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Friday, June 06, 2008 |
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BSP raises key rates, hints at further hikes
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The Bangko Sentral ng Pilipinas (BSP) hiked its
interest rates by 25 basis points to prevent inflation from rising
further and hinted at further rate action this year to support price
stability.
BSP Gov. Amando M. Tetangco Jr. said BSP’s key
policy rates increased to 5.25 percent for overnight borrowing, or
reverse repurchase (RRP) facility, and 7.25 percent for overnight
lending, or repurchase (RP) facility.
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Peso depreciates further to 8-month low, bowed
by record-high inflation rate
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The peso breached P44 against a US dollar as inflation hit its
nine-year high level for May.
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Napocor files petition for adjustments in
generation, foreign exchange rates
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After a long wait, state-owned National Power Corp. (Napocor) has
finally filed a petition before the Energy Regulatory Commission (ERC)
for adjustments in generation and foreign exchange rate in a move to
bring down power rates in the country.
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RP falls below radar of global
retailers, annual survey shows
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THE Philippines’ ranking in the world’s top
destinations for global retailers dropped three notches owing to US
economic slowdown and rising inflation in Asia.
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MRT-3 operator wants
govt to buy more trains
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The operator of Metro Rail Transit-Line 3 (MRT-3)has sought the
legal opinion of the Department of Justice about the plan of
government to procure more trains through the Department of
Transportation and Communications (DOTC) in its bid to lessen
congestion of passengers.
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RP maintains recovery rating scale on foreign
debt following 2nd issuance of warrants, S&P says
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New York-based credit rating firm Standard & Poor’s (S&P)
Ratings Services said the Philippines warrant issuance is enough to
upgrade its recovery rating for the foreign currency debt.
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World oil prices slip on
fears of weaker global growth
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SINGAPORE: Oil prices slipped in Asian trading on Thursday amid
fresh concerns of weakening global growth, which could dampen energy
demand, analysts said.
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Fresh concerns over European
banks’ health rattle investors
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LONDON: European stock markets closed sharply lower Wednesday, hit
by concerns over the health of the banks while falling oil prices
put pressure on the energy majors and mining companies.
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Korea fines Intel for anti-trust violation
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SEOUL: South Korea’s anti-trust watchdog Thursday fined Intel, the
world’s biggest semiconductor maker, $5 million for abusing its
dominant market position after a long-running investigation.
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Robinsons Land set to issue
debt notes to fund capex
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The real-estate arm of the Gokongwei group Robinsons Land Corp. (RLC)
disclosed Thursday it will tap the debt market to finance its
capital expenditures.
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Dubai’s hotel developer
may invest more in RP
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Dubai-based Kingdon Hotel Investments (KHI) may look for other
location in the Philippines near the beaches where it can develop
another hotel and resort complex after its Manila Raffles project.
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Danvil preneed portfolio to transfer to Legacy
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Danvil Plans Inc. will transfer its entire preneed portfolio to
another company after its decision to withdraw additional securities
to sell with the Securities and Exchange Commission (SEC).
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Seven bidders pre-qualified
for Limay power plant sale
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Seven investor groups interested in the Limay power plant have
submitted the required pre-bidding documents within deadline, the
Power Sector Assets and Liabilities Management (PSALM) Corp. said in
a statement Thursday.
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SEC approves Sultan Mining IPO
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The Securities and Exchange Commission approved on Thursday the
maiden public share offering of Sultan Mining and Energy Development
Corp. (SMEDC).
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