Business

The United States needs to show more positive economic performance, otherwise the Federal Reserve (the Fed) has no choice but to hike rates in the near term following the rate cut announcement by the Bank of England (BOE) last Thursday, a local bank said in a report.

The Yuchengco group’s Rizal Commercial Banking Corp. (RCBC) posted an unaudited consolidated net income of P2.61 billion for the first half, 3.3 percent higher than the P2.53-billion net income reported for the same period last year. Core income excluding the cyclical trading gains increased by 59 percent.

BDO Foundation, the cor porate social responsibility arm of BDO Unibank, has rehabilitated Pastrana Rural Health Unit in Leyte in partnership with US-Philippines Society.

By Riza Lozada Globe Telecom is the most awarded telecommunications operator in the first half as a result of a series of recognitions given to the company by various institutions.

Listed budget airline Cebu Pacific has placed a firm order with Airbus for two A330-300s that will join its existing fleet of six A330s flying on long range flights to destinations in the Middle East and Australia, as well on selected domestic and regional routes.

The fast developing digital economy of the country presents more opportunities for data and privacy sharing which may it necessary for local firms to embrace technology to increase sales, a report of software firm SAP showed. The SAP Digital Experience Report said half of respondents in a local survey indicated that they are delighted with the digital experiences from companies. …

Food and beverage firm RFM Corp. is embarking on an aggressive expansion overseas to further boost its profit targeted to reach P1.1 billion this year. 

By Riza Lozada Outstanding loans of commercial banks, net of reverse repurchase placements (RRP), grew by 17.6 percent in June after posting a 17.7-percent increase in May to reflect rising economic activities.

The Ayala-led Bank of the Philippine Islands (BPI) reported a first-half net income of P12.67 billion, up 35.6 percent from a year ago.

The local stock market index managed to stay above the 8,000 level last Friday as the downturn across regional markets weighed on the bourse. The Philippine Stock Exchange index (PSEi) lost 76.95 points, or 0.95 percent, to 8,025.35 from the previous day’s 8,102.30 finish.