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Monday, May 05, 2008 |
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ANALYSIS
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Slow 3G biz leads to shakeup
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FACED with a June deadline to roll out its
network, one of four telecommunication companies with a license to
offer 3G (third generation) has bowed out of the business amid
lackluster demand for a service that had been touted as the
industry’s next growth driver.
To save it from financial hemorrhage, a group
led by former trade minister Roberto Ongpin last week withdrew from
the 3G business, with the sale of two companies that own
Connectivity Unlimited Resources Enterprise (CURE) to Smart
Communications Inc. for P419.54 million.
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Changes in growth, inflation goals set
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PHILIPPINE economic managers are set to cut the
country’s economic growth target this year due to skyrocketing
commodity prices, government sources said.
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Philippine forex reserves seen ample,
but lagging behind Asian neighbors
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THE Philippines’ foreign exchange reserves are
sufficient to cope with unfavorable global economic conditions, the
organization of the world’s leading financial institutions said.
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RP first-quarter borrowings
decline on peso strength
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THE government cut its borrowings in the first
quarter as it recorded a
lower budget deficit year on year and the peso strengthened against
the dollar, according to the Department of Finance (DOF).
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BSP sees consolidation
among mid-sized lenders
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THE Bangko Sentral ng Pilipinas (BSP) expects
medium-sized banks to merge to improve their asset quality. BSP Gov.
Amando M. Tetangco Jr. said mergers and acquisitions are largely
market-driven and the number of market players would really be
determined by how banks see economies of scale fitting into their
business models within the regulatory framework.
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Philweb expects growth to continue this year
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PHILWEB Corp. said it expects growth last year to be replicated this
year, as the company reported that its net income nearly doubled on
increased online casino operations.
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PSE board relaxes proposed rules
governing exchange-traded funds
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THE Philippine Stock Exchange (PSE) has relaxed its proposed rules
for so-called exchange-traded funds (ETFs), removing initial
restrictions it had planned before such investment products are
offered to the public.
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Waterfront net income increases on
lower expenses, extraordinary gains
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THE holding company of the Gatchalian group’s hotel business told
the Philippine Stock Exchange that its profits last year rose on
cuts in expenditures and extraordinary gains arising from
electricity bill and tax refunds.
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Psalm qualifies bidders for Amlan
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MAJORITY of the investor groups vying for the Amlan hydroelectric
power plant that will be auctioned off by state-run Power Sector
Assets and Liabilities Management Corp. (PSALM) in June have
qualified in the facility’s initial bidding stages.
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Agro trader ties up with Japanese,
Taiwanese groups for rice business
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AGRI-NURTURE Inc. (ANI) announced that it signed a deal with
Japanese and Taiwanese investors to develop 1,500 hectares of rice
land in different areas in Luzon, Visayas and Mindanao.
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Corporate results to set
pace of stocks trading
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CORPORATE results due this week at some of the Philippines’
biggest companies will have a major bearing on the direction of the
stock market, dealers said last Friday.
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US auto sales slump to 16-year low
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DETROIT, Michigan: While April sales of new vehicles in the United
States dropped to their lowest level since 1992, figures also show
that US consumers are buying smaller cars with better fuel economy
over trucks and sport utility vehicles.
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ADB forecasts return of capital flows to Asia
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MADRID: Once the global credit crunch eases Asia will see the return
of the large capital inflows that put the squeeze on their
economies, a senior Asian Development Bank (ADB) official said
Saturday.
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BEYOND
THE BUZZWORDS
By Reylito A.H. Elbo
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Social engineering
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I BECAME mildly nervous moments after hearing from the other end of
the phone line that I won a weekend suite accommodation in a
Tagaytay hotel. Call me a pessimist, but I did not think that it was
real. That’s how I ignored the call no matter how femininely
alluring the sound of her voice was.
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