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Wednesday, July 02, 2008 |
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Peso back at P45 to the dollar on oil, consumer
price worries
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DESPITE the Bangko Sentral ng Pilipinas’ (BSP)
intervention in the spot market, the peso on Tuesday fell through
the 45-to-a-dollar level on rising fears of runaway inflation after
the central bank’s warning Monday that consumer price increases
last month accelerated to the double-digit mark.
Local traders said the BSP intervened
intermittently in the spot market, selling dollars for 44.99 in a
process called sterilization, to temper the peso’s fall.
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Burgundy Global, Union Fenosa sign joint venture
contract on Sulu project
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BURGUNDY Global Exploration Corp. (BGEC) has
inked a joint venture with Union Fenosa Gas, S.A. of Spain for the
latter’s petroleum service contract (SC) area in the Sulu Sea.
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Stock market drops to 21-month
low on inflation fears
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SHARE prices of local companies tumbled Tuesday
to a 21-month low on fears that continuous oil price hikes,
double-digit inflation and a slowing economy may hurt corporate
earnings, analysts said.
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Galoc development to remain economically viable
despite cost overruns due to delays
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DELAYS in the Galoc field’s development program have resulted in a
substantial increase in the project’s cost, Alfredo Ramos,
Philodrill Corp. president, said.
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Govt rejects bids for 7-year debt issues
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THE government on Tuesday rejected bids for seven-year Treasury
bonds or IOUs it had planned to sell after investors sought high
rates.
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Asian customers agree to huge
iron ore price rise, says Rio Tinto
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SYDNEY: Anglo-Australian mining giant Rio Tinto announced Tuesday
that it had reached agreement with all its customers in Asia for
iron ore price increases of up to 97 percent.
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Appetite for Arctic oil increases
in line with crude prices
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MADRID: The appetite for Arctic oil has surged in line with
rocketing crude prices but environmental concerns and a diplomatic
stalemate stand in the way of exploration, experts say.
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Japanese business confidence plunges
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TOKYO: Top Japanese executives are at their most pessimistic in
almost five years as soaring costs, a slowing global economy and a
stronger yen pile pressure on profits, the central bank said
Tuesday.
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Dollar decelerates in Asia
ahead of economic data
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TOKYO: The dollar was softer in Asian trade Tuesday as traders
waited nervously for upcoming US data for fresh leads, after
Japanese business confidence slumped by slightly less than expected.
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SMIC sets borrowing anew to refinance debt
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SM Investments Corp. (SMIC) said it would borrow
anew to refinance its outstanding debt.
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Monte Oro to expedite Sampaguita buy-in, paving
way for full-service contract
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MONTE Oro Resources & Energy Inc. is set to fast track its buy
in into Forum Energy Plc’s petroleum contract covering the
high-frontier Sampaguita oil and gas discovery in offshore Palawan.
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Anscor sells part of Phelps Dodge
Phils.
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A. SORIANO Corp. (Anscor) said it has sold almost a fifth of its
Phelps Dodge Philippines Inc. (PDPI) stake to General Cable Co. of
Canada (GCC).
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Source electricity from grid, Meralco prods
self-generating industries
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MANILA Electric Co. (Meralco) is urging self-generating industries
to source their electricity from the grid and its residential
customers to avail of its time-of-use (TOU) rates to help reduce the
cost of power in the country.
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VIEWS
FROM A BRIT
By Mike Wootton
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The quality
assessment of government services
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The World’s third largest employer after the Chinese Army and the
Indian Railways—the UK’s National Health Service is to introduce
a system by which patients will rate the quality of their medical
care by the system and subsequent funding (by Government) will be
given relative to the level of quality achieved.
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