LOCAL share prices closed sharply lower on Wednesday, after Wall
Street slumped overnight on continued fears the US economy has
slipped into recession, dealers said.
Negative leads at home also
weighed on sentiment, with Manila Electric Co (Meralco) taking a hit
from President Arroyo’s announcement Tuesday that the government
would move to bring down electricity costs.
STATE-RUN Power Sector Assets and Liabilities
Management Corp. (Psalm) on Wednesday declared a failure of bidding
for the decommissioned Manila Thermal Power Plant.
PHLIPPINE investment growth lagged behind overall
economic expansion due to weak private sector outlay and
government’s serious fiscal pressure, according to a World Bank
report.
SM Investments Corp. (SMIC) announced on Wednesday
that it entered into an agreement with Carlson Hotels Worldwide-Asia
Pacific for the management of two new hotels within the Mall of Asia
complex in Pasay City.
The Rapu Rapu Group of Companies has filed a petition
for rehabilitation, as it awaits negotiations with a Korean investor
and its parent firm for the infusion of much needed capital.
WITH its own super league of taipans (complemented by
their bejeweled and designer label worshipping tai-tai spouses) Hong
Kong is not a place that is easily impressed when it comes to high
society happenings...
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