Labor still in good shape

Claims for unemployment insurance fall (AP)

AP - Fewer people signed up for unemployment benefits last week, an encouraging sign that the labor market is still in good shape even amid sluggish economic growth.

Worst since 2002

Economy has worst growth since 2002 (AP)

AP - The economy nearly stalled in the first quarter with growth slowing to a pace of just 0.6 percent. That was the worst three-month showing in over four years.

Motorola to cut more jobs

Motorola says to cut 4,000 more jobs (Reuters)

Reuters - Motorola Inc. said it expects to cut an additional 4,000 jobs as it continues to lower costs.

Boeing bets the farm

Boeing bets the farm

Times have never been headier for Boeing. It booked record orders in 2005 and 2006. Its new 787 is scheduled for rollout on July 8 - that's 7/8/07. The Dreamliner, as it is known, is living up to its name. It is the fastest-selling new airplane ever, with more than 500 ordered so far; it is sold out for years to come.   (CNNMoney.com)

Heinz profit rises 7.8%

Heinz profit rises 7.8 percent (AP)

AP - Food producer H.J. Heinz Co. said Thursday its fiscal fourth quarter profit increased 7.8 percent, boosted by strong sales among the company's top brands.

Sears up 17%

Sears' net income climbs 17 percent (AP)

AP - Retailer Sears Holdings Corp. said Thursday that its first-quarter earnings grew 20 percent, helped by one-time gains and improved performance at Canadian and U.S. stores.

IBM cuts 1,500 positions

IBM cutting another 1,500 positions (AP)

AP - IBM Corp. laid off 1,570 people Wednesday, primarily from an ongoing overhaul of operations in its giant technology services unit.

2007 GDP target achievable - Analyst

Analyst sees 2007 GDP target achievable

MANILA, Philippines -- The stronger-than-expected gross domestic product growth in the first quarter means the economy is on course to hit the government's growth target for this year of 6.1 to 6.7 percent, said Banco de Oro (BDO) Universal Bank market strategist Jonathan Ravelas.

Moody's upgrades PLDT, Globe

Moody’s upgrades PLDT, Globe currency ratings

MANILA, Philippines -- Moody's Investor Service said it had upgraded the local currency corporate family ratings of Philippine Long Distance Telephone Co. (PLDT) and affirmed the company's and Globe Telecom Inc.'s foreign currency bond ratings.

India grows at record 9.4%

India grows faster-than-expected at record 9.4 percent (AFP)

AFP - India's economy grew faster-than-expected at a record 9.4 percent pace in the year to March, beating a government forecast of 9.2 percent Thursday and raising hopes of more foreign investment.

Wall Street shot higher

Stocks jump, S&P 500 hits record close (AP)

AP - Wall Street shot higher Wednesday, sending the Standard & Poor's 500 index to its first record close in more than seven years, as investors grew more confident that the Federal Reserve might cut interest rates in the second half of 2007. The Dow Jones industrials also reached a new high close.

Northwest exits chapter 11

Northwest exits bankruptcy protection (AP)

AP - Northwest Airlines Corp. is emerging from Chapter 11 a little smaller, a lot more efficient, and with some of the lowest costs among the major carriers.

Autumn

Autumn Reeser Photo Gallery on Maxim :: Girls, Sex, Videos, and Much More

Secrets of the fastest-growing techs

Secrets of the fastest-growing techs

CEOs reveal the business strategies that put companies like Akamai, Netflix, and Priceline at the top of Business 2.0's ranking of the 100 fastest-growing technology companies.

America's hottest investor

America's hottest investor

Motorola CEO Ed Zander was enjoying a moment of relief from his company's struggles last January, mingling with fellow corporate chieftains at the World Economic Forum in Davos, Switzerland, when he got the message that makes CEOs see their careers flash before their eyes. The news: Carl Icahn was calling him out. He had bought a 1.4% stake in Motorola and was demanding a seat on the company's board.

US dollar up, gold down in Europe

US dollar up, gold down in Europe

LONDON - The US dollar was mostly higher against most major currencies in European trading Wednesday. Gold was down.

PSE shares affected by China drop

(UPDATE) Shares close lower on profit-taking, China slump

MANILA, Philippines -- Share prices ended lower as investors cashed in on recent gains, with the selling pressure intensifying towards the close as a slump in Chinese markets prompted by an increase in stamp duty on stock trades there weighed on other Asian bourses, dealers said.

Homebuilder Pulte will cut 1,900 jobs

Homebuilder Pulte to cut 1,900 jobs (AP)

AP - Facing a grim housing market, Pulte Homes Inc. said Tuesday that it is cutting about 16 percent of its work force, or about 1,900 jobs, as part of a restructuring.

Chinese stocks drop 6.5 percent

Chinese shares plunge 6.5 percent (AP)

AP - Chinese stocks plunged Wednesday after the government raised a tax on share trades, trying to cool a market boom amid growing concerns about a possible bubble.

Libya announces 900M Dollar oil deal with BP

Libya announces 900 mln dlr oil deal with BP (AFP)

AFP - Libya announced on Tuesday it will sign a 900 million dollar exploration deal with energy giant BP, which London says plans to return to the north African country after a 33 year absence.

Consumer confidence improves

Consumer confidence rebounds in May (AP)

AP - Consumer confidence bounced back unexpectedly in May, despite higher gasoline prices that could raise shoppers' worries about inflation, a private research group said Tuesday.

World poll: China to catch up with US economy

China to catch up with US economy: world poll (AFP)

AFP - China is on course to catch up with the United States and join the front ranks of world economic powers, but that is little cause for concern even among Americans, a global survey said Monday.

China: Trade surplus to exceed 250Billion Dollars

China says 2007 trade surplus to exceed $250 bln (Reuters)

Reuters - China's trade surplus will reach $250-300 billion in 2007, driven by the country's price competitiveness and strong external demand, the top economic planner said on Tuesday.

RBS-led trio bids for ABN

RBS-led trio bids $95.7 bln for ABN (Reuters)

Reuters - A consortium led by Royal Bank of Scotland has launched a 71.1 billion euro ($95.7 billion) bid for Dutch group ABN AMRO, trumping Britain's Barclays in a battle for the world's biggest bank takeover.

Electricity sales growth to double in 2007

Meralco sees electricity sales growth doubling in 2007

(UPDATE) MANILA, Philippines -- Power distributor Manila Electric Co. (Meralco) expects the rate of growth in the volume of its electricity sales to more than double this year to 2.5 percent, Meralco president Jesus Francisco told stockholders at their annual general meeting.

PNB sees net profit of P1B in 2007

PNB sees net profit of P1B in 2007

MANILA, Philippines -- Philippine National Bank (PNB) expects its net profit this year to hit P1 billion, after it announced a 60 percent increase in earnings for the first quarter to P305.9 million.

Manila Electric to raise $500M to buy our govt

Manila Electric to raise $500M to buy out gov’t

MANILA, Philippines -- The family running the Philippines' biggest power distributor said on Tuesday it plans to raise more than $500 million to buy the 29 percent stake the government wants to sell in the Manila Electric Co. (Meralco).

SMPH, Ayala lift PSE shares

(UPDATE) Shares close higher led by SM Prime, Ayala

MANILA, Philippines -- Share prices closed firmer on gains in select blue chips like SM Prime Holdings and Ayala Corp. while the broader market consolidated amid a dearth of strong leads, dealers said.

Wall Street comes back

Wall Street to eye inflation, jobs data (AP)

AP - Investors better have rested up over the long weekend. This week may be short, but it's heavy on data that spans employment, housing, manufacturing, consumer sentiment and inflation.

Buffett mystery

The Buffett mystery (CNNMoney.com)

Did you hear the one about Warren Buffett, Jimmy Buffett, Google billionaire Sergey Brin, and his wife's startup firm? Stay with us, because this story gets complicated.

Inflation seen between 2.1%-2.8%

Central bank sees inflation at 2.1%-2.8% in May

MANILA, Philippines – Inflation in May likely reached 2.1 to 2.8 percent year-on-year, reflecting higher oil prices and the diminishing base effects of a higher value-added tax rate, central bank governor Amando Tetangco Jr. said.

PSE shares close lower on lack of leads

(UPDATE) Shares close flat on lack of leads

MANILA, Philippines -- Share prices closed flat following a seesaw session in the absence of strong leads, with gains in select blue chips like Philippine Long Distance Telephone Co. (PLDT) offsetting profit-taking in the broader market, dealers said.

SM Investments sees 14-15% rise in 2007 profit

SM Investments sees 14%-15% rise in 2007 profit

MANILA, Philippines -- SM Investments Corp., the holding firm of shopping mall and banking tycoon Henry Sy, said it expects to post a 14 to 15 percent increase in net profit this year, supported by strong consumer spending.

Peso now uncomfortably strong

Peso now 'uncomfortably strong'

THE PESO, which last week broke into the 45:$1 level for the first time in nearly seven years, has become "uncomfortably strong," according to Socioeconomic Planning Secretary Romulo Neri.

Combined profit of listed firms up 27.5% in 2006

Combined profit of listed firms in '06 up 27.5% to P261B

THE COMBINED net income of local firms listed on the Philippine Stock Exchange (PSE) grew 27.5 percent to P261.1 billion in 2006 from year-ago's P204.75 billion, the PSE said citing its own research.

At odds over China

Regulators, investors at odds over China's booming markets (AFP)

AFP - Experts in China and abroad warned this week of an imminent contraction in the Asian giant's roaring stock markets but defiant investors remain confident that the market knows best.

Why CEOs make the big bucks

Bing: That's why CEOs make the Big Bucks

A new study shows that CEOs earn way, way more than the people who work for them. Fortune's Stanley Bing explains why this is perfectly rational.

GSIS seeks fund managers for $1-B investment

Banking & Finance: GSIS seeks fund managers for $1-B investment

State-run Government Service Insurance System (GSIS) is seeking fund managers for its plan to invest up to $1 billion in foreign currency-denominated instruments to "diversify its portfolio."

Philippines - Businessmen bullish on second quarter performance

Headline: Businessmen bullish on second quarter performance -- central bank survey

Businessmen are bullish on prospects in the second quarter, citing a generally stable macroeconomic environment marked by a strong peso, low inflation, stable interest rates, and improved investment conditions.

Home prices fall for 9th straight month

Home prices fall for 9th straight month (AP)

AP - Sales of existing homes fell by a larger-than-expected amount in April while the median price of a home sold during the month fell for a ninth straight month as the troubles in the subprime mortgage market acted as a further drag on housing.

Philippines - Manufacturing output fell 7.6 percent

Manufacturing output fell 7.6% in March

MANILA, Philippines -- Output of the country’s manufacturing sector, as measured by volume of production, continued to decline, dropping by 7.6 percent in March from a year earlier, the National Statistics Office reported Thursday.

Insular Life profit reaches 1.58B Pesos

Insular Life ’06 profit reaches P1.58B

Insular Life Assurance Co. Ltd. and its subsidiaries reported a consolidated net income of P1.58 billion in 2006, up eight percent from P1.46 billion in 2005.

Trade deficit widens in March

(UPDATE)Trade deficit widens in March

(UPDATE) MANILA, Philippines -- The Philippines' trade deficit widened to $119 million in March from $10 million in the same month last year, the National Statistics Office said.

Peso at 46.24 after reaching six-year highs

Banking & Finance: Peso ends weaker

The peso continued to weaken yesterday in a "healthy correction" after reaching six-year highs, closing at P46.24 to the dollar, a 20-centavo decline from Wednesday's close.

Coke to buy Glaceau for $4.2B

Coke set to buy Glaceau for $4.2 bln: NYT (Reuters)

Reuters - Coca-Cola Co. has approved the purchase of vitamin water maker Glaceau for $4.2 billion in cash and Coke stock, the New York Times reported on its Web site on Friday.

New homes data in April soars

Stocks surge on record home sales data (AP)

AP - Wall Street powered higher Thursday after the government's new homes data in April soared to its biggest increase in 14 years, allaying investor concerns that the housing market will tip the economy into a recession.

Euro shares slip after Greenspan warning

European shares slip after Greenspan warning (AFP)

AFP - Europe's main stock markets fell Thursday, with global investors rattled after former US Federal Reserve chairman Alan Greenspan warned of a possible "dramatic contraction" in Chinese share prices.

Greenspan sees dramatic drop in Chinese stocks

Greenspan sees dramatic drop in Chinese stocks (Reuters)

Reuters - Former U.S. Federal Reserve Chairman Alan Greenspan said on Wednesday he feared a "dramatic contraction" in Chinese stocks but said the global economy may be able to shrug off a drop in asset prices.

Jobless claims rise slightly

Jobless claims rise slightly (AP)

AP - The number of newly laid off workers filing applications for unemployment benefits rose slightly last week but still remained at a level indicating a healthy labor market.

Eurozone economy slows to 3.1 percent

Eurozone economy slows to 3.1-percent growth in first quarter (AFP)

AFP - The 13-nation eurozone economy shifted down a gear in the first quarter with growth of 3.1 percent over 12 months as a German sales tax rise hit consumers in Europe's biggest economy, official EU data showed Tuesday.

World's Most Entrepreneurial Places

World's most entrepreneurial places

When Rodrigo Veleso launched ONE World Enterprises in Los Angeles last year, he quickly grasped why entrepreneurship was surging in the U.S.

100 fastest growing tech companies

100 fastest growing tech companies

Despite talk of froth and bubbles, the tech sector continues to surge. The outfits on Business 2.0's list are posting impressive results. (CNNMoney.com)

Peso at 7-year high

Peso surges to 45.87:$1

MANILA, Philippines -- The peso Tuesday broke into the 45-per-dollar territory to hit its highest level in nearly seven years, amid heavy foreign inflows into the stock market and cash remittances from overseas Filipino workers.

Nasdaq at 6-year high

Nasdaq closes at six-year high on deals (Reuters)

Reuters - Takeover news and speculation drove the Nasdaq to its highest close in more than six years on Tuesday, with casino and technology stocks leading the advance.

Alcan rejects Alcoa bid

Alcan rejects takeover by Alcoa (Reuters)

Reuters - Alcan Inc. rejected on Tuesday an unsolicited $27.6 billion takeover offer from rival aluminum producer Alcoa Inc. , but the Canadian company said it was in talks with third parties.

Dollar firmer versus yen

Dollar hits three-month high against yen (AFP)

AFP - The dollar struck a three-month peak against the yen on Wednesday and weighed on the euro owing to better prospects for the US economy, traders said.

GameStop profit more than doubles

GameStop profit more than doubles (Reuters)

Reuters - GameStop Corp., the biggest U.S. video game retailer, said its quarterly profit more than doubled, boosted by strong hardware sales.

Target beats target

Target Corp. profit beats expectations (AP)

AP - Discount retailer Target Corp. said Wednesday its first-quarter profit rose almost 18 percent, although revenue was just shy of analyst expectations.

FTSE drops as Glaxo extends losses

FTSE in the red as Glaxo extends losses (FT.com)

FT.com - London equities slipped into the red on Tuesday as Marks and Spencer fell on the back of annual earnings and GlaxoSmithKline was hit by several broker downgrades.

DMCI Q1 profit up 20%

DMCI Q1 profit up 20% at P289M

Construction-based conglomerate DMCI Holdings Inc. reported a 20-percent rise in consolidated net income in the first quarter to P289 million from P241 million in the same period last year, citing largely contributions from newly acquired interest in water distribution and a boom in real estate.

PhilWeb Q1 profit surges 151%

PhilWeb Q1 profit surges 151%

Internet gaming-turned-IT service firm PhilWeb Corp. reported a 151-percent surge in profit and a 74-percent growth in sales in the first quarter this year.

Petron will pay P600M to BIR

Petron ordered to pay BIR P600M

Oil refiner and retailer Petron Corp. has lost its second tax credit case against the Bureau of Internal Revenue (BIR), with the Court of Tax Appeals ordering it to pay P600.77 million in excise taxes.

Outsourcing to India

Yes, you can outsource your homework to India

Few large corporations need to be convinced of the benefits of offshore outsourcing. Many U.S. companies have fully embraced the outsourcing of customer call centers, software troubleshooting, and even medical diagnoses to workers in India and other emerging markets as a way to cut costs and take care of business when most of America is asleep.

GE to sell Plastics for $11.6 Billion

GE to sell Plastics for $11.6 billion (Reuters)

Reuters - General Electric Co. said on Monday it agreed to sell its struggling GE Plastics business to chemicals company Saudi Basic Industries Corp. (2010.SE) in an $11.6 billion cash deal.

China hits record high

Chinese stocks hit record high (AP)

AP - Chinese stocks rose to a fresh record high for the second day in a row on Tuesday, as property developers jumped on expectations for a stronger yuan and robust housing demand.

Shares breach another first

(UPDATE) Shares close higher; key index hits new record

MANILA, Philippines -- Share prices closed higher on follow-through buying as the market stretched gains for the seventh consecutive session, lifting the main index to another record level, dealers said.

Lowe's profit lower

Lowe's profit falls 12.1 percent (AP)

AP - Lowe's Cos., the No. 2 U.S. home improvement chain, said Monday that its first-quarter profit fell 12.1 percent due to a slowing home improvement market amid a continued slump in the housing sector.

TPG, Goldman to buy Alltel

TPG, Goldman to buy Alltel in $25 billion deal (Reuters)

Reuters - Wireless company Alltel Corp. said on Sunday it had agreed to be bought by TPG Capital and the buyout arm of Goldman Sachs for about $25 billion, making it the latest U.S. corporate giant to fall into private equity hands.

Daimler assumes US$1-B risk from Chrysler pension

Daimler bears $1 bln Chrysler pension risk (Reuters)

Reuters - DaimlerChrysler (DCXGn.DE) has assumed a $1 billion risk from Chrysler should its pension plans be terminated before an agreement with U.S. agency Pension Benefit Guaranty Corporation (PBGC) expires in five years.

7 ways to invest in the oil boom

7 ways to invest in the oil boom (CNNMoney.com)

Since January, the price of oil has risen from $50 to $65 a barrel. Didn't notice? For casual investors that's understandable. After all, the last time this happened - back in the summer of 2005 - soaring energy costs were front-page news.

Footsie hits new 6 1/2 year high

FTSE hits new 6½ year high (FT.com)

FT.com - The FTSE hit a new six-and-a-half year high on Monday as the heavyweight oil and mining stocks moved higher.

Philippinr bonds weaken on rating disappointment

Philippine bonds weaken on rating disappointment

HONG KONG -- Philippine bonds fell and the cost of insuring the country's sovereign debt rose on Monday after Standard & Poor's kept the Southeast Asian country's rating unchanged, disappointing investors who had hoped for an upgrade.

PBCom bad loan ratio drops 5% to 18.56%

PBCom bad loan ratio drops

MANILA, Philippines -- Philippine Bank of Communications' (PBCom) non-performing loans (NPL) ratio dropped to 18.56 percent at end-March from 23.71 percent a year earlier.

Peso rise positive for inflation

Peso rise positive for inflation--central bank

HONG KONG -- The Philippine central bank on Monday dismissed concerns about the peso's rise to a six-year high, saying the currency was helping to keep inflation under control and to cut government debt.

PSE shares hits new record

Shares close higher on Wall St. rise; index hits new record

MANILA, Philippines -- (UPDATE) Share prices closed higher as the market rode on the momentum of another surge on Wall Street last Friday, with strong interest in power distributor Manila Electric Co. (Meralco) helping lift the main index to a new intraday high and another record finish, dealers said.

91-day T-bill rate drops

(UPDATE) 91-day T-bill rate drops; longer tenors rise

MANILA, Philippines -- The rate on benchmark 91-day Treasury bills fell while those on longer tenors rose in Monday’s auction, the Bureau of Treasury said. Total tenders reached P14.835 billion, nearly triple the government's offer of P5 billion.

American satisfaction at new low

Poll: American satisfaction at new low (AP)

AP - It's gloomy out there. Men and women, whites and minorities — all are feeling a war-weary pessimism about the country seldom shared by so many people.

BSP eases rules for agri, micro lending

BSP eases rules for agri, micro lending

MANILA, Philippines -- THE BANGKO Sentral ng Pilipinas has eased some credit rules to boost the flow of funds to agriculture and microfinance, or lending to the entrepreneurial poor.

Asia top investment choice for expats

Asia the top investment choice for expats: survey (Reuters)

Reuters - Asia has overtaken continental Europe as the top investment choice for investors living outside their country of origin, according to a survey published on Sunday.

Capitalia, UniCredit to create second-largest bank in Europe

UniCredit, Capitalia about to create bank giant (Reuters)

Reuters - Capitalia looks set to be acquired for nearly 22 billion euros by larger rival UniCredit to create Europe's second-largest bank, as the boards of both banks meet on Sunday to approve a takeover.

Global media sector shaken by latest takeover

Thomson takeover of Reuters shakes up global media sector (AFP)

AFP - Thomson Corp.'s takeover of British media giant Reuters marks the latest twist in the rapidly consolidating global media landscape, according to industry experts.

China's shadow hangs over German G8 meeting

China's shadow hangs over German G8 meeting (Reuters)

Reuters - The G8 powers predicted yet another year of healthy economic growth on Saturday at talks which exposed the limits of their clout in a world where China and others not in the club increasingly dictate the pace.

April budget surplus at P12Billion

Gov’t posts April budget surplus of P12B

MANILA, Philippines -- The national government registered a budget surplus of P12 billion in April, partly because of a ban on spending on new infrastructure projects in the run-up to last Monday’s elections.

SMC Retirement to buy Cojuangco shares

Cojuangco names buyer: SMC Retirement Fund

MANILA, Philippines -- Eduardo Cojuangco Jr., chairman and chief executive of the beverage and food giant San Miguel Corporation, on Friday identified the prospective buyer of about P6 billion worth of San Miguel shares held in the name of his corporations.

Philex Mining shines; Semirara frustrates

Philex’s profit jumps; Semirara’s drops

MANILA, Philippines -- Philex Mining Corp. reported a big jump in profit in the first quarter while Semirara Mining Corp. registered a drop and Lepanto Consolidated Mining Co. posted a net loss.

Stocks reach 80-year high (all time)

Stocks reach new all-time high

MANILA, Philippines -- The Philippines’ main share index Friday reached its highest level in the 80 years of the stock market, buoyed by heavy foreign buying, good economic indicators and increased corporate earnings, dealers said.

Very bullish on Philippines

JP Morgan turns ‘very bullish’ on Philippines

MANILA, Philippines -- Global financial services giant JP Morgan is telling investors to fatten their exposure in the Philippines, saying the country’s prospects are boosted by low interest rates, a strong peso, reforms in the power sector, an encouraging mining industry, and government mega-infrastructure spending.

P1-B for farm-based SMEs

Land Bank launches P1-B fund for farm-based SMEs

MANILA, Philippines -- State-owned Land Bank of the Philippines has unveiled two new funding facilities totaling P2 billion for microfinance banks and agriculture-based small and medium-scale enterprises (SMEs).

Philippines - MPC to borrow $16M for Makati Med

Metro Pacific to borrow $16M to inject into Makati Med

MANILA, Philippines -- Holding firm Metro Pacific Investments Corp. (MPIC) has received board approval to negotiate and secure loans worth $15.89 million from Metro Pacific Holdings Inc. and US fund manager Ashmore Fund to finance its investment in Makati Medical Center Inc.

China moves to let currency rise

China moves to let currency rise (AP)

AP - China took steps Friday to let its currency trade more freely against the dollar and to cool its sizzling economy ahead of talks in Washington over Beijing's soaring trade surplus.

Stocks surge on corporate takeovers

Stocks surge on corporate takeovers (AP)

AP - Stocks surged higher Friday as another round of corporate takeovers prodded investors to continue a largely uninterrupted months-long buying streak. The Dow Jones industrial average registered its 24th record close this year and the Standard & Poor's 500 index came within striking distance of its record high.

40 million Vistas sold in 100 days

Newsvine - Get Smarter Here

A haul amounting to $500 Million

Shipwreck yields estimated $500M haul (AP)

AP - Deep-sea explorers said Friday they have mined what could be the richest shipwreck treasure in history, bringing home 17 tons of colonial-era silver and gold coins from an undisclosed site in the Atlantic Ocean. Estimated value: $500 million.

Money fund assets rise

Money fund assets rise in latest week (AP)

AP - Total money market mutual fund assets rose by $18.20 billion to $2.485 trillion for the week, the Investment Company Institute said Thursday.

Economy to slow this summer - data

Economy may slow this summer, data show (AP)

AP - A gauge of future economic activity showed the U.S. economy will slow in coming months, reversing recent gains and suggesting higher gas prices and a sluggish construction industry are beginning to take their toll.

GE to sell plastics unit

GE close to finalizing plastics sale to Sabic: report (Reuters)

Reuters - General Electric Co. is close to selling its plastics unit for almost $11 billion to Riyadh-based chemicals company Saudi Basic Industries Corp. <2010.SE (Sabic), the Wall Street Journal reported on Thursday.

Why gas prices rise while oil does not

Why gasoline prices are rising while oil isn't

Last summer when oil traded at a record high near $79 a barrel, gas at the pump went for about $3.03 a gallon. Today, crude's about $65 a barrel and a gallon of regular unleaded costs $3.10.  (CNNMoney.com)

Philippine Stocks could hit new all-time high next week

Stocks could hit new all-time high next week

MANILA, Philippines--Share prices could hit a new all-time high next week as the result of the generally peaceful mid-term elections, analysts said Friday.

Shares close firmer

(UPDATE) Shares close firmer on rosy outlook

MANILA, Philippines -- Share prices edged higher, lifting the main index to a record level at the close, as investors chose to focus on the bullish outlook for the Philippine economy and ignored Wall Street's retreat overnight and in most Asian markets this morning, dealers said.

RP Govt posts budget surplus of P12B for April

(UPDATE) Gov't posts budget surplus of P12B for April

MANILA, Philippines --The government had a budget surplus of P12 billion for last month as annual income tax payments boosted revenue, Finance Secretary Margarito Teves said.

Jobless claims fell 5,000 last week

Jobless claims fell 5,000 last week (Reuters)

Reuters - The number of Americans filing new claims for jobless benefits unexpectedly fell last week, dragging the less-volatile moving average of claims to its lowest level in more than a year in a sign of labor market strength, government data showed on Thursday

BP under fire for oil leak

Lawmakers: BP stinginess led to oil leak (AP)

AP - Severe company budget cuts at a time when BP PLC was making huge profits put pressure on managers to ignore corrosion protection at the oil company's North Slope pipelines that sprung leaks last year, according to internal company documents.

Slow factory activity caused by home building slide

Home building to slow, factory activity up (Reuters)

Reuters - Factory output picked up in April and groundbreaking on new homes unexpectedly rose, but permits for future home building slid to their lowest level in nearly a decade, signaling ongoing housing sector woes.