New Links for June 7, 2012:
The research arm of Moody’s Investors Services has raised its economic growth forecast for the Philippines this year to 4.7 percent from 4 percent, citing the government’s ant-corruption drive and big push for infrastructure development that will aid efforts to attract investors.
The 4.7-percent growth projection of Moody’s Analytics, however, was below the government’s official target of 5 to 6 percent. It said the gap between its projection and the government’s was the view on exports and remittances.
Cebu Pacific signs $280M contract with Rolls-Royce (ABS)
Low-cost carrier Cebu Pacific has signed $280 million contract with global power systems company Rolls-Royce.
Under the agreement, Rolls-Royce will provide long-term TotalCare service support for the Trent 700 engines on up to 8 of Cebu Pacific’s Airbus A330 aircraft
Tiger Airways completes 40% acquisition of SEAir (Philstar)
Singapore-based budget carrier Tiger Airways Holdings Ltd. has completed the acquisition of a 40-percent stake in local carrier Southeast Asian Airlines (SEAir) Inc.
Tiger said in a disclosure to the Singapore Exchange that it finalized the sale and purchase agreement to acquire 40 percent of SEAir on Monday.
The stake, it said, would be purchased from existing foreign shareholders at $7 million.
Meralco generation charge up by P0.54/kWh in June (ABS)
Electricity rates are up this month due to a considerable hike in generation charge of P0.54 per kilowatt hour (kWh).
Carmen Copper Corp., a wholly-owned subsidiary of Atlas Consolidated Mining & Development Corp. which operates the Toledo copper mine in Cebu has signed a 12-year electric power purchase agreement with Toledo Power Co. has (TPC).
Under the agreement, TPC will build and operate a 72-megawatt clean coal-fired power plant in Toledo City to supply up to 60 MW of power to CCC’s mining operations upon its commissioning, expected by end-December 2014.
LRWC core business breaches Billion mark in 1st quarter (PSE)
Leisure and Resorts World Corporation’s (LRWC) core business, AB Leisure Exponent, Inc. (ABLE a.k.a. Bingo Bonanza Corporation), gross revenue breaches the billion mark as early as the first quarter of 2012. At the same time, net income posted a double digit growth of 13.7%.
LRWC posted a consolidated net income of P21.0 million for the first quarter of 2012, including ABLEs reported net income stated above. LRWCs consolidated net income would have amounted to P64.2 million in the first quarter of 2012, exclusive of the pre-operating expenses incurred by its newest subsidiary, AB Leisure Global, Inc. (ABLGI). Revenues and profits of LRWC’s portfolio remain strong.
FLI To list Php7 Bil retail bonds (Philstar)
Gotianun-led Filinvest Land Inc. (FLI) has obtained regulatory approval to list P7 billion in fixed-rate retail bonds at the Philippine Dealing & Exchange Corp. (PDEx).
The bonds,with a fixed interest rate equivalent to 6.2731 percent per annum, will be listed on Friday (June 8).
The listing gives retail holders of FLI bonds the option to trade their bond holdings and generate liquidity without waiting for the bonds to mature.
Australian GDP Expands At More Than Twice Pace Forecast (Bloomberg)
Australia’s economy expanded at more than twice the pace economists forecast, sending the local currency, bond yields and stocks higher and prompting traders to pare bets on a half-point interest-rate cut next month.
First-quarter gross domestic product advanced 1.3 percent from the previous three months, when it rose a revised 0.6 percent, a Bureau of Statistics report released in Sydney today showed. The country’s A$1.45 trillion ($1.43 trillion) economy, the world’s 13th largest, is forecast by the International Monetary Fund to overtake Spain as the 12th biggest this year.
(Mostly copy pasted from the links) – Thanks. – Faceless Trader