tribune......»»
Filipino-Indian billionaire sought relief from DOJ
Filipino-Indian billionaire Rajiv Chandiramani has asked the Department of Justice to junk the complaint against him for multiple counts of falsification of public documents filed by his estranged brother for being “baseless, contrived, and manufactured.” Rajiv, in his 25-page counter-affidavit filed through his counsel, denied committing any falsification in order to take control of the more than P1 billion worth of properties left behind by their father Prem Chandiraman following his death in 2011. He claimed that the falsification complaint was merely resurrected by his brother to pressure him to give in to the latter’s demands for more money after their initial compromise agreement in 2022. “By re-filing the complaint for falsification of documents as against Rajiv, Amith has violated his waiver and quitclaim. In the regime of law and order, repudiation of an agreement validly entered into cannot be made without any ground or reason in law or in fact for such repudiation,” Rajiv said. Contrary to his brother’s claim, Rajiv recounted that because of his business ethics, he was able to establish a good business reputation in the business community, particularly in the Filipino-Indian community. Rajiv is the owner of Rheana’s Trading Inc., which is one of the leading domestic companies engaged in the business of buying, selling, distributing, and importing electronic products and accessories. While his older brother, according to Rajiv, got hooked on illegal drugs and was confined in several drug rehabilitation facilities. Rajiv said his brother, in 2020, was released from a drug facility and then stayed in Dubai. A year after, Rajiv claimed there were several defamatory messages against him that were being circulated among relatives, friends, and colleagues, particularly, that he had allegedly falsified several sale documents. With this, Rajiv conducted his own personal investigation and was convinced that these defamatory messages originated from Amith. “It eventually became apparent that Amith started these malicious rumors as he wanted additional monies from Rajiv and their mother,” Rajiv said. Rajiv initially sought redress before the courts by filing a complaint for damages with an injunction against Amith to prevent and dissuade him from continuously spreading malicious allegations against him. He also filed a criminal complaint for cyber libel against Amith. Meanwhile, Amith, in July 2022, filed a criminal complaint for falsification of public documents against Rajiv and their mother and several other respondents before the Office of the City Prosecutor of Makati City. He alleged that Rajiv conspired with their mother to falsify the signature of their deceased father as appearing on several sale documents. In order to end their rift and upon persuasion of family members, Rajiv said he agreed to a compromise with Amith, which led to the mutual withdrawal of the cases that were filed against each other at that time. The agreement also provides a waiver and quitclaim covering any and all potential claims or rights against each other arising from, or in connection with the cases, as well as the estate of their late father. Rajiv, as part of the consideration for the compromise agreement, bound himself to pay Amith the total amount of P150 million by way of support. Rajiv said he has been complying with his contractual undertakings in providing Amith with monthly support of Php600,000, including giving financial assistance for Amith to put up his own electronics trading business. But was surprised to learn that Amith violated their agreement by resurrecting the falsification complaint against him. Amith in his complaint, claimed that Rajiv, their mother Pushpa Chandiramani, and several others connived in depriving him of his inheritance from their father Prem, amounting to billions of pesos in the form of real estate properties and business interests. Among the properties that he claimed were illegally taken from him by Rajiv and his cohorts was a prime 1,559 square-meter lot in Cubao, Quezon City with Transfer Certificate of Title No.46459. But the camp of Rajiv maintained that the compromise agreement entered into by him and Amith is a valid and enforceable contract; thus, the latter is barred from filing a falsification of public documents complaint. “The act of Amith in re-filing or reviving the Complaint for Falsification of Documents with the NBI is a violation of the compromise agreement, and his desistance, waiver, and quitclaim undertakings,” Rajiv said. He disclosed that he has filed a formal complaint for specific performance and damages seeking to compel Amith to comply with the provisions of the compromise agreement and the waiver and quitclaim. Presently, the complaint is pending with the Regional Trial Court of Makati City, Branch 145. The post Filipino-Indian billionaire sought relief from DOJ appeared first on Daily Tribune......»»
Semiconductor industry having a renaissance — player
Even if unharmed by the onslaught of the Covid-19 pandemic three years ago, the semiconductor industry is fast regaining momentum, and even experiencing a renaissance as proven by a top executive of CIRTEK Electronics Corporation, an independent complete solution provider for subcontract manufacturing of semiconductor devices. In his guest appearance on the DAILY TRIBUNE’s digital show Business Sense, Brian Liu, managing director and CEO of Cirtek Electronics Corp., said the company’s full-year 2022 performance has breached its all-time high performance in 2019. “We reached an all-time high prior to the pandemic in 2019. But because of the effects of Covid-19, world economies closed. Supply chain problems occurred. So, we took a bit of a slowdown during that time frame; 2020 to 2021 was a bit of a slowdown for us,” he said. Renaissance “We do believe that the semiconductor industry is in a renaissance right now where a lot of the supply pool is shifting away from Greater Asia and making its way to Southeast Asia so this should serve as a good tailwind for the semiconductor industry,” he added. According to tradingeconomics.com, semiconductor exports from the Philippines climbed 0.8 percent year-on-year to a seven-month high of $6.70 billion in June 2023, following an upwardly revised 2.4 percent gain in the prior month. Sales grew for electronic products (12.0 percent), other manufactured goods (2.8 percent), ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships (14.6 percent), machinery and transport equipment (11.2 percent), and cathodes and sections of cathodes of refined copper (38.5 percent). By destination, sales increased to China (15.0 percent), Hong Kong (15.9 percent), the US (6.9 percent), the Netherlands (59.4 percent), South Korea (4.4 percent), Malaysia (3.1 percent), and the European Union (23.0 percent). Benefiting from WFH Further, he said the work-from-home arrangements during the pandemic have even generated pent-up demand for chips that they manufacture. “So basically, it is a mix, we keep our portfolio as diversified as possible. But back in the height of the pandemic, radiofrequency and communication chip sets comprised a large volume of our production because of the demand for work-from-home hybrid spaces. This prompted a lot of demand for higher bandwidth and connectivity,” he said. “Some of these chipsets go to the laptops that we work on so as you know demand for laptops also surged during work-from-home setups, and right now we’re seeing an industrial revolution where a lot of traditionally mechanical devices are being electrified,” he added. AI’s help As contentions about artificial intelligence or AI grow in various parts of the world, Liu said AI is beneficial to his industry in terms of improving their production. “Now we are seeing a new need for a new sub-segment such as artificial intelligence to power new automation and new devices through this automated way of machines learning and doing things on their own. This has created new device families as well, especially in the processing space and the hybrid system and packages. We are talking about multi-function chip sets being consolidated into one system. Hence a new product family is being derived,” he explained. Liu maintained that the semiconductor industry will remain a very crucial part of everybody’s lives, seeing that semiconductors comprise the very impetus of technology itself. “So, any gadget, any device, or any equipment would not be able to function without the aid of semiconductors, and because of the continuous evolution of technology and new innovations being created, this catalyzes new semiconductor device families to be continuously created, and that’s why I do believe that semiconductors play a crucial role as the building block of technology itself,” according to Liu. The Cirtek Group harnesses more than 29 years of expertise in the assembly and testing segment of the semiconductor industry and has been accredited and certified by several international quality institutions for the latest quality system standards. Beginning with just three customers in 1984, the company through its subsidiaries has significantly grown its customer base to 42 at present. “We are an independent Filipino semiconductor company, located at the Heart of Laguna Techno Park. Basically, we maintain a very highly diversified portfolio, so we do semiconductors for RF and communications, industrials, aerospace, consumer, system, and packages, and automotive as well,” Liu stated. The post Semiconductor industry having a renaissance — player appeared first on Daily Tribune......»»
Rethink tax
How does the Philippines attract more foreign investment? Last week, big business groups, including the American Chamber of Commerce of the Philippines and investors inside Clark and Subic freeports, appeal the review and amendment of pertinent rules issued by the tax bureau to preserve the original intent of the Create Act. According to the group, the IRR and the BIR issuances “effectively stopped” the enjoyment of the tax incentive and other fiscal perks, as some investor firms are now levied with VAT and other taxes. The group cited data from the World Bank, which showed that the Philippines only account for 5 percent of the total average foreign direct investment in the Asean (2011-2021) while neighbors like Singapore, Indonesia, Thailand, Malaysia and Vietnam account for 53 percent, 11 percent, 11 percent, 9 percent and 8 percent, respectively. They warned that, if the issue is not resolved, the Philippines’ ranking in global competitiveness might further slide down. In fact, Taiwanese businesses inside Clark and Subic freeports have been appealing to the authorities about these benefits issue for some time. As it is widely known, while Filipinos have high English proficiency, high electricity rates, poor infrastructure, transportation systems inadequacy, supply-chain shortages and lack of tax incentives are among the issues businesses are facing in the Philippines. Vietnam and Singapore have been top investment destinations for Taiwanese companies in the Asean. It is estimated that the overall volume of investment from Taiwan to the Philippines is only 1/16 of overall Taiwanese investment in Vietnam. To create a more amiable environment for FDI, it takes the government to be more determined to invest in infrastructure projects and address these pressing issues with all-out effort. In recent months, the Taiwan Semiconductor Manufacturing Co., referred to as “the sacred mountain” that protects Taiwan, has declared several investment plans in the US, Japan and Germany. These projects have raised global attention and it is worth noting that the German government reportedly will contribute up to €5 billion (P306 billion) to the European Semiconductor Manufacturing Company plant in Dresden, Germany, which will be 70-percent owned by TSMC, with German multinational engineering and technology company Bosch, German semiconductor manufacturer Infineon and Dutch semiconductor designer and manufacturer NXP each holding 10 percent equity stake. German public broadcaster Deutsche Welle reports that the reason TSMC chose Dresden to build the factory is most likely because of the cluster effect. Dresden is the capital city of the German state of Saxony where it has been the epicenter of chip production in Europe. It is reported that every third semiconductor made in Europe comes from Saxony. The region also benefits from the presence of prominent research institutes and universities to provide talents, such as Fraunhofer and Technical University Dresden, one of the foremost technical institutions in Germany. Simply put, while investment incentives are not something required for companies when they make decisions to invest in a certain country, it does play a significant role and the authorities have to consider how much they want to attract foreign investment and use these critical tools wisely. The post Rethink tax appeared first on Daily Tribune......»»
How Leveraging Consumer Purchasing Behaviors Will Help Your Business
Knowing your consumers’ preferences and buying habits can help you devise ways to entice them to purchase your products or avail of your services. While consumer behavior is a complex topic, it is crucial to note that leveraging this can help your business in the long run. Entrepreneurs who understand the psychology behind the different […].....»»
Ex-ally sues Monaco’s ruler in ‘Rock Files’ scandal
A former confidant of Monaco's ruler Prince Albert II is suing the monarch in an unprecedented and potentially damaging court case triggered by the release of leaks that have rocked the usually placid Mediterranean playground for the rich and famous. Claude Palmero was for over two decades in charge of managing the palace's assets, first for Albert's father Rainier III, the husband of the US actress Grace Kelly, and then their son Prince Albert when he became ruler in 2005. But now Palmero is asking for around one million euros ($1.1 million) in damages from the palace, according to a complaint seen by AFP, over losing his job after becoming embroiled along with other former senior palace officials in unverified allegations posted in the "Dossiers du Rocher" ("Rock Files", referring to Monaco by its nickname) website from 2021. The website hosted videos, confidential email conversations and hostile articles dealing with property development in the principality. The controversy has roughed up the usually calm waters around Monaco, a tiny principality surrounded by French territory which attracts ultra-rich residents –- like tennis star Novak Djokovic and formula 1 champion Lewis Hamilton -- due to its favourable tax regime. With a population of barely 40,000, Monaco neither imposes income nor wealth taxes. Among the material published by Dossiers du Rocher were email exchanges between four people close to Albert, including Palmero, accusing them of collusion in an alleged financial scam. As well as Palmero, Albert's chief of staff Laurent Anselmi also lost his job in June. 'From another age' In charge of the crown assets, Palmero was known as a Monegasque eminence grise, who was tasked with strategic issues including taking a stake in Nice's airport and buying property, as well as being a keeper of palace secrets. He lodged an appeal against his dismissal in the case before Monaco's constitutional court, known as the Supreme Tribunal, that his lawyer filed on 13 July. "No reason has ever been given to justify these decisions that come from another age and manifestly violate the principle of legality," said the complaint filed by one of his lawyers Pierre-Olivier Sur and seen by AFP. "Prince Albert II during his reign has congratulated himself in front of his subjects and the whole world that Monaco is a state of law. "Alas, there are circumstances where this principle is sadly forgotten by him and favour the violence of arbitrariness," it added. Palmero is seeking the condemnation of the prince to repair "the immense moral damage, injury and disruption to living conditions", claiming the one million euros and his reinstatement. Albert's lawyer Jean-Michel Darrois said in response: "This is a discretionary decision by the royal house as is the case with several other monarchies." But the controversy is deeply unwelcome for Albert, who has already been under intense scrutiny over his marriage to Princess Charlene, the former South African Olympic swimmer in 2011, in French and international media in recent months. Charlene only returned to Monaco in March 2022 after a months-long absence for medical treatment. Raids and infighting The case, which is set to be heard in the coming weeks, comes as judicial authorities launched a series of searches in mid-July at the four former confidants of the prince accused in the Dossiers du Rocher. All those involved deny the allegations put forward by the Dossiers du Rocher, which published their private correspondence and whose origins remain a mystery despite investigations by the French and Monaco authorities. Patrice Pastor, a Monegasque construction entrepreneur, has filed a complaint over alleged influence peddling against them. But while they suspect him of being behind the website the businessman strongly denies this. The purported motive of Pastor, whose group is worth up to 30 billion euros, is alleged by his enemies to have wanted to maintain control over lucrative real estate transactions in the principality, which Palmero and his allies sought to limit. According to official figures, 88 new apartments were sold in 2022 in Monaco, for a stratospheric total amount of 1.2 billion euros. The Pastor group is particularly involved in the Mareterra project, six hectares of luxurious buildings looking out to the Mediterranean. First reported by France's Le Monde daily, the searches targeted, in France and Monaco, the homes and offices of Claude Palmero, the law firm of Thierry Lacoste, childhood friend of the prince, Laurent Anselmi, and Didier Linotte, president of the Supreme Tribunal, who is about to leave office. Monaco's prosecutor general refused any comment. The four men do not deny being in touch with each other but insist it was to deal with regular business of Monaco. Two other men are also reported to be part of the group: former Monaco government chief Michel Roger, who is said to have formed it, was left a paraplegic after an accident in 2015. The sixth man was Jean-Francois Renucci, former head of the court of cassation in Monaco, who died in a car accident between Monaco and Nice in 2021 just as the Dossiers du Rocher scandal was erupting. The four allege that Pastor has now won the favor of the prince but this was denied by a palace aide. "This prince does not take sides," the aide, who was not named, told Le Figaro daily. The post Ex-ally sues Monaco’s ruler in ‘Rock Files’ scandal appeared first on Daily Tribune......»»
Beyond the Product: Why Good Relationships Are Important for Your Business
As an entrepreneur, you must know what influences your customers’ buying habits. Most customers would like to buy from a store that they know or popular brands such as Nike, Adidas, Jolibee, Starbucks, Krispy Kreme, and more. Making your business more appealing comes down to your customer’s impression of your business. Creating a good first […].....»»
Former Twitter exec says a mercurial Musk rules by ‘gut’
A fired Twitter product manager said Elon Musk ran the company newly renamed X by instinct not data, surrounded by sycophants with his mood changing unpredictably. Esther Crawford, whose picture sleeping in a Twitter office late last year made her a viral sensation, shared her thoughts on Wednesday in a lengthy post at X. "I disagree with many of his decisions and am surprised by his willingness to burn so much down, but with enough money and time, something new and innovative may emerge," Crawford said in the post. Crawford joined Twitter when it bought her startup in 2020, before Musk bought the social media platform for $44 billion. "In person Elon is oddly charming and he's genuinely funny," Crawford said. "The challenge is his personality and demeanor can turn on a dime going from excited to angry." Twitter employees feared being called into meetings with him or having to deliver negative news, according to Crawford. "At times it felt like the inner circle was too zealous and fanatical in their unwavering support of everything he said," Crawford wrote. "Product and business decisions were nearly always the result of him following his gut instinct, and he didn't seem compelled to seek out or rely on a lot of data or expertise to inform it." Musk seemed to trust random feedback and Twitter polls more than employees working to solve problems at the company, according to Crawford. "His boldness, passion and storytelling is inspiring, but his lack of process and empathy is painful." Musk has proven success tackling engineering problems, but a social networking platform requires emotional intelligence, Crawford said. She did not spare the previous management, calling it "bloated" and "soft and entitled" where "teams could spend months building a feature and then some last-minute kerfuffle meant it'd get killed for being too risky." Musk killed off the Twitter logo this week, replacing the world-recognized blue bird with a white X. After buying Twitter, Musk had said that he wanted to create a super-app inspired by China's WeChat, which would function as a social media platform and offer messaging and payments. Since Musk bought Twitter last October, the platform's advertising business has collapsed as marketers soured on Musk's management style and mass firings at the company that gutted content moderation. In response, the billionaire has moved toward building a subscriber base and pay model in a search for new revenue. Many users and advertisers alike have responded adversely to the social media site's new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts. The post Former Twitter exec says a mercurial Musk rules by ‘gut’ appeared first on Daily Tribune......»»
Microsoft profits soar, key cloud business slows
Microsoft's quarterly profits soared, the company said Tuesday, as its big push into artificial intelligence seemed to be bearing fruit but growth in its key cloud computing business slowed. An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations. The company posted $56.2 billion in sales for the quarter, which also beat expectations. Even though its share price slipped in after-hours trading, the 48-year-old tech titan remains the world's second most valuable company after Apple, with a market capitalization of $2.6 trillion. Microsoft shares had lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product -- which includes Word, Excel, and Teams -- with AI powers. This was an extra boost to a stellar year for Microsoft, whose big gamble on AI has so far been rewarded with a share price hike of about 45 percent this year. The heart of the company's activity is the Azure cloud service, which competes with Amazon's AWS and Google Cloud to offer businesses their computing needs. Demand for cloud computing slowed after a historic surge during the pandemic, and Microsoft and its rivals hope that the extra computing demands needed for AI will revive sales. The tech giant said Azure and other cloud services saw revenue growth of 26 percent year-over-year, down slightly from the previous quarter. Microsoft began 2023 with an announcement that it had entered into a close relationship with OpenAI, the company behind ChatGPT. The Redmond, Washington-based company swiftly integrated ChatGPT's powers into its Bing search engine, breathing new life into a product that has been unable to compete with Google. Microsoft has also pressed on with its big move to expand beyond its popular Xbox video game console by buying Activision Blizzard for $75 billion. The deal has faced major regulatory scrutiny over competition concerns, but after an effort by US authorities to block the deal failed in court, the move looks likely to succeed. The post Microsoft profits soar, key cloud business slows appeared first on Daily Tribune......»»
House vs. condo: Which is a better investment?
Buying your own home is a decision that undoubtedly ranks among the most critical choices an individual can make. Discovering the ideal space for your safety, comfort and personal preferences is paramount when considering property investment. It must be a place where you can find solace, freedom and a breath of fresh air away from the chaos of daily life. But the question that looms large for many is whether to invest in a house or a condo unit. The certainty of buying a property during a recuperating economy is a valid concern. However, according to Collier International’s latest report, both the local office and residential property sectors are expected to recover from the disruptions of the past year. The gradual reopening of the economy will support the demand in the residential sector, including pre-selling and secondary markets. Cost efficiency is subjective when it comes to owning a property. Condominiums are typically less expensive than houses due to their size, and their maintenance is usually cheaper as you are only responsible for the interior of your unit. With association fees in place, you won’t have to worry about exterior maintenance or administrative assistance. Condos have a dedicated Property Management Team consisting of professionals who are specifically trained to oversee the day-to-day operations of the property. While houses provide homeowners the freedom to customize a larger space and transform it into your ideal home, you will be responsible for all maintenance and repairs. Regardless of whether you choose a house or a condo, it is essential to have a realistic budget in mind before beginning your property search. Functional facilities Condominiums offer a plethora of state-of-the-art functional facilities such as swimming pools, fitness gyms, kids’ play areas, game rooms and lounges. Communal areas provide condo owners with an abundance of ways to relax and unwind without having to travel too far from their residences. These communal spaces also foster interaction among residents, enabling them to forge connections and establish a sense of community. On the other hand, houses may not offer as many amenities to homeowners. Depending on the type of lifestyle you want, the amenities incorporated into the spaces play a crucial role in enhancing your quality of life. Security is a top consideration when looking for a place of your own. As condos have shared spaces such as lobbies, hallways, parking and amenity areas, they often have dedicated security personnel and 24/7 surveillance systems in place. In contrast, houses have individual entrances and private spaces, which may require homeowners to implement their own security measures. Moreover, condos often have controlled access points, such as key card systems and intercoms. These help regulate who can enter the building and add an extra layer of security. Houses, on the other hand, rely on individual means of access control, such as locks, alarms, and security systems installed by homeowners. Convenience-wise, condominiums are usually strategically located in prominent business districts and mixed-use communities, offering unparalleled convenience to their owners. These prime locations give residents effortless access to a myriad of lifestyles and commercial establishments. From trendy retail outlets, cozy cafes and vibrant entertainment venues, condominium dwellers find themselves amidst a thriving urban ecosystem. MidPark Towers, located in the heart of Aseana City, is the epitome of sophisticated city living. With its world-class amenities and convenient access to transportation linkages, lifestyle centers, businesses and services, it offers a luxurious retreat from bustling city life. The property is also just a 10-minute drive from Ninoy Aquino International Airport via NAIAx and is near the Entertainment City, home to Solaire Resort and Okada Manila. Developed by Aseana Residential Holdings Corp., MidPark Towers is a four-tower residential property set for completion in the last quarter of 2023. The predominantly glass façade of the four towers exudes an elegant and sophisticated ambiance. The units are spacious and livable, ranging from studios (40 sqm +/-) to three bedrooms (120 sqm +/-), offering endless possibilities for creating a perfect home. MidPark Towers also provides a host of amenities to support growing families and inspire the imagination and creativity of children. From kid’s play areas to outdoor pools, fitness gym and private and business lounges, it offers a truly rewarding experience of luxury and comfort. The post House vs. condo: Which is a better investment? appeared first on Daily Tribune......»»
Hostage
That recent report on how a budget airline earned spectacular revenues from rebookings, cancellation fees, and refunds was insane! Seriously, how could an airline get away with that? How can the owners live down this unconscionable business practice? I myself was a victim of this opportunistic policy by the very same airline — and the revelations and mountain of complaints in the recent Senate hearing all validated this usurious practice. In my case, I tried to rebook a confirmed flight to Dubai days before the scheduled flight because something important came up. The Dubai trip was more for leisure so it could be rescheduled to a later date. So I tried to rebook to around the fourth quarter of the year and even thought of canceling or changing the itinerary to another destination. Alas, my only choice with this airline was to rebook to a later date, but not for the other two options I had in mind. Their app wouldn’t allow it. But when I processed the rebooking via their app, lo and behold, the airline was charging me a “change fee” equivalent to the base fare of the one-way trip to Dubai! Now why should I be penalized when my rebooking would not disrupt their operations since it was being done with enough time to spare? I paid the regular fare, not a promo one, and in rebooking I chose the flight schedule with the same base fare as the original one. Now let’s stipulate that there is a rebooking fee that is charged per industry practice. But the question is, why that exorbitant amount when it was like I was buying a new ticket? I would understand if the change fee was minimal but to charge me double? That is highway robbery! Going back to the question of how this airline can get away with murder — well, this is what happens when oligarchy rules, when we really do not have a choice as consumers. This is the byproduct of a flawed Constitution, which is so damn restrictive about business ownership and investment policies that we the consumer are held hostage, most especially in the basics, such as electricity, water, telephone, Internet, and, yes, transportation. We are held hostage to unfair and onerous concessions in the management of the aforementioned utilities, and it is no wonder that because of such anomalies, we are lagging so far behind our ASEAN neighbors. In a matter of time, Vietnam and Cambodia will completely overtake us in terms of real economic growth and infrastructure development, and if nothing game-changing is done in our socio-economic sphere that would spur real growth and opportunities, then we might as well prepare to fight it out with Timor-Leste for the investment pittance or afterthought. It’s really frustrating, especially when we already managed to climb out of the sinkhole, only to have this deja vu feeling of being dragged down by incompetence and apathy. Insofar as the abusive business practice of the budget airline in question, I do hope something definitive is done for its management to make amends and for consumers to be really protected. What this budget airline is doing is bordering on criminals and, seriously, it should not be allowed to get away with it. Otherwise, we will continue to be hostaged to greed. Mark my word. The post Hostage appeared first on Daily Tribune......»»
SEC Cebu cracks down on bogus investment firms
The Securities and Exchange Commission yesterday warned Cebuanos on fraudulent investment companies amid its crackdown against unlicensed securities sellers. “The prevalence of fraudulent investment solicitations is something we have to keep in mind. Never invest in companies that have no secondary license from the SEC,” Atty. Sheara Lupangco-Tamayo, director of the SEC Cebu Extension Office, said. “Our mandate to investigate and take out these criminals who threaten the public’s financial safety is never-ending. The public can cooperate by reporting violators, companies and/or individuals,” Tamayo added. SEC Cebu’s Enforcement and Investor Protection Department has filed a criminal complaint against two companies for soliciting investments from the public without the proper license from the SEC, in violation of Republic Act 8799 or the Securities Regulation Code. The EIPD charged Astral Fuel, Apollo Drugstore and Diagnostics Center Inc., One Oasis Premier Holdings Corporation and Kalahari Leisure Farm Club Inc. for violating Sections 8.1, 26, 28 and 51.3 of the SRC. The complaint is directed at Astra Fuel and Apollo president and chairman Ramon Julius Grajo, who also established One Oasis and Kalahari. Included in the complaint were 50 other beneficial owners, directors and officials of the mentioned companies. The case stemmed from various inquiries from the public in March 2021 regarding the authority of Astral Fuel and Apollo to solicit investments from the public. On 23 September 2021, the EIPD posted an advisory on the SEC website, warning the public against investing in Apollo. SEC received several complaint-affidavits from the public stating that Astral Fuel and Apollo conducted investment solicitation activities through social media sites such as Facebook, Youtube and Google which were verified by the EIPD. Both Apollo and Astral Fuel are registered with SEC, but they don’t have license to solicit investments nor applied for such license. The SRC prohibits the sale or distribution of securities in the Philippines without a registration duly filed with and approved by SEC. Brokers engaged in the business of buying or selling securities are likewise required to be registered with the SEC. The Daily Tribune tried to interview Grajo for his side, but he has not replied as of presstime. The post SEC Cebu cracks down on bogus investment firms appeared first on Daily Tribune......»»
Isuzu PH to expand market in Valenzuela City
Isuzu Philippines Corporation (IPC), the country's leading truck manufacturer and distributor will soon be opening its doors at the highly urbanized City of Valenzuela in Metro Manila. In a 2,000 sqm land along Mac Arthur Highway Corner Bartolome Street in Valenzuela City, Isuzu plans to build its 49th dealership to be operated by long-time dealer principal, Industrial & Transport Equipment, Inc. (INTECO), the same dealer group handling Isuzu dealerships in Quezon Avenue, EDSA, Pampanga, Pangasinan, and Baguio. “As part of our ‘Road to 50’ program we continue to expand our reach to more cities in the provinces and now in the Metro. Valenzuela is a heavily populated city that also houses multiple manufacturing and logistics companies, so we would like to as much as possible bring our products closer to the market and cater to the businesses in the area by bringing a bigger service facility for them. With the excellent customer service of INTECO, we are confident that our customers in the area will be in good hands as soon as we open,” IPC President Tetsuya Fujita. Isuzu Valenzuela will support the new Isuzu Outlet Standard (IOS) design, highlighting a modern and conducive ambiance for customer journey with a spacious showroom and service shop to receive more customers. The dealership can accommodate 4-unit display including trucks, a customer lounge, service reception with a parts & accessories display area. While the service shop is designed to cater from light to heavy-duty vehicles, with 4 light commercial vehicle bays, 4 light-duty truck bays and 1 heavy-duty truck bay with provisions for further expansions in the future. “This new dealership solidifies INTECO’s dedication and commitment to continue to provide business and transport solutions to a bigger market in the Metro. Without any major issues, we expect the construction to be completed by 4th quarter, just in time for buying season,” said INTECO President Raymond Jarina. To know more about Isuzu Philippines’ world-class roster of commercial vehicles and latest news, log on to IPC website at www.isuzuphil.com. The post Isuzu PH to expand market in Valenzuela City appeared first on Daily Tribune......»»
SEC raps 4 ponzi firms
The Securities and Exchange Commission has filed a complaint before the Department of Justice against four companies illegally soliciting investments from the public. The Commission on Tuesday said it asked the DoJ to subject Astral Fuel Station Corporation, Apollo Drugstore and Diagnostics Center Inc., One Oasis Premier Holdings Corporation and Kalahari Leisure Farm Club Inc. to criminal prosecution. Criminal complaint The SEC Enforcement and Investor Protection Department, or EIPD, filed a criminal complaint against Astral Fuel and Apollo for soliciting investments from the public without the proper license. It violated Republic Act 8799 or the Securities Regulation Code or SRC. The Commission implicated Astral Fuel and Apollo president and chairman Ramon Julius Grajo, who was found to have established two other companies, namely One Oasis and Kalahari, along with other owners, directors and officials of the companies. Various inquiries The case stemmed from various inquiries from the public in March 2021 regarding the legality of Astral Fuel and Apollo soliciting investments from the public. The SRC prohibits the sale or distribution of securities in the Philippines without a registration duly filed with and approved by the Commission. Brokers need to be SEC-registered too Brokers engaged in the business of buying or selling securities are likewise required to be registered with the SEC. Although both Apollo and Astral Fuel are registered with the Commission, neither have the required license to solicit investments nor have they filed for such with the SEC. All the companies were likewise found to have the same office address, with Ramon Julius Grajo serving as president, incorporator, and director, and One Oasis owning 99.99 percent of the total authorized capital stock of Apollo. The post SEC raps 4 ponzi firms appeared first on Daily Tribune......»»