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Business

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Major airline CEOs call for summit to speed UK-US travel

6:22 pm on 12 May 2021, Wednesday

The chief executives of major US and UK passenger airlines on Tuesday, May 11, called for a summit with the two governments to speed the reopening of transatlantic travel. A spokesman for Transportation Secretary Pete Buttigieg and the British embassy in Washington did not immediately comment. #In60words




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Global firms leave Myanmar office block with military ties

6:21 pm on 12 May 2021, Wednesday

A number of tenants of a high-end office block in Myanmar that the United Nations said is built on military-owned land have moved out or are reviewing their leases, including McKinsey, Coca-Cola, and Reuters, the companies said. Sule Square has big-name tenants that continue to lease office space in the building, indirectly supporting the army, Justice for Myanmar said in a report. #In60words




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Global economic growth to mask widening inequality in 2021, UN

6:21 pm on 12 May 2021, Wednesday

The world economy will fare better this year than previous projections indicated, but a slow rollout of COVID-19 vaccines in many developing countries will hamper their economic recoveries, the United Nations said on Tuesday, May 11. Vaccine inequity between countries and regions is posing a significant risk to an already uneven and fragile global recovery, said UN Chief Economist Elliott Harris. #In60words




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Gokongwei firm to invest P1.25 billion in Shakey's

6:16 pm on 12 May 2021, Wednesday

Lance Gokongwei-led JE Holdings is acquiring P1.25 billion worth of newly issued shares of Shakey's Pizza Asia Ventures Incorporated, for a 9% ownership slice of the pizza company. The investment is equivalent to a purchase price of P8.20 per share 14.6% higher than the latest 45-day volume weighted average. Gokongwei is also up for election as a member of the Shakey's board in July. #In60words




Business

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Gokongweis to invest P1.25 billion in Shakey's for 9-pct ownership

2:05 pm on 12 May 2021, Wednesday

Shakeys Pizza Asia Ventures Inc said Wednesday the Gokongwei family would invest P1.25 billion in the company, which translates to a 9-percent ownership stake. Starting in June, JE Holdings, the private investment company of the Gokongweis, will join the Po familys private holding company Century Pacific Group and the sovereign wealth fund of Singapore as the top shareholder of the company, Shakeys Pizza.




Business

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Samsung BioLogics denies report on Pfizer vaccine production

10:36 am on 12 May 2021, Wednesday

Samsung BioLogics Co Ltd on Wednesday said a report it was in talks with Pfizer Inc to begin production of the US drugmaker's COVID-19 vaccine in South Korea as early as in August was not factual. The Korea Economic Daily reported earlier that the biotech arm of Samsung Group had been revamping production lines at its plant in Songdo to produce the Pfizer vaccine, which was jointly developed by BioNTech.




Business

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Emperador earnings surge 43% in Q1

10:34 am on 12 May 2021, Wednesday

Emperador Inc., the largest global brandy company, rerpoted a 43 percent spike in attributable net income to P2.1 billion in the first quarter of 2021 as revenues rose 13 percent to P12.1 billion. Our business is growing on multiple levels. We are happy to report a record first-quarter income of P2.1 billion, coming from a record year in 2020, Emperador President Winston Co said. #In60words




Business

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CALAX Subsection 5 opening 3rd quarter

10:34 am on 12 May 2021, Wednesday

The Cavite-Laguna Expressway (CALAX) Subsection 5, a 7.2km, 22 lane expressway linking the Sta. Rosa-Tagaytay Road to Silang, Cavite, is now 94 percent complete and will be opened to motorists this third quarter, 2021. This section of CALAX will cut travel time to Silang from the current one hour to 30 minutes and serve 5,000 vehicles daily, Department of Public Works and Highways, Secretary Mark A. Villar said.




Business

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LT Group profits lifted by bank, liquor businesses

10:33 am on 12 May 2021, Wednesday

LT Group, Inc., the investment holding company of taipan Lucio Tan, reported a 4.5 percent improvement in attributable net income to P6.49 billion in the first quarter of 2021 from the P6.21 billion earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said subsidiary Philippine National Bank (PNB) contributed P1.02 billion or 16 percent of total attributable net income.




Business

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Local auto industry posts record high sales in April

7:03 pm on 11 May 2021, Tuesday

The automotive industry posted a gargantuan 13,315 percent year-on-year increase in sales in April, the highest sales growth ever in the domestic industrys history, but only because April 2020 was the height of the first lockdown where all businesses practically stood still. It could be recalled that the first enhanced community quarantine (ECQ) took effect on March 16, 2020. #In60words




Business

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P rate closes at P47.811

7:01 pm on 11 May 2021, Tuesday

The peso closed higher at P47.81 to the US dollar Tuesda, (May 11) from P47.865 the previous day. The weighted average rate depreciated to P47.87 from P47.825. Total volume amounted to 837 million, according to the Bankers Association of the Philippines. #In60words




Business

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DBM releases P647-billion for Bayanihan laws

7:00 pm on 11 May 2021, Tuesday

The Duterte administration has released more than half-a-trillion pesos to fund various government initiatives aimed at supporting the countrys coronavirus response, the Department of Budget and Management said. DBM said these disbursement were all under the two Bayanihan laws. #In60words




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