Top Business News

Philex affiliate discovers oil field in offshore Vietnam
[ABS-CBNNEWS]An affiliate of Philex Mining Corp., the country’s largest copper and gold mining firm, has discovered a major oil and gas field in offshore Vietnam.
Pitkin Petrolem Plc has successfully completed the drill stem testing of the Ca Rong Do (Red Emperor) discovery well on Block 07/03 in offshore Vietnam which flows oil at a combined rate of 3,265 barrels per day plus 8.1 million standard cubic feet of gas per day.
This is the first major oil and gas discovery in Asia this year and shows the soundness of the Philex's decision to diversify from mining into the oil exploration business, it said.

Stock market expected to tread lower
[MANILATIMES]PHILIPPINE shares will likely move downward this week to gather strength for another run-up in the coming months, dealers said on Friday.
The Philippine Stock Exchange composite index rose 3.30 percent, or by 79.14 points from the previous week to close at 2,477.44 on Friday.

JG Summit sees double-digit growth this year
[BUSINESSMIRROR]JG Summit Holdings Inc., the listed holding firm of the Gokongwei family’s major businesses, is targeting double-digit revenue growth this year as it expects better earnings from core units all of which directly service the lucrative consumer market.
At the sidelines of the firm’s shareholder’s meeting on Friday, JG Summit president Lance Gokongwei noted that at the current pace, the company is looking at a record 2009 with total revenues expected to rise between 15 percent and 20 percent from last year’s P99.87 billion.