Business

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LISTED hotel and resorts operator Discovery World Corp. (DWC) said Friday it is acquiring 100 percent of Balay Boracay Corp. in line with its vision to expand its resorts business. DWC will subscribe to 800,000 shares of Balay Boracay with a par value of P1 per share or a total…

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PREMIUM Leisure Corp. (PLC), the gaming vehicle of tycoon Henry Sy, announced on Friday the appointment of Armin Raquel-Santos as its new president and chief executive officer (CEO) effective July 1, 2017. The PLC Board of Directors approved Raquel-Santos’ appointment, who will be replacing Frederic DyBuncio following the latter’s resignation…

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AdSpark, a digital marketing solutions firm owned by Globe Telecom Inc., has partnered with global digital companies Wootag and Tracx, under whichAdSpark will be the exclusive reseller of the two marketing platforms in the Philippines. “We look at partners who are ahead of their game. We try not to limit…

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Vista Land & Lifescapes, Inc., the country’s largest homebuilder and leading integrated property developers, remains optimistic that its businesses will continue to grow in 2017, its 10th year listing anniversary. In a briefing at the Philippine Stock Exchange Plaza Friday, Vista Land President and CEO Manuel Paolo Villar said the…

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MANILA: Ayala Corp.’s board of directors has approved the company’s filing of shelf registration with the Securities and Exchange Commission (SEC) of up to P30 billion. In a disclosure to the Philippine Stock Exchange Friday, the conglomerate stated that it eyes a three-year shelf offering in one or more tranches.…

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MEXICO CITY: Mexico’s central bank raised its benchmark interest rate to a new eight-year high Thursday, seeking to rein in inflation. It raised the key rate for Latin America’s second-largest economy a quarter-point, to seven percent — the highest level since February 2009, when the international financial crisis was at…

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WASHINGTON: The largest US banks would withstand a severe recession and still be able to lend to American households and businesses, the Federal Reserve announced Thursday. The results of the first part of the central bank’s so-called stress tests showed 34 major lenders were on solid capital footing, the Fed…

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DESPITE protests from major clients of Manila North Harbor, the Philippine Ports Authority (PPA) has approved a 24-percent increase in the cargo handling tariff for the Manila North Harbour Port Inc. (MNHPI), a move that an umbrella group of consumer stakeholders said was unjustified and would lead to higher cost…

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ZAMBOANGA CITY: The Board of Investments in the Autonomous Region in Muslim Mindanao (BOI-ARMM) on Thursday said the establishment of the trilateral maritime patrol (TMP) arrangement between Indonesia, Malaysia and the Philippines will boost business confidence in ARMM. “This [TMP] is an important development for the ARMM because people from…

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The Philippine Ports Authority (PPA) has started to live stream all its bidding processes to boost the integrity and transparency of the agency’s procurement process. The PPA on Tuesday aired live the bidding for the proposed Abra De Ilog port project that involves the construction of a reinforced concrete pier,…