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Gov’t to push sale of SMC, Meralco stakes next year
The Department of Finance is banking on the sale of government shares in big-ticket San Miguel Corp. and Manila Electric Co. next year as sources of cash.
Listed firms boost profits by 32.5%
The combined earnings of domestic companies listed in the Philippine Stock Exchange (PSE) went up by 32.5 percent to P167.915 billion in the first nine months of 2006 from P126.73 billion for the same period last year.
Daimler Chrysler may tap abaca
The abaca sector is poised to benefit from an advanced study funded by auto-maker Daimler Chrysler and German’s DEG for the extensive use of environment-friendly abaca to replace fiberglass on cars.
Public warned on power rate hike
Industrialist Raul T. Concepcion has cautioned electricity consumers in advance that they may brace for an aggregate increase of more than P7.00 per kilowatt hour (kWh) in their electricity bills next year, as based on the separate applications filed by National Power Corporation and Manila Electric Company.
Indian investors seek bigger RP ties
Indian businessmen have proposed of a bigger cooperation with the Philippines in the areas of mining, infrastructure, pharmaceuticals and information technology.
Xstrata to acquire stake in Mindanao copper mine
SYDNEY (Reuters) - Swiss-based Xstrata Plc said on Thursday it will exercise an option to acquire a majority stake in a mine project in southern Philippines, potentially one of the largest copper and gold deposits in Southeast Asia.
Metro Pacific completes sale of Nenaco shares
MANILA (Dow Jones) -- Metro Pacific Corp. (MPC.PH) Thursday said it has completed the sale of the majority of its shares in Negros Navigation Co., or Nenaco, to the shipping company's management team for P5 million.
Philnico to decide next month on JV with Jinchuan
MANILA (Reuters) - Philnico Industrial Corp. said on Thursday it would make a decision in January next year on whether to pursue a joint venture with China's state-owned Jinchuan to reopen the Nonoc nickel mine in the Philippines.
P/$ rate closes at P49.375 to $ 1
The peso rate closed higher at P49.375 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P49.72 the previous day. The weighted average rate appreciated to P49.422 from P49.566. Total volume amounted to $ 363.81 million.
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