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Monday, March 02, 2009 |
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PLDT chairman joins battle for control over Meralco
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By Likha C. Cuevas-Miel, Reporter
THE chairman of the Philippines’ largest telecom company has been
buying shares of Manila Electric Co. (Meralco) in a bid “to
help” the Lopezes regain a majority stake in the country’s
largest power distributor and block plans of San Miguel Corp. (SMC)
to take over.
Several market sources told The Manila Times
that Manuel Pangilinan, chairman of Philippine Long Distance
Telephone Co. (PLDT), was in the market, triggering the run up in
Meralco’s share price the past week. Traders said the utility’s
price movements last week have defied the market, which has been in
the doldrums due to the gloomy outlook on the world economy and
jitters about the US’ bank rescue plans.
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Lopez-led telco blocks San Miguel entry to Extelcom
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BAYAN Telecommunications Inc. is blocking the possible entry of San
Miguel Corp. (SMC) to Express Telecommunications Co. Inc. (Extelcom)
by proposing an alternative plan to revive the country’s oldest
telco.
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Stocks seen to consolidate
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THE Philippine stock market is expected to see some consolidation
this week as investors look for stocks that are likely to post
dividends, dealers said last Friday.
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Asia’s exporters feel pain of slowdown
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HONG KONG: When times were booming, Asia’s factories would
sometimes struggle to keep pace with the global demand for cars,
semiconductors and electronics goods.
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Govt exceeds domestic borrowing ceiling
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THE Philippines has exceeded its domestic borrowing program last
year as the government sold more debt papers to avoid a wider
deficit, Department of Finance (DOF) data showed.
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BOI proposes special perks for job-saving companies
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THE Board of Investments (BOI) today will hold public consultations
on the proposed 2009 Investment Priorities Plan (IPP), which Trade
Undersecretary Elmer Hernandez said, would include a “contingency
list” of industries that could enjoy tax perks provided they avoid
job cuts.
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Crumbling Japan faces more pain
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TOKYO: Japan’s worst economic crisis since World War II is far
from over as its heavy reliance on exports leaves it vulnerable to
crumbling demand in recession-hit world markets, analysts say.
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BSP shutters another rural lender
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THE Bangko Sentral ng Pilipinas (BSP) has closed another rural bank
in Bicol linked to the Legacy group.
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Japanese sanitary ware maker eyes RP expansion
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JAPAN’s biggest bathroom and sanitary wares manufacturer expects
sales of high-tech toilets in the Philippines to be “better”
this year despite the global crisis.
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Metrobank expands Bank of New York Mellon tie-up
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METROPOLITAN Bank and Trust Co. has tapped US-based Bank of New York
Mellon (BNYM) for the expansion of the Philippine lender’s
remittance business.
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Companies expect high interest rates
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COMPANIES expect interest rates to remain high in the first half of
the year despite the reduction in the Bangko Sentral ng Pilipinas’
(BSP) interest rates, results of a recent survey showed.
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PLDT unit blocks Globe plan
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MEDIASCAPE Inc. has opposed the plea of a broadcasting firm to renew
its license to operate direct broadcast satellite service (DBSS).
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ERC approves Kepco-SPC supply deal
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THE Energy Regulatory Commission (ERC) has approved a power supply
agreement inked by the consortium of Korean Electric Power Corp. and
SPC Power Corp. (KSPC) with an electric cooperative in Negros.
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HSBC results seen as test of global crisis
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HONG Kong: HSBC has weathered the financial crisis better than many
of its rivals, but the banking giant is still expected to announce
it needs more capital when it unveils its annual results Monday.
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BEYOND
THE BUZZWORDS
By Reylito A.H. Elbo
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Centrality: When
power chokes growth
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BOTTLENECKS are supposed to be limited only to bottles and nothing
more. That’s why it’s unthinkable to see it happening in many
organizations, resulting in inefficiency and poor employee
communication, among others.
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