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Share to Twitter Share to Linkedin ABS-CBN Corp. —controlled by tycoon Oscar Lopez —has agreed to buy a stake in rival television network TV5 as the company, which once dominated the Philippine media industry until the government forced it off the airwaves two years ago, seeks to revive its business. Under the deal, ABS-CBN agreed to pay Mediaquest—a unit of Philippine telecommunications giant PLDT’s trust fund—2.2 billion pesos ($39.5 million) to acquire the 35% stake in TV5, according to a regulatory filing on Thursday. The deal comes two years after ABS-CBN lost its free-to-air franchise. The Philippine Congress started reviewing the company’s application to renew ABS-CBN’s franchise for another 25 years in December 2019, but had not reached a decision by the time the license expired in May the following year. While ABS-CBN has been broadcasting its shows through digital channels and some of its content is also being aired by TV5, it remains in … [Read more...] about Philippines’ ABS-CBN To Buy Stake In Rival TV Network As Former Media Giant Seeks To Revive Business

GAS PRICES SHATTER RECORD HIGHS… USA TODAY: Gas prices are now the most expensive in US history, breaking record from 2008 After days of dramatically rising gas prices in wake of Russia’s invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years. As of Tuesday morning, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60. The previous national average high was $4.11, set on July 17, 2008, according to AAA. The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020. WORSE THAN HOLLYWOOD COULD IMAGINE… ‘I Am Legend’ Set A Prediction For Gas Prices In The Apocalypse. Prices In Beverly Hills Just Surpassed It In one rich pocket of the country, gas is officially more … [Read more...] about Editor Daily Rundown: Gas Prices Shatter Record Highs

A few days ago, I almost tore my digital thermostat off the wall because I couldn’t understand its demonic user interface. I had no manual for it, and I couldn’t find it on the internet. So, boiling with Joe Pesci fury, I couldn’t stop fantasizing about ways to retaliate against the sadistic monster who designed this horror. advertisement advertisement Central air-conditioning came with the apartment I’m renting and, while I like staying cool, I hate its interface with the fury of a thousand suns—which, coincidentally, is exactly the temperature of Madrid, where I live these days. I didn’t want to do anything arcane with my thermostat; I simply wanted to program it to optimize the energy consumption because the price of electricity in Spain is now between $1 million and $2 million per watt. Last month, we paid three times our usual bill; I just wanted to use the AC rationally so my family could avoid living in Satan’s sauna without burning down the … [Read more...] about The UI of air-conditioning is hell on earth

Crystal methamphetamine, known in the Philippines as “shabu,” contained in plastic sachets. | (INQUIRER.net stock photo) LEGAZPI CITY — A businessman was arrested by police in a buy-bust operation in a hotel in Daet town in Camarines Norte province early Saturday, August 13. Police Major Maria Luisa Calubaquib, Bicol police spokesperson, said Joferan Baylon, 37, was arrested after selling a plastic of shabu (crystal meth) worth P3,500 to an undercover agent in Barangay (village) Magang at around 1:30 a.m. During a body search, authorities confiscated another seven sachets of shabu from Baylon. Calubaquib said a total of P204,000 worth of shabu was recovered from Baylon who was listed in the Drug Related Data Integration and Generation System of the police. The suspect is now in the custody of the Daet police and will be charged for violating the Comprehensive Dangerous Drugs Act of 2002. /MUF News handpicked by our editors … [Read more...] about Shabu worth P204K seized in Camarines Norte bust

The Nifty50 extended its northward journey for the fifth consecutive session on August 12 and registered a fresh closing high ahead of inflation and industrial output data due later in the day. Positive European cues, a fall in volatility, and buying in metal, select banking & financial services along with index heavyweight Reliance Industries aided the rally. The index witnessed bullish candle formation on the weekly scale for the fourth consecutive week, indicating the mood is positive, while on the daily charts, there was a small-bodied bullish candlestick pattern with a higher high formation. As long as the index holds the previous bullish gap zone of 17,566-17,632, the uptrend is expected to continue till 17,800-17,900-18,000, but small bouts of volatility and consolidation can't be ruled out after a rally in four straight weeks, experts said. The mood was also positive in the broader space with moderately decent breadth. The Nifty Midcap 100 and Smallcap 100 indices … [Read more...] about Technical View | Bullish candle on Nifty’s weekly scale indicates positive sentiment

As China’s economic ties to Africa entrench further, one small, semi-autonomous African region is resisting Chinese advances in a move that mirrors Taiwan’s efforts to maintain autonomy from China, according to The Wall Street Journal. Somaliland , one of two remaining African political regions with formal diplomatic relations with Taiwan, broke away from Somalia over 30 years ago but has yet to achieve recognition as an independent state at the United Nations, according to the WSJ. Beijing offered to build infrastructure projects in Somaliland if it would distance itself from Taiwan, but Somaliland refused, instead sending a delegation to Taiwan in February. Somaliland is “open to all bilateral relations we can have with any country, but it has to be unconditional, no strings attached,” Essa Kayd, Somaliland’s foreign minister, told the WSJ. “We’re not going to allow anyone to dictate who we can have a relationship with.” Taiwanese companies now have greater … [Read more...] about Bucking The Trend, One Small African Region Is Taking Sides With Taiwan

Two years ago, President Obama cited “impressive security and political gains in Somalia” to support his decision to grant diplomatic recognition for the fragile government of Somalia. Former Secretary of State Hillary Clinton called the diplomatic recognition of the President Hassan Mohamud’s government, the first Somali government America recognized since 1991, a “ new chapter” between the two countries. Last month, Obama nominated a career diplomat Katherine Dhanani to serve as the new U.S. ambassador to Somalia, since 1991, after dictator Siad Barre was ousted. But the new ambassador will not be posted in Somalia’s capital Mogadishu, where a climate of insecurity prevails. It has been more than two years since President Mohamud was selected as the leader of Somalia. But Mohamud’s government did little to contribute peace, security and political reconciliation for the war torn country. His government is struggling to govern, and its authority is not beyond Mogadishu, where … [Read more...] about President Obama Is Backing The Wrong Partners In Somalia

Share to Twitter Share to Linkedin Welcome to the Checks & Imbalances newsletter . Today we get you caught up on this week’s abundance of Trump news. Mar-A-Lago Is Looking To Hire 91 Foreign Workers This Year M ar-a-Lago, former president Donald Trump’s private club-cum-legal residence at the center of an investigation into his handling of classified government documents, has relied on temporary foreign workers to keep the sprawling estate humming. Last year, the Trump Organization sought 87 foreign workers for the Palm Beach property, up from 78 a few years earlier. It’s not clear how many were hired, but no doubt at least some likely had backstage access to political theater (maybe even scraps of presidential records floating in toilets ). On Monday, the Federal Bureau of Investigation raided Mar-a-Lago, with one of Trump’s attorneys confirming the agency’s search related to an investigation into his handling of classified … [Read more...] about Checks & Imbalances: Mar-A-Lago’s Busy Week

Share to Twitter Share to Linkedin Topline In an apparently coordinated action, at least four major state-owned Chinese companies said Friday they intend to delist their stocks in the U.S., as Beijing appears unwilling to bend to increased U.S. scrutiny into the country’s financial auditing practices. Key Facts Aluminum Corp. of China, China Life Insurance, PetroChina and Sinopec all announced they plan to delist from U.S. stock exchanges within the next month. The quartet are among the largest companies in China and in the world: According to Forbes ’ list of the 2,000 largest public companies globally released in May, PetroChina is the 21st largest company in the world, Sinopec the 45th, China Life Insurance the 71st and Aluminum Corp. of China the 853rd. All will remain listed on the Hong Kong and Chinese exchanges. Chinese financial regulators said Friday the delistings are routine and talks with foreign regulators are … [Read more...] about Several Large Chinese-Owned Companies Announce Plans To Delist From NYSE

Share to Twitter Share to Linkedin At the start of 2022, American companies on the ground in China were optimistic about the business outlook, surveys found. Confidence had rebounded to pre-2017 levels, based in part on the country’s long-term growth trajectory. Then, Covid lockdowns hit Shanghai hard in the second quarter. Some 93% of respondents to an American Chamber of Commerce of Shanghai survey cut their revenue projections — more than a quarter lowered them by 20%. Covid dampened expectations for the year and sparked blunt criticism of the government by some normally diplomatic foreign business groups. Though local governments in China have been helpful, pandemic fallout has also put into relief a larger trend: it is increasingly difficult for American companies to do business in the country, says Sean Stein, a Shanghai-based senior advisor at global law firm Covington. Prior to joining Covington last year, Stein served as the U.S. Consul General in … [Read more...] about Doing Business In China Is Getting Harder: U.S.-China Business Forum