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Peso climbs to new 7.5-year high on strong remittances
The peso soared to a new peak in seven and a half years of P42.27 yesterday against the weak US dollar on the back of the combined effects of the avalanche in dollar remittances from overseas Filipino workers (OFWs) and banks unloading their holdings of the American currency.
US firm to stop cigarette print ads
NEW YORK (AP) — The R.J. Reynolds Tobacco Co., which has been under intense pressure from anti-smoking groups and members of the US Congress over print ads for its cigarettes, said it would not advertise its brands in newspapers or consumer magazines next year.
BTr rejects all bids for 91-day T-bills
The Bureau of Treasury rejected all bids for 91-day Treasury-bills at an auction yesterday because rates were not low enough.
Lopez Group in P1.3-B wafer project
Lopez-owned First Philippine Solar Corp. is investing P1.297 billion as new export producer of wafer slicing services for the solar energy industry, the Philippine Economic Zone Authority (PEZA) said.
Cojuangco loses claim to UCPB block
The Sandiganbayan First Division has slammed the door shut on the attempt by businessman Eduardo "Danding" M. Cojuangco Jr. to get back his shares in United Coconut Planters Bank (UCPB) that were earlier found to have been illegally acquired with coconut levy funds, and therefore owned by the government.
PLDT pushes reorganization
The Philippine Long Distance Telephone Company (PLDT) is reorganizing its corporate structure into segments to further strengthen its wireless, fixed, broadband, Business Process Outsourcing (BPO) and media/content businesses.
Peso’s dizzy rise gives headache to Filipinos overseas
Manila’s malls are abuzz with Christmas carols and glitzy decorations but Marlene Isleta has little festive cheer.
Petrolift postpones planned IPO indefinitely after ‘disturbance’
Oil and gas tankering firm Petrolift Inc. (Petrolift) has postponed indefinitely its planned initial public offering which was set to start yesterday.
P/$ rate closes at P42.305/$ 1
The peso exchange rate closed higher at P42.305 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P42.75 last Thursday. The weighted average rate appreciated to P42.362 from P42.759. Total volume amounted to $ 621.10 million.
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