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Thursday, October 09, 2008 |
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Amid higher-than-expected pickup in electricity use
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State power asset sale likely to take hit from global crunch
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The global credit crunch is likely to dampen investor interest in
the government’s ongoing power sector privatization drive, an
industry official said.
On the sidelines of the Seventh Management
Association of the Philippines Conference, Federico Lopez, First Gen
Corp. president, said the privatization of state-owned generating
plants are suffering from a “little bit of a hiccup” as capital
remain scarce in light of the global financial crisis.
“No doubt a lot of this global turmoil is sort
of putting a chink on everybody’s plans,” he said.
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Asian stock markets dive as Tokyo suffers worst crash in two decades
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TOKYO: Asian stock markets suffered massive losses Wednesday with
the worst crash in Tokyo in more than two decades as panic selling
erupted over the deepening financial crisis.
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Automotive sales back to double-digit growth
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THE recent decline in fuel prices boosted car sales last month, as
the automotive industry enjoyed double-digit growth both on a
year-on-year and month-on-month bases.
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July prepayments up on rise of dollar
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DEBT prepayments of the government and the private sector rose
further in the first seven months of the year amid the dollar’s
rise, as oil prices peaked in July, the Bangko Sentral ng Pilipinas
(BSP) said Wednesday.
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Dollar seen to hit P50 this year
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THE peso will weaken further in the remaining months of the year on
a rising dollar and weak overseas Filipino worker (OFW) remittances,
a University of the Philippines economist said Wednesday.
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State-run pension fund blocks Philex share sale to First Pacific
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STATE-RUN Social Security System (SSS) wants to exercise its
pre-emptive right over Philex Mining Corp. shares that the company
is selling to the public.
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Alaska to keep prices steady despite inflation
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ALASKA Milk Corp. said on Wednesday that it would keep the prices of
its products steady despite the high-inflation environment to keep
these affordable especially to the D and E markets.
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Dollar slumps below 100 yen
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TOKYO: The dollar slumped on Wednesday below 100 yen for the first
time in six months, with investors flocking to the Japanese currency
as a safe haven as global stocks suffered historic drops.
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Asian governments fail to halt market freefall
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HONG KONG: Asian governments tried in vain Wednesday to halt the
bloodbath on the markets, with Japanese stocks losing more than 9
percent on panic-selling in the face of the worst financial crisis
in decades.
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Britain unveils $875-billion bank rescue
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LONDON: Britain rushed out a package worth up to $875 billion
Wednesday to head off a banking collapse as markets went into
freefall over fears the worst financial crisis in decades has still
not hit a peak.
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EDC affiliate wins geothermal project contract
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ENERGY Development Corp. (EDC) has awarded a multimillion-peso
procurement contract to one of its affiliates.
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Globe says tax on text to raise costs
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GLOBE Telecom Inc. warned that a proposed bill ordering that it set
aside half of revenues for health and education, if passed into law,
would raise the cost of text messaging or SMS.
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Fitch affirms PLDT ratings
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FITCH Ratings Inc has affirmed Philippine Long Distance Telephone
Co.’s (PLDT) long-term foreign and local currency issuer default
ratings given its position as the country’s “incumbent”
operator with diversified and integrated operations.
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Pepsi-Cola Philippines profit falls amid soaring inflation, typhoons
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PEPSI-COLA Products Philippines Inc. said it profit fell by nearly a
quarter for its fiscal year ending-June, blaming the decline on
soaring inflation and typhoons that took their toll on its sales.
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NTC orders backhaul, cable landing station
interconnection
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THE National Telecommunications Commission (NTC) has approved a
circular mandating telecommunication companies to interconnect their
backhaul networks to all cable landing stations to lower service
rates.
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