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NEW YORK CITY: New York state’s banking regulator hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business on Tuesday (Wednesday in Manila) for not detecting possible money laundering. The New York Department of Financial Services (DFS) said the British bank’s internal compliance systems had…

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I doubt I am the only person who noticed the incongruity of the two banner headlines in Tuesday’s edition of this paper. On the front page, this: “300,000 more Pinoys jobless – SWS survey.” Right next to it was a teaser about the surprising news that ran in full on…

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The Philippines reversed its balance of payments (BOP) deficit in June and posted a surplus in July, with government foreign exchange deposit rising, the central bank generating higher income from foreign investments and positively managing its foreign exchange operations. The payments position in July showed a $501 million surplus, compared…

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The Philippine government remains highly supportive of the country’s banking system, but low incomes and poor infrastructure remain as key constraints to the country’s economic growth, ratings agency Standard and Poor’s said. In its Banking Industry Country Risk Assessment released late Monday, S&P said economic risk in the Philippines reflects…

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THE Philippine Stock Exchange index (PSEi) extended its gains for a second day on Tuesday, tracking the upbeat performance of overseas markets particularly the overnight rally on Wall Street as geopolitical concerns over Ukraine eased. US markets rallied overnight with the Dow rising 1.06 percent, the S&P 500 up 0.85…

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LOS ANGELES – FBI agents on Saturday tracked down and killed a man suspected of kidnapping a teenage girl in California and fleeing with her into the Idaho wilderness. After officials spotted a campsite in the remote Idaho backwoods from the air, an FBI tactical team went in on…

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KUALA LUMPUR – A Malaysian plantation manager held hostage by Philippine Muslim extremists said he escaped before dawn under the cover of a tropical downpour after almost nine months in abysmal conditions, reports said Sunday. Tung Wei Jie, 26, who was seized in the Malaysian state of Sabah on…

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The Department of Budget and Management (DBM) has released P2.86 billion to the country’s police force to cover repair and maintenance expenses and the procurement of mission-essential equipment for mobility, firepower, communication, and investigation. In a statement, the DBM said the fund was released to the Department of Interior and Local Government…

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The Philippines expects higher palay and corn production in the second half of the year because of expanded harvest areas and better yield resulting from increased government interventions in all rice and corn producing regions. In its latest forecast, the Department of Agriculture’s Bureau of Agricultural Statistics said the…

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Because of difficulty in securing commercial-scale agricultural lands in the Philippines, hybrid rice producer SL Agritech Corp. (SLAC) said it may shift its planned joint venture with First Pacific Co. Ltd. to Indonesia. Henry Lim Bon Liong, SLAC president and chief executive officer, said they are scouting for rice plantations…