EconomyLoop
where regional business news becomes global to everyone

Nestlé debuts natural ruby chocolate in KitKat-crazed Japan

NESTLÉ SA will sweeten Japan’s Valentine’s Day with ruby chocolate KitKats, choosing one of the world’s most candy-obsessed markets for the debut of the first new type of natural chocolate in more than 80 years. Nestlé struck a deal with Zurich-based... read more

 Business Mirror2 days ago

     
2020 opening depends on Ikea–Swedish envoy

SWEDISH furniture company Ikea was planning to announce the targeted opening date in the Philippines within the year, Ikea Sustainability and Communication Director Lars Svensson said last Wednesday. In an interview on the sidelines of Responsible Bu... read more

 Business Mirror2 days ago
Asian shares up after Wall Street rally; eyes on China

SHARES were broadly higher in Asia on Thursday after a rally on Wall Street that took the Dow Jones industrial average to its first close above 26,000. Traders are awaiting the release of Chinese GDP figures later Thursday. Japan’s benchmark Nikkei 2... read more

 Business Mirror2 days ago
Farmers risk lashes as 4-year civil war decimates South Sudan’s breadbasket

Each time Patrick Okello goes to tend his crops, he has to tell the soldiers or face 50 lashes with a whip when he returns. They’re “always watching and very suspicious,” said the 43-year-old who grows cassava and corn on the outskirts of Pajok, his ... read more

 Business Mirror2 days ago
Teachers’ pay hike needs careful study, Diono says

Budget and Management Sec. Benjamin Diokno said he was not opposed to any increase in public school teachers’ pay but stressed that this should be done after careful study and the last tranche of state workers’ pay increase by 2019.This after teacher... read more

 The Daily Tribune2 days ago
Livestock output hit 5.09 MMT in 2017

Livestock production expanded by 2.7 percent to 5.09 million metric tons (MMT) in 2017, from the previous year’s 4.95 MMT, on the back of higher hog and poultry output, according to the Philippine Statistics Authority (PSA). Data available at Country... read more

 Business Mirror2 days ago
Profit-taking hurts RP stocks, peso

Profit-taking hurt the Philippine Stock Exchange index (PSEi) for the second day in a row yesterday, which in turn disadvantaged the peso more.PSEi shed 0.32 percent, or 28.25 points, to 8,820.74 points, which a trader attributed to investors’ antici... read more

 The Daily Tribune2 days ago
IKEA to bare opening date this year

Swedish furniture company IKEA plans to announce targeted opening date in the Philippines within the year, IKEA Sustainability and Communication director Lars Svensson said recently.In an interview on the sidelines of Responsible Business conference ... read more

 The Daily Tribune2 days ago
DoT’s lousy job hit

A former top ranking cabinet official of the past administration agreed with observations that the Philippines’ real tourism potentials are not harnessed because of inaccurate priorities of the tourism department.Margarito Teves, secretary of Finance... read more

 The Daily Tribune2 days ago
SEC okays PSE’s P3.16-B stock offer

The Securities and Exchange Commission (SEC) has approved a plan by the Philippine Stock Exchange Inc. (PSE) to raise P3.16 billion through a stock rights offering.The corporate regulator allowed the PSE to issue 11.5 million shares for P275 apiece t... read more

 The Daily Tribune2 days ago
ALI, Eton tie up for P53-B project

Property developers Ayala Land Inc. (ALI) and Eton Properties Philippines Inc. (EPPI) will jointly invest P53 billion to initially develop a 35-hectare mixed-use estate that spans portions of Pasig and Quezon City over the next 10 years.Ma. Carmela I... read more

 The Daily Tribune2 days ago
Closure orders, US rate adjustment helped push hot money out in 2017

Soured investor sentiment driven by apprehension over a series of closure orders for mining firms and intimations of interest-rate adjustments in the US Federal Reserve System on the fears of foreign fund managers who in 2017 took out their money on ... read more

 Business Mirror2 days ago
Planbank opens in San Pablo City

Planbank Rural Bank of Canlubang Planters Inc., the largest rural bank in Laguna province, celebrates today the opening of its newly relocated branch in San Pablo City. Located at 65 Rizal Avenue, San Pablo City, the branch was formerly situated in P... read more

 Business Mirror2 days ago
‘Taking over military pension very prohibitive’

From the original estimate of P7 trillion, the cost of taking over the military pension system by the Government Service Insurance System (GSIS) has gone up to as high as P9 trillion, according to latest numbers crunching by the Department of Budget ... read more

 Business Mirror2 days ago
Local poultry market more attractive for Cargill–official

Cargill Philippines Inc. (Cargill) said on Thursday it would rather focus on the domestic poultry sector than ship chicken overseas as the Philippine market offers better growth prospects. “There is potential in the domestic market if you think about... read more

 Business Mirror2 days ago
Metro Pacific to buy local logistics firms

CONGLOMERATE Metro Pacific Investments Corp. may acquire as much as three local logistics companies this year, as it seeks to expand its footprint in the sector.  Metro Pacific Chairman Manuel V. Pangilinan said his group has set its eyes on two or t... read more

 Business Mirror2 days ago
SEC approves PSE move to slash broker ownership

THE Securities and Exchange Commission (SEC) on Thursday has approved the Philippine Stock Exchange Inc.’s (PSE) stock-rights offer, a move meant to bring down the brokers’ ownership to 20 percent. The PSE is offering 11.5 million common shares at P2... read more

 Business Mirror2 days ago
Pure Foods’s shareholders OK formation of F&B powerhouse

SHAREHOLDERS of San Miguel Pure Foods Co. Inc. on Thursday approved the consolidation of the beer and liquor businesses of the conglomerate into one big company, the shares of which will be listed at the Philippine Stock Exchange (PSE). During the Pu... read more

 Business Mirror2 days ago
Tech-savvy accountants–a rising need

There is no other way to go but digitalization, which is different from digitization.  But digital transformation should never take place if the purpose is just for change’s sake.  I am pretty sure most companies prepare for a progressive digital tra... read more

 Business Mirror2 days ago
Moody’s: Asian high-yield market shows record rated issuance in 2017

Moody’s Investors Service said the Asian high-yield bond market has shown record levels of rated issuance across all markets in 2017, with momentum set to carry into first quarter of 2018. “A total of $34.5 billion was issued in 2017—up significantly... read more

 Business Mirror3 days ago
No need to revise CARP law, Pids says

REVISING the Comprehensive Agrarian Reform Program (CARP) law is unnecessary to achieve true land reform in the Philippines, according to the Philippine Institute for Development Studies (Pids). In a paper, titled “Land Reform: What Has Been Its Impa... read more

 Business Mirror3 days ago
PHL chicken supply down 30 percent

THE country’s dressed-chicken inventory at the start of the year declined by nearly 30 percent to 16,989.06 metric tons (MT), from 24,238.49 MT recorded a year ago, according to the National Meat Inspection Service (NMIS). NMIS data showed chicken pu... read more

 Business Mirror3 days ago
‘LandBank entry saves PostalBank from bankruptcy’

The Department of Finance (DOF) said the launch of the Overseas Filipinos Bank (OFB) on Thursday was in fulfillment of a campaign promise of President Duterte to the Filipinos. According to Finance Secretary Carlos G. Dominguez III, the OFB launch ma... read more

 Business Mirror3 days ago
Is branding for associations?

This was exactly the question that Chris Dingcong, HongKong-based Filipino brand consultant, founder and creative director of Springtime Design, asked around 200 association members who attended his plenary session at the Fifth Philippine Council of ... read more

 Business Mirror3 days ago
Fraud-proof excise-tax stamp program seen completed soon

Much-improved and more secure excise-tax stamps for cigarettes and alcohol products are scheduled for rollout within the first three months of the year, according to the Department of Finance (DOF). Finance Undersecretary Antonette C. Tionko said the... read more

 Business Mirror3 days ago
Japan Tobacco CEO signals Imperial Brands deal isn’t likely

JAPAN Tobacco Inc.’s new chief executive favors pursuing deals in Southeast Asia and markets where it lacks a presence rather than a more complex deal, signaling a much-speculated tie-up with Imperial Brands Plc. is less likely. Masamichi Terabatake,... read more

 Business Mirror3 days ago
Asahi Glass turns over plant to new owner

ASAHI Glass Co. Ltd. (AGC) turned over on Wednesday its manufacturing plant in the Philippines to TQMP Glass Manufacturing Corp., following the latter’s acquisition of all the shares of its wholly owned subsidiary, AGC Flat Glass Philippines Inc. (AG... read more

 Business Mirror3 days ago
MVP waiting for foreign cash infusion to Voyager

THE overseas expansion plan of Voyager Innovations Inc. is anchored on the entry of its foreign partner—or partners—here in the Philippines, Chairman Manuel V. Pangilinan said on Wednesday.  He said this before the digital innovations arm of PLDT Inc... read more

 Business Mirror3 days ago
Metrobank to issue P81B in rights offer

THE board of lender Metropolitan Bank and Trust Co. (Metrobank) has approved its stock-rights offering at the Philippine Stock Exchange to raise more funds. In its disclosure, the bank said it will issue a maximum of 819.82 million common shares. Bas... read more

 Business Mirror3 days ago
Purchase of Tata stocks pushes PSE ownership of PDS Holdings to 69%

THE Philippine Stock Exchange Inc. (PSE) on Wednesday said it now owns 69.03 percent of PDS Holdings Inc. after the equites market operator was able to purchase the stake from Tata Consultancy Services Asia-Pacific Pte. Ltd. In its disclosure, the PS... read more

 Business Mirror3 days ago
Ayala waives fees from Taguig ITX

CONGLOMERATE Ayala Corp. has agreed for forgo the annual grantor payment that it previously sought for the construction, operation and maintenance of the Taguig Integrated Terminal Exchange (ITX).  Transportation Secretary Arthur P. Tugade said this ... read more

 Business Mirror3 days ago
PHL stock market seen riding on Asia’s bull run

THE Philippine stock market is set to benefit from the region’s projected equity market outperformance, as Asia paints a rosy picture for investments in 2018.  In a news briefing on Wednesday, executives of global bank HSBC said investors are expecte... read more

 Business Mirror3 days ago
Who’s afraid of genetically modified chickens?

DEALING with controversies can be stressful and migraine inducing. Still, I welcome heated discussions over certain topics if only because it will give light and popularize what was once obscure but nonetheless important issues. Take for instance the... read more

 Business Mirror3 days ago
Milk imports in January-September declined by 2.25%

THE country’s purchases of imported milk in January to September fell by 2.25 percent as the recovery of global prices made dairy products from abroad more expensive. The latest figures from the National Dairy Authority (NDA) showed that the country’... read more

 Business Mirror3 days ago
8 coops join Aboitiz RE generation in Bukidnon

AboitizPower subsidiary Hedcor Bukidnon, Inc. is on the final phase of commissioning its 69-MW hydropower facilities in Manolo Fortich, Bukidnon. Eight electric cooperatives in Mindanao have already signed up for Manolo Fortich Hydro’s renewable ener... read more

 The Daily Tribune3 days ago
NTC surpasses collection target

The National Telecommunications Commission (NTC), an agency under the Department of Information and Communications Technology (DICT), exceeded by almost half-a-billion pesos its target collection for 2017, hitting P4.803 billion from P4.341 billion. ... read more

 The Daily Tribune3 days ago
Malaysian conglomerate vows to help fix MM traffic woes

MTD Phils., a Malaysian conglomerate set to build the most expensive and most sophisticated structure in Philippine history, reassured its readiness to help in decongesting Metro Manila by building one-stop centers all over the country.According to t... read more

 The Daily Tribune3 days ago
Chan named China Bank treasurer

China Banking Corp. (China Bank) appointed Benedict L. Chan as treasurer and head of the Treasury Group as part of the senior management changes to optimize the bench strength of the bank’s executive team. He succeeded Romeo D. Uyan, Jr., now COO.“Be... read more

 The Daily Tribune3 days ago
RP to sign financing deal for metro subway

The Philippines is set to sign this first quarter of 2018 the agreement on the first tranche of the Japanese funding for the Metro Manila Subway Project along with the loan accord for the Plaridel Bypass Road in Bulacan, which will also be financed b... read more

 The Daily Tribune3 days ago
DTI pushes new approach to promote ease of doing business

THE government’s interagency task force on Ease of Doing Business (EODB) is speeding up reforms to improve the country’s competitiveness. Trade Secretary Ramon M. Lopez said the strategy is to pursue a “whole of government approach,” where all instru... read more

 Business Mirror4 days ago
Cod catch at all-time low, but rebound could be near

PORTLAND, Maine—America’s catch of cod is at an all-time low, but the fishery might finally experience a rebound in the coming fishing year. Atlantic cod were once the backbone of New England’s commercial fishing fleet, but catch has plummeted in the... read more

 Business Mirror4 days ago
Asian stocks advance as investors look ahead to US corporate earnings

BEIJING—Asian stock markets were mostly higher on Tuesday following a holiday for US markets, as investors look ahead to American corporate earnings. The Shanghai Composite Index rose 0.4 percent to 3,425.03 and Tokyo’s Nikkei 225 added 0.7 percent t... read more

 Business Mirror4 days ago
ADB extends loans, grants for RP big ticket projects

The Asian Development Bank (ADB) has extended a technical aid loan of $100 million and another $5 million in grants to the Philippines to help improve and speed up the roll out of major infrastructure projects on the Duterte watch, according to the D... read more

 The Daily Tribune4 days ago
EMV cards potent vs skimming

Banks’ migration to Europay, Mastercard, Visa (EMV) chip-powered cards is making the skimming fraud difficult.According to Bankard, the sixth biggest in the country, the use of EMV cards significantly reduced the number of card skimming victims.Simon... read more

 The Daily Tribune4 days ago
AirAsia celebrates maiden flight from Mla to Jakarta

AirAsia, voted the World’s Best Low Cost Carrier for nine years running, flew its maiden flight from Manila to Soekarno-Hatta International Airport in Jakarta yesterday with send-off ceremonies held at Ninoy Aquino International Airport (NAIA) Termin... read more

 The Daily Tribune4 days ago
Finish flood projects before June, DPWH told

With the funds made available for the P25-billion Metro Manila Flood Control Management Project (MMFCMP), the Department of Public Works and Highways (DPWH) should give it priority and have the project completed before the rainy season starts in June... read more

 The Daily Tribune4 days ago
I’m a looting victim, not a smuggler—trader

A businesswoman yesterday denied smuggling attempt charges hurled against her by authorities at the Subic FreePort.In defending herself, Customs broker Cherry Springael said she is not a smuggler. According to her, she’s infact a victim of looting.SB... read more

 The Daily Tribune4 days ago
Technology can’t solve everything

Problems in the education sector cannot be solved by technology alone, but by partnerships among private and public groups committed to using tech and non-tech tools to achieve common goals, an executive of PLDT wireless subsidiary Smart Communicatio... read more

 The Daily Tribune4 days ago
Sy unit looking to raise up to P20 billion in bonds

SM Prime Holdings Inc. is going back to the retail-bond market and has informed regulators of a renewed intent to sell debt worth at least P15 billion. In seeking permission from the Securities and Exchange Commission (SEC), the property-development ... read more

 Business Mirror4 days ago
DBP to boost lending for social services in 2018

State-owned Development Bank of the Philippines (DBP) will ramp up its lending activities for social services that cover health care, education, housing  and community development this year, a top official said. DBP President and COO Cecilia C. Borro... read more

 Business Mirror4 days ago