Business

MANILA – With two Philippine offshore gaming operators (POGOs) exiciting the country, a looming exodus of online casino exits are expected to follow suit as they are facing difficulties securing tax clearance from the government. Philippine Amusement and Gaming Corp. (PAGCOR) Chairperson and Chief Executive Officer Andrea Domingo confirmed that casino operator SunCity Group has ceased their operations here in …

MANILA – Philippine’s Budget carrier Cebu Pacific has announced that they will be laying off more than 1,000 employees, in the single biggest retrenchment in the local airline industry as the effects of the coronavirus disease 2019 (Covid-19) pandemic continues to wreak havoc in the economy. Cebu Pacific communications director Charo Logarta Lagamon in a statement, called the move “rightsizing” …

Indonesian ride-hailing and payment firm Gojek announced for the layoffs on their organization also the partners this week. Gojek Indonesia laid off their 430 employees. Not only that, but the decacorn startup also closed some of its services. There are two services that are closed, namely GoLife which includes GoMassage and GoClean services, and GoFood Festival which is GoFood’s food …

Regional aviation and port markets have changed slightly, but they still have a long path to recovery. Affin Hwang Capital Research said it had been reinforced by a virtual meeting with five industry players that the sectors would not recover until at least next year. The company recently hosted Malaysia Airports Holdings Bhd, Westports Holdings Bhd, MMC Corporation Bhd, Pos …

As is known that the world aviation sector is under pressure in the middle of the Covid-19 pandemic, including in Indonesia. State-owned airport operator PT Angkasa Pura II (AP II) announced on Monday that it is trying to solve issues that might emerge in airport terminals amidst the transitional large-scale social restriction (PSBB) and new normal. Angkasa Pura II President …

MANILA – As Metro Manila begins to ease restrictions, bike-sharing firms Angkas and Joyride proposed the use of plastic shields between the drivers and passengers in a bid to lobby authorities to finally allow the resumption of motorcycle taxi operations. While awaiting the decision on the legalization of motorcycle taxis, Angkas chief transport advocate George Royeca yesterday the firm has …

Acute supply and supernormal rubber glove demand could persist in the next two years. Analyst, Raymond Choo Ping Khoon said glove makers issued new customer orders from airlines , hotels, retail apparel chains and hotel operators. When we look at the single capacity expansion figures, it seems daunting. Juxtaposed with annual growth in demand and new pandemic-led demand, the increased …

Sales of debt from Malaysia may make a comeback in the midst of economic prosperity that reopened, Kenanga Research said. The firm said the US 10-year average yield from the Treasury had inched slightly higher by two basis points ( bps) in May to 0.66 percent, lifted by investor optimism as economies begin to reopen. On the other hand, the …

MANILA – Malacañang on Thursday, claried that only online sellers earning above Php 250,000 will need to pay taxes, but all online business should still register their records with the Bureau of Internal Revenue. “If your online business net income does not exceed P250,000, then you don’t have to pay.” Roque said. “If your online business net income does not …

As part of its pledge to assist them through this difficult period, local stock exchange operator Bursa Malaysia Securities Bhd has released a transparency guideline on Covid-19 relevant impacts and investments for listed firms. Bursa Malaysia said, based on its observation of recent disclosures made by listed issuers related to the effect of Covid-19, it felt that there was scope …