Stock News 2010: Inflation rate picks up pace in Nov. at 3%

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MANILA, Philippines – Inflation in the Philippines picked up pace in November, exceeding both central bank and market expectations due to the higher cost of home repairs, fuel and energy and services.

Even so, Bangko Sentral ng Pilipinas Governor Amando Tetangco said the surprise increase in the consumer price index won't alter the central bank's current accommodative monetary stance, at least until the end of the year.

The National Statistics Office Tuesday said the CPI, the country's main inflation barometer, rose by 3.0% in November from the year-earlier level, faster than the central bank's forecast of between 2.0% and 2.9% and the 2.5% median forecast of 10 economists in a Dow Jones Newswires poll.

The November CPI was up 0.8% from October, when the index declined 0.2% from September.

Inflation averaged 3.8% in the 11 months to November, still at the lower end of the central bank's target of between 3.5% and 5.5% for this year.

Core inflation, which excludes volatile food and energy items, stood at 3.5% on year in November, up from 3.3% in October.

"Our current assessments still show that inflation would remain manageable during the policy horizon and that inflation expectations continue to be well-anchored," Tetangco told reporters in a text message.

http://www.mb.com.ph/node/291530/inflation-rate-pick

Stock News 2010: Bayan Business 'Arrives' at Fort Bonifacio Global City

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Bayan Business, the corporate and business solutions arm of Bayan Telecommunications Inc., recently held a promotional event to showcase its wide array of services and solution offerings that are available for business enterprises at the thriving Fort Bonifacio Global City in Taguig.

Bayan in cooperation with inContact, presented at the launch the different product and services that prospective customers located in the area can subscribe to and avail of in order to sustain and help grow their businesses.

Representatives from 25 companies attended the product presentation last November 11 held at Murray’s New Orleans. Among those present were executives from B&M Global Services Manila, Dev’t Finance International, Inc., Cormant Technologies, Ericsson, Digital Media Exchange, Fujitsu, FPD Asia, Sony Phils., Inc., GN Solutions, Wrigley Philippines, Deutsche Knowledge Services, Jones Lang LaSalle and the Call Center Association of the Philippines (CCAP).

The program, which started off with a hearty lunch, was followed by a presentation on Bayan Business’ data transport, IP and managed service offerings.

Jon Arayata, Bayan Business Head, said Bayan is committed to providing the most reliable data services and connectivity for businesses and potential locators in Fort Bonifacio.

“High availability and reliability is our commitment to the quality of service from Bayan that our customers need and expect for their business grade services requirements,” Arayata said.

During the last two quarters of 2010, Bayan has installed three new POP (point-of-presence) builds in the Fort Bonifacio Global City in order to expand Bayan’s serviceable areas.

In the coming months (4th quarter 2010 and 1st quarter 2011), more POP builds will ready for service in the same area.

http://www.mb.com.ph/node/291122/bayan-bu

International News 2010: Samsung promotes chairman's son to president

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SEOUL, South Korea (AP) – The son of Samsung Electronics Co.'s chairman has been promoted to president in a reorganization of top management posts at the conglomerate the giant technology company anchors.

Lee Jae-yong, 42, who is being elevated from executive vice president at Samsung Electronics, would retain his chief operating officer title, Samsung Group said in a statement Friday.

Samsung Electronics is a major force in the global electronics industry, where it holds the top spots in memory chips and flat screen televisions and ranks No. 2 in mobile phones behind Finland's Nokia Corp.

The company is also the flagship corporation of the Samsung Group conglomerate, which consists of dozens of other businesses including shipbuilding, construction, leisure and finance.

Samsung Electronics Chairman Lee Kun-hee's father founded the Samsung Group in 1938. The move to promote Lee Jae-yong, who also goes by Jay Y. Lee, was widely expected after Lee Kun-hee, 68, said last month that his son was set to move up the ranks.

Investors appeared to welcome the news, sending shares in Samsung Electronics 3.3 percent higher in late morning trading to a record 887,000 won ($775). The announcement came about 30 minutes after trading started Friday.

Samsung Electronics has at least 10 executives with the title of president, according to the group. Lee Jae-yong's promotion, however, has been closely watched given that he is a member of the conglomerate's founding family and widely expected to eventually to succeed his father.

http://www.mb.com.ph/node/290705/

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Stock News 2010: ERC orders NPC to refund customers P0.04/kWh

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MANILA, Philippines – Luzon electricity consumers can only expect a minimal reduction of P0.04 per kilowatt hour (kWh) from the foreign exchange refund ordered on National Power Corporation (NPC), the Energy Regulatory Commission (ERC) has clarified.

While the forex gain reduction approved was at P0.34 per kilowatt hour (kWh), this has to be offset from the last adjustment of P0.31 per kWh which has lapsed in November billing cycle.

“The overall reduction in the forex component on NPC charges will just be P0.04 per kWh because that has to be reckoned with its time-of-use (TOU) which was set to even out from the last currency exchange rate adjustment,” ERC executive director Francis Saturnino Juan has noted.

The foreign exchange gains logged by state-run NPC has merited an order from the regulatory body for it to refund P6.6 billion worth of over-collections to Luzon customers. This could have translated to P0.34 per kWh if without the offsetting mechanism.

Visayas and Mindanao consumers will similarly benefit from the rate decline.

http://www.mb.com.ph/node/290794/erc-order

Stock News 2010: Globe cuts post-paid roaming cost by 75%

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MANILA, Philippines – Globe Telecom launched a promotional offer for postpaid subscribers that makes international roaming cheaper, up to 75 percent less the usual cost, and easier.

POWERROAM allows postpaid subscribers to have three more call minutes, 15 more text messages and 50 more emails for P499 while they are traveling abroad.

The offer is available in 15 countries and territories: Australia (Optus); Hong Kong (CSL); India (Bharti Airtel); Indonesia (Telkomsel); Macau (CTM); Malaysia (Maxis); Singapore (SingTel); Taiwan (Taiwan Mobile); South Korea (SK Telecom); Thailand (AIS); China (China Mobile and China Unicom); United Kingdom (Vodafone); United States (T-Mobile); Saudi Arabia (Mobily); and Canada (Rogers).

POWERROAM comes in three fully-consumable variants: Plan 499, Plan 999 and Plan 2999, all valid for 30 days.

http://www.mb.com.ph/node/290634/globe-cut

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Stock News 2010: Geo-Estate gains ground with The Beacon Makati

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 MANILA, Philippines – Geo-Estate Development Corp.’s maiden venture, The Beacon Makati, is now taking shape amidst more than 10,000 sqm of prime land on the corner of Chino Roces (formerly Pasong Tamo) and Arnaiz (formerly Pasay Road) Avenue. Recently, Geo-Estate president and COO Miriam O. Katigbak expressed confidence that the project will emerge as the only condo development of its kind in the area with a distinguishable and unparalleled “residential resort” theme.

This pronouncement is related to the impending turnover of the first building, Roces Tower, by the middle to the third quarter of 2011. Now in its finishing stages, construction is deemed right on track.

“We started construction of Roces Tower in the middle of 2008 and this 42-story structure is now set for completion soon. For the second phase which is Arnaiz Tower, we started construction in August this year and it is scheduled for turnover in 2013. Amorsolo or Tower 3 is presently in its planning stages and will be launched soon,” Katigbak said.

With sales averaging well across the market segments, Katigbak said that the industry has started to take notice of Geo-Estate as a formidable developer even if it is a young company.

http://www.mb.com.ph/articles/290367/geoestate-gains-ground-with-the-beacon-makati

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• Developer plans projects according to buyers' wants (lifestyle.inquirer.net)

Stock News 2010: DTI allows increase in sugar retail price

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MANILA, Philippines – The government Wednesday lifted the suggested retail price for sugar to ease supply as shortage in local supply reached 110,000 tons and a plan to import 310,000 metric tons early next year.

Trade and Industry Secretary and Chair of the National Price Coordinating Council (NPCC) Gregory L. Domingo told reporters after meeting with the manufacturers and retailers.

According to Domingo the lifting of the SRP on sugar was meant to bring in more sugar supply as retailers refused to sell because the SRP on refined sugar is still pegged at P52 per kilo when prices sugar is already selling at P63 to P65 per kilo as ex-mill prices is between P62 to P64 a kilo already.

While the lifting of the SRP on sugar could mean a free-for-all market, Domingo said that DTI would be closely monitoring to ensure there would be no unwarranted increases and unscrupulous traders could still face profiteering and overpricing charges. The idea of lifting the SRP is to ensure there is enough sugar for the Christmas season.

Domingo said the shortage in sugar supply is largely caused by the delayed in the milling season and the continuing higher prices of sugar globally.

He, however, said that some mills are already starting milling.

http://www.mb.com.ph/node/290434/dti-allow