Chelsea Logistics shareholders back plans to engage in infra, utilities

Shareholders of Chelsea Logistics Holdings Corp. approved the management’s proposal to expand the company’s primary purpose to include infrastructure and other utility businesses such as telecommunications and power.

“With this amendment, the company will now be able to pursue business activities related to the operation of airports and ports and all facilities related to logistics, and utilities,” Chelsea said in a statement.

?We will pursue our expansion strategies and find best ways to complement the current business operations with the Build Build Build program of the Duterte administration, ” said Chryss Alfonsus V. Damuy, president of Chelsea.

Shareholders likewise approved the creation of preferred shares in line with the company’s plans to raise funds from the capital market.

Panguil Bay bridge now 61% complete

Construction of the 3.17-kilometer bridge that will reduce travel time between Lanao del Norte and Misamis Occidental is now 61 percent complete, according to the Department of Public Works and Highways (DPWH).

Recession in US ‘not inevitable’: Yellen

A recession in the US is “not inevitable,” Treasury Secretary Janet Yellen said Thursday, adding that she believes the world’s biggest economy is on the right track in lowering inflation.

See winds up at sixth in SICC

Rico Daniel See finished sixth in the 29th EFG Junior Golf Invitational Championship held at the Singapore Island Country Club in Singapore.