Microsoft, Google beat earnings forecasts amid AI frenzy

SAN FRANCISCO, United States— Tech titans Google and Microsoft announced better-than-expected earnings on Tuesday as the frenzy over artificial intelligence stokes investor excitement and breathes a new life into the sector.

The release of ChatGPT last year landed as technology giants were embarking on major layoffs and cost-cutting plans, with share prices hammered after flying high during the coronavirus pandemic.

For the second consecutive quarter, Microsoft has more than reversed the trend, seeing profits and sales soaring to the highest levels ever for the 48-yearold company co-founded by Bill Gates.

An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations.

The company posted $56.2 billion in sales, which also beat expectations, though the growth slowed from the previous quarter.

And even though its share price slipped in after-hours trading, the Windows-maker remains the world’s second most valuable company after Apple, with a market capitalization of $2.6 trillion.

Once again, business in the latest quarter was driven by the cloud, which relies heavily on artificial intelligence

No longer a pipe dream but big infra projects remain a tough job

HUNDREDS of big Philippine infrastructure projects have gathered dust in the drawing boards of government planners. Every incoming administration drafts a design and work out the economics for bridges, toll roads, railway networks, airports and other civil works. But funding problems and oftentimes politics hinder the fruition of these infrastructure projects.

The Philippines, though, may get out of its lethargy and finally complete the job. Two large infrastructure projects of note are making progress, albeit slowly. If Transportation Secretary Jaime Bautista is to be believed, the nation will witness at least the partial completion of two mega infrastructure projects—the Bulacan International Airport and the Metro Manila Subway Project— by the end of President Ferdinand Marcos Jr.’s term in 2028.

Mr. Bautista in a television interview with ANC television relayed the information that the land development of the P740-billion New Manila International Airport project in Bulacan being developed by San Miguel Corp. was almost 70-percent to 75-percent complete. San Miguel, says Mr. Bautista, can start the construction of runways and the passenger terminal building after the completion of the land

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development phase by the end of this year, or the first quarter of next year.

The ambitious project will feature four parallel runways, a worldclass terminal and a modern and interlinked infrastructure network that includes expressways and railways

Another huge infrastructure project that is slowly crawling its way underground is the P488.5billion Metro Manila Subway Project (MMSP), which Mr. Bautista expects to be partly operational by 2028 and start full operations by 2029. Tunnel digging from Valenzuela to Quirino Avenue could be completed by the end of the year.

“We’re taking delivery of more tunnel boring machines which operate simultaneously, so that we will be able to finish the project by 2028 or maybe 2029. But we will try our best to complete it by 2028 or make it partly operational by 2028,” says Bautista said.

The 33-kilometer subway, dubbed as the “project of the century,” extends from Valenzuela in the north to NAIA Terminal 3 and the Food Terminal Inc. complex in the south of Metro Manila.

The subway is designed to interconnect with the North-South Commuter Railway (NSCR)’s south segment. That will enable a

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and accounts for more than half of the company’s sales.

Cloud sales grew by 21 percent yearon-year.

Microsoft shares lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product—which includes Word, Excel and Teams—with AI powers.

“Every customer I speak with is asking not only how, but how fast they can apply next generation AI to address the biggest opportunities and challenges they face and to do so safely and responsibly,” said Microsoft CEO Satya Nadella. AFP passenger to board a subway train at the North Ave. station of MMSP and get off at the Calamba Station of NSCR.

The 147-km NSCR system, a flagship project under the Build Better More Program of the government, aims to seamlessly connect Clark, Pampanga and Calamba, Laguna, passing through Metro Manila and the towns of Pampanga, Bulacan and Laguna.

Once completed and fully operational, the NSCR project will not only provide quality commutertrain service but also contribute to the economic progress in Metro Manila and the neighboring provinces, said Transportation Undersecretary for railways Cesar Chavez. The project aims to reduce travel time between Clark and Calamba to just two hours and serve over 800,000 passengers daily.

The subway and the Bulacan airport are two significant game changers in the Philippine economy. The subway will greatly decongest traffic in Metro Manila while the Bulacan airport, hopefully, can lead to the creation of a smart city complex in the province, create economic opportunities and jobs, and slow down the migration of workers to the capital region.

Apple target of $1-b class action lawsuit by angry developers

LONDON, United Kingdom—US tech giant Apple is being targeted by a class action lawsuit seeking over $1 billion in damages from developers angry about the high price it charges to market apps to users of its products, organizers said Tuesday. The lawsuit was launched by competition professor Sean Ennis at the University of East Anglia on behalf of 1,500 British app developers.

But the infrastructure project that that has the most telling impact on the economy is the NSCR system. It will initially traverse the booming economies of Laguna, Bulacan and Pampanga. You don’t have to be a rocket scientist to figure out the many economic benefits of this railway system to the population residing just outside of Metro Manila.

Funding this project and rightof-way problems, however, may impede the progress of the NSCR. These issues must be resolved with dispatch given the interest it generated from foreign governments and financial institutions. The Asian Development Bank, Japan International Cooperation Agency and the governments of Indonesia and Australia are backing the flagship rail infrastructure.

Water infrastructure, social housing and renewable energy are the other civil works that will support the Philippines’ sustainable development goals. They should be lifted from the drawing boards and put into action.

E-mail: rayenano@yahoo.com or extrastory2000@gmail.com

“Apple has abused its dominant market position by charging an excessive ‘commission’—typically 30 percent—on apps and in-app purchases of digital content,” said a statement released by the university.

Apple has faced scrutiny in the United States and Europe regarding its hold over its App Store and the inability of app developers to sell directly to the tech giant’s customers.

“Apple has a dominant position in the market for app distribution on iOS devices, since the App Store is the only available channel for distributing apps to iOS device users,” Ennis said.

“The charges are unfair in their own right, and constitute abusive pricing. They harm app developers and also app buyers,” said the statement.

The lawsuit is seeking 785 million pounds ($1.0 billion) in compensation for the British developers. Apple, for its part, points out that developers can make offers to users via any web browser, without going through the App Store.

The California company also asserts that the majority of developers pay no commission to Apple, and insists that most applications are only subject to a 15 percent commission, thanks to exceptions for small businesses in particular. AFP

Huang named Filinvest CEO, Yap slides down to vice chair

FILINVEST Development Corp., the holding company of the Gotianun group, on Wednesday announced key organizational changes to support its next phase of growth.

FDC said in a disclosure to the stock exchange Wednesday its board appointed veteran investment banker Rhoda Huang as new president and chief executive effective Aug. 1, 2023. Huang will replace FDC president and CEO Josephine Gotianun Yap, who is taking on the position of vice chairperson of the FDC board.

The leadership changes is in line with conglomerate’s succession planning to “ensure business continuity and the orderly futureproofing of the organization,” it said.

“We are pleased to have Chiqui Huang lead the next phase of the Filinvest group and believe in her ability to guide organizations towards achieving their vision. Her leadership will be instrumental in our pursuit of strategic objectives and advancing our position in the market,” said FDC chairman Jonathan Gotianun.

FDC said with new team leaders driving strategy and synergy, that group that has core investments in property, banking and energy sector is ready for growth.

“FDC has established a solid foundation for growth, supported by an extensive asset base, an expansive network, and brand portfolio which is poised to reach its full potential. We believe that with new leaders who embrace our core values, bring fresh perspectives, and build on our established businesses, we can foster a high-energy, growth-oriented company,” said Gotianun-Yap.

Huang brings to FDC more than 30 years of experience in Philippine corporations, financial and government institutions. Prior to her appointment, Huang was president of BPI Capital Corp. and branch head of investment banking for Credit Suisse Philippines.

Jenniffer B. Austria

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