Megaworld sees net sales of 10B

Megaworld sees net sales of P10B in 2007

MANILA, Philippines -- Major Philippine property developer Megaworld Corp. expects real estate net sales this year to increase to P10 billion from P6.16 billion last year, boosted by brisk sales of apartments in its condominium developments, the company said.

Bank lending up 12.1% in April

Bank lending up 12.1% in April

MANILA, Philippines -- Commercial banks' outstanding loans amounted to P2.046 trillion at the end of April, 12.1 percent more than a year earlier, growing at a faster rate than the revised 10.5 percent in March, the central bank said.

Remittances jumped 32.6%

Remittances jumped 32.6% in April

MANILA, Philippines -- Remittances from Filipinos working abroad rose 32.6 percent in April from a year earlier to $1.19 billion, the 12th straight month that the figure topped the $1 billion mark, the central bank said on Friday.

Jobless rate drops to 7.4%

Jobless rate drops to 7.4% in April from 8.2 % a year ago

MANILA, Philippines -- The Philippines' unemployment rate fell to 7.4 percent at the end of April from 8.2 percent a year earlier, preliminary data from the National Statistics Office showed. That compared to a jobless rate of 7.8 percent when the previous labor force survey was done in January.

Spurs sweep Cavs to win fourth title

Spurs sweep Cavs to win fourth title (AP)

Once again, the San Antonio Spurs walked the hallways in champagne-soaked T-shirts. Bruce Bowen carried the Larry O'Brien trophy, one he had cradled before. Tony Parker, wrapped in France's flag, squeezed an MVP award he richly deserved. And Tim Duncan, always the center of everything for his team, recorded every precious moment with a camcorder.

Adobe bullish about summer sales

Adobe bullish about summer sales (AP)

AP - Bullish executives at Adobe Systems Inc. are predicting a blockbuster summer as the company, which produces popular software such as Photoshop, continues its biggest-ever product launch.

Shares close sharply higher

(UPDATE) Shares close sharply higher; index hits record

MANILA, Philippines -- Share prices closed sharply higher as broad-based buying sent the benchmark index to a new record, thanks to a recovery in US stocks overnight after bond yields eased and retail sales surpassed expectations.

Survey says retail losses at $42 B

Survey says retail losses hit record $41.6 billion (Reuters)

Reuters - Retail theft and fraud cost U.S. retailers a record $41.6 billion last year, although the percent of sales the industry lost through activities like organized crime and employee theft remained almost flat, according to a survey released on Monday.

Lehman Bros Qearnings rise 27 percent

Lehman Brothers quarterly earnings rise 27 percent (Reuters)

Reuters - Lehman Brothers Holdings Inc. , said on Tuesday that quarterly profit rose 27 percent, beating expectations, on surging revenue from bond underwriting and stock trading.

Google complains about Vista

Google complains about Microsoft's Vista (AP)

AP - Internet search leader Google Inc. is trying to convince federal and state authorities that Microsoft Corp.'s Vista operating system is stifling competition as the high-tech heavyweights wrestle for the allegiance of personal computer users.

Burger King ignites Spam War

Burger King ignites Spam war with rival (AP)

AP - For many Americans, spam is a four-letter word for unwanted e-mail. In Hawaii, Spam is a beloved comfort food, with cans of the gelatinous pork bricks found in virtually every cupboard.

GE, Microsoft discussed DowJones bid

GE, Microsoft discussed Dow Jones bid: report (Reuters)

Reuters - General Electric Co. and Microsoft Corp. discussed joining forces for a competing bid for Dow Jones & Co. in recent weeks, but the idea was abandoned, the Wall Street Journal reported on Monday.

Companies must explain CEO compensation

Companies must explain CEO compensation (AP)

AP - Shareholders who complain that executive pay is getting out of control have a new tool for pressing their case: They are demanding that companies spell out why their top brass deserves generous rewards.

Gold tumbles to 3-month low

Gold tumbles to 3-month low

Read full story for latest details at CNNMoney.com

US data shows economy is poised for better growth

Data shows economy poised for better growth (Reuters)

Reuters - The U.S. labor market is holding steady, businesses are rebuilding inventories and the consumer is still spending, all signs pointing to stronger economic growth in the latter part of this year.

PSE shares down

Shares close flat; PLDT recovers on bargain-hunting

MANILA, Philippines -- (UPDATE) Share prices closed flat as bargain-hunters emerged in late trade and picked up battered stocks like heavyweight Philippine Long Distance Telephone Co. (PLDT), allowing the market to cut early losses.

Government considers 6.2% GDP growth forecast for 2008

Gov’t considers 6.2% GDP growth forecast for 2008

MANILA, Philippines -- The Philippines' economic managers are considering a 2008 economic growth forecast of 6.2 percent, which would compare with a 2007 forecast of 6.1 to 6.7 percent, Economic Planning Secretary Romulo Neri said.

Citigroup research assigns "buy" rating for Meralco

Citigroup assigns ‘buy’ rating to Meralco

Citigroup Research has begun covering Manila Electric Co. (Meralco) with a "buy" recommendation and a price target of P154 per share, predicting that the electricity distributor will be allowed a tariff increase of as much as P1.37 per kilowatt-hour by early next year under a new regulatory regime.

End-April NPL at 5.2%

End-April bad loans ratio at 5.2%, little changed from March

MANILA, Philippines -- Commercial banks non-performing loans ratio stood at 5.27 percent at the end of April, barely changed from 5.28 percent in March but significantly lower than the 8.08 percent level recorded in April 2006, the central bank said.

Tokyo stocks fall sharply

Tokyo stocks fall sharply; dollar up (AP)

AP - Japanese stocks fell sharply Friday, led by steels, machinery and real estate shares, buffeted by Wall Street's overnight drop and weaker-than-expected Japanese machinery data.

Asian markets mostly down, following Wall Street slide

Asian markets follow Wall Street's slide (AP)

AP - Most Asian markets tumbled Friday after shares on Wall Street fell sharply amid growing speculation a U.S. interest rate cut was unlikely. Chinese stocks, however, bucked the trend and rose for a fourth straight session.

CFOs turn pessimistic on US economy, survey says

CFOs turn pessimistic on US economy: survey (AFP)

AFP - Chief financial officers at American companies have turned pessimistic on US economic prospects, a survey released Thursday showed.

Norilsk profit up 154 percent

Norilsk profit up 154 percent (Reuters)

Reuters - Norilsk Nickel, the world's largest nickel and palladium miner, said on Friday 2006 net profit more than doubled on record prices and the sale of a stake in South African miner Gold Fields Ltd..