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Philippines' Aboitiz to spend $680mn to raise power capacity, eyes Indonesia MANILA: The Philippines' Aboitiz Equity Ventures Inc will spend $680 million to increase the capacity of two of its coal-fired power plants, and is also looking to invest in power generation in Indonesia, its top executive said on Thursday.The $6.7 billion power, banking and property development group is pushing to expand its power generation portfolio to sustain growth in the future, while keeping an eye on infrastructure projects such as roads and airports the Philippine government offers to investors.The group's Aboitiz Power Corp unit will add 340 megawatts to the combined 640 MW capacity of plants in Cebu and Davao provinces, president Erramon Aboitiz said in a press briefing. The project is expected to be completed by early 2018.In anticipation of a steady growth in domestic power demand, Aboitiz said the group is looking to expand its total power generation capacity by 2,000 MW to more than 4,000 MW over ...

Oil prices up on lower US supplies SINGAPORE: Oil prices rose in Asia on Thursday after a dip in US crude stockpiles raised optimism about energy demand in the world's top crude consumer during the winter season, analysts said. US benchmark West Texas Intermediate for January delivery rose 33 cents to $67.71, while Brent crude for January gained 41 cents to $70.33 in late-morning trade. The US Department of Energy said in its latest inventory report that crude stockpiles dropped 3.7 million ...
China shares higher in morning trade SHANGHAI: Chinese shares opened higher on Thursday, extending a rally on hopes of more monetary easing and economic reforms, dealers said.The benchmark Shanghai Composite Index rose 0.45 percent, or 12.48 points, to 2,792.01.The Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 0.75 percent, or 10.91 points, to 1,463.83.Copyright AFP (Agence France-Presse), 2014 ...
Middle East Crude: Focus turns to February trading; Qatar lowers OSP SINGAPORE: The Middle East crude market held steady on Wednesday, as focus turned to trading for February cargoes and price announcements from major producers in the region.Qatar set the November retroactive official selling price (OSP) for its Qatar Marine grade at $74.35 a barrel, the lowest since September 2010.The price puts the discount for Qatar Marine to Dubai crude at $1.98, down 25 cents from the previous month.The OSP for Qatar Land was set at ...
President of Sinopec's oil services unit dismissed amid investigation BEIJING: The president of Sinopec Group's oilfield services unit has been dismissed and is currently under investigation, state media reported on Wednesday. Xue Wandong, the president of Sinopec Oilfield Services Corp (SOSC), was relieved of his duties by the company's party apparatus, Xinhua said on its Weibo social media account. He is being investigated for reasons that were not specified. State media reported last month that China's corruption watchdog had launched a series of inspections ...
Brent holds above $70 in turbulent oil market SINGAPORE: Brent held above $70 a barrel on Wednesday, recovering slightly from losses in the prior session as a turbulent market struggled to find a price floor.The market has swung between sharp gains and losses since OPEC said last week that it would maintain steady output in an oversupplied market. Brent and US crude are down more than 30 percent since June and touched five-year lows on Monday.Brent hit a high of $71.46 a barrel ...
Oil price falls pressure Australian energy firms, economy SYDNEY: Australian energy firms are having to reassess their investment strategies and outlook as oil prices sit at multi-year lows, with analysts warning of knock-on effects for the wider economy as it shifts away from resources-driven growth.OPEC's decision to maintain output sent the price of oil plunging last week, extending a sell-off since June that has been fuelled by a supply glut and slow demand growth.US benchmark West Texas Intermediate for January delivery fell as ...

 



 
Index Closing Chg%
Arrow DJIA 17,976.31 1.49
Arrow Nasdaq 4,947.44 1.15
Arrow S&P 2,081.24 1.22
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Arrow DAX 12,086.01 1.83
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln