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BEIJING: The World Bank on Wednesday urged China to accelerate reform of its state-dominated financial sector, warning that failure to address the issue could end “three decades of stellar performance” for the world’s second-largest economy. The ruling Communist Party has pledged a wide range of economic reforms and the Washington-based…

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Greece is not a major trading partner of the Philippines, but local economic managers are urged to prepare to adjust policies for whatever little impact may come from a Greek default on the local currency and equity markets. Fallout from the crisis has been weighing on Philippine Stock Exchange (PSE)…

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DOMESTIC liquidity in May as measured by M3—the total amount of cash and cash-equivalents circulating within the economy—rose 9.3 percent year-on-year to P7.6 trillion, indicating that liquidity remains sufficient to sustain the economy’s growth trajectory, the central bank said on Tuesday. Data released by the Bangko Sentral ng Pilipinas (BSP)…

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LOANS extended by banks’ foreign currency deposit units (FCDUs) rose 9.53 percent in the first quarter from a year earlier but fell as a proportion of deposits, data released by the Bangko Sentral ng Pilipinas (BSP) showed on Tuesday. FCDU loans during the quarter reached $12.46 billion, higher than the…


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BANK lending in May expanded at a slightly slower pace from the previous month as lending for production activities eased, the central bank said on Tuesday. Bangko Sentral ng Pilipinas (BSP) data showed that outstanding loans granted by commercial banks—excluding reverse repurchase placements (RRPs) with the central bank, or money…

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CLARK Development Corp. (CDC) is investing P120 million to construct a vital road project aimed at easing traffic flow in Mabalacat City as part of a broader program to spur economic growth in communities contiguous to Clark. Mabalacat City Mayor Marino Morales said that CDC will soon build an interconnecting…

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World

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WASHINGTON, D.C.: The Pentagon’s number-two ranking official held talks on Tuesday (Wednesday in Manila) in Uganda to discuss United States (US) military support for the fight against Lord’s Resistance Army forces. In meetings with Foreign Minister Henry Okello and the Chief of Defense Forces Edward Katumba Wamala, US Deputy Secretary…

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TOKYO: The clean-up after the Fukushima nuclear disaster could cost five times more than estimated, figures have revealed, as Tokyo Electric Power said on Wednesday that steam had been seen again in a reactor building. The government-backed National Institute of Advanced Industrial Science and Technology said decontamination work in Fukushima…

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NEW DELHI: Indian voters believe corruption has risen under the current government, but say the economy will be the most important issue in elections due next year, according to a new poll. A total of 69 percent of respondents in the major survey published this week by the Center for…

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MEXICO CITY: Heavily armed men assaulted Mexican federal police units in a carefully planned attack in which 22 people were killed, most of them assailants, in six towns, the government announced on Tuesday (Wednesday in Manila). The gunmen concealed themselves in hills above checkpoints in Michoacan state, a western area…

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COLON, Panama: The 35-strong crew of the North Korea-flagged Chong Chon Gang ship being held in Panama for carrying undeclared Cuban weapons is physically well, a Red Cross team said on Tuesday (Wednesday in Manila). Panamanian Red Cross director Jaime Fernandez said the North Koreans, who reportedly tried to mutiny…

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MIAMI: A United States (US) marine salvage firm has recovered virtually all of the silver bullion carried in a British cargo ship Gairsoppa that was sunk by a German U-boat off Ireland in World War II. The Odyssey Marine Exploration said it had pulled up 1,574 silver ingots from the…

Today's Breaking News

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Malacañang on Thursday belied Ilocos Norte Rep. Imelda Marcos’ claim that President Benigno Aquino3rd’s treatment of former President and now Pampanga Rep. Gloria Macapagal Arroyo is “unjust and inhuman.” Speaking to reporters, Presidential Communications Secretary Herminio Coloma Jr. maintained that Aquino has no “ill will” against the former President but…

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The House of Representatives has opened 2014 with approval of twin education measures on second reading via a viva voce (voice) vote. These two are the House Bill 3617 or the Voluntary Student Loan Program Act by Rep. Roman Romulo of Pasig City and House Bill 3593 Ladderized Education Act…

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THE United Nationalist Alliance (UNA) on Thursday expressed fear that the Aquino administration also tried to talk with the justices of Supreme Court (SC) to solicit support on the controversial Disbursement Acceleration Program (DAP). UNA Secretary General and Navotas Rep. Tobias “Toby” Tiangco issued the statement after President Benigno Aquino…

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Despite criticisms about his administration’s slow response in areas devastated by Super Typhoon Yolanda (international name: Haiyan), President Benigno Aquino 3rd still got a higher satisfaction ratings from the victims of the said typhoon, a Social Weather Stations (SWS) survey said. The survey,  which was conducted last December 11-16,  showed…