Philippines

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The saga of Borse Dubai's campaign to gain control of the Nordic stock exchange operator OMX took another twist this month, with claims it may have breached Sweden's strict financial regulations in trying to bloc the Dubai bid.
Major investments from two regional companies have created a shipbuilding boom in the Philippines and have resulted in the creation of hundreds of new jobs, with more to come.
The government recently adopted measures making it mandatory for certain firms to establish corporate social responsibility programmes in return for tax benefits.
The state-run Philippine Ports Authority has ordered a restart of the bidding process for the multibillion-peso contract to operate the lucrative North Harbour.
Philippine Airlines has called for the elimination of all government airline subsidies as a pre-requisite for the liberalisation of the aviation industry and a new regional open skies policy.
The government's budget deficit stands at $893m in the first six months of 2007, exceeding the programmed ceiling by $211m. Global ratings agency Fitch projects that, excluding government assets sales, the deficit could hit $2.7bn, 1.9% of GDP, by the end of the year - well over the 2007 target of $1.3bn, 0.9% of GDP.

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