MANILA, Philippines — The peso exchange rate stands at P43.66 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.606.

Mazda sales up 9 percent

Mazda Philippines reported that sales in May reached 258 units, a 9 percent increase over April, making it one of the fastest growing automotive brands in the Philippines. This brought Mazda’s sales in the first 5 months 1,338 units or 7 percent higher than the same period last year. The growth was driven by the demand for the popular Mazda2 and Mazda CX-7 nameplates.

The Mazda2 saw May sales of 131 units, up 39 percent versus prior month. Year-to-date sales of the popular sub-compact total 466 units, representing a 51 percent increase. The Mazda2 continues to gain momentum for the brand through the ‘Make It Your Own Mazda’ customization program, allowing customers the option to personalize their Mazda with exclusive decals, genuine accessories or flexible payment schemes. (BCM)

Bank opens in restricted cities

EastWest Banking Corp. has requested approval from the Bangko Sentral ng Pilipinas (BSP) to establish three additional branches in the restricted areas. The bank gained the branch licenses when it merged with Ecology Savings Bank Inc. in 2003, however it has mistakenly relocated the branches to the unrestricted areas of Kalookan, Isabela and Malabon. It now wants to relocate the branches to Binondo, and Novaliches, Quezon City, which are restricted areas. (LCC)

Total completes $1.3-B solar deal

SAN JOSE, California (AP) — French oil producer Total SA completed its $1.3 billion takeover of solar power company SunPower Corp., boosting the oil giant's renewable-energy presence.Total said Wednesday it closed the deal, buying a 60 percent share of SunPower shares with an all-cash tender.

"Today marks a new stride forward for Total in the solar power industry,'' Total Gas & Power President Philippe Boisseau said in a statement. SunPower CEO Tom Werner said the sale will help SunPower expand by boosting its market access and research and development program.

Global recovery at risk – IMF

SAO PAULO (AFP) — A fragile global economic recovery could falter unless Europe averts sovereign defaults, the United States gets its fiscal house in order and emerging economies prevent overheating, the IMF warned. ''There are very clear risks to the recovery,'' the International Monetary Fund's research director, Olivier Blanchard, said.