Business and Economy

Tourism a ‘bright spot’ in PHL economy with PHP220-B revenues in first year

MANILA, July 25 — Setbacks did not slow Philippine tourism down as it continued to flourish in the first year of the Duterte administration in terms of foreign arrivals, revenues and staging of various international events. “With selfless dedication and faith in God and good old Filipino resiliency among the stakeholders, we have hurdled obstacles …

Canadian dollar up over 80 cents against US dollar for first time in two years

TORONTO, July 25— The Canadian dollar climbed above 80 cents against US dollar Monday morning amid a weaker US currency for the first time since June 30, 2015. The Canadian dollar rose because of strong data on manufacturing sales and a glowing assessment of the country’s economic outlook by the International Monetary Fund. The Canadian …

SC stops BOC from collecting close to P1 B from Pilipinas Shell

MANILA — The Supreme Court denied with finality the motion for reconsideration filed by Bureau of Customs (BOC) to collect almost PHP1 billion from oil giant Pilipinas Shell Petroleum Corp. (PSPC). The amount represents the total dutiable value of PSPC’s 1996 crude oil importation, which was considered as abandoned in favor of the government by …

Canadian dollar soars as Bank of Canada hikes interest rate, while TSX dips

TORONTO—The Canadian dollar soared to a level not seen in nearly a year Wednesday after the Bank of Canada announced it was hiking its key lending rate for the first time since 2010. The loonie was trading at an average price of 78.16 cents US, up 0.76 of a U.S. cent. The last time the …

‘The tide begins to turn,’ as central bank hikes rate for first time in 7 years

OTTAWA—The Bank of Canada has hiked its benchmark interest rate to 0.75 per cent from 0.5 per cent, its first increase in nearly seven years, amid expectations of stronger economic growth this year. Such a move is bound to increase the costs of mortgages, home equity lines of credit and other loans linked to the …

New BSP chief says peso performance is “business as usual”

MANILA — Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. said there is nothing to worry in the current performance of the peso despite its nearly 11-year low close to a greenback Thursday. The peso finished Thursday at 50.67, slightly weaker than its 50.60 finish a day ago and already near its 50.73 close …

PH is fiscally secure—Dominguez

MANILA — Finance Secretary Carlos Dominguez III said Thursday the Philippines is now “fiscally secure” and its government ready to fund its ambitious infrastructure program that will sustain the economy’s growth momentum and dramatically bring down poverty incidence to 14 percent by 2022. From the time President took over in July 2016 to May 2017, …

US dollar rises on economic data

NEW YORK, July 4 — The US dollar traded higher against other major currencies on Monday, as investors were digesting a batch of economic data from the country. The June purchasing managers index came in at 57.8 percent, an increase of 2.9 percentage points from the May reading of 54.9 percent and beating market consensus …

Once closed rural Quebec hotel jumps aboard short term rental trend

SAINT-FELIX-DE-KINGSEY, Que.—When Nathalie Gagnon and her partner bought a closed-down inn in Quebec last year, they had no intention of reopening it under the traditional model. Instead, the couple decided to list the entire 17-bedroom, eight-bathroom hotel —complete with pool, sauna, kitchen, game room and hot tub — online on a short-term rental website. Gagnon …

Industrial companies lead US stock indexes mostly higher

Wall Street closed out the final day of the second quarter with slight gains after a broad rally faded in the last few minutes of trading Friday. The Dow Jones industrial average and the Standard & Poor’s 500 index eked out tiny gains, while the Nasdaq composite closed essentially flat. Industrial stocks and consumer-focused companies …