Stock News 2013: P20B resort rising in Subic

A beach picnic resort at Subic Bay, Philippines (Photo credit: Wikipedia)

A Korean-owned resort is raising a P20-billion tourism complex that would include a hotel and convention center here, the top official of the Subic Bay Metropolitan Authority (SBMA) said.

Roberto Garcia, SBMA chairman and administrator, said the first phase of the project, which will be undertaken by Resom Resort Philippines, involves the development of a prime waterfront property, which used to serve as a mini-golf area spanning 2 hectares. The area has a 6,000-square-meter buildup site.

Garcia, on June 13, signed a lease development contract with Sang So Shin, chair of Resom Resort Philippines.

The project will rise on the same property offered for the $120-million Ocean 9 Casino and Hotel Resort project in 2008, from which architect and urban planner Felino Palafox Jr. withdrew after he discovered that the project could displace 300 trees. Ocean 9 later pulled out of the project.

Sought for comment about the fate of the trees in the project site, Garcia said: “Resom told us that they will not cut any trees. They will use only the buildup area.”

Garcia said Resom has committed to invest P1.2 billion for the construction of a 300-room luxury hotel furnished with convention facilities, a pool, spa, restaurants and other support facilities.

The second phase of the project would cover the development of the Resom City tourism complex involving several properties in the Naval Magazine area spanning 300 ha, he said.

“This will include the construction of a world-class resort complex that will have hotels, condominiums, a theme park, villas, casino and gaming operations, a water park and spa, health and wellness center, duty-free shopping and a championship golf course. This phase involves an investment commitment of around P19 billion and is expected to take around four years to complete,” Garcia said in a statement.

Shin said the Subic Resom City project would be the company’s centerpiece development.

Resom owns and operates four world-class resorts: Ocean Castle, Resom Waterpark and Spa, and Forest Villa, all in South Korea, and a championship golf course and resort in Weihai, China.

Shin said Resom develops its resorts by keeping and preserving the environment as a main priority.

http://business.inquirer.net/127495/p20b-resort-rising-in-subic

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Stock News 2013: Most stock markets closed in Asia for holidays

The New York Mercantile Exhange at 628 Broadway between Bleecker and Houston Streets in the NoHo section of Manhattan, New York City was built in 1882 and designed by Herman J. Schwarzmann with Buchman & Deisler. (Source: AIA4 Guide to NYC (4th ed.)) (Photo credit: Wikipedia)

Stock markets in Hong Kong, mainland China and Seoul were among those closed Monday for the Lunar New Year holiday. Japanese markets were also shut for a public holiday.

Australia’s S&P/ASX 200 was marginally higher at 4,973.20, with a positive earnings report from retailer HB Hi-Fi Ltd. helping to boost retail stocks. JB Hi-Fi surged 15.4 percent after reporting its first half net profit had risen 3 percent to 82 million Australian dollars ($84.6 million). David Jones rose 3.6 percent and Myer Holdings added 3.1 percent.

Key stock indexes in the Philippines and Indonesia also rose while markets in Singapore, Taiwan and Vietnam were closed for holidays.

Benchmark oil for March delivery rose 5 cents to $95.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 11 cents on the Nymex on Friday to close at $95.72 a barrel.

http://business.inquirer.net/107021/most-stock-markets-closed-in-asia-for-holidays

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Stock News 2011: Swiss Reinsurance to insure $250-million trade financing of ADB

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s part of an innovative agreement to boost exports and imports in developing Asia, re-insurance giant Swiss Re will insure $250 million of trade finance conducted via the Asian Development Bank’s (ADB) trade finance program.

The move marks the first time that the Swiss Re Group, through its commercial insurance unit Swiss Re Corporate Solutions, has provided insurance via a trade program run by a multilateral development bank and also the first time ADB’s Trade Finance Program has offset risk with a private insurance company.

Asia’s economy is growing rapidly, but that is largely due to the exporting prowess of a handful of countries led by the People’s Republic of China, along with a few others such as the Republic of Korea and Singapore.

Many other Asian nations, by contrast, find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.

To fill that gap, the ADB’s Trade Finance Program provides guarantees and loans to banks to enable them to provide trade finance, particularly in so-called frontier economies.

http://mb.com.ph/articles/325896/swiss-reinsurance-insure-250million-trade-financing-adb

Stock News 2011: Philippines has most expensive electricity in Asia

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The Philippines has gained a new record, that of having the most expensive electricity in the whole of Asia.

The new record was reported by the Manila Electric Company (Meralco) to the power and energy committee of the Philippine Chamber of Commerce and Industry (PCCI) chaired by Jose Alejandro during a recent meeting.

The committee quoted a study made last October by the International Energy Consultants, an independent think-tank which allowed the power distributor to borrow the result of said study.

The study had shown that with average retail rate of electricity of 18.1 US cents per kilowatt-hour in the Philippines, it has eased out Japan at the top of having the most expensive electricity in Asia. As of the same month last year, electric rates in Japan were at 17.9 US centers per kilowatt-hour.

Besides Japan, subjected to the study were the utility companies in Thailand, Malaysia, South Korea, Taiwan, Singapore and Indonesia.

A similar study made by Meralco using the figures in the last quarter of 2008 indicated that until that year, the Philippines was still slightly behind Japan in electric rates.

The disparity in rates between the Philippines and most countries in the rest of Asia was so big that with the exception of Japan and Singapore, what consumers pay elsewhere is just the equivalent of the generation charges that consumers in the Philippines pay. This averages P5 a kilowatt-hour.

The high cost of electricity in the Philippines was traced by the group to the fact that all costs - from producing power to distribution and taxes – are passed on to consumers.

http://www.mb.com.ph/node/305841/philippine

International News 2010: Samsung promotes chairman's son to president

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SEOUL, South Korea (AP) – The son of Samsung Electronics Co.'s chairman has been promoted to president in a reorganization of top management posts at the conglomerate the giant technology company anchors.

Lee Jae-yong, 42, who is being elevated from executive vice president at Samsung Electronics, would retain his chief operating officer title, Samsung Group said in a statement Friday.

Samsung Electronics is a major force in the global electronics industry, where it holds the top spots in memory chips and flat screen televisions and ranks No. 2 in mobile phones behind Finland's Nokia Corp.

The company is also the flagship corporation of the Samsung Group conglomerate, which consists of dozens of other businesses including shipbuilding, construction, leisure and finance.

Samsung Electronics Chairman Lee Kun-hee's father founded the Samsung Group in 1938. The move to promote Lee Jae-yong, who also goes by Jay Y. Lee, was widely expected after Lee Kun-hee, 68, said last month that his son was set to move up the ranks.

Investors appeared to welcome the news, sending shares in Samsung Electronics 3.3 percent higher in late morning trading to a record 887,000 won ($775). The announcement came about 30 minutes after trading started Friday.

Samsung Electronics has at least 10 executives with the title of president, according to the group. Lee Jae-yong's promotion, however, has been closely watched given that he is a member of the conglomerate's founding family and widely expected to eventually to succeed his father.

http://www.mb.com.ph/node/290705/

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