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MANILA, Philippines – The Senate Trade and Industry Committee will tackle on April 23 two bills on amending the Intellectual Property Code of the Philippines to enable online site blocking and safeguard intellectual property rights.
The SEC released a statement yesterday outlining P560 million in fines relating to the illegally-issued Abra Mining [AR suspended] [link] shares that were sold during the basura stock craze of late FY20 and early FY21. The PSE’s suspension of AR’s stock in May 2021 effectively killed that basura stock craze and trapped AR shareholders in the stock for three years with little in the way of information from the SEC, the PSE, or AR itself to guide expectations. The SEC’s statement said that AR illegally issued 169 billion shares of AR across 474 stock certificates, leading to a situation where AR had 258.96 billion shares lodged with the PDTC, but only 72.95 billion shares listed on the PSE. The SEC said that AR’s officers “had or should have had knowledge” of the circumstances of the illegality, and dismissed claims of lack of knowledge as “attributable to their gross negligence in the performance of their duties.” The SEC also revoked AR’s registration statement and certificate to offer and sell securities.
THE peso fell for a fourth straight trading day on Monday, and the stock market also dropped to its lowest in nearly three months as sentiment was hit by tensions in the Middle East.
The Department of Labor and Employment (DOLE) has partnered with the University of the Philippines (UP) College of Law and the UP Law Center in launching a paralegal training program for trade unionists and workers.
MANILA, Philippines — The word war between President Marcos and his predecessor Rodrigo Duterte continues, with the Chief Executive taking a jab at the former president’s possibly treasonous deal with China, but himself having to parry accusations of power lust.
On April 15, 2024, the British Chamber of Commerce Philippines Executive Director/Trustee Chris Nelson, together with the Department for Business and Trade Philippines Country Director James Thackery discussed the bilateral economic opportunities between the UK and the Philippines, citing significant sectors including cybersecurity, infrastructure, renewable energy, agriculture, among others.
CTS Global [CTS 0.71 unch; 5% avgVol] [link] posted a FY23 net income of P23 million, down 56% from the P52 million it reported in FY22. CTS said that its total revenues increased 18% to P103.7 million, driven by interest income from its low-yield government bonds. CTS booked P0.5 million in combined trading revenue from its global and local trading desks, down 98% from the P32.5 it earned the previous year. Domestically, CTS earned P20.6 million in income, down 20% from the previous year’s P25.9 million. Internationally, CTS lost P20.1 million, down 404% from the previous year’s P6.6 million. CTS blamed its poor trading performance on the “broad equity weakness” that resulted from “the US Fed’s stance to keep interest rates higher for longer to combat inflation and among other various events that introduced uncertainty into the markets.” CTS also noted “elevated geopolitical tensions”, “erratic adjustments to interest rates across major economies”, and “persistent volatility in commodity prices” as drivers of the “tumultuous conditions” that made trading operations difficult.
MANILA, Philippines — The Philippine embassy in Tel Aviv has advised Filipinos in Israel to be on alert after Iran launched a retaliatory attack on Israel.