Megaworld, the country’s largest developer of integrated urban townships, grew its attributable net income by 39% to P2.6-billion in the second quarter this year compared to P1.9-billion in the same period last year, as the company benefited from its strong office leasing business and the improved performance of its retail and hospitality businesses. Quarterly core revenues grew 20% as compared to the preceding quarter to P11.2-billion, highlighted by the recovery of all its business segments during the second quarter. The company’s rental income increased by 4% to P3.2-billion during the second quarter, with Megaworld Lifestyle Malls growing its rental income…
Author: Paul McKinsley
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Five hundred seventy-five (575) farmers in Hinunangan, Southern Leyte are now legal owners of the land they have been tilling for decades as the Department of Agrarian Reform (DAR) distributed certificates of landownership award (CLOAs) on July 29, 2021. DAR Secretary Bro. John Castriciones, who led the distribution of individual CLOAs, said the land distributed to the agrarian reform beneficiaries (ARBs) has a total land area of 575 hectares. Brother John said that the lands awarded to the farmers took more than 15 years of processing. Most of the landholdings had issues on land coverage involving contentious private agricultural lands.…
Leading fiber broadband provider Converge ICT Solutions Inc. has joined the UK-based Internet Watch Foundation (IWF) in its fight to clamp down on internet sexual abuse against children anywhere in the world. Joining the ranks of global technology companies such as Facebook, Google, Apple, Twitter, and TikTok on the fight against online sexual abuse and exploitation of children, Converge was recently admitted as a member of the online child protection charity, IWF. “The internet is growing all the time. Sadly, it is also being abused more than ever. We know internet predators will use all means at their disposal to…
Joining fellow agriculture ministers of United Nations (UN) member-countries, Agriculture Secretary William Dar shared virtually the initiatives of the Philippines to transform and attain sustainable food systems, at the UN Food Systems pre-summit, in Rome, Italy, on July 26-28, 2021. “The Duterte administration has been employing a ‘whole-of-nation’ approach to attain food security, which are in sync with the five action tracks of the UNFSS toward food systems transformation,” said Secretary Dar, at the ministerial roundtable session on transforming food systems for achieving UN sustainable development goals (SDGs), on July 27, the second day of the Rome pre-summit. Delving on…
Global and local experts of the mobile app industry are pushing developers to protect their intellectual property in the early stage of their business, emphasizing how this can save them from costly legal battles that are widespread in the industry. Founding Member of the Board of Directors of Philippine Association for Digital Commerce and Decentralised Industries (PADCDI) Maria Jesusa Viray lamented that the local industry is nowhere close to how matured markets value IP protection. “In the US, about 75 percent have already registered their works, their IPs. I don’t think we’re anywhere close to that,” Viray said in a…
Finance Secretary Carlos Dominguez III has underscored the need for regular systemic risk assessments to enable the government to quickly spot the underlying vulnerabilities of, and anticipate potential threats to, the country’s financial system from the COVID-19 pandemic. Dominguez said conducting these systemic risk assessments will protect both the economy and the Filipino people from “avoidable shocks” that could set back the country’s progress towards a strong post-pandemic recovery. “Having a better understanding and view of brewing risks is necessary for calibrated actions and policy interventions. This is the way modern governments should operate. We should anticipate threats rather than…
State-owned Development Bank of the Philippines (DBP) has partnered with the Small Business Corporation (SB Corp.) for the establishment of a strategic client referral and management system to efficiently manage the assistance programs for micro, small and medium enterprises (MSMEs) of the two institutions, a top official said. DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank’s memorandum of understanding (MOU) with SB Corp. would significantly enhance the implementation of the DBP RESPONSE to accelerate MSME Recovery (MSME RECOVERY) program, and SB Corp.’s Covid19 Assistance to Restart Enterprises (CARES) program. “This partnership between two government financial institutions…
Grab Holdings Inc, Southeast Asia’s leading superapp, today announced it intends to go public in the U.S. in partnership with Altimeter Growth Corp. in what is expected to be the largest-ever U.S. equity offering by a Southeast Asian company. The combined company expects its securities will be traded on NASDAQ under the symbol “GRAB” in the coming months. The proposed transactions value Grab at an initial pro-forma equity value of approximately US$39.6 billion at a PIPE size of more than US$4.0 billion and will provide Grab with approximately US$4.5 billion in cash proceeds. Grab is a superapp dedicated to serving…
Singapore-headquartered DBS announced plans to double the recruitment of financial planning advisors this year. The bank aims to hire more than 650 wealth planning managers and insurance consultants by end-2021. The insurance consultant role by DBS is newly created and is supported by financial planning solutions provider Manulife Singapore. The role, which is an industry-first, allows for the flexible hours and independence of a traditional financial advisor, while providing the institutional support and benefits akin to those enjoyed by DBS’ wealth planning managers. “With 2020 behind us, we hope to help hasten our nation’s road to recovery by creating new…
US investment giant Blackstone Group has agreed to acquire Bourne Leisure, the largest provider of holidays and holiday home ownership in the UK, for an undisclosed amount. The acquisition will be carried out by funds managed by Blackstone Capital Partners (BCP) and Blackstone Real Estate Partners (BREP). The Harris, Cook and Allen founding families are co-investing alongside the said funds and will together hold a significant minority stake in the business. “We are delighted to be partnering with Blackstone who has demonstrated a real understanding of our business and sector, and we look forward to working together to deliver on…
CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott) has added a record of over 14,200 units across 71 properties globally for 2020. Despite COVID-19, this exceeds the number of units secured in 2019, marking a fourth consecutive year of record growth for Ascott. In China, Ascott has also achieved an 80% year- on-year growth in units compared to 2019. The new properties secured will boost Ascott’s annual fee income by over S$27 million as they progressively open and stabilise. Since October 2020, Ascott added more than 4,900 units across 23 properties. This includes over 3,800 units across 17 properties…
Rotech Subsea has clinched a contract for a follow-on phase of sandwave clearance and seabed levelling work at a state-owned Taiwan offshore wind farm. The scope of works will bring the number of active jobs for the subsea excavation pioneer in the Asia region to four when it commences in March 2021. In Q3 2020 Rotech Subsea mobilised its state-of-the-art TRS2 Controlled Flow Excavation (CFE) and Suspended Jet Trenching tool, setting sail from Aberdeen to Taiwan. There, the TRS2 completed a sandwave clearance scope for a new client won on the back of Rotech’s unrivalled European track record in renewables.…
Mynt, the Fintech arm of Globe Telecom and operator of mobile wallet in GCash, has attracted fresh capital investment from ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management. Mynt raised over $175 million in fresh capital from Bow Wave and its existing shareholders in multiple tranches, with post-money valuation of the final tranches at close to $1 billion. Mynt is 45 per cent owned by Jack Ma’s Ant Financial. “This investment from Bow Wave is a validation of both what we have accomplished as well as the potential of GCash in unlocking digital…
BANGKOK – Kerry Express (Thailand) Plc. (KEX) has had its First Trading Day on the Stock Exchange of Thailand. With overwhelming responses during the subscription period, both from international and local investors. Viewed as a proxy of investment in the new economy, KEX provides an investment alternative in the local bourse, where a handful of choices are now available. The company is launching an aggressive strategy to expand its business into all provinces in Thailand, aimed at propelling further growth with technology and human resources, expanding express delivery service networks and boosting sorting capabilities to 3 million parcels per day…
The Manila-based Asian Development Bank (ADB) announced that it has approved a $100-million grant to help the Government of Afghanistan respond to the coronavirus disease (COVID-19) pandemic. In a press release posted on its website, ADB said Afghanistan’s economic outlook has deteriorated during the COVID-19 pandemic because of business lockdowns, a sharp drop in household incomes, and a downturn in regional trade and remittances. “ADB reaffirms its full commitment to supporting Afghanistan in its fight against COVID-19 and reducing the adverse impact of the pandemic on the lives of Afghans and the economy,” said ADB President Masatsugu Asakawa. “The assistance…
The Manila-based Asian Development Bank (ADB) has approved a $250-million loan to support Papua New Guinea’s response to the coronavirus disease (COVID-19) pandemic, according to the lender’s announcement. ADB said its program will the government finance and implement its $769-million pandemic response plan that includes an economic stimulus package. PNG declared a state of emergency on 21 March and the subsequent public health emergency, closure of its borders, lockdowns, and other response measures have put pressure on the country’s health system and economy. Among ADB’s Pacific developing members, only PNG is currently affected by community transmission of the pandemic. “COVID-19…
CRH Healthcare (CRH), the parent company of three leading urgent care brands in the Southeast, is pleased to announce the launch of their new brand, Patriot Urgent Care, in Maryland. This launch includes the rebranding of three Calvert County centers currently operating as ChoiceOne Urgent Care, which were purchased in March, and the opening of a new urgent care location in Reisterstown, northwest of Baltimore. In addition to opening urgent care centers, Patriot Urgent Care is focused on providing care for the greatest current need in the community – the COVID-19 pandemic. They are currently in the process of developing several temporary drive-thru COVID-19 evaluation and testing…
Nokia (NYSE:NOK) announced today the availability of a software based upgrade that will enable its 4G/LTE radios to be migrated seamlessly to 5G/NR. These features will have a high value to Nokia’s customers as they provide immediate support for approximately one million radios, reaching 3.1 million by the end of the year and over 5 million in 2021. By upgrading existing radio elements via software, Nokia is helping to streamline the process of refarming 4G/LTE spectrum into 5G/NR. The move will also support existing customers and the installed base by offering a seamless and cost-effective upgrade path to 5G/NR. Most…
People around the world maybe rejoicing at reports that remdesivir becomes the first medicine to have an impact on Covid-19 but the medicine will not be very affordable for patients. Remdesivir is an antiviral product that is being studied in multiple ongoing international clinical trials. In recognition of the current public health emergency and based on available clinical data, the approval status of remdesivir varies by country. In countries where remdesivir has not been approved by the regional health authority, remdesivir is an investigational drug, and the safety and efficacy of remdesivir have not been established. In a statement, Gilead…
The Tel Aviv Stock Exchange (TASE: TASE) announces today the launch of the English version of its ‘MAYA’ corporate website. The English ‘MAYA’ website is designed to make information regarding TASE and the companies listed on it more accessible to foreign investors, particularly in light of the growing interest expressed by investors from around the world in Israeli companies. The MAYA website, which serves as a central website for investors active in the Israeli capital market, was initially launched in 2000 and is the site on which corporate filings, reference and payment dates new issues schedules, TASE announcements, TASE board…