Bilyonaryo - Business

Anyare? Tieng brothers leave Abacore after getting fresh terms just 3 months ago

October 7, 2022

Bilyonaryo.com

Bilyonaryo brothers William and Wilson Tieng have resigned as directors of investment firm Abacore Capital Holdings (ABA).

The resignation of William and Wilson Tieng effective October 6 has come as a surprise as both were re-elected for a fresh term during ABA’s annual stockholders meeting in July 2022.

The Tiengs did not elaborate on the “personal” reason for their exit.

They were replaced by Arnold R. A. Gutierrez and Vicente Rafael L. Rosales.

William is a managing director of ABA but he and his brother are the only members of the firm’s 15-member board who did not receive any per diem in 2021.

William is the chairman of the Solar group of companies which has interests in consumer goods, cable television, real estate and securities trading.

Related News Tags: AbaCore, Abacore Capital Holdings, Tieng brothers, William Tieng, Wilson Tieng

Sy-blings take over Podium complex with acquisition of partner’s equity interest

The banking arm of the bilyonaryo Sy family, BDO Unibank Inc., is acquiring the entire equity interests of Keppel Philippines Properties Inc. and Opon-KE Properties in SM Keppel Land Inc. (SMKL), owner and developer of the Podium complex located in Ortigas.

Lucio Tan’s tobacco business suffers as excise taxes bite

Philippine Morris Fortune Tobacco Corp., the joint venture between bilyonaryo Lucio Tan’s Fortune Tobacco Corp. and global giant Philip Morris, is set to continue feeling the impact of higher excise taxes.

Unopposed: Mike Tan’s allies sweep FFCCCII elections with Hapee’s Cecilio Pedro as new president

Lamoiyan-Hapee president and CEO Cecilio Pedro won as the new president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII).

Boardroom drama: Top exec storms out of boardroom meeting after getting called out by bilyonaryo director for poor performance

A recent boardroom meeting at a major blue chip company turned into a heated exchange between a top exec and one of the directors.

Holcim Philippines struggles with lower revenues and rising energy costs

Cement giant Holcim Philippines’ net income dropped by 63 percent to P941.8 million in the past year, mainly due to reduced sales and increased production costs.

Sy-blings take over Podium complex with acquisition of partner’s equity interest

Lucio Tan’s tobacco business suffers as excise taxes bite

Unopposed: Mike Tan’s allies sweep FFCCCII elections with Hapee’s Cecilio Pedro as new president

Boardroom drama: Top exec storms out of boardroom meeting after getting called out by bilyonaryo director for poor performance

Holcim Philippines struggles with lower revenues and rising energy costs

Sy-blings reward SM Prime’s top executives with 13% hike in pay, perks for fantastic effort in 2022

Frederick Go goes thrift shopping, snags P13.5 million Robinsons Land shares

GMA continues nationwide expansion with launch of 12th regional network in Ilocos Norte

Grab Philippines expands transport services in Iloilo to create new livelihood opportunities

Recommended from sister websites

→ Abogado
Marcos Jr denies pouncing on Teves over old e-sabong scandal

→ Abogado
Guevarra: Former president Duterte may face ICC arrest warrant for drug war deaths

→ Politiko
Marcos to public servants: Let’s make the Philippines respected worldwide

→ Politiko
Tansingco: Fugitive Taiwanese ‘drug lord’ deported

→ Bankero
Second Tier’ PH Banks expected to underperform – Fitch unit

Power

Major oil leak in southern English port

A major oil leak took place on Sunday in Poole Harbour, a port in the south of England, local authorities said Sunday.

Money

Aboitiz conglomerate’s UnionBank upsizes bond program to P50 billion

UnionBank of the Philippines, the banking unit of the Aboitiz Group, announced that it will be increasing its debt issuance program by 28 percent to support its business expansion plans.

Business

Lucio Tan’s tobacco business suffers as excise taxes bite

Property

New York’s famous Flatiron Building sells at auction

New York’s iconic Flatiron Building — famous for its thin, triangular shape — has sold at auction for $190 million following a court order.

Latest on Bilyonaryo

Swiss regulator vows to hold Credit Suisse bosses to account

Swiss financial regulator Finma is probing how to hold bosses at Credit Suisse to account following its emergency takeover by rival UBS, a media report said on Sunday.

Aboitiz conglomerate’s UnionBank upsizes bond program to P50 billion

UnionBank of the Philippines, the banking unit of the Aboitiz Group, announced that it will be increasing its debt issuance program by 28 percent to support its business expansion plans.

Elon Musk puts Twitter’s value at just $20 billion

Elon Musk has put the current value of Twitter at $20 billion, less than half the $44 billion he paid for the social media platform just five months ago, according to an internal email seen by American news media.