Sin city

Photo from PDEA MANILA, Philippines — Philippine Drug Enforcement Agency (PDEA) agents confiscated assorted kinds of illegal drugs valued at P2.5 million from a condominium unit in Pasig City on Friday morning. Armed with a search warrant issued by Pasig City Regional Trial Court Branch 152 Judge Danilo Cruz, PDEA said agents combed through the room and found the following illegal substances: approximately 500 grams of kush approximately 250 grams of suspected cocaine 100 pieces of capsulized ecstasy approximately 450 milliliters of acetone approximately 75 milliliters of suspected marijuana oil 1 blister pack mogadon tablet PDEA said the subject of the search warrant was also arrested. PDEA did not indicate in the spot report it has sent to members of the media the barangay or neighborhood where the condominium is located, and simply described it as “high-end.” Photo from PDEA Further, PDEA said that aside from the illegal drugs, agents likewise recovered … [Read more...] about PDEA seizes P2.5M worth of drugs from posh Pasig City condo unit

Naga City, Camarines Sur map LEGAZPI CITY — Anti-narcotics operatives arrested a big-time drug suspect and seized P3.4 million worth of “shabu” (crystal meth) in a buy-bust operation in Naga City in Camarines Sur province on Tuesday afternoon. Police Master Sergeant Tobias Bongon, Naga City police spokesperson, said in a report that Eymard Rey Batan, 43, was arrested in Barangay (village) Peñafrancia at around 2:05 p.m. Authorities recovered two knot-tied plastic bags containing 500 grams of shabu, a rolled aluminum foil with traces of shabu and a lighter. Mark Anthony Viray, provincial officer of the Philippine Drug Enforcement Agency Camarines Sur, said Batan, who got his drug supply from Muntinlupa, was operating in the city and the nearby towns of Camaligan and Calabanga. Viray said the suspect previously surrendered to the police during the “Oplan Tokhang” or anti-illegal drugs campaign of the government. Now arrested, Batan will face a charge of violating the … [Read more...] about P3.4 million ‘shabu’ seized in Naga City

FILE PHOTO: Then-Leyte Rep. Lucy Torres-Gomez and her husband, then Ormoc City Mayor Richard Gomez, pose for pictures during a movie industry event in December 2015 (Photo from Inquirer Entertainment Twitter page) TACLOBAN CITY — Congressman-elect Richard Gomez and his wife, Ormoc City mayor-elect Lucy, formally took their oaths on Tuesday. The couple made their pledges before Judge Mario Quinit at the Ormoc Superdome, where supporters, family members, city department officials, and barangay leaders, among others, gathered. Gomez, a multi-awarded actor, said he waited for 21 years to be elected as a congressman. He said he first ran as a congressman in 2001 as a nominee of the Mamamayan Ayaw sa Droga. While the party-list garnered enough votes to take a seat, it was disqualified by the Supreme Court. In 2010, Gomez again ran as a congressman but was disqualified by the Commission on Elections(Comelec) for lack of residency. His wife, Lucy, substituted him and kept … [Read more...] about Richard and Lucy Gomez take oath as Leyte congressman, Ormoc City mayor

Shares of Morgan Stanley ( MS ) climbed after the bank announced plans for stock dividends and buybacks . Morgan Stanley shares rose over 3% after the company increased its dividend and announced a $20 billion stock buyback. Goldman Sachs, Bank of America, and Wells Fargo also boosted their dividends. Goldman had one of the largest dividend increases, with a 25% hike to $2.50 per share. Bank of America’s increase came to 5%, while Morgan Stanley raised its dividend by 20%. JPMorgan and Citigroup both held the line on their dividends, and said that increasingly stringent capital requirements forced the firms to keep them unchanged. JPMorgan did announce a new $30 billion stock buyback plan that began back in May. "It is notable that JPMorgan and Citi did not increase their dividends given that they are much more cautious about the health of U.S. consumers than other banks, and even though they have ample capital to sustain a downturn, they still think it is prudent to be … [Read more...] about Big Banks Announce Dividend Plans

A Sri Lanka Air Force member checks the tokens of people queueing for fuel due to fuel shortage, amid the country's economic crisis, in Colombo, Sri Lanka, June 27, 2022. - A + A COLOMBO (June 28): Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis. The Cabinet decision came as the minister, Kanchana Wijesekera, headed to Qatar and a ministerial colleague was due to arrive in Russia on Sunday for talks on energy deals. Sri Lanka is suffering its worst economic crisis since its independence, with foreign exchange reserves at a record low of US$1.92 billion, according to the Central Bank, though analysts estimate a lower level of useable funds. The island of 22 million people is struggling to pay for essential imports of food, medicine and, most critically, fuel. Sri … [Read more...] about Cash-starved Sri Lanka to end fuel duopoly to ease shortages

Fred Hu, chairman of Primavera Capital Group, poses for a photograph following a Bloomberg Television interview in Hong Kong, China on Monday, Sept 16, 2019. (Bloomberg filepix) - A + A (June 28): The founder of one of China’s biggest private equity investors said the nation’s tech firms are turning a corner after a recent rout wiped out nearly US$2 trillion in market value at its peak. Fred Hu, the former Goldman Sachs Group Inc rainmaker who started the US$17 billion Chinese private equity firm Primavera Capital, said reassuring messages concerning regulation, resilient earnings and beaten-down valuations now make the sector interesting for investors. “This could be the beginning of a new era for China tech,” Hu, the firm’s chairman, said in a recent interview. “There’s a lot of value to be discovered,” he said, adding that investors still need to be selective given the high risk profile of such companies. The private equity mogul’s views are one of the … [Read more...] about One of China’s top tech investors sees crackdown turning point

- A + A SINGAPORE (June 28): When Canadian expat Michelle went to renew the lease on her three-story house in Singapore in May, her landlord wanted to raise the rent by almost 40%. Michelle tried to negotiate but the owner wouldn’t budge on the S$10,000 (US$7,200) a month asking price. She’s moving her family into a three-bedroom apartment next month. “I took what I could get,” said Michelle, who asked not to use her full name on concern it may impact her business in the city-state. There’s “a lot of greed at the moment.” Rents are skyrocketing in Singapore, particularly in the prime accommodation favored by expatriate residents, as surging demand from locals and newer arrivals collides with pandemic-induced delays in supply. Rental prices for the private properties leased by expats are rising on average by 20% to 40%, according to 10 real estate agents interviewed by Bloomberg , though some landlords are even asking for double the previous rent. The island’s … [Read more...] about Singapore’s surging rents shock expats and encourage scammers

- A + A KUALA LUMPUR (June 28): I-Bhd, the master developer of i-City Golden Triangle which is Malaysia’s No. 1 Technology City, is set to stride forward with confidence as the rebound in its business activities gathers momentum. Signs of renewed optimism and rebound are evident in all its major developments, the company said. "Passenger traffic is back at 2019 levels of 90% at Central i-City shopping mall which is a joint-venture between i-City and Thailand’s largest retail property developer, Central Pattana group. "Following the transition to endemicity, the leisure theme park has returned to profitability and [is] seeing a return to its pre-pandemic foot traffic. "The i-City Convention Centre (iCCC) is experiencing good take-up, especially on pent-up demand, as events and activities could not be held over the last two years," it said in a statement released after the company's annual general meeting (AGM) on Tuesday (June 28). Meanwhile, I-Bhd said Best … [Read more...] about I-Bhd strides ahead with confidence following rebound in business

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE share price of DRB-Hicom Bhd has been on a downward trend since December 2020, when the shortage of semiconductors became apparent the world over. Last Friday, DRB-Hicom was trading at RM1.16 — its lowest since March 23, 2020. This means DRB-Hicom is now trading at the level when stocks tumbled in reaction to the first Movement Control Order (MCO), which was implemented in March 2020 to contain the spread of Covid-19. This is in contrast to other automotive or automotive-based groups listed on Bursa Malaysia. For example, Bermaz Auto Bhd is trading at more than double the level on March 23, 2020, and MBM Resources Bhd is 38% higher than at the start of the pandemic. Shares in Sime Darby Bhd, which is also a conglomerate like DRB-Hicom, were up 43.5% last Friday compared with March 23, 2020. UMW Holdings Bhd, another conglomerate with a huge automotive … [Read more...] about At an almost two-year low, DRB-Hicom is still demonstrating upside uncertainty

- A + A KUALA LUMPUR (June 28): Mah Sing Group Bhd has acquired a new plot of land in the district of Tebrau, Johor Bahru — the group's first land deal this year — to develop a mixed project that will have an estimated gross value of about RM469 million. In a statement Tuesday (June 28), Mah Sing said the prime land parcel — measuring about 6.938 acres and valued at RM39.29 million — is located in Taman Seri Austin next to an existing McDonald's drive-through, and is accessible via Persiaran Eco Cascadia. The proposed mixed project, M Minori, will comprise three blocks of serviced suites with 1-bedroom, 2-bedroom and 3-bedroom units, with indicative build-outs ranging from 550 sq ft to 880 sq ft, with indicative prices starting from RM260,000. “It is about 6.5km from Mah Sing’s Johor office in the matured township of Austin Perdana, and is targeted for registration of interest in the fourth quarter of 2022. This proposed mixed development also features some retail … [Read more...] about Mah Sing buys Johor land for new mixed project with RM469 mil GDV