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MANILA Rolex replica watches, Philippines – San Miguel Corp. said on Tuesday it was evaluating the viability of constructing an integrated logistics complex in the Manila North Harbor area.

The company told the stock exchange it had an initial budget of about P20 billion ($460 million) for the project, confirming details reported by the Philippine Star paper.

San Miguel said the proposed complex would include a grains terminal, ship-handling and warehousing facilities Tag heuer replica watches, and a fuel depot for the group’s storage, handling and distribution needs.

Group companies include San Miguel Brewery Inc., San Miguel Pure Foods Co. Inc., San Miguel Properties Inc. and Petron Corp.

San Miguel, which is aggressively diversifying in power and infrastructure after dominating the local food and beverage business, said the group was in talks with North Harbour Centre Port Terminal Inc. on the preparation of a master plan for Manila North Harbor, one of the country’s busiest ports.

Petron, the larger of the two oil refiners in the country, said on Monday it would buy 35% of the company that in 2009 won a 25-year contract to operate and develop the port.

Shares in San Miguel fell 4.9% on Tuesday in a market that rose 0.1%.

MANILA, Philippines – In line with efforts to keep the Philippines free of the Avian Influenza virus, the Department of Agriculture has imposed a temporary ban on the entry of birds and poultry, including their products, from Bhutan and Denmark, but lifted the same import restriction earlier imposed on France.

DA Secretary Bernie Fondevilla said the ban was imposed on bird and poultry imports from Bhutan and Denmark after official reports from the World Organization on Animal Health or Office International des Epizooties (OIE) confirmed outbreaks of the dreaded bird flu virus in these 2 countries.

Fondevilla explained that the ban was necessary to protect human health and the poultry industry in the Philippines, which has remained free of bird flu ever since the H5N1 strain of this virus struck back in Asia 6 years ago.

The Philippines, Brunei and Singapore are the only AI-free countries in Southeast Asia.

The DA directed its quarantine officers and inspectors at all major airports and seaports to stop and confiscate all shipments of live birds, poultry and poultry products into the country originating from Bhutan and Denmark .
It also ordered the immediate suspension of the processing, evaluation of the application and issuance of Veterinary Import Clearances to all imports covering these products from the banned areas.

Meanwhile Cartier replica watches, the DA said the OIE has reported that bird flu in France had been successfully eradicated.

The World Health Organization reported that as of March 30 this year, there were 492 laboratory-confirmed cases of the bird flu and 291 fatalities from the disease since the H5N1 strain of the virus broke out in Southeast Asia in 2003 and then spread across the rest of the continent, Europe, the Middle East and Africa.

In other Asian countries like Indonesia, 135 deaths have been recorded so far Tag heuer replica watches, while 25 fatalities from the AI virus were reported in China ; 17 in Thailand ; and 59 in Vietnam.

MANILA, Philippines – A wholly owned subsidiary of Philippine Long Distance Telephone Co. (PLDT) is taking over the call center operations of ailing flag carrier Philippine Airlines (PAL).

PAL has signed an outsourcing agreement with ePLDT Ventus formalizing the partnership, which will take effect June 1, 2010.

PAL’s contact center service business is among the 3 non-core units the airline is spinning off as part of a restructuring plan that will displace an initial 3,000 workers. The 2 other units include in-flight catering services and airport services Tag heuer replica watches, including ground round handling, cargo terminal/cargo handling and ramp handling.

PAL said ePLDT Ventus will extend job offers to all affected employees of PAL’s reservation sales units in Manila and Cebu, and the Mabuhay Miles Center. The said employees will be priority in filling up approximately 600 agent positions at eLDT Ventus.

"PAL’s decision to fully outsource its contact center to a proven and reliable partner like ePLDT Ventus will greatly enhance its operational efficiency and productivity in the face of stiffer challenges in the market," said PAL president Jaime Bautista in a statement.

"ePLDT Ventus, with its recognized expertise, latest technology and highly competent workforce, is best positioned to address PAL’s pressing and future requirements for contact center services," ePLDT Ventus president Maulik Parekh added.

Bautista said more PAL employees will be laid off in the company’s restructuring. Among those that will be affected include PAL’s medical, information technology unit, and some human resource and administrative positions.

In the last 2 fiscal years, PAL’s financial situation has been deteriorating Cartier replica watches, with the company sustaining over $350 million (or more than P15 billion) in annual losses.

NEW YORK – Wall Street ended a five-week winning steak on Friday as the threat of rising interest rates in China prompted investors to book profits and reassess bullish positions in equities.

Investors worried tighter credit in China would curb demand for commodities, driving down energy and natural resource stocks. The two sectors were the biggest drag on the S&P.

A string of global worries, including debt problems in Ireland, have prompted investors to reassess their positions or at least buy protective options so they can define their risk, said TD Ameritrade chief derivatives strategist Joe Kinahan in Chicago.

Reflecting the concerns, the CBOE Volatility Index (.VIX) jumped 10.6 percent to 20.61, the first time the index has closed above 20 since late October. The CBOE Nasdaq 100 Volatility Index (.VXN) also surged 16.4 percent to 22.55.

"Whenever you see volatility indexes rising like this, that indicates that people are searching for protection in the options market either in the indexes, exchange-traded funds or individual equities," Kinahan said.

The Dow Jones industrial average (.DJI) fell 90.52 points, or 0.80 percent, to end at 11,192.58. The Standard & Poor’s 500 Index (.SPX) slid 14.33 points, or 1.18 percent, to 1,199.21. The Nasdaq Composite Index (.IXIC) dropped 37.31 points, or 1.46 percent, to 2,518.21.

The S&P 500 dipped below its 20-day moving average on Friday for the first time since September 1 but managed to close above it, in a sign that that level, currently just above 1,194, could provide strong technical support.

Stocks have stalled in recent sessions after a two-month rally that climaxed last week, when the Dow and Nasdaq hit levels not seen since the collapse of Lehman Brothers in September 2008.

For the week, the Dow and the S&P 500 each lost 2.2 percent and the Nasdaq fell 2.4 percent. The two sectors that did the worst were financial stocks (.GSPF), down 4 percent for the week, and information technology stocks (.GSPT), off 3.2 percent.

U.S. December crude oil futures fell 3.3 percent on Friday and copper was off nearly 3 percent. That weighed on cyclical stocks, with aluminum producer Alcoa Inc (AA.N), the Dow’s second-largest percentage loser, slumping 2.3 percent to $13.49.

Among the Dow’s other major decliners, Exxon Mobil Corp (XOM.N) was off 1.2 percent at $70.99, while heavy machinery maker Caterpillar Inc (CAT.N) was down 1.7 percent at $81.04. The S&P energy index(.GSPE) slid 1.4 percent, while the S&P materials index(.GSPM) lost 2.2 percent.

This is the second time the index shied away from the 1 Omega replica watches,228 area, and its chart could be drawing a bearish "double top" formation. After the last retreat from that level in April, the S&P 500 started a correction that took it down to its July lows.

The Shanghai Composite Index (.SSEC) tumbled 5.16 percent, notching its biggest percentage loss in over a year on the likelihood China’s central bank was set to raise rates to tackle inflation, a move that could pressure future growth.

"The whole commodity complex is exceptionally weak after the overnight action in China Tag heuer replica watches, and we need to see how it all plays out," said Tom Samuels, managing partner at Palantir Capital Management in Houston. "This may be the first seed of doubt about the healing power of (quantitative easing)."

In the last hour of trading, options traders were busy making short-term hedges as the market declined. Put trading surged in the SPDR S&P 500 fund (SPY.P) weekly options that expired after the close, said Scott Fullman, director of derivatives investment strategy at WJB Capital Group, in New York.

Boeing Co (BA.N) was the Dow’s top percentage loser, shedding 3.5 percent to $63.09 after Sanford C. Bernstein cut its rating on the stock to "market perform," citing more potential delays for its 787 Dreamliner.

Worries that Ireland may default on its debt as well as declines in commodity prices and an unexpectedly weak outlook from Cisco Systems Inc (CSCO.O) helped cloud the market’s outlook, though some investors said the underlying trend is strong.

On the upside, Intel Corp (INTC.O) rose 1.5 percent to $21.53 after the chipmaker boosted its dividend.

Trading volume was about 8.12 billion shares on the New York Stock Exchange, the American Stock Exchange and Nasdaq, compared with the year-to-date daily average of 8.72 billion.

Nearly five stocks fell for every one that rose on the New York Stock Exchange, while on the Nasdaq, four stocks fell for every one that rose.

MANILA, Philippines – Property giant Megaworld Corp. reported on Wednesday that its group’s sales rose 89% to P49.86 billion in 2010 from P26.3 billion in 2009.

Megaworld contributed bulk of P39.59 billion of the amount, while its two affiliates — Empire East Land and Suntrust Properties — turned in combined sales of P10.09 billion.

Megaworld’s projects are concentrated in Metro Manila and these include Eastwood City in Quezon City, McKinley Hill in Fort Bonifacio and Newport City in Pasay.

Empire East and Suntrust, the medium-cost and affordable housing arms, respectively Tag heuer replica watches, have projects in the metro and nearby provinces of Cavite and Laguna.

Megaworld earlier said it plans to launch projects worth P60 billion in 2011.

The company expects to grow its portfolio of office buildings and malls from 453,600 square meters in 2010 to around 639,400 sqm in 2011, with rental income projected to exceed P4 billion.

It will also embark on a massive home building program that will roll out some 18 Cartier replica watches,673 residential units with an aggregate floor area of more than 830,000 square meters this year.

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MANILA, Philippines – President-elect Benigno Aquino III’s inauguration is expected to raise a good amount of cash from the sale of souvenirs as Filipinos are sure to swarm the event to see the new president take his oath of office.

Watches with faces of late democracy heroes Benigno Aquino and Corazon Aquino, the incoming president’s late parents Tag heuer replica watches, will be sold for P450 each during the inauguration on June 30.

Proceeds will go to the Ninoy and Cory Aquino Foundation.

Several memorabilias such as limited edition fans and miniature dolls of the president-elect and his sister, actress and TV host Kris Aquino, will also be given to attendees.

Some 4,500 invitations to Aquino’s inauguration have already been distributed as early as Friday.

Expected to attend are dignitaries, members of diplomatic corps, and high-ranking officials of the military and government.

Government officials of the United States, Spain, Indonesia and Singapore have also expressed their intention to witness Aquino’s oath-taking. — report from Apples Jalandoni, ABS-CBN News

NEW YORK – Stocks rallied on Wednesday as investors rushed back into beaten-down shares, led by energy, which bore the brunt of the sell-off a day earlier.

The energy sector handily led the way up with the S&P energy index gaining 4.3%. Shares of Halliburton rose 12 percent after executives said the offshore oil industry had plenty of work even as the Obama administration imposed a six-month moratorium on deep-water drilling.

While investors still are cautious about the outlook for energy stocks, "the genuine blood bath in the sector yesterday certainly seems to have drawn in some fundamental value seekers," said Craig Peckham, equity trading strategist at Jefferies & Company in New York.

US-listed shares of BP Plc climbed 3.1% to $37.66 even as the company hit a snag in its latest effort to halt the oil spill in the Gulf of Mexico. The stock is down close to 38% since the rig explosion on April 20.

Major automakers posted double-digit US sales gains in May from depressed levels a year earlier, including Ford Motor Co, which rose 3.9% to $11.85.

The Dow Jones industrial average gained 225.52 points, or 2.25% Cartier replica watches, to 10,249.54. The Standard & Poor’s 500 Index rose 27.67 points, or 2.58%, to 1,098.38. The Nasdaq Composite Index climbed 58.74 points, or 2.64%, to 2,281.07.

Investors also were encouraged by data showing pending sales of previously owned homes increased to a six-month high in April, though analysts pointed to a rush to take advantage of the home buyer’s tax credit before it expired.

The PHLX Oil Service Sector index climbed 5.5% with Halliburton Co rising to $23.68 and Schlumberger Ltd gaining 8.8% to $56.31.

"This is a bit of a relief recovery after yesterday and the strongest symptom of that is the action we’re observing in the energy sector Tag heuer replica watches," said Lawrence Creatura, portfolio manager at Federated Clover Investment Advisors in Rochester, New York.

Investors "are observing the large amount of market capitalization which has been destroyed across the industry and calculating that that damage is too large relative to the ultimate liability that we’re going to see," said Creatura.

United Airlines parent UAL Corp jumped 12.6% to $21.78 after Bank of America-Merrill Lynch reinstated the company with a "buy" rating, saying it had good momentum whether or not it merged with Continental Airlines.

Amgen Inc helped boost the Nasdaq, gaining 10.5% to $56.09 after the US Food and Drug Administration approved the sale of its osteoporosis drug to help prevent fractures in post-menopausal women.

About 9.08 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year’s estimated daily average of 9.65 billion.

Advancing stocks outnumbered declining ones on the NYSE by 2,592 to 455, while on the Nasdaq, advancers beat decliners 2,162 to 519.