WASHINGTON, Oct. 25 (Reuters) — President George W. Bush on Monday nominated top White House economist Ben Bernanke to succeed Alan Green-span as Federal Reserve chairman, and the former Fed board governor pledged to keep faith with the Greenspan era.
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National Treasurer Omar Cruz said there would be no more subsidies, disbursements and advances to government-owned and controlled corporations (GOCCs) for the rest of the year to add to the pot of interest savings.
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The Philippines will begin importing in January an initial 138,000 metric tons (MT) of rice for 2006 which will be contracted under the farmers as importers program (FIP) and as part of its commitment to the World Trade Organization.
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Japan External Trade Organization (Jetro) has drawn up 10 recommendations to facilitate trade between Asean and Japan. Jetro has committed to help realize economic integration of the Asean region, a prerequisite for building a stronger economic partnership between Japan and ASEAN.
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Philippine electronics exports are expected to post double-digit growth in 2006 from a forecast 5 percent maximum growth this year on strong demand for semiconductor components, a top industry official said on Tuesday.
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The peso rate closed higher at P55.26 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P55.45 the previous day. The weighted average rate appreciated to P55.327 from P55.433. Total volume amounted to $481 million.
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Year 2005 is about to end in two months and so it will be 2006 to which the nation can look forward to giving the masses greater opportunities to get relief from high prices.
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Motorcycle importers have asked the government to liberalize the importation of motorcycles under the proposed ASEAN-China free trade agreement to effect an accelerated tariff cut or the relaxation of the registration requirements with the Board of Investments.
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MoneyGram International, based in Minneapolis, Minnesota, recently launched its partnership with Filipino–owned international cargo and courier service, LBC, to provide two new money transfer options to its customers in the Philippines — home delivery and delivery to an ATM Card.
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Banco de Oro, a universal bank owned and controlled by mall magnate Henry Sy, has recorded an increase in its trust operations to P91.5 billion ending the third quarter of this year from P88 billion end of December 2004.
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Paxys Inc., formerly FilHispano Holdings Corp, said yesterday it had acquired a 60 percent controlling interest in another business process outsourcing (BPO) company called ScopeWorks Asia Inc for R7.5 million.
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The country’s imports rose 10.1 percent from a year earlier to $4.06 billion in August due to higher crude oil costs, the government said Tuesday, citing preliminary data.
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First Generation Holdings Corporation (FirstGen) may be able to list before the end of the year, Philippine Stock Exchange President Francis Lim said.
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SM Investments Corporation (SMIC), the holding firm of the SM Group of Companies, has signed a P5-billion notes facility agreement with a consortium of financial institutions.
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SINGAPORE, Oct. 25 (Reuters) — The Indonesian rupiah climbed to a three-week high while other Asian currencies rose modestly on Tuesday, inspired by the Japanese yen’s slight recovery from near two-year lows and a rise in yuan premiums.
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After the expiration of its extended "permit to operate," the National Power Corporation was able to secure a renewal of its permit in September this year, whose validity stretches for one year.
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The aggressive push by the National Transmission Corp. (Transco) on the divestment of its subtransmission facilities is gaining success with its generation of a total of P1 billion worth of revenues to-date.
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The Association of Petrochemical Manufacturers of the Philippines (APMP) yesterday said the Committee on Tariff and Related Matters (TRM) recommendation has not properly addressed two main tariff issues.
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The local manufacturing industry has sustained its growth momentum as its value production index rose by 20.4 percent in August this year.
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WASHINGTON, Oct. 25 (AFP) — Migrant workers are expected to send home a whopping $225 billion this year, the World Bank said Monday, as a new study showed remittances playing a key role in slashing poverty rates in developing economies.
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Radio and television network giant GMA Network, Inc. has earned P1.7 billion in net income for the first nine months of the year on revenues of more than P7.4 billion, company chairman and chief executive officer Felipe L. Gozon said.
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Smart Communications Inc. postpaid subscribers can now enjoy BlackBerry technology on their Nokia and Sony Ericsson mobile phones.
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