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Dennis Uy wants full control over Malampaya gas field
A STAUNCH presidential supporter is eyeing full control over Malampaya gas field which supplies 30 percent of the country’s energy requirement. Uy’s Udenna Corporation, which already owns 45 percent of Malampaya, has formally expressed interest to secure another 45 percent stake currently held by Shell Corporation. Should Udenna be able to compel Shell to sell…
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Loan sharks spared anew as BSP eases credit card interest rates
By Fernan Angeles THE Bangko Sentral ng Pilipinas is setting a cap on the interest rates of credit card companies to a maximum of 24 percent but sorely missed on imposing the same for loan sharks. At their regular board meeting, BSP’s policy-setting Monetary Board convened with an agenda to impose policies seen to ease…
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ABS-CBN chairman emeritus Gabby Lopez resigns
THE man behind ABS-CBN Corporation has resigned. The giant broadcast network’s chairman emeritus, Eugenio “Gabby” Lopez III, cited personal reason behind his resignation. Aside from the ABS-CBN, Lopez has likewise tendered resignation as director of ABS-CBN Holdings Corp., Sky Vision Corp., Sky Cable Corp., Rockwell Land Corp., First Philippine Holdings Corp., and First Gen Corp.…
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Forbes: Sy, Villar, and Razon are richest in PHL
By Fernan Angeles NO pandemic in any form could make them poor, said the Forbes Magazine which released names of the 10 richest individuals in the Philippines. Topping the list are the sons of the late business magnate Henry Sy, followed by President Rodrigo Duterte’s staunch ally Manuel Villar, then Enrique Razon at close third.…
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Pepsi-Cola Philippines to delist from PSE
By John Clifford Lintao BEVERAGE giant Pepsi-Cola Products Philippines Inc. is delisting from the Philippine Stock Exchange (PSE). In a disclosure, Pepsi Philippines said its board of directors has authorized the voluntary delisting of its shares that are listed in the main board of the PSE in “accordance with all applicable rules.” The beverage and…
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PAL to retrench 35% of its workforce
By Fernan Angeles CITING heavy losses incurred for the last six months due to government restrictions in view of the COVID-19 pandemic, the country’s flag carrier Philippine Airlines is set to retrench one-third of its workforce effective October this year. The impending retrenchment, the second this year, is part of the country’s biggest airline company’s…
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Taiwanese investor
A Taiwanese Investor who receives a warm welcome from Mayor Aida Macalinao of Samal, Bataan is bent on pouring in his investment in the town. Mayor Macalinao lauded the foreign investor, saying ‘This is a huge opportunity to give livelihood to our countrymen in the midst of our pandemic fight.’
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McDonald’s sued for alleged racial discrimination
Dozens of Black former franchisees are suing McDonalds, alleging years of systemic racial discrimination and inequity at the fast-food corporation. In a lawsuit filed Tuesday in the U.S. District Court for the Northern District of Illinois, 52 Black former McDonald’s franchise owners say the company denied them the same opportunities as white franchisees, and steered…
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After 48 years, UAE formally ends Israel economic boycott
DUBAI, United Arab Emirates — The ruler of the United Arab Emirates issued a decree Saturday formally ending the country’s boycott of Israel amid a U.S.-brokered deal to normalize relations between the two countries. The announcement now allows trade and commerce between the UAE, home to oil-rich Abu Dhabi and skyscraper-studded Dubai, and Israel, home…
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Facebook made a mistake, admits Zuckerberg
WASHINGTON — Facebook made a mistake in not removing a militia group’s page earlier this week that called for armed civilians to enter Kenosha, Wisconsin, amid violent protests after police shot Jacob Blake, CEO Mark Zuckerberg says. The page for the “Kenosha Guard” violated Facebook’s policies and had been flagged by “a bunch of people,”…