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Friday, May 02, 2008 |
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Banks’ profits up amid
trading gain contraction
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THE banking industry sustained its profitability
last year despite contractions in trading gains and trust department
income, the Bangko Sentral ng Pilipinas (BSP) said in its Philippine
Financial System report.
Net income of banks grew 9.5 percent to P62.9
billion last year from P57.4 billion in 2006, the report noted .
This was supported by a double-digit expansion in interest income
and fee-based services.
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Philip Morris sets higher
capex for RP investments
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PHILIP Morris Philippines Manufacturing Inc., (PMPMI)
plans to increase its capital expenditures for machinery and
equipment in the country in the next three years.
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Solon: Balanced-budget ‘nonsense’
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THE Department of Finance should not attempt to balance the budget
this year, as it will be a waste of time and energy, a lawmaker
said.
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Hybrid corn maker gets tax perks
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IN a bid to bring down the soaring price of
animal feeds, the Board of Investments has granted the Philippine
Fuhua Sterling Agricultural Technology Development tax incentives
and other perks for its venture into producing hybrid corn for
animal consumption.
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PNOC-EC profits plunged last year
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STATE-OWNED Philippine National Oil
Company-Exploration Corp.’s (PNOC-EC) profits last year plunged by
a third year on year because of a decrease in its share of earnings
from the Malampaya gas field and an increase in petroleum
exploration expenses.
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Benguet in the black after
posting losses for two years
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AFTER incurring net losses in the previous two
years, Benguet Corp. recovered and was in the black in 2007 due to
foreign exchange gains and increased revenues generated by the sale
of offspecs chromite sands to China.
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Consortium to rehabilitate
Ambuklao-Binga hydroplant
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THE consortium led by Aboitiz Power Corp. that won the state-auction
for the Ambuklao-Binga hydro electric plants has scheduled a lengthy
rehabilitation program for the facilities in a bid to improve its
capacity.
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London-based space-rental
firm to expand RP operation
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LONDON-LISTED Regus Group, the leading provider of outsourced
workplace solutions in the world, plans bigger footprint in the
Philippines and will look into the need for office space of small
and medium enterprises in the country to achieve this goal.
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UN: Avoid ‘knee-jerk’ response to biofuels
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GENEVA: A senior UN official who will lead a top international task
force on the global food price crisis warned Wednesday against a
hasty response to the growing use of biofuels.
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Yuan’s rise hits Asian
firms exporting from China
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WASHINGTON: The rapid appreciation of the Chinese currency against
the US dollar is taking a big toll on Asian companies using China as
base for exports to the United States, according to a top US
business official.
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World oil prices went
up by more than a dollar
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SINGAPORE: World oil prices rose by more than $1 in Asian trading
Thursday, dealers said, after previous sharp falls overnight in
response to a bigger-than-expected rise in US crude reserves.
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Dollar slips in Asia trade
on foggy US rate outlook
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TOKYO: The dollar slipped in Asian trade on Thursday after the
Federal Reserve left the door open to further interest rate cuts
after a widely expected quarter point reduction overnight, dealers
said.
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Japan may be forced to import
butter amid raw milk shortage
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TOKYO: Japan’s government said Thursday it may need to resort to
emergency imports of butter to make up for a shortage amid growing
concern worldwide about food supply.
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