GOLDMAN SACHS Group, Inc. officials have a reached a settlement for shareholder claims. — REUTERS NEW YORK — Goldman Sachs Group, Inc. officers and directors reached a $79.5-million settlement to resolve shareholder claims that their poor oversight contributed to the bank being enmeshed in the looting scandal at Malaysia’s 1MDB sovereign wealth fund. A preliminary […]
Category: Hot News
Q1 GDP surpasses pre-pandemic level
PEOPLE cross Roxas Boulevard in Manila, May 1. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Abigail Marie P. Yraola, Researcher THE PHILIPPINE ECONOMY expanded by a better-than-expected 8.3% in the first quarter, surpassing the pre-pandemic output level as household spending surged amid the easing of coronavirus curbs. Preliminary data released by the Philippine Statistics Authority […]
Airbnb updates platform, expands search function
Airbnb, a home sharing service, rolled out a search function that allows guests to look for places to stay based on their style, location, and proximity to a travel activity, instead of just the destination city. Announced May 12, Airbnb Categories organizes listings in 56 categories, giving users the option to look for A-frames and […]
A summer drive with a new Lexus
Beat the heat with a long-awaited road trip aboard the Lexus RX or the Lexus IS The call of the open road is difficult to ignore during the summer season. A trip to the beach, mountains, or other cities with family and loved ones is a great way to rest and rejuvenate the soul. These experiences […]
‘Revenge travel’ to boost brand sales — ShopBack
The tourism industry will make a comeback this year as people take advantage of loosened restrictions and go on a “revenge travel” spree, according to ShopBack, a cashback reward program. “We expect travel to be one of the big [sales drivers],” Prashant Kala, Philippine country head of ShopBack, told BusinessWorld in a May 5 Zoom call. Shopback aims […]
DITO, Chelsea shares slide after report of possible sale
Shares in two Philippine firms owned by tycoon Dennis A. Uy, a close associate of outgoing President Rodrigo R. Duterte, tumbled in early trading on Friday, after Reuters reported a potential sale of the companies. DITO CME Holdings, Inc., owner of the country’ third-biggest telecoms operator, and Chelsea Logistics lost as much as 7% and […]
Kids later than sooner: South Korean women freeze eggs as child-rearing costs surge
SEOUL — In South Korea, fewer women are having children and those who do are in no rush. The sky-high costs of housing and education make financial security a must. Social mores also dictate the need to be married. Lim Eun-young, a 34-year-old public servant, says she is not ready to start a family due […]
With China in focus, Biden makes $150 million commitment to ASEAN leaders
WASHINGTON — US President Joseph R. Biden, Jr., opened a gathering of Southeast Asian leaders with a promise to spend $150 million on their infrastructure, security, pandemic preparedness and other efforts aimed at countering the influence of rival China. On Thursday, Mr. Biden started a two-day summit with the 10-nation Association of Southeast Asian Nations […]
What are stablecoins, the asset rocking the cryptocurrency market?
LONDON — Most cryptocurrencies have a major problem with price volatility, but one sub-category of coins is designed to maintain a constant value: stablecoins. As cryptocurrency prices plummeted this week, with bitcoin losing around a third of its value in just eight days, stablecoins were supposed to be isolated from the chaos. But an unexpected […]
Jetmakers’ inflation shield no match for soaring costs
DUBLIN — Inflation clauses that determine how much airlines pay for new jets have jumped into a “hyper-escalation” band, pushing up aircraft prices but still leaving manufacturers unable to fully pass on their soaring costs, industry executives told Reuters. The hike to the top inflationary band is a rare move in the industry, potentially triggering […]
Tycoon close to outgoing Philippine president mulls sales of big assets — sources
A tycoon and close associate of outgoing President Rodrigo R. Duterte is considering selling businesses collectively worth several billion dollars, including a South China Sea gas field and a commercial land lease firm at the site of a former US military base, two sources familiar with the matter said on Thursday. Dennis A. Uy, chairman […]
Grace and Frankie is the longest running series on Netflix — and a show for women who don’t see themselves on TV
WHEN the final 12 episodes of Grace and Frankie were released, the show became the longest running television series on Netflix. Over 94 episodes, this unlikely hit went where no other series had taken viewers: into the lives of older women forced to restart their lives, both socially and sexually, after their marriages of 40 […]
Holcim net income drops on soft demand, higher expenses
HOLCIM Philippines, Inc. announced on Thursday that its first-quarter attributable profit dropped by 54% to P420.28 million from P908.92 million previously, due in part to soft cement demand and higher production and distribution costs. The company reported net sales of P6.7 billion for the first quarter of the year, which was 1% lower than the […]
Tulfo to prioritize labor issues if elected to Senate
TELEVISION journalist Rafael T. Tulfo, a top vote getter in the unofficial Senate tally, said he plans to file legislation against wage theft, among other labor-centric priorities he intends to pursue when he is officially elected. In an interview with Rappler on Thursday, he said his first bill will seek to impose stiffer penalties, including […]
Gilas Pilipinas 3×3 squad seen to sweep the four gold medals in Vietnam SEAG
HANOI — The country’s quest to sweep anew the four basketball gold medals at stake in the 31st Vietnam Southeast Asian Games (SEAG) begins on Friday when the Gilas Pilipinas 3×3 squads plunge into action at the Thanh Tri Gymnasium. The Limitless App team that captured the title in the PBA 3×3 First Conference will […]
Cyberattacks on banks ‘exploit human weaknesses’
CYBER INCIDENTS faced by banks take advantage of human weaknesses mostly through fraud, phishing and account takeovers, according to the Bangko Sentral ng Pilipinas (BSP). The central bank said “card not present” fraud, variations of phishing, and account takeovers were the three most frequent attacks seen by financial institutions in 2021. “Most of these cyber […]
Stuff to do (05/13/22)
1 of 3 A night of satire with Jon Santos MASTER satirist, Jon Santos, is vaccinated and ready to flex his acting chops again with Jon Santos: LiveScreaming. Mr. Santos and his plethora of characters are finally coming out of lockdown to perform in from of a live audience at Resorts World Manila’s Newport Performing […]
SPC profit down 73% on lower earnings of investee firms
SPC Power Corp. saw its first-quarter attributable net income drop 72.6% to P126.72 million from P462.49 million in the same period a year ago, as earnings of investee companies contracted. “The biggest component of the reduction in the group’s consolidated net income was from the equity share in the earnings of investee companies which contracted […]
Pandemic pushes informal Spanish workers out of the shadows
MADRID/ROME — For decades, a cash-filled envelope — or “sobre” — was how hundreds of thousands of Spaniards working without legal contracts in tourism, agriculture or construction collected their salaries. COVID-19, however, may finally be putting paid to the “sobre,” economic data and workers’ experiences suggest — accelerating a six-year-long crackdown in Spain on the […]
Chef de mission Fernandez motivates Philippine athletes to shine
HANOI — Team Philippines formally opened its campaign in the 31st Southeast Asian (SEA) Games on Thursday with the Philippine Sports Commission (PSC) going all out in the country’s bid for Filipino athletes to shine. PSC Commissioner Ramon Fernandez again motivated the 641 athletes who will see action in 38 sports to maintain focus and […]