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Asian, European stocks drop as China stimulus hopes fade
STOCKS fell Monday with traders left disappointed by a lack of policy announcements from China aimed at kickstarting the ailing economy.
Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of economic stimulus to go with two interest rate cuts.
Expectations have been high that officials would provide help for the struggling property sector and introduce measures to kickstart consumer activity.
The 30-company Philippine Stock Exchange index lost 58 points, or 0.89 percent, to close at 6,450.34, as five of the six subsectors retreated.
The broader all-shares index went down by 25.87 points, or 0.75 percent, to settle at 3,441.24 on a value turnover of P4.223 billion.
Losers outmatched gainers, 112 to 60, while 50 shares were unchanged.
Only two of the 10 most active stocks ended in the green. PLDT rose 2.06 percent to P1,286, while Emperador Inc. gained 0.46 percent to P21.65.
Chinese state media reported that Premier Li Qiang held a State Council meeting Friday, there were few details, dealing a blow to sentiment and leading to an unwinding of some of last week’s rally.
“Government policy expectations were overdone,” said Steven Leung, at UOB Kay Hian.
Still, with the world’s number two economy struggling and key industries in trouble, leaders have plenty of work to do, analysts said.
“With all roads leading through China at the start of the week, investors’ stimulus excitement could give way to the reality that there are no quick fixes to the property market or youth unemployment,” said Stephen Innes at SPI Asset Management.
“Indeed, these areas of the economy could require a lengthy structural overhaul to repair. China needs to drive growth in sectors like technology, education, finance and entertainment, all of which have suffered under the securityfocused leadership of Xi Jinping.”
Afer Wall Street closed Friday in the red, Asian traders struggled.
Tokyo, Hong Kong, Shanghai, Seoul, Mumbai, Singapore, Taipei, Jakarta, Bangkok and Wellington were all down, though Sydney rose.
Oil prices fell on the lack of policy direction from China.
Green Light
MARIE CHRISTINE BAUTISTA
LEADERSHIP has long been associated with individuals in power, authority or influence positions. However, the true essence of leadership lies not in one’s title or status but in their ability to inspire, influence and empower others.
You are an effective leader if you can create new leaders. People under your authority do not just follow all your orders. They should have the characteristics of being observant, skeptical, transparent, influential and responsible. Do not teach them just to accept the current practices. Train them to add value to their work. It is also a must to enhance their listening skills. You can benefit from the experiences of others and might inherit their wisdom and knowledge.
Dr. Sunny Jeong (2020) stated that everyone could be a leader. Everyone, if they will, is capable of being a leader. Leadership is not about showcasing intimidation. It shouldn’t also be associated with status in life. To be an effective leader, one must first think as if they are in the position of their team members.
Having the perspective of your team members in mind will allow you to understand not only their challenges and struggles but also their vision and goals as individuals. This is very important: leaders must know the strengths and weaknesses of their team members. Leaders must utilize the team members’ assets and organize their team’s system most efficiently and respectfully. Leaders should always lead with their followers in mind.
London and Paris fell, while Frankfurt also drew back after striking a record high on Friday.
On a positive note, hopes for a thaw in China-US relations were boosted with US Secretary of State Antony Blinken set to meet Xi after holding talks with top envoy Wang Yi in Beijing.
That came after Blinken on Sunday held “candid” discussions for seven and a half hours with Chinese Foreign Minister Qin Gang and agreed to keep up communication as they look to avoid conflict.
A senior US official, speaking on condition of anonymity, said the discussions went beyond the usual talking points, including on Taiwan.
The visit marks the highest-level trip by a top US diplomat in nearly five years.
Traders are also keeping tabs on comments from Fed officials after last week’s decision to hold rates.
Several decision-makers lined up Friday to offer their views on the next move as they try to bring inflation down.
Fed board member Christopher Waller said the economy remained robust and that he was against changing the bank’s tightening policy because of trouble in the banking system.
Richmond Fed President Thomas Barkin said he was happy to keep hiking if data did not show the labor market remained resilient and inflation sticky.
And Chicago Fed Chief Austan Goolsbee considered last week’s decision to skip a hike a “reconnaissance mission, pausing now to scope it out before charging up the hill another time”.
Investors will be closely watching Fed chief Jerome Powell’s twice-yearly testimony to Congress this week, hoping for clues about the policy board’s thinking.
On currency markets, the yen continued to struggle after the Bank of Japan on Friday stood pat on its ultra-loose monetary policy.
The unit was wallowing at a 15-year low against the euro, the BoJ decision coming a day after the European Central Bank hiked rates again and warned of more to come. With AFP
MEGAWIDE CONSTRUCTION CORPORATION No. 20 N. Domingo Street, Barangay Valencia, Quezon City Tel. No. (02) 8655-1111
NOTICE OF ANNUAL STOCKHOLDERS’ MEETING
To the Stockholders of MEGAWIDE CONSTRUCTION CORPORATION (the “Company”):
Notice is hereby given that the Annual Stockholders’ Meeting of the Company will be held on 12
Manila Standard TODAY
NOTICE OF ANNUAL STOCKHOLDERS’ MEETING
Please be informed that the Annual Meeting of the Stockholders of HARBOR STAR SHIPPING SERVICES, INC. (“HSSSI”) will be held and conducted virtually via the Zoom online meeting platform on Wednesday, 12 July 2023, 09:30 A.M. for the following purposes:
1. Call to Order
2. Certification of Notice and Quorum
3. Approval of the Minutes of the Annual Stockholders’ Meeting held on 13 July 2022
4. Management Report
5. Approval of Audited Consolidated Financial Statements of HSSSI and its subsidiaries as of 31 December 2022
6. Ratification of all acts, resolutions and proceedings of the Board of Directors and of Management, done in ordinary course of business since the 13 July 2022 Annual Stockholders’ Meeting up to 12 July 2023
7. Election of Directors
8. Appointment of External Auditor
9. Other Matters
10. Adjournment
The record date for stockholders entitled to notice of, participate and vote at the Annual Stockholders’ Meeting is set on 08 June 2023 (“Stockholders of Record”).
Considering the current circumstances, Stockholders of Record may only attend/participate via proxy, remote communication or vote in absentia, subject to validation procedures. Only validated stockholders will be provided access to the Zoom meeting platform and can cast their votes in absentia on or before 04 July 2023 via the Corporation’s secure online voting facility.
Stockholders who wish to participate in the meeting via the Zoom online meeting platform and to vote in absentia should notify the Office of the Corporate Secretary through a Letter of Intent to be sent via e-mail to asm-2023@harborstar.com. ph or fill up the registration form at www.harborstar.com.ph/ asm2023registrationform on or before 28 June 2023.
The Corporation is not soliciting for proxies. Stockholders who are unable to join the meeting but wish to vote on items in the agenda by proxy must submit their duly accomplished proxy forms via email to asm-2023@harborstar.com.ph on or before 28 June 2023.
Stockholders may send their queries and comments to the Management Report and other items in the Agenda to asm-2023@ harborstar.com.ph on or before 06 July 2023.
Manila Standard TODAY
The Definitive Information Statement containing the attendance, voting and election procedures, along with the Notice, Agenda, Proxy, Management Report, SEC Form 17-A, SEC Form 17-Q and other information related to the Annual Stockholders’ Meeting can be accessed at www.harborstar.com.ph/investors/pse_disclosures.
Very truly yours,
(SGD.) CHARLENE O. ANG Corporate Secretary
(MS-JUNE 20 & 21, 2023)
PHILIPPINE SEVEN CORPORATION
7th Floor, The Columbia Tower Ortigas Avenue, Mandaluyong City Tel. Nos. 8724-44-41 to 53 Fax No. 8705-52-09
TO THE STOCKHOLDERS:
Second, the leader should know how to communicate. With equal confidence and self-esteem, the leader must relay their vision to the team members appropriately and respectfully. The leader must communicate with them frequently so that an exchange of information will continue and create an environment where the leader is approachable and reliable. Communicating properly is also essential for building trust and compassion with everyone on the team.
Capital Stock of Preferred Shares, and the consequent Amendment of its Articles of Incorporation; (d) Approval of offer, sale, and listing of additional Preferred Shares; and (e) Election of Directors. A copy of the Minutes of the Special Stockholders’ Meeting held last 20 December 2022 is available in the Company’s website and attached to the Information Statement as Exhibit “5”.;
4. Chairman’s Address and President’s Report
2022 Annual Report and in the Information Statement accompanying this Notice and Agenda
• The Chairman and President of the Company will give a welcome address and provide operational highlights of 2022.
Notice is hereby given that the annual stockholders’ meeting of PHILIPPINE SEVEN CORPORATION (the “Corporation’’), will be conducted virtually and livestreamed through the link which can be accessed at the Corporation’s website at https://www.7-eleven.com.ph/2023-asm/ on Thursday, 20 July 2023 at 2:00 P.M. for the purpose of taking up the following:
1. Certification of Notice of Meeting & Quorum and Call to Order
2. Approval of Minutes of the Annual Stockholders’ Meeting held on 28 July 2022
3. a. Chairman’s Message b. President’s Report
4. Approval of 2022 Audited Financial Statements contained in the Corporation’s 2022 Annual Report and in the Information Statement accompanying this Notice and Agenda
5. Ratification of Actions Taken by the Board of Directors, Executive Committee, Board Committees and Management since the last annual stockholders’ meeting
6. Election of the Board of Directors including the Independent Directors for 2023
7. Appointment of External Auditor
Third, the leader should be humble. There is a saying that “there is no ‘I’ in a team. Each of the team members is important and serves a role. The leader should always be humble for ease of engagement, creating a culture of acceptance, and a good employee experience.
8. Other Matters
9. Adjournment
5. Election of Directors
5. Ratification of Actions Taken by the Board of Directors, Executive Committee, Board Committees and Management since the last annual stockholders’ meeting
6. Election of the Board of Directors including the Independent Directors for 2023
7. Appointment of External Auditor
8. Other Matters
9. Adjournment
For purposes of the meeting, only stockholders of record as of May 29, 2023 are entitled to vote in the said meeting.
The Annual Stockholders’ Meeting will be streamed live and stockholders may attend and participate via remote communication by registering on or before 5:00 PM on July 14, 2023 using the registration form found in the https://www.7-eleven.com.ph/2023-asm/. Stockholders may send in questions or remarks to asm-psc@7-eleven.com.ph.
The leader should also be reserved rather than acting in a rushed manner. A good leader should be able to listen to all sides first and have a rational judgment at all times. They should be able to take criticism positively rather than take it as an attack on or insult to their leadership. A good amount of reservation and doubt is good as long as there is also a continuous search for an answer or solution. They should also hear their team members’ opinions rather than acting solely on their own.
To cast your votes as a stockholder, you may vote through remote communication or in absentia, or through a proxy. Voting by remote communication or in absentia shall be done by completing the online voting form or submitting a scanned copy of the downloadable voting form found in https://www.7-eleven.com.ph/2023-asm/. The requirements and procedure for registration and voting are set forth in Annex “D” of the Information Statement and shall be published in the Company’s website at www.7-eleven.com.ph.
Fourth, a leader should inspire the team. They must show acts of encouragement and not be afraid to lead change. Changes are always present when developing a team. The leader must be brave and always be there to help them through any struggles the team might face.
• The stockholders will approve the election of the regular and independent directors to hold office until the next Annual Stockholders’ Meeting and until their respective successors have been elected and qualified. The nominees were evaluated on the basis of all qualifications required by the Company’s By-Laws, New Manual on Corporate Governance, and that no provision on disqualification would apply to them. The profile and qualifications of the nominees are in the Company’s Information Statement and Annual Report (“SEC Form 17-A”) which are available in its website.
6. Approval of the 2022 Audited Financial Statements
• The 2022 Audited Financial Statements of the Company will be submitted for the approval of the stockholders.
7. Appointment of the External Auditor
• The stockholders will approve the appointment of Punongbayan & Araullo as the Company’s external auditor.
8. Approval of the Acquisition by the Company of PH1 World Developers Inc.
• The stockholders are to approve the acquisition by the Company of 100% of the outstanding capital stock in PH1 World Developers Inc. from its affiliate, Citicore Holdings Investments Inc.
9. Ratification of All Acts of the Board
For purposes of the meeting, only stockholders of record as of May 29, 2023 are entitled to vote in the said meeting.
The Annual Stockholders’ Meeting will be streamed live and stockholders may attend and participate via remote communication by registering on or before 5:00 PM on July 14, 2023 using the registration form found in the https://www.7-eleven.com.ph/2023-asm/. Stockholders may send in questions or remarks to asm-psc@7-eleven.com.ph.
To cast your votes as a stockholder, you may vote through remote communication or in absentia, or through a proxy. Voting by remote communication or in absentia shall be done by completing the online voting form or submitting a scanned copy of the downloadable voting form found in https://www.7-eleven.com.ph/2023-asm/. The requirements and procedure for registration and voting are set forth in Annex “D” of the Information Statement and shall be published in the Company’s website at www.7-eleven.com.ph.
Lastly, the leader should always create accountability on their end. Responsibility is always expected of every leader. A culture of accountability must always start with the leader. Accountability creates an environment that allows the team members to be efficient and have responsibility on their minds.
Pursuant to SEC Notice dated March 13, 2023 a copy of the Notice and Agenda of Annual Meeting of Stockholders and Information Statement (SEC Form 20-IS), Proxy Form, Management Report/Annual Report (SEC Form 17-A) for the year ended December 31, 2022 and Sustainability Report, and 1st Quarterly Report with Management’s Discussion and Analysis and unaudited consolidated financial statements for the three (3) months ended March 31, 2023 (SEC Form 17-Q) will be posted on the Company’s website at www.7-eleven.com.ph on or before June 29, 2023. The Information Statement (SEC Form 20-IS), Annual Report (SEC Form 17-A) and 1st Quarterly Report (SEC Form 17-Q) are available at PSE Edge.
The Corporation will provide, without charge, a printed copy of SEC Form 17-A and SEC Form 17-Q, upon the written request of a stockholder addressed to the Corporate Secretary.
Leadership is not confined to a specific group but is a quality within each individual. Empowering individuals to recognize their leadership potential and encouraging them to embrace their unique abilities can lead to a more inclusive and vibrant society where everyone can positively impact and inspire change.
Pursuant to SEC Notice dated March 13, 2023 a copy of the Notice and Agenda of Annual Meeting of Stockholders and Information Statement (SEC Form 20-IS), Proxy Form, Management Report/Annual Report (SEC Form 17-A) for the year ended December 31, 2022 and Sustainability Report, and 1st Quarterly Report with Management’s Discussion and Analysis and unaudited consolidated financial statements for the three (3) months ended March 31, 2023 (SEC Form 17-Q) will be posted on the Company’s website at www.7-eleven.com.ph on or before June 29, 2023. The Information Statement (SEC Form 20-IS), Annual Report (SEC Form 17-A) and 1st Quarterly Report (SEC Form 17-Q) are available at PSE Edge.
The Corporation will provide, without charge, a printed copy of SEC Form 17-A and SEC Form 17-Q, upon the written request of a stockholder addressed to the Corporate Secretary.
The author is an MBA student at the Ramon V. del Rosario College of Business, DLSU. She can be reached at marie_ bautista@dlsu.edu.ph.
We are not soliciting your proxy. However, you may attend by submitting a duly-accomplished proxy form which must be submitted to the Office of the Corporate Secretary, 7th Floor, The Columbia Tower, Ortigas Avenue, Mandaluyong City on or before July 11, 2023. Soft copies of the proxies can be emailed in advance to asm-psc@7-eleven.com.ph. The proxies shall be validated on July 13, 2023, at 10:00 AM at 14th Floor, BDO Towers Valero, 8741 Paseo de Roxas, Makati City.
We are not soliciting your proxy. However, you may attend by submitting a duly-accomplished proxy form which must be submitted to the Office of the Corporate Secretary, 7th Floor, The Columbia Tower, Ortigas Avenue, Mandaluyong City on or before July 11, 2023. Soft copies of the proxies can be emailed in advance to asm-psc@7-eleven.com.ph. The proxies shall be validated on July 13, 2023, at 10:00 AM at 14th Floor, BDO Towers Valero, 8741 Paseo de Roxas, Makati City.
The views expressed above are the author’s and do not necessarily reflect the official position of DLSU, its faculty, and its administrators.
(signed) ATTY. EVELYN SADSAD ENRIQUEZ Corporate Secretary
(signed) ATTY. EVELYN SADSAD ENRIQUEZ Corporate Secretary
