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Asian markets fall on rate fears as bond yields rise
Asian markets fell across the board Wednesday following Wall Street's lead after robust US employment data and rising Treasury yields exacerbated fears that interest rates will be higher for longer. The labor report, known as JOLTS, showed a surprise increase in the number of job openings to 9.6 million, a sign of continued tightness in the market and fuelling worries of a further rate hike by the Federal Reserve before year's end. The report comes ahead of Friday's highly anticipated September US employment report. Following the JOLTS report, 10-year US Treasury note yields climbed to levels last seen in 2007. Treasury bond yields are seen as a proxy for US interest rates and are closely watched. All three major US indices closed in the red, falling by more than one percent. "Stock market investors were sent reeling after US job openings unexpectedly rebounded in August, adding to concerns that the Federal Reserve could hike rates in November but unquestionably maintain elevated borrowing costs for an extended duration," said SPI Asset Management's Stephen Innes. Tokyo and Seoul, which resumed trade after a long holiday weekend, led the Asian selloff Wednesday, both falling around two percent, while Hong Kong, Taipei, Jakarta, Singapore, Sydney, and Wellington were all sharply lower in a sea of red. Markets in mainland China were closed for a week-long holiday. "It is difficult (for investors) to move towards bargain-hunting as yields in US Treasury notes keep climbing," analyst Shutaro Yasuda of Tokai Tokyo Research Institute said. On forex markets the yen was trading at 149.28 to the dollar after hitting 150.16 in London on Tuesday, its weakest level in a year. Japan's top finance officials declined to comment Wednesday on whether Tokyo had intervened to support the yen after it had breached the psychological 150 level. In recent months, the yen has plummeted against the dollar in part because of the widening gap in interest rates set by the Bank of Japan and the US Federal Reserve. The post Asian markets fall on rate fears as bond yields rise appeared first on Daily Tribune......»»
Yellen says US ‘carefully’ monitoring China economy
The United States is "carefully" monitoring China's challenges, US Treasury Secretary Janet Yellen said Friday, as the slowdown in the world's second-largest economy raises concerns for global growth. Many are worried about the Asian giant's struggles, with the threat of recession in Europe and high inflation in many major economies contributing to a plunge in demand for Chinese goods. "China faces a variety of both short and longer-term global challenges, economic challenges that we've been monitoring carefully," Yellen told reporters in New Delhi, ahead of a two-day G20 summit. "That said, China has quite a bit of policy space to address these challenges," she added. China's President Xi Jinping will miss the leaders' meeting at a time of heightened trade and geopolitical tensions with the United States and India, with which it shares a long and disputed border. China's challenges included "less of a pick up in consumer spending that had been anticipated in the aftermath of the Covid restrictions, as well as long-standing issues with respect to the property sector and... debt related to that", she said. G20 host India overtook its northern neighbor as the world's most populous country earlier this year, and Yellen added that China's "labor force is beginning to shrink". Xi's absence will impact Washington's bid to keep the G20 the main forum of global economic cooperation and its efforts towards a financing push for developing countries. That includes a plan to increase World Bank and International Monetary Fund lending power for emerging nations by some $200 billion as a better alternative to Beijing's "coercive" Belt and Road Initiative. While "aware of the risks to global growth", Yellen said she had "been surprised by the strength of global growth and how resilient the global economy has proven to be". "While there are risks and some countries that have certainly been affected, overall, the global economy has been resilient," she added. Yellen added that the "most important negative influence is Russia's war on Ukraine." The post Yellen says US ‘carefully’ monitoring China economy appeared first on Daily Tribune......»»
Celebrity chef Jereme Leung returns for‘Flavors of the Orient’
Over the years, the inventiveness of celebrity master chef Jereme Leung has garnered a loyal following. Modern Chinese food inspired by Chinese culinary traditions defines his cuisine and creativity is his game. [caption id="attachment_159822" align="aligncenter" width="2560"] Steamed Sea Garoupa withsun-dried ginger, red chili, black bean paste and superb chicken stock.[/caption] When you see him in his restaurants going around and speaking to the guests, take the opportunity to ask for his recommendations. With his innovative cooking, it would be a mistake not to try it. That’s why, it’s best to visit Conrad Manila for its Legendary Chef Series and experience a rare chance to meet the world-renowned chef and savor his exceptional culinary creations that will leave epicurean enthusiasts in awe and craving for more. The exclusive engagement, dubbed “Flavors of the Orient” and ongoing until 23 July at China Blue, presents a delicious set menu meticulously curated by Leung and his team led by chef Eng Yew Khor. The limited-time offering showcases a symphony of flavors, combining Cantonese culinary traditions and gastronomic innovation — a feat Leung has mastered from age 13 when he began his culinary career in Hong Kong. Leung is a culinary visionary who is known for conceptualizing Conrad Manila’s China Blue, that’s why it was named after him — China Blue by Jereme Leung. “Master chef Jereme Leung’s limited engagement at Conrad Manila brings a lot of excitement as he once again delights guests with his magical culinary touch on extraordinary dishes most fitting during this period of our Legendary Chefs Series,” says Conrad Manila general manager Fabio Berto. “We are certain that his exclusive new gastronomic repertoire will further heighten the culinary reputation of the already well-loved China Blue.” Oriental choices The culinary spectacle begins with an enticing appetizer featuring marinated lobster enriched with coriander lime jelly dressing and crispy bean curd sheet, accompanied by deep-fried kataifi seafood and otak otak with lemongrass. “The lobster roll’s dressing is very Southeast Asian,” says 52-year-old Leung, who arrived in Manila a few days ago to personally prepare the dishes for the limited lunch and dinner treat. “It’s not spicy but refreshing. The crispy sheet is bean curd, steamed and deep fried. When it’s hot and fresh, it’s super crispy and melts in your mouth.” The otak-otak, Leung explains, is a Malaysian fish cake wrapped in banana leaf. But, instead of fish, he substitutes it with cuttlefish and shrimp. The kataifi, on the other hand, is a pastry deep-fried on lemongrass skewer. The journey continues with a flavorful double-boiled merry fruit peach gum with sea cucumber, black chicken dumpling, dry moon clam Matsutake mushroom soup. “The soup is a special one,” says Leung. “The base is made of chicken and matsutake mushroom which is very intense in taste. I personally hand-carried the dried mushroom from Hunan.” Another special ingredient is the merry fruit from Guangdong Province. It is a medicinal fruit that has a nutty flavor that offers a strong, potent taste. Leung’s repertoire continues to impress with his main courses — the steamed sea garoupa garnished with sun-dried ginger, red chili, black bean paste and superior chicken stock; and the slow-cooked beef short ribs, coated in green pepper and barbecue sauce. “It’s a live fish that we clean, cover in salt and air dry in a temperature-controlled room for hours to remove its moisture and to make the flesh firmer,” explains Leung. “The braised beef is slow-cooked for several hours.” To accompany the main course, Leung offers black sesame fried rice with dry scallops, seafood, and spring onion egg white pearl. And, to complete the feast, a refreshing serving of hawthorn ice cream, Chinese sweet vinegar caramel, and the delightful touch of traditional onion pancake leave the palate with a lingering note of sweetness. Yes, each of Leung’s dishes has a unique quality and taste, a special touch to make it stand out. The food presentation does an excellent job of increasing one’s appetite. “The objective of the menu is to introduce some of the less common ingredients here,” shares Leung, who, as of this writing, is simultaneously opening five restaurants in China, Malaysia, Taiwan, and Macau. “But while they are less common in this country, they are common ingredients in different regions of China. It’s an interesting exchange of knowledge.” He adds: “My cuisine is about adapting ourselves based on what we see in the local market. While we retain our own recipes, we create dishes depending on the availability of the ingredients in the market. Our creation is not just out of the blue. It’s something that we think, try, and work on over and over again to make sure we please our diners.” For reservation on Conrad Manila’s Legendary Chefs Series, call 8833-9999, 0917-650 3591, or email MNLMB.FB @conradhotels.com. The post Celebrity chef Jereme Leung returns for‘Flavors of the Orient’ appeared first on Daily Tribune......»»
Bourses weaken amid persistent debt fears
Asian markets sank Wednesday on worries that hardline Republicans could vote down a crucial bill to hike the US borrowing limit and risk a catastrophic default that could hammer an already fragile global economy. Further signs that China’s post-pandemic recovery was fading added to the downbeat mood on trading floors, as did worries that the US Federal Reserve is likely to increase interest rates again next month. Local shares slid on heavy turnover as funds were tracking the latest Morgan Stanley Capital International or MSCI rebalancing results and with the end-of-month window dressing at hand, according to Regina Capital Development Corp. managing director Luis Limlingan. Wall St. was still a mixed bag to open the week, with the Dow Jones Industrial Average down 50 points and the S&P 500 up by 0.9 percent, he added. Buoyant mood dissipates The buoyant mood that started the week, after US President Joe Biden and House Speaker Kevin McCarthy finalized a debt deal, was giving way to a fear that the far-right Freedom Caucus could torpedo it. The Treasury has warned that if the borrowing ceiling is not lifted by June 5, the government will run out of cash to service its debt obligations. Members on both sides of the political spectrum have raised concerns about the agreement, with Republicans saying it does not have enough spending cuts and the left wing of the Democratic Party unhappy that Biden agreed to any limits at all. The Treasury has warned that if the borrowing ceiling is not lifted by June 5, the government will run out of cash to service its debt obligations. While McCarthy has described the deal as “transformational” and expressed confidence the bill will pass, leading Freedom Caucus member Chip Roy called it a “turd sandwich.” “Not one Republican should vote for this deal. It is a bad deal. No one sent us here to borrow an additional $4 trillion to get absolutely nothing in return,” Roy said at a Freedom Caucus news conference. He later warned McCarthy would face a “reckoning.” That came as another GOP Representative, Dan Bishop, called party members to vote McCarthy out as speaker. And CMC Markets analyst Michael Hewson said ratings agencies were “already sharpening their pencils on downgrades for the US credit rating.” Still, House Democratic leader Hakeem Jeffries remained confident, telling Bloomberg Television: “We will be able to get this bill over the finish line tomorrow.” Meanwhile, the Nasdaq Composite outperformed the other two indices primarily on the excitement around artificial intelligence, which briefly pushed Nvidia’s market cap above $1 trillion on Thursday. The post Bourses weaken amid persistent debt fears appeared first on Daily Tribune......»»
From the Newsrooms: March 3 to 9, 2024
THIS WEEK the news followed President Ferdinand Marcos Jr. as he traveled to Australia to attend the Association of Southeast Asian Nations (ASEAN) and Australia summit from March 4 to 6. The Australian government hosted this year's special summit in the city of Melbourne, to underscore among other issues roiling the region, maritime and security concerns in the South China Sea, an area which has been re-named by the P.....»»
From the Newsrooms: March 3 to 9, 2024
THIS WEEK the news followed President Ferdinand Marcos Jr. as he traveled to Australia to attend the Association of Southeast Asian Nations (ASEAN) and Australia summit from March 4 to 6. The Australian government hosted this year's special summit in the city of Melbourne, to underscore among other issues roiling the region, maritime and security concerns in the South China Sea, an area which has been re-named by the P.....»»
US set to overtake China as Germany s top trade partner - data
Berlin has been exporting less to the Asian country in recent years, statistics have shown The US is on track to surpass China as Germany's leading trade partner as soon as next year, Reuters reported this week, citing the German Chamber of Industry and Commerce (DIHK). China has held the top spot for the past seven y.....»»
Xinhua Asia-Pacific news summary at 1600 GMT, Jan. 19
PHNOM PENH -- A Cambodian senior government official has painted a rosier picture for Cambodia-China economic and trade cooperation in 2024, saying that a steady increase in bilateral trade and investment volumes has benefited both countries and peoples. Sok Siphana, a senior minister and chairman emeritus of the Board of Directors of the Asian Vision Institute, said 2024 is the year to implement the China-Cambo.....»»
Xinhua Asia-Pacific news summary at 1600 GMT, Jan. 19
PHNOM PENH -- A Cambodian senior government official has painted a rosier picture for Cambodia-China economic and trade cooperation in 2024, saying that a steady increase in bilateral trade and investment volumes has benefited both countries and peoples. Sok Siphana, a senior minister and chairman emeritus of the Board of Directors of the Asian Vision Institute, said 2024 is the year to implement the China-Cambo.....»»
Asian stocks slip amid rate cut speculations
Asian shares drifted lower yesterday in a week packed with a quintet of rich world central bank meetings and data on US inflation that could make or break market hopes for an early and rapid-fire round of rate cuts next year......»»
Tenorio makes PBA comeback after beating Big C
Barangay Ginebra's LA Tenorio will be making his long-awaited comeback to the Philippine Basketball Association (PBA) after successfully beating colon cancer. Tenorio, who underwent a six-month treatment in Singapore, is now in remission and ready to step back onto the court. The 39-year-old point guard expressed his excitement and high spirits ahead of his first game in 10 months. Despite acknowledging the challenge of readjusting to competitive basketball, Tenorio is determined to fit in seamlessly with his teammates. He also expressed his gratitude to his family, friends, management, coaches, and the entire sports community for their support during his recovery. Tenorio, known as the Iron Man for his impressive streak of 744 consecutive games in the PBA, had his streak interrupted due to a groin injury and subsequent cancer diagnosis. During his time away from the game, he served as an assistant coach for Gilas Pilipinas in the 19th China Asian Games, where the Philippines emerged victorious......»»
Chinas Impact on Asian Shares and Rising Treasury Yields
Asian Shares Decline as China Suffers Losses, Wall Street Remains Closed for Thanksgiving Asian shares experienced a slight dip as China recorded losses and Wall.....»»
Xinhua world economic news summary at 1030 GMT, Nov. 8
YANGON -- Myanmar earned 271 million U.S. dollars from the export of 583,683 tons of rice and broken rice within seven months in the current fiscal year 2023-2024, according to the figures from the Myanmar Rice Federation on Tuesday. The Southeast Asian country exported rice and broken rice to more than 20 countries including Indonesia, Malaysia, the Philippines, China and Belgium, it said. (Myanmar-Rice Export).....»»
Xinhua world economic news summary at 1030 GMT, Nov. 8
YANGON -- Myanmar earned 271 million U.S. dollars from the export of 583,683 tons of rice and broken rice within seven months in the current fiscal year 2023-2024, according to the figures from the Myanmar Rice Federation on Tuesday. The Southeast Asian country exported rice and broken rice to more than 20 countries including Indonesia, Malaysia, the Philippines, China and Belgium, it said. (Myanmar-Rice Export).....»»
Malta hosts fresh round of Ukraine-backed peace talks
A third round of Ukrainian-backed peace talks opened in Malta Saturday with representatives from more than 60 countries but without Moscow, which denounced it as a "blatantly anti-Russian event". Ukrainian President Volodymyr Zelensky addressed the first of two days of closed-door talks among national security and policy advisors, which he hopes will drum up support for his 10-point plan to end the war. In a statement on social media afterward, he said 66 countries had taken part in the talks, proof that his plan "has gradually become global". It follows similar meetings in Jeddah and Copenhagen this summer, with the Ukrainians hoping to eventually hold a summit at the level of heads of state. "The meeting confirmed the broad interest and increasing support for the key elements of Ukraine's Peace Formula," an EU official said Saturday. Against the backdrop of the Hamas-Israel war, it also showed "that restoration of just peace is important beyond Ukraine -- it is about a global plea for respect of international law". Russian foreign ministry spokeswoman Maria Zakharova however has dismissed the Malta talks as a "blatantly anti-Russian event". They had "nothing to do with the search for a peaceful resolution", she said on Thursday. "Obviously such gatherings have absolutely no perspective, they are simply counterproductive." China absent Participants in Malta included the United States, the EU, and Britain, staunch supporters of Kyiv following Russia's February 2022 invasion. Turkey, which has offered itself as a mediator between Ukraine and Russia, was also represented, according to a list seen by AFP before the talks opened. So too were South Africa, Brazil, and India -- all members of the influential BRICS bloc, which also includes Russia. South Africa and India have not condemned Russia's invasion, while Brazil has refused to join Western nations in sending arms to Ukraine or imposing sanctions on Moscow. China, which insists it is neutral and refuses to criticize the invasion, did not attend, despite being present in Jeddah in August, according to the EU official. Organizers were hoping for a joint statement from the Malta summit after both previous meetings ended without a final declaration. Andriy Yermak, the head of Ukraine's presidential office, said on Telegram that the discussions on Saturday were "lively" and focused on five key areas, notably the issue of Ukraine's territorial integrity. Zelensky's peace plan calls for Russia to withdraw all its troops from Ukraine's internationally recognized borders, including from the territory of Crimea, which it annexed in 2014. Russia, which claimed last year to have annexed the four Ukrainian regions of Lugansk, Donetsk, Kherson, and Zaporizhzhia, has rejected any settlement that would involve giving up land. The Malta talks are also looking at nuclear security, notably the need to ensure the safety of the Zaporizhzhia nuclear power plant, and how to protect Ukraine's energy infrastructure as winter approaches. The issue of food security was also on the agenda, as Russia blocks grain exports from Ukraine; and humanitarian issues, including the release of prisoners and the return of Ukrainian children to taken to Russia. "Russia will have to give in to the international community. It will have to accept our common conditions," Yermak said. Both Russia and Ukraine are preparing for a grueling winter ahead, with Ukraine warning of renewed strikes on its energy infrastructure and Russia pushing back against Kyiv's counteroffensive. The post Malta hosts fresh round of Ukraine-backed peace talks appeared first on Daily Tribune......»»
Steven Tan named Winshang’s International Influential Person in Shopping Centers
SM Supermalls president Steven Tan was recognized as one of Winshang’s Golden Censer Prize winners for being “The International Influential Person of the Year 2023 in Shopping Centers” at the 2023 China (International) Shopping Center Summit in Shanghai on 24 August. The Golden Censer Prize is a large-scale professional recognition of China’s commercial real estate and famous brands initiated by Winshang, in collaboration with mainstream industrial media, based on field research, data analysis, and media surveys among others. Tan, who assumed the role of president of SM Supermalls in 2020, has been a key figure in the growth and innovation of the mall chain in the Philippines and China. Retail legacy As President, he oversees mall operations in both countries, carrying forward SM’s 65-year legacy of retail innovation and outstanding customer service. Under his leadership, SM Supermalls withstood the challenges of the pandemic and rebounded as the economy slowly opened up amid the global health crisis. With the guidance of the Sy family, Tan made sure that SM responded with an agile, innovative, and proactive approach to cater to the needs of all stakeholders, from employees and tenants to shoppers. Mall’s strategies The mall’s strategies — adapting the tenancy mix, creating novel reasons to attract visitors to malls, targeting new customer segments through innovative marketing, and developing omnichannel services — enabled them to gain the trust and loyalty of modern shoppers during the pandemic. Because of this, SM managed to recover and exceed pre-pandemic revenues and income by 2023. In line with its latest expansion program, SM continues to open new malls in China and the Philippines. This brings the total number of shopping centers, locally and internationally, under Tan’s stewardship to 93, featuring a cumulative construction area of over 10.8 million square meters and a daily foot traffic of more than 4.2 million. The latest SM malls to open are SM City Yangzhou last 28 September 2023 (left) and SM City Sto. Tomas, Batangas last 27 October 2023 (right). The latest malls to open were SM City Yangzhou last 28 September 2023 and SM City Sto. Tomas, Batangas last 27 October 2023. Numerous accolades Tan’s exceptional efforts were also honored by various international organizations over the years. He received numerous accolades including the 2021 Asia’s Most Influential by Tatler Asia, the 2022 Asia Pacific Women’s Empowerment Principles Awards Leadership Commitment by United Nations Women, and the Global Filipino Executive of the Year at the Asian Chief Executive Officer Awards just to name a few. His dedication and visionary leadership continue to shape the landscape of shopping centers and commercial real estate, not just in Asia but across the globe. The post Steven Tan named Winshang’s International Influential Person in Shopping Centers appeared first on Daily Tribune......»»
More Filipinos now agri, biosystems engineers: DA
The Department of Agriculture is more hopeful for wider farm mechanization and livelier agribusiness industry in the country as more Filipinos have become agricultural and biosystems engineers or ABEs. In an email to the Daily Tribune, DA reported that 12,551 ABEs obtained their licenses this year, more than the 10,909 in 2021. The DA added 615 ABEs took their professional oath last 20 October. “They are not only responsible for the design of machinery and systems, but are also the pioneers of change, custodians of sustainability, and champions of modern, appropriate, and sustainable mechanization technologies and practices,” DA-Bureau of Agricultural and Fisheries Engineering Director Ariodear Rico said. Graduates from Central Bicol State University of Agriculture-Pili achieved a 100 percent passing rate, followed by the University of the Philippines-Los Baños with 92.86 percent in the ABE Licensure Examination in September. Rico said only 33.41 percent of the total 1,841 examinees passed. ABEs play vital role “The country not only needs agricultural facilities, but an adequate and competent workforce, in which ABE professionals, together with operators and technicians, play a vital role,” he said. Rico said the Marcos administration has created agricultural and fisheries development programs and trade partnerships to provide jobs to highly skilled ABEs and help ensure they stay in the country. He said on top of the list is the National Agricultural and Fishery Mechanization Program which aims to ease exchange of knowledge and drive more collaborations among engineers and the government by streamlining all mechanization policies and programs of local government units. Another is the Renewable Energy Program for Agriculture and Fishery Sector which Rico said aims to maximize the use of solar, wind, hydro, biomass and biogas energy. Through these programs, he said ABEs can further reap the economic and intellectual benefits from the Regional Comprehensive Economic Partnership Agreement or RCEP. Approved by the Senate in February, this trade deal among the ten members of the Association of Southeast Asian Nations, plus China, Japan, South Korea, Australia and New Zealand allows stronger intellectual property rights, zero to lower tariffs for Philippine exports, and more financing for small and medium businesses. ROI on farm mechanization A study by the Department of Science and Technology showed the return on investment of farm mechanization can grow by at least 238 percent. Despite this, the country has increased its mechanization level to just 2.679 horsepower per hectare (hp/ha) this year from 2.31 hp/ha. Meanwhile, global revenue from fish and seafood is projected to grow by 7 percent annually, according to global market researcher Statista. It adds China has earned the highest at $88 billion revenue this year. The post More Filipinos now agri, biosystems engineers: DA appeared first on Daily Tribune......»»
Steps gaining exporter status under RCEP outlined
Exporters wishing to avail themselves of preferential tariffs under the Regional Comprehensive Economic Partnership can apply with the Bureau of Customs to become an approved exporter, according to a customs official. Gina German, head of the Preferential Rate Unit of the BoC Port of Manila, is encouraging Filipino exporters to start leveraging the RCEP’s benefits, foremost of which is being allowed to source materials and products from the 14 other member parties of the mega free trade agreement at lower duty rates. Study and comply German also urged companies to study and comply with the RCEP’s rules of origin (ROO), a requirement to get preferential tariff treatment under the world’s biggest trade deal. Essentially, the ROO can be regarded as a passport for products, a way to determine the country of origin of a product and establish its eligibility for preferential tariff treatment. It can help businesses reduce costs and boost their competitiveness within the regional market. Under RCEP, originating goods are those falling under three categories: wholly obtained in the RCEP party or member state of the agreement; those produced in a party exclusively from originating materials from one or more of the parties; and those produced in a party using non-originating materials, provided the good satisfies the applicable requirements set out in Annex 3A (Product-Specific Rules). Documentary requirements German said applicants seeking “approved exporter” status under RCEP should submit the following documentary requirements: • Duly accomplished application form • BoC’s Certificate of Registration • Product Evaluation Report or PER, if applicable Meanwhile, traders applying for approved exporter status, should submit a producer’s declaration indicating the originating status of the good for which the trader will be completing a declaration of origin and stating the producer’s readiness to cooperate in verification. “If you are a trader, you need to know who produces the good or you still have a declaration that it is originating in the Philippines so that you will be ready during the retro verification or verification of the importing country,” said German during her talk last month at a Department of Trade and Industry webinar. In addition applicants have to submit a list of the authorized signatories of the DO and their respective specimen signatures. The application form should be submitted in both hard copy and electronic Portable Document Format to the deputy commissioner of the Assessment and Operations Coordinating Group through the Customer Care Center or CCC. The Export Coordination Division or ECD will then evaluate the application based on the following criteria: Exporter is a legitimate exporter who must have been transacting with the BOC for at least one year prior to the date of application Exporter must have been exporting products to at least one RCEP party for at least one year • Exporter must have good compliance measured by risk management of the BOC • Exporter must have a sound bookkeeping and recordkeeping system • Exporter must have responsible officers or persons authorized to sign the DO, who must have sufficient knowledge, competence in ROO application • Exporter must be willing to be subjected to regular monitoring and inspection to determine correctness of its declaration with respect to the goods exported. Written authorization After evaluation the ECD will grant the status of approved exporter to the successful applicants by issuing a written authorization with its corresponding authorization code within 14 working days. From there, the BOC will input the details of the approved exporter in its Approved Exporter Database for circulation among the RCEP parties. RCEP came into effect officially for the Philippines on June 2, 2023 after the Senate finally ratified the agreement in February this year. The Philippines was the last country to ratify RCEP, a free trade pact among the 10 members of the Association of Southeast Asian Nations — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam — and the five ASEAN FTA partners Australia, China, Japan, South Korea, and New Zealand. The post Steps gaining exporter status under RCEP outlined appeared first on Daily Tribune......»»
SM’s Steven Tan named Winshang’s 2023 International Influential Person in Shopping Centers
SM Supermalls president Steven Tan was recognized as one of Winshang’s Golden Censer Prize winners for being "The International Influential Person of the Year 2023 in Shopping Centers" at the 2023 China (International) Shopping Center Summit in Shanghai on 24 August 2023. The Golden Censer Prize is a large-scale professional recognition of China's commercial real estate and famous brands initiated by Winshang, in collaboration with mainstream industrial media, based on field research, data analysis and media surveys, among others. Tan, who assumed the role of President of SM Supermalls in 2020, has been a key figure in the growth and innovation of the mall chain in the Philippines and China. As president, he oversees mall operations in both countries, carrying forward SM's 65-year legacy of retail innovation and outstanding customer service. SM Mall of Asia Complex Under his leadership, SM Supermalls withstood the challenges of the pandemic and rebounded as the economy slowly opened up amid the global health crisis. With the guidance of the Sy family, Tan made sure that SM responded with an agile, innovative and proactive approach to cater to the needs of all stakeholders, from employees and tenants to shoppers. SM City Yangzhou SM City Sto. Tomas The mall’s strategies -- adapting the tenancy mix, creating novel reasons to attract visitors to malls, targeting new customer segments through innovative marketing and developing omnichannel services -- enabled them to gain the trust and loyalty of modern shoppers during the pandemic. Because of this, SM managed to recover and exceed pre-pandemic revenues and income by 2023. In line with their latest expansion program, SM continues to open new malls in China and the Philippines. This brings the total number of shopping centers, locally and internationally, under Tan's stewardship to 93, featuring a cumulative construction area of over 10.8 million square meters and a daily foot traffic of more than 4.2 million. The latest malls to open were SM City Yangzhou last 28 September 2023 and SM City Sto Tomas, Batangas last 27 October 2023. Tan’s exceptional efforts were also honored by various international organizations over the years. He received numerous accolades including the 2021 Asia's Most Influential by Tatler Asia, the 2022 Asia Pacific Women's Empowerment Principles Awards Leadership Commitment by United Nations Women, and the Global Filipino Executive of the Year at the Asian Chief Executive Officer Awards, just to name a few. His dedication and visionary leadership continue to shape the landscape of shopping centers and commercial real estate, not just in Asia but also across the globe. Steven Tan receives the 2023 PeopleAsia People of the Year Award. Tan shared the Winshang Golden Censer Prize with his two co-awardees, namely Powerlong Real Estate Holding’s Co-president Chen Deli, and SCE Commercial Management Holdings' chairman of the board Huang Lun. SM Supermalls is a subsidiary of SM Prime Holdings Inc., with 85 malls in the Philippines and 8 in China. The post SM’s Steven Tan named Winshang’s 2023 International Influential Person in Shopping Centers appeared first on Daily Tribune......»»
Chip maker Intel beats earnings expectations as it pursues rivals
US chip giant Intel on Thursday said it made more money than expected in the recently ended quarter as it continued to invest in a "geographically balanced" supply chain. Intel shares jumped more than 7 percent to $34.88 in after-market trades. "We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps; agreements with new foundry customers, and momentum as we bring AI everywhere," said Intel chief executive Pat Gelsinger. Intel reported revenue of $14.2 billion, which was 8 percent less than the amount seen in the same quarter a year earlier but ahead of forecasts. Net income tallied $300 million, compared with $1 billion profit in the same period in 2022, earnings figures showed. "Our results exceeded expectations," said Intel chief financial officer David Zinsner, who said earnings benefited from "expense discipline." Intel has been working to catch up with rivals, especially Nvidia, when it comes to powerful chips needed to handle the computing demands of artificial intelligence. Intel touted investments being made in chip production facilities with an aim of creating a "geographically balanced, secure, resilient supply chain." California-based Intel is seen as a key tool for the United States to reduce its dependence on major global producers, such as Taiwan's TSMC. Earlier this year, Intel announced it would spend $25 billion on a new plant in Israel, with Prime Minister Benjamin Netanyahu calling it the country's single largest foreign investment. The "agreement in principle" would see the semiconductor firm build the facility in the southern city of Kiryat Gat that would open by 2027 and operate at least until 2035, Israel's finance ministry said. Intel has been operating in Israel since the 1970s with development centers and a production site that employs some 12,000 people, the finance ministry said. In 2017, Intel acquired Israel-based Mobileye, which makes technology for automated driving systems in vehicles, for just over $15 billion. Gelsinger said Intel teams have kept operations going despite the war between Israel and Hamas. "Our utmost priority is the safety and welfare of our people in Israel and their families," Gelsinger said. "Despite all of these challenges, they're performing extremely well. I am praying for a swift return to peace." China Gelsinger said Intel was carefully studying updated rules in the United States that tighten curbs on exports of state-of-the-art AI chips to China. "We do believe that we'll have plenty of opportunity in China," Gelsinger said. "We are continuing to deploy our products there broadly, even as we comply and work with (the United States) around the regulations that they're putting in place." The new rules tighten measures from a year ago that banned the sale to China of microchips crucial to manufacturing powerful AI systems. Calls to further close the supply chain grew after the popularity of generative AI platform ChatGPT. When announcing the beefed-up curbs, US Commerce Secretary Gina Raimondo insisted they were intended to close loopholes and prevent China's development of AI for military use. "It's true that AI has the potential for huge societal benefit. But it also can do tremendous and profound harm if it's in the wrong hands and in the wrong militaries," she told US media. The rules will not affect chips used in consumer goods such as laptops, smartphones, and gaming consoles, though some will be subject to export licensing requirements. China has said it is "strongly dissatisfied" and "firmly opposes" the curbs. "The US continues to generalize the concept of national security, abuse export control measures, and implement unilateral bullying," the commerce ministry said in a statement. The post Chip maker Intel beats earnings expectations as it pursues rivals appeared first on Daily Tribune......»»