Companies

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Eugenio “Gabby” Lopez 3rd has stepped down as chairman of media giant ABS-CBN Corp, turning over the position to cousin Martin “Mark” Lopez. Gabby Lopez’s retirement after over two decades at the helm was announced during ABS-CBN’s annual stockholders’ meeting on Thursday. “As every athlete knows, there comes a time…

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GLOBAL Ferronickel Holdings Inc. (GNI) said higher prices of nickel ore, increased sales, and favorable foreign exchange rates boosted its revenues in 2017 to P5.82 billion from P3.77 billion in 2016. In a regulatory filing on April 16, the company said nickel ore prices improved to 19.29 per wet metric…

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HOMEGROWN property developer Cebu Landmasters, Inc. (CLI) has inked an agreement with a Belgium-based hotelier to build the country’s first Radisson RED hotel in Mandaue City in Cebu. Radisson RED will form part of Cebu Landmasters’ mixed-use development Astra Centre in Mandaue City, which will offer a total of 146…

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THE Securities and Exchange Commission (SEC) on Wednesday warned the public against investing their money in 14 unregistered online entities that promise unrealistic returns on their investments. The 14 unregistered entities identified by the SEC include NewG, Smart Capital, Gener8X, Paid2Prosper, CMT (Coins and Mining Trading), PSO (PSOPOWER Apps), TradeConnect, IronTrading (Team…

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PLDT Chair Manuel V. Pangilinan said the group is not rushing to sell its remaining stake in Germany-based Rocket Internet given its positive prospect on share price. “I think we just have to take it from there because it’s a short time window and I think their offer closes May 2nd,…

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MAIBARARA Geothermal, Inc. (MGI) has secured a certificate of compliance (COC) from the Energy Regulatory Commission (ERC), which would allow it to start commercial operation of its 12-megawatt (MW) Maibarara-2 geothermal power plant in Sto. Tomas, Batangas. In a disclosure, PetroEnergy Resources Corp. said its unit received the COC for…

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JOLLIBEE Foods Corp. now officially controls US-based Smashburger after obtaining all regulatory approvals in the United States, the homegrown fast food chain said on Tuesday. “With the completion of the acquisition, JFC shall include Smashburger in its financial consolidation starting April 17, 2018,” the company said in a disclosure. Jollibee,…

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LOPEZ Holdings Corp. reported lower earnings in 2017 due to the absence of one-off gains from its subsidiaries that had boosted profits in the previous year. In a regulatory filing on Tuesday, Lopez Holdings said net income after tax dropped by 29.9 percent to P14.5 billion last year from P20.7…

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PETROENERGY Resources Corp. (PERC) said Tuesday that consolidated net income in 2017 had surged by 44 percent to $8.46 million from $5.86 million in the previous year on higher electricity sales. Net income attributed to equity holders of PERC soared 113.99 percent to $3.79 million from $1.77 million in 2016,…

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