Chelsea clarifies gov’t guarantee on new loans

DENNIS A. Uy’s Chelsea Logistics and Infrastructure Holdings Corp. on Monday clarified a newspaper report published last week that the Davao-based businessman was seeking government guarantee for his firm’s new loans. In a disclosure to the stock exchange, Chelsea Logistics said that it was working with the Philippine Guarantee Corp. (PGC) because the group might reach the single borrowers’ limit with one of its financing bank, which it described as “one of the main banks…

"Chelsea clarifies gov’t guarantee on new loans"

Senate panel sets hearing on ABS-CBN franchise

THE Senate Committee on Public Services will no longer wait for the transmittal of the bill on the franchise of ABS-CBN Corp. from the House of Representatives as it plans to begin deliberation of the application for renewal. Senator Grace S. Poe-Llamanzares, who chairs the committee, initially sought an inquiry on the allegations Solicitor General Jose C. Calida cited in his quo warranto petition against ABS-CBN and its unit ABS-CBN Convergence, Inc. “Nagpalit na ‘yung…

"Senate panel sets hearing on ABS-CBN franchise"

Eastern Communications earmarks P2.8B capex

INTERNET service provider Eastern Communications is allotting P2.8 billion in capital expenditures this year, or more than three times last year’s P850 million, to further expand its coverage and modernize its existing network. “A total of P2.8-billion capital expenditure will be allotted as Eastern Communications envisions providing the Philippine businesses and households with innovative services and a faster, more reliable internet connection,” the company said in a statement on Monday. It said it is aiming…

"Eastern Communications earmarks P2.8B capex"

House panel, BoC form TWG to address import valuation

PHILSTAR THE HOUSE COMMITTEE on Ways and Means and the Bureau of Customs (BoC) have formed a technical working group (TWG) to address concerns relating to the National Value Verification System (NVVS). “Committee and BoC form NVVS TWG to thresh out issues,” Rep. Jose Ma. Clemente S. Salceda of Albay’s second district, who chairs the panel, told reporters in a phone message Monday. The Committee earlier flagged the NVVS implementation as illegal, considering it allowed…

"House panel, BoC form TWG to address import valuation"

ICTSI transfers 30% stake in Papua New Guinea subsidiary to two community landowner groups

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said its unit in Lae, Papua New Guinea recently completed the transfer of 30% of its share to two local communities in the island country. In a disclosure to the stock exchange on Monday, ICTSI said its subsidiary, ICTSI South Pacific Ltd. (ISPL), which owns 100% of South Pacific International Terminal Ltd. (SPICTL), forged agreements with community landowner groups Ahi Terminal Services Ltd. and Labu investment Ltd. The agreement…

"ICTSI transfers 30% stake in Papua New Guinea subsidiary to two community landowner groups"

HSBC braces for huge overhaul as Quinn battles fires

FROM ITS headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings Plc is abuzz. Trading desks and back offices are bracing for scenarios that could see the announcement of another reshuffle of senior management, a surprise new chief executive, withdrawals from businesses and job reductions across the globe. It will be the London-based lender’s third major overhaul in a decade, and it will be announced Tuesday. “The current strategy…

"HSBC braces for huge overhaul as Quinn battles fires"

Marikina River project could include basin to store excess floodwater — World Bank

THE PROPOSED $700-million Pasig-Marikina River Basin Flood Management Project for Metro Manila’s flood control system could feature a retention basin to boost its climate resilience, the World Bank said, citing preliminary design studies. The World Bank, which will partially finance the project, said completion of the design is targeted for the end of June, along with other feasibility studies for the flood control project such as a flood forecasting and early warning system for Metro…

"Marikina River project could include basin to store excess floodwater — World Bank"

SM Prime malls, residences drive 18% profit rise

EARNINGS of SM Prime Holdings, Inc. in 2019 rose 18% to P38.1 billion, driven by the sustained growth of its mall and residential network across the country. In a statement Monday, the Sy-led property developer reported double-digit growth in its consolidated net income amid a 17% increase in its consolidated operating income to P56.7 billion. The company’s total revenues last year also climbed 14% to P118.3 billion, fueled by the robust growth of its mall…

"SM Prime malls, residences drive 18% profit rise"

PBoC cuts rate for loans

THE People’s Bank of China cut the rate for one-year loans to support banks. — WIKIPEDIA.ORG CHINA’S CENTRAL BANK provided medium-term funding to commercial lenders and cut the interest rate it charges for the money, a move widely anticipated by analysts to cushion the economy from the virus epidemic. The People’s Bank of China (PBoC) offered 200 billion yuan ($29 billion) of one-year medium-term loans on Monday. The rate was lowered by 10 basis points…

"PBoC cuts rate for loans"