Oil prices surge on U.S. inventory data

NEW YORK — Oil prices rebounded strongly Wednesday as official data showed that U.S. crude stockpiles dropped much more than expected last week. The U.S. Energy Information Administration (EIA) said in its weekly report Wednesday that U.S. crude inventories fell by 5.2 million barrels last week, notching the biggest one-week drop in U.S. inventories so … Read More

German firm to put up state-of-the-art plasterboard, other building solutions factory in Batangas

MANILA — Knauf Gypsum Philippines, Inc. breaks ground Tuesday its plasterboard and other building solutions plant within the Calaca Seaport in Batangas. Knauf Gypsum Philippines will put up the manufacturing facility in a six-hectare property within the industrial park, formerly known as Phoenix Petroterminals & Industrial Park. The company is a partnership of two German … Read More

USD 2.6-B venture capital fund to support Chinese startups

BEIJING — China has set up a national venture capital fund for guiding the development of startup companies in new sectors of strategic importance. The fund was set up by the Ministry of Finance, the National Development and Reform Commission and the State Development & Investment Corporation (SDIC), among others. SDIC Chairman Wang Huisheng said … Read More

51 firms win out for oil exploration contracts in Lebanon

BEIRUT — Lebanon’s Water and Energy Minister Cesar Abi Khalil said on Tuesday that 51 companies qualified for licenses to enter into Lebanon’s oil and gas sector. The first oil exploration contracts are expected to be signed before the end of 2017. Abi Khalil addressed the Third International Conference on Oil and Gas’s inaugural ceremony, … Read More

Ford China sales jump 11% in April

CHICAGO — Ford Motor Co. announced on its website on Friday that Ford and its joint ventures in China saw an 11 percent increase in auto sales in April compared to the same month a year ago. Overall, their China sales in the first four months totaled 349,228 units, down 12 percent from the same … Read More

Hong Kong stocks close 0.84% lower

HONG KONG — Hong Kong stocks closed down 207.53 points, or 0.84 percent, to 24,476.35 points on Friday. The benchmark Hang Seng Index traded between 24,358.72 and 24,634.28. Turnover totaled 81.07 billion Hong Kong dollars (about USD10.42 billion). Xinhua

BOI okays Php 410-M biomass project in Isabela

MANILA — The Board of Investments (BOI) has approved a Php 410-million biomass energy project in the northern part of the country. In a statement Friday, BOI said the biomass plant was a project of Isabela La Suerte Rice Mill Corp. which develops, constructs, and operates the five-megawatt renewable energy facility in Aurora, Isabela. The … Read More

BOI okays PHP154-B projects in Jan.-April

MANILA — The Board of Investments (BOI) has approved a total of PHP154 billion investment pledges in the first four months of the year. In a briefing Tuesday, BOI managing head Ceferino Rodolfo said the agency’s approved investments in January to April has increased by 31 percent from the PHP117 billion investment commitments in the … Read More