Google celebrates Philippine Independence Day 2024 via Doodle
MANILA, Philippines — Google is celebrating the Philippine Independence Day by highlighting the Philippine flag in its doodle.
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Ben&Ben, Gloc-9, more drag queens also performing at Pride PH 2024
MANILA, Philippines — Pride PH Festival released its second wave of performers for its 2024 edition, led by the likes of Ben&Ben, Gloc-9 and more local drag queens.
South Korea on alert for more trash balloons from the North
SEOUL, South Korea — South Korea's military said it was on alert for more trash-carrying balloons possibly arriving from North Korea on Sunday.
Texas looking to open Dallas-based stock exchange in 2025
The US could see a new stock exchange emerge in Texas [link] to compete against the New York Stock Exchange (NYSE) and the NASDAQ. The Wall Street Journal reported that BlackRock and Citadel have raised $120 million from investors to back the TXSE Group (Texas Stock Exchange), with plans to register with the US Securities and Exchange Commission in H2/24 and open for business sometime in 2025. The sales pitch of the TXSE to prospective companies is headlined by a focus on loosening the rules and regulations governing the listing and maintenance of companies on the exchange.MB BOTTOM-LINE: It’s hard to say if this is just a sophisticated grift to ride the wave of “anti-woke” sentiment boiling up in the US in the runup to its big November 2024 election. Conservative groups (especially on X) have been loudly critical of new rules meant to enforce “diversity, equity, and inclusion” (DEI) measures, like the NASDAQ’s new board diversity rule. That rule, which requires at least one board member to be female or of an “underrepresented racial or ethnic minority, or LGBTQ+” has become a lightning rod for “culture war” battles online. Just as it’s hard to tell how much of the emotion is real and how much comes from engagement bots on X and other platforms, it’s also hard for me to tell just how serious the anti-DEI stance of this potential new exchange would be. All I know is that there’s a lot of value in competition at the stock market level. I don’t love that the competition has to come wrapped in some cringe-worthy anti-woke messaging. Still, the TSXE's entrance could spark a new wave of listings or reveal innovations that are beneficial for companies and investors. I know most here in the Philippines would laugh at the thought of having a second stock exchange, given the relatively small size of our only existing stock exchange, but I think there’s even more value to be had here with a second exchange that is independent of the PSE. Would that help break the hold of the Old Boys' Club? Hard to say. It could just make a new faction.
Mexico heat waves leave 48 dead since March
MEXICO CITY, Mexico — Mexico has registered 48 deaths in a series of heat waves since March, the government said Friday, as scientists warned that new temperature records could be coming.
Korean star Ahn Bo Hyun picks Boracay, Cebu as destinations he would like to visit
MANILA, Philippines — Korean star Ahn Bo-hyun has heard good things about the Philippines from his friends who have been to the country that the actor is curious about its destinations.
Traveler waves Philippine flag on sandbar near Pag-asa Island
MANILA, Philippines — A Filipino travel enthusiast waved the Philippine flag on a sandbar near the contested Pag-asa Island in the West Philippine Sea, as seen in a circulating video, despite the presence of Chinese ships.
Globe now considering dual listing for GCash in 2025
Globe [GLO 2006.00 ?0.8%; 111% avgVol] [link] CEO Ernest Cu said that the company might list GCash “sometime in 2025”. Mr. Cu also noted that while he prefers to conduct the IPO on the PSE, they are also considering the option of a dual listing to “take advantage of the liquidity in the US market.” GLO owns 35% of Mynt, the parent company of GCash, which was last valued at approximately US $2 billion in 2021. Other investors in Mynt include Ant Group (Alibaba), Warburg Pincus (American PE firm behind CNVRG IPO), Bow Wave Capital, and Ayala Corp [AC 625.00 ?0.9%; 27% avgVol].MB BOTTOM-LINE: According to reports, the Ant Group is likely to hold on to its shares through any IPO, but some of those other names (like Warburg Pincus and Bow Wave Capital) are of investors that will definitely need an IPO of some type to facilitate an exit. They’re not ride-or-die partners for GLO to help take GCash to higher and higher heights; they’re specifically designed to push huge sums of money into companies with promising IPO prospects, and then use an eventual IPO to sell out of the company entirely. So with that roster of investors, I fully expect that GLO and its co-investors will push to list GCash sooner rather than later. Until then, though, is anyone else getting tired of hearing GLO talk about it? They’re worse than MVP talking about hospitals and listing the hospitals unit.