MANILA, Philippines — The peso exchange rate stands at P42.14 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P42.192.

Swift to rest two farms

Swift Foods Inc. is temporarily closing its farms in Tanay and Salikneta because it discovered the presence of Newcastle’s disease.

In a disclosure to the Philippine Stock Exchange, Swift said that “by resting these two farms, the Board is confident that the air borne virus will eventually be eradicated.”

The firm added that its other farms will continue to be operational. (JAL)

Insurance marks 53rd anniversary

Standard Insurance, the country’s leader in motorcar and industrial fire insurance, is turning 53 today Aug. 1. With the theme “Passion for Excellence,” the company pledged ‘to deliver better service moving forward.’

Standard Insurance president Patricia Echauz-Chilip said they remain committed to its strategy of underwriting discipline and sustainable profitability for its traditional lines of business.

“We are constantly innovating our systems in order to deliver faster and better service,” Echauz-Chilip said.

Last year, the company posted insurance premium revenues of P2.6 billion with a P101 million net income and total assets of P3.3 billion with an equity of P1 billion.

Smart launches NEW internet service

Smart Communications, Inc. (Smart) has introduced a new way for subscribers to enjoy the Internet as it launches its new “Always On” Internet packages.

“Always On” is a volume-based package which allows casual mobile Internet surfers to pay only for the data they wish to consume.

It is available to Smart Buddy, Smart Gold, Talk N’ Text, and Smart Bro subscribers. (EHL)

G.E. earnings rise 21.6 percent

General Electric Co. (GE) registered a 21.6 percent rise in earnings, which it attributed to strong demand for jet engines and equipment used in oil and natural gas production.

The strong second quarter performance of the largest US conglomerate was also driven by a rebound in sales of railroad locomotives, which offset weakening demand for wind turbines.

Orders were up 24 percent. “We are optimistic about our growth prospects in the second half and beyond,” Chief Executive Officer Jeffrey Immelt said.