Business

Athens, Greece—Greece has a tentative rescue deal, but relief that it is not falling out of the euro is unlikely to last long: its economy has taken a huge hit.

Beijing — China’s economic growth in the latest quarter held steady at 7 percent, its weakest performance since the global crisis, but better retail sales and factory output in June suggested efforts to reverse the slump might be gaining traction.

The Philippine Stock Exchange (PSE) is optimistic about hitting its P200-billion target capital to be raised this year despite the weak market, a bourse official said.

Trans-Asia Oil and Energy Development Corp. (TA) topped the bid for three power barges each with a capacity of 32 megawatts (MWs) of state power assets holding firm Power Sector Assets and Liabilities Management (PSALM) with an offer of P420 million in cash.

By Riza Lozada The Energy Regulatory Commission (ERC) gave the Manila Electric Company (Meralco) a provisional approval to lower its distribution charges by 17 centavos per kilowatt hour (kWh).

By Jerry Maglunog Microinsurance aims to provide insurance to people in the lower echelons of society. It is a largely undeveloped market, however, as in the Philippines, it is estimated that not more than 10 percent of the country’s population are insured, moreso with the marginalized members of society.

By Riza Lozada Two years after the Sin Tax Law was enacted, discrepancies on its use, primarily for the local health sector, were found.

Fitch Ratings is confident that local banks would be able to meet new capital requirements following the Bangko Sentral ng Pilipinas’ (BSP) announcement that it has identified domestic systemically important banks (D-SIB).

New York—A shutdown in trading at one of the world’s most famous exchanges raised the tension in financial markets last Wednesday.

Chinese officials are scrambling to stop a plunge in the country’s stock market, shutting down half of its market from skittish investors and forcing brokerages to pony up billions to prop up shares.