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McDonald’s Restaurants Expect to Hire 250,000 People this Summer across the U.S. Puts a new spin on reaching job seekers through modern recruitment tools like Snapchat

OAK BROOK, IL – With summer around the corner, McDonald’s and its independent franchisees are gearing up to hire approximately 250,000 restaurant employees across the U.S.

More than half of the hires at company-owned restaurants are projected to be between the ages of 16 – 24 years old, and for many, it is their first job. For young job seekers, this is good news since according to the Bureau of Labor Statistics, less than a third of teenagers will have a job between Memorial Day and Labor Day due to fewer traditional summer job opportunities being available.

To aid in hiring efforts, McDonald’s is leading the way with a modern approach to recruiting – Snapchat. ‘Snaplications,’ a term coined by McDonald’s, is a first-to-market hiring tool in the U.S. that allows job seekers to be served an ad and opportunity to begin the application process for a job at a McDonald’s restaurant through the Snapchat app. McDonald’s used a similar Snaplications execution in Australia earlier this year, and the company is also utilizing platforms including Spotify and Hulu to reach potential job seekers in a new way for the brand.

“We’re always looking for new and innovative ways to find job seekers. We thought Snaplications was a great way to allow us to meet job seekers where they are – their phones,” said Jez Langhorn, Senior Director in HR, McDonald’s USA.

Starting June 13, Snapchat users nationwide may be served 10-second video ads of real restaurant employees talking about the benefits of working at McDonald’s. Viewers can then ‘swipe up’ to instantly visit the McDonald’s career webpage in Snapchat to explore the opportunities offered by McDonald’s, and apply to their local restaurants if they so choose.

“As we see the younger generations seeking out their first jobs, we want to make them aware of the great opportunities available at McDonald’s restaurants, especially considering we’re committed to being America’s best first job,” said Victor Lim, McDonald’s Owners/Operator. “We provide restaurant employees with opportunity by offering flexible schedules, professional skills, and education.”

McDonald’s and its independent franchisees strive to offer a work environment that sets employees up for success at McDonald’s and beyond… with education programs like Archways to Opportunity®, which gives employees in participating restaurants an opportunity to earn a high school diploma, receive upfront tuition assistance for college courses, access academic advising courses, and learn English as a second language.

Job seekers can visit McDonalds.com/careers to learn more and apply.

About McDonald's USA 
McDonald's USA, LLC, serves a variety of menu options made with quality ingredients to more than 25 million customers every day. Nearly 90 percent of McDonald's 14,000 U.S. restaurants are independently owned and operated by businessmen and women who are independent employers, and set their own employment policies and practices, including pay and benefits for the people working in their restaurants. McDonald's does not control the independent franchisees’ employment policies and practices and does not employ those working at franchised restaurants. The benefits described here are available at McDonald’s-owned restaurants and the restaurants of participating franchisees. Customers can now log online for free at approximately 11,500 participating Wi-Fi enabled McDonald's U.S. restaurants. For more information, visit www.mcdonalds.com, or follow us on Twitter @McDonalds and Facebook www.facebook.com/mcdonalds.

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Kapatid for Marawi

NEGOSYO KAPATID: Angat Lahat By Joey Concepcion (The Philippine Star)

Saguiran Mayor Macmod Muti and Go Negosyo volunteer Joseph Castillo led the distribution of goods to all evacuees.
In this time of distress in our country caused by the recent acts of terror and violence in Marawi, we should all be one in praying that all these will be over. Marawi is the most populated city in ARMM region with more than 200,000 people including children and I do not think they deserve the danger they are experiencing for more than two weeks already.

To be able to share some hope and blessings, Go Negosyo decided to start a call for donations from our Kapatids who are all always ready to give and be part of a bigger solution.

After hearing the reports on Marawi and how our Maranao brothers needed assistance, we all sprung into action. Together with our Go Negosyo coordinator Ginggay Hontiveros, we called for the support of the big brothers. We launched the project: #KapatidForMarawi.

Numerous donations came from the following big brothers: RFM Corp., LBC led by Santi Araneta, Asia Brewery of Mike Tan, LandRover Club, SM Foundation led by Tessie Sy-Coson, Century Pacific of Chris Po, SL Agritech led by Henry Lim Bon Liong, and CDO Foodsphere of Corazon Dayro-Ong.

Medicines, pasta, milk and juices, water, canned goods, rice, and other essentials were donated by our Kapatids. Additionally, there are mats, blankets, and some clothes that are ready for distribution.

George Barcelon and Rex Daryanani led the participation of the Philippine Chamber of Commerce and Industry and Federation of the Indian Chamber of Commerce and Industry respectively to the project.

 

 

Members of the recently launched Alliance Towards Prosperity for All such as Management Association of the Philippines, Financial Executives of the Philippines, Bankers Association of the Philippines, Makati Business Club, and others are all supportive of the Kapatid For Marawi initiative as well.

The distribution and transportation of products would have not been possible without the help of Joseph Castillo, Corporal Maglaum PA, Asec. Shalimar Candao, Operation Blessing, Angel Brigade, 4th ID Army Brigade Commander Major General Madrigal, COS Col. Andres Centino, CDO Mayor Oscar Moreno, Office of the CDO City Engineer and Paul Dominguez.

When our volunteer Joseph Castillo met some of our soldiers, he also handed some water and canned goods. I’m sure that this is just a temporary relief to our brave men but we hope this can give them additional strength.

These efforts of Go Negosyo Kapatids are part of our mission to bring prosperity alongside with our hopes of peace and harmony in Marawi City. Like our program Negosyo Para sa Kapayapaan sa Sulu, we aim to help areas experiencing extreme poverty and conflict scale up through the development programs in each area.

We are one with the government in its mission to eradicate terrorism in the country. As one nation, we should unite in supporting our soldiers, policemen, and local government units in their fight against the Maute group. We cannot progress if we are facing such issues. Without peace, there is no prosperity. We cannot start any development if the area we wish to change is troubled with armed groups.

The President and his team will surely do their best to eradicate this threat in the country. We pray for comfort to the people of Marawi. May they find relief with the goods we have sent.

For interested donors to the #KapatidForMarawi, you may get in touch with Go Negosyo coordinator Ginggay Hontiveros at 0908 898 0428 / 0917 524 9957 or Gelle Jimena 0917 312 7984 or 0999 887 9276.

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The Founder of Bumble Reveals How the 'Question of Nine' Can Help You Stay Focused

 

Only pay attention to things that will matter in the long term.

 

From /www.entrepreneur.com

Editor's Note: Entrepreneur's "20 Questions" series features both established and up-and-coming entrepreneurs and asks them a number of questions about what makes them tick, their everyday success strategies and advice for aspiring founders.

Bumble may be best known as the dating platform where women make the first move. But founder and CEO Whitney Wolfe’s goal isn’t only to help people find love.

“What I've learned is we as human beings need relationships to survive; it is the core of our happiness and core of our health,” says Wolfe. “We are only as healthy as our least healthy relationship.”

 

With that lesson in mind, Wolfe is on a mission to is to give everyone the means to find all kinds meaningful relationships -- not just a date or long-term boyfriend or girlfriend.

To that end, in April 2016 the company launched a friend-finding feature called BumbleBFF. BumbleBIZZ, a platform designed to connect users around professional interests, is on track to launch later this year.

“We need to fill our days with good people that make us feel good about ourselves,” says Wolfe. “That's really what we want Bumble to be.”

We caught up with Wolfe and asked her 20 questions to figure out what makes her tick.

1. How do you start your day?
Most of my days are unpredictable and start at different times, so I try my best to keep up a stable morning routine. I sleep with the drapes open to rise with the sun. I think that’s a healthy thing to do because even if you don’t like to wake up early, your body does adjust.

I have a yoga mat and a huge bottle of water next to my bed so when I get up, I drink that and then try to stretch and do some form of a morning workout. I do my best to avoid the direct-to-phone dive, because once that starts it’s nearly impossible to escape.

I spend the first 30 minutes of the morning being cognizant of my family and dog -- taking him for a walk, spending time with my finance -- before it goes into madness and work mode.

2. How do you end your day?
What I have found is that the best way to unwind is cooking. You only have two hands. If you are chopping veggies, you are forcing yourself to put the phone down or step away from the computer. It’s extremely relaxing. As stressful as cooking might be, it’s a stress that is different from the stress of the day. It creates a really nice shift of thought process. It’s also a great time to spend with my fiancee, because we get to talk while we cook.

3. What’s a book that changed your mind and why?
Shantaram by Gregory David Roberts. What it made me realize was no matter who you are in life, where you come from or where you live, everyone is fighting their own battle and everyone’s battle is equally important as the next.

To each person, those are their problems and they are more important than everyone else’s. It changes the way you think about humanity and about the way society operates and treats each other.

4. What’s a book you always recommend and why?
Confessions of an Economic Hitman by John Perkins. It shows you the effects of globalization and how everything that a first-world country does drastically affects a second- or third-world country. As one society or one sector of society rises, it has significant implications on the others and creates imbalance.

5. What’s a strategy to keep focused?
I really try to ask myself the question of nine. Will this matter in nine minutes, nine hours, nine days, nine weeks, nine months or nine years? If it will truly matter for all of those, pay attention to it. If it isn’t going to matter in nine minutes, nine hours or nine days from now, you need to not pay attention to it.

I think it’s extremely easy to become distracted by noise, by things that might upset us or set us off track. It gives us this intrinsic feeling that I have to react to this. This concept of nine has kept me on track from losing focus on the things that truly matter. That way you can respond when you need to, but you don’t spend your time reacting to things that are not going to have any importance in a short period of time from now.

6. When you were a kid what did you want to be when you grew up?

I was always extremely creative. I was very artistic and never strong with numbers or science. I wanted to be an artist or a fashion designer. I wanted to be something that allowed for a lot of imagination.

7. What did you learn from the worst boss you ever had?
The word boss is a funny thing. I think we all have different bosses throughout our life. I don’t only apply that to work. Our teacher is a boss, our parents are sometimes a boss. This concept of boss is different from leader. In a company, a good boss isn’t seen as a boss, they are seen as a leader.

I’m not going to speak to work culture, because I’ve been my own boss for the last few year. But I will say that in school, I had some professors who took more of the bad cop approach. It taught me how to take a different approach. I don't believe in leading with fear; I don't think it's productive. I don't think it's healthy, and I don't think it inspires creativity or allows passion or talent to really thrive. I've tried to instill that in my company by leading with kindness, compassion and empathy.

8. Who has influenced you most when it comes to how you approach your work?
My business partner Andrey Andreev. He has had a profound impact on how I approach my work. He is extremely pragmatic. He's very realistic, and he's visionary in the sense that he can take a problem that might be there right now and can guide me on how to look at the long-term implications. It comes back that rule of nine. It's important to look at something down the road and not just in the immediate sense. I've been very fortunate to have him as a partner, because he's truly brilliant.

9. What’s a trip that changed you?
I did a study abroad program in London when I was in high school. My roommate was a good friend of mine from high school. We overslept one morning and the bus we were supposed to be riding was a was affected by a terror attack. This was July 2005.

That was eye opening. I was there with no family. I didn’t have smartphone to check in. The cell service wasn't letting anyone call out. It was a very frightening time, I remember walking through the streets of London terrified. People were gathered around in the streets watching the news on the TVs in the department stores. Sirens were going and red tape everywhere. At such a young age, I think that was a life-changing trip.

10. What inspires you?
The potential of positive impact and the ability to create. That's the most exciting part of Bumble to me. We get to create things that didn’t exist before.

11. What was your first business idea and what did you do with it?

My first real business was in college. I created a line of organic tote bags that would benefit the BP oil spill. I turned it into a creative business where I would have a different artist do a different designs to put on the bags, and I would sell them to the sororities around my campus.

12. What was an early job that taught you something important or useful?
Babysitting. I realized how slow an hour could go by. It made me have a profound respect for how hard it is to earn a living, and how dedicated one has to be to make a life for themselves. It taught me that whatever I needed to do in my life for a job, it had to be something I would do for free, because that's the only way I could justify spending the hours in the day.

13. What’s the best advice you ever took?
I think the best piece of advice I’ve ever taken is from my dad. He said there are three types of business: my business, your business and God and nature’s business. If it’s not your business, don’t think twice about it. It helps me calm my thoughts and helps me refocus.

14. What's the worst piece of advice you ever got?
Go in a tanning bed. Truly. In my teens and early 20s, that that was the thing to do.

15. What’s a productivity tip you swear by?
Turn off your phone. Don’t just silence it. Turn the device off in a drawer for 20 minutes and force yourself to be away from it. It will change your life. It makes me so much more productive. Try to do that once or twice a week. When you know the phone is off, it allows you to fully detach from it and focus on what you need to get done.

16. Is there an app or tool you use in a surprising way to get things done or stay on track?

I love Slack. I had a hard time with it at first, but I like the unread and read function. It’s very overwhelming when you have messages you read and forget about. Slack keeps things organized -- the minute the message is read, you made peace with it.

17. What does work-life balance mean to you?
I love my work; it’s what I want to do most. It’s not a burden; it’s my passion. It’s genuinely my favorite hobby. I have almost had to force myself to create work-life balance. I try my best to leave Bumble at home once or twice a week, or go out with my fiancee or friends to change the pace.

18. How do you prevent burnout?
I think it’s self-care. Go to bed an extra hour early or go to a movie. Do things you haven’t had time for. Go for a run. It’s about allowing yourself to focus on yourself outside of work.

19. When you’re faced with a creativity block, what’s your strategy to get innovating?
Taking an hour to go play outside, call an old friend who knows nothing about your business and could care less. Put yourself in someone else’s shoes and go do some good for an afternoon.

20. What are you learning now?
I’m learning a lot about accounting. I’m not super math savvy, but I think it’s something that is incredibly important to any business. I’m working on that and learning more about different corners of the business. I'm really trying to educate not only myself but the rest of the team in categories they might not specialize in.

 
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Elon Musk's Ex-Wife on What She Learned Living With an Extreme Entrepreneurial Success

CATHERINE CLIFFORD-Senior Entrepreneurship Writer at CNBC/www.entrepreneur.com
 
 

Insanity and godlike genetics. Those are the qualities needed to achieve extreme success, à la Bill Gates, Richard Branson, Steve Jobs or Elon Musk.

That’s according to the intimate perspective of Justine Musk, who was, of course, Elon’s wife.

Elon Musk is a co-founder of online payment processing system PayPal, the founder and CEO of both spacecraft company SpaceX and electric vehicle manufacturing company Tesla Motors and the chairman of solar power company SolarCity. He is, categorically, a super success.

Those who have achieved “extreme success,” says Justine, who divorced Elon in 2008, live differently than most others. “These people tend to be freaks and misfits who were forced to experience the world in an unusually challenging way,” she writes in response to a question on the user-generated response platform Quora. “They don't think the way other people think. They see things from angles that unlock new ideas and insights. Other people consider them to be somewhat insane.”

 

Justine met Elon as students at Queen’s University in Kingston, Ontario, and married in 2000. They lost their first child to sudden infant death syndrome and then went on to have a set of twins and a set of triplets -- all boys.

As her husband achieved astronomical success, Justine, who is a writer, watched herself slowly take a back seat to his work. She watched herself become a trophy wife, she revealed in Marie Claire in 2010.

Marital woes aside, Justine walked away with a courtside view of success that many don’t get to see. One of her key takeaways is that you shouldn’t pursue something simply because you want to become great. “Pursue something because it fascinates you, because the pursuit itself engages and compels you. Extreme people combine brilliance and talent with an *insane* work ethic, so if the work itself doesn't drive you, you will burn out or fall by the wayside or your extreme competitors will crush you and make you cry.”

 

Once you have found a topic that compels you, then find a problem. And in your obsessive pursuit to solve that problem, don’t expect to have role models. You will be forging your own path, she says.

Forging that path is not all mental; taking care of your body is key. “It helps to have superhuman energy and stamina. If you are not blessed with godlike genetics, then make it a point to get into the best shape possible,” says Justine. “Keep your body sharp to keep your mind sharp. It pays off.”

Six weeks after after they separated, Elon texted Justine to let her know that he was now engaged to be married to a young, British actress named Talulah Riley. He and Riley would go on to divorce, remarry, and divorce again.  

While insanity and superhuman levels of energy are required to achieve extreme levels of success, wisdom in the world of love is, apparently, not.  

 

 

 
 
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Eagle rises on debut, preys on top prize

 

Shares of Eagle Cement Corp., which aims to be the country’s leading cement producer in the next few years, outperformed the stock barometer on inaugural trading yesterday.

Eagle gained P0.30 or 2 percent to close at P15.30 per share from its initial public offering price of P15 per share. It was the most actively traded company, with total traded value reaching P967.95 million.

The cement firm opened at P16 and hit a high of P16.12, but gave up earlier gains as some investors pocketed gains. Based on yesterday’s closing, the firm had a market capitalization of P75 billion.

On the other hand, the main-share Philippine Stock Exchange index added 18.54 points or 0.24 percent to close at 7,886.03.

Eagle’s offering was oversubscribed by over three times the base offer, its president John Paul Ang said in a press briefing after the company’s listing on the Philippine Stock Exchange (PSE).

Eagle chair Ramon S. Ang said the cement company was facing a “very good future.” In two to three years, the company hopes to boost its market share to 25 percent from 14 percent at present, making it the largest cement company in the country.

But by next year, the older Ang said Eagle should already be number one in terms of capacity. “If we’re able to sell seven million [tons], Eagle will be number one right away,” he said.

He estimated Eagle’s sales volume could expand by around 25 percent next year.

In his remarks prior to the listing, PSE chair Jose Pardo said: “Filipino businesses can derive inspiration from Eagle Cement’s story. I believe there are local corporations that are ready to expand operations or offer more products to the market. This market debut shows that tapping the stock market is a viable financing option for growth and expansion. We have seen family businesses open their doors to the public through the years.”

Online stock brokerage COL Financial also sees bright prospects for Eagle, saying it was “poised to benefit from the Philippines’ growing construction industry due to the country’s GDP (gross domestic product) growth and the government’s plan to boost infrastructure spending.”

At present, Eagle is the fourth largest cement producer in the country in terms of capacity. The three bigger players are all multinational firms.

The local firm has a production capacity of 5.1 million tons a year, or a total of 130 million 40-kilo bags of cement. It is already completing its third production line in Bulacan, which will raise production capacity to 7.1 million metric tons per annum by 2018.

IPO proceeds will be used to partially finance the construction of a two-million metric ton cement plant in Cebu, which will become its fourth production line. This plant is set to raise production capacity to 9.1 million metric tons per annum by 2020.

“And whenever there’s an opportunity to invest, to acquire anything whether mining rights or existing plant or whatsoever, the company will definitely pursue it,” the older Ang said, adding that acquisition would hasten the company’s growth.

Eagle sold 500 million primary common shares with an over-allotment option of up to 75 million secondary shares. Its ticker symbol is “EAGLE”.

 

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PAL feels pinch of Mindanao issues

By: Miguel R. Camus - @inquirerdotnetPhilippine Daily Inquirer

Flag carrier Philippine Airlines is bracing for fresh challenges in 2017, as it deals with potential lower traffic following the declaration of martial law in Mindanao apart from fierce competition and the higher cost of fuel, for which cost-savings measures are already being implemented.

PAL president Jaime Bautista said during the company’s annual meeting yesterday that revenues would take a hit after President Duterte ordered martial rule in Mindanao, in response to a Muslim extremist attack in Marawi City.

“The present situation in Mindanao will result in some cancellations and rebookings, which we are now experiencing,” Bautista said, adding these were on both domestic and international flights.

He said it was still too early to asses the full impact, given that the situation in Mindanao had yet to be fully resolved.

“We don’t know yet how much more we will expect,” said Bautista, as he noted that cancellations so far had been minimal.

The issues in Mindanao came as PAL was already expecting operating difficulties in 2017, and in the midst of the airline’s negotiations to take in a foreign strategic partner within the year.

“The outlook is that competition will remain stiff, there is still overcapacity in the market,” Bautista said.

He was mainly referring to the Middle East. PAL announced this week it would suspend flights to Abu Dhabi on July 8 this year. A day after, Cebu Pacific Air said it would also suspend flights to Doha, Qatar; Riyadh, Saudi Arabia and Kuwait over the next two months.

Moreover, higher costs were cutting into PAL’s bottomline. Bautista said the carrier had implemented a freeze-hiring policy on certain positions. He added that PAL would study its fuel hedging policy and implement fuel saving measures.

There was also the option to increase ticket prices, should the cost of fuel continue to rise.

“We may impose higher fares for us to be able to recover additional costs,” Bautista said.

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PAL’s listed operator, PAL Holdings Inc., swung to a loss in the first quarter of 2017 as the airline saw the price of fuel jump by over 50 percent.

PAL Holdings Inc. posted a net loss of P1.13 billion from January to March this year, a reversal of the P2.9 billion profit announced in the same period last year.

The carrier, nevertheless, saw better sales during the period. PAL Holdings said total revenue hit P33.32 billion in the first quarter, up 14.4 percent, as it added more flights and served more passengers. However, this was not enough to offset a steep increase in terms of costs.

Inquirer calls for support for the victims in Marawi City

Responding to appeals for help, the Philippine Daily Inquirer is extending its relief to victims of the attacks in Marawi City

Cash donations may be deposited in the Inquirer Foundation Corp. Banco De Oro (BDO) Current Account No: 007960018860.

Inquiries may be addressed to Inquirer’s Corporate Affairs office through Connie Kalagayan at 897-4426, This email address is being protected from spambots. You need JavaScript enabled to view it. and Bianca Kasilag-Macahilig at 897-8808 local 352, This email address is being protected from spambots. You need JavaScript enabled to view it..

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Sy companies lead Forbes list of largest PH public firms

By: Daxim L. Lucas - Reporter / @daxinqPhilippine Daily Inquirer

Eight of the country’s largest corporations—the holding firms of Philippine conglomerates and some of their large operating units—were named among the world’s biggest public companies in a list published by US-based business magazine Forbes.

Together, these Filipino corporate giants on the list had a combined market value of $72.4 billion or P3.6 trillion at current exchange rates.

Their combined sales hit a total of $40.6 billion, or P2 trillion, accounting for roughly 14 percent of the country’s $300-billion economy.

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In terms of asset concentration, these eight firms held $176.6 billion worth of assets, equivalent to P8.8 trillion pesos.

The Forbes list was led by SM Investments Corp. of the Sy family at the 823rd spot on the 2,000-company roster. The family’s patriarch, Henry Sy Sr., is also listed by the influential magazine as the country’s richest man.

SMIC booked $7.3 billion in sales last year, $650 million in profits, $17.3 billion in assets, and $17.8 billion in market value.

Not surprisingly, the second largest publicly listed Filipino firm is another Sy firm, BDO Unibank, coming in at the 1,018th spot.

This was followed by JG Summit Holdings Inc., the flagship company of the Gokongwei family, at the 1,151st spot.

“Forbes’ 2017 Global 2000 list faces much pressure amid unsteady geopolitical climates and slowing economies,” Forbes Media’s deputy editor for investing Halah Touryalai said in a statement. “Yet, in aggregate, these 2,000 companies have managed to come out stronger than last year, with increased sales, profits, assets and market values.”
“Despite slowing GDP figures, China and the US, whose companies make up more than 40 percent of the list, continue to dominate the top 10 list with financial giants,” he added. “This list illustrates that in spite of headwinds, the world’s dominant companies remain a steady force in an unpredictable and challenging environment.”

Taking fourth place among Filipino corporate giants was Ayala Corp., controlled by the Zobel family, with a global rank of 1,176.

This was followed by Top Frontier Investment Holdings of Ramon Ang at the 1,228th spot. The holding firm has interests in the energy sector and also holds the businessman’s stake in conglomerate San Miguel Corp.

Rounding out the list of the largest Philippine listed firms were Metropolitan Bank and Trust Co. of taipan George Ty (1,531st globally); Aboitiz Equity Ventures of the Aboitiz family (1,793rd), and Manila Electric Co., the country’s largest electricity distributor, controlled by the Metro Pacific group of Manuel Pangilinan (1,947th).

The ranking is based on a mix of four metrics: sales, profits, assets and market value.

Forbes’ list revealed that China’s banking giants hold steady at the top of the 2017 Global 2000 list. Industrial & Commercial Bank of China has been No. 1 for the fifth consecutive year. China Construction Bank remains No. 2. The other two of China’s “Big Four” banks – Agricultural Bank of China and Bank of China – dropped down on the list, but remained in the top 10. Berkshire Hathaway, the largest company in the United States, moves one spot up to No. 3. Others in the top 10 are JPMorgan Chase (No. 4), Wells Fargo (No. 5), Agricultural Bank of China (No. 6), Bank of America (No. 7), Bank of China (No. 8), Apple (No. 9) and Toyota Motor (No. 10).

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Martial law in Mindanao deemed overkill by bank, welcomed by BSP

MANILA — The declaration of martial law in Mindanao was deemed to be an “overkill” by ING Bank Manila, although Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said Wednesday that government moves to suppress terrorist activities in the war-torn island would improve investor sentiment moving forward.

In a note to clients, ING Bank Manila senior economist Joey Cuyegkeng said a declaration of a state of emergency would have been “more appropriate” as the declaration of martial law “implies that the government has lost control of the situation in Mindanao when in fact the incident is isolated.”

“But the President has threatened in the past weeks to impose martial law as a result of movements of terrorist groups as well as military activities of the military arm of the communist party. His intentions are likely to give him more leeway to address the overall peace and order situation in the island including activities of not only extremist groups but likely also to address activity of the armed wings of the communist party,” Cuyegkeng said.

In terms of impact on the domestic financial markets, Cuyegkeng said it would likely be “limited,” adding that “calm likely to return after the initial reaction.”

“The problem is that markets are also affected by the surprise Moody’s credit rating downgrade of China by one notch this morning,” Cuyegkeng said, as the debt watcher warned that “China’s financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows,” reports said.

But for Tetangco, the declaration of martial law covering the entire Mindanao was “a very decisive move in the part of the government,” as he noted that its main objective was to “improve the security and peace and order situation, which should lead to even greater confidence down the road.”

“There may be some transitory or temporary cautiousness, but in the end I think it will lead to a positive impact on sentiment,” Tetangco told reporters on the sidelines of the special testimonial luncheon in his honor that was hosted by seven local and foreign business groups.

Tetangco said the BSP has been monitoring the situation of bank offices and branches in Mindanao, “and the reports were it’s business as usual so far.”  SFM

 

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DOTr to fund regional airports projects via ODA or GAA

The five regional airports previously scrapped from the pipeline of public-private partnership (PPP) projects will instead be funded by the government or by foreign assistance, the Department of Transportation (DOTr) said Wednesday.

The development, and operations and maintenance of the five regional airports will instead be executed using either official development assistance (ODA) or under the General Appropriations Act (GAA), which is the yearly budget allocation approved by Congress, the DOTr said.

The five regional airports project has a combined value of P108.19 billion: the P20.26 billion Bacolod-Silay Airport, the P30.40 billion Iloilo Airport, the P40.57 billion Davao Airport, the P14.62 billion Laguindingan Airport and the P2.34 billion New Bohol Airport.

“The expansion and upgrading of the airports via the GAA make the projects cheaper as cost of money is lower, thus, more beneficial to the public,” DOTr OIC and Undersecretary for Aviation Manuel Antonio Tamayo said.

"Through this decision, we expect project completion to be faster and more efficient. Further, this would help avoid legal issues with concessionaires that may cause regrettable delays," he added.

On Tuesday, the PPP Center announced that the DOTr has terminated the five regional airports project as a PPP venture.

In 2014, the PPP Center said it intended to bid out the bundled operation and maintenance of the airports under a single PPP project.

Among the companies that pre-qualified to make a bid for the project were:

  • Filinvest-Jatco-Sojitz Consortium (composed of Filinvest Development Corporation, Japan Airport Terminal Co. Ltd, and Sojitz Corporation)
  • GMR Infrastructure and Megawide Consortium (Megawide Construction Corporation, and GMR Infrastructure-Singapore Pte. Limited)
  • Maya Consortium (Aboitiz Equity Ventures Inc. and VINCI Airports SAS)
  • Philippine Airports Consortium (Metro Pacific Investments Corporation and Philippines Airport Management Company)
  • SMHC-IIAC Airport Consortium (San Miguel Holdings Corporation and Incheon International Airport Corporation)

Under the new terms approved by the National Economic and Development Authority (NEDA) in November 2016, the five airports PPP was unbundled into five separate projects.

The DOTr said it has ordered a refund of the fees paid by the companies that prequalified for the bundled projects and the bidding prospectus for the unbundled projects "at the soonest possible time."  Jon Viktor Cabuenas/VDS, GMA News

 
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Partners Group to acquire SPi Global, says PLDT

Partners Group. has agreed to acquire outsourcing company SPi Global Holdings Inc., which is partly owned by Pangilinan-led PLDT Inc., for $330 million.

In an emailed statement, PLDT said the global private markets investment manager will acquire its 18.32-percent stake, held by subsidiary PLDT Global Investments Corp. (PGIC), and the remaining stake from CVC Capital Partners Asia III.

"Completion of this acquisition by Partners Group will be subject to certain closing conditions. Cash distributions to PLDT will be determined after the acquisition is completed," the company said.

SPi is one of the world's largest and most diversified BPO service providers in terms of clients, geographic presence and capabilities.

It provides domain expertise in customer interaction, healthcare and publishing markets.

PLDT sold part of its BPO businesses in 2013, which at that time was owned wholly-owned subsidiary SPi Global, to Asia Outsourcing Gamma Limited – a company controlled by CVC Capital.

PLDT reported a 26 percent drop in core net income to P5.3 billion in the first quarter of the year, as revenue fell by 8 percent to P42.779 billion.  Jon Viktor Cabuenas/VDS, GMA News

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