Business

Social network firm Reddit files for initial public offering in US

Social network firm Reddit files for initial public offering in US

February 24, 2024, 5:31 pm

ISTANBUL – US-based social network firm Reddit filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE), which is a first for a social media company since 2019. "Our revenue for the years ended December 31, 2022 and 2023 was USD666.7 million and USD804.0 million,… Read More

PH index rallies on 4th day, peso weakens

PH index rallies on 4th day, peso weakens

February 23, 2024, 8:09 pm

MANILA – The Philippine Stock Exchange index (PSEi) continued its gains, ending the week on a four-day rally, while the peso closed weaker but did not fall to 56-level. The PSEi closed the week at 6,913.21, gaining 10.6 points, with All shares finishing higher by 6.29 points to 3,608.12 level.… Read More

1,200-MW nuclear power capacity using SMR technologies eyed in 2032

1,200-MW nuclear power capacity using SMR technologies eyed in 2032

February 23, 2024, 6:52 pm

MANILA – Department of Energy (DOE) top and senior officials said the agency is targeting to get a 1,200-megawatt installed power capacity from nuclear resources using small modular reactor (SMR) technologies by 2032. This was confirmed by DOE Secretary Raphael Lotilla as well as… Read More

Over 145 million coins deposited through coin deposit machines

Over 145 million coins deposited through coin deposit machines

February 23, 2024, 6:42 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) said PHP510 million worth of coins have been deposited through its coin deposit machines (CoDMs). The BSP said the amount is equivalent to 145.5 million pieces of coins from over 134,000 transactions. BSP Deputy Governor Bernadette Romulo-Puyat… Read More

ECOP urges House to carefully study probable impact of P100 wage hike

ECOP urges House to carefully study probable impact of P100 wage hike

February 23, 2024, 6:22 pm

MANILA – The Employers’ Confederation of the Philippines (ECOP) on Friday appealed to the House of Representatives to be prudent when deliberating on its own version of the legislated wage hike bill. In an interview, ECOP president Sergio Ortiz-Luis Jr. urged lawmakers to heed economic… Read More

European Central Bank sees first annual loss in two decades

European Central Bank sees first annual loss in two decades

February 23, 2024, 5:36 pm

ISTANBUL – The European Central Bank (ECB) recorded a 1.3 billion euro (USD1.41 billion) loss in 2023, the first annual loss since 2004, according to a financial statement it released Thursday. "This loss takes into account the full release of the provision for financial risks, amounting to… Read More

100% Danish RE projects get green lane treatment anew

100% Danish RE projects get green lane treatment anew

February 23, 2024, 3:32 pm

MANILA – Copenhagen Infrastructure New Market Fund (CI NMF) Philippines Corp., a 100-percent Danish energy company, secured another endorsement for green lane treatment from the One-Stop Action Center for Strategic Investments (OSAC-SI). The Board of Investments (BOI) on Friday said its OSAC-SI… Read More

Economist sees February inflation at 3%

Economist sees February inflation at 3%

February 23, 2024, 3:16 pm

MANILA – Headline inflation will likely continue to settle within the government's target but a slight pick up may be seen due to base effects and higher prices of oil, an economist said. Rizal Commercial Banking Corporation chief economist Michael Ricafort told the Philippine News Agency on… Read More

NEDA: P100 wage hike to affect inflation, growth, unemployment rate

NEDA: P100 wage hike to affect inflation, growth, unemployment rate

February 22, 2024, 7:54 pm

MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Thursday warned that the proposed PHP100 wage hike will create negative effects on inflation and economic growth, and increase unemployment rate. "Well, our position at NEDA is, it’s not the right time… Read More

Shares jump to 6,900-level, peso strong at 55 vs. dollar

Shares jump to 6,900-level, peso strong at 55 vs. dollar

February 22, 2024, 7:14 pm

MANILA – The local index finished Thursday on a three-day rally trading above 6,900, while the peso continued to strengthen at the 55-level against the US dollar. From the previous day’s close, the benchmark Philippine Stock Exchange index (PSEi) only had to improve by 0.08 percent, or 5.79… Read More

Issuance of pre-dev't ECC for offshore wind projects made easy

Issuance of pre-dev't ECC for offshore wind projects made easy

February 22, 2024, 6:01 pm

MANILA – The Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR) on Thursday signed a memorandum of agreement (MOA) that will simplify the issuance of an environmental compliance certificate (ECC) for offshore wind energy projects. The agreement was signed… Read More

Investment management firm sees higher PH econ growth in 2024

Investment management firm sees higher PH econ growth in 2024

February 22, 2024, 5:23 pm

MANILA – The government's 6.5 to 7.5 percent economic growth target for this year is attainable as the projected decline in interest rates will help boost consumption and investments, a top official of Sun Life Investment Management and Trust Corporation (SLIMTC) said on Thursday. "It seems like… Read More

Movate eyes to double growth in PH in 3 years

Movate eyes to double growth in PH in 3 years

February 22, 2024, 3:56 pm

ANTIPOLO CITY – Digital technology and customer experience (CX) services provider Movate, Inc., formerly CSS Corp., is targeting to double the size of its business in the Philippines within the next three years, chief executive officer Sunil Mittal said. At the launch of its newest facility at… Read More

Recto pushes for LandBank, DBP charter amendments

Recto pushes for LandBank, DBP charter amendments

February 22, 2024, 2:38 pm

MANILA – Finance Secretary Ralph G. Recto has said the Department of Finance (DOF) is exploring the amendments to the charters of the Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) "to broaden capital market". In a statement on Thursday, the finance… Read More

BOC-Legazpi eyes P1-B monthly as int'l container line starts ops

BOC-Legazpi eyes P1-B monthly as int'l container line starts ops

February 22, 2024, 9:55 am

LEGAZPI CITY – The Bureau of Customs (BOC)-Port of Legazpi announced on Wednesday that the first international container line in Bicol will start its operations in March and eyed to bring PHP1 billion monthly collection.  Segundo Sigmund Freud Barte Jr., Bureau of Customs (BOC) acting district… Read More

Recto: G-24 states must double efforts for sustainable dev't goals

Recto: G-24 states must double efforts for sustainable dev't goals

February 21, 2024, 8:55 pm

MANILA – Finance Secretary Ralph Recto on Wednesday urged member states of the Intergovernmental Group of Twenty-Four (G-24) to reclaim their lost momentum through heightened cooperation and scaled-up support from international financial institutions. In his opening remarks for the G-24… Read More

KMC Savills sees increased demand for Pag-IBIG housing loans

KMC Savills sees increased demand for Pag-IBIG housing loans

February 21, 2024, 8:30 pm

MANILA – Real estate brokerage and consultancy firm KMC Savills said on Wednesday that most middle-market consumers now opt to avail of housing loans from Pag-IBIG Fund to finance their dream homes outside Metro Manila. "What we've seen is that because of the high interest rates, more and more… Read More

PH auto industry sets conservative 468K-unit sales target in 2024

PH auto industry sets conservative 468K-unit sales target in 2024

February 21, 2024, 7:54 pm

MANILA – The local automotive industry has set a conservative target for 2024 but remained hopeful to hit the 500,000 mark this year. Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) president Rommel Gutierrez said in a statement Wednesday that the industry targets sales of… Read More

2023 earnings, foreign buyers lift PSEi as peso strengthens

2023 earnings, foreign buyers lift PSEi as peso strengthens

February 21, 2024, 7:08 pm

MANILA – Results of the 2023 earnings of listed firms and activities from foreign buyers lifted the local bourse on Wednesday, while the peso also strengthened finishing at 55-level. The Philippine Stock Exchange index (PSEi) improved by 42.70 points to 6,897.36, with All Shares closing higher… Read More

Amazon to join Dow Jones Industrial Average, replace Walgreens

Amazon to join Dow Jones Industrial Average, replace Walgreens

February 21, 2024, 5:29 pm

ISTANBUL – Amazon.com Inc. will replace Walgreens Boots Alliance Inc. in the Dow Jones Industrial Average (DJIA), S&P Dow Jones Indices announced Tuesday. "Reflecting the evolving nature of the American economy, this change will increase consumer retail exposure as well as other business areas… Read More