Business and Economy

Canadian stock market closed up Friday

TORONTO—Canada’s main stock index edged up Friday due to small gains for some big banks and a boost for gold miners. The Toronto Stock Exchange’s S&P/TSX composite index GSPTSE ended up 6.20 points, or 0.04 percent, at 15,416.93. It lost 0.3 percent in a holiday-shortened week. Decliners slightly outnumbered advancers, with overall trade volume at …

Solid fundamentals buoyed Philippine economy despite Martial Law in Mindanao

MANILA—The economy has ample buffers to withstand adverse effects of the current unrest in Mindanao as traders favored the Philippines, the Department of Finance (DOF) said on Friday. Finance Secretary Carlos Dominguez III said that the country’s solid macroeconomic fundamentals buoyed the local bourse and the peso despite President Duterte’s declaration of Martial Law in …

Bankers group assures continued services in Mindanao amid martial law

MANILA—The Bankers Association of the Philippines (BAP) on Friday allayed fears on possible banking services disruption in Mindanao following the declaration of martial law on Tuesday. “BAP member banks with branches in the region shall continue with normal banking operations,” the group said in a statement. “We are committed to bring regular banking services even …

PHL gov’t posts PHP52.8B budget surplus in April ’17

MANILA—State revenue collection in April 2017 rose four percent year-on-year, partly due to the deadline of filing of income tax returns, enabling the government to post a PHP52.8 billion budget surplus. Data released by the Bureau of the Treasury (BTr) Friday showed that the budget surplus in the fourth month this year is, however, 4.4 …

Trade chief presents ‘Dutertenomics’ to Russian businessmen

MOSCOW—Department of Trade and Industry (DTI) Secretary Ramon Lopez has presented to Russian businessmen the ‘Dutertenomics’ and business opportunities in the Philippines in a two-day business fora here. Lopez brought the ‘Dutertenomics’ — the Duterte administration’s socioeconomic agenda that aims to ease doing business in the country to attract more investments and create quality jobs …

BSP eyes May ’17 inflation between 2.9- 3.7%

MANILA—Lower prices of oil and cut in electricity rates are expected to counter the effect of higher rice prices and bring the May 2017 inflation level between 2.9-3.7 percent. The forecast range, announced by Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. through text messages to reporters Friday, is lower than the three …

BIR files 3rd tax evasion rap vs Mighty Corp

MANILA—The Bureau of Internal Revenue (BIR) on Friday filed third complaint before the Department of Justice (DoJ) against controversial cigarette maker Mighty Corporation. The tax bureau named the same respondents were Mighty Corp official Alexander Wongchuking who sits as its vice-president for external affairs and assistant corporate secretary; president, retired Lt. Gen. Edilberto Adan; executive …

Canadian stock market negative

TORONTO—Canada’s main stock index dropped Thursday due to a plunge in oil prices weighed on energy shares, offsetting gains for industrials and for financials . The Toronto Stock Exchange’s S&P/TSX composite index fell 8.76 points, or 0.06 percent to close Thursday at 15,410.73. Seven of the index’s 10 main groups ended lower. The Canadian dollar …

Business as usual in PHL, DTI chief tells Russian biz

MOSCOW—Department of Trade and Industry (DTI) Secretary Ramon Lopez has assured Russian businessmen that it is “business as usual” in the Philippines despite the martial law declaration of President Rodrigo Duterte in Mindanao. During the Philippine-Russia Business Forum at the Four Seasons Hotel here, Lopez said the situation in Mindanao is under control. “It’s business …

Alberta Energy Regulator to reconsider Suncor tailings plan it rejected

CALGARY — Alberta’s energy watchdog has agreed to reconsider a plan by Suncor Energy to clean up its tailings ponds so as to take into account new technology the oilsands giant plans to use. The Alberta Energy Regulator in March denied the Calgary-based company’s plan for its Millennium mine. But the regulator said in a …