MANILA, July 7 (Reuters) - Here are the news stories and press reports which may influence local financial markets on Thursday:
WHAT IS HAPPENING TODAY IN THE PHILIPPINES, ALL TIMES LOCAL FOLLOWED BY GMT:
· Central bank to release foreign reserves data for June
· Cebu Air Inc holds annual stockholders' meeting, Ruby Ballroom, Crowne Plaza Galleria Manila, ADB Avenue corner Ortigas Avenue, Quezon City, 4:00 p.m. [0800 GMT]
· JG Summit Holdings Inc holds annual stockholders' meeting, Ruby Ballroom, Crowne Plaza Galleria Manila, ADB Avenue corner Ortigas Avenue, Quezon City, 5:00 p.m. [0900 GMT]
· Oriental Petroleum and Minerals Corporation holds annual stockholders' meeting Ballroom B, 4th Floor, Crowne Plaza Galleria Manila, Ortigas Avenue corner One ADB Avenue, Quezon City, 3:00 p.m. [0700 GMT]
REUTERS NEWS - PHILIPPINES
· World Bank sees Philippines growing 5 pct in 2011
· Nickel Asia: H1 sales up 24 pct on China demand
· Manila studying foreign debt swap, global peso
· Philippine Central bank sees favorable growth prospects
PHILIPPINES' LOCAL PRESS REPORTS
· The Department of Energy warned anew of possible power supply shortages in Mindanao next year as the required reserve level on the island remained precariously low at only 100 megawatts during peak hours. (PHILIPPINE DAILY INQUIRER)
· Construction and engineering firm Megawide Construction is raising 3 billion pesos ($70 million) through the sale of debt paper to selected institutional investors.
· The value of goods traded within the country in the first quarter of 2011 increased 36.5 percent to 128 billion from a year earlier due to the modest growth of the local economy, the statistics office said. (PHILIPPINE DAILY INQUIRER)
· The Philippines will appeal a World Trade Organization ruling that declared as illegal taxes levied by the Philippines on alcoholic drinks from the European Union and United States, officials said. (THE PHILIPPINE STAR)
· The exposure of the local banking industry to the real estate sector expanded 11 percent in the first quarter from a year earlier as banks offered competitive interest rates for real estate loans, the central bank said. (THE PHILIPPINE STAR)
· Investment commitments in the first half of the year rose 20 percent to 204 billion pesos from a year earlier, the Board of Investments said. (THE PHILIPPINE STAR)
· The securities regulator has yet to decide on its course of action on the recent Supreme Court ruling directing it to look into the foreign ownership limit of Philippine Long Distance Telephone Company . (BUSINESSMIRROR)
· Finance Secretary Cesar Purisima said he has signed the revenue regulation covering real estate investment trusts, with the policy to take effect after the publication of the rules. (BUSINESSWORLD)
· San Miguel Energy Corp, the power investment arm of conglomerate San Miguel Corporation, plans to list in the local bourse within the year, group president Ramon Ang said. (BUSINESSWORLD)
· The Bank of the Philippine Islands, the country's third largest by assets, is confident of surpassing its 12 percent lending growth target for the year, its chief executive said. (BUSINESSWORLD)
· Senator and businessman Manuel Villar Jr. said his family might venture into power generation and other infrastructure-related projects, partly to support the clan's property ventures under Vista Land and Lifescapes Inc. (ALL PAPERS)
GLOBAL MARKET NEWS
· Asian shares seen tentative, global markets sag
· Gold gleams for third day, China rates weigh
· Oil flat, buffeted by demand worry as volume ebbs
· Euro drops for 2nd straight day; China hikes rates
· Portugal downgrade weakens euro; Wall St ends up
----------------- MARKET SNAPSHOT AT 0007 GMT ----------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 1339.22 0.10 1.34
USD/JPY 80.90 -0.04 -0.03
US 10YR 3.12 0.17 0.01
SPOT GOLD 1527.31 -0.01 -0.19
US CRUDE CLc1 97.14 0.51 0.49
DOW JONES 12626.02 0.45 56.15
ASIA ADRS 140.14 -0.01 -0.02
FTSE 100 6002.92 -0.35 -21.11
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($1 USD = ₱ 42.89 pesos)
Pan-Asia...... Japan........ S.Korea....
S.E Asia............ Hong Kong... Taiwan.....
Australia/NZ......... India....... China.....
OTHER MARKETS:
Wall Street........... Gold....... Currency.
Eurostocks........... Oil......... JP bonds..
ADR Report.......... LME metals.. US bonds..
Stocks News US... Stocks News Europe..
DIARIES & DATA:
IPO diary & data Asia earnings diary
U.S. earnings diary European diary
Wall Street Week Ahead Eurostocks Week Ahead
World forecasts
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LIVE PRICES & DATA:
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Philippine debt Debt <0#USBMK=>
World Stocks <0#.INDEX> Currency rates
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FTSE 100 LME price overview
http://www.reuters.com/article/2011/07/07/markets-philippines-idUSL3E7I701K20110707
