USA

PEZA reports investment performance amidst the Enhanced Community Quarantine
Opinion, USA

PEZA reports investment performance amidst the Enhanced Community Quarantine

Philippine Economic Zone Authority (PEZA) Director General Charito “Ching” Plaza on Tuesday shared the top investment promotion agency’s performance for the first quarter of 2020 amidst the enhanced community quarantine (ECQ).“PEZA’s investments continued to be challenged for the First Quarter of 2020. On top of this issue is still the continuing uncertainty posed by the rationalization of incentives under the pending legislative measures that have created uncertainties. Added to this is the current pandemic caused by the COVID-19 virus, which has caused a tremendous and immediate impact on PEZA’s export manufacturers and exporters of IT-enabled services (BPOs),” stated Plaza.“Before the declaration of the ECQ on March 16, 2020, PEZA’s total approved investments from January to February 20...
Phoenix set to invest in road transport, property
USA

Phoenix set to invest in road transport, property

Phoenix Petroleum Philippines Inc. is firming up its road transport operations with a new subsidiary, and also in property holdings in which it will invest close to P5 billion in the near term. The Davao-based firm, led by businessman Dennis Uy, will have these moves—first given the green light by its board of directors in the second half of 2019—approved by its stockholders in their annual meeting that will be held online on May 29. Phoenix said in a regulatory filing it needs stockholders’ approval to form a wholly owned subsidiary for a road transport business, which will have an initial capital of P57 million. Such company will absorb Phoenix’s existing operations related to road transport, in order for this to be efficient and to expand. Also, Phoenix intends to invest P4.9 billion of...
Starbucks China and Sequoia Capital launch technology investment plan
Trade, USA

Starbucks China and Sequoia Capital launch technology investment plan

Starbucks is to partner with investment company Sequoia Capital to invest in new technologies which will accelerate the company’s digital innovation in Mainland China.  The two companies plan to focus on next-generation food and retail technology companies whose products will help Starbucks grow the coffee and retail industry in China, one of its fastest-growing markets globally. An early focus will be opportunities to embed digital technologies across Starbucks’ retail business, making the most of data-driven analytics, modelling and decision making.  “These may entail adopting creative solutions to enhance front- and back-of-house operations, such as the use of machine learning and predictive intelligence tools in managing Starbucks growing retail operations in China, or the optimisation...
Coronavirus: Musk defies orders and reopens Tesla’s California plant
Opinion, USA

Coronavirus: Musk defies orders and reopens Tesla’s California plant

Tesla has reopened its only US electric car plant in California, despite local orders against manufacturing. On Monday, the company's chief executive Elon Musk tweeted that production had restarted and he would be "on the line with everyone else". US states and local governments are trying to determine the best way to open up after lockdown. Mr Musk previously vowed to move the firm's headquarters out of California if the plant was not allowed to reopen. He has been vocal about the lockdown orders in recent weeks. Mr Musk recently celebrated plans to relax restrictions across the country, writing on Twitter: "FREE AMERICA NOW". He has also dismissed as "dumb" concerns about the coronavirus. While the state has eased restrictions to allow manufacturing, Alameda County, where the Fremo...