International News 2010: Apple beats Blackberry maker in smartphone sales

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SINGAPORE (AFP) – Apple has for the first time outpaced Blackberry-maker Research in Motion in global smartphone sales thanks to the success of its iPhone 4, a report said Friday.

Industry tracker IDC said Apple sold 14.1 million iPhone units in the third quarter while Canada's Research in Motion shipped 12.4 million Blackberry devices.

"The company's record shipment performance can be attributed to the introduction of the iPhone 4 in 17 new countries last quarter," said the International Data Corporation (IDC).

"The record performance came despite 'Antennagate,' the name used to describe the controversy around alleged iPhone reception problems, in July."

Global mobile phone sales surged 14.6 percent to 340.5 million units in the third quarter from a year earlier, driven mainly by the strong appetite for smartphones, IDC said.

Apple ranked as the fourth largest mobile phone vendor in the third quarter with Research in Motion one place behind the US giant, according to IDC's quarterly tracker of the industry.

IDC said Apple's rise to the top five showed the growth potential of smartphones.

"The entrance of Apple to the top five vendor ranking underscores the increased importance of smartphones to the overall market," said Kevin Restivo, a senior research analyst with IDC.

"Moreover, the mobile phone makers that are delivering popular smartphone models are among the fastest growing firms.... Vendors that aren't developing a strong portfolio of smartphones will be challenged to maintain and grow market share in the future."

http://www.mb.com.ph/node/284963/apple-beat

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International News 2010: Legendary Asian brand continues to make ripples around the world

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Credit goes to a Chinese herbalist named Aw Chu Kin from Xiamen, China for creating the legendary Asian brand, Tiger Balm--a combination of various special blends like camphor and menthol and other aromatic oils in order to provide remedy to daily pain.

It was no surprise that Tiger Balm grew to become one of the world’s leading topical analgesics ever since it was introduced almost 100 years ago.

The product of Aw’s ingenuity did not escape the eyes of his two sons, Aw Boon Haw and Aw Boon Par, whose entrepreneurial acumen quickly saw the potential in their father’s creation. The brothers gave it the name “Tiger Balm,” the word “Tiger” being the English version of “Haw”, and symbolizing strength and vitality. They established their main headquarters in Singapore in 1926.

Tiger Balm captured the attention of global markets like the United States and Europe with its unique formulation and became a leading topical analgesic brand in the United States; a high no. 5 in its category.

Its position in the United Kingdom is also something to be proud of as it reached no. 10, ranking among other muscle and body pain ointments in an otherwise discriminating market.

Now present in nearly 100 countries worldwide, Tiger Balm has set phenomenal standards of success to which only few Asian brands can lay claim. Its current slogan is “works wherever it hurts.”

http://www.mb.com.ph/articles/285201/legendary-asian-brand-continues-make-ripples-around-world

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International News 2010: Hurley stepping down as YouTube chief executive

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SAN FRANCISCO (AFP) – YouTube co-founder Chad Hurley is stepping down as head of the online video-sharing superstar bought by Google for 1.65 billion dollars in 2006.

"For the past two years, I've taken on more of an advisory role at YouTube as Salar Kamangar has led the company's day-to-day operations," Hurley said in a statement released by YouTube on Friday.

"I will continue to serve as an advisor and am excited to witness the next phase of YouTube's growth."

Google web applications vice president Kamangar is filling the chief executive seat vacated by Hurley.

Google does not release revenue figures for YouTube, but senior executives have boasted that revenues from display advertising at the service is climbing and suggested recently that it is near profitability.

YouTube has been gradually adding professional content such as full-length television shows and movies to its vast trove of amateur video offerings in a bid to attract advertisers.

http://www.mb.com.ph/articles/284973/hurley-stepping-down-youtube-chief-executive

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Stock News 2010: PSE Revamps Index, 3 Firms to Be Replaced

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MANILA, Philippines – The Philippine Stock Exchange (PSE) said Thursday that its latest revision of the composite Philippine Stock Exchange Index (PSEi) will see three stocks - diversified San Miguel Corp. (SMC), Security Bank Corp. (SECB) and broadcast company GMA Network Inc. (GMA7) – dropped from the roster of 30 companies comprising the bellwether index.

The three stocks will be replaced by construction, mining and property group DMCI Holdings Inc. (DMC), power generation company First Gen Corp. (FGEN) and conglomerate JG Summit Holdings Inc. (JGS), the bourse said.

The revisions to the PSEi and other sectoral indices will be implemented on Nov. 8.

The PSE's corporate services division said San Miguel was dropped from the PSEi as its free float level declined to 8.6 percent, below the minimum requirement of 10 percent. GMA Network and Security Bank failed to make it to the exchange's list of top 30 companies in terms of market capitalization, the division added.

The other requirements for inclusion on the PSEi is liquidity or average daily trading value of at least P5 million, tradability of at least 95 percent of total trading days and volume turnover ratio of at least 10 percent.

http://www.mb.com.ph/articles/284742/pse-revamps-index-3-firms-be-replaced

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International News 2010: Internet accounts for 7.2% of economy

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LONDON (AFP) – The Internet contributed 100 billion pounds to the economy last year, about 7.2 percent of gross domestic product (GDP), a report showed Thursday.

The sector is bigger than the construction, transport or utilities industries in Britain, according to the study by the Boston Consulting Group (BCG), which was commissioned by the British arm of Internet giant Google.

The research also predicted that by 2015, the British 'Internet economy' is likely to grow to 10 percent of GDP, eclipsing the financial sector.

"The Internet is pervasive in the UK economy today, more so than in most advanced countries," said Paul Zwillenberg, a partner with BCG in London.

"Whether they are driving international expansion, improving their interactions with customers or the efficiency of their supply chains, UK companies are increasingly embracing the Internet's potential."

Much of the growth is driven by consumption, the majority of it online spending but also what consumers spend on getting access to the Internet, while the rest comes from government spending, private investment and exports.

http://www.mb.com.ph/node/284771/internet-account

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Stock News 2010: JFC Completes Acquisition of China Firm

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MANILA, Philippines – Jollibee Foods Corporation (JFC), through subsidiary Jollibee Worldwide Pte. Ltd, has signed a RMB 30 million share purchase agreement with Guangxi Zong Kai Food Beverage Investment Company Ltd for the acquisition of 55 percent of Guangxi San Ping Wang Food and Beverage Management Company.

In a disclosure to the Philippine Stock Exchange, JFC said the target firm operates the San Pin Wang beef noodle business. It has 34 stores located mostly in Nanning City in Guang Xi Province in South China.

The agreement is in line with the framework agreement which was signed last April which provided for the eventual joint ownership of San Pin Wang.

Jollibee will pay RMB 30 million for the 55 percent stake while GZK will retain 45 percent. As joint venture partners by the first quarter of 2011, Jollibee and GZK will invest RMB 20 million with for the expansion of San Pin Wang.

As part of its overseas expansion, Jollibee Worldwide recently signed a joint venture agreement with Hua Xia Harvest Holdings Pte. Ltd. of Singapore to put up a P340.34 million commissary in China.

JFC said they have formed Jollibee Foods Processing Pte. Ltd., a Singaporean Company, that is 70 percent-owned by JWPL while Hua Xia Harvest has a 30 percent share.

The new firm will undertake food manufacturing operations to supply products to food service businesses’primarily the Jollibee Group of Companies.

http://www.mb.com.ph/node/284566/jfc-complete

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Stock News 2010: Cebu Air Jumps 6.8% on Listing Debut, Raises Total of $611 Million from IPO

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MANILA, Philippines – Budget airline Cebu Air Inc. jumped as much as 6.8 percent on its debut Tuesday, as the country's largest public offering rode on the back of a broader market that hit a fresh record high.

The airline, a unit of conglomerate JG Summit Holdings Corp and the second biggest Asian budget carrier by market value, raised $611 million in its IPO including a greenshoe option, making it a record amount in dollar terms for a Philippine listing.

Cebu Air's debut takes place amid a boom in IPOs in Asia as well as strong foreign demand for high-yielding emerging markets such as the Philippines.

Upbeat sentiment following presidential elections in May have helped lift the index about 40 percent this year and it is the second best performer in Southeast Asia after Indonesia.

This backdrop bodes well for upcoming listings in the Philippines, analysts said. Philippine miner Nickel Asia plans to raise $162 million in an IPO next month.

''Having launched successfully, the ones apprehensive on the sidelines are now emboldened to come in,'' said Alejandro Yu, president of R.S. Lim and Company, a local stock brokerage.

Cebu Air's shares opened at 132 pesos after a ceremony that included flight attendants dancing the flight safety routine to a Lady Gaga pop song on the stock exchange trading floor, peppered with tube balloons carrying the airline's yellow orange colours. The safety routine dance was a big hit on YouTube earlier this month.

The stock rose as high as 133.5 pesos, before closing at 133 pesos. The airline had sold about 215 million shares at its IPO at 125 pesos each, Cebu Air's parent said late on Monday.

At Tuesday's close, Cebu Pacific was valued at nearly 97 billion pesos or $2.2 billion, larger than rival Tiger Airways at about $723 million but smaller than Malaysia's AirAsia, valued at about $2.3 billion.

Cebu Air CEO and President Lance Gokongwei said he expects the company's international business to overtake its domestic operations in four to five years as it seeks to increase its international capacity by 25 percent yearly via new foreign routes and flight frequencies.

http://www.mb.com.ph/node/284378/cebu-air-jump

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Stock News 2010: Bourse approves listing of IPVG unit

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THE PHILIPPINE Stock Exchange (PSE) on Wednesday approved the initial public offering (IPO) of IP Converge Data Center, Inc., the local bourse’s top executive said late last week.

The fourth public listing approved by the stock exchange for the year will allow the information and telecommunications arm of listed IPVG Corp. to generate P320 million to P365.5 million in fresh capital.

It will also be the second IPVG subsidiary to go public this year. “The approval was on the same board meeting,” PSE Chairman Hans B. Sicat told reporters, referring to the Oct. 20 PSE board meeting. In the same meeting, the PSE allowed Zamora-led Nickel Asia Corp. to conduct its P8.05-billion IPO.

With the recent development, Mr. Sicat said the local bourse was expecting a total of three IPOs for the year.

In mid-October, the Securities and Exchange Commission (SEC) cleared IP Converge’s plan to sell 45.57 million common shares at P7.04 to P8.80 per share.

The shares are equivalent to 25% of the company. Public listing is set for Dec. 8, with IP Converge tapping Unicapital, Inc. as underwriter and issue manager.

http://www.bworldonline.com/main/content.php?id=20007

Stock News 2010: Local importer of GM vehicles plans to sell Buicks, Cadillacs

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THE LOCAL distributor of General Motor Co.’s (GM) Chevrolet cars will be adding the American company’s Buick and Cadillac brands to its lineup, signalling that the strategy to outsource Philippine sales will be maintained despite the eventual recovery of the bailed-out car maker.

Filipino-owned The Covenant Car Company, Inc. (TCCCI) said on Friday a rollout of Buick and Cadillac models was the next step after it was appointed the official Chevrolet importer late last year.

GM’s Southeast Asia division, for its part, confirmed that the car maker will maintain the recent restructuring of sales and other operations despite brewing plans for a possible stock listing to reduce the US Treasury’s 61% stake in the firm.

“We are looking at bringing in the Cadillac and the Buick [brands] which are not yet sold in the Philippines,” Mr. Arcilla said.

http://www.bworldonline.com/main/content.php?id=20010

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Stock News 2010: Jollibee buying 70% of Mang Inasal

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FASTFOOD GIANT Jollibee Foods Corp. is buying 70% of the Mang Inasal chain of chicken restaurants for P3 billion.

In a disclosure, Jollibee Foods said it would pay P200 million in downpayment to the owner of Mang Inasal Philippines, Inc., Injap Investments, Inc. led by Edgar Sia III.

The homegrown fastfood chain said Mang Inasal would add the equivalent of 5% of Jollibee Foods' worldwide system sales and 7% of profits. The acquisition will also increase Jollibee Food's worldwide network of stores by 16%.

http://www.bworldonline.com/main/content.php?id=19654

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International News 2010: Howard Buffett Says Don't Expect Third-Generation at Berkshire

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Howard Buffett, the Berkshire Hathaway Inc. director and potential successor to his father Warren Buffett as chairman, said he doesn’t expect a third generation of the family to lead the firm.

“We all go out and do the things that we want to do and the things we think we can do best,” Howard Buffett, 55, said yesterday in an interview at a World Food Prize conference in Des Moines, Iowa. “It’s very unusual to have a second or third generation that really are the best to fit into something that you’ve created much earlier.”

Warren Buffett, after building Berkshire through four decades as chairman and chief executive officer, has made succession plans for after his retirement or death. The company board will split Buffett’s duties among more than one manager. Warren Buffett said in 2006 that his son Howard, a farmer and author, would safeguard Berkshire as non-executive chairman.

“My dad has said to me what he would expect, and I think I can do it,” Howard Buffett said. “My job is to make sure Berkshire doesn’t change. And that’s about all he’s said to me.”

Howard is the second of Warren Buffett’s three children and the only one on Berkshire’s board. Asked if the family’s next generation had a place at Berkshire, Howard Buffett said, “probably not.” His son, Howard W. Buffett, has an agriculture-related job for the U.S. Department of Defense.

http://www.bloomberg.com/news/2010-10-14/step-out-of-that-ferrari-and-ask-am-i-a-corvette-guy-jason-h-harper.html

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