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US, UK accuse China of cyberespionage that hit millions of people
The aim of the global hacking operation was to 'repress critics of the Chinese regime, compromise government institutions, and steal trade secrets,' Deputy US Attorney General Lisa Monaco says.....»»
Resumption of FTA talks seen to spur higher EU investments
The Philippine Economic Zone Authority expects investments from European companies to increase with the resumption of the Philippines – European Union free trade agreement negotiations......»»
Philippines-European Union FTA talks resume in H2
The Philippines and the European Union (EU) are looking to resume formal negotiations for a free trade agreement (FTA) in the early part of the second half of the year, according to the Department of Trade and Industry......»»
Philippines, EU resume free trade agreement talks
MANILA, March 19 (Xinhua) -- The Philippines and the European Union (EU) resumed negotiations for a free trade agreement (FTA) on Monday, the Philippines' Department of Trade and Industry (DTI) announced Tuesday. "Strengthening economic engagement with the EU remains a priority for the Philippines," said Philippine Trade and Industry Secretary Alfredo Pascual, adding that the Philippines aims for an ambitious, b.....»»
US auto talks at ‘critical phase’ as political pressure grows
High-wire talks between striking US workers and automotive giants are in a "critical phase," Jeep-maker Stellantis said Saturday, as politicians staked out positions on a labor issue that could have national impact. Stellantis, together with fellow "Big Three" automakers General Motors and Ford, was hit Friday by a limited strike -- but one the United Auto Workers (UAW) warns could spread. Both sides issued cautious statements Saturday. "Our bargaining team continues to work days, nights and weekends" in pursuit of a "reasonable" solution, said the statement from Stellantis, which was formed by the merger of Fiat Chrysler and the French PSA Group. But the automaker warned that if talks took a bad turn, the outcome "will take us backward and endanger the long-term competitiveness of our Company, negatively impacting our workers and our communities." There was no immediate formal response from the union, but a UAW source told AFP, "we had reasonably productive conversations with Ford today." Only about 12,700 of the UAW's 150,000 members are currently on strike. But with workers at all of the Big Three coordinating strike action for the first time -- including a demand for pay increases of 40 percent over a four-year contract -- the automakers could face a far more disruptive stoppage. Underscoring the political stakes of the moment, President Joe Biden quickly lent his support to the strikers Friday, saying he understood their "frustration." Political lines And on Saturday, former president Barack Obama lent his backing, with a reference to the 2008-09 financial crisis. "When the big three automakers were struggling to stay afloat, my administration and the American people stepped in to support them," he said on social media. "So did the auto workers in the UAW who sacrificed pay and benefits to help get the companies back on their feet. "Now that our carmakers are enjoying robust profits, it’s time to do right by those same workers." But former president Donald Trump, who hopes to face Biden in next year's US presidential election, lashed out at the UAW as over-reaching. "The auto workers will not have any jobs... because all of these cars are going to be made in China -- the electric cars, automatically, are going to be made in China," he said in an interview to be aired Sunday on NBC's "Meet the Press." In its statement, Stellantis said the UAW was misrepresenting its proposals. It said its current offer would give employees a 21 percent pay raise over the term of the contract, with 10 percent coming upon ratification. General Motors upped its offer Thursday, lifting a proposed wage increase from 18 to 20 percent, according to the UAW. But hourly workers say the auto giants must produce significantly better packages to make up for what they call meager wages and benefit cuts after the 2008 financial crisis, when both GM and Chrysler, now part of Stellantis, underwent bankruptcy reorganizations. They also want pay boosts for lower-paid temporary workers. The post US auto talks at ‘critical phase’ as political pressure grows appeared first on Daily Tribune......»»
Japan PM condemns China over stone throwing at embassy, schools
Japan's prime minister urged China to ensure its people "act in a calm and responsible manner" after instances of stones being thrown at diplomatic missions and schools, following the release of wastewater from the Fukushima nuclear plant. Last week, China banned all seafood imports from its neighbor as Japan began releasing cooling water from the Fukushima plant in an operation that Tokyo and the United Nation's nuclear watchdog have said is safe. Since then, Japan has urged its citizens in China to keep a low profile and has increased security around schools and diplomatic missions. Businesses in Japan have meanwhile been swamped with nuisance calls from Chinese numbers. "There have been numerous harassment calls believed to originate from China and instances of stones being thrown at the Japanese embassy and Japanese schools. It must be said these are regrettable," Prime Minister Fumio Kishida said on Monday. "We summoned the Chinese ambassador to Japan today and strongly urged him to call on Chinese people to act in a calm and responsible manner," Kishida told reporters. Japan's Deputy Foreign Minister Masataka Okano told the ambassador, Wu Jianghao, that China should properly inform the public "rather than unnecessarily raising people's concerns by providing information that is not based on scientific evidence", the foreign ministry said in a statement. Low profile Asked what action Beijing would take over the stone throwing, Beijing's foreign ministry spokesman Wang Wenbin said on Monday that China "always protects the safety and legitimate rights and interests of foreigners in China, in accordance with law". "We strongly urge the Japanese side to face up to the legitimate concerns of all parties, immediately stop the discharge of nuclear-contaminated water into the sea, fully consult with its neighbors and other stakeholders, and earnestly dispose of nuclear-contaminated water in a responsible manner," Wang told a regular briefing. On Sunday, Japan's foreign ministry urged its citizens in to China to be "cautious in your speech and behavior. Do not speak Japanese unnecessarily or too loudly". "If you need to visit a Japanese embassy, consulate general, or Japanese school, pay close attention to your surroundings," it added. "If you happen to come across a protest or other such activities, do not approach them and do not take pictures of them with your smartphones." A range of businesses in Japan, from bakeries to an aquarium, have reportedly been subjected to thousands of crank calls that have included abusive and racist language. Social media users in China have posted recordings and videos of the calls, some of which have attracted tens of thousands of likes. 'Scientifically justified process' Japan began releasing more than 500 Olympic swimming pools' worth of diluted wastewater from Fukushima into the Pacific on Thursday, 12 years after a tsunami knocked out three reactors in one of the world's worst atomic accidents. All radioactive elements have been filtered out except for tritium, levels of which are within safe limits and below that released by nuclear power stations in their normal operations -- including in China, plant operator TEPCO says. Test results from seawater and fish samples near the plant since the start of the discharge -- which will take decades to complete -- have confirmed this, according to Japanese authorities. "Even after the ocean release, the United States, for example, expressed its position that it is satisfied with Japan's safe, highly transparent and scientifically justified process," Kishida said Monday. "We would like to convey these voices from the international community to the Chinese government." US Ambassador to Japan Rahm Emanuel plans to visit Fukushima this week and publicly eat locally caught fish in a show of support to Japan, according to media reports. The post Japan PM condemns China over stone throwing at embassy, schools appeared first on Daily Tribune......»»
JV backs Kalayaan reso on Chinese envoy
Senator Joseph Victor “JV” Ejercito on Monday expressed his support for a resolution approved by the Sangguniang Bayan of the municipality of Kalayaan in Palawan declaring Chinese Ambassador to the Philippines Huang Xilian persona non grata. In a Viber message, Ejercito, a staunch critic of China’s encroachment in the West Philippine Sea, justified the resolution declaring the Chinese envoy to the Philippines persona non grata. “The Chinese Ambassador representing the Chinese government has been caught lying several times,” he told DAILY TRIBUNE. Last week, the municipality of Kalayaan — the lone municipality in the West Philippine Sea — declared Huang a persona non grata. In its Resolution 125-0125, SB of Kalayaan, Palawan, declared Huang a persona non grata after the latter defended the harassment of the China Coast Guard against Philippine vessels in the West Philippine Sea last 5 August. For his part, Ejercito said the Philippine government should no longer consider China as an “ally,” stressing its repeated illegal actions in the West Philippine Sea. “China should not be regarded as an ally anymore but instead as an adversary,” he said. “Note verbales coming from the Philippine government seem to be falling on deaf ears,” he added. According to the Department of Foreign Affairs, as of 7 August, the country had filed a total of 445 diplomatic protests in the past three years. This year alone, the country has filed a total of 35 diplomatic protests, including the 5 August incident where China used a water cannon and dangerous maneuvers against Philippine vessels while en route for a resupply mission to the BRP Sierra Madre in Ayungin Shoal. Ayungin Shoal, also known as Second Thomas Shoal, is located 105 nautical miles west of Palawan and is part of the Philippines’ exclusive economic zone. ‘Go slow’ Meanwhile, Senate Minority Leader Aquilino “Koko” Pimentel III on Monday reminded local government units to be cautious in declaring foreign ambassadors in the country persona non grata. “We should go slow in declaring foreign ambassadors as personas non grata,” Pimentel told Daily Tribune. “Avoid this as much as possible,” he added. According to the Minority leader, an ambassador of a foreign country to the Philippines is the representative of that country to our country. He noted that grievances against any foreign diplomats in the country must be coursed through the Department of Foreign Affairs to be addressed “professionally.” “All grievances related to ambassadors and foreign relations must be coursed through our Department of Foreign Affairs so these grievances can be professionally handled,” he said. The vast South China Sea, which is claimed by the People’s Republic of China, covers the West Philippine Sea, which is also claimed by the Philippines. On 12 July 2016, the Philippines won its arbitral case against China in the Permanent Court of Arbitration — a landmark decision that the People’s Republic of China continues to reject. The post JV backs Kalayaan reso on Chinese envoy appeared first on Daily Tribune......»»
Lasers, drones vs China
If you may remember, the Afghans beat back the superior Russians from Afghanistan by secretly obtaining portable heat-seeking missiles from the US, which eventually changed the tide of the war. The missile device was so portable, it was smuggled by donkey to remote mountains. It was so user-friendly, even ordinary foot soldiers could use it. The missiles destroyed dozens of Russian warplanes, and eventually forced the Russians to withdraw from Afghanistan. We can use the same tactic in the West Philippine Sea against the superior Chinese warships and warplanes. If Marcos Jr. can somehow obtain lasers and drones, not necessarily from the US, not necessarily in secret, for the Philippine Coast Guard, Chinese warships may think twice before bullying us with their lasers and water cannons. China is currently harassing Filipinos in the Ayungin Shoal, triggering diplomatic protests. This aggression is virtually an act of war. Responding with legal arguments for China to respect the UNCLOS and The Hague court decision is useless. Social media exposés and campaigns cannot solve the problem. We have to face them in our territory in the West Philippine Sea. If we do not, we might as well concede. If we do, are we ready for the consequences of escalation? Has China secretly discovered oil in Ayungin, so it has to keep Filipinos away? Another strategy is to get a US firm as a partner in oil exploration in the Ayungin Shoal, escorted by US warships. Let’s get to the oil before China does. If there are competing explorations and oil rigs, this will prevent war. There is, however, a risk of a full-blown US-China naval confrontation. If we up the ante, China may back out or resort to an unpredictable escalation. Can we handle the escalation? Are we ready to go into this new stage of war, not just physically in terms of possible collateral damage, but also spiritually in terms of the political will to fight? This remains to be seen. Asymmetrics as a Game Changer “Asymmetric” weapons refer to small cheap high-tech weapons that can take out big expensive weaponry. For example, hypersonic missiles taking out aircraft carriers, killer drones neutralizing an entire naval base, super lasers shooting down satellites in outer space, silent electro-magnetic pulse bombs jamming an enemy assault. This is called the equalizer, the use of asymmetrics against far superior foes. Lasers and drones on our coast guard ships are asymmetrics. Asymmetrics are becoming popular. Ukraine is using them against Russia, and Iran against the US in the Strait of Hormuz. China is now able to jam the electronic signals of US warplanes in the WPS. These new sophisticated asymmetrics have evolved as powerful game changers in modern warfare in favor of the underdog. The Vietnam Model Vietnamese water cannons faced Chinese water cannons, forcing the latter to abandon an oil rig close to the Vietnamese shore. We can learn from the Vietnamese, adopt its warrior ways, its spiritual orientation of defiance and belligerence. But we must be cautious as there may be consequences we are not yet ready for. Vietnam has been fighting China for centuries. China respects Vietnam’s audacity while it looks down on Filipinos whose leaders can easily be offered quid-pro-quo deals (Duterte) and whose tin can coast guard vessels they can easily step on. Can we change China’s attitude through a new type of belligerence using asymmetrics? Vietnam is the epitome of David defying Goliath, two Goliaths, in fact, the French and the Americans. France surrendered its colonization of Vietnam in the battle of Dien Bien Phu. The Americans gave up Vietnam after a 20-year guerrilla war, an embarrassing blow for a superpower falling to its knees to a “lowly” Third World country. Centuries before that, at its birth, Vietnam defied and splintered from the powerful Chinese Empire. Viet means south, nam means kingdom — the kingdom south of the empire. From where does Vietnam draw its strength? Vietnam is monolithic, one solid land mass. The Philippines is granulated, a scattered archipelago. It took more than 10,000 years of slow migration (the so-called Austronesian Dispersal) for Malays in improvised boats (balanghays) to populate the Philippines. While this was happening, Vietnam was growing in strength by defying the Chinese empire. Vietnam is a single neutral gray, the Philippines a rainbow. Vietnam has one central language, the Philippines 125-odd dialects. Except for the Hmong, Vietnam has few ancient ethnic groups. We have 85 ethnic groupings. Anthropologically, Vietnam and the Philippines are complete opposites. The Vietnamese is a natural warrior, the Filipino a natural adventurer. The French and the Americans failed to colonize Vietnam. The Filipino was conquered by the Spaniards, Americans and Japanese. The Vietnamese was defiant, the Filipino subservient. The Filipino absorbed colonization and foreign culture, the Vietnamese kept its culture intact. The post Lasers, drones vs China appeared first on Daily Tribune......»»
Pimentel: Go slow in declaring foreign ambassadors ‘persona non grata’
Senate Minority Leader Aquilino “Koko” Pimentel III on Monday reminded local government units to be cautious in declaring foreign ambassadors in the country as "persona non grata". Pimentel issued the remarks when asked for a comment about a resolution approved by the Sangguniang Bayan of the municipality of Kalayaan in Palawan declaring Chinese Ambassador to the Philippines Huang Xilian persona non grata. “We should go slow in declaring foreign ambassadors as personas non grata,” Pimentel told Daily Tribune. “Avoid this as much as possible,” he added. According to the Minority leader, an ambassador of a foreign country to the Philippines is the representative of that country to our country, so grievances against any foreign diplomats in the country must be coursed through the Department of Foreign Affairs to be addressed “professionally.” Last week, the municipality of Kalayaan – the lone municipality in the West Philippine Sea – declared Huang persona non grata. In its Resolution No. 125-0125, SB of Kalayaan, Palawan, declared Huang persona non grata after the latter defended the harassment of the China Coast Guard against Philippine vessels in the West Philippine Sea last 5 August. The Philippine government, through the Department of Foreign Affairs, condemned China’s actions, which included the use of water cannon and dangerous maneuvers against Philippine vessels. The agency reiterated that the routine resupply mission of the Philippine Navy was a legitimate and regular activity of the Philippine government. Weeks after the incident, President Ferdinand Marcos Jr. named former DFA chief Teodoro Locsin Jr. as his special envoy to China. Locsin will concurrently be the country’s envoy to the United Kingdom and Northern Ireland. The post Pimentel: Go slow in declaring foreign ambassadors ‘persona non grata’ appeared first on Daily Tribune......»»
Intelligence failure
With former president Rodrigo Duterte choosing to remain tight-lipped about his meeting last week with Chinese leader Xi Jinping, pundits went to town sowing intrigue and trying to drive a wedge not only between Duterte and his daughter, Vice President Sara Duterte, on one side, but President Ferdinand Marcos Jr., on the other. It did not help that Defense Secretary Gibo Teodoro had to add grist to the rumor mill by issuing a statement days ago, pressing Duterte to reveal what he and Xi talked about. On Monday, hours before President Ferdinand Marcos Jr. delivered his second State of the Nation Address, Teodoro apologized. In a television interview, Teodoro stressed that Duterte “should be treated with the respect and dignity due to any former president,” short of admitting he may have come off as disrespectful in needling Duterte to spill the beans. “So, President Duterte’s visit to China is not unexpected, neither is it a cause for concern. And I apologize for the unintended spin put in a jocose comment on my part,” Teodoro said, in an attempt to blunt the sharp edges of his comments last week. But Teodoro’s backpedaling and his half-baked apology all the more laid bare the panicky inquisitiveness he displayed days ago, which was a far cry from Marcos’ own politically astute handling of journalists’ queries. While he might have been caught flat-footed by Duterte’s trip to Beijing, Marcos Jr. would not be put on the spot when he said he hoped the meeting between the former president and the Chinese leader would ease tensions between the two countries. Likewise, Marcos said he welcomed any form of communication between the Philippines and China, especially given the tension between the two countries’ forces in the disputed waters of the South China Sea. Mr. Marcos’ response to the meeting was cautious, but diplomatic, something that would hew to Xi’s declaration later that, indeed, he and Duterte talked about moving the relations between China and the Philippines closer. While the present administration is seen to have pivoted the country back to the loving embrace of Uncle Sam, Marcos reiterated that he wants to maintain a good relationship with China, while vowing to defend the Philippines’ interests in the South China Sea. Not that the President should concern himself with the trips outside the country of his predecessor; he has the myriad problems of the country — inflation, debt repayments, food security — to focus his energies on. Just the same, judging from the President’s initial statement, it was clear that Mr. Marcos was not briefed about Duterte’s important trip to Beijing. Important, considering the geopolitics at play; important, as seen from the President expressing hope his predecessor would speak about it. But that should have been it. That Marcos wanted to know was to be expected. Still, for Teodoro to echo it reeked of panicky inquisitiveness or a misplaced doggedness to justify his being awarded the defense portfolio just recently. Under any defense playbook, the President not knowing in advance about Rody’s trip to Beijing was a failure of intelligence, and that may be the reason Teodoro has been tripping over himself with one gaffe after another. As the missteps mount, the crazier the spins that are being spread, one of which is that Duterte traveled to China to solicit support for his party as a credible alternative to the Marcos administration. Two things we’d say about this fiasco. One, no one can order Duterte around. President or not, he has never been a pushover; more like someone who would do the opposite just for spite. Two, he’d never ask for support for his party from China because that would be treason. And so, can the loonies behind these coffee-shop yarns already get back to their padded cells or to buying pirated movies? The post Intelligence failure appeared first on Daily Tribune......»»
Singapore state investor Temasek reports portfolio value drop
Singapore state investor Temasek said Tuesday its net portfolio value fell 5.2 percent in the last financial year due to volatility in global markets, and that it would be adopting a more cautious strategy. The company, whose global footprint extends well beyond the city-state, said its net holdings in the year ending in March were at Sg$382 billion ($287 billion), down from a record high Sg$403 billion in the previous year. Its one-year total shareholder return came in at negative 5.07 percent, weighed by higher interest rates resulting from tighter monetary policies to fight inflation. Its three-year total shareholder return, however, stood at 8.0 percent, while its 10-year return was at 6.0 percent and 20-year return at 9.0 percent. "We maintain a cautious investment stance and expect to invest at a moderated pace this financial year, given the challenging macroeconomic environment," said Temasek chief investment officer Rohit Sipahimalani. Temasek is ranked among the world's top 10 investors, with stakes in companies like Singapore Airlines and the city-state's biggest lender DBS Group. The company is mainly anchored in Asia, which accounts for 63 percent of its holdings, mostly in Singapore and China. Its portfolio ranges from transportation to financial services, telecommunications, real estate and life sciences. On Tuesday, Temasek also defended not taking tougher action against the team responsible for a failed investment in collapsed cryptocurrency exchange FTX. Temasek said in May it had slashed compensation for the team and senior management responsible for investing in FTX, which together with its sister trading house Alameda Research went bankrupt in November. FTX's implosion dissolved a virtual trading business that at one point had been valued at $32 billion, resulting in Temasek writing down its $275 million investment and launching an internal review. While the review found no misconduct, the investment team and senior management "took collective accountability and had their compensation reduced", Temasek said at that time. Temasek chief executive Dilhan Pillay said Tuesday the action taken by the firm was enough. "If we were to start to punish people beyond what we've done, who would want to be an investor?" he said. "When you do invest, you take risks. You take calculated, calibrated risks, and as long as you've done the work required to make the investment, the committee approves it and it goes forward," he added. "FTX was, I would say, an aberration." The post Singapore state investor Temasek reports portfolio value drop appeared first on Daily Tribune......»»
BSP not seen following Fed
Bangko Sentral ng Pilipinas or BSP is unlikely to follow the US Federal Reserve’s lead and pause rate hikes if inflation remains high, BSP Deputy Governor Francisco Dakila Jr. said on Thursday. Dakila said this during the Marcos Jr. administration’s economic briefing to Singapore’s business community as inflation has softened after soaring to 14-year highs towards the end of 2022. BSP raised the policy rate by 425 basis points to 6.25 percent to help slow the pace of inflation, which fell to 6.6 percent in April 2023. Not in lockstep “Even if the Fed decides to pause from its policy tightening, which it did this morning, we may not move in complete lockstep if the domestic inflation picture warrants a different response,” Dakila said. Dakila mentioned that the minutes from the policy meeting held in May suggested that the BSP had adopted a more cautious approach. Putting aside the cautious stance, the central bank’s inflation forecast indicates that inflation is expected to return to its target range of 2 to 4 percent by the last quarter of 2023. BSP Governor Felipe Medalla has mentioned that inflation could drop below 4 percent by October or December, aided by a slowdown in the rate of increase due to the influence of base effects. In 2022, the BSP made efforts to control inflation and manage investor expectations by aligning its actions with those of the US Federal Reserve. In July, the central bank called for an emergency policy meeting and raised interest rates by 50 basis points to prevent inflation from rising too rapidly. Jun Neri, the lead economist at the Bank of the Philippine Islands, said the BSP hike could still pull a walk if inflation turns sideways. “While many are hoping BSP is done hiking, we really can’t rule out additional rate hikes should domestic inflation bounce back or if the Federal Reserve hikes some more later this year,” he said in a Viber message. Domini Velasquez, the chief economist at China Banking Corp., noted that the need to minimize the gap between interest rates in the Philippines and the United States would strongly influence policy choices. “Given the Fed’s recent guidance of possibly 2 more quarter-point hikes, we think the BSP may be forced to hike at least one more time just to maintain sufficient interest rate differentials,” she said in a Viber message. “Instead, they will likely hike to prevent capital flight and unwarranted depreciation of the peso. We saw this happen last year when the peso depreciated to 59.00 per (US Dollar),” Velasquez added. The post BSP not seen following Fed appeared first on Daily Tribune......»»
FDI inflow clocks highest since 2019
Foreign direct investments brought in more money to the Philippines in February primarily due to a rise in funding for debt instruments during that period, the Bangko Sentral ng Pilipinas said on Wednesday. Preliminary data from BSP showed that FDI yielded net inflows worth $1.047 billion in February this year, a 13 percent increase from the $926 million recorded in February 2022. It exceeded the $448 million recorded in January. The latest figure is the highest in 15 months, with the last highest recorded net inflows being $1.263 billion in November 2022. FDIs can take the form of equity capital, reinvestment of earnings, or borrowings. “The increase in FDI was due to higher non-residents’ net investments in debt instruments, notwithstanding lower net equity capital placements and reinvestment of earnings,” the BSP said. Equity capital placements According to the BSP, most of the equity capital placements during the period were from Japan, the United States, and the Cayman Islands. The bulk of these investments were allocated to manufacturing, real estate, electricity, gas steam and air conditioning supply, as well as financial and insurance industries. However, the year-to-date FDI net inflows amounted to $1.5 billion, 14.6 percent lower than the US$1.8 billion net inflows posted in the first two months of 2022. “All major FDI components yielded lower net inflows as foreign investors remained cautious amid persistent and broadening global inflation,” the BSP said. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the net inflows of FDI in February were one of the highest since the pandemic began. Further reopening of economy He attributed this to the economy’s further reopening towards greater normalcy and the absence of Covid-19 restrictions compared to 2020 and 2021. Ricafort also commented that net FDI might increase further in the coming months due to the investment commitments obtained by the Marcos administration during overseas trips in recent months. “The latest investment commitments after the administration’s official visit to the United States in May 2023 ($1.7 billion); state visit to Japan in early February 2023 with about $13 billion; investment commitments worth about $24.2 billion during President Marcos’ visit to China in early January 2023; these could lead to more US dollar/foreign currency inflows, especially in the form of FDI into the country, at the very least; though still wait-and-see for the actual investments to be made into the country in the coming months,” Ricafort said. “These are on top of the earlier investment commitments estimated from foreign investors after the new administration’s recent visits to the World Economic Forum, Belgium ($2.2 billion), Thailand ($4.6 billion), Indonesia ($8.4 billion), Singapore ($6.5 billion), and the US ($3.9 billion; the administration’s first US visit in September 2022); yet to see if these would also translate to actual investments/FDI into the country,” he added. The post FDI inflow clocks highest since 2019 appeared first on Daily Tribune......»»
Gov’t must remain vigilant vs Covid
Economists said the government must remain vigilant over the rising Covid-19 cases to avoid disrupting business activities again and dragging the momentum for bank loans. “Increasing Covid-19 cases may have an alternative impact with more cautious consumption. We will have to see and observe carefully,” Carlo Asuncion, chief economist of Union Bank of the Philippines, told the Daily Tribune last Friday. On the same day, the World Health Organization declared that Covid-19 is no longer a global emergency. However, the Department of Health reported local cases have risen, with 1,878 more cases last Saturday, nine deaths, and 10,195 active cases. OCTA Research group said this brought the Covid-19 positivity rate nationwide up to 19.3 percent and warned it could climb to 25 percent in Metro Manila. Keep numbers down Bank economists said the authorities must adopt ways to curb the spread of Covid-19 while ensuring projected economic growth will not be dragged. “There are higher Covid cases recently, but still among the lowest since the pandemic started and would remain manageable if hospital bed utilization remains low and support further reopening of the economy towards greater normalcy with no more Covid restrictions,” Michael Ricafort, chief economist of Rizal Commercial Banking Corporation, said. For now, economists believe the slowing inflation and high vaccination rate in the country remain strong indications of vigorous business activities and possibly higher economic growth. “Unless hospitalizations dramatically increase, we think this would not significantly disrupt economic activities and affect loan demand, especially since the majority of the population are vaccinated,” Domini Velasquez, chief economist of China Banking Corporation, said. Ricafort added, “Easing inflation would fundamentally reduce interest rates that, in turn, reduce borrowing costs for the coming months, thereby supporting faster loan demand.” Inflation rate last month decelerated to 6.6 percent last month from 7.6 percent in March and the record-high 8.7 percent in January. The Bangko Sentral ng Pilipinas aims to slow inflation further to 6 percent this year and 2.9 percent in 2024 through policy rate adjustments. The post Gov’t must remain vigilant vs Covid appeared first on Daily Tribune......»»
Nokia signals lower customer spending after mixed results
Finnish telecom giant Nokia reported Thursday a lower-than-expected rise in earnings in the first quarter as economic headwinds affect spending by its customers. After the results were published, Nokia's share price was down seven percent at 3.97 euros around 1100 GMT. The telecommunications equipment maker, which is locked in a battle for 5G networks with Swedish rival Ericsson and China's Huawei, said its net profit jumped 32 percent to 289 million euros ($317 million). But its earnings per share amounted to six cents, weaker than the seven cents expected in a survey of analysts by financial data firm FactSet. "We are starting to see some signs of the economic environment impacting customer spending," chief executive Pekka Lundmark said in a statement. "Given the ongoing need to invest in 5G and fiber, we see this primarily as a question of timing; nevertheless we will maintain our cost discipline to ensure we can successfully navigate this uncertainty," Lundmark added. The deployment of 5G infrastructure in India offset a slowdown in North American spending, helping net sales grow 10 percent to 5.9 billion euros. Its comparable operating margin -- a profitability yardstick -- declined to 8.2 percent, down from 10.9 percent the year before. "The results were a little bit of a mixed bag. It was under consensus estimates," Atte Riikola, an analyst at equity analysis firm Inderes, told AFP. The mobile networks unit performed in line with expectations while network infrastructure did better than expected, he said. But, he added, "all in all, I think it was a little bit of a disappointment." Despite the mixed results, Lundmark said Nokia remains on track to "deliver another year of growth in 2023." "Our outlook is unchanged with the expectation that profitability in the second half of the year will be stronger than the first half," Lundmark said. In its own results statement on Tuesday, Ericsson said it would step up its cost-cutting plan as it expects customers to "remain cautious" amid a "choppy environment". Nokia and Ericsson have faced stiff competition from Huawei but the Chinese company has faced restrictive measures in Western countries, led by the United States. The post Nokia signals lower customer spending after mixed results appeared first on Daily Tribune......»»
Quiet streets, cautious firms signal China’s slow exit from zero-COVID
In the central city of Wuhan, where the pandemic erupted in late 2019, there are more signs of life with some areas busy with commuters. But locals say a return to normal is still a long way off......»»
Asian traders cautious as vaccine hopes offset by virus surge
Hong Kong, China—Asian markets mostly rose Wednesday, November 18, 2020, but investors were shifting cautiously as they weighed hopes for a virus vaccine against surging infections around the world that threaten an already stuttering economic recovery. While the mood on trading floors remains broadly optimistic about the long-term outlook, analysts said the coronavirus will continue […] The post Asian traders cautious as vaccine hopes offset by virus surge appeared first on Cebu Daily News......»»
NDFP consultants welcome return of peace talks to national level
Detained National Democratic Front of the Philippines peace consultants welcome reported dialogues to revive stalled formal peace negotiations with the Ferdinand Marcos Jr. Government of the Republic of the Philippines, expressing hope to join the talks if efforts succeed. The post NDFP consultants welcome return of peace talks to national level appeared first on Bulatlat......»»
Filipina rescued from mail-order bride syndicate
The Bureau of Immigration rescued a suspected victim of a mail-order bride syndicate, targeting Filipinas sent to China under false pretenses......»»
US reaffirms support for Philippines sovereignty amid its tensions with China
Washington, DC [US], March 28 (ANI): US Secretary of Defence Llyod Austin has reaffirmed Washington's commitment to Manila in defending its sovereignty while criticising China's "dangerous" water cannon attack at the Philippine supply mission vessel on Saturday. In a telephonic conversation between Austin and his Philippine counterpart Gilberto Teodoro, the US Secretary reiterated the US-Philippines Mutual Defence Treaty.....»»