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By Bloomberg News

(Updates with economist’s comment in the third paragraph.)

Jan. 11 (Bloomberg) — China’s foreign-currency regulator nearly doubled its estimate of the country’s third-quarter capital and financial account surplus to $66.2 billion from an earlier estimates issued in November.

The revision was posted to the website of the State Administration of Foreign Exchange today in a statement that also included a reduction in the current account surplus estimate for the third quarter. The agency didn’t provide an explanation for the changes.

“The large revision shows that capital-inflow pressure was bigger than initially anticipated,” said Yao Wei, a Hong Kong- based economist for Societe Generale SA. “That may be reversed this year with capital outflows more likely to become a concern as investors may pull money out of the country due to worries about slowing economic growth.”

The growing use of financial products such as yuan trade settlement and yuan-denominated foreign investment may also have contributed to the upward revision, Yao said.

A breakdown of China’s capital account surplus in the third quarter showed net direct investment inflows were revised down to $28.7 billion from previous reading of $35.9 billion. A further $9.9 billion came from “net securities investment” and $26.2 billion from “other net investment inflows Replica watches,” items that were not given in November’s preliminary estimates.

The estimate of China’s third-quarter current account surplus, which includes the goods and services trade, was cut to $53.4 billion from a preliminary reading of $57.8 billion Fake Watches, today’s data showed. The excess included $85.3 billion for trade in goods, and a $20.3 billion deficit for trade in services, the currency regulator said.

–Zheng Lifei. Editor: Nerys Avery, John Liu

To contact Bloomberg News staff for this story: Zheng Lifei in Beijing at lzheng32@bloomberg.net

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To contact the editor responsible for this story: Chris Anstey at canstey@bloomberg.net

Business Exchange E-mail Print READER DISCUSSION

By John Quigley

July 18 (Bloomberg) — Peru’s President-elect Ollanta Humala said Central Bank President Julio Velarde will remain in his post for another five-year term to help maintain economic stability.

Velarde accepted an invitation to stay on after his term ends July 28, Humala said in an interview with Lima-based America Television yesterday. Velarde has led the central bank “well,” he said. Humala said he’ll announce ministerial posts July 20.

“Our commitment is to provide macroeconomic stability and stability in monetary policy, which Julio Velarde is going to do Fake Watches,” Humala said. “We’re sending the right messages.”

Humala, who takes office July 28, is seeking to reassure investors concerned that his plans to raise mining royalties Replica Watch, increase Peru’s minimum wage and enlarge state companies may crimp private investment fueling the region’s fastest growth of the last decade. The $153 billion economy expanded at the slowest pace in 15 months in May as companies reduced spending while waiting for the 49-year-old former army rebel to announce his economic policies.

The Lima General Index of stocks has fallen 13 percent this year amid concern Humala’s plans to introduce a mining windfall tax will endanger $42 billion of investment in mine expansions. The yield on Peru’s benchmark 7.84 percent sol-denominated bond due August 2020 has risen 36 basis points, or 0.36 percentage point, to 6.30 percent this year, according to prices compiled by Bloomberg.

Since being appointed in 2006 to head the central bank, Velarde, 59, has helped triple international reserves to a record $47 billion and raised lending rates to a two-year high in May to curb inflation, which has been the lowest in the region since 2006.

Velarde, who holds a doctorate in economics from Brown University, introduced measures including raising reserve requirements for bank deposits to rein in lending. He increased the operating limit on pension fund managers’ investments overseas four times last year to help cool demand for the local currency.

Humala said he’ll seek to spur investment in the Andean nation’s mining and gas industries and will urge pension fund managers to invest in infrastructure projects instead of buying stocks or overseas assets.

–Editors: John Brinsley, Ben Richardson

To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

Business Exchange E-mail Print READER DISCUSSION

ABOUT 60 people have been injured by an earthquake in Peru. Fake Watches

The strong earthquake shook the south-central part of the country near the Pacific coast early today.

The number of injured treated by local hospitals and clinics totals 60," regional president Alonso Navarro told local radio after a tour of the area.

The injuries included broken bones, concussion and cuts caused by falling objects, officials said. None of the injuries is considered life-threatening.

The Peruvian Institute of Geophysics put the strength of the quake at 6.2.

However, US government researchers said the earthquake measured 6.3.

The epicentre of the tremor Fake Watches, which occurred at 12.11am (4.11pm AEDT), was 23km southeast of the town of Ica, the US Geological Survey said.

The depth of the epicentre was 39km.

The reading was based on the open-ended Moment Magnitude scale used by US seismologists, which measures the area of the fault that ruptured and the total energy released.

MANILA, Philippines – As tycoon Manolo Lopez puts it, President Benigno Aquino III is bringing home not just hotdogs and In-n-Out burgers but real accomplishments, specifically Fake Watches, $2.8 billion in investments and aid for the Philippine economy after a 7-day working visit to the United States.

Speaking before a town hall town hall meeting in California, Aquino said his working visit has been a fruitful one in terms of generating jobs for Filipinos and getting financial aid for poverty-alleviation projects in the Philippines. This includes a $434 million (P20 billion) grant from the US-run Millennium Challenge Corporation that helps developing countries reduce their levels of poverty as long as they meet performance criteria on the rule of law and democratic principles.

"Regarding the accomplishments, there’s jobs generation, a very substantial number of jobs that we’re bringing home. The dollar value of the investments that are coming in, just 3 firms, from the others that we talked to — will be bringing in plus the Millennium Grant in the neighborhood of $2.8 billion. That will help us grow our economy and get better governance going," Aquino said before a live studio audience.

Aquino refused to give himself a grade for his accomplishments during his 7-day working visit in the US, saying that he had been taught by his parents – the late Sen. Ninoy and former President Cory Aquino – to be humble.

"Mahirap munang mag-grade dahil tinuruan ako ng magulang ng humility, maging humble. Baka ang tatay at nanay ko nanonood sa akin ngayon, baka batukan ako kung tayo’y magyabang," he said.

Last Thursday, Aquino invited foreign businessmen from around the world to invest in the Philippines, declaring it open for business once again.

He told foreign business stakeholders at the Citibank Economic Conference in New York City, that measures to promote a conducive business atmosphere in the country are slowly being realized. Among these measures are the simplification of the process of establishing business, improving infrastructure and relaxing regulations on air travel to and from the country.

He said a crackdown on tax evaders aimed at plugging the leaks in revenue collection has resulted in 7 tax evasion cases in just two months.

“Let me be crystal clear, to achieve our social goals Replica Watch, it is imperative that we in the Philippines create a climate for private enterprise to profit and thrive. And this is what we have begun to undertake,” he  said.

Aquino said the local stock market has hit an all-time high while the recent global peso bond offering raised $1 billion for the Philippines, with the issue being 13 times oversubscribed.

“I invite you to come see for yourselves what we’re doing to make sure that the Philippines is once again open for business,” the President said.

MANILA Fake Watches, Philippines – Consumers are bracing themselves for slightly higher electricity bills in July, as power distributor Manila Electric Co. (Meralco) hiked its generation charge for the month by nearly 6 centavos to P5.6546 per kilowatthour (kwh).

Meralco First Vice President and Utility Economics Head Ivanna dela Peña said the increase passed on to customers reflect the cost of power the company bought from independent power producers (IPPs).

"Figures for the supply month of June which is the basis of the July generation charge, show the cost of power sourced from IPPs as increasing by around 6 centavos, from an average of P4.54 per kwh in May to P4.60 per kwh in June," dela Pena said in a statement on Tuesday.

In June, the generation charge was P5.5967 per kwh.

Dela Pena said this was due to a slightly lower dispatch of the plants in June at an average of 87% Replica Watch, compared to the all-time high of 92% logged in May.

"Despite the lower dispatch, the IPPs are Meralco’s cheapest sources of power. The effective cost of power sourced from the National Power Corporation (Napocor) stood at P5.59 per kwh while that from the wholesale electricity spot market (WESM) was at P7.90 per kwh last June."

Meralco’s generation charge however, may go down in August, said Meralco communications head Joe Zaldarriaga.

The start of Napocor’s wet season rates this July should provide a tempering effect in the generation charge next month.

Also, the rainy season will hopefully bring rains sufficient to improve the capability of many of the cheaper hydropower plants, and can result in lower prices in the WESM, said Zaldarriaga.

MANILA Fake Watches, Philippines – After keeping his silence on an alleged romance with singer-actress Jennylyn Mercado, television host and actor Luis Manzano has finally admitted that he is dating the Kapuso star.

Talking on entertainment show “E-Live” on Saturday, Manzano made a simple statement which confirmed the circulating rumor. “We are definitely dating,” he said.

Manzano said he and Mercado became close because they have martial arts training together.

He, however, stressed that although he has always been a fan of the actress’ beauty, they only maintained a good working relationship prior to the martial arts training.

“Rarely [kami nag-uusap]. Kung text man, something to do with trabaho. ‘Yon lang, isang tanong, isang sagot. Ganoon lang. Everything started when we started training together ng muay thai and jiu jitsu. Kahit nasa kabila pa lang si Jenn, I’ve always been a fan of her beauty. Kahit noong nakita ko siya sa Legazpi hosting a pageant, sabi ko sa kasama ko ang ganda niya,” he said.

Asked if they are already exclusively dating, Manzano said they haven’t talked about it yet.

“’Yong exclusively dating, hindi pa fully tackled iyan sa aming dalawa. Hindi pa namin talagang nauupuan iyan at napag-uusapan. Pero siguro sa puntong ito, so far everything has fallen into place. Siguro ang pagiging exclusive Fake Watches, whether it be unspoken na lang sa amin or kailangan pang pag-usapan, isa iyon sa mga hakbang na kailangan pa namin pagdaanan sa kung ano man ang namamagitan sa amin,” the actor explained.

Manzano also came to the defense of Mercado since there are people who have made negative comments because the latter is a single mom.

“I don’t take it as a bad thing. Definitely any child is a blessing sa mga buhay buhay. And for some na nababasa ko na napaka-negative na tao na ini-insinuate na napakasama na maging ina at her age at mahirap makipagrelasyon sa may anak na, ang masasabi ko lang sa ganoon eh ‘di sana para na ring hinusgahan ang mommy ko. Dahil noong pumasok si Tito Ralph sa buhay ni mommy, my mom had me,” he said.

“So kung hinuhusgahan niyo si Jenn for having a son at nagkataon na may papasok sa buhay niya, eh ‘di parang hinusgahan niyo ang mommy ko, which is very very unfair. Siguro naman my mom raised me well. Siguro naman hindi ako naging pabigat and nakikita naman si mommy and si Tito Ralph ngayon, so far so good,” Manzano added.

He also clarified the rumor that he and Mercado were spotted in Boracay together.

“Parang before Holy Week nag-Boracay siya with her son and kanyang mommy. Tapos nakabalik na siya. Kami naman ang nag-Bora with Niks (Gil). Wala po si Jenn doon. After 2 days, sumunod si Jenn with her family. Kasama niya ang mga tita niya,” Manzano said.

Meanwhile, Manzano shared that he has already introduced Mercado to his mom, Batangas Governor Vilma Santos.

“Yes. Well I guess it went really really well. Nagkakilala sila sa Batangas. It was Holy Week. Wala namang ibang nasabi si mommy… I saw my mom. My mom was smiling. So I guess my mom likes Jenn,” he said.

AUGUSTA, Georgia  – One of the most riveting final rounds at the Masters left Tiger Woods and Rory McIlroy dealing with bitter disappointment on Monday, although they each appear to have bright prospects going forward.

Woods, without a tournament win for nearly 17 months, looked like the Tiger of old as he charged into contention over the front nine at Augusta National on Sunday, banishing any thought he might be a spent force.

He may have stalled in his title bid after the turn as his putter cooled but his inspired form from tee to green, which sparked trademark Tiger roars across the course Fake Watches, suggested a 15th major victory could be on the immediate horizon.

Britain’s McIlroy will almost certainly take longer to come to terms with his major heartache, having suffered one of the worst final-round collapses of all time in a grand slam event.

The 21-year-old, touted as a future world number one, led by four strokes going into the last day at Augusta National before tumbling out of contention with an eight-over-par 80 that was almost unbearable to watch.

Having produced remarkably mature golf well beyond his years over the first three rounds, McIlroy let a first green jacket slip through his hands as he missed several short putts early on before succumbing to a snap left hook.

Yet the brave and honest way in which the Northern Irish prodigy faced up to the media after enduring one of his worst days on a golf course suggested he is a characterful player who will rebound.

Despite oozing disappointment, he did not dodge a single question. He openly admitted he had not handled the pressure of the final round very well but believed he would eventually emerge stronger for it.

European Tour chief executive George O’Grady felt the curly-haired McIlroy was capable of becoming just as inspirational a figure for golf as 14-times major champion Tiger Woods.

EXCITING BRAND

"Rory plays an exciting brand of golf," O’Grady told Reuters. "I think he can be inspirational to so many youngsters around the world on the back of the great young generation we have at the moment.

"His golfing brain is outstanding, he plays attacking golf when he needs to, patient golf when he needs to be patient, he’s got the most wonderful personality and he’s unfailingly polite with everybody.

"Wherever he goes, he is incredibly popular with all age groups. I believe Rory has the potential to be as inspirational a figure as Tiger Woods still is."

McIlroy, who catapulted into the limelight with a stunning maiden U.S. PGA Tour victory at last year’s Quail Hollow Championship, was astounded by the messages of sympathy showered upon him after his Masters meltdown.

"Thank you to everyone for all your kind words and messages of support," he tweeted on Monday. "I’m a little overwhelmed! Very much appreciated Fake Watches!"

Almost to a man, his peers predicted McIlroy would return to the winner’s circle in the big events once he had to come to terms with his last-day collapse at Augusta National.

"He’s such a good player, he’s going to win a major some time," said South African Charl Schwartzel, who lifted the green jacket in scintillating fashion with a birdie-birdie-birdie-birdie finish on Sunday.

PHENOMENAL PLAYER

"Obviously things didn’t go his way. Golf is a really funny game. One moment you’re on top of it and the next it bites you. He’s such a phenomenal player. He’ll win one."

British world number three Luke Donald, who chipped in at the last to tie for fourth with Woods and Australian Geoff Ogilvy, said: "My heart goes out to Rory, the best talent in golf in my opinion.

"I’m sure his closet will be stuffed with green jackets by the time he is done with the game."

Fellow Briton Ian Poulter added: "Rory will be back in full force quicker than ever. It will be hard to take but it will make him stronger."

Woods, who had been seeking his first major title since the 2008 U.S. Open, knows better than most how Augusta National — with its lack of rough but notoriously difficult greens – can toy with a player.

"This golf course baits you," the 35-year-old American said. "You can get aggressive, you can lose it. Very similar to what Rory (was) doing out there.

"That can happen very easily and it doesn’t take much. It’s just one shot here or there and it can go the other way."

Woods has had to emerge from his own personal nightmare, his private life having unraveled in late 2009 amid sordid revelations of his marital infidelities.

His marriage ended last August, the same month in which he embarked on the fourth swing change of his professional career, but his revamped game now appears very close to his best.

McIlroy, plunged into a golfing nightmare at Augusta National on Sunday in only his third appearance at the Masters, can expect to re-emerge in much brighter light in the same fashion as Woods.

MANILA, Philippines – Isaiah Ciriacruz scored 17 points and led a third quarter breakaway as Blackwater routed DUB Unlimited, 78-62, yesterday for its second straight victory in the PBA D-League Aspirants’ Cup at the San Juan gym.

With Ciriacruz on the firing end, the Elite outscored the Wheelers in the third, 26-15, breaking away from a close 32-27 contest en route to the runaway win.

The Elite actually groped for form in the second period, hitting just three of 19 attempts but they made up for the scoring slack with pressure defense that also limited their rivals to five baskets out of 18 tries.

Big Chill opened its campaign with an 82-72 victory Cobra Energy Drink in the other game.

Allex Mallari scored 15 points and Jewel Ponferrada had 14 for the Superchargers, who led by as many as 14 points at halftime but wavered down the stretch.

After Jeric Fortuna scored on an offensive rebound, Ciriacruz, who went four-of-four from the perimeter in the third, teamed up with Mark Bringas and Cark Bautista to complete the big third quarter run.

Fortuna scored 14 points Fake Watches, Bringas had 12 and Bautista added 10 for the Elite Replica Watch, who had 10 of 12 players scoring.