BIZ BUZZ: Trouble in (investor) paradise
A former head of one of the government’s investment promotion agencies seems to be smelling blood amid reports that the Cabinet Secretary who backed her ouster and supported her replacement at the government body will be axed by the president.
This former head of the agency is apparently stirring trouble again, supported by some loyalists who are still there, throwing the same accusations that she was ousted without just cause.
The current head of this investment promotion agency told the Inquirer, however, that these “handful of misfits” who are supportive of the former head have been reshuffled—with support from the employee’s association—after peddling lies. “No truth to the allegations, all lies peddled by … We will have a counter [to these allegations],” said the current head of the investment promotion agency.
—Alden M. Monzon
Eramen Minerals rising
During her recent Manila visit, US Vice President Kamala Harris launched a US Trade and Development Agency (USTDA) grant to Eramen Minerals Inc. (EMI), a Filipino mining company, for a feasibility study to advance the development of an environmentally sustainable nickel processing facility in the Philippines.
This project will advance the clean energy transition by producing critical minerals that are key elements in the supply chain for batteries and energy storage systems. USTDA’s study will evaluate the technical and economic viability of developing a nickel processing facility at the site of EMI’s mine in Zambales province.
The plant is expected to use EMI’s nickel ore to produce refined nickel and cobalt products for sale as battery precursor materials. The study will help define the technical specifications for the facility and promote alignment with high environmental, social and governance standards.
“EMI seeks to contribute to the green energy transition and energy security through the supply of critical materials from our nickel mining operations for energy storage systems,” EMI president Enrique Fernandez said.
—Daxim L. Lucas
Fresh face, new challenge
Tycoon Dennis A. Uy’s DITO CME Holdings is bolstering its professional ranks with the addition of veteran market strategist Jonathan Ravelas as its newest independent director.
Ravelas officially assumed the new role on Dec. 6, replacing Gregorio Yu.
The straight-talking analyst, who maintains an active presence on Twitter, must have impressed Uy when he lectured the Davao-based tycoon and Udenna Group officials during an internal company event last July.
Ravelas joins during a challenging period for the group, which has gotten entangled in cases with the incumbent telco players over supposed debts.
There was that fiasco when DITO CME suddenly withdrew its P8 billion rights offering, angering the Philippine Stock Exchange and scores of minority investors.
DITO Telecommunity has shown promising subscriber growth figures, however, revenues have yet to catch up. For sure, Ravelas would have interesting insights to share as the China-backed telco pursues its growth targets.
—Miguel R. Camus
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