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Monday, March 30, 2009 |
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Amid economic slowdown, job cuts
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Top companies give out generous reward to owners
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By Chino S. Leyco, Reporter
TOP companies raised by a fifth the cash reward for their owners
last year amid an economic slowdown that has seen more firms slash
jobs.
In a statement, the Philippine Stock Exchange (PSE)
said cash dividends of publicly held firms grew 18.8 percent to
P219.24 billion last year from P184.58 billion in 2007.
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BPO sector pushes for passage of key bills
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CLARK Field, Pampanga: The business process outsourcing (BPO)
industry is calling on the government to fast track the passage of
bills aimed at advancing the interests of the sector amid a global
economic slowdown.
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Luzon grid gets repreive due to crisis
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CLARK Field, Pampanga: Despite contributing to the joblessness, the
global financial crisis has an upside as the slowdown in economic
activity gave residents of the Philippines’ largest island a
breather from a projected supply deficit, a former Energy secretary
said.
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BIR shutters establishments for tax law violations
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THE Bureau of Internal Revenue (BIR) said it closed down 10 business
enterprises nationwide that were found to have violated tax laws,
particularly the law on the value-added tax (VAT).
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S&P seen to keep stable outlook on Philippines
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THE Bangko Sentral ng Pilipinas (BSP) is optimistic the country’s
sustained economic growth would support the retention of its
sovereign rating outlook.
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Consumers to prop up growth–BSP
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CLARK Field, Pampanga: Stable food prices would offset the impact of
declining remittances on consumption growth, a Bangko Sentral ng
Pilipinas (BSP) official said.
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Bottom seen for
world economy
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PARIS: Trillions of dollars lost, millions of jobs gone and more bad
news to come but the “Green Shoots” of recovery may just be
showing in the wreckage of the worst global slump since the 1930s
Great Depression, analysts say.
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Record low Euro zone rates likely
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FRANKFURT: The Euro zone’s key interest rate is set to hit an
all-time low of 1.0 percent this week, with speculation growing that
the bank might be preparing unconventional policies to tackle
recession.
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Bayan in talks for new strategic investor
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BAYAN Telecommunications Inc. is in talks with various investors for
a partnership to expand its capital-extensive business, according to
an official.
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Marubeni eyes power contracts
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MARUBENI Corp. plans to bid for the independent power producer
administrator (IPPA) contracts of the Pagbilao and Sual coal-fired
plants, according to highly-placed sources.
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World body warns new tax on text messages to hurt RP economy
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IMPOSING taxes on the mobile telecommunication industry in emerging
markets like the Philippines could reduce demand for the services as
well as generate losses for the economy at large, the World Economic
Forum (WEF) said.
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Trustee banks to standardize preneed account withdrawal
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PHILIPPINE banks will standardize their procedures for the
withdrawal of pre-need accounts, according to a Trust Officers
Association of the Philippines (TOAP) official.
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NTRC bucks bill on treasurers
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STATE-RUN National Tax Research Center (NTRC) has expressed
reservations about a legislative proposal transferring the power to
appoint local treasurers from the secretary of Finance to heads of
local government units (LGUs).
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Stock market seen to take a breather
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PHILIPPINE share prices will take a pause this week after enjoying
an eight-day rally, before they continue their surge, analysts said
on Friday.
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RCBC unit grows remittance business
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RIZAL Commercial Banking Corp. (RCBC) said its remittance business
grew by double-digits last year due to the expansion of its
money-transfer offices.
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BEYOND
THE BUZZWORDS
By Reylito A.H. Elbo
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Proactive
downsizing: Hitting where it matters the most
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NEWS reports abound with stories about continuous layoffs,
particularly in the semiconductor and electronics industry. This
made me cringe in my seat. Why? It’s because major companies are
taking the lead. They’re dismissing their workers to prevent
profit drain, if not to ensure survival.
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