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Wednesday, October 31, 2007 |
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Peso rises to 43-to-a-dollar
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THE peso rose to the 43-to-a-dollar level at the resumption of a
two-day trading week on Tuesday due to strong flows of remittances
from overseas Filipino workers, offshore investments and export
sales.
At the Philippine Dealing System, the local
currency closed to a new seven-year-high of 43.85 against the
greenback, appreciating from the closing price of 44.060 last week.
The Philippine unit opened at 44.030 and traded to a high of 43.850.
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Stock market flat ahead of Federal Reserve
decision
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LOCAL share prices closed barely changed Tuesday with investors
locking in early gains ahead of the US Federal Reserve’s decision
on interest rates, dealers said.
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Inflation seen to have picked up in October
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CONSUMER price increases may have picked up this month due to
costlier fuel and other commodities, the Bangko Sentral ng Pilipinas
(BSP) said.
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BSP says it’s paying down old debts
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THE Bangko Sentral ng Pilipinas (BSP) said it is providing financial
assistance to the national government to help it pay down the old
central bank’s debts.
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First Gen beefs up bid for PNOC-EDC stake
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First Gen Corp. has partnered with Iceland-based
Reykjavik Energy Invest (REI) in an effort to secure its bid for the
government’s remaining stake in Philippine National Oil
Company-Energy Development Corp.
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Oil retreats below $93
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SINGAPORE: Oil retreated in Asian trade Tuesday after spiking to a
historic high of over $93 on geopolitical concerns in the Middle
East, dealers said.
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Govt seeks Japan grant aid for disaster
mitigation projects
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THE Philippines seeks the help of the government of Japan in
financing the country’s efforts to comply with international
standards in disaster mitigation.
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Empire East to jointly develop condo project in
Makati
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Empire East Land Holdings, Inc. will develop the old MC Home Depot
site along EDSA jointly with Asia Pacific Consolidated Land
Holdings, Inc.
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Philippine biofuels attract investors
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The biofuel feedstock sector can expect multibillion-peso
investments to pour in as several foreign and local companies have
shown interest in alternative fuel production, Agriculture Secretary
Arthur C. Yap said.
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Transport unit’s cost-cuts yield earnings
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Power, banking fuel Aboitiz income
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ABOITIZ Equity Ventures Inc. (AEV) announced on Tuesday that its
profits for the first nine months surged due to the robust
performance
of its power and banking businesses.
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UCPB eyes BPO services for remittance biz
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UNITED Coconut Planters Bank (UCPB) is expanding its remittance
business by targeting the business process outsourcing (BPO) sector.
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PSE approves TKC Steel follow-on share offering
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THE Philippine Stock Exchange has approved the application of TKC
Steel Corp. to sell additional shares through a follow-on offering.
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SMS from Next Mobile to Smart, Globe seen this
year
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NEXT Mobile Inc. (NMI), a digital radio and mobile-phone operator,
said its short-messaging system (SMS) interconnection agreement with
the country’s two largest mobile-phone service providers is
expected to be completed within the year.
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VIEWS
FROM
A BRIT
By Mike Wooton
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Thinking for
everybody
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It is an odd characteristic of the Philippines that not too many
people think what to do and lots of people are just waiting to be
told what to do. For those who have to do the thinking this is a
very wearying situation.
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