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First comm’l Airbus A380 flight lands in NAIA3

Emirates took its flagship aircraft, Airbus A380, the world’s largest passenger plane – super jumbo – on a commercial, one-off trip to Manila the other night (October 7, 2014), to celebrate its move to the Ninoy Aquino International Airport (NAIA) Terminal 3 and its commitment to the Philippines. Emirates has been operating in the country […]

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US stocks sink as IMF trims forecast

New York – US stocks finished sharply lower Tuesday after the International Monetary Fund trimmed its global growth forecast while Germany released disappointing economic data. At the closing bell, the Dow Jones Industrial Average stood at 16,715.86, down 276.05 points (1.62 percent). The broad-based S&P 500 fell 29.95 (1.52 percent) to 1,934.87, while the tech-rich […]

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Authorities search for Vietnamese oil tanker

Singapore – Maritime authorities across Southeast Asia are scouring the seas for a Vietnamese oil tanker, which has not been heard from for six days and is now feared to have been taken by pirates. The Sunrise 689, which had a crew of 18 people and was carrying over 5,000 tonnes of gas oil, vanished […]

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IMF cuts global growth outlook

Washington – The International Monetary Fund cuts its global economic growth forecasts for the third time this year on Tuesday, warning of weaker growth in core euro zone countries, Japan and big emerging markets like Brazil. In its flagship World Economic Outlook report, the Washington-based lender cut its global growth expectations to 3.3 percent for […]

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News in brief

MERALCO RATES UP SLIGHTLY THIS MONTH After seesaw in forecasted cost movements, the final rate to be billed by Manila Electric Company (Meralco) will be up slightly by P0.10 per kilowatt hour (kWh) in this billing month. The utility firm has noted that “for a typical household consuming 200 kWh, this month’s adjustment is equivalent […]

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High core inflation keeps pressure for more rate hikes

The Philippines’ core inflation held at 17-month highs, data showed on Wednesday, suggesting that the central bank will maintain its hawkish policy bias, and perhaps raise rates again before year-end to quell price pressures. Bangko Sentral ng Pilipinas Governor Amando Tetangco said policymakers remain vigilant of inflation risks and will adjust interest rates if required. […]

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Gaming regulator says to penalize Universal for delayed casino launch

The Philippine’s gambling regulator will penalize the local affiliate of Japan’s Universal Entertainment Corp if it fails to open a $2 billion casino-resort along Manila Bay next year as planned, the head of the state authority said. Tiger Resorts Leisure and Entertainment Inc, the local affiliate of Universal which is controlled by gaming magnate Kazuo […]

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IMF forecasts strong PH growth to continue

The International Monetary Fund (IMF) is projecting continued strong economic growth for the Philippines in the next few years despite “rising vulnerabilities” such as external accounts deficits in the region. “(The) Philippines is forecast to remain strong in 2014-15, helped by favorable external demand and broadly accommodative policies and financial conditions,” the IMF reported in […]

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TMPC puts P2-B Innova project on hold

The P2-billion Innova project of Toyota Motor Philippines Corp. hangs pending the completion of the Automotive Industry Roadmap. TMP President Michinobu Sugata told reporters during a sideline interview at the inauguration of Japanese BPO firm Transcosmos Asia Philippines Inc.  in Ortigas that its P2-billion Innova project hinges on the completion of the automotive roadmap. Earlier, […]

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GIR steady at $80.43B in Sept. – BSP

The country’s gross international reserves (GIR) slipped to $80.43 billion as of end-September, from the previous month’s $80.87 billion. The Bangko Sentral ng Pilipinas (BSP) yesterday said GIR level, despite its slower pace of foreign currency accumulation, is still sufficient to service requirements. BSP Governor Amando M. Tetangco Jr. in a statement said the GIR […]

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