PPA Reaps Fruits of Increased Traffic Volumes

first_imgzoom The Philippine Ports Authority (PPA) recorded a 15% hike in net income despite the Manila port congestion, which troubled the port for the majority of 2014.Net income after tax reached P 4.26 billion from P 3.70 billion posted in 2013, the latest data from the state-owned agency showed.Gross revenues, on the other hand, posted an increase of 13.5% to P 12.57 billion for the period in review as against the 2013 registered amount of P 11.07 billion.Port revenues posted the biggest increase in 2014 after posting about 25% hike from P 9.99 billion in 2013 to P 12.46 billion.However, the Fund Management Income (FMI), which contributed with another half to the gross revenues of the port, declined significantly to P 103.21 million or about 16% below the 2013 level.“The considerable increases in almost all aspects of the revenue generation process of the agency can be attributed primarily to the increase in traffic volume at the ports despite the congestion issue involving the Manila ports,” PPA General Manager Juan C. Sta. Ana said.“The decrease in FMI, on the other hand, was due to the decline in interest rates on special and high-yield savings deposits and the termination of Bond Sinking Fund held by the Bureau of Treasury from which interest income is also derived,” Sta. Ana explained.The congestion at the port of Manila was declared to be over at the beginning of March with port operations fully normalized. As informed, both the International Container Terminal Services, Inc. (ICTSI) and Asian Terminals Inc. (ATI) show improved efficiency as berthing schedules are being met promptly.last_img read more

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UN unparalleled in ability to solve major global problems Russian leader says

“The creation of the UN has become one of the main achievements of the world community in the 20th century,” Mr. Medvedev said at the annual high-level debate.Characterizing the financial turmoil as the “first wide-scale crisis of the globalization era,” he said that reforming the current system of global economic governance was one of many problems that cannot be solved without the UN, “a time-tested mechanism of harmonization of interests of different countries.”That crisis has dealt a blow to efforts to alleviate poverty, with all countries having experienced a drop in output, the President noted. “A real threat of disruption of the Millennium Development Goals [MDGs] has manifested itself,” he said, referring to the eight anti-poverty targets with a 2015 deadline.Multilateral disarmament must also move forward under the auspices of the UN, he said, in light of recent positive developments on that front, including the recent agreement between Russia and the United States to cut their arsenals.To reach a common understanding on issues such as nuclear weapons proliferation, “we must engage all nations and influential international organizations” into negotiation processes,” according to Mr. Medvedev.In his address to dozens of heads of State and government, the Russian leader said the use of force can only exacerbate regional conflicts.“This was demonstrated by a reckless attempt of the Georgian authorities to resolve the problems in their relations with South Ossetia by military means” last August, he said, with the situation almost mushrooming into a full-scale war.“I am certain that this is understood by everyone and in order to avoid repetition of such developments we need to have clear and effective mechanisms to implement the principle of indivisibility of security,” Mr. Medvedev said, stressing that ensuring global security is one of the most pressing topics faced by the world today.“We have no right to forget that the UN possesses a unique international legitimacy,” he stated. “And we must preserve and strengthen this shared wealth of the peoples of the world.” 23 September 2009The current global challenges – ranging from conflicts to climate change – have demonstrated the need for collective international action, Russian President Dmitry Medvedev told the General Assembly today, stressing that there is no alternative to the United Nations in bringing together the interests of the world’s countries. read more

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The Latest France halts Brazil trade deal over Amazon fires

PARIS — The Latest on the reaction to the fires in the Amazon (all times local):2:30 p.m.In a sharp escalation of tensions with Brazil, France is accusing President Jair Bolsonaroof having lied to French leader Emmanuel Macron and says it now opposes a trade deal with the South American bloc Mercosur because of his environmental back-peddling.A statement from the Elysee Palace accused Bolsonaro of failing to respect his “commitments on the climate” and of failing to protect biodiversity and said that Macron “can only note that President Bolsonaro lied to him.”The angry language follows a spat on Twitter between the two leaders, after Macron angered Bolsonaro by calling on G-7 nations to act for the Amazon being ravaged by wildfires.___9:35 a.m.Rarely have French President Emmanuel Macron and superstar soccer players including Cristiano Ronaldo been on the same page, but when it comes to the fires that are devastating the Amazon, they’re uniting in sounding the alarm.Five-time world player of the year Ronaldo beat Macron to the punch with his tweet urging action on the Amazon that, by Friday morning, had already racked up more than a quarter-million likes.Ronaldo tweeted “the Amazon Rainforest produces more than 20% of the world’s oxygen and it’s been burning for the past 3 weeks. It’s our responsibility to help to save our planet.”Macron’s tweet later was similarly urgent, saying “Our house is burning. Literally.” Macron put the Amazon fires on the agenda for the G-7 summit of world leaders that France is hosting this weekend.The Associated Press read more

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