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The recent regulation issued by the Philippine Deposit Insurance Corporation (PDIC) requires banks to computerize their database of deposit accounts and transactions effective Feb 27. Under PDIC Regulatory Issuance 2015-01, member banks are required to have a computerized database system where updated and accurate depositor/deposit information and deposit transactions for…

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The Batangas Container Terminal (BCT), managed by listed Asian Terminals Inc. (ATI), boosted its January cargo volume by as much as 1,200 percent from a year earlier, attributing the sharp increase to intra-Asia carrier MCC Transport (MCC). BCT said MCC Transport regularly deploys two weekly services via Batangas. The increase…

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TO attract more power investors, the Department of Energy (DOE) is pushing for “mandatory” retail competition and open access implementation for power consumers who have an average monthly demand of 750 kilowatt-hours (kWh) or higher this year. Energy Secretary Carlos Jericho Petilla said he has initiated talks with the Energy…

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Philex Petroleum Corp. (Philex) reported a net loss amounting to P448.7 million last year, more than four times the net loss it incurred in 2013, due to increasing operating expenditures and the exit of some of its units from service contracts. The Manny Pangilinan-led oil and gas firm reported a…


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LISTED firm Premier Horizon Alliance Corp. (PHA) has increased its programmed capital expenditure (capex) this year to P366.55 million from an original P200 million to fund the projects of its mining subsidiary, Redstone Construction and Development Corp. (RCDC). In a disclosure to the stock exchange, PHA said it added P166.55…

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Meralco Powergen Corp. (MGen) is scouting for possible business partners for the development and construction of its 1,200-megawatt (MW) coal-fired power project in Atimonan, Quezon. MGen is a subsidiary of Manila Electric Co. (Meralco), the country’s largest power distributor. Although the company has enough financial resources to undertake the project,…

Regions

World

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SEOUL: South Korea on Monday brushed off an apparent offer by North Korea to resume nuclear disarmament talks, and chided Pyongyang for a recent personal attack on its President Park Geun-hye. “Actions are more important than words,” Unification Ministry spokesman Kim Hyung-seok said of the offer contained in a letter…

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DAMASCUS: International efforts to end the conflict in Syria accelerate on Monday with key talks in Brussels and Paris, amid a push for a new peace conference despite growing divisions within the Syrian opposition. United States Secretary of State John Kerry will meet his Russian and French counterparts in Paris…

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PARIS: A controversial nuclear programme, suspected growing involvement in the Syrian conflict and tightly-controlled presidential elections—Iran is an ever-increasing source of concern for Western powers. Tehran last week excluded most would-be candidates from its June 14 elections, keeping only those loyal to the all-powerful supreme leader, dashing any hopes that…

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LONDON: One of the suspects in the brutal murder of a soldier in Britain was arrested in Kenya three years ago and questioned over alleged links to Islamist insurgents, the Keynan government confirmed on Sunday. Michael Adebolajo was detained in 2010 but was handed over to British intelligence agents and…

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QUITO: Ecuador and the Palestinian Authority will open diplomatic missions in each others’ territories, Quito announced on Sunday. The agreement was reached a day earlier in a meeting between Ecuador’s Foreign Minister Ricardo Patino and his Palestinian counterpart, Riyad al-Malki, who was in Quito for the inauguration of President Rafael…

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DAMASCUS: A reporter for Syrian state television station Al-Ikhbariya has been killed while covering an army assault on the rebel stronghold of Qusayr, Syrian state television said on Monday. “The ministry of information… announces that colleague Yara Abbas has been added to the ranks of the martyrs, killed by terrorists…

Today's Breaking News

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The number of deaths from Super typhoon Yolanda (Haiyan) has already exceeded the fatalities from flashflood that swamped Ormoc City in 1990. As of Saturday, the National Disaster Risk Reduction Management Council (NDRRMC) put the Yolanda death toll at 5,235, higher than the 5,100 deaths in the Ormoc tragedy in…

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Two major power lines in Leyte and Iloilo have been restored weeks ahead of schedule, bringing back electricity in the areas ravaged by Super typhoon Yolanda. The National Grid Corporation of the Philippines (NGCP) announced that at about 8 p.m. Friday, lights were turned on for the first time at the Ormoc…

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WARSAW – UN climate talks ran deep into extra time in Warsaw on Saturday as rich and poor nations butted heads over their respective contributions to staving off dangerous planet warming. Exhausted negotiators and ministers shuttled to and fro in the early morning hours to try and lay some…

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The Commission on Higher Education (CHEd) will look into possible sources of funding for thousands of the college students who lost their scholarships after  the Supreme Court declared the Priority Development Assistance Fund (PDAF) unconstitutional. CHEd Chairperson Patricia Licuanan said the commission will extend assistance to the students whose tuition…