Francisco Luzon, head of Banco Santander SA’s Latin American business, has resigned.
The Philippines is investigating the failure that left Manila and almost half of Luzon island without power yesterday, and the May 13 elections won’t be marred by blackouts, President Benigno Aquino said.
Typhoon Megi intensified in the Pacific Ocean with winds gusting to as much as 230 kilometers an hour (121 mph) as it heads to make landfall tomorrow morning in northern Luzon in the Philippines.
Manila Electric Co., the Philippines’ largest retailer of electricity, is pressing ahead with a $7 billion plan to build its own plants as blackouts become more frequent and prices spike to a record.
Typhoon Conson weakened to a tropical storm as it went ashore on the Philippine island of Luzon, according to the Philippine Atmospheric, Geophysical & Astronomical Services Administration .