Off-grid energy company DMCI Power Corporation is building a 2×4.95MW bunker-fired power plant in Aborlan, Palawan to stabilize electricity supply in the franchise area of Palawan Electric Cooperative, Inc. (PALECO). The plant is expected to commence operations by year-end. “We are investing approximately P600 million in Aborlan to address the continuing increase in electricity demand in the province due to the rise of local tourism and commercial establishments,” said DMCI Power President Nestor D. Dadivas. Aborlan is a first class municipality located 69 kilometers south of Puerto Princesa City. Its population is estimated at over 32,000. Read Also: Philippines: DMCI…
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The board of directors of Hao Tian Development Group Limited (HKEX:474) has announced that Gao Shufang has been appointed as Chief Executive Officer effective 15 August 2016. In a disclosure to the Hong Kong Stock Exchange, the company said the appointment of Gao, which has over 25 years of experience in financial management, risk control, investment, and commerce, is for an initial term of three years. Before joining Hao Tian Development Group, Gao was president of Ocean China Group Holdings and the vice president of BinHai Investment Group Company Limited. Between November 1999 and May 2002, he was appointed as…
Hong Kong-listed investment holding company A8 New Media Group (HKEX:0800) has announced the appointment of Lin Qian as its new Chief Financial Officer, taking over from Liu Pun Leung starting 1 September. In a disclosure to the Hong Kong Stock Exchange, the company said its board had approved of the appointment of Lin, 33, who joins A8 New Media Group from CVCapital, where he was director from June 2014 to August 2016. Lin had also worked as senior auditor at Ernst & Young from October 2006 to October 2009 and an investment manager at Shanghai Dong Fang Hui Jin from…
Ramesh Sivanathan has been appointed as vice president for Allied World Asia-Pacific and will now act as the country manager in Malaysia, announced Allied World Assurance Company Holdings, a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Sivanathan, who has nearly 30 years of industry experience, will be based in Kuala Lumpur. For Michael Garrison, senior vice president, head of insurance, Asia-Pacific, Sivanathan’s arrival will allow the company to put into action its growth plans in Malaysia, seeing the country teeming with tremendous potential. Allied World intends to build up a strong presence on the ground…
Alliance Global Group Inc. (PSE:AGI), the investment holding company of billionaire Dr. Andrew L. Tan, reported a net income of P6.08 billion in the second quarter of this year, reflecting an increase of 3% year-on- year and a 15% improvement quarter-on- quarter. The growth came on the back of a 3% expansion in consolidated revenues to P34.0 billion. Attributable net income for the same period stood at P3.95 billion. For the first half of the year, AGI’s consolidated revenues reached P67.1bn while net income stood P11.3bn and attributable profit amounted to P7.3bn. “Amidst intensifying competition, we continue to build on…
Mesoblast Limited (ASX:MSB; Nasdaq:MESO), a biotechnology company in the area of adult stem cell technology, and OZ Minerals Limited (ASX:OSL), an Australian based modern mining company with a focus on copper, are the top gainers in today’s trading at the Australian Securities Exchange, ending the day with 11.76% and 5.27% gains, respectively. Mesoblast gained 0.170 to end the week at 1.615 a share. A total of 2.69 million shares exchanged hands as investors were bullish on the stock this week after the company announced that the phase 2 trial results of its cell therapy show dose-related improvements in biologic refractory…
The Insurance Commission (IC) of the Philippines is set to issue the Guidelines on the Licensing of Health Maintenance Organizations (HMOs) by the end of this month. “We have drafted the proposed guidelines in the issuance of certificates of authority to HMOs and we are targeting to finalize and circularize the same by the end of this month,” said Insurance Commissioner Emmanuel F. Dooc. Under Executive Order No. 192, series of 2015, which transferred the jurisdiction of HMOs from the Department of Health to the IC, all HMOs are required to comply with the regulatory requirements of procuring a license…
Richfield International Limited (ASX:RIS)’s stock gained 25.93% on Thursday at the Australian Securities Exchange to lead today’s gainers at 0.34 a share. The stock reached its 52-week high Thursday as investors got bullish following the takeover offer by Mercantile Investment Company Ltd (ASx:MVT). Mercantile offered an unconditional on market cash offer through its wholly owned subsidiary, Mercantile OFM Pty Limited, for all of the ordinary shares in Richfield. In a disclosure, Richfield said Mercantile, which is currently a significant shareholder in Richfield, offers $0.34 per Richfield share. Mercantile holds 26.89% relevant interest in Richfield. On Thursday, Richfield’s stock rallied to…
San Miguel Corporation (PSE:SMC) registered a solid performance in the first six months of the year, on the back of sustained growth of its core businesses, better refining margins for Petron, and higher returns from its power and infrastructure subsidiaries. Operating income for the period rose 19% to P48.8 billion from last year while net income from continuing operations grew 33% to P23.5 billion from P17.6 billion in 2016. The sale of its telco business resulted in a one-time gain of P11.8 billion, representing mainly recovery of costs/losses, interest expenses and provisions incurred in previous years. Reported net income amounted…
Puregold Price Club, Inc. (PSE: PGOLD) has reported a consolidated net income of Php 2.27 billion in the first half of 2016, which represents a 13% growth compared to Php 2 billion in the same period in 2015. Consolidated Net margins in the first quarter of 2016 is at 4.4%. “Our first half same store sales growth (SSSG) of 7% for Puregold stores and 2.7% for S&R stores were driven by strong consumer demand. We are also upgrading our guidance for Puregold stores SSSG to between 4.5 to 5% for 2016.” said Puregold President, Mr. Vincent Co. Puregold consolidated net…
Diversified engineering conglomerate DMCI Holdings, Inc. (PSE: DMC) posted a 5 percent dip in profitability in the first half of 2016. From P6.6 billion, its consolidated net income slid to P6.2 billion due to lower contributions from its real estate, nickel mining and water businesses. “Since last year, we have been anticipating an earnings slowdown in DMCI Homes because of the deferred recognition of revenues from its completed high-rise projects. The expiration of Maynilad’s income tax holiday in 2015 also affected our bottom line,” DMCI Holdings Chairman and President Isidro A. Consunji said in a disclosure to the Philippine Stock…
Telstra today released its full year results for financial year 2016, confirming it had met guidance, and that it would return $1.5 billion to shareholders through share buy-backs in addition to the final dividend. The Board announced a fully franked final dividend of 15.5 cents per share, bringing the total dividend for the financial year to 31.0 cents per share, up 1.6 per cent on the prior year, distributing $3.8 billion to shareholders. In a separate announcement, Telstra confirmed it would invest up to an extra $3 billion over the next three years in a major wave of customer-focused investments…
MANILA, Philippines – Megaworld, the Philippines’ biggest developer of integrated urban townships and the largest lessor of office spaces, achieved a net income of P6.03-billion during the first half of 2016, 11% higher than P5.43-billion during the same period last year. The company’s sustained earnings growth continues to be driven by its aggressive focus on township developments not only in Metro Manila but also in the provinces. “The government’s thrust to expand economic opportunities to the regions is parallel to Megaworld’s direction in expanding its developments outside of Metro Manila where the company is already strong. The beauty behind our…
Factor investing strategies, including smart beta indices, have become mainstream additions to investor portfolios around the world. As this market has matured, the usual marketing platforms available to index providers have fallen behind the needs of time-pressed investors. Hong Kong-based fintech company SmartAlpha identified this mismatch and launched in July 2016, becoming the first online data platform dedicated to factor, or quantitative, investment strategies. The platform caters to all formats – including strategies traded over-the-counter (OTC) – and is geared towards institutional investors. The site has received strong interest and non-financial support from institutional investors and strategy providers. The platform’s…
The Japan Information and Culture Center (JICC) of the Embassy of Japan in the Philippines, in cooperation with the National Youth Commission (NYC), is now accepting entries for the Asian International Children’s Film Festival 2016. The Asian International Children’s Film Festival was launched to serve as a platform for creative interaction and cultural exchange among young filmmakers by allowing them to share their thoughts on certain universal topics through short films. This year, the festival will be focusing on the theme “Something I Dislike”. All Filipino high school students, except those who have already been to Japan as part of…
Although the Philippines is now considered as a frontrunner in microinsurance, the Insurance Commission is set to issue new regulatory frameworks on microinsurance to further trigger its expansion and development in the country and firm up its leadership stride in inclusive insurance. Insurance Commissioner Emmanuel F. Dooc announced that the Insurance Commission is spearheading the drafting of regulatory frameworks focused on distribution channels and enhancement of performance standards. “The Insurance Commission is currently heading the technical working groups on distribution channels and the enhancement of performance standards in cooperation with insurance providers, government agencies and development partners,” said Commissioner Dooc.…
Megaworld, the Philippines’ largest developer and lessor of office spaces, is mapping out the so-called ‘Visayas BPO triangle’ with its three huge township developments in Iloilo, Cebu and Bacolod. “We are targeting around 175,000 square meters of office spaces for the business process outsourcing (BPO) industry in these three key cities in the next three years to form the so-called ‘Visayas BPO Triangle.’ By 2020, our target is to bring it up to 225,000 square meters depending on market demand. So far, the demand goes up, so we see this as a big possibility,” reveals Jericho Go, senior vice president,…
The Supreme Court (SC) of the Philippines has denied a petition for review filed by Prudentialife Plans Inc (PPI) and its planholders, assailing the decision and resolution of the Court of Appeals dated 29 August 2014 and 10 June 2015, respectively. The SC’s First Division denied the petition for review on certiorari on the ground that the petitioners failed to sufficiently show that the Court of Appeals committed any reversible error in affirming the directors fo the Insurance Commission (IC) dated 19 September 2013 and 19 October 2012. Accordingly, the SC denied the application for issuance of a temporary restraining…
Honan Insurance Group has announced that Brad Tymmons has been appointed as new group director – broking operations, joining the business to help execute Honan’s global strategy. Tymmons comes with a wealth of industry experience, having spent the last four years at Energy Australia as the Head of Enterprise Risk & Assurance, and prior to this, holding senior corporate risk servicing roles with both Aon and Willis, as well as management roles with Aon Retail. Joining at a pivot time for the business, Tymmons newly created role as Group Director – Broking Operations will see him working closely with the…
By December 31, 2016, all existing insurance companies in the Philippines are required to increase their minimum net worth from P250 million (US$5.3 million) to P550 million. Five months before the deadline prescribed under the Amended Insurance Code, Insurance Commissioner Emmanuel F. Dooc reminded insurance companies to comply with the mandatory increase in the minimum net worth requirement. This reminder is a follow-up to directive of Commissioner Dooc during the last quarter of 2015 requiring insurance companies to submit their respective capital build-up plans and programs. “As early as November last year, we reminded them of the implementation of the…