Oil falls to nearly $93

BANGKOK (AP) – The price of oil fell to near $93 a barrel Friday ahead of quarterly growth figures from the world’s biggest economy. Benchmark oil for June delivery was down 62 cents to $93.02 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $2.21 to close at $93.64 on Thursday after the U.S. Labor Department said... 

Mexico’s Coca-Cola FEMSA closes on Philippines deal

MEXICO CITY (Reuters) – Mexico’s Coca-Cola FEMSA said on Thursday that it had closed on its $688.5 million acquisition of a 51 percent stake in Coca-Cola Co’s Philippines bottling operations, part of a recent shopping spree to expand its global footprint. Coca-Cola FEMSA will have the option to acquire the remaining 49 percent of Coca-Cola Bottlers Philippines Inc (CCBPI)... 

Peso seen to hit P38.50 vs US dollar

MANILA, Philippines – The Philippine currency is seen to strengthen to as high as 38.50 pesos to the U.S. dollar on back of steady foreign capital inflows, currency traders said on Tuesday.  Read More »

PH shares end up, bargain hunting snaps sell-off

MANILA, Philippines – Bargain hunting after the successive sell-offs during the past session lifted the Philippine stock market on Tuesday. The bellwether Philippine Stock Exchange index gained 0.4 percent or 20.34 points to 5,159.74, while the broader all-share index gained 0.23 percent or 7.92 points to 3,432.76.  Read More »

Tomato processors eye emerging markets

BEIJING – Tomato processors from around the world gathered in Beijing on Sunday for the 10th World Processing Tomato Congress, turning their eyes toward emerging markets, like China, to cope with the current economic downturn. The congress was held in Beijing for the fist time, which shows that tomato processing companies have attached greater importance to both the Chinese market... 

PH stocks fall on Europe and US losses

Manila, Philippines (dpa) – Philippine stocks plunged 2.74 per cent on Friday dragged down by sharp declines in the United States and Europe following multiple downgrades of European banks. The 30-share composite index of the Philippine Stock Exchange lost 137.60 points to close at 4,879.42, from Thursday’s finish of 5,016.84.  Read More »

Banking industry remains healthy – PH gov’t

MANILA, Philippines (Xinhua) – The Philippine government assured investors on Friday that the banking industry in the country remains healthy despite the closure of a local bank. “The case of Export-Import Bank (EIB) is not indicative of the state of the banking industry in the entire country,” Deputy Spokesperson Abigail Valte said in a news briefing. Incoming search... 

PHL inflation eases to new low in March

MANILA, Philippines – Philippine inflation slowed to a two and a half year low of 2.6 percent in March on easing utility and transport prices, the National Statistics Office (NSO) reported Wednesday. This is the lowest annual inflation change recorded since September 2009 when inflation eased to 2.2 percent. The NSO said the indices of alcoholic beverages and tobacco, clothing and... 

Yahoo to shed up to 2,000 jobs

New York (dpa) – Yahoo Inc was to announce Wednesday that it would cut up to 2,000 jobs as the internet pioneer faces declining revenues and increasing competition, a news report said. The jobs cuts were the tip of the iceberg with more cutbacks to come in the coming months, the Dow Jones & Co Inc-owned industry news blog All Things Digital reported, citing sources close to... 

PHL stocks end down ahead of long holiday

MANILA, Philippines – Activities in the Philippine stock market continue to slowdown Tuesday as most investors are already on holiday mode. The bellwether Philippine Stock Exchange index slipped by 1.06 percent or 54.38 points to 5,056.48. The broader all-share index lost 0.61 percent or 21.13 points to 3,436.68. Trading volume reached 3.48 billion shares worth 5.28 billion pesos...