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Monday, July 21, 2008 |
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Calaca sale risks hitting a
snag on low Napocor rates
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THE privatization of the Calaca coal-fired power
plant risks hitting another snag after the facility’s winning
bidder scored state-owned National Power Corp.’s (Napocor)
artificially low rates.
The 600-megawatt plant was auctioned off by
state-run Power Sector Assets and Liabilities Management Corp.
(Psalm) to French-Belgian firm Suez Energy International, through
its wholly owned unit Calaca Holdco Inc., for $786.53 million in
October last year.
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Bangko Sentral will further jack up
interest rates this year, says HSBC
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THE Bangko Sentral ng Pilipinas (BSP) will
further raise interest rates this year, not only due to high
inflation, but also to arrest the peso’s slide against the US
dollar, a Hong Kong and Shanghai Banking Corp. (HSBC) economist
said.
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Losses seen for public sector
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THE Philippine public sector will end the year
in the red, reversing last year’s revenue surplus, on the back of
the Arroyo administration’s decision to push back its plan of
balancing its budget to 2010, according to the Department of
Finance.
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BSP bullish on double-digit loan hike
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DESPITE the recent hike in its interest rates, the Bangko Sentral ng
Pilipinas (BSP) expects bank lending to register double-digit growth
this year.
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World Bank to lend more
for infra, social projects
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THE World Bank said it has committed to increase
lending to the Philippines this year to fund social, agriculture,
and infrastructure projects.
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WTO mounts fresh bid for new trade deal
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GENEVA: Trade ministers from more than 30 countries, deeply divided
and still clinging to core interests, mount another bid Monday to
nail down a global trade accord before the arrival of a new US
president early next year.
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Gulf states invest in agri abroad
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DUBAI: Faced with a scarcity of fertile land, water shortages and
surging world food prices, wealthy Arab states in the Gulf are
seeking to secure their food supplies by investing in agriculture
abroad.
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No post-Olympic hangover in China
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BEIJING: China’s robust economy is unlikely to hit the skids after
the Olympics, unlike most host nations who have endured post-Games
downturns, experts say.
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Belgian brewer seeks to
market Bud to the world
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BRUSSELS: InBev may be based in Belgium and have strong ties to
Brazil, but the brewing giant has grand plans to sell
Budweiser—what it calls America in a bottle—to the world.
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PAL freezes new hires on costly fuel
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RECORD high fuel prices have forced the
country’s flag carrier to freeze new hires as costlier jet fuel
squeezes the airline’s margins, its president said.
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GSIS sets next wave of foreign investments
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STATE-RUN Government Service Insurance System said it will launch
the second tranche of its programmed offshore investments despite
volatile capital markets.
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Korean firm extends ICT training facility
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A KOREAN agency said it will extend the operation of its ICT
training and development facility for local micro, small and medium
enterprises (MSMEs).
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Global Steel opens Iligan plate mill,
eyes cut in imports
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Global Steel Philippines Inc. (GSPI) inaugurated on Friday a plate
mill in its Iligan plant that would allow the country to forgo steel
plate imports, Lalit Kumar Sehgal, the company’s managing director
said.
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BEYOND
THE BUZZWORDS
By Reylito A.H. Elbo
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Competitiveness: Why Krugman is wrong
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PAUL Krugman, an op-ed columnist of The New York Times and a
professor of economics at the Massachusetts Institute of Technology
has disputed the theory of “competitiveness” for some time now.
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