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Saturday, September 29, 2007 |
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Stock market falls on profit-taking |
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Central bank puts brakes on peso rise |
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THE peso briefly touched the 44-to-a-dollar level Friday before
suspected Bangko Sentral ng Pilipinas (BSP) intervention pulled the
local currency back, tradsers said.
They said a possible BSP move next week to cut
its interest rates also caused the peso’s weakness, especially
after monetary authorities announced that money supply growth eased
further last month (See related story on this page).
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Private investors in RP energy sought
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THE Philippines will require a huge amount of
investment from the private sector to upgrade the country’s energy
infrastructure and ensure it has an adequate supply of electricity
to support economic growth in the near to medium term.
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Money supply growth eases further
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DEMAND for money further eased in August, the Bangko Sentral ng
Pilipinas (BSP) said Friday.
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Foreign debt dips on strong peso
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THE country’s foreign debt declined in the first half due to a
strong peso, the Bangko Sentral ng Pilipinas (BSP) said Friday.
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BPO exodus to RP from India begins
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HIGH labor costs in India have led to an exodus of business process
outsourcing (BPO) companies operating in that South Asian country to
the Philippines.
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Shareholders plan to buy back govt stake in
conglomerate
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SMC may drop TransCo bid in favor of
EDC, Calaca
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San Miguel Corp. announced Friday that it may give up its bid for
the 25-year concession of the Philippines’ lone transmission grid,
in favor of the government’s controlling stake in the country’s
largest geothermal energy producer and a big-ticket coal-fired power
plant.
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Aboitiz Transport
to issue cash dividends
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ABOITIZ Transport Systems Corp. (ATS) said on Friday that its board
approved the payment of cash dividends to its shareholders.
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PAL early rehab exit gets SEC approval
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THE Securities and Exchange Commission (SEC) has given its nod to
the early rehabilitation exit of the country’s flag carrier,
citing favorable financial conditions and good projected cash flows.
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UK-based oil explorer in talks on supply deal
for West Linapacan
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UNITED Kingdom-based Forum Energy Plc said it is in talks with
another party for a possible supply deal for the West Linapacan oil
field in Northwest Palawan.
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Anchor Land acquires Binondo property
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ANCHOR Land Holdings Inc. told the Philippine Stock Exchange on
Friday that it has acquired prime lots in Binondo, Manila, where the
firm has already several existing residential developments.
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Chinese share prices rise 2.64 percent to hit
record high
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SHANGHAI: Chinese share prices closed 2.64 percent up to hit a
record high Friday on the last trading day for the third quarter,
with energy and resources stocks leading gains, dealers said.
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Oil prices soar above $83 on storm fears
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SINGAPORE: Oil traded above $83 a barrel in Asia on Friday as
dealers watched a new storm developing in the Gulf of Mexico, which
could impact oil production, dealers said.
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US new-home sales slide to seven-year low
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WASHINGTON: Sales of new US homes slid 8.3 percent in August to
their lowest level in seven years, Commerce Department data showed
Thursday in yet another sign of the troubles in the real-estate
market.
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Story>>
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Gold price surges to another 27-year high
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LONDON: The price of gold surged Friday to the
highest level since January 1980 as the precious metal was boosted
by the sliding US dollar.
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Story>>
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BPO exodus to RP from India begins
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HIGH labor costs in India have led to an exodus of business process
outsourcing (BPO) companies operating in that South Asian country to
the Philippines.
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Full
Story>>
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Dollar on back foot of euro in Asian trade
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TOKYO: The dollar remained in a trough against the euro in Asian
trade Friday as weak US housing data sparked renewed speculation
that the Federal Reserve could soon cut US interest rates again,
dealers said.
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Story>>
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