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Thursday, May 01, 2008 |
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Lucio Tan-owned
banks poised
to merge and expand business
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TWO Lucio Tan-owned banks, Philippine National
Bank (PNB) and Allied Banking Corporation, will combine muscles to
climb to top slots in the industry and focus on expanding their
corporate and consumer lending businesses.
The merger will move PNB up from its sixth
position to fourth largest bank in the country with assets of P388
billion, dislodging LandBank of the Philippines from the slot.
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Acquisitions seen
to push growth of RP’s private firms
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Half of privately held businesses in the Philippines will grow
through acquisitions in the next three years despite the economic
slowdown in the US, according to a study contained in International
Business Report produced by Grant Thornton International.
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Inflation up in
April due to hike in power rate
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The recent increase of power rate drove inflation to further
increase in April, Bangko Sentral ng Pilipinas (BSP) said yesterday.
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Napocor says it
has no power to influence WESM prices
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State-owned National Power Corp. said the case
of price manipulation at the spot market filed by various consumer
groups and NGOs before the Ombudsman has been resolved by concerned
government agencies.
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Lopez Group drops bid for Meralco stake
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THE Lopez Group will not likely bid for
government’s shares in giant utility firm Manila Electric Co. (Meralco)
once this is put in the auction bloc, Oscar Lopez, First Philippine
Holdings Corp. (FPHC) chairman, said.
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Calaca power plant’s state of disrepair
imperils sale
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THE privatization of the Calaca coal-fired power plant is reportedly
imperiled by the reluctance of state-owned National Power Corp. to
repair the facility.
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BOC to form new collection district to prepare
for investment surge in Cagayan ecozone
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THE Bureau of Customs (BOC) plans to make Port of Liway in Bataan a
separate collection district from Aparri in Cagayan due to projected
influx of investors in the Cagayan Economic Zone Authority (CEZA).
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Benpres to sell entire stake in Medical City
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The holding firm of the Lopez family will
dispose of its entire stake in Medical City to help defray its
outstanding debts as part of its restructuring program, Benpres
Holdings Corp. disclosed Tuesday.
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Australian joint-venture firms set
to step up drilling operations in RP
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Australian firms Nido Petroleum Ltd. and Kairiki Energy Ltd. plan to
increase the number of exploration wells under the drilling program
of their jointly held service contract area in the Philippines.
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Berong Nickel ore shipment
lifts Atlas profits last year
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Atlas Consolidated Mining and Development Corp. announced on
Wednesday that its net income grew six times last year, buoyed
primarily by the ore shipment of its subsidiary, Berong Nickel Corp.
(BNC).
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BPI profits suffer fall in 1st quarter
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With rising inflation pushing up interest rates, the Bank of the
Philippine Islands reported its profits for the first quarter fell
as interest and non-interest income contracted during the period.
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Japan outsourcing market
eyed to boost IT industry
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Information technology companies in the Philippines see Japan as a
strategic market for IT outsourcing amid an expected slowdown in the
US economy.
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BIZZFIZZ
By Rene Martel
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Farmers denied billions in bank loans
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AS the rice crisis continues to be the favorite topic of tattle in
cafe society (and asking for a second helping of the staple at the
dinner table now is considered politically incorrect!)...
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