Top Business News

ABS-CBN sees flat profits despite Q2 boost
[BUSINESSWORLD]LOPEZ-LED ABS-CBN Broadcasting Corp. remains conservative in its profit outlook due to economic volatility despite healthy cash flow in the first five months of the year.
"Though the economy is far more robust than the government figures have reflected, our forecast remains the same. We will continue to be conservative and we will continue to reduce cost," Eugenio L. Lopez III, ABS-CBN chairman and chief executive officer, said in a briefing yesterday.

Ayala not interested on GMA
[BUSINESSWORLD]THE COUNTRY’S oldest conglomerate, Ayala Corp., yesterday squashed rumors it was interested to buy listed GMA Network, Inc.
Replying to the bourse’s request for a clarification, Ayala said the second-largest broadcasting outfit is not among its list of priorities. "As a holding company, we continue to look at investment opportunities in various sectors. But we would like to clarify that the ’acquisition of a major media outfit’ is not in our current plans and no company in the Ayala group is doing any due diligence on GMA or engaged in any discussion in relation to a [possible] acquisition," Ayala said.

EDC takes over last 2 geothermal plants under BOT
[BUSINESSWORLD]LISTED ENERGY Development Corp. (EDC) yesterday assumed full ownership and operation of the 52-megawatt (MW) Minda-nao 1 and 54-MW Mindanao 2 geothermal power plants from a foreign build-operate-transfer (BOT) partner following the completion of an Energy Conversion Agreement.
"The turnover of the Minda-nao power plants will fully integrate the value chain of the geothermal business from steam production to power generation, like our Leyte projects," EDC President Paul A. Aquino said.

Lopezes not yet selling stake in Meralco to PLDT — patriarch
[BUSINESSWORLD]THE PATRIARCH of the Lopezes yesterday said the family is not yet keen on selling its remaining 13.4% stake in Manila Electric Co. (Meralco) to the Pangilinan group, as it expects the share price to go even higher with the utility now allowed to raise rates under the new performance based regulation (PBR) mechanism.
"We don’t have any plans [to sell remaining stake] yet," Oscar M. Lopez, chairman and chief executive officer of First Philippine Holdings, told reporters at the sidelines of the ceremonial turnover of two Mindanao geothermal power plants to the Lopez-owned Energy Development Corp.