Business

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HONG KONG: Asian markets were mostly lower on Wednesday, with focus on the US Federal Reserve’s policy meeting later in the trading day, but Tokyo enjoyed another rally as data showed a surge in exports, thanks to a weaker yen. Wall Street again provided a healthy cue, with investors betting…

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The government is more concerned on the volatility in the exchange rate rather than the downward movement of the stock market, a Cabinet official said on Wednesday. During the sidelines of the Federation of Philippine Industries’ General Membership Meeting, Finance Secretary Cesar Purisima said that foreign-exchange rate volatility is a…

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With investors still waiting for the results of the ongoing Federal Reserve meeting, the local stock market snapped from its three-day rally, with the benchmark index shedding less than six points. The Philippine Stock Exchange index retreated from its three-day rally on Wednesday, losing 5.57 points, or 0.08 percent to…

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Agriculture Secretary Proceso Alcala has expressed his desire to further strengthen his agency’s working relationship with the rural banking industry, particularly in improving farmers’ and fisher folks’ access to credit and capital. His latest wish does not come as a surprise, considering that rural banks have long supported the Department…

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Real estate giant Ayala Land Inc. (ALI) is set to issue up to P21 billion in long-term corporate bonds after securing approval from its board. Moreover, the board of directors of the property developer also approved the incorporation of the firm’s wholly owned subsidiary, which will be assigned to manage…

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The rise in the trade and manufacture of illicit cigarettes is currently the main concern of LT Group, the holding company for tycoon Lucio Tan’s businesses, in growing its tobacco segment. LTG President Michael Tan said in an interview with reporters after the company’s annual stockholders meeting that the firm…

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A big mining lobby, represented by former Supreme Court chief justice Reynato Puno and former associate justice Vicente Mendoza, is asking the High Tribunal’s permission to intervene in two petitions challenging anew the constitutionality of the Mining Act of 1995. In a motion filed on Wednesday, the Chamber of Mines…

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Finance Secretary Cesar Purisima on Wednesday announced that the government is planning to close certain ports in the country to address the problem of smuggling in the Bureau of Customs. “We will be closing certain ports. We just have to use political will to close it,” Purisima said during the…

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Globe Telecom on Wednesday said that it plans to raise P7 billion in retail bonds next month to finance the portion of its capital expenditures for this year and some expenses related to Bayan Telecommunications’ debt reduction. “We’ve been fund raising money, were in fact out in the market, retail.…

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The Metals Industry Research and Development Center (MIRDC) under the Department of Science and Technology (DOST) announced on Wednesday that it will provide “locally developed” hybrid trains for the Philippine National Railways (PNR). Jonathan Puerto, deputy executive director of MIRDC, said that the agency will provide PNR with two prototype…