In order to raise $31.7m, a lender alleged in a filing to Singapore’s High Court.
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BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskBy Beatriz Marie D. Cruz, Senior Reporter PHILIPPINE AUTOMOTIVE SALES slumped to a four-month low in August, as weather disruptions and volatile oil prices weighed on demand, according to an industry report. However, electric vehicle (EV) sales surged during the month, reflecting Filipinos’ sustained interest in clean energy transport. In a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), total vehicle sales fell by 18.1% to 29,611 units in August from the 36,174 units sold in the same month last year. This was the lowest monthly vehicle sales since April when 27,001 units were sold. Month on month, total industry sales also dropped by 20.7% from the 37,319 units sold in July. “August new vehicle sales were affected by severe weather as dealership operations and consumer activities were disrupted,” CAMPI said in a statement. Parts of Luzon were affected by heavy rains and flooding after several tropical cyclones enhanced the southwest monsoon during the month. This led to several class and work suspensions in August. CAMPI President Jose Maria M. Atienza said he remains optimistic that auto sales will recover by yearend. “The August dip appears to be a short-term disruption rather than a reversal of market momentum,” he said. Including other industry data, total vehicle sales reached 34,390 units in August, according to the report. CAMPI-TMA data showed that passenger car sales declined by 10.6% to 6,784 units in August from the 7,591 units sold last year. It likewise dropped by 15.8% from 8,056 units sold in July. Commercial vehicle sales also slid by 20.1% to 22,827 units from 28,583 units sold a year ago. Month on month, sales dropped by 22% from the 29,263 units sold in July. Brok
BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskAIRLINES may charge higher fuel surcharges from Oct. 1 to 15 after the Civil Aeronautics Board (CAB) raised the allowable passenger fuel surcharge to Level 17 from Level 14 in the second half of September. At Level 17, passengers may be charged an additional P559 to P1,635 for a one-way domestic flight and P1,846.10 to P13,726.58 for a one-way international flight, depending on the destination. The new level is the third-highest imposed so far this year, below Level 18 from May 1 to 15 and Level 19 from April 16 to 30. For airlines collecting fuel surcharges in foreign currency, the CAB set the conversion rate at P62.71 to the dollar. Fuel surcharges are fees added to base fares to help airlines offset changes in jet fuel costs. The CAB determines the applicable level using movements in jet fuel prices based on the Mean of Platts Singapore benchmark. The regulator shifted from a monthly review to a 15-day review cycle following volatility in fuel prices amid the conflict in the Middle East. The interim review cycle will remain in place until market conditions stabilize or until the CAB revises or revokes the policy. According to the International Air Transport Association (IATA), jet fuel prices fell by 4.9% week on week to $185.43 per barrel as of Sept. 25 but were 106% higher than a year earlier. Based on CAB’s indicative rates, passengers flying to Singapore, Thailand, and Malaysia may be charged P2,553.19 in fuel surcharge for a one-way trip. The surcharge may reach P2,871.83 for flights to Indonesia, Japan, and South Korea, while some North American routes may carry a fuel surcharge of P13,072.93 for a one-way flight. A June report by IATA said sharp increases in jet fuel prices could lead airlines to adjust networks and selectively reduce capacity as higher fares
BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskDIGIPLUS Interactive Corp. said it is assessing the impact of Brazil’s new ban on fixed-odds betting and online gaming, but does not expect the measure to materially affect its financial condition or operating results. Brazilian President Luiz Inácio Lula da Silva issued a Medida Provisória, or provisional measure, prohibiting the operation, offering, intermediation, and advertising of fixed-odds betting and online gaming activities in the country, DigiPlus said in a disclosure on Monday. The measure took effect upon publication and remains subject to approval by the Brazilian Congress within the constitutionally prescribed period, which may extend to 120 days. DigiPlus said it is assessing the development and its potential implications for the company. “Based on the company’s assessment as of this date, the provisional measure is not expected to have a material impact on the company’s financial condition or results of operations,” it said. “The company will continue to monitor developments in Brazil and will make the appropriate disclosures should there be any material developments,” it added. DigiPlus has been expanding in Brazil’s regulated online betting market, where it operates under the BingoPlus brand. In July, the listed digital entertainment company joined the Brazilian Institute for Responsible Gaming as part of its expansion in the country. In the Philippines, DigiPlus operates digital gaming and entertainment platforms including BingoPlus and ArenaPlus. The company is also building a team for its planned entry into South Africa, where it is targeting the start of operations in 2027. On Monday, DigiPlus shares fell by 6.47% or 55 centavos to P7.95 apiece. — Alexandria Grace C. Magno