Business

Chinese currency renminbi (RMB) has been in­cluded among the country’s currency reserves in line with the International Monetary Fund’s (IMF) inclusion of it in the basket of reserve notes, the Bangko Sentral ng Pilipinas’ (BSP) said.

By Riza Lozada Pilipinas Shell Petroleum Corp. (PSPC) alloted a total of 27.5 million shares for purchase of local small investors (LSI) under the Local Small Investors Program, and 55 million common shares have been allocated for purchase through trading participants of the Philippine Stock Exchange, Inc. (PSE) in the company’s initial public offering (IPO).

Global port operator International Container Terminal Services Inc. (ICTSI) successfully repurchased $345.5 million of its outstanding perpetual securities through a tender offer funded by the issuance of new senior perpetual securities worth $375 million.

Kickstart Ventures, a wholly-owned venture capital firm of Globe Telecom, invited local startups to participate in the second installment of Singtel Innov8’s global call to create innovative solutions for real world business challenges.

By Riza Lozada Local insurer Philippine American Life and General Insurance (Philam Life) will join major investments to put up infrastructure as part of its aim to help the local economy to reach its full potential.

The government is cracking down on “informal money lenders” or the so-called loan sharks including those engaged in the 5-6 scheme who usually charge exorbitant interest rates or victimize borrowers through fraud, falsification and harassment.

Inflation for October is expected to remain within target despite the country being hit by two successive typhoons, BSP Deputy Governor Diwa Guinigundo said.

The European Central Bank’s (ECB) decision to maintain interest rates will buoy the region’s economy, which in turn will benefit the Philippines, a Bangko Sentral ng Pilipinas (BSP) official said.

Shakey’s Pizza Asia Ventures Inc (SPAVI), the operator of the Shakey’s pizza chain of stores, is targeting to raise up to P5.5 billion through an initial public offering this year.

Rival mall operators SM Prime Holdings and Robin­son’s of the Gokongwei group are planning to put up sepa­rate mall projects in Legazpi City, Albay starting with the P1.5-billion SM City Legaz­pi which will break ground in January next year.