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Philippine Inflation Rate Up To 4.9%

According to the Philippine Statistics Authority, the country’s inflation rose 4.9% year-on-year last July, the fastest pace since November of 2011.

The uptick was mainly due to an increase in the heavily weighted food and non-alcoholic beverages index.

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MPI To Acquire MER

Pangilinan-led Metro Pacific Investments Corp. (PSE Ticker: MPI) will acquire Manila Electric Co. (PSE Ticker: MER) shares held by Beacon Electric Asset Holdings Inc. for an aggregate amount of Php13.24 billion.

The transaction was priced at Php235 per share and the total acquired MER stake amounted to 56.35 million shares. Furthermore, MPI will directly pay Php3 billion to Beacon and the remaining Php10.24 billion will be settled until February 2015. MPI will have 5% stake in the country’s biggest power distributor once the transaction has been completed.

meralco 1024x838 MPI To Acquire MER Read the rest of this entry »

ICT To Invest in Iraq

The local equities market closed higher for the third consecutive day on bargain-hunting as investors collectively anticipated quarter-end window dressing.

The PSEi continued its upward momentum, increasing by 31.08 points, or +0.46% to close at 6,793.07.

asia stock markets 4 ICT To Invest in Iraq Read the rest of this entry »

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