Business

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PETROENERGY Resources Corp. said on Friday that its unit Maibarara Geothermal, Inc. (MGI) had secured approval for the registration of its 12-megawatt (MW) Maibarara-2 geothermal plant in Sto. Tomas, Batangas as a participating generation facility of the Wholesale Electricity Spot Market (WESM). In a disclosure, PetroEnergy said the Philippine Electricity…

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BASIC Energy Corp. is looking to invest up to 20 percent in a biomass power plant in Japan in line with its thrust to expand its portfolio of renewable energy projects. The company said on Friday it had signed a term sheet with Vintage Holding Japan Co. Ltd (VHJ) for…

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TOKYO: Japan is growing twice as fast as previously estimated, official data showed on Friday, with the world’s third-largest economy posting its longest string of gains in more than two decades. Gross domestic product in the third quarter of the year rose 0.6 percent compared to the previous quarter, the…

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BEIJING: Chinese exports surged more than twice the expected pace in November, official data showed on Friday, providing some more welcome news pointing to improvement in the world’s number-two economy. The healthy trade data, which also showed imports outstripping forecasts, come as Beijing looks to tackle industrial overcapacity, winter pollution…

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NEW YORK: Embattled industrial giant General Electric announced Thursday it will cut more than 12,000 blue and white collar jobs in its GE Power unit, part of a turnaround plan launched by the new company leadership. The layoffs will primarily hit facilities outside the United States, as part of an…

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SINGAPORE: Bitcoin plunged as much as 15 percent to below $14,500 on profit-taking Friday, capping a roller-coaster week that saw the currency hit a series of record highs and underlining concerns about its volatility. The virtual currency, which has no central bank backing and no legal exchange rate, briefly hit…

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HONG KONG: Asian markets rallied on Friday, bringing a volatile week to a positive end as tech firms extended their rebound while investors tracked advances on Wall Street following reports Donald Trump is planning to unveil a big-spending public works plan. Global equities have struggled this week, hit by profit-taking,…

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Alawmaker on Thursday sought the passage of the Magna Carta of Seafarers Act to promote the protection and welfare of about 400,000 Filipino mariners worldwide. According to Sen. Joel Villanueva, the measure’s passage would further recognize Filipinos’ contributions to the global maritime industry. The bill aims to institute mechanisms to…

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Shipping companies recognize the importance of seafarers in the sustainability and success of their business, so in order to attract top-quality and competent seafarers, they employ different strategies. These include offering high compensation packages and other incentives, such as medical and insurance coverage for them and their dependents. They are…

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First of three parts At the joint hearing held by the House Committees on Government Reorganization and Overseas Workers Affairs to consider the substitute bill on the creation of the Department of Migration and Development (DMD), one issue that remains unresolved is the Filipino seafarer’s status: Is he a migrant…

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