Category: finance
Fitch: Infra graft probe may hurt local banks’ loan quality
MANILA, Philippines – The deepening probe into anomalous flood control projects could hurt the asset quality of Philippine banks, Fitch Ratings warned, as delays in public works could squeeze the cash flows of contractors and undermine their ability to pay loans. Tamma Febrian, director of the financial institutions team at Fitch, said banks with higher
CMIC lifts suspension on Globalinks
MANILA, Philippines – Now with enough capital to continue operating, broker-dealer Globalinks Securities and Stocks Inc. may resume operations. This, after the market regulation arm of the Philippine Stock Exchange lifted Globalinks’ involuntary suspension. In a memorandum on Tuesday, Capital Markets Integrity Corp. (CMIC) said it had received documents from Globalinks. These showed proof of
Samsung flags 32% jump in Q3 operating profit
SEOUL, South Korea – Samsung Electronics forecast a 32-percent jump Tuesday in third-quarter operating profit from a year earlier, beating market expectations as solid demand for conventional memory chips offset weaker sales of high-bandwidth memory products. The South Korean tech giant estimated an operating profit of around 12.1 trillion won ($8.5 billion) for the July–September period,
SEC warns public vs firm posing as agri goods trader
MANILA, Philippines – The Securities and Exchange Commission (SEC) has warned the public against investing in a newly established business allegedly posing as a farm goods service provider while soliciting investments from the public without the proper registration. It also warned against individuals introducing themselves as representatives of stock brokers. In an advisory posted last
Gold prices soar to all-time high amid US-China trade tensions
Gold prices have skyrocketed to an all-time high, fueled by renewed trade tensions between the United States and China.
Bad bank loans climbed to nine-month high in August
Bad loans in the Philippine banking system climbed to a nine-month high in August, as lenders—squeezed by narrower margins from falling interest rates—may have turned to riskier retail borrowers in search of higher returns. Latest data from the Bangko Sentral ng Pilipinas showed that nonperforming loans (NPL), or debts overdue by at least 90 days