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Wednesday, March 05, 2008 |
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Telco warns of slowdown amid strong peso, US woes
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PLDT profit growth eases
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THE country’s largest telecom company on
Tuesday announced that earnings last year eased, and warned that
profitability this year would suffer from a strong peso and the US
economic slowdown.
In a briefing, Napoleon Nazareno, president and
chief executive officer of Philippine Long Distance Telephone Co.
(PLDT), said the company’s net income inched up 2 percent to P36
billion last year from P35.1 billion in 2006. In 2005, the telco’s
earnings had grown 3 percent.
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Stock market closes higher
on technical rebound
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LOCAL share prices closed slightly higher Tuesday, with bargain
hunters stepping in as the market focused on corporate results,
dealers said.
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Oil prices lower in Asian trade
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SINGAPORE: Oil prices turned lower in volatile Asian trade Tuesday
but remained above $102 per barrel as traders took profits from a
recent rise to record peaks, dealers said.
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BSP says sharp rebound
in dollar bad for country
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THE Bangko Sentral ng Pilipinas (BSP) said
Tuesday that a sudden rebound of the dollar against the peso will
make business in the country more difficult.
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BPO industry broadens market
reach, courts Australian firms
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THE local business process out-sourcing (BPO)
industry is courting Australian companies into setting up offshore
operations in the Philippines to broaden its market and ensure the
continuous growth of the sector.
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Feed millers petition Tariff Commission
for reduction of duty rates
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THE Tariff Commission has asked the Philippine Association of Feed
Millers Inc. (PAFMI) and the United Broilers Association to file
their position papers on their petition for reduced duty rates on
certain feed ingredients and products under the Sensitive and Highly
Sensitive Lists of the Asean-China Free Trade Agreement.
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BTr to negotiate govt security
rates
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AFTER it failed to secure borrowing from
debt-paper sale in recent weeks, the Bureau of Treasury has decided
to negotiate government’s rates rather than do a Dutch auction in
which bid rates are lowered incrementally.
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Customs fails to meet target despite
ports’ positive performance
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THE Bureau of Customs failed to meet its monthly goal in February
despite the outstanding “performance” shown by nine of the 15
ports throughout the country.
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Tax on sale of gold needs
enacted law, BSP says
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THE Bangko Sentral ng Pilipinas said it can only comply with the
plan of the Bureau of Internal Revenue to tap the central bank for
the collection of excise tax on the sale of gold by small-scale
miners if there is an enacted law.
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PNOC-EDC to bid for Tiwi-Makban
power complex
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PHILIPPINE National Oil Co.-Energy Development
Corp. (PNOC-EDC) plans to bid for the Tiwi-Makban geothermal complex
in an upcoming state-auction.
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San Miguel Brewery posts higher
income on robust market
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SOUTHEAST Asia’s largest food and beverage conglomerate disclosed
to the Philippine Stock Exchange on Tuesday that its recently
spun-off beer unit posted higher after-tax income last year due to
stronger consumer demand.
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Alliance Tuna to buy majority
stake in Indonesian cannery
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ALLIANCE Tuna International Inc. announced on Tuesday that it will
buy a majority stake in an Indonesian rival to gain access to the
vast fishing grounds of that country.
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Metrobank, IFC tie up for
loans to electric cooperatives
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METROPOLITAN Bank and Trust Co. announced on Tuesday that it has
engaged the services of the International Finance Corp. (IFC), the
World Bank’s private-sector lending arm, as advisor in extending
loans to rural electric cooperatives nationwide.
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Aboitiz Transport profit more
than double on right-sizing
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ABOITIZ Transport System Corp. on Tuesday reported that is profit
more than doubled last year on the back of reduced capacity and the
sale of vessels.
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