January 19

Sports groups hold own rallies

first_imgAnd the group seeking his ouster is bracing itself for a tough fight.“We will now shift gear and pressure the government to file charges against Peping and those who are found to be guilty in mismanaging people’s money,” Mequi said.Aside from calling for Cojuangco’s resignation, Fernandez said the rally in Cebu was also to call for a more equitable means for provincial athletes to make the national team.“What we are doing here is for the athletes, especially the ones from the provinces,” said Fernandez.“We feel like we are always victims of favoritism and prejudice,” added the PBA legend, who cited the problems of Mary Joy Tabal with the athletics association.ADVERTISEMENT Steam emission over Taal’s main crater ‘steady’ for past 24 hours In ‘Jojo Rabbit,’ Comedy and Drama Collide PSC Commissioner Mon Fernandez leads demonstrators in Cebu for the ouster of POC president Peping Cojuangco. Contributed photo. A group composed of concerned sports officials, coaches, athletes and sports aficionados held separate peace rallies in Manila and Cebu Thursday in an effort to pressure the Philippine Olympic Committee into a change of leadership.And with the target of the rallies, POC president Jose “Peping” Cojuangco reportedly unmoved by calls for his resignation, it looks like things are just getting started.ADVERTISEMENT Jake says relationship with Shaina ‘goes beyond physical attraction’ OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson Navarro catches fire late as San Sebastian forces three-way tie for 4th Hundreds showed up in the Cebu rally, which was a bit larger than the one that gathered at Rizal Memorial. But Mequi said the important thing was to get the call for change going.“The presence of the old and the children, and a very apparent absence of those in-between, reflects the state of Philippine sports,” Mequi said. “The in-between who were not there constitute those who are involved in sports as leaders or managers of sports who tolerate the current practice of [not caring], who are satisfied with mediocrity.” How to help the Taal evacuees Mos Burger to open in Manila; teases with a pop-up LATEST STORIES Margot Robbie talks about filming ‘Bombshell’s’ disturbing sexual harassment scene Don’t miss out on the latest news and information. MOST READ DAY6 is for everybody Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award It’s too early to present Duterte’s ‘legacy’ – Lacson Sports Related Videospowered by AdSparcRead Next “What will follow will be worth watching,” said former Philippine Sports Commission Chairman Perry Mequi, who led a small group that assembled at Rizal Memorial Coliseum for the Manila rally.In Cebu City, PSC commissioner Mon Fernandez led a bigger group that gathered at Fuente Osmeña circle and exhorted the athletes to distance themselves from the politicking and focus on their training.FEATURED STORIESSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’SPORTSFederer blasts lack of communication on Australian Open smog“Just keep practicing and let us do the fight for you,” Fernandez told the athletes.Cojuangco, who arrived from Turkmenistan, where he watched the campaign of the Philippine delegation in the Asian Indoor and Martial Arts Games, could not be reached for comment but sources say he will not give in to calls for his resignation. View commentslast_img read more

December 28

Big Exxon profit may pale to ’06

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORESanta Anita opens winter meet Saturday with loaded card “As long as demand stays high, people will have to pay more,” said David E. Dismukes, an energy economist and associate director at Louisiana State University’s Center for Energy Studies. Exxon said Monday that its fourth-quarter profit climbed 27 percent to $10.71 billion. And with annual revenue of $371 billion – an amount that exceeds Saudi Arabia’s estimated gross domestic product in 2005 – Exxon will likely dethrone Wal-Mart Stores Inc. from atop the Fortune 500 when it’s released this spring. Wal-Mart, whose fiscal year runs through January, had $290.29 billion in revenue through December. Exxon said its average sale price for crude oil in the U.S. during the quarter was $52.23 a barrel, compared with $38.85 a year earlier. It sold natural gas in the U.S., on average, for $11.34 per 1,000 cubic feet, compared with $6.61 during the same period a year ago. While strong commodity prices underpinned the record earnings, Exxon executives said the company also deserved credit for completing projects on time while keeping costs in check. “Our record results show a disciplined approach and we continue to deliver superior value to our shareholders,” the company’s vice president of investor relations, Henry Hubble, told analysts in a conference call. Exxon’s results lifted the combined 2005 profits for the country’s three largest integrated oil companies to more than $63 billion. ConocoPhillips said last Wednesday that its fourth-quarter earnings rose 51 percent to $3.68 billion, while annual income climbed 66 percent to $13.53 billion. Two days later, Chevron Corp. said its fourth-quarter earnings rose 20 percent to $4.14 billion, while annual income jumped 6 percent to $14.1 billion. Exxon spent $5.2 billion in the fourth quarter to buy back 92 million of its own shares, and raised its dividend to 32 cents per share for the first quarter, compared to 29 cents per share last quarter. Hubble said Exxon spent $17.7 billion in 2005 to find and develop oil and gas, a $2.8 billion jump from the year before. He said projects in Qatar, Nigeria and Russia would keep the company “well-placed for continued growth.” But the oil industry’s stellar results renewed talk among some politicians for a windfall profit tax that would push companies to invest even more in new production and refining capacity. Sen. Barbara Boxer, a California Democrat who sharply criticized oil executives appearing before Congress in November, on Friday said the Bush Administration and Federal Trade Commission needed to “put an end to gouging.” She then suggested that FTC stood for “Friend to Chevron.” On Monday, the eve of President George W. Bush’s State of the Union address, Sen. Chuck Schumer, a New York Democrat, weighed in. “The federal government has a responsibility to make sure that these companies continue to innovate instead of just profiting from the status quo,” he said. “These companies should be investing in developing new sources of fuel and new technologies, like hydrogen fuel cells and alternative fuels, that will ease our dependence on foreign oil and help consumers save.” Rep. Edward Markey, a Massachusetts Democrat, said he planned to introduce legislation on Tuesday mandating that all cars sold in the U.S. be able to run on both gasoline and ethanol, a corn derivative. Analysts said they are not worried about any political fallout from the industry’s soaring profits. “I hope the capitalist system would promote and applaud the hard work of companies that have been smart and lucky to achieve good earnings for shareholders,” said Tina Vital, analyst for Standard & Poor’s. Exxon shares rose $1.82, or 3 percent, to close at $63.11 on the New York Stock Exchange. That is near the upper end of its 52-week trading range of $51.35 to $65.96. “The outlook is looking a lot better for them,” said Jacques Rousseau, analyst for Friedman, Billings, Ramsey and Co. “I think you’ll see more momentum.” Quarterly revenue ballooned to $99.66 billion from $83.37 billion a year ago but came in shy of the $100.72 billion Exxon posted in the third quarter, which was the first time a U.S. public company generated more than $100 billion in sales in a single quarter. By segment, exploration and production earnings rose sharply to $7.04 billion, up $2.15 billion from the 2004 quarter, reflecting higher crude oil and natural-gas prices. Production decreased by 1 percent due to the lingering effects of hurricanes Katrina and Rita, which battered the Gulf Coast in August and September. The company’s refining and marketing segment reported a 2 percent increase in earnings to $2.39 billion, while profits at its chemicals business declined by $413 million to $835 million because of higher raw materials costs. Exxon’s profit for the year was the largest annual reported net income in U.S. history, according to Howard Silverblatt, a senior index analyst for Standard & Poor’s. He said the previous high was Exxon’s $25.3 billion profit in 2004. The third best performance belongs to Citigroup Inc., which posted net income of $24.64 billion in 2005. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! DALLAS – For anyone stunned by the size of Exxon Mobil Corp.’s $36.13 billion profit in 2005 – the highest ever for a U.S. company – some Wall Street analysts have a message: there’s more to come. “Unless (energy) prices collapse, earnings in 2006 will make 2005 look like a cake walk,” said Oppenheimer & Co. oil analyst Fadel Gheit. That would be good news for Exxon investors, who, like the company, have benefited enormously from high oil and natural-gas prices. But Democratic lawmakers expressed outrage at the industry’s latest profit surge, renewing calls for a windfall profits tax, as well as for increased investment in refining capacity and alternative fuels. Experts said there wasn’t much that could be done in the short term to lower the price of gasoline, which now hovers around $2.34 a gallon nationwide. last_img read more