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Tuesday markets: Peso-dollar rate at P48.34; stocks down

The peso and stock market both ended lower Tuesday, October 25. The Philippine peso–US dollar exchange rate at the Philippine Dealing and Exchange Corporation (PDEX) closed at P48.34, weaker than Monday’s (October 24) rate at P48.19. At the Bangko Sentral ng Pilipinas reference exchange rate bulletin, the exchange rate was pegged at P48.29 to the greenback. Likewise, the bellwether Philippine Stock Exchange Index (PSEi) shed 29.09 points (0.38%) to close at 7,580.22. The all-shares index also slipped by 7.86 points (0.18%) at 4,491.09.

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3 Japanese firms bare PH investment plans

Ahead of President Rodrigo Duterte’s visit to Japan, Energy Secretary Alfonso Cusi met with top executives of three Japanese companies to tackle their proposed business plans in the country. “They see that our president really means what he says. They believe that the president would move the country forward so by making the reforms that is necessary to encourage them to relocate such as eliminating red tape, corruption,” Cusi said in a media interview in Tokyo. Japan’s Osaka Gas is looking into possible establishment of a liquefied natural gas (LNG) power generation project somewhere in Luzon and Mindanao, according to Cusi. The project would cost “billions of dollars,” he added. Another Japanese firm, Yazaki-Torres Manufacturing, is also considering the construction of a wire road manufacturing plant in the Philippines. The energy department has also …

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CIAC, Qatar Airways agree to market Clark airport

The Clark International Airport Corporation (CIAC) and Qatar Airways have agreed to market the Clark International Airport (CRK), with the airlines laying down expansion plans to target upscale travelers going to destinations in Europe, the U.S. and the Gulf Cooperation Council (GCC) countries. This came after President Rodrigo Duterte’s announcement to utilize the Clark airport as an international gateway as a move to decongest the Ninoy Aquino International Airport in Manila. Transportation (DOTr) Secretary Arthur Tugade said Monday that among the benefits from the recent trip of the president to China is the increase in flights through the CRK. Officials of CIAC led by its president and CEO Alexander Cauguiran met Monday with Qatar Airlines country manager Paolo Pausini on further cooperation and strengthened partnership in developing and making CRK more active. Qatar Airways …

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‘Siri, catch market cheats’: Wall Street watchdogs turn to A.I

Artificial intelligence programs have beaten chess masters and TV quiz show champions. Next up: stock market cheats. Two exchange operators have announced plans to launch artificial intelligence tools for market surveillance in the coming months and officials at a Wall Street regulator tell Reuters they are not far behind. Executives are hoping computers with humanoid wit can help mere mortals catch misbehavior more quickly. The software could, for instance, scrub chat-room messages to detect dubious bragging or back slapping around the time of a big trade. It could also more quickly unravel complex issues, like "layering," where orders are rapidly sent to exchanges and then canceled to artificially move a stock price. A.I. may even sniff out new types of chicanery, said Tom Gira, executive vice president for market regulation at the Financial …

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Tata stocks fall after chairman Mistry ousted

Shares in Tata Sons companies fell in early trade on Tuesday after India's biggest conglomerate shocked the Indian business world and abruptly sacked its chairman Cyrus Mistry. In a statement Tata Sons, the holding company of the massive $100 billion Tata Group, said Monday its board had voted to replace Mistry, four years after he became its first chief from outside the immediate Tata family. It added that 78-year-old Ratan Tata, one of India's most famous industrialists, would return to the helm of the company until a successor is found, which would likely to take four months. Shortly after the Bombay Stock Exchange opened Tata Steel sank 2.89 percent, car manufacturing giant Tata Motors fell 1.17 percent and IT giant Tata Consultancy Services was down 0.75 percent. The announcement came as Tata Steel struggles to offload …

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Judge faces deadline on $15B Volkswagen emissions deal

SAN FRANCISCO  — A federal judge in San Francisco is facing a Tuesday deadline to decide whether to approve the largest auto-scandal settlement in U.S. history, giving most affected Volkswagen owners the option for a vehicle buyback after the company acknowledged cheating on emissions testing and putting dirty cars on the road. U.S. District Judge Charles Breyer said at a hearing last week that he was strongly inclined to give the nearly $15 billion deal final approval but wanted time to consider owners' objections and decide whether he should recommend any changes. Breyer gave preliminary approval in July. It calls for the German automaker to spend up to $10 billion to buy back or repair about 475,000 Volkswagens and Audi vehicles with 2-liter diesel engines and pay their owners an additional $5,100 …

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Galaxy Note recall, Hyundai strike hit South Korea’s growth

South Korea's third-quarter growth slipped to its lowest level in more than a year in the first indication of the growing impact of Samsung Galaxy Note 7 recalls on the broader economy. The Bank of Korea, the central bank, said in a preliminary estimate Tuesday that Asia's fourth-largest economy expanded 2.7 percent during the July-September quarter over a year earlier, the slowest pace since the second quarter of 2015. The economy grew 0.7 percent on a quarterly basis. Quarterly growth has not topped 1 percent during 2016. Manufacturing fell 1 percent from a year earlier in July-September, compared with a 1.2 percent gain in the second quarter. That was the biggest drop in more than five years. The full impact of the recalls of 2.5 million potentially fire-prone Note 7s is likely to be …

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Korean shipbuilder to build 2 frigates for PH navy

Hyundai Heavy Industries Co. said Monday that it won a 370 billion won ($327.1 million or P15.7 billion) deal to build two 2,600-ton frigates for the Philippine Navy. South Korea’s largest shipbuilder signed the deal in a ceremony attended by Chung Ki-sun, executive vice president of corporate planning office of Hyundai Heavy Industries, Delfin Lorenzana, Defense Secretary and Kim Jai- shin, Korean Ambassador to Manila. Under the deal, Hyundai Heavy Industries will build the 2,600-ton ships, each 107 meters long and 12 meters wide, propelled with CODAD (Combined Diesel and Diesel) propulsion system for a maximum speed of 25 knots capable of covering a 4,500-nautical-mile range at cruising speed of 15 knots. The naval vessels must be ensured with stability against volatile sea conditions of the Philippines. The frigates will be armed with missiles, …

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Toyota again leads U.S. auto reliability survey, Buick surprises

Two Toyota Motor Corp (7203.T) brands again led the annual reliability survey from Consumer Reports magazine, and General Motors Co's (GM.N) Buick was the first American brand in at least 35 years to crack the top three, the consumer magazine said on Monday. It was the fourth straight year that Lexus and Toyota finished in the two top spots, and they have had an outstanding performance since Consumer Reports began tracking brand reliability in the early 1980s. Buick, a "near-luxury" brand, does well in the survey because it has few models and none of the pickup trucks or truck-based SUVs that hurt the ratings of GM stablemates Chevrolet and Cadillac, said Jake Fisher, director of automotive testing for Consumer Reports. Asian carmakers still dominate for reliability, with seven of eight brands deemed "more …

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Visa profit, revenue beat analysts’ estimates

Visa Inc (V.N), the world's largest payments network operator, reported better-than-expected quarterly profit and revenue, boosted by the inclusion of Visa Europe's results and as customers spent more using its network. The company said total payments volume increased 47.1 percent to $1.86 trillion on a constant dollar basis in the fourth quarter ended Sept. 30, from a year earlier. "We have begun to see the benefits from our acquisition of Visa Europe and strong cost discipline helped our results," Chief Executive Charles Scharf said in a statement. Scharf last week said he would be stepping down effective Dec. 1. The last big move in his four-year tenure was the consolidation of Visa's position as the world's largest payments processor with the $23 billion deal to buy Visa Europe, a deal that was completed …

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