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Wednesday, July 23, 2008 |
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Amid record oil prices
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Petron shifts to foreign ownership
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MAJORITY control over the Philippines’ largest
oil refiner has shifted to foreign hands, after a London-based group
that earlier bought Saudi Aramco’s stake in Petron Corp. secured
more than 50 percent of the company’s shares.
In a regulatory filing, the Ashmore Group,
through its unit SEA Refinery Holdings B.V., said it acquired more
than half of Petron after completing its tender offer for the shares
held by other stockholders. The foreign group acquired controlling
interest at P6.531 a share.
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Vehicle industry well
tuned up to hit sales goal
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THE increasing demand for fuel-efficient
vehicles and the continuous remittances of overseas Filipino workers
(OFWs) will keep the domestic automotive industry on track to
meeting its sales target despite skyrocketing fuel prices
worldwide...
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Stock market gives up gains
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LOCAL share prices closed lower on Tuesday as investors cashed in
their gains after an upturn during the previous trading day, dealers
said.
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Bangko Sentral’s response
to inflation slow, says ADB
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THE Bangko Sentral ng Pilipinas (BSP) was among East Asian central
banks that were slow in responding to the rapid increase in
inflation, the Asian Development Bank (ADB) said Tuesday.
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Govt borrowings below program in first half
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THE national government borrowed less in the
first six months of the year in line with its original plan to
balance its budget this year, the Bureau of Treasury said Tuesday.
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BNP Paribas to help fund
infra development program
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The Monetary Board has approved in principle a multimillion-dollar
loan from French bank BNP Paribas to help finance the government’s
infrastructure development program, the Bangko Sentral ng Pilipinas
said.
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Bridge Program to get funding
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The National Economic and Development Authority
Investment Coordination Committee-Cabinet Committee (NEDA-Cabcom)
has approved the multibillion-peso funding for the Tuloy ng Pangulo
project in areas covered by the Comprehensive Agrarian Reform
Program.
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BSP says SME credit
demand remains unserved
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THE huge demand for credit by small and medium enterprises (SMEs)
remains unserved, the Bangko Sentral ng Pilipinas (BSP) admitted.
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EDC earnings plunge in Q2
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ENERGY Development Corp. (EDC) said its
second-quarter profit plunged by more than half on the back of lower
revenues and foreign currency exchange losses.
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Cebu Pacific lowers income forecast
as it cuts regional flight frequencies
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CEBU Pacific on Tuesday said it expects a lower net income this year
owing to soaring jet fuel prices, which pushed the carrier to cut
frequencies on its regional flights.
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Anscor US-based unit buys
US health care staffing firm
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A. SORIANO Corp. (Anscor) said its US unit, Cirrus Medical Staffing
Inc., has acquired MDI Medical LLC, which provides temporary
staffing services of health care professionals in the United States.
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Sultan Puts Off Maiden Share-Sale
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SULTAN Mining and Energy Development Corp. has postponed its initial
public offering (IPO) because of poor market conditions.
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Smart reduces call rates
amid soaring food, oil prices
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Smart reduces call rates amid soaring food, oil prices SMART
Communications Inc. on Tuesday announced a promo reducing call rates
to attract more subscribers amid soaring food and fuel prices.
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VIEWS
FROM
A BRIT
By Mike Wootton
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Risks and common
sense
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It would be no surprise if people in the Philippines were unaware of
the Piper Alpha disaster in the UK North Sea which happened 20 years
ago on July 7, 1998.
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