International News 2011: Steve Jobs resigns as Apple CEO

Image by Kansir via Flickr
Apple’s legendary co-founder and top ideas man Steve Jobs resigned as chief executive Wednesday in a move long expected after he began a dramatic fight with cancer.

In a written statement, Apple, the world’s second most valuable company by market capitalization, announced that chief operating officer Tim Cook would take over as CEO but that Jobs would stay on as chairman of the board.

Jobs is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company will fare without the figure seen as its driving force.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” board member Art Levinson said in a statement.

Apple stock price slid more than five percent to $356.32 in trading that followed news of Jobs’s resignation and it remained to be seen what the market has in store for the company with the opening bell on Thursday.

Gartner analyst Van Baker saw no reason for investors to panic.

“My suspicion is that Apple will do just fine,” Baker told AFP. “There are so many talented people there and Steve’s attention to detail is baked into the culture.”

Jobs will still be around as chairman of the Apple board and the company has product plans mapped, according to the analyst. Apple is expected to launch a fifth-generation iPhone in September or October.

“Apple is an execution monster, and that includes products, supply chain and marketing,” Baker said.
“Their roadmap is in place; I’m sure they are already working on the next iPad.”

http://business.inquirer.net/14899/steve-jobs-resigns-as-apple-ceo

Related articles

• 'Apple is Steve Jobs, Steve Jobs Is Apple.' Or Is He? (abcnews.go.com)

Stock News 2011: Smart, HTC forge smartphone partnership

Image by Getty Images via @daylife
Smart Communications, Inc. (Smart) and leading smartphone manufacturer HTC Corporation (HTC) announced their exclusive partnership last week, with the country’s biggest mobile operator set to offer the latter’s most advanced devices to the Philippine market.

The partnership was an aggressive move on the part of the two industry leaders to drive the Philippine smartphone ‘revolution’ in a worldwide market estimated to grow 55% year-on-year this 2011.

Recently, Smart reported a 102% jump in the number of smartphone users in its network from February to May 2011, particularly those using handsets that run on Google’s Android operating system (OS).

“Our alliance with HTC is key to our smartphone strategy of providing the best network, complemented by the best plans, to power the best devices – in order to create the best customer experience,” says Orlando Vea, co-founder and Chief Wireless Advisor of Smart.

For its part, HTC has sold about 9.7 million smartphones worldwide – an increase of 192% year-on-year – a feat which it wants to repeat locally.

http://www.mb.com.ph/articles/326419/smart-htc-forge-smartphone-partnership

Related articles

• HTC says smartphone bootloader unlock software out next month (go.theregister.com)

Stock News 2011: ERC okays Subic Enerzone's P565-M loan

Image via Wikipedia
A provisional approval was granted by the Energy Regulatory Commission (ERC) on the bid of Subic Enerzone Corporation (SEZ) to secure P565 million loan from Metrobank to be earmarked for its debt refinancing and capital expenditures.

“SEZ is hereby authorized to secure a loan in the amount of P565 million with Metrobank or any banking/financial institution to refinance its outstanding loan and finance its capital expenditure projects,” the regulator has specified in its ruling.

Of the amount, P310 million will be aligned to refinance debt obligations previously secured with the Development Bank of the Philippines (DBP) while the rest will be for its capex program spread through the years.

As culled from its manifestation with the ERC, Subic Enerzone indicated that it would require P165.886 million for capital projects from 2011 to 2015; and another P290.810 million for the years 2016 to 2020. These have been based also on previous approval given by the ERC on its line-up of projects.

“The capex projects for the period 2011 to 2015 are included in SEZ’s application for approval of its annual revenue requirement and performance incentive scheme under the rules for setting distribution wheeling rates,” the ERC decision has emphasized.

http://mb.com.ph/node/326271/erc-okay

Stock News 2011: FLI raises P3B for capex

Image via Wikipedia
Filinvest Land, Inc. (FLI) has successfully raised P3 billion from its unsecured fixed-rate peso denominated debt securities (Retail Bonds) which closed on June 30 and was issued on July 7.

In a disclosure to the Philippine Stock Exchange, FLI said the bonds have a term of five years and three months and have a yield of 6.1962 percent per annum. The bonds were more than two times oversubscribed.

Philippine Rating Services Corporation (PhilRatings) assigned the highest rating of PRS Aaa for these bonds as well as the P5 billion worth of three-year and five-year bonds issued in November 2009.

Issue manager and underwriter for the P3 billion bonds is Unicapital Incorporated and selling agent is East West Banking Corporation.

Proceeds from the bonds will partially finance FLI’s capital expenditures for 2011. Earlier this year, FLI disclosed that its capex budget for 2011 is P12 billion, more than double the P5-billion capex in 2010.

PhilRatings said the ratings assigned reflect the strong growth of FLI’s real estate revenues and higher recurring income from the company’s leasing operations; conservative debt position; and financial flexibility.

The rating also reflects the company’s diversified portfolio; established brand name; and favorable industry conditions, the ratings agency said.

In the next five years, PhilRatings said FLI’s forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.

http://www.mb.com.ph/node/326044/fli-rai

Stock News 2011: SSS to increase equity portfolio

Image via Wikipedia
State-run Social Security System (SSS) said Thursday that it plans to boost its investment in the equities market as the pension fund is looking at increasing its holdings in power and mining.

Emilio de Quiros Jr., SSS president and chief executive said the agency will raise its equity holdings from the current 21 percent, adding that its charter allows them to invest up to 30 percent of its entire investable fund in stocks.

De Quiros cited that SSS, which provides benefits to Philippine private sector workers, has roughly P286 billion worth of investable fund.

If SSS board decides to raise its publicly listed stocks holdings to 30 percent, it would mean additional P20 billion in placement.

Analysts said the Philippine Stock Exchange index (PSEi) may reach the 5,000 level this year amid strong investor confidence.

De Quiros earlier said that the pension fund is planning to increase its revenues from contributions.

http://mb.com.ph/articles/325886/sss-increase-equity-portfolio

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

Image via Wikipedia
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: Filinvest City introduces California lifestyle

Image via Wikipedia
Californians are known for living the best of both worlds; they enjoy a laid-back, leisurely lifestyle amid the excitement of a cosmopolitan hub. The skyscrapers of Los Angeles and San Francisco complement the sand and surf where residents can unwind.

The Levels of Filinvest Land, Inc. takes inspiration from this popular West Coast state by offering a relaxed suburban living inside the fast-paced business district of Filinvest Corporate City.

The Filinvest Corporate City (FCC) is a masterplanned urban center and central business district sprawled over 244 hectares of land south of Metro Manila. It accommodates an impressive mix of residential, commercial and business establishments, providing round-the-clock amenities within a self-sustaining community.

According to FLI cluster head and senior vice president Francis Ceballos: “The Levels is a perfect residential sanctuary for career-driven individuals who aspire to achieve a balance between professional success and blissful personal life. It allows them to build a career while raising a family or indulging in their passions every single day.”

With FCC at the junction of four major roads, namely: Alabang-Zapote Road, the South Luzon Expressway, the National Highway, and the Skyway, The Levels becomes an enviable home for families with members working in Makati or at CALABARZON industrial and techno zones. In fact, it is an easy half-hour drive from the Makati CBD while situated at the forefront of the country’s next growth region – the South Luzon area.

http://mb.com.ph/node/325756/filinve