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The Daily Dispatch The Daily Dispatch AugustFeb. 2, 201726, 2020 Philippine Stock Market Update TODAY’S TOP NEWS SMC lining up P122-B infra projects San Miguel Corporation (SMC) is lining up a couple of infrastructure projects worth P121.8 billion to transform Luzon into a growth powerhouse within five years, SMC president and COO Ramon S. Ang announced yesterday.. PH economic crisis begins ‘U-turn Previous Close: 1 Yr Return: The country’s economic crisis is now beginning to make its 5,953.44 -23.39% “U-turn,” although remained in the negative territory. Open: YTD Return: Acting Socioeconomic Planning Secretary Karl Kendrick T. 5,935.83 -24.14% Chua said they are hopeful that signs of economic recovery would be sustained amid government’s efforts to stimulate 52-Week Range: Source: 4,039.15 - 8,216.92 Bloomberg economic growth. Foreign Exchange DOF proposes ‘corruption-free’ subsidy payouts As of Aug. 25, 2020 The Department of Finance (DOF) has proposed three US Dollar Philippine Peso imperatives to ensure an efficient and corruption-free distribution of government subsidy in cooperation with the 1 48.52 private sector. BVAL Reference Rates As of Aug. 25, 2020 Razon gets nod for Manila Water takeover Tenor Rate The Philippine Competition Commission has cleared the 1Y 1.785 acquisition of Razon-led Trident Water Holdings Co. Inc. of a majority stake in Manila Water Inc. In its commission 3Y 2.160 decision, the PCC is allowing Trident Water to complete its 5Y 2.380 buyout of a 51-percent voting interest in Ayala Group’s 7Y 2.561 Manila Water. 10Y 2.684 20Y 3.614 BSP seen to cut RRR, keep policy rates steady WHILE the real policy rate is likely to be negative for the Daily Quote rest of the year, J.P. Morgan sees the Bangko Sentral ng Pilipinas (BSP) possibly lowering the reserve requirement "Well done is better than well said." -- Benjamin Franklin ratio (RRR) to free up further liquidity. The Daily Dispatch MORE LOCAL NEWS PH gets $125-m loan for covid-19 response New rules on corporate debt vehicles OK’d The Philippines’ war chest against COVID-19 has been The Securities and Exchange Commission approved new injected with a new $125-million (more than P6 billion) loan rules for the creation of investment firms that will buy extended by the Asian Development Bank (ADB) to beef up corporate debt papers of large and medium enterprises. SEC coronavirus prevention as well as stem its spread. Memorandum Circular No. 23 sets the guidelines on corporate debt vehicles (CDV), which the regulator says will help companies maintain liquidity amid the coronavirus Shakey’s inks franchise deal with SG tea brand disease 2019 Shakey’s entered into a master franchise agreement with Century buys partner’s stake in Makati tower Singapore-based Koufu Group Ltd. as it hopes to take Century Properties Group Inc. acquired the 40% stake of advantage of the growing milk tea and bubble tea market in Mitsubishi Corp. in newly-completed office building the Philippines, where approximately 45 million Filipinos Century Diamond Tower in Makati for P1.9 billion. CPG falling within the age group of between 15 to 39 years old said the acquisition would increase the company’s total are major consumers of the product. commercial leasing portfolio by 25,000 square meters to 137,000 sq. m. and boost recurring revenues in the coming Bad loans ratio to double years. The non-performing loan ratio (NPL) of local banks may BSP mulls over more COVID-19 measures double to 4.6 percent by end-December from 2.4 percent in Bangko Sentral ng Pilipinas is considering additional March as businesses and consumers grapple with the impact regulatory relief measures to mitigate the impact of the of the pandemic, according to a survey conducted by the COVID-19 pandemic to financial institutions and help the Bangko Sentral ng Pilipinas (BSP). economy recover faster from the current slump caused by the crisis. BSP Governor Benjamin Diokno said he would DPWH, DoTr budgets get big boost announce the additional relief measures once finalized. The Budget department submitted to Congress on Tuesday DPWH optimistic on approval for P22.43B project the P4.506-trillion spending plan for 2021, where allocations for the Public Works and Transportation departments were The Department of Public Works and Highways (DPWH) is increased significantly as the government hopes an bullish the P22.43-billion Cavite-Batangas Expressway aggressive infrastructure push will drive post-pandemic (CTBEx) could get the approval of the National Economic economic recovery. and Development Authority (NEDA) Board within the year. Bureau: Pandemic derails export targets Nestlé PH partners with Plastic Credit Exchange The pandemic has pushed export targets further back as In a new step to reduce its plastic footprint in the recent forecasts showed a trade deficit of $27-28bn from the environment, food and beverage manufacturer Nestlé initial goals identified in the 2018-2022 Philippine Export Philippines has entered into an agreement with Plastic Dev't Plan. Export Marketing Bureau director Senen Perlada Credit Exchange (PCEx) to collect soft plastic waste from said the Philippines will find it difficult to catch up with the Baseco in Tondo, Manila, Payatas in Quezon City, and $102-billion export target for the year. Rodriguez in Rizal province. The Daily Dispatch TODAY’S TOP ASIAN NEWS Ant Group files for dual listing in HK, Shanghai Germany runs deficit on virus spending, revenue fall Ant Group, China’s largest digital payments provider and Germany, long adverse to being in the red, on Tuesday, digital finance platform, has filed applications to sell shares August 25, posted a public deficit of 51.6 billion euros for simultaneously in Hong Kong and Shanghai, formally the 1st half of 2020, with coronavirus lockdowns kicking off the process for what’s likely to be the largest undercutting government revenue as it increased spending. fundraising in history. Palantir to go public through direct listing JPM to pay US$1b for full ownership of China JV Data analytics firm Palantir Technologies on Tuesday filed JPMorgan is to pay US$1 billion for full ownership of its to go public through a direct listing, setting the stage for Chinese mutual fund venture, a statement on the Shanghai what is expected to be one of the most closely watched United Asset and Equity Exchange said on Tuesday, a price market debuts of a Silicon Valley tech startup in years. The tag that analysts said was expensive. JPMorgan's asset Peter Thiel-backed firm had confidentially filed to go public management business is to buy the stake it does not already in July. own in China International Fund Management. AstraZeneca starts trial of Covid-19 treatment Sunpower wins $15.2m waste-heat-to-power project AstraZeneca said on Tuesday it had begun testing an Sunpower Group, which specialises in energy saving and antibody-based treatment for the prevention and treatment clean power technologies, has secured a tender worth 76.8 of Covid-19, with the first participants dosed, adding to million yuan (S$15.2 million) from Chongqing Iron & Steel recent signs of progress on possible medical solutions to the Company. The firm will provide comprehensive turnkey disease. services to reform and upgrade waste-heat-to-power facilities for the Chinese steel manufacturer, Sunpower said ConsenSys acquires blockchain platform Quorum TODAY’S TOP GLOBAL NEWS Brooklyn-based technology startup ConsenSys has acquired JPMorgan Chase & Co’s (JPM.N) marquee blockchain platform Quorum, the companies said on Tuesday. Brooklyn- Creditors back $1.6b rescue for Virgin Atlantic based technology startup ConsenSys has acquired JPMorgan Virus-hit airline Virgin Atlantic, part-owned by British Chase & Co’s (JPM.N) marquee blockchain platform tycoon Richard Branson, said on Tuesday, August 26, that Quorum, the companies said on Tuesday. creditors had approved a £1.2-billion private recapitalization to help ensure its survival. Bill Gates invests $78mn in antenna firm Kymeta Billionaire Bill Gates is leading satellite antenna firm Australia blocks Chinese firm's bid for dairy company Kymeta’s latest funding round with a $78 million Australia said on Tuesday, August 25, it "would be contrary investment, the company’s president told Reuters. Redmond, to national interests" to allow a Chinese firm to buy a major Washington-based Kymeta, which sells pizza box-sized dairy producer, the latest sign of souring relations between antennas for installation on cars, trains and boats, secured the two countries. $85.2 million in capital..
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  • Curriculum Vitae 1
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