Power And Money

A Brief Overview of the Tokyo Stock Exchange



The Tokyo Stock Exchange (TSE), located in Tokyo, Japan, is the second largest stock exchange in the world based on monetary volume, just behind the New York Stock Exchange. Under the authorization of the Japanese Prime Minister, Junichiro Koizumi, the TSE provides a market for securities exchange. The major functions of the exchange are to provide a market place, monitor trading, list securities, monitor listed securities, and supervise trading participants. Top management is comprised of nine directors, four auditors, and nine executive officers, headed by acting Chairman and CEO Taizo Nishimuro.full story....


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Business & Finance

NDC to issue P3-Billion bonds for new tollway
February 14, 2010, 1:20pm
The National Development Co. (NDC) is set to issue P3 billion bonds under the P50-infrastructure fund to jumpstart the construction of the 88.58-kilometer toll road extension from Tarlac to Pangasinan and La Union, which is estimated to cost P14 billion to P16 billion.

Trade and Industry Secretary Peter B. Favila told reporters Friday the move came after the local consortium Private Infrastructure Development Corp. led by diversifying firm San Miguel Corp. has approached the government that it be allowed to draw on the national government subsidy or equity to the project to a tune of P3 billion.

“I don’t see any problem with the NDC Board approval,” Favila said noting that the Department of Budget and Management can first release the fund while NDC has yet to issue the bonds so the project can take off soonest.

The consortium has P1.5 billion in equity or a total of P4.5 billion to jumpstart the toll road project, which is going to run from the end of the Subic-Clark-Tarlac Expressway in La Paz, Tarlac, and connect it to Pangasinan-to Rosario in La Union.

Favila said the construction would start on the cleared areas or those with the right of way up to Geronimo.

The consortium wants to start construction in March this year and has committed to complete the four-lane road TPLEx in 2014. It will connect the North Luzon Expressway, Southern Luzon Expressway, C-5, Subic-Clark-Tarlac Expressway, and the Southern Tagalog Arterial Road.

Favila said that the infrastructure bonds have committed subscribers, both the private banks and the government financial institutions.

Aside from the shareholders equity and the government subsidy, a syndicate of local banks have already expressed interest to grant loan facilities for the TPLEx project but said that the release of their funds will follow after the government has released the subsidy to the project.

BDO Capital is the lead loan arranger for the project. The Sy-controlled Banco de Oro Unibank, parent of BDO Capital, had expressed interest to provide up to P10 billion in loans for the toll road project.
DoE told to plan new Luzon power plants
February 14, 2010, 1:17pm
At this critical period when the country is already experiencing recurring power outages across regions, the Department of Energy (DoE) has been advised to finally move away from parochial problem-fixing approach, and will instead re-work on strategy that enables it to secure commitment for new power projects, including for the largest island grid of Luzon.
The power supply buffer that can spare the country from another round of power crisis, it was noted, is not there anymore, so it is about time that the government re-thinks its strategies in policies that can entice investors to cough up fresh capital for power projects.
In an interview with reporters, Manila Electric Company (Meralco) president Jose P. de Jesus noted that the anticipated close of supply-demand gap may be pushed earlier by one or two years, the most critical timeframe of which could be around 2012 to 2013. He qualified though that they are also updating internal company studies, “to reflect current developments in the industry.”
Former energy secretary Francisco L. Viray, who is also President of Trans-Asia Oil and Energy Development Corporation, emphasized that the rehabilitation and uprating of the privatized power plants would be able to sustain Luzon grid’s requirement until 2014, yet he stressed that “what is crucial will be investments for new capacity… if the free market would be able to encourage fresh capital flow for power projects.”
The former energy chief, who was instrumental in helping solve the country’s worst power crisis of the ‘90s, explained that if all committed upgrades of plant buyers will materialize, Luzon grid will still be safe in the next three to four years, “but the DoE has to secure that commitment from the power plant owners/operators.”
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