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ABS-CBN turns around with P121-M profit in Q1
ABS-CBN Broadcasting Corporation reported a preliminary estimated first quarter 2006 net income of P121 million, a complete reversal from the P114 million loss it reported in the same period last year.
PNOC, Samsung Heavy forge tie-up to construct transport CNG facility
State-run Philippine National Oil Company (PNOC) is pursuing partnership deal with Korean firm Samsung Heavy Industries Co. in setting up another mother-daughter compressed natural gas (CNG) facility that will cater to the needs of the transport sector.
Goldman Sachs mulls RP investments
Fund manager Goldman Sachs, which has a multibillion dollar fund portfolio, is keenly interested on investing in the country’s tourism sector, mining and the privatization of the National Transmission Corp. (Transco).
US may allow more RP mango exports
The US may allow the export of Philippine mangoes not just from Guimaras but from any part of the country except Palawan thus, boosting confidence of improved market presence in the country’s biggest export destination.
More LGU bonds set as demand picks up
The government will float more Local Government Unit or LGU bonds to increase funding for public projects and to encourage development of the LGU debt market.
NEWS IN BRIEF
The peso rate closed higher at P51.73 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P51.925 the previous day. The weighted average rate appreciated to P51.84 from P51.889. Total volume amounted to 5.5 million.
Calaca power plant bidding fails
A failure of bidding has been declared by the Power Sector Assets and Liabilities Management Corporation (PSALM) for the 600-megawatt coal fired power facility despite the fact that two local companies submitted tenders - namely First Gen Corporation and DMCI Holdings, Inc.
P1.5 T spending for infrastructure set over 4 years
The country needs P1.5 trillion in total infrastructure investments over the next four years.
SM Investments forecasts 24% income growth this year
SM Investments Corporation expects to sustain its net income growth of 24 percent this year to about P8.84 billion on the back of a projected 10 percent growth in gross revenues.
IPO cites 28 convictions on cases of IPR violations
The Intellectual Property Office of the Philippines has reported 28 convictions on intellectual property cases by various courts nationwide in less than a year while multi-million worth of pirated goods have been seized in the first quarter this year.
JG Summit chalks up P4.25-B net income in 2005, down 31%
Conglomerate JG Summit Holdings Inc. said it posted lower net profit in 2005 in the absence of extraordinary gains that boosted the bottom line in 2004, but its telecommunications unit managed to cut its losses.
NPC-Meralco settlement deal stalls
Parties involved in the P20-billion net settlement agreement resolving power contract dispute between state-owned National Power Corporation (NPC) and Manila Electric Company (Meralco) indicated that such concern will momentarily take the back seat in lieu of new deals being firmed up for the "offer of supplier choice" to large customers.
UK firm plans to put up Jatropha plantations
D1 Oils Asia & Pacific Inc., a subsidiary of UK-based D1 Oils plc., is gearing up its operations here in the Philippines with its objective of setting up plantations of Jatropha curcas in all 12 regions of the country.
Asian currencies firm on dollar woes
SINGAPORE, Apr. 27 (Reuters) — The Malaysian ringgit hit eight-year highs on Thursday as a surprise interest rate rise the previous day boosted expectations for further increases, while other Asian currencies also firmed against a broadly soft dollar.
Bill mandates direct remittance of mining taxes to local gov’t units
Malacañang has certified as urgent a bill mandating the direct remittance of excise taxes from mining operations to local government units (LGUs) instead of being temporarily transferred to the Department of Budget and Management (DBM).
PGMA to address 27th ECoP gab
President Gloria Macapagal Arroyo has been invited to address the 27th National Conference of Employers (NCE) as keynote speaker to discuss joint moves by the government and the private sector to create a more competitive economy to create more employment.
Etihad Airways names RP manager
As part of its international development and expansion, Etihad Airways, the national airline of United Arab Emirates, has appointed Manuel Staerkle as Manager for the Philippines.
Etihad Airways names RP manager
As part of its international development and expansion, Etihad Airways, the national airline of United Arab Emirates, has appointed Manuel Staerkle as Manager for the Philippines.
Is it debt or equity?
HONG KONG, Apr. 27 (Reuters) — They’re the capital market’s equivalent to having your cake and eating it too.
POTC, Philcomsat row
Stockholders of Philippine Overseas Telecommunications Corp. (POTC) and its wholly owned subsidiary, Philippine Communications Satellite Corporation (Philcomsat) led by Victor Africa denounced the alleged scheme by the group led by Manuel Nieto Jr. to keep control of Philcomsat Holdings Corporation.
Amex, Delgado firm set up new company
American Express Business Travel (AEBT) and Delgado-owned Transnational Diversified Group (TDG) firmed up further their tactical alliance by forging a new strategic investment that immediately emerged as the "largest travel management company in the Philippines."
SCB sees 10% growth in consumer business
Standard Chartered Bank Philippines is projecting a 10 percent increase in its consumer business this year with the introduction of its dreamsavers account geared towards the younger generations.
World's largest liner in UK for first passengers
LONDON (Reuters) - The world's largest cruise ship docks at Southampton on Saturday ahead of its inaugural trip -- a floating behemoth four times the size of the Titanic, with facilities never imagined at the dawn of the liner age.
Brunei becomes 65th member of ADB
MANILA (AFP) - Oil-rich Brunei has become the 65th member of the Asian Development Bank, the Philippines-based multilateral lender announced on Friday.
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