PHILSTAR THE Philippines remained on the International Maritime Organization’s (IMO) list of countries compliant with maritime and seafaring industry standards, the industry regulator said. The Maritime Industry Authority (MARINA) said in a statement Friday the Philippines has kept its position in the IMO White List pending a key compliance audit in 2021. It said the IMO Maritime Safety Committee confirmed in its June session that the Philippines “communicated its full and complete demonstration” of the…"PHL remains compliant with maritime industry standards"
The Dam Nai Wind facility, located in Ninh Thuan Province, Southern Vietnam, is among the first successful wind power projects in the country. ABOITIZ Power Corp. said Friday that a unit signed a deal to buy for around $46 million a Vietnamese company with a 39.4-megawatt (MW) onshore wind power facility. In a disclosure to the stock exchange, AboitizPower said a share purchase agreement was signed by its wholly owned subsidiary AboitizPower International Pte. Ltd.,…"AboitizPower unit buys Vietnam wind power company"
Snapchat, like many other social media sites, warns people it’s not to be used for illegal purposes. That has not some weapons traffickers from using the app to sell hundreds of illegal weapons. Officials have charged at least three people with illegally selling firearms via the app, according to a comprehensive report in The Guardian. Anthony Reed, a 22-year-old Nevada resident, his roommate Rahsaan Faison, and Faison’s brother Julaan allegedly bought weapons in Nevada, which…"Arms Traffickers Use Snapchat To Sell Illegal Weapons"
In a $2.4 billion deal, mortgage insurance company Genworth Financial Inc. will sell its Canadian unit to Brookfield Business Partners LP, the companies said Tuesday. Who are Genworth and Brookfield?Richmond, Virginia-based Genworth Financial Inc. is an insurance company founded in 1871 that has units in retirement and long-term care, mortgage insurance and an international division. New York-based Brookfield Business Partners LP is an industrial and services company that includes nuclear reactor builder Westinghouse Electric and…"Five things you need to know about the Brookfield-Genworth deal"
Cisco Systems Inc. forecast current-quarter profit below Wall Street estimates on Wednesday as it struggles to transition to a software-focused company from its traditional business of selling routers and switches, sending shares down seven per cent in extended trading. Since taking the helm in July 2015, Chief Executive Officer Chuck Robbins has added muscle to the hardware giant’s growth areas such as the cloud, Internet of Things and cybersecurity through acquisitions. The network gearmaker said…"Cisco forecasts first-quarter profit below estimates; shares slide"
Disney is supposed to be in the business of making magic—but not with its numbers. A former senior financial analyst for the Walt Disney Company has filed multiple claims with the Securities and Exchange Commission about the company’s accounting practices, according to a report by MarketWatch. Sandra Kuba claims that employees at Disney falsely inflated revenue for years. Some of the alleged methods included pretending that complimentary golf games or other free or discounted promotional…"What We Know So Far About the Whistleblower Allegations at Disney"
PHILSTAR MAKATI City said it collected 83% of its P17.1 billion revenue target for 2019 in the seven months to July, driven by strong performances in business tax and realty tax. In a statement Friday, the city government said it collected P14.2 billion during the period, well ahead of the pace on its 2019 goal. “Business tax (had the) biggest share of revenue, and I am glad that our efforts to make it easier and…"Makati hits 83% of 2019 revenue target in first 7 months"
PHILSTAR SAN MIGUEL Corp. (SMC) said Friday that it registered with the Securities and Exchange Commission a planned issue of P10 billion in fixed-rate bonds, the proceeds of which could help redeem a preferred share issue. The conglomerate told the stock exchange that the issuance will make up part of its shelf registration of P60 billion in peso bonds. Based on its preliminary offer supplement, SMC plans to use the net proceeds of the issuance…"SMC registers P10 billion fixed-rate bond issue"
PHILSTAR EARNINGS at state-owned Development Bank of the Philippines (DBP) rose 12.3% from a year earlier to P3.1 billion in the first half, boosted by lending growth, the bank said in a statement on Friday. The bank did not provide second-quarter financial figures. DBP President and Chief Executive Officer Emmanuel G. Herbosa said a higher net income would allow them to support growth initiatives of the government of President Rodrigo R. Duterte. The gross loan…"DBP H1 profit boosted by loans"
Huawei is adjusting to a new normal—launching products while in limbo over its status on the U.S. “foreign entities” list. On Monday, the Department of Commerce (DoC), which put Huawei on its prohibitive blacklist in May, issued Huawei a second 90-day reprieve on the ban, permitting U.S. companies to supply the Chinese tech manufacturer with vital components. But at a product launch today, Huawei Rotating Chairman Eric Xu told journalists the company is assuming its…"Huawei Launches New A.I. Chip As Company Enters ‘Battle Mode’ To Survive"