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Thursday, January 22, 2009 |
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Despite sale of assets
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Napocor seen to revert to losses
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STATE-OWNED National Power Corp. (Napocor) is likely to have ended
2008 in the red, according to the Department of Budget and
Management (DBM).
The power-generating firm was single-handedly
responsible for inflating the government’s debt due to several
years of losses. Last year’s loss would the first time Napocor
would reverse profits enjoyed since 2005.
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Public sector surplus falls
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THE Department of Finance said the financial surplus of the whole
public sector, which includes the national government, local
governments and state-owned enterprises, plummeted at end-September
last year.
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Funding constraints hit local mining
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LOCAL mining executives said the global credit crunch has
constrained funding for projects.
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BHP Billiton to lay off 6,000 workers
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SYDNEY: The world’s biggest miner, BHP Billiton, said Wednesday it
would cut about 6,000 jobs because of the global economic downturn
and weakening demand for its products.
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Banks more than double BSP rediscounting availment
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LOCAL lenders more than doubled the amount they tapped from the
Bangko Sentral ng Pilipinas’ (BSP) rediscounting window last year
amid a global credit crunch.
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Obama faces falling stock markets as euphoria fades
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With the music barely faded from euphoric star-studded celebrations
to greet his arrival, US President Barack Obama faced plunging
global stock markets on his first day in office on Wednesday.
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Fitch expects dip in lenders’ profits
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FITCH Ratings Inc. said Philippine banks’ profitability and assets
would take a hit this year from the ongoing global crisis.
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US bank to fund government TV network digitization
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A US bank would finance the digitization of the state-run television
network to expand its coverage and comply with the government’s
plan to shift from analog to digital terrestrial system by 2015, the
National Economic and Development Authority (NEDA) said Tuesday.
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Telcos seen to review business plans
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Local ICT spending to weaken
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THE US recession could derail spending in the information
communication and technology (ICT) sector, as telecom companies
reassess business plans, according to IDC Philippines.
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Local bourse seeks swift passage of documentary
stamp tax exemption bill
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THE Philippine Stock Exchange said it is optimistic that the bill
that exempts all local listed companies from the documentary and
stamp tax (DST) will soon be passed in Congress.
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