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Tuesday, March 11, 2008 |
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S&P sees pause in BSP rate cuts
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Peso, stocks fall as Asia turns
bearish on US recession fears
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THE peso and the stock market fell on Monday as
sentiment turned bearish across Asia on the back of renewed investor
concerns over a possible US recession.
At the Philippine Dealing System, the local
currency slid back to the 41-to-a-dollar level, closing at 41.14
from Friday’s 40.95 finish.
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ADB: Infrastructure gap holding back
industrialization, job-creation
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THE Philippines’ infrastructure gap is holding
back industrialization and job creation, the Asian Development Bank
(ADB) said.
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Traders uneasy about Treasury’s
plan to negotiate rates
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THE Money Market Association of the Philippines (MART) said a Bureau
of Treasury plan to negotiate with state-owned firms for future
borrowings instead of auctioning off debt papers is inconsistent
with long-held principles of transparency and impartiality.
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Slow growth for foreign
investments
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FOREIGN direct investments (FDI), which represent money used to put
up new businesses or expand existing ones in the country, hardly
grew last year, according to the Bangko Sentral ng Pilipinas (BSP).
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SM Investments profit up by
double digit on retail, rentals
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THE holding company of the SM group announced on Monday that its
profit grew by double digits last year on the back of higher retail
sales and rentals from its shopping mall business.
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Govt poised to launch OFW bonds this month
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THE Department of Finance (DOF) said Monday it will launch in Hong
Kong this month long-term peso denominated debt papers aimed at
encouraging overseas Filipino workers (OFW) to lend the government
money by investing in these IOUs.
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Megaworld affiliate to
start bus service for BPOs
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In a statement, Megaworld Corp. said its
affiliate First Oceanic Property Management Inc. will operate and
beef up the bus company CityLink Coach Services Inc., which
initially had five class-A buses and plans to add another five
within this year.
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CURE blames Sun Cellular for failure
to roll out its 3G cell-phone service
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CONNECTIVITY Unlimited Resources Enterprises Inc. (CURE) is blaming
the operator of Sun Cellular for its failure to roll out its 3G
(third generation) mobile phone service.
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Investments in RP mining
up to over a billion dollars
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THE Department of Environment and Natural Resources said investments
in the Philippine mining industry have grown to over a billion
dollars from 2004 to 2007.
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ERC to review Meralco’s
rate-setting methodology
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The Energy Regulatory Commission will review Meralco’s
performance-based rate-setting (PBR) in light of a Supreme Court
ruling disallowing the inclusion of corporate income tax in the
company’s rate structure.
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GMA Network’s 2007 net
income rose nearly a fifth
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GMA Network Inc. on Monday announced that its net income rose nearly
a fifth last year on the back of higher revenues from its local and
international operations.
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BIZZ
FIZZ
By Rene Martel
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Delgado extends telecom arm in Guam
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FOR the past three years the Philippine-based Delgado family has
been a key player in the telecommunications industry in the Pacific
Ocean territory of Guam.
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