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Wednesday, September 24 2008 |
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GOCC dividends plunge amid govt’s tight requirements
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DIVIDENDS remitted by government owned and -controlled corporations
(GOCCs) to the national coffers dropped in the first eight months of
the year, the Bureau of Treasury said Tuesday.
A bureau document showed that remittances
slipped 42 percent to P4.465 billion at end-August, from the P7.7
billion in the same period last year. In August alone, the dividends
amounted to P321 million.
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Local banks’ profits to fall, says Fitch
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PROFITABILITY of Philippine banks will fall due to slower economic
growth and the projected increase in non-performing loans, Fitch
Ratings, Inc. said.
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Cut eyedin fourth- quarter domestic borrowing
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THE Philippines is looking to borrow a smaller amount from domestic
sources for the fourth quarter of the year, the Bureau of Treasury
said Tuesday, citing its strong cash position.
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‘Shadow banking system’ in Wall St. ends era
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WASHINGTON: The conversion of Goldman Sachs and Morgan Stanley to
regulated commercial banks marks the end of an era of independent
Wall Street investment firms and a separation in the industry since
the 1930s.
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Stocks fall amid concerns on US govt’s bailout plan
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LOCAL share prices closed lower on Tuesday amid new concerns over
the US government’s bailout package for its troubled financial
services sector, dealers said.
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World Bank urges major revision to RP economic data
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THE Philippines’ system of national accounts urgently requires
major revision, as it is lagging behind international standards, the
World Bank said Tuesday.
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Philex raises stake in UK-listed firm
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THE Philippines’ largest mining company has jacked up its stake in
Forum Energy Plc after completing a tender offer to the UK-listed
firm’s shareholders.
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Govt set to award oil leg of Malampaya
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THE Department of Energy is set to award geothermal and petroleum
service contracts to a number of local and foreign firms today,
including the oil leg of the Malampaya field.
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BSP to regulate e-money service business
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THE Bangko Sentral ng Pilipinas (BSP) said it would regulate
e-money service providers particularly the telecommunication firms,
e-money card issuers, and e-money card kiosks to promote
consumer protection.
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JPMorgan to expand call center business in RP
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Despite the US financial crisis, JPMorgan Chase Bank will further
expand its call center business in the Philippines that caters to
its customers in the United States, the investment bank’s card
services Operations Executive Michael Looney said Tuesday.
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Fuel marking final–Customs
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AFTER delays, the implementation of fuel marking is scheduled for
next month, as the Bureau of Customs said Tuesday that it would keep
a close watch on ports not be covered by the private sector led
anti-smuggling campaign.
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Haggling over US bailout plan rattles markets
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NEW YORK: World markets slid Tuesday amid mounting concerns over a
massive bailout for the US financial system, as haggling over the
fine print sparked investor impatience and a spike in oil and gold.
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Oil prices down after biggest one-day gain
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SINGAPORE: Crude oil traded lower in Asia on Tuesday after the
benchmark New York futures contract soared more than $16 for its
biggest one-day gain.
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VIEWS
FROM
A BRIT
By Mike Wootton
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Texting while driving
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Readers of this column in thetexting capital of the World (the
Philippines, just in case you don’t know where is the texting
capital of the World!) may be interested to know that texting while
driving is, according to the UK’s Royal...
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