U.S. stocks fluctuated between gains and losses as concern over Europe’s debt crisis before a gathering of euro-area leaders tomorrow offset better-than-estimated earnings.
Local / News
BHI will complete the first phase of its new resort in Puerto Galera in June. Friday’s Boracay said it has expanded the new resort in Boquete Beach, Puerto Galera, Mindoro Oriental from 32 keys to 62 keys. Keys is the new term used in the hospitality industry to refer to rooms.
BLOOM ‘s $1.2 billion Solaire Manila Resorts which has 500 hotel rooms is set to open on March 16. Solaire plans to add 300 more hotel rooms after two years.
Bayantel 2012 core revenues grew 8% to P5.22 billion, profit was not immediately available; attributed to the substantial growth in Bayan’s data and voice services.
Note: Late last month, GLO completed the purchase of “approximately 97.16% of debt of Bayan and its subsidiary, Radio Communications of the Philippines, Inc., amounting to around $437 million in a tender offer which ran from Nov. 5 to Dec. 18. GLO now becomes Bayan’s single biggest creditor.
FGEN set aside close to $2 billion (roughly P82 billion) to put up natural gas and hydropower projects over the next five years.
- $1.5 billion (about P61 billion) would be used for the proposed San Gabriel natural gas power project in Batangas, estimated to generate 1,450 megawatts within a five-year period.
- $400 million (about P16.4 billion) would go to various hydropower projects now in the pipeline.
GLO net income fell 30% to P6.9 billion in 2012 from P9.8 billion in 2011 due to higher operating expenses and “accelerated depreciation charges” related to its modernization which offset 6% growth in Service revenue to P82.74 billion from P77.77 billion. Excluding depreciation charges and other extraordinary losses core net income rose 2% in 2012 to P10.3 billion.
(MCE) Melco Crown Entertainment Ltd., the venture of billionaire James Packer and a son of casino mogul Stanley Ho, said profit was little changed in Q4, hurt by costs for a Philippines project. Net income rose to $108 million from $107.5 million a year earlier. Revenue increased 9.3% to $1.1 billion, compared with the $1.06 billion average of estimates.
MER says Subic residents supporting proposed coal plant – more than 400 residents of Barangay Cawag have signed a petition supporting the proposed 600MW coal-fired power plant of Redondo Peninsula Energy Inc (RP Energy).
PX seeks temporary resumption of operations at its Padcal mine in Benguet to keep the structural integrity of the mine’s tailings pond. The company needs to produce some 3.5 million MT of fresh tailings to fill up the void in its Tailings Storage Facility 3 (TSF3). PX says it has to take advantage of the dry season, require P2 billion and take 3-4 months to fix facility.
Government will decide next week, if favorable, would be a landmark decision for the mining industry, it would be the first time a company would be allowed to conduct “beaching process” in its tailings facility.
BSP approves early redemption of RCB’s P7-billion worth old debt notes. The notes carry an interest rate of 7 percent and are set to mature on February 22, 2018. Earlier, RCB raised new capital when it issued $100 million worth of common shares to the International Finance Corp (IFC) through a private placement, giving IFC the option to buy up to $15 million of the $100 million new common shares issued to CVC Capital.
It also plans to raise $130 million from the sale of Hybrid Tier 1 notes to institutional investors this year.
TEL entered into an agreement to sell the BPO businesses owned by its wholly owned subsidiary, SPi Global Holdings, Inc., to Asia Outsourcing Gamma Ltd., a company controlled by CVC Capital Partners. TEL will reinvest some of the proceeds from the sale into Asia Outsourcing Gamma Ltd. and continue to participate in the growth of the business as a partner with an approximate 20% stake.
UBP has obtained approval for take over 99.54% of 32-branch Cebu-based thrift bank City Savings Bank for P5.7 billion (2.5x book value). AEV, which owns 45% of UBP, owns City Savings together with its wholly owned subsidiary Pilmico Foods Corp. After the acquisition, City Savings will remain as a separate corporate entity, keeping its company name as well as its brand identity of simple and straightforward banking. City Savings has a stockholders’ equity of about P1 billion and total resources exceeding P9 billion, based on the bank’s website. It has 99,000 borrowers and a depositors’ base of about 59,000.
Read more at itrade.ph