Sumitomo takes 19.2% stake in LRT1

Japanese conglomerate Sumitomo Corp. has acquired a 19.2-percent stake in the company that holds the concession to operate, maintain and extend the 20.7-kilometer Light Railway Transit 1, giving more financial muscle and technical expertise to Metro Manila’s oldest elevated railway system. Sumitomo bought into the LRT1 concession by acquiring a 34.9-percent stake in a subsidiary […]

SMC operations suffer due to pandemic

Conglomerate San Miguel Corp. (SMC) saw a 91-percent year-on-year drop in first-quarter net profit to P1.09 billion as the lockdown measures required to address the new coronavirus (COVID-19) pandemic gnawed on its beer, oil, infrastructure and energy businesses. The...

BSP sees steady inflation rate in May

The steady increase in fuel prices in May—after dropping sharply in the previous month at the height of the lockdown imposed to fight the coronavirus pandemic—may have pushed the country’s inflation rate to accelerate slightly, according to the central bank’s...