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Local stock market poised for a long bull run — PSE
The Philippine Stock Exchange believes the local stock market is poised for a long bull run.
Firm taps new tuna canning technology
General Tuna Corp., the exporting arm of Century Canning Corp., is putting up a P43-million tuna processing facility that would employ a new technology in the processing and canning of raw pack tuna that would preserve the fish nutrients and taste of a raw tuna for exports to France.
Meet to showcase RP mine resources
World’s biggest mining firms Barrick Gold, Anglo Gold Ashanti, and Gold Fields along with international financiers are expected to explore the country’s potential as a top mineral producer as a conference aimed at South African mining firms is being set in Manila perhaps in the second semester.
DoE lists 3 more Chinese companies likely to invest in CNG facilities here
At least two to three more Chinese firms are being eyed by the Department of Energy (DoE) to invest in compressed natural gas facilities in the country.
BoI grants pioneer incentives to Globe’s 3G mobile phone system
The set of pioneer fiscal incentives granted by the Board of Investments (BoI) to the P5.48 billion third-generation cellular mobile telephone system (CMTS) of the Ayala-owned Globe Telecom Inc. would be limited only to the revenues generated from its 3G operations.
RP attractive site for reg'l operating hqtrs
The Philippines is becoming an attractive site for regional operating headquarters (ROHQ) with investments from this sector hitting .5 million in the first quarter this year as against $ 1 million in the whole of 2005.
NEWS IN BRIEF
The peso rate closed at P51.61 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.517.
Omico expands into housing projects
Publicly-listed Omico Corporation, which focuses on mining and property development projects, is further expanding its property ventures with new investments in the low-cost housing project in Barangay Lourdes, Sta. Rosa, Nueva Ecija.
Monitoring team finds positive compliance on Rapu Rapu mine rehab
The multi-partite monitoring committee for the Rapu Rapu mine in Albay is confirming positive developments in Lafayette Philippines Inc.’ mine rehabilitation which is expected to precede a government order for the company’s trial run operations.
Market ripe for correction
The stock market is likely to undergo a correction after a heavy trading on Friday with net buying at almost P2 billion.
DoF seeks release of $ 600-M loans to strengthen fiscal sector
The government is negotiating for the release of some $ 600-million worth of new concessional loans from the World Bank, Japan Bank International Corp. and Asian Development Bank.
Property manager eyes role in sale of assets through auction
CB Richard Ellis Philippines, the local unit of global real estate advisor CB Richard Ellis, expects to be tapped by local banks to sell at least R500- million worth of assets through retail auctions.
Mirant’s urgent action on BPC substation sought
A revised long-term power supply agreement is about to be concluded with the National Power Corporation (NPC) to revive the commercial operations of the Bataan Polyethylene Corporation (BPC), an energy official has revealed.
Foreign funds rev up buying spree in RP stocks; Lazard ups PLDT stake
House Deputy Majority Leader Eduardo Gullas has cited the accelerated foreign accumulation of prime publicly traded Philippine equities, saying it unequivocally validated the bullish global sentiment toward the country.
AAP hosts alternative fuels confab
The Automobile Association of the Philippines (AAP), the country’s oldest and most prestigious auto club, will host a conference on alternative fuels and the readiness of the Philippine energy industry for such alternatives in the light of the spiralling cost of fossil-based fuels, particularly oil.
RP economy is resilient despite political noise — IIF
The Institute of International Finance’s latest country report on the Philippines showed that despite the uncertain political conditions, the local economy, accounts and balance of payments "have remained resilient."
Cashrounds sets P1.25-B expansion for Next Mobile after share swap
Publicly listed Cashrounds will raise at least P1.25 billion ($ 25 million) by the second semester of 2006 to fund the expansion of its mobile phone service operator subsidiary, Next Mobile Inc. (NMI).
Dollar slides to new lows as US job growth flags
NEW YORK, May 7 (Reuters) — The dollar slipped on Friday after below-consensus US job growth in April eased expectations the Federal Reserve will raise US interest rates beyond the 5 percent currently priced into financial markets.
Business and Society
China is now the envy of every country trying to attain rapid economic development. As we Filipinos realize, GDP growth rates of 7 to 9 percent annually are necessary if we are to significantly reduce mass poverty between now and 2010. To achieve such rates, we need to attract vast amounts of foreign direct investments (FDIs).
HSBC pushes expansion
HSBC will expand its operations in the country to cash-in on its competitive advantage in consumer business, disclosed HSBC Philippines Chief Executive Officer Warner Manning.
Cost of long-term borrowings seen going up; short-term steady
The cost of long-term money will slowly move up as external and internal pressures mount for its uptick, because of the growing pressures brought about by rising pump-price of oil in the local market, bankers said.
Kodak Phils. pulls up digital business
Kodak Philippines has posted significant increase in its digital products and services business in the first quarter of the year, while its traditional film segment has been on a decline.
Buffett’s Berkshire Hathaway posts 70% profit jump
OMAHA, Nebraska (AP) — Berkshire Hathaway Inc., billionaire Warren Buffett’s investment vehicle, reported a 70 percent jump in first quarter earnings on strong performance from its investments and insurance businesses.
iBank's main shareholders accept UnionBank's purchase offer
MANILA (XFN-ASIA) - International Exchange Bank (iBank) said its major shareholders have accepted the offer of Union Bank of the Philippines (UnionBank) to buy between 67-100 percent of iBank in a deal that could be worth as much as P13.54 billion.
Shares close 4.81% higher
MANILA (AFP) - Share prices rose sharply Monday, extending gains with a jump of 4.81 percent on strong foreign investor support ahead of the release of first-quarter results of major companies, dealers said.
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