Lucio Tan fails to remit P5.6-B PNB payment.
Starbuck Equities Corp., the corporate vehicle used by businessman Lucio Tan to purchase the 30.4 percent stake in Philippine National Bank (PNB), failed yesterday to remit the P5.6 billion worth of standby Letter of Credit (LC) to the Department of Finance (DOF) to complete the payment of P6.2 billion....

Ex-PNB officials charged with graft.
A total of 18 graft charges were filed with the Sandiganbayan yesterday against former Philippine National Bank (PNB) president Panfilo A. Domingo, his senior vice president Constantino Bautista, and members of the board of directors. The accused were charged with nine counts each for violation of Section...

Lucio Tan firm sole bidder for gov't PNB stake.
A company owned by Lucio Tan was the sole bidder yesterday for the 30.39 percent remaining government stake in Philippine National Bank, submitting a bid of P100 per share (estimated at P6.267 billion) for the deferred 24-month payment option offered by the government. If approved by the...

PPA relaxes financial terms.
North Harbor bidding PPA relaxes financial terms The Philippine Ports Authority (PPA) has relaxed the financial capability requirements to interested bidders in the privatization of the Manila North Harbor Terminal, a move that could entice more bidders or split up existing consortia. Based...

SBI toes US line on Iran's Letters of Credit.
Byline: Amiti Sen & Priti Patnaik NEW DELHI: Buckling under the US pressure, the State Bank of India (SBI) has stopped honouring Iranian letters of credit (LCs), hurting trade between India and the west Asian nation. An Iranian tea delegation, which visited India recently for...

SBI toes US line on Iran's Letters of Credit.
Byline: Amiti Sen & Priti Patnaik NEW DELHI: Buckling under the US pressure, the State Bank of India (SBI) has stopped honouring Iranian letters of credit (LCs), hurting trade between India and the west Asian nation. An Iranian tea delegation, which visited India recently for...

IMAX Secures New Credit Facility with Bank of Montreal.
ENTERTAINMENT CLOSE-UP-7 October 2008-IMAX Secures New Credit Facility with Bank of Montreal(C)2008 - CloseUpMedia - newsdesk@closeupmedia.com IMAX has announced a new $10 million revolving letter of credit (LC) facility with Bank of Montreal, replacing its existing $5 million LC facility with the same bank. This...

Credit concerns hit captives' portfolios.
A direct effect of the credit crisis on captive insurance companies has been that fronting insurers have increased collateral requirements and are more closely scrutinizing the types of investments within the required collateral or trust. Whereas before the credit departments of the carriers were more lenient, they're...

How to tackle collateral issues: every policyholder would like to know how to get their insurance collateral obligations reduced, particularly during a capital crisis. Here's how.
Summary * Posting collateral for insurance requirements can pose a serious burden for many companies, limiting their borrowing capability, ability to invest in themselves and access new insurance markets. * Risk managers might do well to make some changes to the terms of their deductible...

Linens 'n Things Reports a Decline in Second Quarter 2008 Comparable Sales.
HEALTH AND BEAUTY CLOSE-UP-17 August 2008-Linens 'n Things Reports a Decline in Second Quarter 2008 Comparable Sales(C)2008 - CloseUpMedia - newsdesk@closeupmedia.com Linens Holding, a home furnishings specialty retailer known as "Linens 'n Things," reported its sales results for the second quarter ended June 28. The...