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Tuesday, July 31, 2007 |
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US housing woes cloud other firms’ listing
prospects |
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GMA 7 defies gloom
at PSE |
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BY Likha C. Cuevas-Miel Reporter
GMA Network Inc. defied the
overall gloom in the local stock market, with investors still wary
about the repercussions of the United States’ housing woes on the
global economy.
The broadcast company’s shares,
which listed at the Philippine Stock Exchange on Monday under the
trading symbol GMA7, closed at P10.50 apiece, or 23.53 percent
higher than the offer price of P8.70. The firm’s Philippine
Depositary Receipts (PDRs), trading with the symbol GMAP and made
available to foreigners given legal restrictions on ownership of
local media, closed at P11, or 29.41 percent higher than its offer
price of P8.50.
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Philippine
disbursement of donor aid falls below target
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THE Philippines’ disbursement
of donor aid has fallen below target owing to the slow progress in
policy reforms and delays in budget approval, the World Bank said
Monday.
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Meralco consumer
bills to go up anew
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CONSUMERS of Manila Electric Co.
(Meralco) may soon see their electricity bills jack up again after
the Philippines’ largest electricity distributor announced that it
further incurred billions of pesos in under recoveries...
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Govt cuts debt
service in next year’s budget
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THE continuous strengthening of
the peso has allowed the government to allocate less interest
payments for its foreign debt next year, the Department of Budget
and Management (DBM) said.
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Chinese firm’s
plans for Spratly trump foreign claims
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INTEREST in the exploration and
production rights over a contested area s outhwest off the Palawan
coast by China’s third largest oil company stands to restrict the
ventures of two other foreign investor groups.
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Fee-based income, foreign-exchange gains surge
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Security Bank
enjoys double-digit growth
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SECURITY Bank Corp. (SCB) said it
sustained its double-digit growth in the first semester driven by
the significant increase in lending activity.
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RP coconut exports
dropped in first half
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COCONUT exports dropped
significantly in the first semester, according to industry data.
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Asahi Glass to
expand solar panel production
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Asahi Glass Co. Ltd. of Japan
plans to expand its solar panel manufacturing facility in the
Philippines, the Department of Trade and Industry said.
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Globe bills PLDT
for bypass traffic
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GLOBE Telecom Inc. said Phzilippine Long
Distance Telephone Co. (PLDT) owes it hundred millions of pesos
owing to bypass traffic emanating from the rival’s network.
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PNB to operate
cargo service in United States
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PHILIPPINE National Bank (PNB)
will operate cargo services in the United States to serve overseas
Filipino-Americans.
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BayanTel to trim
down debt, expects profits this year
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BAYAN Telecommunications, Inc. (BayanTel)
will trim down its debt this year as it expects to post profits, a
company executive said.
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BIZZFIZZ
By Rene Martel
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Promotion or
demotion for Palace economic czar?
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CAFÉ society is abuzz as to
whether erstwhile Socioeconomic Planning Secretary Romulo Neri was
propelled upwards or shoved sideways when he was—and completely
unexpectedly,...
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