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RCBC net income inches up
MANILA, Philippines – The embattled Rizal Commercial Banking Corporation (RCBC) saw its net income inch up to P2.61 billion in the first half of the year, with its chief saying the bank's core...
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Bangladeshi officials assured of help in reclaiming laundered $15M
MANILA, Philippines – The Philippines' Department of Justice (DOJ) assured the government of Bangladesh that it is working to help claim $15 million out of $81 million in foreign reserves that were...
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Metro Pacific expects higher core net income in 2016
MANILA, Philippines – Infrastructure conglomerate Metro Pacific Investments Corporation (MPIC) expects a higher core net income in 2016 at P11.5 billion, as it is optimistic on its core businesses'...
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Ex-PSE employee faces estafa charges over 'biggest stock scam'
MANILA, Philippines – The former Philippine Stock Exchange (PSE) employee accused of orchestrating the biggest scam in PSE history has been indicted by the Department of Justice (DOJ). In a 13-page...
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HSBC profits plunge as Brexit uncertainty bites
HONG KONG – HSBC posted Wednesday, August 3, tumbling second-quarter net profit on volatile markets and China's slowdown, warning it faced "a period of heightened uncertainty" after Britain voted to...
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Emerging Myanmar discovering it pays to insure
YANGON, Myanmar – It was only when Aye Aye Nge's pharmacy burned down for the second time that she thought about taking out insurance, a novelty in impoverished Myanmar where most people either can't...
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Quimbo wants to lower corporate income tax to 25%
MANILA, Philippines – Taking the cue from President Rodrigo Duterte, Deputy Speaker Miro Quimbo has filed a bill that seeks to cut corporate income tax to improve the Philippines’ competitiveness....
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Court approves consolidation of PLDT, Globe petitions vs PCC
MANILA, Philippines – Globe Telecom Incorporated and PLDT Incorporated are now jointly seeking a court order against the Philippine Competition Commission (PCC) to preserve the P69.1-billion buyout...
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Roberto Ongpin resigns as PhilWeb chairman
MANILA, Philippines (UPDATED) – Roberto Ongpin has resigned as chairman and director of listed online gaming firm PhilWeb Corporation, after President Rodrigo Duterte publicly threatened to "destroy"...
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SMIC posts 8% income growth, plans more land reclamation
MANILA, Philippines – SM Investments Corporation (SMIC), the holding firm for the Sy family-led SM conglomerate, is off to a good start in 2016 as it posted a consolidated net income of P15 billion in...
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Nokia to cut deeper as merger spills red ink
HELSINKI, Finland – Finnish telecom equipment manufacturer Nokia said Thursday, August 4, it aims to accelerate savings after costs of absorbing former French-American rival Alcatel-Lucent pushed it...
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Megaworld to complete Visayas BPO Triangle by 2019
MANILA, Philippines – Megaworld Corporation, a listed residential and office developer in the country, targets to form the so‐called Visayas BPO Triangle by 2019.In a statement, Megaworld senior...
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Globe Telecom expects 7%-9% profit growth in 2016
MANILA, Philippines – Ayala-led Globe Telecom Incorporated expects its net income for the year to grow by 7% to 9%, seeing uptake in data-related services continuously offsetting decline in traditional...
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PH's D&L Industries makes it to Forbes 2016 'Best Under A Billion'
MANILA, Philippines – A Filipino chemical manufacturer is the country's lone representative in the 2016 edition of Forbes' list of the 200 best performing small and medium-sized enterprises (SMEs) in...
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Tesla loss widens as company works to speed production
SAN FRANCISCO, USA – Tesla Motors reported Wednesday, August 3, a larger second-quarter loss than expected as it worked to speed production in the face of strong demand for its electric cars.Tesla...
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Toyota dented by yen rally, North American sales drop
TOKYO, Japan – Toyota on Thursday, August 4, posted a nearly 15% drop in its April-June net profit, hit by a sharp rally in the yen and falling North American vehicle sales.The world's biggest...
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Siemens hikes profit forecast but warns of global risks
BERLIN, Germany – German industrial giant Siemens lifted its annual earnings forecast Thursday, August 4, after booming demand for renewables fattened order books in the second quarter, but warned of...
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EU hits China, Russia with steel anti-dumping duties
BRUSSELS, Belgium – The European Union on Thursday, August 4, hit China and Russia with anti-dumping duties on cold rolled steel imports after complaints by EU producers they were being forced out of...
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Inflation 'steady' at 1.9% in July – NEDA
MANILA, Philippines – Inflation remained at the same level in July as it did last month, prompting the National Economic Development Authority (NEDA) to predict that it will be remain stable for the...
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DOE probing power utilities' violations amid blackouts
MANILA, Philippines – As power outages continue in Luzon, the Department of Energy (DOE) said on Friday, August 5, it is looking into possible violations by power utilities.The Luzon grid again went on...
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