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Telecom, energy firms top list of money makers
Telecommunications companies, particularly those in the PLDT group, and firms in energy-related businesses dominated the list of the country’s top corporations in terms of profits and sales in 2005.
BoI scraps one-day registration approval
ERC asked to explain new Meralco rate hike
The Energy Regulatory Commission (ERC) is being asked to explain to the 4.0 million customers of Manila Electric Company (Meralco) the hasty approval of a P0.28 per kilowatt-hour (kWh) increase in the utility firm’s generation charge as reflected in November and December billings, despite assurances from energy officials then that the higher trading prices in the Wholesale Electricity Spot Market (WESM) will not result in more expensive electricity bills for consumers.
SEC resolves use of Indian corporate name issue
The Securities and Exchange Commission (SEC), sitting en banc, has ruled in favor of the Filipino-Indian Chamber of Commerce in the Philippines, Inc. in the case of corporate name use.
US job growth, hourly earnings jump in Dec.
WASHINGTON, Jan. 7 (Reuters) — US job growth was surprisingly strong in December and pay jumped, according to a government report on Friday that may fan policy-makers’ concern that a strong job market could ignite inflation.
NEWS IN BRIEF
P/$ rate closes at P48.84 to
Mitra Energy ties up with Exxon Mobil for oil/gas prospect in South
Foreign-listed firm Mitra Energy Limited (MEL) and Esso Exploration International Limited, a subsidiary of Exxon Mobil Corporation, have sealed an agreement to tie-up for the exploration of oil and gas prospect in the deep waters of Sandakan basin in the southwest part of the Philippines.
Teves assures convicted US marine custody issue won’t affect aid program
The country’s highest finance official said yesterday that the custody issue of a US marine convicted of raping a Filipino woman will not affect grants from USAID (US Agency for International Development) and the Millennium Challenge Account – both administered by Washington .
GMA asks German firm to expand power investment in South Mindanao
President Gloria Macapagal Arroyo is asking German firm STEAG AG to consider expanding the capacity of its 210-megawatt coal plant to meet future demand in Mindanao or to build entirely new capacity in Southern Mindanao.
Business and Society
Out of the 100 children who start grade school, only about 40 will be able to continue after six years of elementary schooling. The remaining sixty will drop out mainly for financial reasons. It is not only because these twelve-or thirteen-year olds cannot afford to pay the non-motion costs of education (transport, textbooks and other materials, allowance). They also are badly needed by the family to help out in household and farm chores. Deprived of infrastructure and financial support, the typical farmer needs all the farmhands he can mobilize to eke out a meager living.
Atlas Mining unit to invest P12 B to reopen Toledo mine
Carmen Copper Corp., wholly-owned unit of Atlas Mining Consolidated and Development Corp., is investing P12.475 billion to reopen and rehabilitate the Toledo mine in Cebu, which used to be the biggest coal mine in the Far East.
DENR to come up with chemical control for highly-toxic lead
The Department of Environment and Natural Resources (DENR) is targeting to come up this year with a chemical control order (CCO) for highly-toxic lead as the top priority among six chemicals that should be strictly regulated due to their hazardous health and environmental effects.
Equities market seen to sustain uptrend
The local equities market is likely to sustain its upward momentum in the short term as investors remain bullish on the Philippine economy.
RP urged to come up with master plan on transport modernization
The Philippines should come up with a master plan on transport modernization and pollution-reducing technologies like biofuel as it falls behind other countries like Singapore and Tokyo on "clean air" standards.
SM targets 8% retail sales hike
The SM Group expects their department stores to post as much as 8 percent increase in retail sales over last year’s P40-billion sales citing improved domestic economy that propelled up its sales growth.
Shares close 1.47 percent lower
MANILA (AFP) - Share prices closed 1.47 percent lower, continuing to consolidate after recent gains with investors taking profits in select blue chips, dealers said.
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