Business and Economy

Therma Visayas secures Php 31.9-B loan for 300-MW coal-fired power plant

MANILA – Therma Visayas Inc. has secured loans amounting to Php 31.9 billion granted by banks for the construction of the 300 Megawatt (MW) coal-fired power plant in Toledo City, Cebu. ”Therma Visayas Inc. signed an Omnibus Agreement with a consortium of lender-banks to obtain loans and credit accommodations in the amount of up to …

Fed is moving toward rate hike, but just when still unclear

WASHINGTON (AP) — The Federal Reserve took note Wednesday of a strengthening U.S. economy and appears on track to raise interest rates this year for the first time in nearly a decade. But Chair Janet Yellen declined to say just when or how fast the Fed would act. In a statement after its latest policy …

Current account trade deficit widens to $113.3 billion

WASHINGTON (AP) — The deficit in the broadest measure of U.S. trade increased in the January-March quarter to the highest level since the spring of 2012 as American exports to the rest of the world declined. The Commerce Department said Thursday that the deficit in the current account increased to $113.3 billion in the first …

McDonald’s to shrink in US, 1st time in decades

NEW YORK (AP) — The burger chain that put “supersize” into the American vernacular is slimming down: For the first time in more than 40 years, and perhaps ever, McDonald’s says the number of U.S. restaurants it has is shrinking. McDonald’s plans to close more restaurants in the U.S. than it opens this year, according …

Contracts for MRT maintenance awarded to 4 groups

MANILA — Four groups were recently awarded with contracts worth P61.5 million for the maintenance of the Metro Rail Transit Line 3 (MRT-3) along EDSA. The Department of Transportation and Communications finally awarded the contracts to four individual groups. Topping the list with the biggest contract is Jorgman-Korail-Erin Marty joint venture with P23.9 million budget for the general maintenance …

Despite pending BBL in Congress, investors remain optimistic – investment official

COTABATO  — Despite uncertainty on the fate of the draft Bangsamoro Basic Law in the country’s legislature, investors and business leaders in the province of Maguindanao remained confident in the business opportunities in the region, an investment official said Wednesday. Hundreds of business leaders and investors participated in a public consultation here today to promote …

DOE pushes for coal-fired power plants to support electric cooperatives

DUMAGUETE CITY — The Department of Energy (DOE) explained Wednesday that although its mission is to ensure sustainable, stable, secure, sufficient and accessible energy, like solar energy, it still needs the coal-fired power plants as baseloads for electric cooperatives all over the country. Lou Arciaga of DOE in the Visayas told a Kapihan forum Wednesday …

Many Canadians would struggle if mortgage payments grew slightly: Poll

TORONTO — A survey by Manulife Bank of Canada says nearly half of Canadian homeowners are taking steps to whittle down their mortgage debt, but many would be in trouble if their monthly payments grew even slightly. Manulife says 18 per cent of homeowners made extra lump-sum payments towards their mortgages in the past year, …

Customs collected P92B in Q1

MANILA — The Bureau of Customs collected P92 billion for the first quarter this year with the National Capital Region (NCR) on top of the collection list. Of the total collections, P87.3 billion came from cash collections while P4.9 billion represented non-cash collections, or from imports of government agencies paid with credits to the bureau’s account. …

Gov’t warned against signs of economic headwinds

MANILA — Bank analysts noted how the slow-down in remittances and the weakness in the manufacturing sector may signal a further moderation of the country’s economic growth. The economy grew by only 5.2 percent in January to March, lower than the government’s target of atleast 7 percent. “Execution of the fiscal program is quite critical. …

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