| |
|
|
 |
 |
|
2006 IPP to limit perks to deserving projects only
The Board of Investments (BoI) has conducted the first inter-agency meeting on the proposed 2006 Investment Priorities Plan (IPP), which is envisioned to limit the granting of tax and fiscal incentives to deserving projects only but at the same time encourage foreign investors to relocate here, entice expansion and diversification of existing companies and a strong emphasis for an industry cluster approach.
GTEB dissolved, ad hoc council set up
An advisory council for the garments and textile sector composed of at least three government agencies and private sector representatives shall be formed to immediately resolve industry problems now that the Garments and Textile Exports Board (GTEB) has been dissolved.
US firm buying into biotech start-up
New York Stock Exchange-listed company is buying into start-up biotechnology firm FilGen BioSciences, Inc. (FGB) which is set to release in the market a cancer preventive-curative drug "lunasin" developed at the UC Berkeley by a Filipino scientist.
Sugar prices climb to new peak
NEW YORK, Jan. 22 (Reuters) — Sugar’s explosive rally could soon lift prices to the psychological 20-cents level as a "perfect storm" of tight supplies and unstinting investor buying stokes the surge in sweetener values, analysts said.
2006 budget allots P10 B to pay IMF dues
In its proposed 2006 national budget, the government will allot P10 billion to pay the Bangko Sentral ng Pilipinas for advancing its quota or subscription fees to the International Monetary Fund.
NEWS IN BRIEF
The peso rate closed at P52.960 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P52.867.
Stock trading seen mirroring sharp plunge in Wall Street
Although market sentiment remains positive in the short term given the strong corporate performances as of the third quarter of last year, local stocks are expected to mirror the over 200-point loss in the Dow Jones industrial average last Friday at New York stocks tumbled to the biggest daily plunge in almost three years.
Dollar falls on oil, US stocks plunge
NEW YORK (AP) — The dollar fell Friday, pushing lower initially on news from Iran that it plans to pull its foreign exchange reserves from European banks, but extending the move late in the day amid rising oil prices and a sharp drop in US stocks.
MFN tariff status quo in effect — Favila
Trade and Industry Secretary Peter B. Favila said a status quo on most-favored nation (MFN) tariffs is in effect as the new tariff schedule has yet to be readied by the next Congressional break.
Debt consolidation expected to force interest rates lower
The debt consolidation scheme will not only boost foreign demand for government securities, but it will also lower interest rates and create credible pricing benchmarks.
BUSINESS and SOCIETY
It may not sell millions of copies like The Da Vinci Code. But it is becoming a best seller in its own genre of books on Vatican affairs. I am referring to CNN reporter John Allen’s Opus Dei: An Objective Look Behind the Myths and Reality of the Most Controversial Force in the Catholic Church (Doubleday).
RP should assess vast resources in biotechnology
The Philippines should carry out an inventory of its enormous but underutilized biotechnology resources — drug firms, industrial laboratories, research and development firms — and synergize all these so as to catch up a share of the global 0- billion biotechnology market.
Smart, PT&T fight over interconnect fees
The Philippine Telegraph & Telephone Corp. (PT&T) and Smart Communications Inc. are wrangling over the computation of their interconnection fees since 1996.
Cebu pushed as another global outsourcing hub
Cebu Rep. Eduardo Gullas wants national economic development planners to further build up Cebu as a global business process outsourcing (BPO) hub, saying a lot more could be done to help promote the provinces qualities as an ideal location for information technology (IT)-enabled service industries.
US stocks suffer biggest fall in almost 3 years
NEW YORK, Jan. 22 (Reuters) — US stocks suffered their biggest loss in nearly three years on Friday, plummeting on disappointing earnings from blue chips Citigroup Inc. and General Electric Co. and a spike in oil caused by geopolitical tensions.
Oil prices top as nerves jangle
NEW YORK, Jan. 22 (AFP) — Oil prices topped a barrel Friday as a purported threat to the United States by al-Qaeda fuelled the jitters of investors nervous about potential supply disruptions in Iran and Nigeria.
Rising inflation Asia’s biggest uncertainty — S&P’s
SINGAPORE (Dow Jones)—The biggest immediate uncertainty for Asian economies is rising inflation and the monetary policy response to it, said Ping Chew, a Standard & Poor’s credit analyst.
China forex reserves to hit new highs this year, overtake Japan
BEIJING, Jan. 22 (XFN-Asia) — China should see its foreign exchange reserves hit new highs this year, after its holdings climbed by more than 0 billion in 2005, putting it on course to overtake Japan for the top spot soon, analysts said.
Dominguez vows solution to mining woes
Lafayette Philippines’ new head met with the company’s supporters and critics in Albay and Sorsogon early this week to find out first-hand the concerns of the communities hosting its Rapu Rapu project and how to address them properly.
WB appoints anti-corruption head
WASHINGTON, Jan. 22 (Reuters) — World Bank President Paul Wolfowitz, who has promised to crack down on corruption, has appointed Suzanne Rich Folsom to head the bank’s anti-corruption unit, according to a notice to member countries.
NPC undertakes clean up of Semirara island
State-owned National Power Corporation (NPC) said that it will be undertaking clean-up of the coastal areas of Semirara island off the province of Antique due to an oil spill caused by one of its power barges.
Splash to put up P300-M coconut processing plant
Consumer goods manufacturer Splash Holdings Inc. (SHI) is investing P300 million in a coconut manufacturing plant that will tap indigenous resources and capture promising European-American markets that look up to Filipino products.
Yang to build P1-B trading mall
Businessman George Yang, franchise holder for McDonalds in the country, is putting up a P1-billion destination mall which will feature a three mall concept: Auto Mall, Fusiontech Mall, and Wellness Mall.
BTr rejects high-rate T-bill bids
The Bureau of Treasury yesterday rejected bids for the benchmark 91-day treasury bills to prevent the yield from rising sharply.
NG cuts ’05 debt service to P299.8 B
National Government’s debt service or interest payments last year amounted to P299.8 billion, P13.6 billion lower against programmed of P313.4 billion, the Bureau of Treasury said yesterday.
Incentives to bank mergers maintained
The incentives and other privileges for banks in a merger and acquisition will continue to be enjoyed, according to the regulators, but there is uncertainty on the condonation of penalties absorbed by the surviving entity.
P/$ rate closes at P52.875 to
The peso rate closed slightly higher at P52.875 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P52.960 last Friday. The weighted average rate unchanged at P52.867 from the previous session. Total volume amounted to 8 million.
|
|
|
 |
|
