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People to
people. A
placard held by a child attempts to reflect the miserable
conditions in cyclone-ravaged Myanmar (formerly Burma) at
a rally Wednesday in front of the politically isolated
country’s embassy. The Free Burma Coalition-Philippines
assailed the military junta for proceeding with a national
referendum and placing numerous restrictions on
international aid despite the devastation that has left at
least 22,000 dead and 41,000 missing.
--LEON MEDADO |
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TOP STORIES |
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JG
offers to buy Petron stake |
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JG SUMMIT
Holdings Inc. (JGSH), the listed conglomerate of the
Gokongwei Group, has offered to buy for P24.5 billion the
40-percent stake held by state-owned Philippine National Oil
Co. (PNOC) in the country’s largest oil refiner Petron Corp.
If the 3.75
billion shares owned by PNOC were to be sold today, the
state-owned firm will get a premium of 95 centavos per
share, as Petron stocks were only valued at P5.60 each at
the end of trading Wednesday. |
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Pressure on rates rises; BSP ‘neutral’ |
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ACCELERATING
inflation already well above the full-year target in only
the first four months could push domestic interest rates
higher in the near term, former central bank governor Jose
Cuisia Jr. said Wednesday.
The increase
will also likely force the hand of the Bangko Sentral ng
Pilipinas (BSP) that, for the moment, seems loath to hike
its policy rates upward as a consequence, Cuisia said at a
briefing held at the Philam Tower along Paseo de Roxas in
Makati City. |
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Crude oil trades near $122 a barrel |
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CRUDE oil
was little changed near $122 a barrel in New York after
rising to a record Tuesday on concern supply from Nigeria
may be disrupted and speculation that high oil prices won’t
stall Asian demand. |
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7 of
10 Pinoys find it hard to buy basic needs |
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Filipinos have trouble buying enough food and paying for
basic expenses, according to the latest IBON nationwide
survey.
Of the 1,495
respondents, 75.3 percent said their family had a problem
buying enough food, a substantial increase from 63.2 percent
last January; while 69.7 percent had trouble paying for
electricity and water bills. |
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Rice
climbs 4th day after Burma cyclone |
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RICE surged
for a fourth day on speculation Myanmar may be transformed
from a net exporter to a buyer on the international market
after last weekend’s cyclone damaged crops that left as many
as 60,000 people dead or missing. |
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GIR
rises to $36.7B in first four months |
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SEEN to hit
$37 billion at the end of the year, the country’s gross
international reserves rose by another $100 million to $36.7
billion as at end-April, the Bangko Sentral ng Pilipinas (BSP)
said Wednesday. |
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MORE STORIES ... |
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PHILAMLIFE
president and CEO Jose Cuisia Jr. presides at a press
briefing on the 2007 results and financial performance of
Philamlife and Philam Asset Management Inc.
--ROY DOMINGO |
