A trader watches the electronic board on the floor of the Philippine Stock Exchange. Photo: Reuters

Philippine clerk’s US$14 million theft forces closure of 50-year-old brokerage firm

  • The settlement clerk at R&L Investments Incorporated began siphoning off shares in 2011 until he had wiped out ‘almost all’ of the firm’s stock position
  • He has since confessed to taking the money, according to local media reports, blaming a growing gambling habit for the massive theft
Topic |   The Philippines

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A trader watches the electronic board on the floor of the Philippine Stock Exchange. Photo: Reuters
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Philippine President Rodrigo Duterte says he may use “extraordinary powers” to implement the long-stalled, China-backed Kaliwa Dam project. Photo: Reuters

Philippines’ Rodrigo Duterte to use ‘extraordinary powers’ to push through China-funded Kaliwa dam

  • Philippine president says chronic water shortages in Manila take priority over the concerns of environmental activists and local communities
  • The controversial project, which has been stalled for decades, is to be built largely with Chinese money
Topic |   The Philippines

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Philippine President Rodrigo Duterte says he may use “extraordinary powers” to implement the long-stalled, China-backed Kaliwa Dam project. Photo: Reuters
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