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Saturday, September 27, 2008 |
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World’s central banks release more money
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Global stock markets fall anew LONDON: Asian and European stock
markets fell on Friday as political wrangling held up a $700-billion
bailout package for the US financial system despite earlier hopes
that a deal was near.
Investor sentiment took another hit from the
overnight collapse of the second largest US savings and loan
institution, Washington Mutual, which heaped yet more pressure on
markets.
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Popular anger puts fat cat CEOs on the run
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NEW YORK: An angry US public and Congress are pushing to snip the
rip cord on golden parachutes used by fat cat CEOs to escape Wall
Street’s mayhem.
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JPMorgan Chase buys failed Washington Mutual
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WASHINGTON: JPMorgan Chase took over Washington Mutual after it
collapsed in the largest US bank failure ever, adding to the massive
pressures on the US financial system.
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Infrastructure development requires tax boost, says IMF
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THE government should raise its tax effort to address inadequate
infrastructure, which has largely been blamed for foreign
investors’ aversion to the country, the Philippine representative
of the International Monetary Fund (IMF) said.
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HSBC to cut jobs
worldwide
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HONG KONG: Banking giant HSBC will cut 1,100 jobs worldwide because
of the volatile global financial environment, a spokesman said
Friday.
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State subsidies to
GOCCs hit full-year allocation
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STATE subsidies to government owned and controlled corporations (GOCCs) hit the full-year allocation at end-August, according to the
Bureau of Treasury.
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PLDT signs deal for Italian venture
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THE international sales and marketing arm of Philippine Long
Distance Telephone Co. (PLDT) has signed agreements with Hutchison
Global Communication and H3G S.p.A. for a mobile virtual network
operator (MVNO) venture in Italy.
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Basic Energy defers planned additional listing for a year
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Unfavorable market conditions prompt listed-firm Basic Energy Corp.
(BEC) to defer its planned follow-on offering “for a period of at
least a year or until market improves and upon the approval of the
company’s environmental compliance certificate by the Department
of Environment and Natural Resources.”
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Splash partners
with Asia-based distributing firm to boost revenues
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SPLASH Corp. has entered into a memorandum of understanding with
distributing firm IDS Philippines Inc., which is seen to generate
additional revenue for the company.
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Psalm prepays another set of Napocor’s loans
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State-run Power Sector Assets and Liabilities Management Corp.
(Psalm) said in a statement it has prepaid another tranche of
National Power Corp.’s (Napocor) yen loans.
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MB approves ADB loan to fund govt’s justice reform program
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The Monetary Board has approved in principle the government’s plan
to borrow from Asian Development Bank (ADB) to fund the development
of the country’s justice system, Bangko Sentral ng Pilipinas (BSP)
said.
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ATI seeks halt to
auction of properties
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ASIAN Terminals Inc. (ATI) wants to halt the public auction of
certain real properties located at the Mariveles Grain Terminal
(MGT).
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Generic drugs
found selling more than branded ones
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Generic medicines manufactured by local pharmaceutical companies now
sell more than the branded drugs of multinational firms, the
Philippine Chamaber of Pharmaceutical Industry (PCPI) said.
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Learning & innovation
Moje Ramos-Aquino, FPM
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It is often said that our people are our most
important resource, our competitive edge. At this critical time, it
is our hardworking OFWs (again!) who are keeping our economy afloat.
In business, it is the ability of corporate leaders to tap...
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