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Moody’s turns negative on US credit rating, draws Washington ire

Markets Reuters Reuters -
Moody's on Friday lowered its outlook on the U.S. credit rating to "negative" from "stable" citing large fiscal deficits and a decline in debt affordability, a move that drew immediate criticism from President Joe Biden's administration.

LTG nine-month income falls 6% on weak tobacco

Corporate Context.ph Context.ph -
LT Group Inc., the holding firm of most businesses of tycoon Lucio Tan, said net income in the nine months through September fell 6 percent to P19.25 billion from last year’s P20.41 billion, caused mainly by weaker tobacco business. 

Disallowed expenses further complicate NGCP bookkeeping woes

Energy & Mining Context.ph Context.ph -
Apart from having to refund prospectively billions of pesos worth of revenue claims, the National Grid Corporation of the Philippines (NGCP) also face the indignity of reclassifying an undetermined amount of expenses merely because its regulator, the Energy Regulator Commission (ERC), failed to do its mandate.

Malaysia’s price controls keep rice production low, exacerbating shortages

Markets Context.ph Context.ph -
In September, amid a shortage of white rice in Malaysia, rice mill operator and wholesaler Allen Lim started receiving calls from supermarkets asking for additional supplies. But he had to turn them down.

IMF executive board green lights proposal boosting member country quota contributions

Banking & Insurance Context.ph Context.ph -
The 24-member Executive Board of the International Monetary Fund has approved the proposal significantly increasing so-called the country quota of member countries like the Philippines.
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CREC advances 2.3 GW renewable energy pipeline

Energy & Mining 0
Citicore Renewable Energy Corp. is preparing to roll out about 2.3 gigawatts of renewable energy capacity through 2026 and 2027, as it moves to convert a growing project pipeline into operating assets.

7-Eleven Philippines targets 5,000 stores despite bottlenecks

Corporate 0
7-Eleven Philippines is pressing ahead with its expansion toward more than 5,000 stores by year-end, even as permitting delays and power availability threaten to slow the pace of new openings.

Shell Pilipinas demonstrates operational resilience amid first-half inventory and margin pressures 

Corporate 0
Shell Pilipinas Corp. maintained uninterrupted energy supply and robust trade operations across the Philippines through the first half of the year, even as severe global market volatility and inventory holding losses led to a net loss of P1.9 billion.

Monsoon rains dampen 7-Eleven sales; company eyes long-term growth amid challenges 

Corporate 0
Philippine Seven Corp. (PSC), the operator of 7-Eleven convenience stores in the country, has reported a significant dip in sales, by as much as 20 percent, attributed to the incessant monsoon rains experienced over the past two weeks. Despite a strong performance up until July, bolstered by its annual "7-11 day" promotion, the company acknowledges the sensitivity of its sales to adverse weather conditions.

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