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Saturday, October 04, 2008 |
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Hong kong-listed First Pacific
to buy stake in Philex Mining
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By Likha Cuevas-Miel,
Reporter
THE Hong Kong-listed controlling shareholder of Philippine Long
Distance Telephone Co. (PLDT) is buying a substantial stake in
Philex Mining Corp., the country’s largest mining company said
Friday.
The mining firm told the Philippine Stock
Exchange that it signed an agreement to sell a 20.16-percent stake
or 778.44-million common shares for P7.92 each to First Pacific Co.
Ltd.
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First-half FCDU loans jump
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CREDIT demand from foreign currency deposit units (FCDUs) of banks
jumped in the first half of the year as more local commercial lender
granted new loans mostly to exporters and public utilities, the
Bangko Sentral ng Pilipinas (BSP) said Friday.
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‘Prophets of doom’ say crisis warnings
unheeded, see total financial meltdown
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WASHINGTON, D.C.: The so-called doomsday economists long derided by
the mainstream say the current financial maelstrom was inevitable,
but debate is still raging on how the US economy will emerge from
the crisis.
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Peso, stocks weaken ahead of US Congress vote on bailout
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THE peso and the stock market weakened ahead of a key vote at
the US House of Representatives for a revised bailout package for
America’s troubled financial sector.
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Oil prices seen to continue fall
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SINGAPORE: World oil prices fell further on Friday in a market
increasingly worried that strains in the global economy are leading
to a wider slowdown in energy demand, dealers said.
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BIR sets lower revenue goal from Malampaya collection
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THE Bureau of Internal Revenue (BIR) has set a lower revenue
goal from the Malampaya field this year despite the high price of
crude.
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Learning
& innovation
By Moje Ramos-Aquino, FPM
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Reacting or proacting
to a world in turmoil
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I am not scaring you, I am making you focus since all these things
have happened and are still happening. The whole world is reeling
from different forms of natural and man-made crises, such as, but
not limited to:
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MUFG, Morgan Stanley to merge houses
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Japan’s largest bank Mitsubishi UFJ Financial Group Inc. has
reached a basic accord with Morgan Stanley to merge their securities
houses in Japan, a news report said Friday.
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Nomura to take on Lehman staff
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TOKYO: Japan’s top broker Nomura Holdings Inc. is to buy bankrupt
Lehman Brothers’ global back-office operations based in India,
retaining the workforce of more than 2,000, newspapers said Friday.
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Japan’s Norinchukin invests in France’s Credit Agricole
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TOKYO: Norinchukin Bank said Friday it had invested 30 billion yen
($285 million) in France’s Credit Agricole SA, becoming the latest
Japanese bank to buy into a struggling Western counterpart.
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Singapore property stocks fall
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SINGAPORE: Singapore property stocks sank on Friday after data
showed the city-state’s four-year private property boom was over.
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Seoul’s Lee
seeks regional meeting on financial turmoil
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SEOUL: South
Korean President Lee Myung Bak called Friday for a meeting between
his Finance minister and those of China and Japan to discuss closer
coordination against global financial turmoil.
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Dollar trades lower vs. yen
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TOKYO: The dollar was lower against the yen in Asian trade Friday as
worries about credit market gridlock moun-ted ahead of a key vote by
US lawmakers on a revamped Wall Street bailout package.
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In wake of HK Securities failure
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PSE raises bond requirement for brokers
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THE Philippine Stock Exchange announced on Friday that it had
increased the surety bond brokers are required to post in the wake
of the suspension of failed brokerage firm HK Securities Inc.
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