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'TWIN EVILS': The Australian leader said the world had to deal with fear through huge government bailouts, and with greed by cutting huge salaries and excessive payouts Australian Prime Minister Kevin Rudd accused Wall Street of "obscene failures" in corporate governance yesterday and blamed "extreme capitalism" for the financial crisis that is gripping the world. A day after announcing an urgent A$10.4 billion (US$7.4 billion) surge in spending to protect the Australia economy from recession, Rudd blamed the meltdown on failures in lending standards, risk management and corporate governance by the world's major lending institutions. "In fact, obscene failures in corporate governance which...
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MANILA, Oct 15: World rice markets are likely to remain tight next year despite an expected record harvest after key producers clamped down on exports, the International Rice Research Institute (IRRI) said on Wednesday. Export prices of one of the world’s most important grains almost tripled between last November and May, triggering riots in more than a dozen...
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SINGAPORE, Oct 15: Gold gained more than 1 per cent on Wednesday after declines in stock markets and renewed fears the global economy could be tilting into recession prompted speculators to buy the metal as an alternative investment. Platinum dropped more than 3 per cent as worries about demand resurfaced -- just one day after speculators and retail investors in Japan...
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By Ben Arnold O. De Vera, Researcher THE local coffee industry is weighed down by a shortage in local production amid a growing consumption of coffee in the country, according to Philippine Coffee Board Co-Chairperson Pacita Juan. Data cited by the Philippine Coffee Board shows that more and more Filipinos are drinking coffee, as consumption of premium or specialty coffee is increasing annually by 20 percent, while that of ready-to-drink coffee is growing 5 percent yearly. Juan noted that Filipinos are among the biggest consumers of coffee...
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By Chino S. Leyco, Reporter THE Philippines may fail to meet the projected revenue windfall from the value-added tax (VAT) on oil due to the rapid fall in the price of crude, the Department of Finance said Wednesday. The "katas ng VAT" has already come to an end, Finance Undersecretary Gil Beltran said, adding that the end-July collections of P9.2 billion are not even half of the P18.6-billion projected revenue...
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