Business and Economy

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 …

PHL bags PHP44-B B2B deals in Russia

MOSCOW—Philippine business delegations here were able to bag around USD875 million or about PHP44 billion worth of business-to-business (B2B) deals, Trade Secretary Ramon Lopez said Thursday. “A number would be in the areas of iron and steel, transport, agri-business, multi-purpose vehicles, power, energy, property development, transport and construction,” Lopez added. Over 200 Philippine-based businessmen are …

Double Dragon eyeing PHP6.5B from 2nd tranche of retail bond issuance

MANILA—Property developer Double Dragon targets to raise at least PHP6.5 billion from the issuance of the second tranche of its fixed rate retail bonds. In a disclosure with the Philippine Stock Exchange (PSE) Thursday, the listed firm said the issuance, which has an oversubscription size of PHP3.2 billion, is part of the PHP15 billion fixed …

PSEi sustains rise, PHP recovers vs USD

MANILA—Hints of any effect of the martial law declaration in Mindanao Tuesday night have been erased in both the local currency and the main stocks index after both posted gains Thursday. The peso recovered and finished the day at 49.83 from 49.99 Wednesday, which a trader said was expected after investors’ knee-jerk reaction Wednesday. The …

Alsons Power’s operations normal despite martial law: chairman

MANILA—Chairman and president of Alsons Power, Tomas Alcantara, has assured stakeholders that the declaration of martial law in Mindanao has not in any way affected their operations. ”Our four power facilities in Mindanao continue to operate as scheduled. All of our projects under development, such as the ongoing construction of the second 105-megawatt (MW) section …

PLDT Enterprise 1Q revenues up 13% at PHP8.5B

MANILA—Leading telecoms and digital services provider PLDT Inc. has sustained its leadership in the Enterprise market as its revenues reached PHP 8.5 billion for the first quarter of the year, up 13 percent compared to the same period last year at PHP 7.55 billion, driven by strong demand for data and information and communications technology …

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