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Fraport may apply for annulment of WB decision on NAIA 3 project
FRANKFURT, Sept. 2 (Reuters) — Frankfurt airport operator Fraport said it may apply for an annulment of a recent World Bank decision to dismiss its claim for more than $ 400 million in compensation over a Manila airport terminal project.
Federal Reserve to do what’s necessary to protect US economy
JACKSON, Wyoming (AP) — Federal Reserve Chairman Ben Bernanke vowed to do all that is necessary to protect the US economy from the ill effects of a global credit crunch — but not to bail out investors and lenders "from the consequences of their financial decisions."
Nod on additional gas sale awaited
The consortium for the Malampaya gas field project is still awaiting firm signal from the government, primarily the Department of Energy (DoE), on when it really sees new power capacity needed, so they can tie the schedule for their planned sale of additional gas supply.
Gov’t to expand SME loan program
The government will further expand its lending program for small and medium enterprises (SMEs), a move which it hopes would be duplicated by private banks in order to help spur the economy.
Stock sales double SSS profit to P15.5-B
The equities market has generated substantial income for the Social Security System (SSS) in the first half of the year reaching to P15.5 billion mainly arising from its timely sale of San Miguel Corp. (SMC) shares.
P56.84-B public sector surplus seen
The Department of Finance has doubled its projected public sector surplus next year to P56.84 billion from the previous forecast of only P20 billion.
Follow-through buying likely with positive news from Wall Street
Emboldened by the strong recovery in Wall Street Friday after President Bush and Federal Reserve Chairman Ben Bernanke reassured investors they would do what was needed to shelter the economy from market turmoil, local stock investors are expected to make follow-through buying this week.
New investments up 28% in 7 months
Bannered by the strong inflows to manufacturing and services projects, approved investments soared 28 percent in the January-July period this year to P149.07 billion as against P116.26 billion in the same period last year.
$ 180-M Cavite-Laguna expressway project pushed
The construction of the $ 180-million Cavite-Laguna North-South Expressway Project (CALA NSWay) is expected to boost the economies of Cavite and Laguna region, the country’s premiere industrial area.
Trade gap projection lowered to $ 6.9 B
The Bangko Sentral ng Pilipinas (BSP) is looking at a lower trade gap this year of $ 6.9 billion from earlier estimates of $ 7.2 billion.
Business and Society
A very strong message I am sending to Spanish and other European investors is that the consumer markets of the countries in the ASEAN can be as attractive as those in China and India. The ASEAN has 600 million people, a population that exceeds the entire European Union, which has only about 500 million. The per capita income of the countries in the ASEAN ranges from the low levels of around ,000 of populous countries like Indonesia, the Philippines and Vietnam to about ,000 of Thailand and finally about ,000 of Malaysia (we can exclude Singapore that is more like a Northeast Asian economy). As the more populous countries graduate from their present levels of per capita income to the level of Malaysia, Engel’s law predicts that the demand for consumer products and services in this free market area will grow geometrically. There can be double-digit growth of markets for processed food, fashion products, house furnishings, consumer durables, entertainment services, and tourism, among others.
Tax collection rate improves in Aug.
Tax collection agencies performed better than target in August, which likely resulted in a higher budget surplus of P33.817 billion for the month, finance department papers show.
GSPI leases out billet shop to Tius
Bogged by insufficient funds to fully operate the former National Steel Corp., the Indian-owned Global Steelworks Philippines Inc. (GSPI) has leased out the billet shop to Treasure Steelworks Corp. as the company has been unable to raise funding for its operation.
NPC seeks negotiated deal for Pagbilao coal
State-run National Power Corporation (NPC) is pursuing another negotiated deal with Indonesian coal supplier PT Andalan Tiga Berjaya to meet the September 26-October 4, 2007 coal supply for the 700-megawatt Pagbilao power plant in Quezon.
Filipino meat processor sets sight on international market
A Filipino meat processing company is eyeing the international market having gotten hold of global food safety seal Hazard Analysis Critical Control Point (HACCP).
Lafayette’s processing unit earns ISO 14001 environmental award
Rapu Rapu Processing, Incorporated (RRPI) has secured an ISO 14001: 2004 certification for its environmental management systems (EMS), the only local mining company to do so after Philex Mining.
Global air cargo demand sustains growth in July
Global air cargo demand sustained its momentum with a5.5 percent growth in July, up from 4.9 percent in June, and well above the 2.7 percent growth in the first half of 2007.
Customs regulations, procedures set to be streamlined in BIMP-EAGA ports
Customs Commissioners from the Brunei Darussalam-Indonesia-Malaysia-Philippines–East ASEAN Growth Area (BIMP-EAGA) have pledged to prioritize the streamlining initiatives on Customs rules, regulations and procedures in specific ports of the sub-region as they concluded last week the 1st BIMP-EAGA Heads of Customs Meeting at the Marco Polo Hotel in Davao City.
AirAsia orders 25 new Airbus planes
KUALA LUMPUR, Sept. 2 (AFP) — Southeast Asia’s largest low cost carrier AirAsia will order 25 Airbus A320s to meet passenger demand, officials said Friday after announcing plans to launch a new budget airline in Vietnam.
Qantas Airways sets pollution offset scheme
MELBOURNE, Sept. 2 (Reuters) — Australia’s largest airline, Qantas Airways Ltd , said it plans to start a carbon credit program in September to partly offset the pollution emitted by its aircraft.
India posts 9.3% growth in Q1
NEW DELHI, Sept. 2 (AFP) — India’s economy accelerated by a surprise 9.3 percent in the first quarter as industry and services grew strongly but a slowdown loomed, analysts warned Friday.
SunPower eyes new markets
SAN FRANCISCO, Sept. 2 (Reuters) — US solar cell and panel maker SunPower Corp., which has a big manufacturing plant in the Philippines, is targetting multiple residential, commercial and industrial markets for its energy systems via the acquisition of its new PowerLight division, SunPower Chief Executive Tom Werner said in an interview.
Controversy heats up as 2 candidates vie to lead IMF
WASHINGTON, Sept. 2 (AFP) — In a race mired in controversy, two Europeans are vying to become the new head of the International Monetary Fund and lead the battle in introducing wide-ranging reforms.
P/$ rate at P46.55/$ 1
The peso exchange rate closed at P46.55 to the US dollar last Friday at the Philippine Dealing & Exchange Corp., (PDEx). The weighted average rate stands at P46.664.
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