Bad Price - Philippines’ AgriNurture cancels 20-year supply deal with SM Mall Group

AgriNurture cancels 20-year supply deal with SM Group

Listed AgriNurture Inc., one of the largest biggest producers of fruits and vegetables, canceled an almost two-decade supply relationship with major client SM Group, which owns the Philippines's largest supermarket chain, a disclosure to the Philippine Stock Exchange showed on Thursday.

 AgriNurture's move could hurt its revenues in the short term but company President Antonio Tiu said in a phone interview that profits are likely to improve. Tiu, who noted that the SM Group accounts for about a 10th of revenues, said AgriNurture decided that it would be more profitable to sell products through traditional "wet" markets.

He added that pricing contracts with SM were no longer "realistic" for the company. A spokesman for the SM Group did not immediately respond with any comment. "At the end of the day this will bring more value to the bottom line," Tiu said.

AgriNurture booked ₱1.45 billion in revenues in the first half, up 51 percent, although net income dipped 6.7 percent to ₱101.38 million. In its disclosure, AgriNurture said its units First Class Agricultural Corp. and Fresh & Green Harvest Corp. have given notice to Super Value Inc. and Super Shopping Market Inc. that it would stop supplying SM Supermarkets and SM Hypermarkets with fresh fruits and vegetables.

It also intends to pull out of all inventories in the supermarket chains of the SM Group by October 26 for SM Supermarkets and October 31 for SM Hypermarkets. "The end of the two-decade-old supply relationship with the supermarket chains of the SM Group is expected to have only a small positive effect on the company's income for the rest of 2012, but will result in a more pronounced positive effect in 2013," AgriNurture said.

The cessation of the supply relationship will free up approximately ₱60 million in working capital tied up in credit lines to the SM Group supermarket chains, the disclosure added. AgriNurture shares closed flat at ₱8.06 each on Thursday, giving it a market value of ₱4.3 billion. (read more here http://goo.gl/fj66p )

Business Mirror

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Davao City Philippines - Mayor Duterte Offers ₱7 Million reward for decapitated head of Ryan YU

Davao City Vice Mayor Rodrigo Duterte wants the head of alleged car thief Ryan Yu 'on ice.' Human rights advocates say Duterte has violated the law by passing a sentence on Yu without due process. Phptp: BULLIT MARQUEZ/ASSOCIATED PRESS

Mayor in the Philippines offers $121,000 reward for decapitated head

Officials have received text messages from people seeking assurances the reward, offered by Davao City Vice Mayor Rodrigo Duterte, is real.

The vice mayor of a southern Philippine city has offered a $121,000 reward for the decapitated head of the alleged leader of a gang of car thieves.

Davao City Vice Mayor Rodrigo Duterte, known for being tough on criminals, told a news conference in Davao on Wednesday that he would give 2 million pesos ($48,400) if suspect Ryan Yu is arrested and 4 million pesos ($96,800) if he's killed. He said he'd add another 1 million pesos ($24,200) if Yu's decapitated head is delivered to him "on ice."

Davao police chief Ronald de la Rosa said Friday that he had received text messages from people seeking assurances the reward offer was real. He said they should cooperate with police.

Human rights commission chairman Loretta Rosales said Friday that Duterte violated the law by passing a sentence on Yu without due process.

Duterte's offer comes as he runs virtually unopposed to regain his seat as mayor of Davao. His daughter is currently the mayor but won't seek reelection. His son, Paolo, is running as his vice mayor.

Rosales urged Interior Secretary Mar Roxas to take action against Duterte, who has been indirectly linked to a "death squad" that was responsible for over 200 killings of suspected criminals, including some minors, when he was mayor from 2004 to 2009. He has denied any involvement.

"What he says ... is irresponsible coming from a person of authority," Rosales said. "That is an extrajudicial killing. He is justifying extrajudicial killing."

Duterte told reporters that Yu had made unfounded allegations of car smuggling against his son, Paolo, late last year and that received a call from Roxas on behalf of President Benigno Aquino III asking about the allegations.

It is not known where Yu is, or if he is still in the Philippines.

Duterte said the offer was prompted by the recent discovery of a compound where cars allegedly stolen by Yu's gang were being stored, adding the offer was open to anyone or any group, including Muslim and communist rebels.

"Make your choice. Either you want to earn 2 million, or you want to earn 4 million, or if you want to be morbid about it — bring the head of Ryan Yu to me and I will add 1 million," he said. He suggested putting the head in an ice bag "so it won't smell bad."

He said the money will come from contributions to his election campaign.

De la Rosa said offering a reward for an arrest is legal, adding that if Yu resists his death could be justified. "I have no comment about that," he said when asked about the reward for the decapitation.

He urged the public to cooperate with police officers, who will share in the reward. "Otherwise we will have so many Ryan Yus or people who look like him dead," he said.

Mayor Rodrigo Duterte is loved by the People of Mindanao for his iron-hand against criminals and drug lords. He is also highly respected by all the lumads, residents and Muslims in the Island of Mindanao.

Mayor Rodrigo Duterte made the most remarkable progress of Davao with continues decline of criminals, alleviating poverty and driving business investments and job opportunities  to Davaoeños. He is known as a man with a word; word with action.

NY Daily News

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Filipino doctor elected to key United Nations (UN) committee vs torture

Dr. June Caridad Pagaduan Lopez, MD, is a Filipina psychiatrist and trauma specialist. She is also a faculty member and training coordinator at the University of the Philippines (UP) College of Medicine and an international faculty (Torture Prevention and Rehabilitation) at Rotary Peace Center of Chulalongkorn University, Bangkok, Thailand. She also serves as the director of the Center for Gender and Women Studies. As a technical expert on Mental Health and Sexual Violence and as a member of the Sexual Violence Research Initiative of the World Health Organization, she promotes peace and helps traumatized women and children especially in war-torn areas like Mindanao and East Timor. Dr. Lopez is nominated as member in the United Nations Subcommittee on Prevention of Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment for 2012 to 2016. Members to the SPT will be elected on 25 October 2012 at the UN Office in Geneva, Switzerland.

Filipino professor Dr. June Pagaduan-Lopez has been elected as one of twelve new members of the United Nations Subcommittee on Prevention of Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment (SPT).

She will serve as expert, from 2012 to 2016, in monitoring detention conditions in more than 60 sixty countries worldwide.

The Medical Action Group (MAG), of which Dr. Pagaduan-Lopez is one of the founders, welcomed her election, saying "this will considerably strengthen the mandate of the SPT in torture prevention particularly in the field of mental health rehabilitation of torture survivors and their families."

Dr. Pagaduan-Lopez, is a professor at the Department of Psychiatry, College of Medicine, University of the Philippines-Manila.

MAG said, "for many years, Dr. Pagaduan-Lopez' capabilities and outstanding commitment in linking her profession as a psychiatrist to the promotion and defense of human rights, particularly in rehabilitation of torture survivors, will enable her to make a valuable contribution to the work of the SPT and the prevention of torture in the country and worldwide."

 The election was held at the fourth meeting of States parties to the Optional Protocol to the Convention against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment (OPCAT) on 25 October 2012, at the United Nations Office in Geneva, Switzerland.

Other experts who were elected are from Switzerland, United Kingdom, Argentina, New Zealand, Lebanon, Serbia, Mauritius, Costa Rica, Brazil, Germany and Republic of Moldova.

 Dr. Lopez has 30 years as an undergraduate and postgraduate educator in medical school and public health school (psychiatry, organizational development, occupational and mental health). She finished her medicine at the University of the Philippines-Manila.

 She was awarded by Ten Outstanding Women in the Nation's Service (TOWNS) in 1989. In 2010, she was awarded Outstanding Achievement Award by the International Council for the Rehabilitation of Torture Victims (IRCT) given by the Dr. Inge Genefke Foundation, Copenhagen, Denmark, during its 25th anniversary celebration.

She was among the 39 recipients of the Most Distinguished Alumnus Award  by the University of the Philippines Alumni Association (UPAA) in 2011.

The Philippines became the 63rd state party to the OPCAT on April 17, 2012, making it eligible to submit a candidate for the SPT. 

SPT's work started in February 2007 with 10 members and expanded to 25 members in January 2011.

The SPT has a "preventive mandate" focused on an innovative, sustained and proactive approach to the prevention of torture and ill treatment.

It also has an operational role which consists in visiting all places of detention in States parties.

GMA News 

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