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Auto imports a threat to US security

NEW YORK: A US Commerce Department report has concluded that American auto imports threaten national security, setting the stage for possible tariffs by the White House, two people familiar with the matter said Thursday. The investigation, ordered by President Donald Trump in May, is “positive” with respect to the central …

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Accuracy of analysts’ forecasts better in Q4

THE accuracy of growth forecasts published by economists from prominent institutions improved in the fourth quarter of 2018, the Finance department claimed on Friday. In a statement, the department said that among 10 published gross domestic product growth (GDP) projections, the most accurate was just 0.1 percentage points away from …

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PSEi drops to 7,900 on trade talk worries

THE stock market fell back to the 7,900 level on Friday, tracking a regional retreat attributed to reports that little progress had been made following high-level trade talks between the United States and China. The benchmark Philippine Stock Exchange index (PSEi) dropped by 1.03 percent or 82.36 points to close …

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No announcements after ‘productive’ talks

BEIJING: Treasury Secretary Steven Mnuchin said the United States had “productive” talks with China over their trade dispute after negotiations in Beijing ended Friday with no sign that any concrete progress had been made. US Treasury Secretary Steven Mnuchin (2nd L) talks with Chinese President Xi Jinping as US Trade …

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OFW remittances hit all-time high in 2018

A man counts dollar remittance at a money changer in UN Avenue in Manila. PHOTO BY RUSSELL PALMA Money sent home by overseas Filipino workers (OFWs) hit a record high in the December, in the process also raising the full-year tally to what the Bangko Sentral ng Pilipinas (BSP) described …

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Insurance firms allowed to invest in infra projects

Insurance companies are now allowed to invest in infrastructure-related projects of the government. The Insurance Commission (IC), in a statement on Thursday, said the new rule was approved last December 28 under Circular Letter 2018-74 and took effect immediately. The Insurance Commission on Thursday said that insurance companies can now …

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Rice import proposal a ‘death trap’

A proposal calling for a shift to high-value crop production could lead to the death of the domestic rice industry, a Cabinet official said on Thursday. “[A proposed] policy to just rely on imported rice and ask our rice farmers to diversify to other crops is a death trap.” Agriculture …

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Net ‘hot money’ hits 2-month high

Net foreign portfolio investments remained positive in January, rising to their highest in two months, based on Bangko Sentral ng Pilipinas (BSP) data released on Thursday. The $762.82-million net “hot money” inflow — up from December’s $278.11 million — came as investments in peso debt instruments and the Philippine Stock …

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PSEi grows on renewed US-China trade talk hopes

THE stock market recovered on Thursday as investors belatedly welcomed renewed hopes over the outcome of high-level US-China trade talks. The benchmark Philippine Stock Exchange index (PSEi) rose by 0.90 percent or 71.01 points to close at 7,991.25. The wider All Shares grew 0.82 percent or 39.65 points to finish …

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PCC blocks sugar mill merger

URC takeover of Batangas rival to create monopoly, harm planters – competition authorities Competition authorities have rejected Universal Robina Corp.’s (URC) bid to take over Roxas Holdings, Inc.’s (RHI) Central Azucarera Don Pedro Inc.(Cadpi), ruling that the deal would lead to a monopoly in the Southern Luzon sugar market. “A …

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