San Miguel News
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CIMB Group Holdings Bhd., Malaysia’s second-biggest lender, said it’s proceeding with discussions to acquire a stake in the Philippines’ Bank of Commerce even after seller San Miguel Corp. signaled the deal may be scrapped.
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Philippine stocks tumbled from a record after valuations reached a nine-year high and a technical indicator suggested the rally may reverse.
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San Miguel Corp. may walk away from a 12.2 billion-peso ($297 million) agreement to sell its majority stake in Bank of Commerce to CIMB Group Holdings Bhd.
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The Philippines is investigating the failure that left Manila and almost half of Luzon island without power yesterday, and the May 13 elections won’t be marred by blackouts, President Benigno Aquino said.
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Manila and almost half the largest island in the Philippines suffered a blackout after six power plants shut down.
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Farmer Rene Ravalo loads coconuts onto a truck in the Philippines for the 30-minute trip to market on a road built last year. It previously took half a day for a water buffalo to inch the goods down a mountain track.
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The Philippine central bank is considering adjustments to its so-called special deposit accounts, signaling it may limit access to the facility to cut costs and enhance its scope to cool currency gains.
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The Philippine peso headed for its biggest weekly advance in three months on speculation dollar supplies will counter the central bank’s moves to spur outflows.
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Minmetals Land Ltd. is planning to sell dollar-denominated bonds after premiums on Asian debt in the U.S. currency tumbled last week amid record issuance.
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Ramon Ang, president of San Miguel Corp., greets visitors to his eighth-floor Manila conference room wearing a plain black suit, white shirt, red tie and $200 Seiko titanium watch.
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