Asian shares fell Monday following last week’s Europe-inspired rally, with Tokyo losing earlier gains despite a government forex intervention when the yen hit a new record against the dollar.
An Italian court on Monday sentenced the former head of the Bank of Italy to three years and six months in prison for trying to block a foreign takeover of an Italian bank in a scandal that broke in 2005.
Air France was expecting to cancel 15 percent of its flights on Monday as a cabin crew strike entered its third day during a major French holiday week.
Energy Secretary Jose Rene D. Almendras has assured power-generation companies that the implementation of the open access and retail competition scheme would push through by the third quarter of 2012 as he expected the government to complete all the necessary requirements by then.
LONDON—World oil prices retreated further on Monday as the dollar strengthened and as enthusiasm waned over last week’s eurozone debt deal, analysts said.
The government’s financing position in the nine months to September showed a net borrowing of P9.7 billion, or just 3 percent of the P309.5 billion recorded in the year-ago period, according to the Bureau of the Treasury.
First Philippine Holdings Corp., the power and real estate holding firm of the Lopez family, has sealed a deal to refinance old, more expensive debt with fresh funds borrowed at lower rates.
A congressional push for the abolition of underperforming government-owned and –controlled corporations (GOCCs) and government financial institutions (GFIs) is gaining traction, with one local executive asking Malacañang to kick-start this austerity measure by closing down the debt-riddled Partido Development Administration (PDA), which incurred losses beyond P100 million over the past two years.
Equity markets rallied or retreated last week based on hopes over the success or failure of efforts to stem the European debt and banking crises.
The Philippine Airlines on Monday lashed out at people blaming the airline management for Saturday’s confrontation at the PAL Inflight Center (IFC) in Pasay City.
Local stocks are expected to trade mixed when trading resumes on Wednesday, after a two-day holiday break.
Flag carrier Philippine Air Lines (PAL) hit back, on Monday, against its former employees for “hastily laying the blame on the airline management” for last Saturday’s confrontation at the PAL Inflight Center (IFC) in Pasay City.
