Business

Reuters - BP Plc , the largest oil producer in U.S.-regulated areas of the Gulf of Mexico, said Monday that Tropical Storm Hermine was not expected to affect its offshore operations.

AFP - The World Trade Organization will issue its long-awaited opinion on Europe's challenge to American subsidies to US aerospace giant Boeing next week, a source close to the matter said Monday.

Reuters - European Union finance ministers sought on Monday to make sanctions for EU budget rule breakers more automatic, but put off potentially difficult talks on a permanent mechanism to resolve euro zone crises.

Reuters - U.S. oil prices slipped below $74 per barrel on Monday as the end of the U.S. driving season and high levels of unemployment in the world's biggest oil consumer raised concerns over the outlook for demand.

Reuters - The Federal Reserve should not announce a limit on its actions if it resumes purchases of Treasury securities to stimulate the U.S. economy, the former vice chairman of the central bank said.

AP - European Union finance ministers are set to discuss the possibility of introducing a levy on banks and whether a tax on financial transactions can deal with another banking crisis, as they gather Tuesday in an atmosphere more benign than when they last met in July.

Reuters - World stocks rose on Monday on hopes the U.S. economy can avoid slipping back into recession, although the International Monetary Fund's chief economist warned of weak growth in both the United States and Europe.

THE CONTINUED improvement of the Philippine economy may prompt Toyota Motor Corp. (TMC) to boost its local production of vehicles and auto parts, and even export completely built vehicles from its Sta. Rosa manufacturing facility.

THE BANGKO Sentral ng Pilipinas (Central bank of the Philippines) expects foreign direct investments to soon match inflows of “hot money” inflows, saying that the country’s improving macroeconomic fundamentals have spurred investors’ risk appetite.

FIRST GEN Corp. yesterday signed a $142-million loan to finance the Lopez-led firm’s investments and capital requirements.

THE ABOVE line is the title of an old song that came to my mind as I looked at the chart of the market. It gives a striking description of what the market is doing at this time—going “Up, up and away!”

THE COUNTRY’S exports are expected to register a full-year growth of up to 27 percent in 2010 given the modest rebound of the global economy, which is seen to boost demand for goods.

THE SECURITIES and Exchange Commission has revoked the operating license of local stockbrokerage Century Securities Corp. for lack of any registered associated person as required by the corporate regulator.

ONE OF two existing oil refineries in the Philippines may shut down in three to four years’ time once the so-called “mega-refineries” in China begin operations, said Energy Secretary Jose Rene D. Almendras.

SIX FIRMS have expressed interest in challenging the unsolicited bid of SM Land Inc. to develop the 33.1-hectare Bonifacio South property.

YIELD ON the benchmark 91-day treasury bill went up by one basis point to an average of 3.946 percent as yesterday’s auction showed mixed results.

THE ENERGY sector has incurred a staggering P932 billion in outstanding and contingent liabilities, more than half of which would likely be shouldered by electricity consumers.

LOCAL STOCKS yesterday climbed to a three-year high as strong risk appetite across global markets curbed rising temptation to lock in gains from a five-day run-up.

Reuters - President Barack Obama will announce on Monday a six-year plan to revamp the United States' aging roads, railways and runways with a $50 billion up-front investment to jump-start job creation.

AP - Chancellor Angela Merkel on Monday touted her government's decision to put off shutdown of the country's nuclear power plants by an average 12 years as "revolution of the energy supply" in Europe's largest economy.