Business

Mass-housing developer 8990 Holdings Inc. is in talks with a listed Singaporean company to form a joint venture to build up to 100,000 housing units in Tanzania, the largest of the East African countries.

By Riza Lozada Cosco Capital Inc., the retail holding firm of Lucio Co, reported a net income of P3.01 billion for the first nine months representing an 18 percent improvement from P2.55 billion profit a year ago.

By Riza Lozada Restaurant chain operator Max’s Group Inc. (MGI) signed a development agreement with De Borja Inc. to build at least three Max’s Restaurants in San Diego, California within the next five years.

By Riza Lozada Century Properties Group Inc. has secured a loan worth P2.2 billion to pave the way for a joint partnership with the Japanese giant Mitsubishi Corpo to build Forbes Media Tower in Makati.

By Jerry Maglunog The inclusion of China’s currency, the renminbi, also called yuan, to the basket of currencies that will determine the value of reserves of every member of the International Monetary Fund (IMF) will bolster trading between the Philippines and China, several observers said.

The Araneta Center in Cubao, Quezon City, is getting another facelift to make it a garden city, based on a new redevelopment plan for the business district.

AC Energy Holdings Inc., the power unit of Ayala Corp., has scrapped plans to put up a solar project in Sta. Cruz, Davao del Sur province, following a stockholders’ vote.

Banco de oro Unibank Inc. (BDO) and the Japan Bank for International Cooperation (JBIC)-backed Fidea Holdings Co. Ltd.(Fidea Group) signed a memorandum of understanding to promote inward investments, mainly from Akita, Yamagata and Miyagi prefectures in the northern region of Tohoku in Japan.

By Jerry Maglunog Rapid and huge bank financing is expected in 2016, as businesses grow and diversify into other ventures to take advantage of a growing market, a Bangko Sentral ng Pilipinas (BSP) official has predicted.

Listed mass-housing developer 8990 Holdings Inc. continued to book double-digit growth in earnings on the back of strong sales and increased construction capacity in the first nine months of the year.