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Saturday, January 24, 2009 |
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GDP seen to grow by less than one percent
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Economy to slow
significantly
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By Maricel E. Burgonio, Reporter
The country’s economic growth
is expected to slow down to less than one percent this year as all
major sectors would be hit by the global financial crisis, Standard
Chartered Bank (SCB) said.
In a briefing, Nicholas Kwan,
SCB’s regional head of research in Asia, said the country’s
gross domestic product (GDP)—or the total value of all goods and
services produced in a country in a given period—is expected to
reach 0.7 percent this year. This is significantly lower than the
government’s projection of 3.7 percent to 4.7 percent.
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Philippine shares
close lower on Wall Street drop
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Local share prices closed 0.3 percent lower on thin
volume Friday following a drop on Wall Street, dealers said.
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East West wins
Philam thrift bank, other units
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The Gotianumled East West Banking Corp. (East West
Bank) has won the bid to acquire AIG-Philam Savings Bank, a
subsidiary of Philippine-American Life and General Insurance Co. (Philamlife),...
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Slowdown in China
GDP to cost Australia billions
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SYDNEY: The slowdown in the Chinese economy will
slash at least 5 billion Australian dollars (US$3.3 billion) from
Australia’s economy and endanger jobs, Prime Minister Kevin Rudd
has warned.
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Local banking
system not in danger, NEDA says
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The National Economic and Development Authority (NEDA)
said the Philippine banking sector remains healthy amid the global
financial crisis.
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Britain in
recession for first time in 18 yrs.
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LONDON: Britain is in recession for the first time
since 1991 after its economy shrank during the final two quarters of
last year as a global financial crisis raged, official data showed
on Friday.
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Toyota may cut
jobs in N. America, Britain
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TOKYO: Japanese carmaker Toyota Motor Corp. is
considering shedding more than 1,000 regular workers in North
America and Britain as it fights its biggest crisis, a report said
Friday.
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Oil prices mixed
after late rally
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SINGAPORE: World oil prices were mixed in Asian trade
Friday after staging a late rally the previous day.
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Nippon Steel to
cut crude steel output this year
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TOKYO: Asia’s largest steelmaker Nippon Steel will
cut crude steel output by 15 percent during the current financial
year to March from a year earlier, a report said Friday.
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RLC profits climb
on higher rentals
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ROBINSONS Land Corp. (RLC)
announced Friday that its profits grew more than a quarter last year
on the back of higher revenues from rentals.
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Galoc oil field
production restart delayed to Feb.
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The target recommencement of oil production from the
Galoc field, which has been bogged down by mechanical troubles and
adverse weather conditions, has been moved to mid-February.
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Cheaper handsets
to hasten 3G uptake
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The uptake of third generation (3G) technology
service will accelerate next year in Asia Pacific, including the
Philippines, as handsets will become cheaper, a research and
consulting firm said.
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LEARNING &
INNOVATION
By Moje Ramos-Aquino, FPM
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Real friends
expect you to be somebody
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Many of us claim to be friendly and to have so many
friends. Yet, something happens and, boom, you are no longer
friends. The term “friend” has lost some of its original power.
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