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Friday, June 19, 2009 |
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SPECIAL REPORT
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BUDGET DEFICIT BLOWOUT SEEN
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Govt trims expenditures ahead of elections
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DESPITE claims it would pump prime the economy to stave off a
recession, the Arroyo administration actually cut its expenditures
for this year, based on data from the Development and Budget
Coordinating Committee (DBCC).
Data from the inter-agency body showed that the
President’s economic managers trimmed the government’s spending
program to P1.489 trillion from an earlier figure of P1.495
trillion.
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Exploration firm bucks planned sale of state stake
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STATE-OWNED Philippine National Oil Co.-Exploration Corp. (PNOC-EC)
is bucking the government’s planned sale of a stake in the
upstream oil and gas firm, claiming the scheduled privatization is
tantamount to a “fire sale.”
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China growth outlook up, as India enters deflation
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TWO of the world’s fastest-growing economies may diverge growth
paths this year, as the World Bank raised its forecast for China
even as India enters deflation.
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Stocks down on selling
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Philippine share prices closed lower Thursday as last-minute selling
offset early gains, dealers said.
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NTC pushing for Japanese digital norm, says Tv exec
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DESPITE opposition from the broadcasting and telecom industries, the
government is pushing for the adoption of the Japanese standard for
the Philippines’ migration to digital terrestrial TV by 2015,
according to the chairman of ABS-CBN Broadcasting Corp.
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Tariff body recommends no duties on cement, wheat
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The technical body of the Committee on Tariff and Related Matters (CTRM)
on Tuesday endorsed the extension for another six months of the zero
tariff on food wheat and cement, as well as the resumption of the
duty slapped on feed wheat, the Department of Trade and Industry
(DTI) said.
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Lopezes to wait for right price before Meralco exit
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The Lopez Group is willing to sell its remaining shares in the
Philippines’ largest electric utility at the right price, the
group’s chairman said on Thursday.
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ABS-CBN sets more cost cuts
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ABS-CBN Broadcasting Corp. said on Thursday that it plans to slash
costs in the next three years as part of the “major
transformation” in its business strategy to weather the economic
crisis.
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IPVG sells Singapore unit
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IPVG Corp. announced on Thursday that it is selling its wholly owned
Internet data center services subsidiary to another
Singaporean-based firm.
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PNOC, foreign firm tie up for wind power deal
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State-owned Philippine National Oil Co. (PNOC) has signed an
agreement with a Japanese consortium for the development of wind
power projects in the country.
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BIZZ
FIZZ
By Rene Martel
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Managing global
profitability in a downturn
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THE current economic downturn is certain to test the talents and
skills of the world’s finance professionals to the highest degree.
This is probably the most challenging economic period the business
world has encountered in many decades. But it’s also the most
invigorating.
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