Business

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Conglomerate Ayala Corp. has raised fresh funds through a shares placement, earning about P3.3 billion, to finance infrastructure and power projects it has in its pipeline. The group reported to the Philippine Stock Exchange (PSE) on Thursday that it completed the placement of 5.1 million common shares held in its…

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Philippine stocks collapsed below the 7,000-point mark as downbeat overseas markets downed optimism from the local side, particularly news of the economy growing by 7.8 percent in the first quarter. The Philippine Stock Exchange index (PSEi) subsided by 275.22 points to end at 6,953.35, or 3.81 percent. The wider all-shares…

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Globe Telecom and Bayan Telecommunications Holdings Corp. on Thursday jointly filed a motion with the rehabilitation court to convert Bayantel’s debt into equity. In a disclosure to the Philippine Stocks Exchange, Globe said that, “Further to the disclosure made by Globe Telecom Inc. on April 18, 2013, Globe said that…

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AB Leisure Global Inc., a subsidiary of Leisure and Resorts World Corp., has tapped a P3-billion loan to finance its contribution to the Belle Grande project. This is to comply with the agreement it had with its parent firm that it will provide funding to Belle Corp. for its casino…

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Philex Mining Corp. is gearing up for clean up operations at the convergence area of Balog Creek and Agno River, which has been affected by the tailings spill incident in August 2012. In a statement, Libby Ricafort, Philex vice president and resident manager of Padcal mine, said that they are…

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The Board of Investments (BOI) has approved 12 renewable energy projects worth P25.1 billion during the first five months of 2013. These projects are expected to provide an additional 269 megawatts (MW) to help address the country’s power needs, especially in Mindanao. Among others, BOI approved this month the proposal…

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The Department of Energy (DOE) is calling on Pilipinas Shell Petroleum Corp. to undertake its initial public offering (IPO) immediately, as the offering has long been overdue since the oil firm is mandated to be a public company since 2002. Energy Secretary Carlos Jericho Petilla said that the department has…

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The country can expect a stronger rural banks at par with commercial banks in terms of product and services that it can provide to its clientele with the recent passage of Republic Act (R.A.) 10574, which allows foreign investments in rural banks. R.A. 10574, or “An Act Allowing the Infusion…

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The $1-billion joint casino resort project of Robinsons Land Corp. (RLC) and Okada-led Universal Entertainment Corp. that is supposed to rise in Entertainment City, Parañaque, in early 2015 has been called off. In a filing with the Philippine Stock Exchange, RLC disclosed on Wednesday that upon mutual agreement, it has…

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Amid regained optimism toward the local market, Philippine stock index went back to 7,200-level, following a slight rebound on Wednesday after three-day skid. Astro del Castillo, First Grade Finance managing director, said that the market went up on anticipation for a better first-quarter GDP [gross domestic product] numbers today. “I…