AES Corp plans to invest $2B in Philippines
American power firm AES Corp (NYSE:AES)
is planning to invest up to $2 billion in the Philippines to increase the
capacity of its power plant and to develop a facility for power storage in the
country.
AES Corp is allocating $1.2 billion
for doubling its 600-MW coal-fired power plant capacity located in Masinloc in
Zambales province of northwestern Philippines. The project has already got
environmental clearance and now is on the final commercial stage. It is
expected to be complete in three years’ time.
Along with the capacity augmentation
of the power plant, the company is also planning to install a power storage
facility in the central Visayas region. The Lithium ion battery equipped power
storage facility will help normalize the energy situation in the power
deficient central provinces. The cost of the project is tentatively pegged at
$300 million which may go even further. The project is likely to complete
within 12 to 18 months.
AES Corp has also invested $1 billion
in rehabilitating a 630-megawatt thermal power plant in the country. it
acquired in 2008 and is willing to expand. The current economic growth of the
country along with forecasted annual economic growth of above 6% which necessitates
an additional 2,500 megawatts of power by 2017 has prompted AES to make more
investment in Philippines. For this end, it even moved its regional
headquarters to Manila from Singapore last year.
This was disclosed by AES Corp
president and chief executive Andres Gluski on the sideline of commerce
secretary of the U.S. Penny Pritzker’s visit to Manila. Pritzker is on a three-country
tour including Philippines to strengthen U.S. trade and economic ties in south
Asia.
Representatives and chief executives
of U.S. firms who are travelling with Pritzker, are also taking stock of the
investment possibilities in power, telecommunications, health care,
infrastructure projects and information technology sector in Philippines.
(Written by Kelley Allen, Source: US Trade Media)
Philippines’
foreign direct investment jars at 79%
Bolstered by the more than triple
increase in equity and reinvested earnings, the foreign direct investments in
the Philippines rose 79% to $476 million, as disclosed by Bangko Sentral ng Pilipinas.
The volume of foreign equity
investments came from the U.S., Singapore, Hong Kong, Japan, and Taiwan, and
was directed mainly to manufacturing, financial services, real estate, mining,
and wholesale and retail companies.
Equity and reinvested yields jumped
to $332 million from $90 million in the year-earlier period—more than
offsetting the 19% on-year decline to $143 million of foreign companies'
investments in debt securities. (MarketWatch)
How to
become a Millionaire by Age 30
Getting rich and
becoming a millionaire is a taboo topic. Saying it can be done by the age of 30
seems like a fantasy.
It shouldn't be taboo and
it is possible. At the age of 21, I got out of college, broke and in
debt, and by the time I was 30, I was a millionaire.
Here are the 10 steps that will
guarantee you will become a millionaire by 30.
1. Follow the money. In today's
economic environment you cannot save your way to millionaire status. The first
step is to focus on increasing your income in increments and repeating that. My
income was $3,000 a month and nine years later it was $20,000 a month. Start
following the money and it will force you to control revenue and see
opportunities.
2. Don't show off—show up! I
didn't buy my first luxury watch or car until my businesses and investments
were producing multiple secure flows of income. I was still driving a Toyota
Camry when I had become a millionaire. Be known for your work ethic, not the
trinkets that you buy.
3. Save to invest, don't save to
save. The only reason to save money is to invest it. Put your
saved money into secured, sacred (untouchable) accounts. Never use these
accounts for anything, not even an emergency. This will force you to continue
to follow step one (increase income). To this day, at least twice a year, I am
broke because I always invest my surpluses into ventures I cannot access.
4. Avoid debt that doesn't pay
you. Make it a rule that you never use debt that won't make you money. I
borrowed money for a car only because I knew it could increase my income. Rich
people use debt to leverage investments and grow cash flows. Poor people use
debt to buy things that make rich people richer.
5. Treat money like a jealous
lover. Millions wish for financial freedom, but only those that make
it a priority have millions. To get rich and stay rich you will have to make it
a priority. Money is like a jealous lover. Ignore it and it will ignore you, or
worse, it will leave you for someone who makes it a priority.
6. Money doesn't sleep. Money
doesn't know about clocks, schedules or holidays, and you shouldn't either.
Money loves people that have a great work ethic. When I was 26 years old, I was
in retail and the store I worked at closed at 7 p.m. Most times you could
find me there at 11 p.m. making an extra sale. Never try to be the
smartest or luckiest person—just make sure you outwork everyone.
7. Poor make no sense. I have
been poor, and it sucks. I have had just enough and that sucks almost as bad.
Eliminate an any and all idea that being poor is somehow OK. Bill Gates has
said, "If you're born poor, it's not your mistake. But if you die poor, it
is your mistake."
8. Get a millionaire
mentor. Most of us were brought up middle class or poor and then hold
ourselves to the limits and ideas of that group. I have been studying
millionaires to duplicate what they did. Get your own personal millionaire
mentor and study them. Most rich people are extremely generous with their
knowledge and their resources.
9. Get your money to do the heavy
lifting. Investing is the Holy Grail in becoming a millionaire and you
should make more money off your investments than your work. If you don't have
surplus money you won't make investments. The second company I started required
a $50,000 investment. That company has paid me back that $50,000 every month
for the last 10 years. My third investment was in real estate, where I started
with $350,000, a large part of my net worth at the time. I still own that
property today and it continues to provide me with income. Investing is the
only reason to do the other steps, and your money must work for you and do your
heavy lifting.
10. Shoot for $10 million, not
$1 million. The single biggest financial mistake I've made was not
thinking big enough. I encourage you to go for more than a million. There
is no shortage of money on this planet, only a shortage of people thinking big
enough.
Apply these 10 steps and they will
make you rich. Steer clear of people that suggest your financial dreams are
born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and
once you make it, be willing to help others get there too. (Written by Grant
Cardone, Source: Business Insider, Entrepreneur)
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