Daily Market Notes June 29

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Supreme Court (SC) rules SEC to determine PLDT foreign ownership

The Philippine Supreme Court has ordered the securities regulator to study whether Philippine Long Distance Telephone Co (PLDT) , the country’s leading telecom, has breached foreign ownership limits and impose sanctions if necessary. PLDT shares mirrored its New York ADRs in dropping and fell as much as 3.75 percent before paring losses to close down […]

Permanent Plans follow Prudentialife in revocation

The Securities and Exchange Commission (SEC), smarting from criticism that the sector is loosely supervised, announced that it was recalling the license of Permanent Plans, Inc. after doing the same on Monday to Prudentialife Plans, Inc. Permanent Plans — whose president quit as head of the federation of pre-need companies yesterday — announced a shutdown […]

SEC revokes pre-need license of Prudentialife

THE Securities and Exchange Commission has revoked the dealer’s license of Prudentialife Plans Inc., the Prudentialife Group’s pre-need arm, for failing to cover its trust fund deficiency. The commission en banc reached the decision because the assets Prudentialife Plans was proposing to include in its trust fund to cover its liabilities did not meet its […]

Will San Miguel make a tender for Petron?

San Miguel Corporation is expanding as a conglomerate.  It divulged that it intends to go into telecoms, power, and energy, among other businesses.  They recently bought out Ashmore's subsidiary, SEA Refinery B.V., which owns a controlling stake in of Petron Corp. SMC has now come under fire from the PCOR minority shareholders and the Philippine Stock Exchange, […]

how does the stock market work

The main purpose of the whole stock market setup is twofold: 1)a company lists or goes public, to get money from investors for use in expansion, settling debts, etc., and 2) for investors to get into and buy into companies easily, no matter how small their share size is.  Companies go public by offering a […]

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