Business

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Philippine Airlines said on Wednesday it is confident that it will return to profitability this year as its ongoing refleeting program is expected to cut fuel costs and increase yields, while a planned route expansion to US destinations should boost revenue. In addition, PAL has already written off the cost…

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The European Union (EU), already the largest bloc of foreign investors in the Philippines, is able to double its investment in the country over the next five years to give jobs to Filipinos, but challenges the government to create a business climate that will let foreign commerce thrive. “Economically and…

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The central bank expressed confidence that other credit rating agencies would recognize the Philippines’ sound macroeconomic fundamentals and further upgrade its investment rating after last week’s rating action by Standard & Poor’s Ratings Services (S&P). S&P on May 8 raised the country’s long-term sovereign credit rating to BBB from BBB-…

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A subsidiary of listed Trans-Asia Oil and Energy Development Corp. (TA) is taking over a Zambales-based power generation firm, which currently operates a 116-megawatt diesel power plant in Subic Bay Freeport Zone, for more than P400 million. In a disclosure to the Philippine Stock Exchange, Trans-Asia Oil reported that its…

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Philippine shares bounced back on Tuesday, recovering from a one-day correction, after Wall Street’s record gains overnight spurred buying of local equities. Good first-quarter earnings and the sovereign credit rating upgrade received by the Philippines from Standard & Poor’s last week also added to the upbeat mood. On Tuesday, the…

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The governments of the Philippines and South Korea will hold air talks on Wednesday to negotiate air service agreements. “We are holding a meeting of the air panel on Wednesday, [May 14] and we’re going to take up air services talks with South Korea,” Civil Aeronautics Board executive director Carmelo…

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Ayala Corp. (Ayala), the country’s oldest conglomerate, said net profit in the first quarter rose 22 percent year-on-year to P5.5 billion, boosted by a P1.8 billion capital gain from a stake sale and despite the weak earnings contribution from its banking arm, Bank of the Philippine Islands. The conglomerate said…

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Globe Telecom’s net income swelled 350 percent to P2.9 billion in the first quarter from P656 million in the comparative year-earlier period, thanks to a significant drop in depreciation charges on assets related to its modernization program. Globe said core net profit, which excludes the impact of the non-recurring accelerated…

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Property giant Ayala Land Inc. (ALI) has secured a deal with the owner and operator of the Solaire Resorts and Casino to build a retail development area inside the $1.2-billion casino complex located in Pagcor’s Entertainment City in Pasay. Under the agreement, ALI will be the leasing and marketing agent…

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Security Bank Corp. reported a 17 percent year-on-year rise in net income for the first quarter of the year on the back of an increase in loans and investment     securities. In a disclosure to the Philippine Stock Exchange on Tuesday, Security Bank said its net income for the period…