Business

San Miguel Pure Foods Co. Inc. (SMPFC) booked a 7-percent surge in profit in the first nine months of the year, boosting expectations it would sustain growth momentum during the last quarter amid holiday spending. 

By Jerry Maglunog Tougher competition in the banking sector is expected as more foreign banks and rapidly expanding domestic lenders are seen to open more branches by next year. 

By Riza Lozada The Philippine National Bank (PNB) reported a group profit of P4.7 billion for the first nine months ending September, which was P1 billion higher than the figure posted a year ago.

  Washington—United States Federal Reserve (the Fed) Chairman Janet Yellen said that an interest rate hike in December is a “live possibility” if the economy stays on track. 

New York—Sometimes family comes first. 

Albany, New York—Deutsche Bank has agreed to pay $258 million to settle legal problems stemming from US sanctions violations, New York regulators said. 

By Riza Lozada Housing firm 8990 Holdings Inc. has signed a deal to sell P1 billion in receivables to the thrift-bank arm of the Ayala-led Bank of the Philippine Islands (BPI), in a move that would free up new capital for the mass-housing developer. 

By Riza Lozada  Flagship company Aboitiz Equity Ventures Inc. (AEV) reported a consolidated net income of P11.9 billion until September, 17 percent lower from a year ago, with non-listed food subsidiary Pilmico Foods Corp. (Pilmico) as a bright spot, growing by 46 percent and contributing P1.4 billion in income.

Philex Petroleum Corp. reported a consolidated net loss of P118.1 million for the nine-month period ending September, which was lower than the P376.9 million in losses a year ago, to reflect the impact of low crude oil prices on Asian fuel companies.

By Jerry Maglunog Regardless of the type of bank, the trend is to create units that will engage in the industrial sector to realize gains from the country’s fast-growing economy.