I.AME E-Journal

Noli Santos emerges “Ambassador to the World Forum” and “First Filipino Global Senator” in Global Senate in Washington DC, the exclusive law fraternity of the UP College of Law, holds the distinction of producing the “First Filipino Ambassador to the World Forum” and the “First Filipino Global Senator” upon the selection and designation of Emmanuel Tiu Santos, a.k.a. Noli Santos, Grand Archon SY 1959-60 to the prestigious World Forum and Global Senate to be held in the historic Willard Hotel in Washington DC, USA from June 29 to July 4, 2009. In making the designation, the World Forum Federation convenors, Nicholas S. Law, director-general of the International Biographical Centre in Cambridge, UK and Janet M. Evans, president of the American Biographical Institute, USA wrote: “You were specifically chosen … because we feel your distinguished background means you will fit in perfectly with the dynamic blend of gifted and powerful Ambassadors in attendance in Washington DC.” Noli Santos was designated Global Senator for being one of “the world’s, most impassioned, brilliant and visionary achievers….” Noli Santos will make a presentation or deliver a speech on “Building and Managing a Global University: Facing the Global Financial Crisis and Other Current Issues” on the opening day of the back-to-back World Forum and Global Senate historic event. Noli Santos is founder-president and chairman-CEO of the International Academy of Management and Economics (IAME [eye-aim]) at Ayala Avenue Extension (turn left, off) Noli Santos International Tower, 1061 Metropolitan Avenue, Makati City, Philippines. Santos has written books in the field of constitutional law, business law, management, organization, corporate governance, strategic planning, international marketing, and international commercial arbitration. He is chairman of the editorial board of IAME Journal of Management, Law, and Economics and serves as member of the editorial board of the American Chamber (AmCham) Journal. Santos is listed in a dozen International Who’s Who published in US and Cambridge, England. He is recipient of international awards in education, finance and business. He is frequent traveler in U.S., Europe, some Asian cities and the Middle East. He obtained A.B. Political Science from UP College of Liberal Arts and Bachelor of Laws from UP College of Law; MBA and Ph.D. in Management from the International University; postgraduate courses from The Wharton School of the University of Pennsylvania and Harvard University.

PHILIPPINE DAILY INQUIRER

* Cut in NFA powers urged
* DA needs P10 billion to boost rice harvest
* Senate ‘okays’ Jpepa but sets stiff conditions
* Rice top agenda in GMA with solons today
* Pope Benedict ends 6-day US visit with home run at Yankee Stadium
* 100 ‘green tips’ to cool planet
* Former bishop is Paraguay’s new president

Business Page
* Php41.87 = $1
* PNB, Allied Bank firm up merger plan

THE WALL STREET JOURNAL

* Japanese Banks Fill a Lending Void
Japan’s big banks – relatively unscathed by mortgage-related losses – are expanding their global lending as many U.S. and European banks tighten spigots.

* India Prepares for Slower Growth
India’s finance minister suggested that his country’s growth rate could slow and that the government was prepared to ban exports in more industries in an attempt to slow inflation.

* China Unveils New Share-Sale Policy
Chinese regulators unveiled a plan to soften the negative impact of big share sales, signaling Beijing’s concern over the country’s ailing stock market.

CORPORATE NEWS

* Growth Boosts China Mobile’s Net
China Mobile’s net rose 37% as subscribers grew, while fixed-line operator China Telecom’s profit edged up 0.5%.

* Miner Macarthur says third party made approach
Queensland coal miner Macarthur Coal Ltd. has become the latest target in a flurry of mergers and acquisitions in the Australian mining sector, revealing that it received an approach about a potential transaction.

* Lower Sales Hurt Mattel Results
Mattel swung to a loss as its flagship Barbie franchise, though making international gains, struggled in the U.S. Hasbro’s net rose 14%.

ECONOMY AND POLITICS

* Bhutto’s Widower Clears a Hurdle
Pakistan’s high court struck down a law that required members of parliament to hold university degree, clearing the way for Bhutto’s widower to vie for a seat and possibly prime minister.

* Singapore to Let Importers Add Rice to Stockpiles
Singapore will allow private importers to bring in more rice than they usually do as a hedge against likely shortages, but the nation doesn’t expect any problem with domestic supply.

* Japan, South Korea Boost Cooperation
Japan and South Korea have pledged cooperation to boost their economies and denuclearize North Korea.

MONEY & INVESTING

* UBS Details How Losses Came About
UBS laid much of the blame for $37 billion in write-downs on mortgage securities at the feet of former investment banking chief Huw Jenkins in excerpts of a report for the Swiss banking regulator.

* Port Firm Taps Rising Flow of Trade
Philippine ports operator ICTSI offers a way to bet that developing economies can ride out a slowdown in the U.S.

MARKETPLACE

* Ex-HBO Executive Tries for Comeback
Former HBO creative chief Chris Albrecht is trying for a comeback after a very public dismissal from a lofty perch in the entertainment world. He’s staking much of it on a bizarre, futuristic sport called SlamBall.

PHILIPPINE DAILY INQUIRER

* Poor warned: Rice can be political tool
* Ailing Cory thanks nation for prayers…
* … greets Estrada on 71st birthday
* 80-year-old gets award for poems on nature
* Low credibility bodies ill for GMA riding out crisis
* Pope prays at Ground Zero, meets survivors

Business Section
* Php41.91 = $1
* Gov’t allots P2B for post-harvest facilities

THE WALL STREET JOURNAL

* China Stocks, Once Frothy, Fall by Half
The sharp decline in Chinese stocks is approaching a milestone: With a 4% drop Friday, the market has fallen by nearly half since its peak last fall. The decline is testing the government’s resolve to let the market find equilibrium on its own.

* Games Tensions on Slippery Track
China’s leadership called for “calm” as thousands joined anti-Western protests targeting French retailer Carrefour in several China cities, amid anger over foreign criticism. The pre-Olympic turmoil is exposing a disconnect between how China views itself and how it is viewed by many foreigners.

* Clouds Hang Over India’s Economy
India’s economic miracle is losing its magic, raising doubts about whether the nation can fulfill its ambition of becoming the next economic superpower.

CORPORATE NEWS

* Hedge Funds Infect Citi’s Wealth Unit
Citigroup’s $5.1 billion loss, mainly at the hands of its wealth-management division, shows a pitfall in the “universal bank” model, in which diverse units are supposed to complement each other. It turns out that ailing units can infect each other as well.

* Ford’s Fiesta to Kick Off Global Sales Effort
Ford, looking to accelerate sales growth in China and moving ahead with plans to roll out a global product line, said it will start selling its Fiesta hatchback here by year end.

* Libor’s Rise May Sock Borrowers
Libor’s unexpected rise threatens to add billions of dollars to the interest bills of borrowers around the world.

* Slowdown Triggers Stingy Dividends
The slowing economy and credit crunch are damping dividend payments, particularly for financial stocks.

* Beaten-Down REITs Aren’t Bargains Yet
A global cooldown in property investment has sent prices of small Japanese REITs plunging in recent months. But while many of Japan’s smallest REITs are now trading below the value of their real-estate holdings on paper, analysts caution that their prices might not recover anytime soon.

ECONOMY AND POLITICS

* In Japan, Foes Turn Friendly
Dozens of lower-ranked members of Japan’s two big political parties are trying to make friends with each other despite gridlock over major issues.

* Tokyo’s concern grows over risks from U.S. slump
Citing U.S. “recession risks,” Japan’s Cabinet Office said it is growing more concerned about the domestic economy.

MONEY & INVESTING

* Libor’s Rise May Sock Borrowers
Libor’s unexpected rise threatens to add billions of dollars to the interest bills of borrowers around the world.

* Slowdown Triggers Stingy Dividends
The slowing economy and credit crunch are damping dividend payments, particularly for financial stocks.

* Beaten-Down REITs Aren’t Bargains Yet
A global cooldown in property investment has sent prices of small Japanese REITs plunging in recent months. But while many of Japan’s smallest REITs are now trading below the value of their real-estate holdings on paper, analysts caution that their prices might not recover anytime soon.

PHILIPPINE DAILY INQUIRER

* Rice prices still soaring ( Exporters’ offers could push cost to P49 a kilo)
* DOJ: Nani weak after ‘MJ’ backed off
* Irri chief: Action plan with DA coming up
* Rights group hits Abadilla 5 life sentence
* DOH probes rectal surgery on YouTube
* Pope: Clergy sex abuse ‘very badly handled’
* Vatican ‘corrects’ Couples for Christ’s ‘GK’ focus

Business Page
* Php 41.91 = $1
* Bank warns vs ‘quick-fix’ to rice woes
* Subsidy, proce control seen to do more harm than good
* In Makati, office rental rates hit record high

THE WALL STREET JOURNAL

* Food-Price Profiteers Draw Clampdowns
Widespread hoarding and corruption in state programs for the poor are exacerbating the damage from high rice prices, prompting clampdowns by authorities in many parts of Asia.

* Prosecutors Indict Samsung Chairman
Samsung’s chairman was indicted on tax-evasion and breach-of-trust charges following a six-month bribery probe but wasn’t arrested.

CORPORATE NEWS

* Embattled GE CEO Defends Strategy
GE CEO Immelt defended his strategy despite cries to split up and remake the conglomerate in the wake of disappointing earnings.

ECONOMY AND POLITICS

* U.S. Climate Plan Is Panned
Bush’s plan to rein in greenhouse gases came under fire at a Paris conference of major polluting nations.

* Climate Issues Divide Chamber of Commerce
U.S. Chamber of Commerce members are divided over a proposed Senate bill that would cap greenhouse-gas emissions.

MONEY & INVESTING

* Tech Firms Cradle Cash
Technology companies from eBay to EMC are embracing cash more than ever amid fears of an economic downturn. If only Wall Street would reward them for it.

* Catching a Ride on China’s Growth
Investors hoping to ride China’s transportation boom should take a look at the companies that make the giant tires that help keep the economy rolling along.

MARKETPLACE

* Marketers Begin China Cheering Ahead of Games
For multinational marketers on the Olympics’ home turf, cheerleading for China is just part of the Games. The challenge now isn’t figuring out how to appear patriotic in China, but what message to send in the rest of the world.

PHILIPPINE DAILY INQUIRER

* Abadilla 5 conviction affirmed
* Lawyers laugh off man who claims to be the fugitive Faeldon
* Legislated wage hike favored
* Rice before oil; Biazon seeks biofuels suspension
* Public to panic if NFA rice out of wet market
* Pedal power to save dying Laguna lake

Business Page
* Php41.885 = $1
* 1st quarter BOP surplus rises to $1.69B
* BSP cites OFW funds, foreign investments
* Stanchart sees 5% growth for RP

THE WALL STREET JOURNAL

* Abadilla 5 conviction affirmed
China’s sizzling growth continued to slow a little in the first quarter, with GDP expanding 10.6% from a year earlier. The deceleration is igniting debate over how fast China needs to grow – and how fast it can.

* Chinese Demand for Pricier Cars Rises
No longer content with no-frills econoboxes, Chinese car buyers are increasingly using their new wealth to buy the kind of bigger, more-expensive wheels that predominate in developed markets such as the U.S. – a shift that has important consequences for auto makers of all sizes in China.

* Bankers Cast Doubt on Key Rate
Bankers and traders are expressing concerns that the London inter-bank offered rate, known as Libor, is becoming unreliable – a development that has implications for borrowers everywhere.

CORPORATE NEWS

* France Telecom Mulls TeliaSonera Bid
France Telecom is considering a bid to acquire TeliaSonera, Sweden’s largest telecommunications company, as firms search for scale and growth in the mostly mature markets of Europe.

* Roche Partner Wins Japan Drug Approval
Roche alliance partner, Chugai Pharmaceutical, has obtained permission to use Actemra as a rheumatoid-arthritis therapy in Japan, marking the first important regulatory approval for the drug.
• GSK’s Treximet Gets FDA Approval

* GIC Targets Emerging Markets
Singapore’s state-run GIC plans to boost investment in emerging markets, partly via private-equity funds.

* No Fast Gains for Olympics Sponsors
Some Chinese companies paid a lot to sponsor the Olympics, but it may be a while before those investments yield returns.

* Mideast Buyers Bet on Woes
Shares in mainland China fell 5.6%, their sharpest decline in 2½ months, while indexes in Hong Kong and Tokyo each declined more than 3%.

ECONOMY AND POLITICS

* IOC Faces Pressure Over Darfur
Activist group Dream for Darfur is trying to step up pressure on the International Olympic Committee ahead of the Beijing Games, criticizing the sports organization for failing to speak out on the violence in Darfur.
• Olympic Torch Arrives in Pakistan
• India Awaits Olympic Protests

* Slide in Housing Starts Stalls Economy
Housing starts fell 11.9% last month to the lowest level since around the 1990-91 recession. Industrial output and consumer prices both rose 0.3%.

* France Dismisses Call for Boycott in China
France played down calls in China for consumers to boycott French products and brands after pro-Tibet and human-rights protests disrupted the Olympic torch’s passage here last week.

MONEY & INVESTING

* GIC Targets Emerging Markets
Singapore’s state-run GIC plans to boost investment in emerging markets, partly via private-equity funds.

* No Fast Gains for Olympics Sponsors
Some Chinese companies paid a lot to sponsor the Olympics, but it may be a while before those investments yield returns.

* Mideast Buyers Bet on Woes
Shares in mainland China fell 5.6%, their sharpest decline in 2½ months, while indexes in Hong Kong and Tokyo each declined more than 3%.

MARKETPLACE

* Airline Deal Changes Landscape
United and American could potentially do deals that would eclipse the proposed Delta-Northwest merger.