DREAMGATEWAY Exterior design of SMC’s P740-billion New Manila International Airport in Bulakan, Bulacan, the single most expensive infrastructure project in Philippine history. —CONTRIBUTED PHOTOS Ramon S. Ang is never out of new ideas, especially when it comes to expanding the business and economic footprint of one of the country’s largest conglomerates, which he heads. When we sat down for an interview recently, however, the president and CEO of San Miguel Corp. (SMC) seemed more focused than usual on one particular project—one mega project which, by his own admission, will only start making money two decades after its completion. At a total projected cost of P740 billion ($13.5 billion)—to be financed solely by the company without a single centavo of funding from the government—the new Manila International Airport in Bulakan, Bulacan, is the most expensive infrastructure undertaking in the country’s history whether by a public or private entity. “This is a legacy project … [Read more...] about World-class ‘aerocity’ rising
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Share to Twitter Share to Linkedin Several state legislatures have recently begun punishing investment companies that take environmental, social, and governance (ESG) data into consideration when making investment decisions. Elon Musk tweeted, “ESG is a scam. It has been weaponized by phony social justice warriors.” In an opinion piece in The Wall Street Journal, former Vice President Mike Pence says that investing using ESG principles is politically driven and is part of a plan by the “woke left” to conquer corporate America. While all of this may be great rhetoric to motivate a political base, along with the boogeymen of CRT (Critical Race Theory) and DEI (Diversity, Equity, and Inclusion), the question is, what is the ultimate goal of this fight and who does it benefit? In the case of the state legislatures, most are from states where fossil fuels are a major contributor to their local economies. It makes sense that they're trying to protect … [Read more...] about Who Benefits From The Fight Against ESG?
Unprecedented forest fires in the drought-stricken western United States . Tropical storms and rising seas threatening the Gulf and Atlantic coasts. Sizzling heat across large swaths of the country. As climate change unfolds before our eyes, what can the U.S. do to sharply and rapidly reduce its share of the greenhouse gas emissions that are causing it? advertisement advertisement The Biden administration has committed to reducing those emissions 50% by 2030 to below 2005 levels. That’s a critical first step of a global energy transition that must achieve net-zero emissions by midcentury to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) and thereby avert the worst impacts of climate change. Twenty years ago, I would have regarded the U.S. 2030 pledge as crazy talk. But a new study in the journal Science that I coauthored, compares results from six independent analyses conducted by academic, industry, and nongovernmental … [Read more...] about How we can meet Biden’s 2030 climate goals with today’s technology
Share to Twitter Share to Linkedin The incredible smells of thick steaks cooking over a wood fire fueled by grapevines encourage drool to form at the guests’ mouths as they eagerly wait in anticipation for a meal of a lifetime. The large centuries-old kitchen had festive Spanish music playing in the background as the multi-course meal with free-flowing wine brought everyone along a journey that was a magical dining experience. All the good things in life could be enjoyed in one place, the home of a winemaking family who were also restaurateurs who loved nothing more than to host people in their ancient family home tucked away in a tiny town in the Spanish wine region of Ribera del Duero . Although Ribera del Duero is a well-known wine region, some parts of the area are less known than others, such as where the Sanz family has their Bodegas Severino Sanz winery in the small town of Montejo de la Vega de la Serrezuela, which only has around 100 residents … [Read more...] about Spanish Premium Wine Region Commits To 100% Tempranillo Wines
Share to Twitter Share to Linkedin Welcome to the Checks & Imbalances newsletter. Today, we look at Trump profiting from candidates his endorsement and a jet-setting Australian businessman who’s trying to get politicians to back his latest venture. Trump-Endorsed Candidates Have Funneled At Least $1.4 Million Into His Businesses D onald Trump, a man known for torching norms, has developed a novel business model. From his perch at Mar-a-Lago or summer residence at one of his New Jersey golf courses, the former president doles out endorsements to longtime elected officials and wannabe Republican nominees, influencing primaries across the country. Meanwhile, those candidates, who come from all over to visit him, pour money from campaign donors into Trump’s properties, paying for food, lodging and conference space. So far, he has collected at least $1.4 million from the candidates he’s endorsed in 2022, according to a Forbes analysis of campaign … [Read more...] about Checks & Imbalances: Trump’s Revenue Stream, Australia’s Jet-Setting Billionaire
Share to Twitter Share to Linkedin The Oklahoma mogul spoke to Forbes about how he's protecting his investments ahead of the “near certainty” of a recession. With the S&P 500 entering a bear market last week , many of America’s billionaires are convinced that a recession is in the offing . George Kaiser , one of the wealthiest people in Oklahoma with an estimated $9.5 billion fortune, is one of them. Kaiser, 79, told Forbes that a “recession seems a near certainty” and that he expects the economy to tip into a downturn in the first two quarters of 2023, with a prolonged dip in the stock market. The timing of the market bottoming out—the point at which the stock market hits a low and begins rising again—is still far off, according to Kaiser. “Historic analogies would suggest a 35% total drop from the peak, but that history is largely irrelevant since so many of the factors are unique,” he said. Kaiser, who has appeared on the Forbes … [Read more...] about Oil And Banking Billionaire George Kaiser Says Market Bottom Is Still Far Off