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Thursday, May 14, 2009 |
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Lopez family to remain at Meralco’s helm, says patriarch
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By Euan Paulo C. Añonuevo, Reporter
DESPITE San Miguel Corp.’s (SMC) claim of having wrested control
over Manila Electric Co. (Meralco), the Lopez group’s patriarch
said on Wednesday that a member of the family will remain at the
helm of the Philippines’ largest distribution utility—at least
in the short-term.
“My brother [Manolo Lopez] will continue maybe
for a year or two, although he will step down as chief executive
officer sometime after the election,” Oscar Lopez, the most senior
member of the Lopez family, which has controlled Meralco for
decades, said on the sidelines of the stockholders’ meeting of
First Gen Corp.
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House bill seeks to audit telecommunication firms
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ON top of taxing text messages, a House bill that recently passed
the committee level aims to audit telecommunication companies
through the installation of a metering device to trace their revenue
sources, its proponent said.
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BIR misses collection goal in April
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THE Bureau of Internal Revenue (BIR) said it failed to hit its
revenue collection target for April.
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Listed firms raise cash payout despite crisis
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DESPITE the current economic slowdown, listed companies raised the
amount they paid out to stockholders at the end of the first quarter
this year, based on data released by the Philippine Stock Exchange (PSE).
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Meat processors hit DTI for price interference
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A group of meat processors complained to the Department of Trade and
Industry that its agency has been “interfering” with their
pricing schemes and that the policies it set would endanger business
secrets.
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Price of school supplies stable, Trade dept. says
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With only a month before classes start on all levels, prices of
school supplies still remain stable as cost of raw materials in the
world market has declined, the Department of Trade and Industry
(DTI).
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Credit rating firms dub Psalm’s borrowing as
‘junk’
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CREDIT rating agencies assigned a below-investment grade or
‘junk’ rating to the planned borrowing of state-run Power Sector
Assets and Liabilities Management Corp. (Psalm).
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LandBank net income jumps in the first quarter
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The Land Bank of the Philippines (LandBank) said its net income has
improved significantly in the first quarter on the back of sustained
loan growth and foreign exchange gains.
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Ayala Land eyes more funds through novel scheme
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AYALA Land Inc. (ALI) will raise more funds by borrowing from
individuals in a scheme that would allow them to build capital for
their future payments on residential properties bought from the
Philippines’ biggest real estate developer.
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Subic revenues up despite lower BIR collections
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Duty and tax collections at the Subic Bay Freeport Zone in the first
quarter of this year increased by almost a tenth year-on-year, the
Subic Bay Metropolitan Authority (SBMA) said.
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SMPI seeks buyer for Boracay project
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The property arm of Southeast Asia’s largest food and beverage is
looking for a buyer or partner for the development of its property
on Boracay island in Aklan.
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SMIC net income climbs on higher retail sales
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THE holding company of the SM group announced Wednesday that it
posted a double-digit growth in its net income for the first quarter
due to higher retail sales.
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Galoc field operator resumes production
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PRODUCTION at the Galoc oil field has resumed following favorable
weather conditions.
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Globe unit to offer wireless cable TV
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A BROADCASTING company recently acquired by Globe Telecom Inc.’s
retirement fund said it will spend billions of pesos over three
years to roll out wireless cable TV and Internet broadband.
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