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Latin American stocks fall on China plunge

  Stocks in Brazil and Mexico, Latin America’s two largest exchanges, fell sharply Monday as plunging Chinese shares unleashed fresh turmoil on global markets. Sao Paulo’s IBOVESPA stock index fell 6.49 percent in opening trade before recovering slightly, with shares down 4.5 percent to 43,647 points at mid-morning. Mexico’s IPC index meanwhile lost 2.18 percent, […]

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US stocks plunge in early trading after Chinese stock rout

  NEW YORK (AP) — U.S. stock markets plunged in early trading Monday following a big drop in Chinese stocks. The Dow Jones industrial average fell more than 1,000 points in early trading and the Standard & Poor’s 500 index fell into correction territory, that’s Wall Street jargon for a drop of 10 percent or more from a […]

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Gov’t agency allotments 95% released — DBM

The Department of Budget and Management (DBM) has released 95 percent of the national government agencies’ allotments in the first seven months of the year as it continued to outpace last year’s level. In a statement, the budget department said that its releases as of end-July the amount have already exceeded by 2.5 percent or […]

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PNR to sweeten P171-B NSRP auction

The government may sweeten the auction of the P171-billion North-South Railway Project (NSRP) with a potential 10.25 percent biennial fare hike for the Philippine National Railways (PNR). During the prequalification conference with investors last week, the government said it will replicate the periodic 10.25 percent fare increase set for the Light Rail Transit (LRT) 1 […]

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PH stocks plunge

Philippine stocks yesterday shed its biggest one-day loss in history wiping out P764 billion in market capitalization after succumbing to global pressures and widespread panic over the impact of China’s currency devaluation and economic slowdown. The Philippine Stock Exchange index (PSEi) sank 487.97 points on Monday, or 6.70 percent to close at 6,791.01, while the […]

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Business to BOC: Spare OFW Balikbayan boxes

Businesses yesterday threw their support to the plan of the Bureau of Customs to conduct a random check on Balikbayan boxes and subject them to taxes, but also proposed some measures to ensure that  legitimate boxes from overseas Filipino workers are spared from this move. The BOC plan has caused a furor among Filipinos abroad […]

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DOF wary over China’s decision to use exchange rate to boost country

The Department of Finance (DOF) is wary over China’s decision to use the exchange rate to shore up the weakening growth of the world’s second largest economy. In a statement, Finance Secretary Cesar V. Purisima said Sunday that China should be mindful of the trade-offs involved in using the exchange rate as a trade tool […]

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Australia’s Fortescue profits dive 88%

Sydney  – Australian miner Fortescue Metals on Monday posted an 88 percent slump in full-year net profit on the back of tumbling prices for the steel-making commodity iron ore. Fortescue, one of the world’s big four iron ore exporters along with Australia’s BHP Billiton and Rio Tinto, and Brazil’s Vale, made a profit of $316 […]

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Crude extends losses; US oil trades below $40

Singapore   – Crude prices dived in Asia on Monday, with US oil hovering below the key $40 a barrel mark amid deepening concerns about weak Chinese economic growth and global oversupply, analysts said. US benchmark West Texas Intermediate (WTI) for October delivery fell $1.04 to $39.41 while Brent crude for October eased 91 cents to […]

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PHL’s coal-power plans unsettle clean-energy investors

Manila – Plans to boost the Philippines’ coal-fired power capacity by more than 25 percent in just three years will be a cheap solution to the country’s precarious power supply but bad news to investors in clean energy. A total of 25 coal-fired power stations are in the pipeline with capacity totalling 12,200 megawatts, according […]

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