PLDT buying Sky Cable’s broadband business for P6.75B
PLDT Inc. is set to buy Sky Cable’s broadband business and other related assets for P6.75 billion, a move seen to bode well for the customers of both companies. In a statement on Thursday, PLDT Inc. announced its proposed acquisition of the Sky Cable’s shares as the telco giant gears up to expand its network […] The post PLDT buying Sky Cable’s broadband business for P6.75B appeared first on Cebu Daily News......»»
ABS-CBN clarified PCC has not completed its review of broadband business sale to PLDT
ABS-CBN clarified that the Philippine Competition Commission has not completed its review of the proposed P6.8 billion sale of Sky Cable’s broadband business to PLDT......»»
Sunken optic cable network rolling out
Fibernet Construkt Corp. along with Internet service provider Converge ICT Solutions Inc., have submitted to the local government an unsolicited proposal to build a fully underground fiber optic cable network for Cebu City along the city’s South Road Properties’ main road. FKC is in the business of building and maintaining broadband infrastructure facilities for telecommunication operators and internet service providers In their meeting with Cebu City Mayor Michael Rama, Converge chief executive officer and co-founder Dennis Anthony Uy, said he “could begin realizing Rama’s “dream of a city like Singapore for Cebu by placing all the lines of telecommunication companies (telcos) underground starting with those in the city’s main thoroughfares.” “He (Rama) asked me for my opinion. I told him it is too costly to put an underground cabling network for the whole of Cebu. It’s too expensive. Overhead expenses for underground cabling for power, for instance, is 10 to 15 times more. If you pass the costs on to consumers, they will raise a howl. So, I told him to start with telecommunications because that’s where you see a lot of ‘spaghetti wires.’ I think 50 percent of what you see are telecom wires which are no longer active,” said Uy in a media briefing during Converge’s official launch on Boracay Island recently. Bad experience “What happened during typhoon ‘Odette’ was a bad experience for Cebuanos. Utility posts were hit, and it took two months to put back on power,” he said. Thus, Uy is convinced that Cebu City badly needs to move all electricity and communication lines underground as part of its disaster resiliency strategy to prevent massive blackouts and connectivity losses during calamities like typhoons. For his part, FKC chief executive officer Jinho Kwon said FKC “intends to service the needs of the major telecommunications company and other service providers in Cebu City South Road Properties to enable them to provide full Telecommunication Broadband and Cable TV connectivity including Internet connectivity and other services in the said properties.” Unsolicited proposal Both Uy and Kwon personally went to Cebu City to present their unsolicited proposal to Rama. Kwon said the proposal is meant “ to support the Cebu City government’s direction to develop a Smart City with fully equipped and disaster resilient telecommunication network where information and communication technologies are utilized to increase operational efficiency and improve both quality of services and citizen welfare.” FKC is in the business of building and maintaining broadband infrastructure facilities for telecommunication operators and Internet providers. Moving power and telecommunication lines underground bolsters economic growth and ensures business continuity even during calamities, Uy and Kwon stressed. The post Sunken optic cable network rolling out appeared first on Daily Tribune......»»
Fitch unit: Tower sale, Sky Cable acquisition credit positive for PLDT
PLDT Inc.’s decision to embark on another tower sale and acquire Sky Cable’s broadband business is “credit positive” for the company......»»
PLDT takes over Sky Cable’s internet business
PLDT Inc. has acquired the broadband business of Lopez-owned Sky Cable Corp. for almost P7 billion in a deal that cements the market dominance of the telco giant......»»
PLDT to take over Sky s broadband business
PLDT Inc. is set to acquire Sky Cable Corp.'s broadband business for P6.75 billion. .....»»
So long to Sky Cable
News is out that Sky Cable will sign off by month’s end, making it the second major broadcast carrier and communications conglomerate to write 30 in as many months, after CNN Philippines last January. PLDT’s purchase of the cable provider has finally been approved by the concerned agencies, so Sky pay TV will transition to Cignal while still retaining its broadband service......»»
As door closes for Sky, window opens for Converge
Is cable TV in the Philippines dead? Broadband provider Converge ICT Solutions Inc. thinks otherwise, as it plans to even expand its presence in the pay TV segment with the impending shutdown of a major player......»»
Sky Cable to shut pay TV
Cable operator Sky Cable Corp. is ending its pay TV business toward the end of February, as it moves to become a dedicated connectivity provider as part of its merger with PLDT Inc......»»
Paco’s best is yet to come
Francisco “Paco” Delgado Magsaysay, at 55, is focusing his energy back into the family’s cable TV business after an unexpectedly successful diversion into a niche ice cream business venture that has now been acquired by the Metro Pacific Group......»»
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......»»
CdO biz group seeks capital via tax perks
The Cagayan de Oro Chamber of Commerce and the City Government have enticed various stakeholders to ramp up investments in the city. During the Cagayan de Oro Investment Forum on Thursday, George Sio Goking, city councilor and representative of CdO Mayor Rolando Uy, said the province now is very business-friendly, adhering to the mandates of the Ease of Doing Business Act. “We are the first in Mindanao to be commended by the Anti-Red Tape Authority. Also, the business climate in Cagayan de Oro is conducive to investments as we provide enough incentives to our investors. The government is open to the needs of our investors,” he said in an interview. Good business prospects exist in Cagayan de Oro City, according to Goking. Growth industries Among the growth sectors are the business process outsourcing and IT-BPM sector. “We have enough land there to transform into industrial firms. CDO has 60 hectares of land ready for development through private-public partnerships. To date, the City Government of Cagayan de Oro is offering investment opportunities such as the P4.5 billion Waste-to-Energy Project, a priority urban infrastructure project under the Sustainable Urban Infrastructure Development for Metro Cagayan de Oro; the Commercial Land and Lease at The New City, which already begun with the P25 billion 20,000-unit mid-rise housing project of the Department of the Human Settlements and Urban Development; and P4 billion worth Development, Construction and Operation of the Cagayan de Oro City Sewerage project. Meanwhile, private company Gedah Holdings, Inc. has also poured in a P27 billion project for the Development of Paraiso Hill, a 39-hectare master planned and mixed-use estate that is part of the East-Uptown Urban Development Area. Another private firm, Philippine Aerial Ropeway and Cable Transit Corporation has also placed P8.8 billion worth of investments in the development, construction and operation of the Cagayan de Oro Aerial Mass Transit System. The post CdO biz group seeks capital via tax perks appeared first on Daily Tribune......»»
Converge’s 2-M reach mirrors strong demand for cheap internet plans
Converge ICT Solutions Inc.'s low-cost plans have reached more than two million homes, which signifies the strong mass market demand for efficient and affordable internet services. Converge CEO and Co-Founder Dennis Anthony Uy said on Monday that the company will beef up its product portfolio to better serve customers from different income groups. “We are proud to mark this milestone in our mission to leave no one behind as we empower Filipinos with world-class fiber connectivity. This is a result of our effort to expand growth opportunities through providing more affordable connectivity solutions,” Uy said. Converge finished the first half of the year with a total of 1.97 million residential subscribers, including 1.92 million postpaid and 54,000 prepaid customers. It gained over 92,000 net additional subscribers from January to June. Citing internal data, Converge said August has been its best-performing month in terms of sales. As such, analysts expect an upsurge in sales in the second half of the year. “We are encouraged by the continued growth of our residential subscriber base in the first half of 2023. This is further proof of the superiority of our broadband product, coupled with our people’s laser focus on meeting customers’ needs,” said Converge COO Jesus C. Romero. Converge has launched a prepaid product called Surf2Sawa or S2S, which is gaining traction among budget-conscious customers. The market's positive reception of the product was reflected in the 77 percent growth, with over 25,000 net additions in the second quarter compared to the previous quarter. Its postpaid subscribers sustained its steady growth as the newly-introduced low-cost postpaid plan BIDA Fiber complemented the company’s core product, FiberX, which starts at P1,500 a month with a speed of 200 Mbps. Meanwhile, BIDA Fiber costs P888 per month with a speed of 35 Mbps to connect a maximum of six devices. All three products (FiberX, BIDA, and S2S) offer unlimited data consumption. Converge presently operates the biggest fiber-to-the-home network in the country with more than 7.8 million ports nationwide, as of the first half of the year, as well as one of the country's most extensive cable systems with 670,000-kilometer fiber backbone. As of the end of June 2023, its network infrastructure has passed over 16.6 million Filipino homes, equivalent to 62.3 percent of household coverage nationwide. The post Converge’s 2-M reach mirrors strong demand for cheap internet plans 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......»»
The Murdoch business: an empire on three continents
Over the last six decades, Rupert Murdoch built a media empire well beyond his native Australia, amassing key media properties across three continents in a run that was also characterized by multiple scandals. Through his companies, News Corp and Fox Corporation, Murdoch built one of the world's most substantial portfolios of newspaper and broadcast holdings under one roof. Murdoch's wealth was estimated at $17.3 billion by Forbes on Thursday when he announced he was handing the reins to his son Lachlan while shifting to an "emeritus" status at the two companies. Here is a closer look at the two businesses. News Corp The business includes Murdoch's holdings in his birth country of Australia -- led by The Australian, the lone national daily started by Murdoch in 1964. The company also owns Australia The Daily Telegraph and news website News.com.au, as well as television station Sky News Australia and pay television company Foxtel. Murdoch's initial investment in Britain came in 1969 with the purchase of the tabloid News of the World, which was shut down in 2011 following a phone hacking scandal. In 1981, he purchased the prestigious daily The Times, along with The Sunday Times, adding to a print news business that also included The Sun. Holdings in radio and television included talkSPORT, TalkTV, and Virgin Radio UK. News Corp is also present in Ireland with local radio stations. Murdoch's push in North America dates to 1985 with his purchase of the New York Post. In 2007, News Corp landed a major acquisition of the media group Dow Jones, whose holdings include the long-respected Wall Street Journal. The company in 1987 added the publishing house HarperCollins, which originally dates to 1817. HarperCollins bought romance publisher Harlequin in 2014. News Corp also controls Rea Group, which specializes in commercial and residential real estate through websites such as realtor.com and flatmates.com.au. In fiscal 2023, News Corp reported profits of $149 million on revenues of $9.9 billion. Fox Corporation In 1984, Murdoch acquired 20th Century Fox, an entity he reorganized and remade. In 2017, he sold the movie studio, renamed 21st Century Fox, to Disney. Fox Corporation is now comprised of the national television channel Fox and several cable channels, as well as Fox News, which is known for a right-wing spin on news popular with conservative Americans. Other holdings include the entertainment news network TMZ, as well as Studio Ramsay Global, which features British celebrity chef Gordon Ramsay and the MasterChef franchise. In fiscal 2023, Fox reported profits of $1.3 billion on $14.9 billion in revenues. The post The Murdoch business: an empire on three continents 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......»»
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......»»
Converge, Caritas Manila partner to uplift underprivileged communities
Leading fiber broadband provider Converge ICT Solutions Inc. and the lead social service and development ministry of the Catholic Church in the Philippines, Caritas Manila, recently signed a partnership agreement to help improve the quality of life of communities, provide children with better education, and give the underprivileged access to livelihood opportunities. Converge president and co-founder Grace Uy and Caritas Manila Executive Director Rev. Fr. Anton B. Pascual led the signing of the memorandum of agreement, which officially signified the start of their partnership to assist and uplift the most vulnerable sectors of society. Not just providing technology “Converge is not just vested with the mission of providing technology to enrich the lives of Filipinos; it also has the mission of extending the benefits and opportunities of technology to underserved communities. Apart from being a connectivity provider, we hope that this partnership with Caritas Manila could be a springboard for more meaningful programs that will provide livelihood and social development to people needing those the most,” Uy said. For his part, Fr. Pascual said, “It is our pleasure to conclude this MoA with a fast-growing technology provider like Converge, which puts people at the heart of its business. May this agreement be the start of deeper collaboration in projects that will help alleviate the plight of the marginalized and vulnerable members of society.” The MoA signing was marked with the turnover of charity cans which will be deployed to over 150 business centers, branches, and offices of Converge. The charity cans are intended to support children and the youth in their journey to finish college. Unang Yakap Earlier, Converge also embraced Caritas Manila’s Unang Yakap program aimed at helping impoverished expectant and lactating mothers. The program provides nutrition to mothers and their newborn for their first 1,000 days, to ensure their critical health needs are met. As part of its Mothers’ Day celebration, Converge launched the “Mula sa Nanay, Para sa Nanay” program that aimed to raise funds for Unang Yakap mother beneficiaries by selling recycled bags made from old tarpaulin materials sewn by mothers of its partner women-led social enterprise KReations. The post Converge, Caritas Manila partner to uplift underprivileged communities appeared first on Daily Tribune......»»