Top Business news

First Pacific wants to raise Philex stake
[ABS-CBNNEWS]MANILA - Hong Kong-based First Pacific Co. Ltd. wants to raise its stake in Philex Mining Corp. but this will depend on the financial needs of the copper-gold producer.
At the moment, Philex is still awash with cash from mature mining operations and the sale of treasury shares last November, said First Pacific managing director Manuel V. Pangilinan, who was elected as new chairman of Philex during the company's annual meeting on Wednesday.
"We want to raise our stake in Philex but this will depend on its financial requirement. We are ready to support Philex (if it needs more capital)," Pangilinan said.

Ayala Land sees recovery in sales, pursues projects
[ABS-CBNNEWS]Encouraged by the strong recovery in property sales this quarter, Ayala Land Inc. is committed to pursue its planned capital expenditures for 2009.
In an interview with reporters, ALI president Antonino Aquino said the company would compensate for its reduced spending in the previous months as uncertainties in the market continue to ease.
Year-to-date, Aquino said ALI spent only less than half of its P17 billion budget for the full year. He said the company is expected to spend more in the second semester.

ICTSI opens expanded Brazil terminal
[BUSINESSMIRROR]PUBLICLY listed International Container Terminal Services Inc. (ICTSI) on Wednesday said it opened its expanded container yard terminal in northeastern Brazil.
President Arroyo inaugurated the $10-million expanded Suape Container Terminal (SCT) operated by subsidiary Tecon Suape S.A. (TSSA).
ICTSI said by November, the company will start commissioning eight new rubber-tired gantries (RTG) worth around $15 million. The RTGs were ordered from heavy equipment maker Noelle, and are currently being manufactured in China.

Pangilinan is Philex chairman
[BUSINESSWORLD]BUSINESSMAN MANUEL V. Pangilinan was named chairman of Philex Mining Corp. yesterday, pledging to help the country’s largest miner in its capital requirements.
Mr. Pangilinan, head of Philippine Long Distance Telephone (PLDT) Co. and Metro Pacific Investments Corp., is representing the 22% stake of Hong Kong’s First Pacific Co. Ltd.
In May, the Philex board voted to split the position of chairman and chief executive and added one board seat. New members include Philippine Exporters Confederation chief Sergio R. Ortiz-Luis, Jr. and former presidential legal counsel Jesus G. Dureza. Walter W. Brown remains as the chief executive of Philex.