PAL Holdings Inc. doubling capital stock

Philippines Airlines’ parent firm, PAL Holdings Inc., will double its authorized capital stock from 13.5 billion pesos to 30 billion pesos and issue 10.2 billion shares worth 12.75 billion pesos via a private sale. Stockholders approved the move during their Nov. 25, 2021 annual meeting to aid the flag carrier as it undergoes Chapter 11 proceedings. Earlier, PAL announced Buona …

Xiaomi to open factory in Beijing with annual output of 300,000 cars

A statement on Saturday revealed that China smartphone giant Xiaomi Corp. officially signed a cooperation agreement to build a car plant in Beijing with the Administrative Committee of Beijing Economic-Technological Development Area, also known as E-Town. The company has become the latest tech company to join China’s red-hot new energy vehicle or NEV sector committing to invest 10 billion dollars …

URC buys Malaysia’s Crunchy Foods for P23B

The Gokongwei-owned Robina Corp increased its stake in Southeast Asia’s consumer market by creating a Php 22.9 billion deal to take over the lock stock and barrel of Malaysian food manufacturer Crunchy Foods. Universal Robina Corp. subsidiary, URC Snack Foods, signed the agreement to acquire 100% of Crunchy Foods, which fully owns Munchy Food Industries and Munchworld Marketing. The deal’s …

Duterte admin ready to assist next presidency in four economic concerns — Dominguez

Finance Secretary Carlos G. Dominguez III said that the Duterte administration is ready to assist the next presidency during the transition period in 2022 especially regarding primary concerns that will affect the country’s economic stability. The four concerns are debt management with the goal of growing the economy by 6% a year, inflation problems caused by global supply chains, pandemic-induced …

Banks, fintech firms to freeze accounts of text scammers

The National Privacy Commission (NPC) said that banks and fintech companies such as GCash will try to freeze the accounts of scammers and their accomplices as part of measures to stop the text scams pestering Filipino mobile users. In the case of GCash, NPC Chair Raymund Liboro said the company already implemented a 72-hour quick-freeze policy. He said that this …

P500 million ‘hot’ luxury cars found in showrooms

The Bureau of Customs may confiscate around 300 allegedly smuggled luxury cars with an estimated market value of 500 million pesos found in showrooms in Quezon City and Pampanga. The BOC said a team led by Intelligence Officer 3 Alvin Enciso, who heads the Customs Intelligence and Investigation division, inspected showrooms in Xavierville, Quezon City and San Simon, Pampanga last …

New Zealand passes climate change disclosure laws for financial firms in world first

New Zealand has become the first country in the world to pass laws requiring banks, insurers and investment managers to report the impacts of climate change on their business, officials said. Climate Change Minister James Shaw said the law meant banks, insurance companies and investment firms would make mandatory disclosures about their portfolios’ global warming record starting from next year. …

Apple updates App Store payment rules in concession to developers

Apple has updated its App Store rules to allow developers to contact users directly on payments, a concession in a legal settlement with companies challenging its tightly controlled marketplace. According to App Store rules updated last month, developers can now contact consumers directly about alternative payment methods, bypassing Apple’s commission of 15 or 30 percent. They can ask users for …

New energy sector will accelerate as China sets new net-zero targets

China’s new energy sector will usher in great opportunities, as the country targets 25 percent non-fossil energy use by 2030 and over 80 percent use by 2060, experts said after the release of the new guideline to implement carbon peak and neutrality. The State Power Investment Corporation said, “The goal of 25 percent showed that China will firmly promote the …