Sys waive rental fees for all SM malls

The Sy family has waived rental fees for all SM Supermalls across the country from March 16 to April 14 to provide their tenants financial relief amid the month-long Luzon-wide community quarantine imposed by the government.

“We share our tenants partners’ concerns at the unfortunate situation and will waive rental charges for those affected and unable to operate during this period,” said SM Supermalls president Steven T. Tan.

This support forms part of SM’s commitment to mitigate the effects of the coronavirus outbreak in addition to the P100 million it has allocated to provide protective equipment and supplies to hospitals.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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