WASHINGTON—US President Barack Obama and top lawmakers raced against the clock Sunday narrowing in on a deal to avert a disastrous US debt default and a downgrade in its credit rating. The top Republican in the Senate said Sunday he was “very close” to reaching an agreement with Democrats on a deal to raise the [...]
BANGKOK—A 77-story skyscraper is set to become the latest, and tallest, addition to Bangkok’s ever-changing skyline, already transformed by a construction boom that has raised fears of a property bubble. Variously described on Internet forums as looking “like it has been eaten by giant termites” and reflecting “the chaos of Bangkok,” the MahaNakorn – Great [...]
The government should find ways to drive current electricity prices down before introducing another burden to consumers and industries through the feed-in tariff (FIT) rates for renewable energy projects, the influential Philippine Chamber of Commerce and Industry said. PCCI energy committee chairman Jose Alejandro said power rates were expected to increase even more next year [...]
Local solar developers have warned the government that the country could lose some $650 million (more than P27 billion) in potential investments in the energy sector if it kept the installation target for solar facilities at a mere 50 megawatts. According to the Philippine Solar Power Alliance (PSPA), the 50-MW installation target would only bring [...]
Continued fuel smuggling and the changing rules in the Philippine taxation system are increasing the uncertainty for international companies to invest in the Philippines, according to Total Philippines president Ernst Wanten. At the sidelines of a conference hosted by the Philippine Institute of Petroleum (PIP), Wanten noted that the huge challenges faced by investors in [...]
Business tycoon Enrique Razon Jr.—who built a fortune out of international port terminal operations and boosted his wealth further after selling out of the country’s main electricity superhighway—is building a new business out of rubbish. Yes, you read it right: rubbish. Razon, apparently, agrees with the uber exploited phrase “May pera sa basura (There’s money [...]
The Bangko Sentral ng Pilipinas may be prompted to raise interest rates and the reserve requirement further this year as price pressures, including those from inflows of foreign hot money, are seen to remain significant. This projection was made by Credit Suisse, which said the BSP might raise key interest rates by another 50 basis [...]
The government’s aggressive stance against corruption and the country’s recently upgraded credit ratings have made the Philippines a stronger contender in the race to become a viable investment alternative to China. Ralph Timmermann, counselor and deputy head of mission at the Embassy of the Federal Republic of Germany in Manila, said there had been some [...]
Leading online lottery distributor Lucky Circle Corp. plans to list on the Philippine Stock Exchange by way of introduction—or without an immediate initial public offering—to unlock more value for shareholders of parent firm Pacific Online Systems Corp. Pacific Online chairman and president Willy Ocier confirmed the plan of Lucky Circle to debut by way of [...]
The Insurance Commission is reviving previous proposals to increase the capitalization requirements on the country’s insurers to levels at par with the rest in the Asia-Pacific region. Commissioner Emmanuel Dooc, appointed in December last year, said raising the capitalization requirement would encourage the merger of small industry players. He said it was high time the [...]
Leisure estate and gaming firm Belle Corp. posted a 23-percent decline in its second quarter net profit to P52.09 million from a year ago, due to lower revenues from the sale of real estate and club shares. For the first six months of the year, Belle’s consolidated net income amounted to P102.1 million, 44 percent [...]
Cash transfer firm i-Remit Inc. sees its profit doubling this year as it expands further its global footprint by setting up shops in certain areas in Europe. “We’re looking at doubling last year’s net income and we are so far on track,” iRemit president Harris Jacildo told reporters during a cocktail party hosted by the [...]
