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Wednesday, January 23, 2008 |
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Risk aversion downs peso
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Panic selling bedevils stock market;
sharp fall for peso
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PANIC selling hit the stock market, while the peso fell sharply on
Tuesday on growing risk aversion, as investors feared a looming US
recession would pull down the rest of the world.
At the Philippine Stock Exchange, the composite
index—the barometer of stock price movements of listed
companies—dropped for a seventh session, shedding 5.52 percent to
2,978.41 points.
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Impact of US slowdown on Philippines not likely
to be big, government says
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THE local economic fallout from a slowdown in
the US is unlikely to be big, the Philippine government said
Tuesday.
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Government seeks Chinese
players in local bourse
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MAINLAND Chinese may soon invest in Philippine
Stock Exchange listed shares of stock after the government applied
to be included in Beijing’s Qualified Domestic Institutional
Investor (QDII) program.
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NEDA thumbs down proposed
VAT exemption on oil
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THE National Economic and Development Authority (NEDA) has thumbed
down a proposal to lift the value-added tax (VAT) on oil products.
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Undersecs, asst. secretaries
jack up govt costs–CSC
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GOVERNMENT departments have sitting undersecretaries and assistant
secretaries in excess of what is provided by law, jacking up the
bureaucracy’s personnel costs, the Civil Service Commission (CSC)
said Tuesday.
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Chinese loan eyed for LRT extension project
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STATE-RUN Light Rail Transit Authority (LRTA)
has proposed tapping a Chinese loan to finance the multimillion
dollar Manila Light Rail Transit (LRT) Line 1 south extension
project, a high ranking official of the National Economic and
Development Authority (NEDA) said.
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Government scored for inaction in
funding Laiban Dam construction
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The proposed construction of the Laiban Dam, which is seen as a
vital cog in securing the water supply of Metro Manila, in the first
quarter of the year may be delayed as the government has yet to act
on its financing.
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Nido’s seismic surveys in
W. Calamian almost done
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Australian firm Nido Petroleum Ltd. is almost done with its seismic
surveys of the West Calamian block in offshore NorthWest Palawan.
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Fair Trade renews appeal
for renegotiation of Jpepa
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The Fair Trade Alliance has appealed anew for a renegotiation of the
Japan-Philippines Economic Partnership Agreement following the
proposal of Sen. Mar Roxas to ratify the accord.
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Manila–cheap to buy homes,
expensive to rent
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MANILA is among the world’s most affordable
cities for residential apartment buyers, a Global Property Guide
report said.
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Pall Mall a premium brand–BIR
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THE Bureau of Internal Revenue (BIR) will stick to its original
position on the tax classification of Pall Mall cigarettes, the
Department of Finance said.
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New variant of electronic
bingo gets Pagcor’s OK
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LEISURE Resorts World Corp. (LRWC), the country’s largest Bingo
game operator, announced on Tuesday that state-run Philippine
Amusement and Gaming Corp. (Pagcor) has approved a new electronic
game for Bingo Bonanza.
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NTT increases shareholding in PLDT
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NTT DoCoMo Inc. annouced on Tuesday that it raised its stake in
Philippine Long Distance Telephone Co. in a bid to expand its
business opportunities in the country’s largest telephone company.
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VIEWS
FROM
A BRIT
By Mike Wooton
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Home mortgages
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The recently reported difficulties in the American sub prime
mortgage sector are certainly having some major ripple effects.
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