The Philippine Commission on Audit asked the Department of Budget and Management to issue guidelines for the release of public funds for different local projects.
Sectors
JPMorgan under investigation for recent hires
JPMorgan Chase is being investigated by the SEC for possible wrongdoing. The anti-bribery unit of the US Securities and Exchange Commission is conducting an investigation as to the allegations that JPMorgan Chase & Co had hired the children of Chinese officials to boost its business.
Nine Entertainment Planning IPO
Nine Entertainment's ownership has decided to undertake an IPO. The majority owners of Nine Entertainment of Australia, namely US hedge funds Apollo Global and Oaktree Capital, have appointed several banks to oversee the initial public offering of the company.
Atlas Copco buys the Edwards Group
The Edwards Group;s purchase price was pegged at GBP1 billion for Atlas Copco. In a report from Sky News, it was revealed that the Edwards Group, which is based out of Sussex, is the subject of a GBP1 billion takeover bid.
Europe better outlook as against the US
Europe's equities have earned better in the past week compared to the US stocks. The mood now for investors is upbeat as it searches for a rebound from the previous week's drubbing on Wall Street and the Dow Jones average.
Latest News
Bahrain based Investcorp announced the sale of Skrill to CVC Capital Partners in a deal priced at USD79 million.
The leading Hungarian tour company, Best Reisen Ltd announced bankruptcy after big losses on its Egypt and Tunisia tour packages.
It has been a week after Amazon founder Jeff Bezos announced acquisition of Washington Post, a deal said to be the convergence of old and new media.
Former press mogul Conrad Black was barred from directorships by the US Securities and Exchange Commission and ordered him to pay USD4 million to Chicago Newspaper Liquidation Corp.
The Bank of England's record low interest rates were doubted after an unexpected dissent from its policymaker and its robust jobs data.
China launched a fresh three-month slate to intensify its probe against rampant bribery in the medical services and pharmaceutical sectors in the country, according to the official Xinhua news agency.
Gap and Urban Outfitters showed top earnings in retail apparel. Top 2 apparel retail companies are set to report earnings as the back-to-school season starts next week.
General Electric pursued its renewable energy program in Estonia after abandoning a solar plant project in the United States.
German bonds declined on its second week signaling an improved damp demand for the euro region's safest fixed-income assets.
