Category Archives: Business

Business, Finance, Government, Law Enforcement, Media, Politics

Online News Source Rappler Shuts Down, Resurrects As A Stockbroker

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MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – CEO Maria Ressa has finally given up on dealing with what she calls a “toxic sludge” on Facebook which has severely impacted the operations and credibility of her start-up online news source.

In an interview on CNN, Ressa revealed that the (Duterte) government has reclassified Rappler from a media organization to a dealer in securities (stockbroker).

It couldn’t be fake news, coming from Ressa herself.

Well, at least Rappler stays in business.  But first things first.  It must pay the back taxes the government says it owes as a stockbroker.

No worries, you will not miss any news.  You still can get it from Facebook, the toxic sludge.

 

 

 

Business, Finance, Government, International

Central Bank Issues Guidelines On The Use Of Chinese Currency In The Philippines

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E3EFAAA3-CCE2-4D1F-8291-15D1DCF0CCA5.jpegMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – As reported by radyo.inquirer.net and retweeted by retired entertainer Jim Paredes, the Chinese currency, rinminbi, can now be used for transactions in the Philippines.

It was reported that this was among the many agreements signed by Philippine President Rodrigo Duterte and Chinese President Xi Jinping during the latter’s state visit to the country.

Today, Banko Sentral ng Pilipinas (Central Bank of the Philippines) issued preliminary guidelines on the use of Chinese currency in transactions within the country.

Initially, rinminbi can be used by local Filipinos to purchase the following items:

  • Siopao
  • Siomai
  • Hopia
  • Kikiam
  • Tikoy
  • Taho

The Central Bank said that more items will be added in the coming months.

 

Business, Social Media, Technology

Rappler Wants To Be The 4th Telco

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MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – In an apparent concession  that it will eventually  lose its case with the Securities and Exchange Commission (SEC) which revoked its media license, Rappler through its parent company, Rappler Holdings Corporation, has filed  a formal application to be the Philippines’ 4th Telco.

Rappler’s application comes just days after the National Telecommunications Commission  (NTC) officially confirmed Mislatel as the new third telecommunications player in the Philippines.

Mislatel is comprised of Mindanao Islamic Telephone Inc.,  Udenna Corporation, Chelsea Logistics Holdings (CLC), and China Telecom.

”It fits our business goal to convert Rappler from a media company to a telco since there is not a Constitutional provison that prohibits telcos from being partly owned by foreigners,” Rappler CEO Maria told The Adobo Chronicles. “Our foreign investors are ready.”

The SEC decision to revoke Rappler’s media license was based on what appears to be foreign investment in the online news source which is in violation of the Philippine Constitution

We wish Rappler the best luck.  As they say, “the more, the merrier.”