Polyhouse project report for bank loan

MOVING ON A forensic review of PLDT’s P48-billion budget overrun showed “no evidence of fraud,” says company chair Manuel Pangilinan. —INQUIRER FILE PHOTO MANILA, Philippines  -PLDT Inc. is ready to move on from the P48-billion budget overrun issue that dragged its 2022 net income and resulted in multiple class action suits in US as it wrapped up the investigation into the financial fiasco. The telco giant led by tycoon Manuel Pangilinan stressed that “no evidence of fraud, intentional concealment or bad faith conduct on the part of any employee of the company” has been uncovered from the forensic review conducted by external counsel, mirroring the initial probe done previously. The overspending concern was revealed in December, with the company admitting the amount has accumulated for a few years already. PLDT previously said the budget overrun was due to high capital expenditure (capex) level as it ramped up purchases of 5G technology. PLDT uncovers P48-B ‘budget overrun’, … [Read more...] about Capex fiasco slashed PLDT’s 2022 earnings by 60%

Share to Twitter Share to Linkedin U.S. Bancorp’s stock (NYSE: USB) has lost approximately 14% YTD as compared to the 4% rise in the S&P500 index over the same period. Further, the recent volatility in the stock price (down 20% over the last ten days) was due to the turmoil in the banking sector. Notably, the collapse of the Silicon Valley Bank, Signature Bank, and the Credit Suisse crisis has made investors cautious about banking stocks. Overall, USB is trading at the current price of $38 per share, which is 32% below its fair value of $55 – Trefis’ estimate for U.S. Bancorp’s valuation . The bank posted mixed results in the fourth quarter of 2022, with earnings beating the estimates but revenues missing the mark. It reported total revenues of $6.4 billion – up 12% y-o-y, primarily driven by a 37% jump in the net interest income, partially offset by a 19% decline in the non-interest revenues. While the NII benefited from the improvement in … [Read more...] about U.S. Bancorp Stock Is Undervalued

Thai and Indian couple arrested for allegedly scamming Americans, photo by The Pattaya News. A Thai and Indian couple allegedly scammed Americans of over 3 billion baht . Police arrested the couple after raiding a house in Bang Lamung district in Pattaya yesterday at around 10am. Officers raided that house following a notification from the US Embassy stating that the house was being used as a hideout by scammers. The raid was conducted by a commando unit and officers from the Cyber Crime Investigation Bureau (CCIB) Deputy National Police Chief Pol. Gen. Torsak Sukwimol said that he had arrested an unidentified Indian national between 50 and 60 years old, and his Thai wife who was between 40 and 50 years old. The couple is accused of tricking numerous American citizens out of over 3 billion baht in total damages, and the two fled to Pattaya, according to the US Embassy. Gen. Torsak said police seized several car keys, bank account books, smartphones, and weapons … [Read more...] about Thai and Indian couple allegedly scammed Americans of over 3 billion baht (video)

With the onset of La Niña, we cannot just wait for legislation to solve our water problems. During his State of the Nation Address, President Marcos announced the creation of a Department of Water Resources as a key legislative measure. Since it is uncertain when Congress will act upon it, we must take action now. Water is a prerequisite for sustainable development. Last Sept. 7 during the general assembly of the Sustainable Development Solutions Network (SDSN), leadership council member Alyansa Agrikultura brought up the need for coordination among 32 water-related agencies in government. What went before? In 2018, a joint legislative-executive private sector committee was formed to address the water crisis. The Asian Development Bank (ADB) had placed the Philippines at the bottom third of 48 countries in terms of water governance. As the committee’s private sector secretary general, I followed the guidance of University of the Philippines Los Baños (UPLB) Water Center chair … [Read more...] about What the PH needs now to solve a water crisis

Ford expects to lose $3 billion on its electric vehicle department this year, the company announced Thursday. The company will be reorganizing its financial reporting into three distinct branches, Ford Blue, Ford Model e and Ford Pro, which will develop gas-powered, electric and commercial vehicles respectively, according to a press release. In the three years starting 2021, Ford Model e is expected to report a $3 billion loss. (RELATED: ‘Sustainable’ Electric Cars Are Getting Junked Over Minor Damage) “We’ve essentially ‘refounded’ Ford, with business segments that provide new degrees of strategic clarity, insight and accountability to the Ford+ plan for growth and value,” CFO John Lawler said.  “It’s not only about changing how we report financial results; we’re transforming how we think, make decisions and run the company, and allocate capital for highest returns.” Ford’s new structure and way of reporting earnings gives new insight into its EV business (which CFO … [Read more...] about Major Automaker Expects It Will Hemorrhage Billions From Its Electric Vehicle Business

Share to Twitter Share to Linkedin China Evergrande Group has unveiled its plan to restructure about $19 billion of offshore debt, buying more time for its billionaire founder Hui Ka Yan to resume operations and generate much-needed cash. But analysts say the plan lacks details and offers less-than-favorable terms for creditors. Holders of offshore debt in the Hong Kong-listed company are to receive a basket of options, according to a late Wednesday filing to the city’s stock exchange. The bondholders can either swap their debt for new notes with maturities of 10-12 years, or they can convert them into new notes with repayment terms of five to nine years combined with equity-linked instruments. The instruments will be tied to the shares of Evergrande itself, its property management business or its Hong Kong-listed electric car unit. “The proposed restructuring will alleviate the company’s pressure of offshore indebtedness and facilitate the company’s … [Read more...] about Evergrande’s Restructuring Plan For Offshore Debt Still Carries Considerable Risks For Creditors

In another one of his annual letters — this time to investors instead of CEOs — BlackRock CEO and self-appointed oligarch of the world economy, Larry Fink, proved once again that he can’t help but contradict himself, lie to shareholders, mischaracterize basic concepts and policies and favor his personal policy preferences over his fiduciary duty to shareholders. In his letter to CEOs last year, Fink obtusely defended BlackRock’s peddling of Environmental, Social and Governance (ESG) and “stakeholder capitalism” — which is done with other people’s money — by claiming it “is not about politics. It is not a social or ideological agenda. It is not ‘woke.’” Much of this year’s letter was in the same vein — as Fink has a knack for passing off BlackRock’s radically left-wing agenda as apolitical, objective stewardship – though this time, he slightly subdued and reframed his message (and perhaps target audience), despite keeping BlackRock’s policies exactly the same. Fox example, … [Read more...] about ETHAN PECK: BlackRock’s Larry Fink Quietly Peddles The Left’s Radical ESG Agenda