12 September 2003 Reuters News English (c) 2003 Reuters Limited BEIJING, Sept 12 (Reuters) – China’s new banking regulator said on Friday foreign banks should begin making up lost ground and challenge local peers within months, dismissing concerns they are losing market share in a potentially highly lucrative market. Foreign banks now command a…
26 March 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, March 26 (Reuters) – Salman Haidar will be an immovable object facing a resistible force when he sits down this Friday for India’s first talks with Pakistan in three years. Haidar, India’s Foreign Secretary or seniormost diplomat, inspires strong feelings, not all warm,…
15 September 2003 Reuters News English (c) 2003 Reuters Limited TAIPEI, Sept 15 (Reuters) – Taiwan will permit its banks to do business in China next year if mainland regulators grant the island some supervisory authority and allow banks to accept local currency deposits, Taiwan’s top policymaker on China said on Monday. A week after…
15 September 2003 Reuters News English (c) 2003 Reuters Limited TAIPEI, Sept 15 (Reuters) – China is to blame for growing frustrations in Taiwan that have bubbled over into popular demands for the island to change its official name, a senior policymaker said on Monday. The official made clear the government had sympathy with a…
15 September 2003 Reuters News English (c) 2003 Reuters Limited TAIPEI, Sept 15 (Reuters) – Taiwan still holds the upper hand against China in trade competition but will open direct links with the mainland only in stages because of security and economic risks, the island’s top policymaker on China said on Monday. Tsai Ing-wen, chairwoman…
27 May 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, May 27 (Reuters) – India is determined to grant autonomy to state-controlled television and radio, Information and Broadcasting Minister Jaipal Reddy said. Reddy, a leader of the Janata Dal, the largest group in India’s ruling centre-left coalition, told Reuters in an interview late…
16 September 2003 Reuters News English (c) 2003 Reuters Limited TAIPEI, Sept 16 (Reuters) – Douglas Paal, Washington’s unofficial ambassador to Taipei, must choose his words carefully as he navigates the treacherous shoals of politics across the Taiwan Strait. Yet on the subject of SARS his language is unusually blunt. Faced with a medical…
15 June 1997 Reuters News English (c) 1997 Reuters Limited CALCUTTA, India, June 15 (Reuters) – India is not likely to see a return to one-party rule, a leader of the current ruling coalition said. Jyoti Basu said his Communist Party of India (Marxist) or CPI(M), which has made a success of multi-party politics, had valuable…
17 October 2003 Reuters News English (c) 2003 Reuters Limited SEOUL, Oct 17 (Reuters) – South Korean President Roh Moo-hyun dismissed North Korea’s threat to prove it has a nuclear deterrent as pre-talks bluster on Friday and said Pyongyang was really after regime survival and aid rather than atomic weapons. In an interview at the…
9 December 2003 Reuters News English (c) 2003 Reuters Limited BOMBAY, Dec 9 (Reuters) – India’s largest truck and bus maker Tata, riding a dramatic return to profits and fuelled by new global ambitions, expects to see explosive growth starting in 2006, a senior executive said on Tuesday. Ravi Kant, executive director of the commercial…
9 December 2003 Reuters News English (c) 2003 Reuters Limited BOMBAY, Dec 9 (Reuters) – Hindalco Industries, a leading Indian maker of non-ferrous metals, aims to expand its aluminium and copper capacity through expansion and acquisitions to attain global reach, its managing director said on Tuesday. Hindalco is the flagship of India’s third-largest conglomerate by…
28 July 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, July 28 (Reuter) – India’s Prime Minister Inder Kumar Gujral performed one more of his apparent policy flip-flops over the weekend, this time over the sensitive issue of Kashmir. Gujral stunned friends and foes alike on Saturday by holding out an olive branch…
11 December 2003 Reuters News English (c) 2003 Reuters Limited NEW DELHI, Dec 11 (Reuters) – India hopes to reduce its dependence on imported crude to half its requirement in seven years from 70 percent as a result of new domestic oil and gas discoveries, Oil Minister Ram Naik told Reuters on Thursday. “This…
14 August 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Aug 15 (Reuters) – India’s leaders gathered in their parliament’s majestic Central Hall on Thursday night to relive their nation’s “tryst with destiny” a half-century ago. The vast domed chamber, its thick warm air stirred ineffectually by ancient fans, was packed with lawmakers…
9 January 2005 Reuters News English (c) 2005 Reuters Limited COLOMBO, Jan 9 (Reuters) – The only problem Sri Lanka’s intrepid garment makers faced after a giant tsunami hit two weeks ago was a slight rise in absenteeism at some of the hundreds of garment factories dotting the Indian Ocean island. “In one zone in…
15 August 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Aug 15 (Reuters) – India put on a dazzling show of fireworks, laser beams and parades capped early on Friday by a solemn ceremony in parliament that relived the moment 50 years ago when the subcontinent won independence. Thousands of people led by…
Reuters News 5 September 1997 English (c) 1997 Reuters Limited NEW DELHI, Sept 6 (Reuters) – An Indian bureaucrat who wrote two biographies of Mother Teresa remembers her as a woman with a mischievous sense of humour who wielded formidable administrative skill to control her worldwide organisation. “It was a very special morning,” Navin Chawla…
29 August 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Aug 29 (Reuters) – Indian Finance Minister P. Chidambaram said the rupee’s volatility had subsided and the policy of the Reserve Bank of India (RBI) was to intervene to prevent volatility and speculative activity in the market. “The value of the rupee will be…
15 October 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Oct 15 (Reuters) – Queen Elizabeth’s visit to India was hit by fresh controversy on Wednesday after an apparent misunderstanding over the protocol of her giving a speech in a provincial capital. British officials told reporters the Indian government had cancelled the speech…
16 September 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Sept 16 (Reuter) – India’s government, clearly alarmed by a fiscal deficit that was threatening to soar out of control, moved on Tuesday to boost revenues with a host of steps including a jump in import tariffs and a cut in federal spending. …
20 November 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Nov 20 (Reuters) – India faced the prospect of fresh elections on Thursday as the country was convulsed by a frenzy of political gamesmanship. The only real question appeared to be when, not whether, the new polls would be held. “It may happen…
30 September 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Sept 30 (Reuters) – A militant group in Kashmir on Tuesday said an exhumed body was that of the group’s leader and not one of four missing Western hostages as suspected. The chief of police in India’s Jammu and Kashmir state said forensic…
19 October 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Oct 19 (Reuters) – India looked back in frustration on Sunday at a visit by Britain’s Queen Elizabeth that read like a “how not to” catalogue of perceived insults and diplomatic missteps. The state visit, to mark India’s 50th year of freedom from…
16 October 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Oct 16 (Reuters) – Queen Elizabeth’s tour of India slid deeper into controversy on Thursday with sources close to the Indian government charging that Britain’s ruling Labour Party had a “hidden agenda” to create an independent Kashmir region. Even as British officials scrambled…
“In India, I See a Lot More Acceptance of Gender in the Workplace” DuPont Chair & CEO ELLEN KULLMAN in conversation with CHAITANYA KALBAG. Edited excerpts: Do you think the India-US CEO Forum you are a member of has managed to get things moving a bit in terms of a more positive attitude towards bilateral…
24 November 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Nov 24 (Reuters) – The collapse of Yamaichi Securities could signal the end of the worst of Japan’s “post-bubble” economic adjustment, Asian Development Bank (ADB) President Mitsuo Sato said on Monday. “I think we need to go through that kind of challenge in…
In a spirited panel discussion moderated by Business Today editor Chaitanya Kalbag, Yashwant Sinha, MP and former finance minister, M. Damodaran, former SEBI chairman, Satya Poddar, Partner, Ernst & Young, Samiran Chakraborty, Regional Head of Research, Standard Chartered Bank and Nilesh Shah, President, Corporate Finance, Axis Bank, shared their views. Edited excerpts Chaitanya Kalbag: All…
27 November 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Nov 27 (Reuters) – “May you be the mother of a hundred sons.” That benediction has been called down upon generations of Hindu brides in India, but the country’s junior health minister Renuka Chowdhury has a new mantra: “One is fun.” Some demographers…
29 November 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Nov 29 (Reuters) – India woke up on Saturday to a lame-duck government and a political crisis that only deepened after Prime Minister Inder Kumar Gujral’s resignation. Newspapers were cynical about what lay ahead and ran banner headlines like “Experiment Coalition: Abort, Fail,…
The Janata Party will soon split. The Janata Party has always been a loose coalition. The Janata Party’s constituents have view-points and ambitions that differ too widely. The Janata Party was a short-lived experiment in democracy. Opinions like these began to rotate slowly in the air when hardly a few months had passed after the…
“Goodness is something to be chosen. When a man cannot choose, he ceases to be a man.” …
Suddenly that unsporting term, Race, reared its colored head above the British horizon towards mid-1976. 19-year-old Dinesh Chaudhuri, and a Palestinian friend, were stabbed to death in London’s Woodford area on May 21. Gurdip Singh Chaggar, another teenaged Sikh youth, was killed on June 4 in Southall. On June 12, a white youth was murdered…
8 January 2005 Reuters News English (c) 2005 Reuters Limited SAMMANTHURAI, Sri Lanka, Jan 8 (Reuters) – Sitting cross-legged on the cramped, bucking floor of a Black Hawk helicopter as it roars above central Sri Lanka’s pristine jungle and muddy rivers, aid has never seemed as complicated. A second U.S. Air Force Black Hawk…
7 January 2005 Reuters News English (c) 2005 Reuters Limited COLOMBO, Jan 7 (Reuters) – More than 30,000 Sri Lankans lost their lives when the tsunami hit their island the day after Christmas, but perversely the economy looks like it will gain from the destruction, analysts said on Friday. The Sri Lankan rupee has been…
5 January 2005 Reuters News English (c) 2005 Reuters Limited TANGALLA, Sri Lanka, Jan 5 (Reuters) – From a few hundred feet up, with the breakers curling lazily on mile after mile of yellow sand beneath blue skies, it is easy to see why this teardrop-shaped island was once called Serendip. But there was…
This mid-December afternoon, the Ear detects the rumble of Old Man 76 gasping through his last lap, and the first stirrings of Childe 77. Here are some optimistic predictions for the twelvemonth ahead disregarding the doomsday projections of Malthusian midwives who expect 1977 to be stillborn: The Labor Party in Britain will label Margaret “Thatcher…
In his first media interaction since The Walt Disney Company took over UTV, RONNIE SCREWVALA, now turned employee, tells CHAITANYA KALBAG and AJITA SHASHIDHAR how he intends to take the company to greater heights. How difficult was it to transition from a successful entrepreneur-driven company to being a part of a large global company? UTV…
‘I have to follow capitalism’ It is like being thrown about in an ideological cocktail shaker. You get off a gleaming passenger jet and drive over a soaring expressway to the 227-year-old Writers’ Buildings in Kolkata to meet a very capitalist communist politician. West Bengal Chief Minister Buddhadeb Bhattacharjee says there is no place for…
We’re a long way from solving Britain’s race riddle Quite a few of my trips to London have been shadowed by death, or the portent of death. On September 11, 2001, I was about to board a non-stop flight to London from Singapore when my phone rang. My daughter in California said, “It looks like…
Despite the crisis, a clear message must be sent to the investor community that India is open for business. There was an initial spurt of excitement after the new Reserve Bank of India governor was announced. Professor (Raghuram) Rajan is obviously highly accomplished. But there is only a very limited amount the central bank can…
“I use the word ‘blue collar’ purposefully at Xerox. It is the heart and soul of most economies” URSULA BURNS is the first African-American woman Chairman and CEO of a Fortune 500 company and she wears that badge with some pride. Her logic for that is simple: she needs to inspire others-and get some mileage…
India’s economy is barrelling along at a growth rate of over 9 per cent, savings rates are up, investments are up, more jobs are being created, and inflation appears to be under control. So have we hit our stride? Have we chanced upon the right development model for the huge, tumultuous democracy that we are?…
Timing is everything, and with a number of state elections soon, leading to the general election next year, cynicism and opportunism are manifest. The Congress-led government now in power will be remembered as the most corrupt in our history. I remember visiting the Chilean poet Pablo Neruda’s house in Isla Negra, west of Santiago, a…
Or, why India really needs to dig itself out of a mineral hole Last week I was on a flight to Mumbai. About two hours in, the captain announced that there was unseasonal heavy rain ahead and it might be difficult to land in such bad weather. “We have fuel for about fifteen minutes,” he…
India must construct an enlightened climate change policy ‘Food Prices set to rise as floods ruin crops’. ‘Prime Minister promises aid to flood victims’. Does that sound like a recent edition of the Hindustan Times? Wait a minute. These headlines are from a British newspaper. A week ago, I was walking through a huge tropical…
The Civil Services still remain a big draw Fresh out of South Africa, Mohandas Gandhi made a particularly strong speech in Benares in February. He was gloomy about Indians earning the right to self-governance. He said a British member of the “much-abused” Indian Civil Service (ICS) had asked him to put in a good word…
“UPON MY WORD: India’s prisons are stuck in a time warp Strange how time’s machine travels back and forth at warp speed. Two hundred and fifty-one years ago, Siraj-ud-Daulah demonstrated what an overcrowded prison can do to human beings with the Black Hole of Calcutta. “Figure to yourself, my friend, if possible, the situation of…
The old city is giving way to a new bright-eyed metropolis Thirty years ago, a dishevelled man leaned across and shouted at me in the smoke-filled, raucous Olympia bar on Calcutta’s Park Street: “Calcutta is forever!” Outside, Ambassador taxis were inching along the flooded street. The electricity would go the moment you hung up your…
The utter oddity of 21st century India still dancing to the tune of caste With this kind of rebellious example, how will fair play and righteousness prevail? Won’t the lower castes get out of hand? In this decadent age, common men follow the right paths out of fear if that were destroyed, where could we…
19 November 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Nov 19 (Reuters) – India’s lack of “grit” in pursuing its costly military foray into northern Sri Lanka may have led to Rajiv Gandhi’s 1991 murder by a suspected Tamil Tiger suicide bomber, New Delhi’s former envoy to Colombo said on Wednesday. “If…
28 November 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Nov 29 (Reuters) – India’s Congress party switched off the life support system of the minority government on Friday, but in the process may have hastened its own death throes. Twice in the past 13 years Congress has ridden to power on a…
3 January 2005 Reuters News English (c) 2005 Reuters Limited COLOMBO, Jan 3 (Reuters) – Sri Lanka’s tsunami devastation has drawn a huge international aid response, but a geopolitical game of influence between India and the United States is playing not too subtly in the background, analysts said on Monday. “There is no innocence in…
21 June 2005 Reuters News English (c) 2005 Reuters Limited KUALA LUMPUR, June 21 (Reuters) – Malaysia declared victory on Tuesday in its internal campaign against Southeast Asia’s most feared Islamic militant group, but said there was room for improved U.S. cooperation in the global war on terror. “We have dismantled the JI basic structure,”…
3 December 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Dec 3 (Reuters) – Software firm Infosys Technologies Ltd is poised to become the first Indian firm to raise new capital through American Depositary Receipts (ADRs), chairman and managing director N.R. Narayana Murthy said on Wednesday. The blue-chip Infosys announced on Tuesday that…
7 December 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Dec 7 (Reuters) – The word “pundit” is Sanskrit for “learned man,” and in India they were busy at the weekend trying to divine what lay ahead for the world’s most populous democracy. This much was clear — no single party was likely…
21 June 2005 Reuters News English (c) 2005 Reuters Limited KUALA LUMPUR, June 21 (Reuters) – Malaysia proposed on Tuesday that foreign surveillance planes help to fight piracy in the Strait of Malacca, one of the world’s busiest sea lanes, in its clearest invitation for International assistance. Malaysia, along with neighbour Indonesia, has been cool…
7 December 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Dec 7 (Reuters) – The speaker of India’s parliament said on Sunday democracy had taken deep root in his country a half-century after independence, and all parties would speak the language of economic reform will go ahead,” Purno Sangma, speaker of the Lok…
8 December 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Dec 8 (Reuters) – India’s main opposition group will block the full convertibility of the rupee, favour foreign investment only if it goes into infrastructure and shake out state firms if it wins power, its chief planner said on Monday. Jay Dubashi, chief…
8 December 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Dec 8 (Reuters) – Global investors cannot afford to ignore India, but Indian companies need to prove that they can compete in developed markets, Fred Steingraber, chief executive officer of A.T. Kearney Inc., said on Monday. “I don’t think anybody is prepared to…
English with an American accent, there were jokes about being the “51st US state”, the US military had a huge presence, and the economy was heavily indebted to a consortium of mostly-American banks. Fifteen years later I was listening to a JP Morgan executive in an office in Makati, the business district in Manila, tell…
9 December 1997 Reuters News English (c) 1997 Reuters Limited NEW DELHI, Dec 9 (Reuters) – India will accelerate its drive to increase electricity generation and is looking for huge funds to meet the nation’s power deficit, Power Minister Yoginder Alagh said on Tuesday. “Between now and March it will be faster and not slower,”…
18 May 2005 Reuters News English (c) 2005 Reuters Limited NEW DELHI, May 18 (Reuters) – India is looking to become a major oil products exporter while it aggressively chases foreign petroleum assets and sharply boosts imports of gas, the “fuel of the 21st Century”, its oil minister said on Wednesday. Mani Shankar Aiyar also…
The Mac II, launched on March 2. 1987, cost $5.500 and was the first computer with a colour graphical interface. Three years earlier Apple had begun selling the LaserWriter. Combined with WYSIWYG (what you see is what you get) software, the world was waking up to the marvels of desktop publishing. Steve Jobs, who said…
Spare a thought for Indian business schools’ Class of 2013. These young women and men will be heading out into a world where financial well-being is not guaranteed, the global economy is epileptic, and the view from a management perch is vertiginous. “The bigger question is, how relevant are we in a changing world?” asks…
Song sung blue Everybody knows one Song sung blue Every garden grows one If you are of a certain vintage, you will have been moved by these Neil Diamond lines, sung on a hot August night almost exactly 40 years ago. This steamy August, India has been convulsed by the sudden expelling of decades of…
The day this issue of Business Today went to press, IBM Corporation completed one hundred years. What started as the Computing-Tabulating-Recording Company, manufacturing computing scales, time clocks, and even coffee grinders, quickly grew into Big Blue, a vast global presence in computing under Tom Watson. Senior and Junior, building its power on the mainframe. Like…
Reuter News Agency 18 December 1984 The Globe and Mail BHOPAL, India (Reuter) – More than half the poison chemical remaining at a Union Carbide plant has been neutralized, but thousands of city residents refuse to return home to the site of the world’s worst industrial disaster. Arjun Singh, chief minister of Madhya Pradesh State,…
REUTERS 8 September 1985 The Seattle Times THIMPHU, Bhutan_ “Do not give pens, sweets or medicine to villagers,” warns a Bhutanese government guidebook for tourists and mountaineers. For a country described in official brochures as ‘ ‘perhaps the last of the Shangrilas,” Bhutan is not in a hurry to modernize its tourist image. Called ”Druk…
Reuter News Agency 9 March 1986 The Toronto Star SRINAGAR, INDIA — “The large-scale arson, pillage, plunder and desecration of our temples in last month’s attacks was aimed at creating conditions for the mass exodus of Hindus,” says Hindu Action Committee leader Bal Krishna Handoo. “If we quit Kashmir we will be handing it on…
Reuter 19 January 1987 Sydney Morning Herald MANILA, Sunday: President Corazon Aquino flew to the violence-racked island of Mindanao today, apparently unruffled by a night of tension triggered by warnings that a fanatical military group was plotting a new attempt to topple her Government. In Manila, soldiers, backed by water cannon and armoured cars sealed…
19 January 1987 The Toronto star MANILA, PHILIPPINES — He told a press conference Manila would not resume talks on restructuring $3.6 billion of its $28.6 billion debt until a “better than Mexico” offer was made. Bankers consider the Mexican deal the most lenient a major debtor nation has received from creditor banks. Ongpin said…
I remember back in the 1970s, when a new India was just over a quarter of a century old, Geoffrey Moorhouse, in his foreword to his “Calcutta” wrote: “The imperial residue of Calcutta, a generation after Empire ended. is both a monstrous and a marvellous city. Journalism and television have given us a rough idea…
REUTERS 16 April 1987 The Seattle times MANILA _ Weeks of fierce fighting between government troops and communist insurgents have highlighted a deep rift between radical left-wing priests and conservatives in the Philippines’ powerful Roman Catholic church. Amid some of the worst violence in the 18-year revolt, high Church leaders have moved to sever the…
21 May 1987 The San Francisco Chronicle Manila President Corazon Aquino’s ambitious plan to distribute land to more than half the country’s peasants is in danger of falling victim to the Philippines’ return to full legislative democracy. Pressure has been mounting on Aquino to use her sweeping legislative powers and sign the Accelerated Land Reform…
They say nothing sharpens our minds as much as high danger or a threat to our survival. We are prepared to stand and fight when we are cornered. Twenty-two years ago, when we were staring into the abyss, we pulled a reformist rabbit out of our socialist hat. But it took just about five years…
1 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 1- The head of Philippine National Oil Co said the proposed privatisation of Petron Corp, a fully owned subsidiary, would rob the government of a valuable and profit-making asset and suggested reconsideration of what he termed a strategically unwise move. “Petron is PNOC’s…
From the Editor These are extraordinary times and we witness extraordinary phenomena. Three weeks before the Union Budget, when finance ministers customarily crawl under their carapaces, the honourable Member of Parliament from Sivaganga delivered a rousing speech on national security. What he said, with feeling and not a little frustration, was that we Indians seem…
1 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 1 – Philippine Coconut Authority (PCA) chairman Jose Romero said he would visit Brussels later this month to lobby against a proposed 100 pct European Community (EC) levy on vegetable oil imports. “I intend to visit Brussels and talk to whoever is…
2 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 2, Reuter – The Philippine economy’s impressive growth in this year’s first quarter suggests the government’s ambitious economic targets are within reach, Central Bank Governor Jose Fernandez said today. “I don’t see anything on the horizon that should cut (growth) short,” Fernandez said…
You see things vacationing on a motorcycle in a way that is completely different from any other. In a car you’re always in a compartment, and because you’re used to it you don’t realize that through that car window everything you see is just more TV. You’re a passive observer and It is all moving…
Although commerce is older even than the thirty pieces of silver that persuaded Judas Iscariot to betray Jesus Christ, it took humans a long time to start to formally teach, and learn, the elements of business. The oldest business school in the world, ESCP Europe, was set up in Paris in 1819, a pipsqueak in…
2 June 1987 Chaitanya Kalbag/ Reuters English (c) 1987 Reuters Limited MANILA, June 2, Reuter – The World Bank’s policies prevent it lending money to the Philippines for the transfer of land from landowners to the poor, but it can help finance subsequent development costs, a bank official said today. “The World Bank by its…
3 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 3, Reuter – The latest draft of the Philippines’ ambitious land reform program delays final land distribution until 1997, details options for compensating landowners, and holds out imprisonment for violators. Teodoro Benigno, spokesman for President Corazon Aquino, told reporters a cabinet meeting today…
3 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 3, Reuter – Japan will expand its assistance to the Philippines and encourage Manila to increase its exports, the head of a Japanese economic mission said today. Former foreign minister Saburo Okita told a news conference the aid would be in line with…
8 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 5 – The Philippines’ interest payments on its foreign debt will increase by 157 million dollars this year if the London Interbank Offered Rate (LIBOR) climbs to an average of 7.5 pct, Central Bank Deputy Governor Edgardo Zialcita said. “Assuming that the uptrend…
8 July 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 8, Reuter – The closure last month of the Manila Banking Corporation, one of the Philippines‘ nine largest banks, highlights the weaknesses still plaguing the country’s financial institutions, bankers and analysts said today. Manila Bank was declared insolvent by the Central Bank of…
8 June 1987 The Toronto Star Copyright (c) 1987 The Toronto Star MANILA — The government is aiming at GNP growth of between 6 and 6.5 per cent for the whole of this year. The first-quarter figure was the best in three years. GNP grew a modest 1.5 per cent last year after contracting more…
10 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 10 – The Philippines’ Omnibus Investment Code was approved by the cabinet and a final draft will soon be prepared for decree by President Corazon Aquino, Trade and Industry Secretary Jose Concepcion said. “The cabinet approved the investment code in principle and within…
10 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 10 – Japan feels the political and economic situation in the Philippines has stabilised and will encourage its businessmen to invest here, a Japanese official said. “Now the appreciation of the yen has added a new element and it is logical for Japanese businessmen…
11 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 11 – Proposed land reforms that would limit all holdings in the Philippines to seven hectares are likely to scare away private entrepreneurs, said Deogracias Vistan, president of the state-owned Land Bank of the Philippines. The government should carefully study minimum land needs…
11 June 1987 Reuters News English (c) 1987 Reuters Limited MANILA, June 11 – Philippine Central Bank Governor Jose Fernandez said he welcomed a compromise reached by Finance Secretary Jaime Ongpin and the Philippines’ bank creditors over Manila’s demand for improved debt repayment terms. “If he (Ongpin) has come to an agreement I accept that…
17 July 1987 Reuters News English (c) 1987 Reuters Limited MANILA, July 17 – The Philippines” Sugar Regulatory Administration (SRA) has ordered all its reserve stocks and sugar earmarked for the world market to be diverted onto the domestic market in a bid to bring down rising domestic prices, SRA board member Bibiano Sabino told Reuters. Under…
20 July 1987 Reuters News English (c) 1987 Reuters Limited MANILA, July 20 – The speedy and cordial conclusion of a 13.2 billion dollar debt rescheduling package by Philippine officials and bank creditors apparently was intended to pre-empt the country’s new Congress which convenes on July 27, bankers and economists polled by Reuters said. Omar Cruz,…
21 July 1987 Reuters News English (c) 1987 Reuters Limited MANILA, July 21 – The Philippines’ foreign debt was 28.58 billion dollars at the end of March, up from 28.25 billion at the end of 1986 and 26.35 billion a year earlier, Central Bank Governor Jose Fernandez said. In a report to President Corazon Aquino on…
22 July 1987 Reuters News English (c) 1987 Reuters Limited MANILA, July 22, Reuter – Held out as a radical step that would end decades of war and poverty in the Philippine countryside, President Corazon Aquino’s land reform program was instead greeted by a chorus of criticism. Today‘s presidential order, the 229th since Aquino came…
23 July 1987 Reuters News English (c) 1987 Reuters Limited MANILA, July 23 – A row over the proposed privatisation of Petron Corp, a fully-owned subsidiary of the Philippine National Oil Co (PNOC), intensified as the Committee on Privatisation (COP) said overwhelming arguments favour the sale. PNOC’s board of directors last month opposed Petron’s sale,…
23 July 1987 Reuters News English (c) 1987 Reuters Limited MANILA, July 23, Reuter – Protests by both landowners and poor farmworkers mounted today over the Philippines’ land reform program, while the country’s new Congress threatened to review all decrees signed by President Corazon Aquino. Hours after Aquino signed the land reforms into law yesterday,…
27 July 1987 English (c) 1987 Reuters Limited MANILA, July 27, Reuter – President Corazon Aquino lashed out at the Philippines’ creditor banks today, charging they coerced her government into signing an unfavorable debt pact, and vowed to fight enemies of both the right and the left. In a State of the Nation speech, one…
29 July 1987 English (c) 1987 Reuters Limited MANILA, July 29, Reuter – U.S. military bases in the Philippines are vital to the security of both countries but America would respect any decision by Manila to remove them, a senior U.S. diplomat said today. “The bases are of vital importance,” U.S. Charge’ d’Affaires Philip Kaplan…
30 July 1987 Reuters news (c) 1987 Reuters Limited MANILA, July 30 – Foreign debt has suddenly become a dirty phrase in Manila, but any repudiation of the Philippines’ debt could isolate the country financially, economic analysts said. Spurred by President Corazon Aquino’s scathing attack on creditors in her speech at the opening of Congress…