PSEi hits 8500 in intraday trade

PHILIPPINE shares sustained their momentum in midmorning trade on Tuesday, breaching the 8,500 resistance level on a number of positive leads. As of 11:05 am, the bellwether index was up 95.87 points or 1.14 percent at 8,543.81. The wider All Shares was up 35.89 points or 0.73 percent at 4,974. “There are several things. I think the […]

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Current account surplus expected

German lender Deutsche Bank expects the Philippines to post a modest current account surplus this year and the next given recent improvements. “After two quarters of deficits — the first in more than four years — the current account balance returned to surplus in Q2, albeit a tiny one of $15 million,” it said in […]

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PSEi correction seen following record highs

Profit-taking could weigh on the stock market, which analysts say is due for a correction following a run of record highs. “Definitely, in the short to medium term on overbought levels, we will have a correction,” Summit Securities, Inc. President Harry Liu said. “We’re seeing support now at 8,150 and resistance at 8,300,” he added. […]

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Analysts downplay impact of Duterte’s latest EU tirade

Analysts have downplayed any negative impact on the economy from President Rodrigo Duterte’s latest tirade against the European Union (EU). On Thursday, Duterte threatened to expel EU diplomats after claiming that they wanted to have the Philippines booted out of the United Nations. The Palace quickly moved to limit the fallout, saying the president had […]

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PH can lead Asean integration – Mahathir

The Philippines has the capacity to lead the Association of Southeast Asian Nations’ (Asean) integration effort given its success in uniting a diverse population, a former Malaysian head of state said. “I think the Philippines has the potential for leading the integration because it had experience with regard to running a country that is very […]

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PSEi hits new high, nears 8,500

The stock market continued its run of record highs on Friday, with the Philippine Stock Exchange index (PSEi) gaining 0.54 percent or 45.13 points to close at 8,447.94. The wider All Shares grew 0.20 percent or 9.83 points to settle at 4,983.11. “[I]nvestors remain positive and the momentum is really there,” First Grade Finance, Inc. […]

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Global economic chiefs told to reform

WASHINGTON: Finance chiefs from around the world were warned Thursday to get their houses in order while the global economy is strong and to be ready for possible shocks in the future. World Bank President Jim Yong Kim and International Monetary Fund Managing Director Christine Lagarde said that countries must address their mounting debts and […]

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Ayala Land to rebrand Marriott Cebu as Seda

THE hotel and resorts unit of property developer Ayala Land, Inc. (ALI) will be closing the Marriott Hotel in Cebu City by the end of the year for refurbishment and a 2018 reopening under the homegrown Seda brand. AyalaLand Hotels and Resorts Corp.’s (AHRC) contract with Mariott International Hotels will expire at the end of […]

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Agus-Pulangi rehab to cost P54B – DoF

The rehabilitation of the Agus-Pulangi hydro power plants in Mindanao — a project the Philippines wants China to fund — will cost around P54 billion, the Finance department said. “Let us do it now [because]we are not under pressure,” Dominguez said in a statement on Friday where he also noted that rehabilitation would increase the […]

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Renewable energy deals nearly ready

The European Union (EU) is poised to sign four agreements worth around €11 million (P671 million) for the use of renewable energy in remote households in the Philippines. Enrico Strampelli, head of cooperation of the EU Delegation to the Philippines, said the deals would focus on Mindanao. “[W]e are going to sign in the next […]

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