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MANILA, Philippines — The House of Representatives believes that drug syndicates in the country use illegal Philippine offshore gaming operators (POGOs) to launder dirty money, as proven by a series of investigations among several committees.
MANILA, Philippines — Days after floods spawned by Typhoon Carina devastated swaths of Metro Manila, volunteers of Operation Damayan, The Philippine STAR’s humanitarian arm, conducted relief operations in Barangay Bagong Silangan in Quezon City on Saturday.
MANILA, Philippines — At least 15 police officers have been relieved for failing to arrest Kingdom of Jesus Christ (KOJC) pastor Apollo Quiboloy, Philippine National Police (PNP) chief Gen. Rommel Francisco Marbil said yesterday.
COTABATO CITY — The Bangsamoro government has cracked the whip on groups enforcing traffic regulations without permission from its transportation and communications ministry.
MANILA, Philippines — The Court of Tax Appeals has ordered Golden Donuts Inc., the company that operates Dunkin' Donuts in the Philippines, to pay more than P64 million in unpaid taxes.
COMMITTEE ON PUBLIC ORDER AND DANGEROUS DRUGS PROPOSED SENATE RESOLUTION 1051 EXCESSIVE FORCE USED BY THE PNP WITHIN THE PREMISES OF THE KINGDOM OF JESUS CHRIST Pecson Room, 10 A.M. August 5, 2024
Apollo Global Capital [APL 0.01 unch; 105% avgVol] [link], the first company in the Philippines to be granted a license/permit to conduct offshore iron ore mining, responded to the PSE’s query about its operations to say that its one vessel, the MV Siphon I, “continues to undergo maintenance and improvements to ensure operational efficiency and safety.” APL reassured the PSE that the MV Siphon I was “safe and secure despite the recent typhoon.” APL also said that its operator is “prepared to deploy their additional vessels”, but that “sailing has been deferred by Marina as a precautionary measure.” APL also noted that there have been some “additional safety protocols on marine vessels brought about by the rising geo-political tensions in the region.” APL said that it anticipates starting commercial operations “in approximately three weeks”, but added, “presuming there won’t be any weather disturbances or other factors that would impede the timeline.”MB BOTTOM-LINE: As of today, it has been 1,280 days since APL first told the investing public that the MV Siphon 1 was “in place and ready to begin commercial operations.” That’s over 3.5 years! Not 3.5 years since APL started to develop its plan, but 3.5 years since APL said that it was in position and implied in the media that all of the pre-work that needed to be done to dig had already been done. After all of the performative improvements, inspections, training, and preventative maintenance that the MV Siphon I has been forced to endure over that time, it better be the safest ship in the country. Remember when instead of doing mining APL spent all those months focused on conducting that follow-on offering to buy the MV Siphon I (instead of renting it) because that was so important to operations, and now, with the PSE seemingly applying some pressure, all of a sudden it’s bringing in rental ships to do the work that the MV Siphon I still can’t manage to do? I’m not an APL investor, but if I were, I’d be in a blind rage. Theoretically, with a free float of 67.93%, it’s possible for someone to acquire this company through a tender offer and “take” the mining rights that APL has been squandering all these years. Just
Semirara Mining and Power [SCC 33.20 ?1.5%; 123% avgVol] [link] reported a Q2 net income of P6.05 billion, down 40.6% y/y from its Q2/23 net income of P10.2 billion. SCC has reported P12.6 billion in net income through the first two quarters of FY24, down 34.5% y/y. The company blamed the dramatic fall in year-on-year profitability on coal and electricity prices that “continue to subside from historic levels.” On the coal side of SCC’s business, the company reported that the price of coal declined 16% during Q2 of this year, but that it actually increased its shipments by 2% due to stronger demand.