Business

Lahaina, Hawaii— Trade ministers from a dozen Pacific Rim nations failed to reach a deal on a new trade agreement that would cover nearly 40 percent of the global economy, United States Trade Representative Michael Froman said.

New York—As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.

Property developer Megaworld Corp. is spending P20 billion to complete 12 new office buildings in Fort Bonifacio within three years that will more than double its office space inventory in the area and create over 100,000 jobs.

AC Energy Holdings Inc. (ACE) is optimistic of meeting its 1,000-megawatt (MW) target capacity by 2016, President and Chief Executive Officer (CEO) John Francia said.

The Manila Electric Co. (Meralco) expects a 3- to 4-percent hike in its energy sales for the first half of this year.

After the complete buyout by Banco de Oro Unibank (BDO) of one of the country’s biggest rural banks (RBs), One Network Bank (ONB), the stage is set for the country’s biggest banks to enter micro, small and medium enterprises (MSMEs). 

Washington—Americans bought homes in June at the fastest rate in over eight years, pushing prices to record highs as buyer demand has eclipsed the availability of houses on the market. 

Athens, Greece—Greece’s radical left-led government emerged bloodied but alive last Thursday from a key vote in parliament, which overwhelmingly approved new creditor-demanded reforms, despite a revolt among hardliners in the main coalition partner. 

The hotel arm of listed property developer 8990 Holdings Inc. plans to invest P1.5 billion to expand its hotel portfolio over the next six years, riding on the domestic tourism boom.

The local stock market can sustain its rally in the next few years, depending on the ability of the next leader to continue the Aquino administration’s reforms focusing on macroeconomic stability, a financial expert said.