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PSEi falls ahead of holiday break

INVESTORS chose to cash in on Friday ahead of a long weekend with the benchmark Philippine Stock Exchange index (PSEi) dropping by 0.95 percent or 76.50 points to close at 7,945.66. The broader All Shares, meanwhile, dropped 0.74 percent or 35.95 points to end at 4,828.50. IB Gimenez Securities, Inc. …

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Facebook urged to tighten security

Over one million Facebook users in the Philippines may have been compromised by a Facebook data breach, privacy officials said on Friday as they urged the social media giant to provide details on measures aimed at restricting access to client information. The country, the National Privacy Commission (NPC) said, was …

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PH foreign reserves hit 3-yr low in March

THE country’s gross international reserves (GIR) fell to its lowest level in more than three years in March, with the Bangko Sentral ng Pilipinas (BSP) attributing the drop to its foreign exchange operations and government debt payments. Bangko Sentral data released on Friday showed the Philippines’ foreign exchange reserves at …

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China warns US after new Trump tariff threat

BEIJING: China said on Friday that it was ready to pay “any cost” in a trade war after US President Donald Trump threatened an additional $100 billion in tit-for-tat tariffs on Beijing. “If the US side disregards opposition from China and the international community and insists on carrying out unilateralism …

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PCC: Uber should still be available past April 8

Uber’s services should remain available beyond April 8 despite its acquisition by rival Grab, the Philippine Competition Commission said on Thursday. “We will impose that the Uber and Grab apps will continue to operate beyond April 8 and they will be operating independently,” PCC Commissioner Stella Quimbo said in a …

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Govt collections, spending up in Q1

State spending and revenue collections posted double-digit growth during the first quarter of the year, a Cabinet official said, tracing the improvement to tax reforms and the government’s infrastructure program. “First-quarter collections of BIR (Bureau of Internal Revenue) and BoC (Bureau of Customs) increased by 16 percent and 24 percent, …

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Loan growth pressuring local banks’ capitalization

Robust loan growth will continue to put pressure on Philippine banks’ capitalization despite being the main driver of profits last year, a debt watcher said. In a new report, Moody’s Investor Service highlighted that banks’ internal capital generation was insufficient to support the current pace of loan growth. “Most banks …

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Consumer price rise highest in over 5 yrs

INFLATION accelerated further in March, rising to 4.3 percent from 3.8 percent a month earlier on the back of continued increases in food, beverage, tobacco and utility prices. The result, which exceeded the government’s 2.0-4.0 percent target band for the year, was slightly higher than the 4.3 percent average in …

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PH factory output accelerates in Feb

FACTORY output — both in volume and value terms — expanded in February, the Philippine Statistics Authority (PSA) reported on Thursday. The volume of production index (VoPI) grew by 24.8 percent in February from 9.8 percent a year ago while the value of production index (VaPI) climbed by 23.6 percent …

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US targets $50B in Chinese imports

WASHINGTON: The United States has published a list of $50 billion in Chinese imports set to be hit by US tariffs, prompting Beijing to promise equally painful retaliatory measures in an escalating trade duel between the world’s two top economies. The move came a day after Beijing imposed duties on …

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