Finally it happened. The Philippine Stock Exchange index (PSEi) received a much-needed boost yesterday, thanks to the news of PLDT acquiring a majority stake in Digitel.
Since the start of the year, the PSEi has been averaging a downside of 10%. Yesterday, the index jumped 2.98%, up 116.51 points to close at 4,023.74.
The market rally was led by PLDT (stock code: TEL) which gained 15.72% in one day, closing at P2,356. TEL was also yesterday’s most actively traded and top gainer stock.
More and more Filipinos are turning to entrepreneurship to grow their wealth. According to the Philippine Franchise Association (PFA), the franchise industry has shown an outstanding growth—from 50 franchises in the 1990s to over a thousand today.
As promised, here now is our list of the 100 Most Popular Philippine Blog Sites of 2010, a complement to our previous post on the … Read More
It’s official: Banco Filipino is closed and is now under the receivership of the Philippine Deposit Insurance Corporation (PDIC).
On March 18, the PDIC announced it is taking over Banco Filipino and initial steps to start the processing of claims are now under way.
And we all thought they were “Subok na Matibay, Subok na Matatag.”
Several branches of Banco Filipino were closed today, March 15 — the second time the troubled bank declared a bank holiday in 26 years.
The bank admitted they are recently experiencing “heavy withdrawals” and blamed the country’s Central Bank for “orchestrating” a smear campaign against them.
There are more than 600 million users on Facebook as of January 2011, according to the investment bank Goldman Sachs. If that number is not enough to amaze you, let us simplify that by saying it means — hold your breath — one in every 12 people in the world has a Facebook account.
Such widespread clout undoubtedly translates to power and, of course, money. True enough, five people who are or were connected to Facebook are now considered billionaires. They include the founders and investors of the popular social networking site (whose disputes were the subject of the movie The Social Network).
If you did watch The Social Network, we’re sure you’re familiar with these five Facebook billionaires.
The Forbes list of the World’s Richest Persons for the year 2011 is now out. Familiar names and faces dominate the Top 10, with one woman securing a spot after a drought of several years.
Mexican telecoms tycoon Carlos Slim Helu is still the world’s richest man, adding $20.5 billion to his net worth last year, thanks to a stronger Mexican peso, rising stock market, and profitable investments by Helu’s conglomerate firm.
Next is Microsoft founder Bill Gates, who also ranked 2nd to Helu in the 2010 World’s Richest list. Forbes Magazine says, however, that Bill Gates’ No. 2 position is due to his enormous philanthropic donations. It is estimated that Bill Gates has donated around one-third of his entire fortunes to the Bill and Melinda Gates Foundation. Had he not made those donations, his net worth would be around $80 billion, making him the world’s wealthiest man.
Steve Jobs’ announcement of the launch of the new Apple iPad 2 last March 2 sent the Apple stock (Stock Code: AAPL) rising 0.80% to $352.12 at the close of the announcement day.
