Thursday, September 09, 2010
Business
MANILA — The Philippines said August 26 it recorded its best half-year economic growth for more than 20 years as investor confidence improved following smooth national elections. The economy expanded by a surprisingly strong 7.9 percent in the first half of 2010, the government said, boosting hopes by President Benigno Aquino's new administration of sustained strong growth during his six-year term. "We have once again shown that high economic growth is attainable for the Philippines," Econ...
A READER recently wrote to ask if it is a good idea to take cash out from his retirement account in order to pay off his credit card debts. Having been recently laid off and just receiving unemployment income, he has exhausted his savings. He is now considering taking cash out from his 401(k) account in order to reduce his credit card obligations. Many homeowners previously had the home equity line of credit as a major source of liquid asset available for easy cash at a moment's notice. Unfortun...
SACRAMENTO — On August 31 as the 2010 Legislative Session came to a close, big business and banking industry lobbyists killed legislation that would have held corporations accountable for job creation promises, a statement from Senator Leland Yee (D-San Francisco) says. SB 1391, authored by Yee, would have allowed the state to recoup corporate tax credits given for the purpose of creating jobs if the business instead decreased jobs or moved out of the state. "A working mother on CalWORKS o...
MANILA — Internet-savvy President Benigno Aquino is opening the doors of government through cyberspace, promising unprecedented public access to help fight entrenched corruption. Filipinos are among the world's most enthusiastic users of social networking sites such as Facebook and Twitter, and Aquino says he wants this huge online community to become a new force in stamping out graft. "We cannot underestimate the potency or the power of digital media," said presidential spokesman Herminio...
MANILA — Drought likely saw Philippine economic growth slow to below 7 percent in the June quarter as the key farming and fishing sectors were hit by the El Nino weather system, the government said August 23. The National Economic and Development Authority said it is likely to report August 26 that gross domestic product (GDP) grew between 5.9 and 6.9 percent from a year earlier in the quarter. Economic output expanded 7.3 percent in the three months to March as consumer spending perked up...
The bank official reported to have made off with at least P300 million in deposits of mostly Chinese-Filipino clients is said to enjoy the high life.
Francis Bryan Ang, who has been relieved of his post as assistant vice president of Citibank’s Citigold wealth management unit, is “addicted to new and shiny things,” according to a schoolmate at Xavier School.
“Maybe he got a taste of the high life, liked it, but found he couldn’t afford it. So this is what h...
MANILA – Standard Chartered Bank said Filipino-owned companies should be encouraged to invest offshore, saying such a move would help prevent a steep rise of the peso as foreign capital inflows are likely to surge in the months ahead.
Nicholas Kuan, research head for Standard Chartered, said policymakers should create an environment that would encourage capital outflows, particularly those in the form of investments by Filipinos in ventures abroad.
“Not all capital outflows are b...
MANILA — The Aquino Administration approved on August 16 its FY2011 borrowing program in the amount of P307.8 billion. Presidential Communications Development and Strategic Planning Secretary Ricky Carandang announced in a press briefing at Malacanang that the decision was reached after President Benigno S. Aquino III met with Finance Secretary Cesar Purisima and Budget Secretary Florencio Abad. "The foreign mix will be 70 percent-30 percent, in favor of domestic borrowing," Carandang said...
MANILA — Philippine conglomerate San Miguel Corp said August 12 its net profits for the first half fell to 6.2 billion pesos (138 million dollars), but that its move into the power sector had been a boon. The firm said the decline was due to lack of windfall profits compared with last year, when it sold nearly half of San Miguel Beer to Japanese brewer Kirin. Listed San Miguel Corp reported a 56.2- billion-peso net income for the first six months of 2009. It did not provide the comparative...
MANILA - A private banking officer of Citibank's Binondo branch has gone missing after allegedly carting away hundreds of millions of his clients' money.
Francis Bryan Ang is the former assistant vice-president of the bank's Citigold Wealth Management group, which is aimed at high-value clients with bank deposits of no less than P4 million. Most of Citigold's customers are wealthy Chinese-Filipinos.
A note on the Citibank website states that Citigold clients enjoy various privileges includin...
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