Ayala turnaround gains traction

MANILA, Philippines — Ayala Corp.’s efforts to cut losses and tighten capital spending are gaining traction, with improving results from its newer businesses strengthening its turnaround prospects, according to conglomerate analyst Klark Gaba. In a research note, Gaba said changes under president and CEO Cezar “Bong” Consing had eliminated P3 billion in recurring portfolio losses through