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Saturday, February 23, 2008 |
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Investors cash in ahead of long weekend
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Stock market dips sharply
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LOCAL share prices closed sharply lower Friday as investors cashed
in profits ahead of the long weekend amid persistent worries about
the US economy, dealers said.
Financial markets in the Philippines will be
closed Monday for a public holiday.
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Oil prices trade below 100 dollars in Asia
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SINGAPORE: World oil prices were trading below $100 in Asia on
Friday after a stronger-than-expected rise in US crude-oil reserves
calmed supply jitters, dealers said.
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BSP: Offshore banking units’
profits nearly triple in 2007
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THE Bangko Sentral ng Pilipinas (BSP) said Friday that offshore
banking units (OBUs) posted a nearly three-fold growth in net income
last year.
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Sales of preneed products fell last year
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SALES of preneed plans last year contracted
across all products, led by educational plans, the Securities and
Exchange Commission (SEC) said on Friday.
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Government to sell over a
billion worth of warrants
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THE Philippines is expected to sell over a
billion dollar worth of debt-exchange warrants, which would allow
holders of government’s foreign-currency denominated debt
papers—also called ROP (Republic of the Philippines) bonds—to
convert these into peso-denominated IOUs in case of default.
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eTelecare earnings surge
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DESPITE a strong peso, eTelecare Global Solutions announced on
Friday that its profit last year surged on increasing demand for
offshore services in the Philippines.
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ERC approves energy spot market budget
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THE Energy Regulatory Commission (ERC) has
allowed the operator of the Wholesale Electricity Spot Market (WESM)
to collect less than half a billion pesos from trading
participants for its budget this year.
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New TransCo owner to incorporate
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THE Securities and Exchange Commission (SEC) has approved the
incorporation of the National Grid Corp. of the Philippines, the
consortium of Monte Oro Grid Resources Corp. (MOGRC) that earlier
won the bidding for the country’s power transmission business.
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RCBC raises fresh funds to settle debts
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RIZAL Commercial Banking Corp. (RCBC) told the Philippine Stock
Exchange on Friday that it has obtained fresh funds through the sale
of more unsecured subordinated debt eligible as lower Tier II
capital.
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Waste paper recycler gets tax perks
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GOLDEN Swan Paper Products Corp. has secured tax incentives and
other perks from the Board of Investments for the production of test
linerboard and corrugating medium using pure waste paper.
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ABS-CBN extends maturity
of Sky Cable debt to 2016
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ABS-CBN Broadcasting Corp. on Friday said it has signed an agreement
with Sky Cable Corp. to extend the maturity of the cable
operator’s debt to the broadcast company.
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Eastern Telecom bucks Globe landing station
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EASTERN Telecommunications Phils. Inc. wants the National
Telecommunications Commission (NTC) to deny an application from
Globe Telecom Inc. for the construction of an international cable
landing station in Ballesteros town in Cagayan province.
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Dollar steadies after blow from data
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TOKYO: The dollar regained some ground in Asian trade on Friday
after heavy losses sparked by renewed fears of a recession in the
world’s largest economy, dealers said.
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LEARNING
& INNOVATION
By Moje Ramos-Aquino, FPM
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Let sleeping fish lie
while you count the profits
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Leafing through Joey Conception’s book Go Negosyo: 50
inspiring entrepreneurial stories, I found these awesome
entrepreneurial lessons. I will not paraphrase, but will quote
verbatim to capture the essence of the story written by Rafael
Ongpin since I don’t have primary data.
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