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WTO to miss deadline lowering trade barriers
GENEVA (AP) — The 149 members of the WTO will miss an end-of-April deadline to take a major step forward in liberalizing world trade, senior officials said.
G7 backs bigger forex role for IMF
WASHINGTON, Apr. 23 (Reuters) — Finance chiefs from rich nations on Friday welcomed a bigger role for the International Monetary Fund as a global currency watchdog at a time of heightened anxiety about a potential dollar fall, according to a draft of the officials’ communique.
Petron expands market in Indochina
Philippine’s leading oil firm Petron Corporation is developing new export market domains in Indochina countries, primarily Vietnam and Laos; after an earlier successful foray in Cambodia.
NG interest payments seen to decline
National Government interest payments are expected to drop 6-8 percent in 2007 to below P318.9 billion from the programmed P340 billion this year.
More investors flock to Subic Freeport
At least 12 companies with combined investments of $ 28.177 million, approximately P1.4 billion, have lined up for approvals by the Subic Bay Metropolitan Authority (SBMA).
Authorities remain unworried on oil prices
Monetary authorities aren’t worried yet despite the continued rise in oil prices with the benchmark Singapore’s new-high crude prices of $ 74.22 per barrel.
NEWS IN BRIEF
The peso rate closed at P51.69 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.658.
VECO seeks bids for new power plant
To augment its power supply for the next five years, Visayan Electric Company Inc. (VECO) is seeking out tenders for a 200-megawatt capacity that shall be set on stream starting 2010.
Hitachi launches energy saving solution here, first outside Japan
Hitachi Ltd. (Hitachi) and Hitachi Asia Ltd. (Hitachi Asia) officially inaugurated last week their first Energy Saving Solutions Service project outside of Japan in a move that will offer cost saving, increase energy savings and reduce CO2 emissions.
Skyrocketing oil prices seen to weigh on stock investors
Value investors are expected to remain in the sidelines given the potential impact of skyrocketing oil prices.
SBMA slaps $ 100 import fee on used auto
Subic Bay Metropolitan Authority (SBMA) has imposed $ 100 import fee for every imported used motor vehicle to deter unscrupulous traders from undertaking so much importation for sale outside of the Freeport zone.
Teves vows balanced budget in 2010
WASHINGTON, Apr. 23 (Reuters) — The Philippines, Asia’s second largest sovereign debt issuer after Japan, expects to balance its budget in 2008 rather than the original target date of 2010, Finance Secretary Margarito Teves said.
LRTA pays P23 million in income taxes
The Light Rail Transit Authority (LRTA) reversed 23 straight years of losses, turned in a profit of P68 million last year, and promptly paid the Bureau of Internal Revenue P23 million in income taxes.
Business and Society
Today’s business executive has been globalized. That’s the message of Thomas Friedman in his best-selling book The World Is Flat. Whereas Globalization 1.0 (1492-1800) involved the nation-states in the internationalization of trade and investment and Globalization 2.0 (1800-2000) the coming of age of the multinational or transnational enterprise, Globalization 3.0 (2000-) has thrust the individual executive or professional into the global economy.
Gov’t urged to review steel policies
A lawyer advocate took up the cudgels the other day for the steel industry, calling for a reassessment of inconsistent government policies that tend to stunt its growth or, worse, place it on a critical survival mode.
Sto. Tomas, Kenney to speak at ECoP meet
Labor Secretary Patricia Sto. Tomas and US Ambassador Kristie A. Kenney will be guest speakers of the Employers Confederation of the Philippines (ECoP) during its 27th National Conference of Employers on May 22-23, 2006 at the Manila Hotel.
Beverage seen driving URC growth
Universal Robina Corporation is counting on its beverage division, whose products are becoming increasingly popular, to lead the growth in the company’s earnings this fiscal year.
Gold, silver rebound from sell-off
NEW YORK/LONDON, Apr. 23 (Reuters) — Precious metals recovered some of their lost ground on bargain hunting and short covering on Friday, after a frantic sell-off on Thursday, when investors cashed in after a rally to new multiyear highs, traders said.
High oil prices seen as threat to growth
WASHINGTON (AP) — Skyrocketing oil prices and massive trade imbalances between the United States and other countries represent serious threats to global growth and most be addressed, world finance leaders say. But they concede there are not any quick solutions to either problem.
Furniture industry bats for lifting of ban on abaca harvest
The furniture sector is batting for the lifting of an executive order (EO) banning the harvest of abaca leafsheaths or "umbak" used as indigenous material which adversely affects the Philippines’ $ 500 million furniture export.
Tanduay earns P735 M in 2005, up 11.5%
Tanduay Distillers Inc. reported an 11.5 percent hike in profits in 2005 to P735.51 million from the P659.84 million registered in 2004 despite sluggish growth in the agricultural sector, the main industry in its market strongholds.
Developing nations cool toward IMF quota plan
WASHINGTON, Apr. 23 (Reuters) — Finance ministers from the Group of 24 developing countries on Friday responded with reservations to a proposal by the International Monetary Fund to give some emerging countries a bigger say in IMF decisions.
Developing countries call for political will to save Doha round
WASHINGTON, Apr. 23 (AFP) — Finance ministers from developing countries called Friday for renewed political commitment by rich and poor nations to salvage critical global trade liberalization talks that are currently foundering.
Reserve diversification drives dollar lower
NEW YORK, Apr. 21 (AFP) — The dollar lost ground Friday as traders weighed another signal that central banks are diversifying their foreign currency reserves and reducing their dependency on the greenback.
SMC to trade ex-cash dividend tomorrow
MANILA (XFN-ASIA) - San Miguel Corp. (SMC) will trade ex-cash dividend tomorrow, the stock exchange said.
Digitel end-2005 mobile clients at over 2 million, short of target
MANILA (XFN-ASIA) - Sun Cellular, the mobile phone service of Digital Telecommunications Inc (Digitel), ended 2005 with a subscriber base of over 2 million or below its 2.5 million target because of intense competition in the industry, officials said.
PLDT boss buys extra 500 shares at P1,970 each
MANILA (XFN-ASIA) - Philippine Long Distance Telephone Co (PLDT) said its chairman Manuel Pangilinan bought on Friday an additional 500 common shares of PLDT on the open market at P1,970 each.
SMC credit rating outlook upgraded to stable -- S&P
MANILA (XFN-ASIA) - Standard & Poor's Ratings Services said it has revised its outlook on San Miguel Corp's credit ratings to stable from negative on expectation that the food and beverage firm will be less aggressive in its future acquisitions.
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