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UCPB told to drop case vs gov’t and fire law firm tied to director

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Enormous liquidity of banks has given them capability to maintain over the medium term the robust pace of lending growth seen recently, according to Fitch Ratings.

The state-controlled United Coconut Planters Bank should drop its case against the government and recall its engagement of the law firm of its government-appointed director to pursue the suit.

Posted: May 29th, 2014 in Latest Business Stories | Read More »

CA dismisses Shell’s libel complaint vs Customs collector over firm’s taxes

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SHELL BULLISH  Royal Dutch Shell, through its upstream unit Shell Philippines Exploration BV, is poised to invest another $1 billion to increase the production of the Malampaya deepwater gas-to-power project off Palawan. Shell Philippines vice president for communication Roberto S. Kanapi said there are opportunities for investment and expansion, unlike in the past when the Philippines was placed on low priority.

The Court of Appeals has dismissed the petition filed by the Pilipinas Shell Petroleum Corp. that sought to prosecute for libel a Bureau of Customs port collector who said the oil firm owed the government P7.34 billion in back taxes.

Posted: October 20th, 2013 in Latest Business Stories | Read More »

Court of Appeals affirms ruling favoring PLDT’s preferred-to-common shares deal

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PLDT-logo

The Court of Appeals has upheld a Makati City regional trial court’s decision declaring as a nuisance or harassment suit the petition filed by former Securities and Exchange Commission (SEC) chair Perfecto Yasay Jr., questioning the move of the Philippine Long Distance Telephone Co., (PLDT) to redeem the preferred shares of its stockholders and then converting them to common shares.

Posted: September 9th, 2013 in Latest Business Stories | Read More »

First stock broker found guilty of securities fraud fined P2M

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A TV crew reports stock princes in front of an electronic stock indicator of a securities firm in Tokyo, Monday, March 25, 2013. A last-minute package of rescue loans that saves Cyprus from a banking collapse and bankruptcy helped push Asian stock markets higher Monday. Japan's Nikkei 225 index surged 1.9 percent to 12,546.46. AP/Shizuo Kambayashi

The president of a stock brokerage house was fined P2.1 million by a Makati regional trial court after he was found guilty of defrauding his clients in violation of the Securities Regulation Code (SRC), the first conviction secured by the government almost 13 years after the law was enacted.

Posted: March 31st, 2013 in Latest Business Stories | Read More »

CA junks environment case vs Subic coal-fired power plant project

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FILE PHOTO

The Court of Appeals has dismissed the writ of kalikasan case slapped against the planned 600-megawatt coal-fired power plant of Redondo Peninsula Energy Inc. (RP Energy), effectively allowing the power firm to finally push through with the $1.28-billion project.

Posted: February 7th, 2013 in Latest Business Stories | Read More »

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