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Palace takes US envoy’s statement as a ‘challenge’
Malacañang yesterday took it as a challenge to work double time United States Ambassador Kristie Kenney’s statement that the Philippines is still lagging behind its neighbors in the Southeast Asian region.
IMF raises RP growth forecast
The International Monetary Fund upgraded its forecast for the Philippine economy this year on a stronger inflow of funds from Filipinos working overseas, and painted a rosier picture for 2007, according to a report released Wednesday.
Pilipinas Shell nets P5.7 B in 2005
Pilipinas Shell Petroleum Corporation, a local subsidiary of Royal Dutch Shell Group, netted P5.7 billion after-tax income last year; coming close second to the industry’s dominant player.
Below programmed ceiling
The National Government posted better than program first quarter deficit of P67.6 billion against ceiling of P71.8 billion, the Bureau of Treasury said yesterday.
Citibank unit offers free remittance services
To further boost its remittance business Citibank (West) FSB is offering free remittance services for Filipinos in the United States.
GFIs ink agreement on information sharing
Government financial institutions can now exchange and share information on relevant reports and information to enhance better coordination and complementary functions.
NEWS IN BRIEF
The peso rate closed lower at P51.495 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P51.32 the previous day. The weighted average rate appreciated to P51.382 from P51.423. The volume of transactions amounted to $ 548.6 million.
SRA to import sugar from Europe
The Philippines has contracted 50,000 metric tons (MT) of sugar from Europe in an effort to beef up supply needed to fill up an expanded 216,000 MT of sugar export quota to the US.
Renewable, indigenous energy use pushed
The government is gearing up for higher utilization of indigenous and renewable energy sources in the power mix so as to partly shield consumers from electricity price upticks wrought by volatilities in costs of other fuels; like oil and coal.
RLC doubles capex to P7 B this year
Robinson’s Land Corporation (RLC) is doubling its capital expenditure for the year to P6 billion to P7 billion from P3.5 billion in 2005 as it steps up its land banking and construction efforts to take advantage of an uptrend in the property sector.
Masbate gold project to start
Filminera Resources Corp. (FRC), a Canadian-Filipino partnership, is eyeing construction in August-September this year of the million Masbate gold project to cash in on investments from now lucrative gold price in a prospect drilled since the 1990s.
Cement group welcomes probe of real production capacity
Local cement manufacturers would welcome an investigation on the real state of its production capacity amid doubts of discrepancy in its reported capacity as against operating (actual) capacity.
Gov’t takes chance to market CME, ethanol with price hikes
With the new round of surges in pump prices, the government is catching that chance to position itself as marketing agent for the alternative fuels like coco methyl ester or CME and ethanol as blend to diesel and gasoline products.
GlobeQuest expands Wi-Fi services
GlobeQuest, the corporate business group of Innove Communications Inc., is expanding its Wi-Fi (Wireless Fidelity) service nationwide, increasing its Wireless Internet Zone (WiZ) hotspots from the current 275 to 500 by yearend.
ICTSI to bid for 4 more int’l ports
International Container Terminal Services, Inc. (ICTSI) is eyeing three to four more international ports after establishing operations in Madagascar and Okinawa, Japan last year.
SMC sets roadshow on Asia’s groundbreaking hybrid bonds
San Miguel Corp. is ready to make its long-awaited public offshore bond market debut in groundbreaking style by launching Asia’s first corporate hybrid deal. The Philippines’ brewing and food conglomerate hopes to raise US$ 500 million.
Ford Group, parts suppliers forge strong collaboration
To ensure the continuous success of its export program and operations in the Philippines, Ford Group Philippines recently held its annual Suppliers Conference, where it brought together its partners in the automotive parts industry to jointly set goals for the year and identify opportunities to ensure the competitiveness of their businesses.
Gold surges to $ 645.25 in Sydney
SYDNEY (Dow Jones) — Gold climbed to yet another quarter century high late in Asian trading hours Thursday, paring back modest losses earlier in the session as some players booked profits, spurred by a slightly stronger US dollar.
Rupiah hits 21-mo. high, others lower
SINGAPORE, Apr. 20 (Reuters) — The Indonesian rupiah jumped to a 21-month high on Thursday due to strong foreign demand for stocks and high-yielding bonds and could have gone higher but for dollar-buying by state-run banks aimed at stifling its gains.
IMF sees world economy growth at 4.9% in 2006, 4.7% in 2007
WASHINGTON, Apr. 20 (XFNAsia) — The global economy is on track for another couple of years of solid growth despite high energy prices and the risks stemming from large global imbalances, the International Monetary Fund said Wednesday in its World Economic Outlook.
Japan’s economic recovery ‘solidly on track’
WASHINGTON, Apr. 20 (AFP) — The IMF on Wednesday dramatically upgraded its outlook for Japan’s economy, saying its recovery remains "solidly on track" after a decade in the deflation doldrums.
Chinese economy expands 10.2% in Q1
BEIJING, Apr. 20 (Reuters) — China’s annual economic growth picked up to 10.2 percent in the first quarter, strengthening the case for measures to prevent overheating, possibly including a quicker rise in the yuan.
Oil prices reach new historic peaks
LONDON, Apr. 20 (AFP) — World oil prices reached new historic peaks on Thursday, above 74.0 dollars in London and 72.0 dollars in New York, owing to mounting tensions over Iran’s nuclear programme and fears of gasoline shortages in the United States.
Apple profit tops targets, fuelled by iPod player sales
SAN FRANCISCO, Apr. 20 (Reuters) — Apple Computer Inc. on Wednesday posted a 41 percent increase in quarterly profit, beating Wall Street targets, and said sales of its highly successful iPod digital music player topped 8.5 million.
Peso at 1-1/2 month low as oil costs soar
SINGAPORE (Reuters) - The Philippine peso dropped to a 1-1/2-month low on Friday as oil refiners bought dollars to pay for soaring imports, but dealers said technical indicators showed strong support for the currency around present levels.
Mobile subscribers worldwide seen to exceed 3 B in 2007 -- Ericsson
STOCKHOLM (XFN-ASIA) - LM Ericsson AB's chief executive Carl-Henric Svanberg said he expects the total number of mobile subscribers in the world to exceed 3 billion by next year, three years ahead of the company's most recent projections.
Mobile subscribers worldwide seen to exceed 3 B in 2007 -- Ericsson
STOCKHOLM (XFN-ASIA) - LM Ericsson AB's chief executive Carl-Henric Svanberg said he expects the total number of mobile subscribers in the world to exceed 3 billion by next year, three years ahead of the company's most recent projections.
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