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Bear Stearns forecasts budget surplus in April
American investment firm Bear, Stearns & Co. Inc. said the Philippine government could be looking at its first budget surplus for the year when the April numbers are released this week.
'Distressed' industry parameters issued
The Board of Investments (BoI) has approved a set of parameters that would be used to declare a particular industry in a state of "distress" for purposes of qualifying an industry player for the transfer or sale of its tax credits to give redress to an ailing company.
PSALM charges 12% interest on amortized payment for Genco assets
A 12 percent interest charge will be imposed on the amortized portion of the purchase price for the divested generation assets of the National Power Corporation.
Masinloc deal initiates 'open access'
The hasty proposition of suddenly giving large electricity consumers the ‘power of choice’ through open access essentially rooted from the government’s wish to provide alternative market for the 600-megawatt Masinloc coal-fired power facility, a ranking energy official has finally admitted.
Foreign buying of stocks up 18% in Q1
Foreign buying in the stock market during the first quarter of the year went up by 17.88 percent from its level a year earlier, notwithstanding the attempt by a group within the military to topple the government of President Gloria Arroyo.
Thrift banks seek expanded FCDU license
The Chamber of Thrift Bank (CTB) is seeking for an expanded FCDU (foreign currency deposit unit) license that would allow its member banks to service the other currency requirements of their clients.
NEWS IN BRIEF
The peso rate closed at P51.33 to the US dollar last Wednesday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.257. Financial markets reopen today.
Stock trading seen resuming uptrend
The return of higher trading activity this week may see the market making its move to the next resistance at 2270.
Dollar flat in thin holiday trading
NEW YORK, Apr. 16 (XFN-ASIA) — The dollar was little changed against major rivals Friday in light Easter holiday trading, with market participants awaiting next week’s flurry of economic data to guide the price action.
BUSINESS and SOCIETY
A recent article by Michael Fitzgerald in Technology Review reported that Intel, the world’s largest chip manufacturer, is hiring more than 100 anthropologists and other social scientists to work side by side with its engineers. This trend is highlighting the importance of the so-called "soft sciences" in helping the hard scientists (e.g. physicists, chemists and engineers) to understand the human dimensions of technology.
WB to lend RP $ 1.8 B in next 3 years
The World Bank has programmed $ 1.8 billion in new loans for the Philippines in the next three years.
ALI earmarks P1.1 B for new BPO offices
Real estate giant Ayala Land Inc. (ALI) is allotting P1.1 billion to P1.2 billion of this year’s capital expenditures to raise its gross leasable office space aimed at the rapidly expanding business process outsourcing market.
Highlands Prime earns P173 M in 2005, up 37%
Highlands Prime, Inc, a publicly-listed high-end property development company majority-owned by the SM Group, posted P173 million in net income after taxes for the year 2005, 37 percent higher than the previous year’s level of P126 million.
Steelcorp on target in output, shipment of $ 60-M export orders
Steel Corporation of the Philippines (Steelcorp) disclosed that it is on target in the production and shipment of Galvalume, its flagship brand of roofing materials, meant to meet early export bookings from clients abroad.
Gov’t urged to investigate cement output capacity
The government was urged to investigate the real state of the cement industry as it was warned of shortfall in the supply of cement starting next year and not 2010 as projected by the Board of Investments.
Cost of Leyte-Mindanao power transmission project put at $ 275 M
A feasibility study commissioned by the National Transmission Corporation (TransCo) has trimmed down the estimated budget for the planned Leyte-Mindanao transmission line inter connection project to $ 275 million from the original $ 450 million.
DTI studies Chemphil’s request for chemical safeguard duty
The Department of Trade and Industry is seriously looking into the petition filed by chemical manufacturer CAWC, a subsidiary of Chemical Industries of the Philippines (Chemphil), for the imposition of safeguard measures on imported chemicals called sodium tripolyphosphates technical grade (STPP-TG).
Africa’s largest staffing firm uses Pinoy software
South Africa’s largest staffing firm, Adcorp Holdings, is using a payroll processing solutions which local firm Gurango Software Corporation (GSC) developed.
Foreign selling in equities up 62% in March on security concerns
MANILA (XFN-ASIA) - The Philippine Stock Exchange said foreign investors sold more and bought less stocks in March after President Gloria Arroyo placed the country under a state of emergency to quell an alleged attempt to oust her.
Once-wary US industry giants embrace Internet advertising
In their pursuit of advertising dollars, Internet companies are winning some important converts: the consumer packaged-goods companies that sell everything from cookies and cola to skin cream and soap.
Benguet Corp eyes P730-M annual revenues from water project
MANILA (XFN-ASIA) - Benguet Corp said in a statement to the stock exchange that it expects to generate revenues of P730 million a year from its 25-year contract to supply water to Baguio City.
BPI 1st qtr net profit hits P2B
MANILA (Dow Jones)--Bank of the Philippine Islands , or BPI, the country's second-largest bank by assets, said Monday its preliminary net profit in the first quarter hit P2 billion, up from the year-earlier net profit of P1.6 billion on increased interest and fee-based income.
Treasury bill rates fall across-the-board
MANILA (XFN-ASIA) - Treasury bill rates fell across-the-board at today's auction, prompting the government to make full awards on all three tenors.
Gov't January debt now P3.965T
MANILA (Dow Jones)-- Government debt rose to P3.965 trillion ($ 77.29 billion) in January from its end-2005 level of P3.888 trillion due to new foreign borrowings, the National Treasury said Monday.
San Miguel posts P9B net income last year
MANILA (Reuters) - San Miguel Corp., Southeast Asia's largest food and drinks group, recorded a 1.9 percent rise in 2005 net income, slightly lower than the earlier reported 3 percent growth, a copy of its financial report submitted to regulators showed on Monday.
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