The Daily Dispatch

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The Daily Dispatch The Daily Dispatch OctoberFeb. 2, 201729, 2018 Philippine Stock Market Update TODAY’S TOP NEWS UnionBank posts lower net income in first 9 months ABOITIZ Power Corp. (AboitizPower) is hoping to sell its 8.8-megawatt (MW) biomass-power plant operated by its wholly owned subsidiary Aseagas Corp. (Aseagas) this year. AboitizPower Chief Operating Officer Emmanuel Rubio said last week the company is in talks with two interested firms. Previous Close: 1 Yr Return: Philippines more vulnerable to external shocks 7,064.33 -13.50% he Philippines’ widening current account deficit as a result Open: YTD Return: of higher investments will leave the country more vulnerable 7,054.65 -17.30% to external shocks and developments, according to ANZ 52-Week Range: Source: Research. ANZ Research noted that the uptick in 6,790.58-9,078.37 Bloomberg investments has led to a current account deficit in some economies in the region, such as the Philippines. Foreign Exchange As of Oct. 26, 2018 Market seen moving sideways this week US Dollar Philippine Peso The stock market is expected to move sideways this week with only three trading days because of the holiday break, 1 53.57 traders said. Philippine Stock Exchange chief operating officer Roel Refran said it’s difficult to say when the global PDST-R2 Rates uncertainties would end, but conceded that these factors As of Oct. 26, 2018 have drastically affected the market. Tenor Rate Maynilad partners with Waze 1Y 6.2950 West zone concessionaire Maynilad Water Services Inc. has 3Y 6.9874 partnered with GPS navigation software Waze to mitigate 5Y 8.1519 the impact of the company’s activities on traffic flow in the metro. Maynilad will upload real-time data regarding its road- 7Y 8.3604 digging activities, including projects that may require road 10Y 7.6685 closures to the Waze map. 20Y 8.8228 Voyager to complete KKR, Tencent deal by mid-Nov Daily Quote PLDT Inc. is expecting to complete transactions regarding global investment firm KKR and China’s Tencent Holdings "Every truth passes through three stages before it is Ltd.’s investment into Voyager Innovations Inc., the telco recognized. In the first, it is ridiculed. In the second, giant’s digital innovations arm, by the middle of November. it is opposed. In the third, it is regarded as self evident." --Arthur Schopenhauer The Daily Dispatch MORE LOCAL NEWS MPTC invests P4B to enhance roads Dennis Uy grows empire by more than 5X METRO Pacific Tollways Corp. (MPTC) has invested P4 billion to improve its roads in Luzon. According to MPTC Davao based businessman Dennis Uy has grown his empire President and Chief Executive Officer Rodrigo Franco, the by more than five times from 2016 to 2017, thanks to an investment would help bolster these roads’ capacity, aggressive buying spree backed by funding from local banks particularly the Subic-Clark-Tarlac Expressway (SCTEx). led by Sy-owned BDO and the Bank of China. Uy’s holding company Udenna Corp. grew its net income to a whopping P4.3 billion last year. MRT 3 deploys first train from China’s CRRC Dalian The Transportation Department said it began deploying the Spain’s Acciona eyes PHL renewable energy projects first train made by China’s CRRC Dalian on Metro Rail Transit Line 3 after ensuring it is safe for public use. It said SPANISH FIRM Acciona, S.A. plans to expand its the first train with three light rail vehicles on MRT 3 was operations in the Philippines and beef up its manpower as it part of the gradual deployment of 48 LRVs from CRRC explores opportunities in the renewable energy sector in Dalian that arrived as early as three years ago. partnership with a local company, its regional official said. Maynilad to bid for P10-b Clark contract Alsons enters renewable energy sector Maynilad Water Services Inc., the water utility unit of MPIC, has been pre-qualified to bid for the P10-billion water and Alsons Consolidated Resources (ACR) Inc., a power wastewater infrastructure project in New Clark City. company led by the Alcantara family, is moving forward Maynilad president Ramoncito Fernandez said the company with its foray into renewable energy. ACR said in a stock was one of the three companies pre-qualified for the project exchange filing that it listed an initial P100 million of its by state-owned BCDA. P2.5 billion debt paper on Friday. Reclamation projects set to transform Manila, Pasay DTI warns vs repealing tax perks Manila Mayor Estrada and Pasay Mayor Calixto signed a MOA for a joint “utmost effort to cooperate with each The Department of Trade and Industry (DTI) said that other and extend mutual assistance” in connection with their repealing tax perks might breach existing contracts with separate partnerships with private groups to reclaim huge investors, marking the first time it pushed for compromises swathes of the Manila Bay to generate valuable coastal real under the divisive “Trabaho” bill, a document showed. estate as well as provide employment and other economic opportunities. First Gen says its LNG terminal more feasible Villar firm, Converge ICT joining 3rd telco race FGen is confident of building its own LNG terminal, saying the project is “the most feasible” to date. “The uniqueness The group of Converge ICT Solutions Inc., an aggressive of our project is we have our own power plants so the fixed broadband service provider, and the Villar family’s general approach is to create our own option for our LNG Streamtech Systems Technologies acquired bid documents and if there are other options out there, well and good,” in the government’s third telco selection process. First Gen president Francis Giles Puno said. The Daily Dispatch TODAY’S TOP ASIAN NEWS TODAY’S TOP GLOBAL NEWS US economy grows at strong 3.5% rate in Q3 China’s troubled private firms offered bailouts The US economy grew at a robust annual rate of 3.5 percent Authorities in two areas of China known as centres for in the July-September quarter as the strongest burst of private enterprise said they will make at least 15 billion yuan consumer spending in nearly four years helped offset a sharp (US$2.16 billion) available to prevent listed companies drag from trade. The result was slightly higher than many having to sell off stock put up as collateral against bank economists had been projecting. loans. IBM buys software company Red Hat for US$34b Flipkart's Bansal may invest $100m in Ather Energy IBM said on Sunday it has reached a deal to buy software Flipkart co-founder and former chief executive Sachin company Red Hat for US$34 billion, a move the computing Bansal is considering a move to invest as much as $100 giant said would enhance its cloud offerings, a key area of million each in several startups, after netting $1 billion from growth. The deal will see IBM acquire all of the issued and the sale of his shares in Flipkart to Walmart, two people outstanding common shares of Red Hat for US$190.00 per familiar with the matter said. share in cash. NinjaCart in advanced talks to raise $20-25m IMF ups Argentina financing deal to $56.3 billion NinjaCart, a marketing and delivery platform for agriculture produce, is in advanced talks to raise $20-25 million from The International Monetary Fund (IMF) on Friday increased existing investor Accel Partners and new investors, two the size of a standby financing agreement for Argentina to people close to the development said. The new funding $56.3 billion in a deal that toughens previously agreed fiscal round will be led by Accel and at least one new investor is measures. expected to come on board. Ryanair shareholder calls for chairman's ouster Go-Jek set for Singapore entry Britain’s Local Authority Pension Fund Forum (LAPFF), Go-Jek has announced the launch of a portal in Singapore which represents funds that own a combined 1 percent of through which drivers can pre-register to use its platform Ryanair, on Sunday said it planned to file resolutions at the and be among the company’s first driver-partners in the city- company’s next annual general meeting to replace Chairman state. Go-Jek said that, over the coming weeks, interested David Bonderman. drivers will receive notifications from Go-Jek with details and information on the next steps on how to apply. BLOCKCHAIN CORNER Tencent-backed Epic Games raises $1.25b NuMoney Indonesia launches $10m incubator fund Epic Games, the creator of video game sensation “Fortnite”, Bitcoin marketplace NuMoney Indonesia has launched its said on Friday it received $1.25 billion in funding from NuMoney Initial Coin Offering (ICO) Incubator with a $10- investors, including KKR & Co Inc, Iconiq Capital and million fund that seeks to help local tech startups. According Smash Ventures. “Fortnite,” a sort of hybrid of “The to an e27 report, the incubator will assist 30 startups from Hunger Games” and “Minecraft,” drops 100 people onto an next year, enrolling them in startup classes that will include island to fight each other for survival. five weeks of mentoring and evaluation..
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