TODAY'S BUSINESS HEADLINES

P1.5-B counterfeit designer watches seized from Manila warehouse Thu, May 5, 2016, 6:54 PM | InterAksyon.com

BSP says PHL inflation of 1.1 % remains supportive of policy stance Thu, May 5, 2016, 8:31 PM | Joann Santiago, Philippines News Agency

ANALYSIS | Expect the economics of the next administration to be more of the same Wed, Apr 27, 2016, 11:17 AM | Sonny Africa, executive director IBON

RCBC President Lorenzo Tan resigns after bank probe clears him of complicity in money laundering 6:20 pm | InterAksyon.com Lorenzo Tan, President and CEO on leave of Rizal Commercial Banking Corp., has resigned after an RCBC Board Committee-led investigation on the recent money laundering incident involving its Jupiter Street branch was completed, clearing him of complicity.

FOCUS | US bullet train proposals shun public funds, favor private cash FOCUS | US bullet train proposals shun public funds, favor private cash 5:43 pm | Reuters It took years of lawsuits and political battles for California to finally break ground last year on the nation's first bullet train, to connect San…

COCKTALES | Convenience stores, fast foods beat malls in contractualization numbers COCKTALES | Convenience stores, fast foods beat malls in contractualization numbers 2:45 pm | Victor C. Agustin Contractualization has become such a hot-button issue in this campaign that all presidential candidates, to a man and to a woman, have vowed to end…

DTI targets 2,000 shared service facilities at end-2016 DTI targets 2,000 shared service facilities at end-2016 11:08 pm | Kris M. Crismundo, Philippines News Agency The Department of Trade and Industry (DTI) is targeting to establish some 2,000 shared service facilities (SSF) by the end of 2016.

BSP says PHL inflation of 1.1 % remains supportive of policy stance BSP says PHL inflation of 1.1 % remains supportive of policy stance 8:31 pm | Joann Santiago, Philippines News Agency The Philippines’ April 2016 inflation is flat at 1.1 percent from the previous month’s level but the Bangko Sentral ng Pilipinas (BSP) said this remains…

P1.5-B counterfeit designer watches seized from Manila warehouse P1.5-B counterfeit designer watches seized from Manila warehouse 6:54 pm | InterAksyon.com A composite team from Customs, NBI and the Intellectual Property Office of the Philippines on Thursday seized 150,000 pieces of counterfeit designer watches in a…

Bangladesh Bank officials say to meet NY Fed, SWIFT; seek to recover stolen money Bangladesh Bank officials say to meet NY Fed, SWIFT; seek to recover stolen money 6:53 pm | Sanjeev Miglani and Serajul Quadir, Reuters Bangladesh's central bank chief will meet the head of the Federal Reserve Bank of New York and a senior executive from global financial messaging service…

Meralco outlook revised to positive on expectation of sustained financial cushion 6:32 pm | InterAksyon.com Meralco outlook revised to positive on expectation of sustained financial cushionS&P Global Ratings revised its outlook on Meralco to positive from stable, on expectation that the power distributor can sustain its financial cushion. It also affirmed the long-term corporate credit rating at 'BB+' and its ASEAN regional scale rating on the utility at 'axBBB+.'

Steel group wants P95-M China rebars seized; importer is a P400,000 food business 4:56 pm | InterAksyon.com Steel group wants P95-M China rebars seized; importer is a P400,000 food businessThe Philippine Iron and Steel Institute has asked the customs bureau to seize and detain 5,000 metric tons of reinforced steel bars (rebars) from China brought in by a company engaged in the food business.

China to invest $11.9 billion in aviation infrastructure in 2016: Xinhua 4:26 pm | Reuters China to invest $11.9 billion in aviation infrastructure in 2016: XinhuaChina will invest 77 billion yuan ($11.9 billion) this year in building aviation infrastructure, the official Xinhua news agency reported late on Wednesday, citing the country's civil aviation regulator.

Economies could shrink by mid-century due to scarce water: World Bank 1:40 am | Sebastien Malo, Thomson Reuters Foundation Economies could shrink by mid-century due to scarce water: World BankEconomies across large swathes of the globe could shrink dramatically by mid-century as fresh water grows scarce due to climate change, the World Bank reported on Tuesday.

Peso weakens vs US dollar on oil supply glut fears 12:17 am | Joann Santiago, Philippines News Agency Peso weakens vs US dollar on oil supply glut fearsThe Philippine peso shed P0.23 to a greenback Wednesday after oil prices tumbled on excess supply worries.

Customs eyes P1-B revenue from auction of overstaying cargo 6:34 pm | InterAksyon.com Customs eyes P1-B revenue from auction of overstaying cargoThe Bureau of Customs is eyeing some P1 billion in revenue from the auction of overstaying cargo, the target of a memorandum issued early this year that directed all ports to review such. Besides boosting revenue, the move is meant to decongest the port areas.

BDO ADVISORY | System integration to mean 5-hour service disruption Thursday morning 12:11 pm | InterAksyon.com BDO ADVISORY | System integration to mean 5-hour service disruption Thursday morningBDO will undergo system integration to accommodate One Network Bank into its IT platform during the early morning of Thursday, May 5, 2016, and has advised clients to note the downtime, starting shortly past midnight until 5:15 a.m.

PSEi down for eighth session due to election concerns 9:49 am | Leslie D. Venzon, Philippines News Agency PSEi down for eighth session  due to election concernsLocal equities slipped for the eighth straight day but stayed above 7,000-mark on Tuesday, as election concerns continue weighing on investors' sentiment.

PNoy signs bill on promoting the creation of 'green jobs' 10:47 pm | Philippines News Agency PNoy signs bill on promoting the creation of \President Benigno S. Aquino III has signed into law the bill on promoting the creation of ‘green jobs’, or employment that contributes to preserving or restoring the quality of the environment, be it in the agriculture, industry or services sector.

Halliburton posts bigger quarterly loss on $2.77B in charges 7:18 pm | Reuters Halliburton posts bigger quarterly loss on $2.77B in chargesHalliburton Co., the world's No.2 oilfield services provider, reported a bigger first-quarter loss, hurt by $2.77 billion in charges for asset impairment and other reasons.

Gartner: Digital banking needs new technologies, new vendors 4:10 pm | Newsbytes.ph, InterAksyon.com Gartner: Digital banking needs new technologies, new vendorsBanks face intense pressure to increase efficiencies and reduce costs while delivering next-generation digital services; however, incumbent application vendors have been slow to respond to new requirements, according to a new report from analyst firm Gartner.

Johnson & Johnson ordered to pay $55 million in talc-powder trial 11:14 am | Jessica Dye, Reuters Johnson & Johnson ordered to pay $55 million in talc-powder trialJohnson & Johnson was ordered by a US jury on Monday to pay $55 million to a woman who said that using the company's talc-powder products for feminine hygiene caused her to develop ovarian cancer.

Bangko Sentral ng Pilipinas in Cebu notes hike of withdrawals in small bills during elections 9:53 am | Philippines News Agency Bangko Sentral ng Pilipinas in Cebu notes hike of withdrawals in small bills during electionsThe Bangko Sentral ng Pilipinas (BSP) Cebu Regional Office has noted an increase in the withdrawals of small peso bills during the election season.

BSP, AMLC deny supplying information on Duterte's BPI account 9:01 pm | InterAksyon.com BSP, AMLC deny supplying information on Duterte\The Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (ALMC) denied being the source of the documents and information on the bank accounts of Davao City Mayor Rodrigo Duterte, BSP officer-in-charge Vicente Aquino said in a statement issued on Monday (May 2).

Oil firms to hike pump prices Tuesday 9:00 pm | Juzel L. Danganan, Philippines News Agency Oil firms to hike pump prices TuesdayUPDATED 10:39P.M, TO INCLUDE TOTAL PHILS. - Oil firms will hike pump prices of gasoline and diesel Tuesday, reflecting changes in international market prices.

Pre-election jitters drove foreign investors to exit local shares market in April: analysts 3:45 pm | Cristina Lazo, Bloomberg TV Philippines Pre-election jitters drove foreign investors to exit local shares market in April: analystsSome analysts say pre-election jitters, punctuated by the rise of Davao Mayor Duterte as front-runner in the presidential race, caused foreign investors to exit the local shares market in April, pushing the peso to its worst monthly performance in 8 months. Some see other factors at work, though.