By Doris C. Dumlao
The group of tycoon Lucio Tan on Monday signed a $1-billion deal to buy back the 49-percent stake in Philippine Airlines (PAL) from conglomerate San Miguel Corp., ending a two-year-old alliance and regaining management control of the now-profitable flag carrier.
By the staff
This administration takes pride in having attracted into government service a number of foreign-educated whiz kids who were supposedly so inspired by President Aquino’s “Walang Mahirap Kung Walang Corrupt” slogan, that they went back to the land of their birth, even if it meant massive pay cuts, just to serve the Filipino people.
By Daxim L. Lucas
, Miguel R. Camus
The earnings streak set off by Philippine Airlines president and COO Ramon S. Ang continues as the July net income of the once money-losing flag carrier reached $11 million, bringing net income from January to July 2014 to $18.6 million.
The listed operator of Philippine Airlines made a turnaround in the second quarter of 2014, which typically sees a boost in travel due to the summer break, with the international business helping lift the flag carrier out of successive quarters of decline.
By the staff
Taipan Lucio Tan might be keen on buying back San Miguel Corp.’s stake in Philippine Airlines (PAL), consolidating his group’s control over the flag carrier, but it appears the pool of local wealthy investors is drier than we thought.