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Wednesday, August 05, 2009 |
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Telecom firms post profit amid slowdown
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By Darwin G. Amojelar, Senior Reporter
THE Philippine telecom industry reported modest profits in the first
half amid slowing growth, tighter competition, and regulators’
attempts to put a check on margins.
The country’s largest telecom company said its
net income at end-June inched up two percent to P19.7 billion
year-on-year. In the second quarter alone, earnings of Philippine
Long Distance Telephone Co. (PLDT) rose 15 percent to P10.14 billion
from P8.8 billion last year.
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Peso climbs to two-month high
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The peso surged to a two-month high on Tuesday on signs of a global
recovery after the US reported improved manufacturing data.
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BSP lowers inflation forecast
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The Bangko Sentral ng Pilipinas (BSP) said it cut its inflation
forecast for this year and next year on weak demand conditions.
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Citibank sees double-digit growth in credit card receivables in second half
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Citibank Philippines expects credit card sales would grow by double
digits in the second half as it aims to capture a larger consumer
base after hitting the delinquency ratio peak in the first quarter.
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Govt fails to raise five-year money
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THE government on Tuesday failed to borrow on five-year’s notice,
after investors sought high rates before parting with their money.
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The franchisee as an entrepreneur: Lessons from Aquabest
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Entrepreneurs are probably the world’s biggest risk takers. Each
day, as they look out for opportunities for the next growth area,
they are making a calculated risk.
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RP, World Bank move to hasten aid
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THE World Bank and the Philippine government have adopted a
provincial-level integrated development strategy to hasten the
implementation of overseas development assistance (ODA)-funded
projects.
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Sale of Manila’s remaining assets to wait until 2010
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THE Department of Finance said the sale of other state assets would
have to wait until the latter part of next year since the market is
on a wait-and-see mode during an election year.
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China warns of ‘grave’ jobs situation on global slump
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BEIJING: China Tuesday warned of a “grave” situation in the jobs
market with millions of graduates and migrant workers yet to find
work as companies continue to struggle with the effects of the
global slump.
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UBS posts four-fold increase in losses
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ZURICH: Swiss banking giant UBS reported on Tuesday an almost
quadrupled net loss of 1.4 billion Swiss francs during the second
quarter and warned that it needed more time to return to
profitability.
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Perk lifts US motor vehicle sales
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CHICAGO: The popular “Cash for Clunkers” incentive helped
kickstart the US auto market in July, with Ford leading the way
Monday by registering its first increase in sales for almost two
years.
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BPI sees double-digit loan growth
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BANK lending will continue to grow this year amid low interest
rates, according to the country’s third
biggest lender.“Bank lending growth will remain in double digits.
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Finance says SC approval key to San Miguel share swap
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The Department of Finance said it is still waiting for the approval
of the Supreme Court (SC) to formalize the sale of its 24-percent
stake in San Miguel Corp. (SMC) before deciding on what it will do
with this government asset.
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Intel offers Facebook users new program
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SAN FRANCISCO: Intel unveiled a software program Monday that lets
Facebook users devote spare computer processing power to researching
diseases or climate change.
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PS Bank, Sumitomo in lending tie-up
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PHILIPPINE Savings Bank (PSBank) has partnered with Sumitomo
Corporation of Japan to finance motorcycle loans.
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Offshoring by US companies surges
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WASHINGTON, D.C.: US companies are increasingly turning to
offshoring their functions to achieve cost savings, and few plan to
bring those jobs back to the United States, the Conference Board
said Monday.
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Atlas mining unit ships copper, eyes higher output
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A UNIT of Atlas Consolidated Mining and Development Corp. has made
its seventh shipment of copper concentrate from its mine in Toledo
City, Cebu.
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Toyota cuts loss forecast on better sales, outlook upgrade
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TOKYO: Toyota Motor announced Tuesday a smaller than expected
first-quarter loss and upgraded its outlook for the rest of the
year, offering another glimmer of hope for the battered industry.
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VIEWS
FROM
A BRIT
By Mike Wootton
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Band Aids
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According to the BBC, the global credit crunch, financial meltdown,
whatever terminology you may like to call it, has cost governments
US$10,000,000,000,000—US$10 trillion in support for the financial
sector.
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