SC decision deals devastating blow to economic nationalism

The value of these voting preferred shares, P150 million, is a fraction of the value of PLDT’s 216 million common shares. The par value (when it was first sold) of these common shares was worth P1.1 billion. Foreigners own 54 percent of these common shares, way past the 40 percent limit stipulated by the Constitution, while Filipinos own 46 percent. In this deception, PLDT’s Beneficial Trust Fund’s 150 million voting preferred stocks is already 41 percent of the sum of PLDT’s 216 common and 150 million voting preferred shares, or 366 million. Filipinos’ holdings of another 99 million common shares puts its total ownership at 249 million shares, or 68 percent, while those of foreigners are portrayed to be only 32 percent.

January 17, 2017 16:29 UTC

‘Broken promises’: Reds say peace deal unlikely soon

He launched the peace process soon after he took office in June last year and installed three activists in his cabinet. The government said then it was aiming for a final peace deal within 12 months. The communists have long demanded that hundreds of jailed communists be released before they will consider making major concessions in peace talks. Duterte released 18 top leaders to kickstart the peace process but the communists are demanding another 434 rebels be freed immediately. He said the government was still sticking to its timeframe to secure a peace deal of between nine and 12 months from the start of the talks in August last year.

January 17, 2017 16:29 UTC

Tectonic shifts involving corporate boards

Much of the discussion about corporate governance focuses on issues relating to boards of directors, and for good reason. The SEC used globally recognized standards as key reference materials in developing the new CG Code. While this means that multinationals will not be surprised with the new pronouncement, Philippine companies might consider some of the CG recommendations as tectonic shifts in the way they organize their boards. A PLC’s corporate secretary and compliance officer should be separate individuals and should not be members of the board. Non-executive directors (which include independent directors) can sit on the boards of a maximum of five PLCs only.

January 17, 2017 16:29 UTC

Megaworld Makati condo construction on schedule

CONSTRUCTION of Megaworld Corporation’s Paseo Heights condominium development in Makati is progressing well, with work on schedule for its anticipated October completion date, an online construction update said. As of the end of December, installation of windows was ongoing on the top floors of the 30-story, 320-unit tower, with interior tile, plastering, and other work underway on the 21st to the 25th floors. Megaworld touts the Paseo Heights project, which is one of several the developer is building in Makati’s central business district, as the last condominium with an unobstructed view of Salcedo Park, which is also known as Jaime Velasquez Park, a popular recreation and relaxation spot for the Salcedo Village neighborhood. The Paseo Heights project offers studio and two-bedroom units ranging in size from 30 square meters to 62 square meters, and features amenities such as a lap pool, kiddie pool, fitness center, function room for gatherings, and a Laundromat.

January 17, 2017 16:29 UTC

50 congressmen raring to block death penalty bill

THE absence of a solid stance on the death penalty bill among majority bloc lawmakers will kill its chances of passage, opposition congressmen declared Tuesday. But the Speaker wants a party vote, which is a pressure vote. In the current 17th Congress, the ruling party is President Rodrigo Duterte’s PDP-Laban, of which Alvarez is a member. Also part of the Super Majority coalition is the anti-death-penalty Makabayan bloc of party-list groups Bayan Muna, Gabriela, Kabataan, Alliance of Concerned Teachers and Anakpawis. “I am very confident that we can pass it because we have a coalition, the Super Majority.

January 17, 2017 16:29 UTC

Invading China, one trade dispute at a time

Many of Trump’s campaign pledges centered on retooling the United States’ trade partnerships, for instance by renegotiating NAFTA or scrapping the Trans-Pacific Partnership pact. The Trump administration may empower US institutions to more easily conduct investigations into Beijing’s trade practices, increasing their oversight and budgetary allowances. For one thing, the United States’ most fervent trade disagreements with Japan took place before the creation of the WTO and its relatively strong bilateral trade dispute mechanism. Tokyo’s favored means of dispute resolution — voluntary caps on its exports to the United States — have since been banned. In future trade negotiations with the United States, China will try to stay within the confines of the WTO framework and preserve the status quo.

January 17, 2017 16:29 UTC

‘Election machines tampered with’

“With 5,000 unnecessary extra SD cards accompanying 5,000 extra VCMs, switching bogus results contained in these extra SD cards with the genuine results under the guise of replacing malfunctioning VCMs is a feat that is all too easy to accomplish. Smartmatic’s representative, he noted, confirmed that they used only the Linux operating system in formatting SD cards. Yet the poll body, he noted, assured all parties that the chain of custody of all SD cards from Laguna to Intramuros was never broken. An election protest, he argued, is not decided on the basis of SD cards, but the ballots cast in the VCMs with the results compared with election returns, statement of votes and other election documents. Rodriguez, however, countered: “The Filipino people should not be faulted if they conclude that these tampered SD cards are truly Robredo’s so called ‘silent majority,’” he said.

January 17, 2017 16:29 UTC

The ‘Catch-Patch-Match’ strategy

An information security risk assessment will uncover all of these and will give you a clearer picture of what your organization’s current security posture is. This strategy comprises 35 security controls which are ranked according to its urgency and effectiveness. The top four of these controls are dubbed the “Catch-Patch-Match” strategy that if properly implemented could mitigate 85 percent of targeted cyber-intrusions. The funny thing about the Catch-Patch-Match strategy is that it is very true. The complete list of controls of the Australian DSD’s Strategy for Mitigating Targeted Cyber Attacks actually runs down to 35 controls.

January 17, 2017 16:29 UTC

Bracing for a Trump presidency

DONALD Trump looks set to assume the American presidency later this week. Hence, it was no surprise that Trump chose the Republican and not the Democratic Party as his election machinery. In the Washington political establishment where frontal smiles and backstabbing go hand in hand, that sort of overt hostility is unthinkable. But to those Trump supporters outside the Beltway who hate the Washington political special interest groups as well as what they perceive to be a liberal-studded mainstream media, what Trump did was exhilarating. Parties from around the world can only brace themselves for a bumpy but perhaps interesting ride of a Trump presidency.

January 17, 2017 16:29 UTC

Who’s afraid of Ramon Ang?

As stated in the Electric Power Industry Reform Act of 2001 (the EPIRA law), the assets and liabilities of the National Power Corporation are to be managed by PSALM. Apparently, PSALM had made an announcement that it would be accepting bids for the Malaya plant and that the deadline was Dec. 20. The Malaya plant has a 300-MW unit with a once-through type boiler and a 350-MW unit fitted with a conventional boiler. San Miguel, said he, always wants to join all government auctions, “so that the state would get the best deal. Ramon Ang said, “From P11 billion that was supposed to be awarded, it went up to P27 billion.

January 17, 2017 16:29 UTC

2 senators squabble over allegations of ‘whitewash’

The resolution was to be referred to the committee on civil service and government reorganization, which he currently heads. During the session, Zubiri took the floor to deny the allegation and denounced Trillanes for making such claims against his colleagues in the Senate. I take offense on that Mr. President,” Zubiri said. After Zubiri’s speech, Trillanes took the floor and stood by his allegation against the senators saying: “I’m glad that the gentleman took offense because in fact, the statement is meant to be offensive. Senate Majority Leader Vicente Sotto 3rd then moved that all hurtful statements between the two senators be stricken off the record.

January 17, 2017 16:13 UTC

Serena, Nadal make sizzling starts in Melbourne

MELBOURNE: Serena Williams and Rafael Nadal made light of scorching conditions and doubts over their form as they got off to sizzling starts at the Australian Open on Tuesday. Williams, back after an injury lay-off, demolished the dangerous Belinda Bencic 6-4, 6-3, while Nadal was also impressive in his 6-3, 6-4, 6-4 win over Florian Mayer. Injury-hit Nadal had a torrid 2016, failing to reach any of the Grand Slam quarter-finals, but he appeared rejuvenated under new coach and former world number one Carlos Moya. “The body’s good, that is the key,” said the 30-year-old, who has amassed 14 Grand Slam titles. Britain’s Heather Watson ousted former US Open champion Samantha Stosur in three sets, and WTA Finals title-holder Dominika Cibulkova beat Denisa Allertova to reach round two.

January 17, 2017 14:18 UTC

Team SEA completes wire-to-wire Pradera triumph

Team Southeast Asia closed out the way it started its Pradera Ladies Challenge campaign – in dominant fashion, beating Team Pradera, 6 1/2-3 1/2, in singles to complete a wire-to-wire triumph at the Pradera Golf and Country Club course in Lubao, Pampanga on Tuesday. But all the girls were excited to gain new friends,” said Team SEA co-captain Phunumpa Pornperapan, whose squad composed of national players from Thailand, Malaysia and Indonesia dominated their Filipina counterparts in all three days. But Team SEA imposed its will in all but one of the last six face-offs with Thai Onkanok Soisuwan defeating club bet Annyka Cayabyab, 5&3, and Michela Tjan of Indonesia securing the crown with a 3&1 victory over Sofia Chabon. It was fun to teach the kids and I’m proud of my team,” said the two-time LPGA Tour champion. But the rest failed to step up as Cayabyab succumbed to Soisuwan and Tjan dominated Chabon to score the third point for Team SEA and wrap up the duel.

January 17, 2017 14:18 UTC

Corteza, Chua enter World Pool Series demis

Veteran cue masters Lee Vann Cor­teza and Johann Chua kept the Philippine flag flying as they advanced to the semifinals of the 2017 World Pool Series First Leg – The Molinari Players Championship being held at the Steinway Billiards in Astoria Queens in New York City. For his part, Chua ousted British players Jayson Shaw (15-11) in the Last 16 and Chris Melling (15-14) in the quarterfinals of the tournament sanctioned by the World Pool-Billiard Association. Former world champion Dennis Orcollo and Carlo Biado, however, were booted out of contention after suffering defeats in their respective matches. Corteza will be battling Appleton in the semifinals while Chua takes on Ruslan Chinakov of Russia in the other pairing. The winner of the World Pool Series First Leg will earn an automatic slot in the Grand Finale dubbed as the Predator World Series Championship scheduled on September 27 to October 1.

January 17, 2017 14:18 UTC

Aspirants’ Cup begins Thursday

The 2017 PBA D-League Aspirants’ Cup opens on Thursday, at Ynares Sports Arena in Pasig, with the game between AMA and Batangas opening the tournament at 3 p.m.Cafe France wants to be just that, as it seeks to redeem itself from last season’s Finals loss. Fielding in a younger squad, coach Egay Macaraya promises that the Bakers will still be one of the top contenders this conference. Tanduay is also out for a rebound following its Foundation Cup heartbreak. Six-time PBA D-League champion coach Boyet Fernandez is gunning to replicate his past success as he returns this conference with Cignal-San Beda. Coach Mark Herrera has every reason to feel so, with top pick Jeron Teng leading the Titans, together with Jay-R Taganas, Diego Dario, and Ryan Arambulo.

January 17, 2017 14:18 UTC

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