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Wednesday, May 20, 2009 |
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Foreign buying in RP stocks plummets
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By Chino S. Leyco, Reporter
FOREIGN buying of shares of listed local companies fell sharply in
the first four months this year, according to Philippine Stock
Exchange (PSE).
Data from the PSE showed net foreign buying at
end-April dropped 55 percent to P9.49 billion from P21.1 billion in
the same four-month period last year.
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EIB eyes new investor group by next month
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AT least three commercial lenders are interested in investing in
Export and Industry Bank (EIB) to boost its capital.
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Philippines climbs up a notch in global off-shoring survey
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THE Philippines’ ranking as a preferred location for
business-process outsourcing (BPO) and call-center operations inched
up amid the global financial crisis, but still lagged behind
neighboring countries, according to a survey of multinational
companies.
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BIR sets closure of more tax-deficient firms
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THE Bureau of Internal Revenue (BIR) said it would close down 40
business enterprises by next month that were found to have violated
tax laws.
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Debt prepayments fall on weak peso
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DEBT prepayments fell in the first quarter amid a weak peso, with
the private sector making up for all transactions for the period.
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BSP to proceed with rate cuts
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THE Bangko Sentral ng Pilipinas (BSP) said it would continue to cut
its interest rates as inflation declines and the economy has yet to
pick up.
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American Express to cut jobs worldwide, scale back investments
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NEW YORK: US credit card giant American Express announced Monday
that it was to shed some 4,000 jobs as part of an $800-million
restructuring of its global operations.
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Manufacturers push for higher import tariffs
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THE Federation of Philippine Industries (FPI) wants the government
to raise the tariffs on critical products while the World Trade
Organization’s (WTO) Doha Round remains at an impasse.
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US banks to lose billions over commercial property
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NEW YORK: Commercial real-estate loans could bring losses of $100
billion at 940 small and mid-sized US banks by the end of 2010,
according to a study published Tuesday by the Wall Street Journal.
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RP not ready for social market economy—experts
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The Philippines is not ready yet to adopt a “social market
economy” system as it does not have the necessary conditions in
place, economists said.
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DOF bats for creation of rubber authority
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The Department of Finance is pushing for a legislative measure that
would create the Philippine Rubber Authority under the Office of the
President, the National Tax Research Center (NTRC) said.
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Brazil leader in China talks that could moot ditching
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BEIJING: Brazil’s president kicked off a day of meetings with
Chinese leaders in Beijing Tuesday, during which analysts said he
could broach a plan to ditch the US dollar in his nation’s trade
with China.
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Phoenix Petroleum 1Q net income jumps
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Phoenix Petroleum Philippines, Inc.’s net income skyrocketed in
the first quarter because of one time gains that resulted from its
expansion activities last year.
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Nokia sees RP as world’s next mobile e-mail capital
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NOKIA, the world’s leading manufacturer of mobile devices, sees
the Philippines as the next mobile e-mail capital of the world over
the next three years through the “affordable,” Internet-ready
mobile phone units that targets the mass market as well as Filipinos
living in remote areas nationwide.
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LandBank to raise cash through debt notes
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THE Land Bank of the Philippines (LandBank) will raise additional
capital through the issuance of lower tier 2 notes to be able to
provide more credit to agricultural and infrastructure sectors.
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Bacnotan profit up at end-March
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Bacnotan Consolidated Industries Inc. (BCII) said Tuesday that its
profit in the first three months of the year increased on
acquisitions and income contributions from other investees.
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Asian Terminal Inc. unit seeks injunction against maritime firm, PPA
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A UNIT of Asian Terminal Inc. (ATI) has asked a local court in
Batangas to stop a maritime company to operate in the Phase 1 of the
port in the said province.
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IPVG, Viva to put up joint-venture firm
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Information technology firm IPVG Corp. announced on Tuesday that it
plans to put up an entertainment company with Viva Communications
Inc. that would cater to the online market.
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Cebu Pacific to hire more female flight attendants
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Despite the current economic downturn, budget airline Cebu Pacific
said it plans to hire more female flight attendants to expand its
current workforce.
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