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Tech titan Amazon sees profit climb as cloud promises boon
Online retail colossus Amazon on Thursday said profit surged in the recently ended quarter on growing sales and more efficient deliveries, with its cloud business promising even better days ahead. The e-commerce colossus said it made a profit of $9.9 billion on sales that tallied $143.1 billion in the recently ended quarter, with more than half its operating income made from Amazon Web Services (AWS) cloud unit. Google parent Alphabet and computing colossus Microsoft this week reported rising quarterly profits, playing up demand for cloud computing enhanced with artificial intelligence. Investors, though, had hoped for better performance from Google Cloud causing the company's shares to slip. While Amazon Web Services (AWS) grew 12 percent when compared to the same quarter a year earlier, the unit's growth lagged that of rival cloud businesses operated by Microsoft and Google. "I remain very optimistic about AWS," Amazon chief executive Andy Jassy said on an earnings call. "There's a lot more there for us; then you look at the very substantial, gigantic new generative AI opportunity, which I believe will be tens of billions of dollars in revenue for AWS over the next several years." Amazon just weeks ago said it would invest up to $4 billion in AI firm Anthropic. The success of OpenAI's ChatGPT, a chatbot released last year that can generate poems, essays, and other works with just a short prompt, has led to billions being invested in the field. Anthropic agreed to use Amazon's chips to develop its next models and to use AWS for "mission-critical workloads." Amazon has already announced it aimed to soup up its Alexa voice assistant with generative AI, which the firm said would allow users to have smoother conversations. Retail rebound Amazon earnings "soared past expectations" in the quarter, according to Insider Intelligence analyst Zak Stambor. "We had a strong third quarter as our cost to serve and speed of delivery in our stores business took another step forward," Jassy said, adding its ad business grew "robustly" and AWS cloud computing business "continued to stabilize." "The retail giant's slowdown last year appears to be in the rearview mirror as it has embarked on significant cost-cutting throughout this year and sharpened its focus on key growth areas, such as its high-margin online marketplace and advertising," Stambor said. A top US antitrust regulator sued Amazon in September, accusing the online retail behemoth of running an illegal monopoly by strong-arming sellers and stifling potential rivals. "Our complaint lays out how Amazon has used a set of punitive and coercive tactics to unlawfully maintain its monopolies," said Federal Trade Commission Chair Lina Khan. Robots and drones Amazon said Thursday it will hire 250,000 full-time, part-time, and seasonal employees in the United States to handle shopping demand in the months ahead. Amazon said last week that it will expand drone delivery of certain purchases to a third US state as well as to Britain and Italy by the end of 2024. The US firm has installed a new robotics system in one of its Texas logistics centers, featuring technology like automated vehicles, mechanical arms, and computer vision technology. Amazon already uses 750,000 robots in its warehouses to speed up deliveries. "The better they get at delivery, the more it continues to grow the e-commerce market overall and Amazon's place within that market," said Insider Intelligence analyst Andrew Lipsman. But increased productivity via robots won't fix underlying Amazon worker issues, critics say. Amazon early this year eliminated some 27,000 jobs in a move it said at the time was necessary, after years of sustained hiring. Ads shine Advertising continues to be "a major bright spot" for Amazon and it has started using generative artificial intelligence to help sellers create "eye-catching" ads in its online marketplace, analyst Stambor said. Insider Intelligence expects Amazon's US advertising business to bring in nearly $34 billion this year a major leap from before the COVID-19 pandemic. The post Tech titan Amazon sees profit climb as cloud promises boon appeared first on Daily Tribune......»»
US government readies for imminent shutdown
The US government began Thursday to inform workers of an impending shutdown that could see millions of federal employees and military personnel temporarily sent home or working without pay, unless Congress reaches a last-ditch deal. Without an agreement, funding for much of the federal government will expire at midnight on Saturday (0400 GMT Sunday), threatening disruptions to everything from air travel to benefit payments, and – if the shutdown endures – dealing a further blow to the precarious US economy. The stand-off has been triggered by a small group of hardline Republicans who have pushed back against short-term funding deals while Congress tries to resolve a broader deadlock over calls for deep spending cuts. Some federal employees have already been informed of preparations for a lapse, according to a notice seen by AFP. A note to staff at the Department of Health and Human Services outlined how it would see "reduced staffing across nearly every division for the duration of the lapse" although many key programs will continue. The department also updated its contingency plans, adding that "pre-notified employees would be temporarily furloughed," meaning they are not allowed to work. They would receive retroactive pay after the lapse ends, the note said. Staff at other agencies were understood to have received similar notifications. In a shutdown, hundreds of thousands of federal workers would be furloughed without pay, and members of the military and other employees who are deemed to be essential would continue working without a paycheck. Certain benefits like Social Security checks would not be hit, but workers who go unpaid could eventually stop showing up, impacting sectors like air travel. 'Dangerous' "If there is a shutdown in just a few days, our service members would be required to continue working but would be doing so without pay, and hundreds and thousands of their civilian colleagues would be furloughed," Deputy Pentagon Press Secretary Sabrina Singh said Thursday. The Treasury Department added that among other implications, "most core tax administration functions will stop" and more than half of the Internal Revenue Service staff will be furloughed. Apart from the possible lapse in funding, the Federal Aviation Administration (FAA) faces an added headache of a Saturday deadline for reauthorization. It remains unclear if lawmakers will pass an FAA reauthorization law separately from a spending package. Transportation Secretary Pete Buttigieg said on Wednesday: "There is no good time for a government shutdown, but this is a particularly bad time." "The consequences would be disruptive and dangerous," he added. In Washington, a group of young climate activists of the Sunrise Movement entered Republican House Speaker Kevin McCarthy's office to protest against the looming shutdown. The White House warned in a statement that a lapse would leave the Federal Emergency Management Agency's disaster relief fund underfunded, "delaying nearly 2,000 long-term recovery projects" across the country. 'Avoidable risk' With days left to pass legislation that would keep the government running, Senate Majority Leader Chuck Schumer, a Democrat, said Thursday that his chamber is "pursuing bipartisanship." He accused House Speaker McCarthy of choosing to "elevate the whims and desires of a handful of hard-right extremists," with "nothing to show for it." Mitch McConnell, the Republican Senate minority leader, said shutting down the government is an "actively harmful proposition." In a full shutdown, the American Federation of Government Employees (AFGE) union estimates almost 1.8 million federal workers would go unpaid for the duration -- although receiving backpay afterward. A spokeswoman for the International Monetary Fund added in a briefing on Thursday: "We do see a shutdown as an avoidable risk for the US economy." The post US government readies for imminent shutdown appeared first on Daily Tribune......»»
50 years later, wounds of Pinochet regime are still raw
In the basement of the presidential palace in Chile's capital, Patricia Herrera was detained and tortured for months before being sent into exile. It was early in a military dictatorship that would kill or cause the disappearance of thousands of people. Fifty years after the US-backed coup that snuffed out Chile's democracy, the wounds from all that suffering are still raw. - Torment - As she returned from class at the university, Herrera was detained by officers in plain clothes because she was "a woman and a socialist." She was 19. Herrera was taken, blindfolded, to the basement of La Moneda, as the presidential palace is called. It was then also known as "El Hoyo," or the pit, as it was one of the first detention and torture centers set up by General Augusto Pinochet's new regime after the ouster of Socialist president Salvador Allende on September 11, 1973. Allende committed suicide rather than be captured. "From the very first night we got there, there was sexual humiliation. At first I thought it was just the guard who was overdoing it with me. I did not think it was an established thing that women had to suffer sexual, in addition to political, violence," said Herrera, now 68 and a historian. Herrera was held for 14 months at the palace and in two other buildings in Santiago that were converted into torture centers by the Pinochet regime. She was then sent into an exile that would last 15 years, first in France and then in Cuba. Two commissions created to study the dictatorship concluded that at least 38,254 people were tortured under the Pinochet regime, which lasted until 1990. The basement in the presidential palace where Herrera was held was also known as Cuartel, or barracks, N°1 and is now used as office space. People taken there blindfolded could identify it because of its curved wall. On 30 August of this year, the current president, Gabriel Boric, had a plaque installed in the basement space to mark the horrors endured by around 30 people who were held there. "We want to put up a marker for everyone to see," Herrera said, "that here, in the political heart of the nation, there was a torture center." - Disappearance - Agents of the dictatorship killed 1,747 people, and detained and made another 1,469 disappear, according to an official government tally. While 307 of the disappeared have since been identified, the other 1,162 remain missing. Fifty years later, their families still wonder where they are. In 1974, when Pinochet's police detained a man named Luis Mahuida -- a 23-year-old university student active in leftist politics and the father of two young daughters -- they also brought an abrupt end to the childhood of his sister Marialina Gonzalez, who was then nine years old. Their mother, Elsa Esquivel, spent all her time looking for her son; it was a full-time occupation. she dedicates herself to caring for her elderly mother and expects to carry suffering with her into her own old age. "There is no closure just because my brother is still missing. There will be no closure." looked after her brother's daughters, who were three and 11 months old when he vanished. "I stopped playing with dolls. My nieces were dolls for me," said Gonzalez. She never finished her education. She went to hundreds of places asking for her brother. Gonzalez even staged a hunger strike and recalls being arrested several times while taking part in protest marches in honor of missing people. She regrets the childhood she never had. "I was not capable of saying: 'Stop, let me be. I want to go out dancing. I want to have friends.' I kept quiet," she said. Now 59, she dedicates herself to caring for her elderly mother and expects to carry suffering with her into her own old age. "There is no closure just because my brother is still missing. There will be no closure." - Exile - The dictatorship triggered the biggest migratory movement in Chilean history. Just over 200,000 people went into exile, according to the non-governmental Chilean Human Rights Commission. Employees of the Allende government, union leaders, workers, students and farmers left the country, taking their families with them. Sweden, Mexico, Argentina, France and Venezuela were the main recipient countries. Most of the exiles were able to return home starting September 1, 1988, when the regime issued a decree allowing them back, a year and a half before the dictatorship ended. A communist activist named Shaira Sepulveda was tortured in secret prisons called Villa Grimaldi and Cuatro Alamos. After her release she left in 1976 for France, along with her husband at that time. She left relatives and friends in Santiago. "My family was here, my sister, my parents. But what really hurt was having to go to a country where you are a nobody," Sepulveda recalls. She returned to Chile 17 years later with two children, but again her family was broken apart. The eldest child could not adapt to life in Chile and returned to Europe. "I am an old woman, so my grandchildren there will barely know me," said Sepulveda, who is 74. bur-pa/vel/gm/dga/dw/bbk © Agence France-Presse The post 50 years later, wounds of Pinochet regime are still raw appeared first on Daily Tribune......»»
US wary of German pride ahead of Basketball World Cup semi
Manila, Philippines Austin Reaves warned his United States team-mates on Thursday that national pride will transform Germany's players when they meet in the Basketball World Cup semi-finals. Reaves is set to square off against former Los Angeles Lakers team-mate Dennis Schroder when the United States and Germany meet in Manila on Friday with a place in the final up for grabs. Reaves expects Schroder to be a different player once he puts on his national team jersey and warned that he has a gift for "instilling confidence in others". "The passion that he has for basketball, when it comes to the Olympics, the World Cup, stuff like that it, intensifies by 10, just because he's so passionate about where he comes from," said Reaves. "They're all like that." Germany are the only unbeaten team left at the World Cup and booked their place in the semi-finals with a narrow win over Latvia on Wednesday. Schroder had a night to forget, scoring only four of his 26 field-goal attempts in what he called "probably the worst game I ever played in my career". The Americans are still wary of the threat that Schroder poses, and US captain Jalen Brunson said the Germany playmaker "can do whatever he wants on the court in any given moment". "He has those gifts," said Brunson. "We just have to be locked in defensively. While he is a lot of what they do, he's not all of what they do." The United States also have plenty of talent at their disposal and showed it in their 100-63 quarter-final demolition of Italy on Tuesday. Head coach Steve Kerr is ready to unleash his full breadth of attacking talent against the Germans and said "they don't need a speech" before the game. "I think the main job of our staff right now is to give them a blueprint," said Kerr. "Everything that we've done in preparation over the last five-and-a-half weeks is to get to this point. "Show them what they need to do, let them be themselves -- that's the plan." Kerr called shooting guard Anthony Edwards -- the Americans' top scorer at the tournament -- "one of the most talented players on Earth". Kerr has been rewarded with impressive performances throughout his squad, and power forward Paolo Banchero said the players have been "counting down the days" until the final. "This is the peak of the tournament, this is winning time, the last two games," said Banchero. "We're locked in." amk/pbt © Agence France-Presse The post US wary of German pride ahead of Basketball World Cup semi appeared first on Daily Tribune......»»
Inflation, slowdown burden global outlook
The capital markets remained volatile in August as investors weighed the risks of rising inflation and slower economic growth against the prospect of further monetary tightening by the US Federal Reserve, First Metro Investment Corp., and the University of Asia and Pacific Capital Markets Research said on Wednesday. In FMIC and UA&P’s August 2023 issue of The Market Call, economists said that the Philippine economy grew by 4.3 percent year-on-year in the second quarter of 2023, slower than the 5.7 percent growth in the first quarter. “Despite the slowdown in GDP expansion to 4.3 percent year-on-year in (the second quarter), other key economic data do not preclude a full-year growth of 6 to 7 percent,” economists said. Momentum seen to be sustained They also mentioned that sustained job growth, especially in the sectors of manufacturing, construction (for the industry), accommodation and food services, and other parts of the service sector, and a slight uptick in exports, with an added boost from the peso depreciation in August, “provide some glow” for the economy. The economists also noted that other key economic data remained positive, with inflation easing to 4.7 percent in June, a 15-month low. “Apart from inflation slowing to 4.7 percent, a 15-month low, (the National Government) will likely ramp up spending in (the second half of 2023), especially in infrastructures, which will also benefit from ongoing major PPP projects (classified as private construction),” they said. With local inflation easing to 4.7 percent in June, FMIC and UA&P said the investors flocked the short-dated bonds in both auctions and the secondary market in July, pushing down yields in the front end of the curve. The economists said the domestic yields continue their ascent as US 10-year Treasuries climb further in August as the Fed hinted more rate hikes to come. “In our view, the Fed will likely pause in its September meeting as they will have to wait for more data that show clearer signs that inflation will fall within target,” economists said. The post Inflation, slowdown burden global outlook appeared first on Daily Tribune......»»
Phl markets volatile due to rising inflation, other factors
The Philippine capital markets continued to be volatile in August as investors weighed the risks of rising inflation and slower economic growth against the prospect of further monetary tightening by the U.S. Federal Reserve, First Metro Investment Corp. (FMIC), and the University of Asia and Pacific (UA&P) Capital Markets Research said on Wednesday. In FMIC and UA&P's August 2023 issue of The Market Call, economists said that the Philippine economy grew by 4.3 percent year-on-year in the second quarter of 2023, slower than the 5.7 percent growth in the first quarter. "Despite the slowdown in GDP expansion to 4.3 percent year-on-year in (the second quarter), other key economic data do not preclude a full-year growth of 6 to 7 percent," economists said. They also mentioned that sustained job growth, especially in Manufacturing, Construction (for the industry), Accommodation and Food Services, and other parts of the service sector, and a slight uptick in exports, with an added boost from the peso depreciation in August, "provide some glow" for the Philippine economy. The economists also noted that other key economic data remained positive, with inflation easing to 4.7 percent in June, a 15-month low. "Apart from inflation slowing to 4.7 percent, a 15-month low, (the National Government) will likely ramp up spending in (the second half of 2023), especially in infrastructures, which will also benefit from ongoing major PPP projects (classified as private construction)," they said. With local inflation easing to 4.7 percent in June, FMIC and UA&P said the investors flocked the short-dated bonds in both auctions and the secondary market in July, pushing down yields in the front end of the curve. The economists said the domestic yields continue their ascent as U.S. 10-year Treasuries climb further in August as the Fed hinted more rate hikes to come. "In our view, the Fed will likely pause in its September meeting as they will have to wait for more data that show clearer signs that inflation will fall within target," economists said. "Furthermore, we see that the yields of peso bonds and U.S. Treasuries will tend to decouple as local inflation falls within (the Bangko Sentral ng Pilipinas') target range of 2 percent to 4 percent by the fourth quarter," they added. Economists added that the real 10-year yields had turned positive by June and neared normal levels in July after an abnormal, prolonged 11-month run with negative readings. The post Phl markets volatile due to rising inflation, other factors appeared first on Daily Tribune......»»
Maynilad expects new water source
The P11-billion Poblacion Water Treatment Plant of the west zone concessionaire Maynilad Water Services Inc. is on track to produce an initial 50 million liters per day or MLD of potable water by December. The company said over the weekend that it already started the testing and checking of the equipment and processes of the plant, which is at an 80 percent completion rate, as early as August. Designed to produce 150 MLD at full capacity, the Poblacion Water Treatment Plant will help to improve water pressure and supply availability for Maynilad customers in Parañaque, Las Piñas, Muntinlupa and Cavite. The facility will help to enhance service reliability, as it will provide additional supply for customers in the south so their water service will not be affected despite raw water quality shifts in Laguna Lake, which have been occurring with more frequency owing to climate change effects. Full ops by 2024 The Poblacion Water Treatment Plant is targeted for full operations by the first half of 2024. Maynilad currently has two treatment plants in Barangay Putatan, Muntinlupa, that draw water from Laguna Lake and produce a combined 300 MLD of water supply for around 1.7 million customers in the south. The Poblacion Water Treatment Plant will be Maynilad’s third facility to get raw water from the same source. Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. It serves the West Zone of the Greater Manila Area composed of the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite Province. The post Maynilad expects new water source appeared first on Daily Tribune......»»
Country Garden: China’s under-pressure property giant
Concerns are mounting in China around Country Garden, a major property developer whose colossal debt raises fear of a bankruptcy that could spell wider economic turbulence, two years after the unravelling of its competitor Evergrande. Country Garden shares plunged by more than 18 percent in Hong Kong on Monday after it missed bond payments and warned of multibillion-dollar losses. Its billionaire boss Yang Huiyan has said the firm is "facing the greatest difficulties since our establishment". Here's what you need to know about Country Garden: Family business Country Garden is run by Yang Huiyan, who until recently was one of the richest women in China and Asia. Yang, now in her early forties, became a billionaire when she inherited shares from her father in 2005, two decades after he founded the company. But her fortune has dwindled since 2021 as China's real estate crisis dramatically weakened the sector. Yang, who lost nearly $29 billion in two years according to a Bloomberg ranking of billionaires, has an estimated wealth of $5.3 billion. To support Country Garden, she and her family have chipped in the equivalent of $4.9 billion in personal funds, according to the group. Real estate heavyweight The top seller of real estate in China last year, Country Garden was named in Forbes' list of the 500 largest companies in the world. Based in the southern Chinese city of Foshan, the group employed nearly 70,000 "full-time" staff members at the end of 2022, according to the most recent figures from the company, which has long been deemed financially solid. It also has operations abroad, including a gigantic real estate project in Malaysia involving artificial islands. Under pressure But recent sluggishness in the Chinese real estate market has caught up with the company. According to media reports, Country Garden was unable to make two bond payments on 6 August. It has a 30-day grace period, but if it does not pay within that time it risks default. Adding to the pressure, 31 billion yuan ($4.27 billion) in the firm's bonds are set to mature in 2024, according to rating agency Moody's. Another Evergrande? Like its competitor Evergrande, which owes more than $300 billion, any collapse of Country Garden would have damaging repercussions on the Chinese financial system and economy. It is due to publish its half-year results by the end of the month, and says it expects a net loss of 45 to 55 billion yuan (about $6.2 billion to $7.6 billion). And its situation is particularly precarious because around 60 percent of its projects are located in small Chinese cities, where property prices have fallen the most and where customers have weaker purchasing power. Country Garden announced over the weekend it would suspend trading of onshore bonds from Monday, a decision likely to cause concern in the markets as the company said that its debt was estimated at some 1.15 trillion yuan ($159 billion) at the end of 2022. Additional liabilities have brought other estimations of its overall debt as high as 1.4 trillion yuan ($193 billion), according to Bloomberg. Robotics In addition to its core focus on real estate, Country Garden has been developing robots for the catering industry since 2019. The firm has produced designs for different types of mechanized food processors, and last year it opened an expansive, fully automated restaurant in Foshan. The restaurant, which accommodates up to 600 people, is staffed by 20 robots that can prepare three types of dishes including Chinese hot pot, the firm said at the time. The post Country Garden: China’s under-pressure property giant appeared first on Daily Tribune......»»
Analysts expect robust economic rebound
The Philippine economy will likely recover in the second half of the year, driven by an expected rebound in government spending on infrastructure projects and easing inflation, analysts said on Monday. In the July report of The Market Call, economists at First Metro Investment Corp. and the University of Asia and the Pacific expect the Philippine economy to have a “robust rebound” in the second half of the year. The economists projected full-year GDP growth to expand by 6.1 percent, within the revised government target of 6 to 7 percent for 2023. However, FMIC and UA&P expect the country’s gross domestic product growth to ease to 5.6 percent year-on-year in the second quarter. “Employment remains constructive and should accelerate in (the second half of the year) with national government and (public-private partnership) spending on infrastructure and rail projects,” FMIC and UA&P said. “Investment and consumer spending should flourish as the former counts on a faster pace of infrastructure and transport sector (both NG and PPP) work on ongoing projects,” it added. On the other hand, the inflation consensus for July eased further to 4.9 percent from 5.4 percent in June amid El Niño. FMIC and UA&P added that the rapid fall in inflation to within the Bangko Sentral ng Pilipinas’ target of 2 percent to 4 percent by the fourth quarter this year and a cut in personal income tax should also contribute to stronger consumer spending. “Robust (second half) GDP growth, falling inflation and interest rates should pave the way for a good recovery for (third quarter of this year),” the FMIC and UA&P said. On the other hand, the economists noted that US Federal Reserve officials had adopted a more hawkish stance in June in response to persistently intense inflationary pressures and a resilient labor market. For context, the market correctly priced in the 25 basis points rate hike in July, causing the local 10-year yields to surge to as high as 6.7 percent on 10 July. “Markets, however, now hope for a ‘Goldilocks soft landing’ since US GDP unexpectedly jumped by 2.4 percent in the second quarter (vs. the consensus of 2 percent) at the same time that consumer price index inflation fell to 3 percent in June from 4.1 percent a month earlier,” the FMIC and UA&P said. “However, it returned to the 6.2 to 6.3 percent level later in the month following the softer June US inflation at 3 percent,” it added. FMIC and UA&P noted the little upside risk for domestic bond yields, especially in the long end. Hence, they don’t expect the BSP to match the Fed’s move. The post Analysts expect robust economic rebound appeared first on Daily Tribune......»»
‘Robust rebound’ forecast for economy in H2
The Philippine economy will likely recover in the second half of the year, driven by an expected rebound in government spending on infrastructure projects and easing inflation, analysts said on Monday. In the July report of The Market Call, economists at First Metro Investment Corp. and the University of Asia and the Pacific said they expect the Philippine economy to have a "robust rebound" in the year's second half. The economists projected full-year GDP growth to expand by 6.1 percent, within the revised government target of 6 to 7 percent target for 2023. However, FMIC and UA&P expect the country's gross domestic product growth to ease to 5.6 percent year-on-year in the second quarter. "Employment remains constructive and should accelerate in (the second half of the year) with National Government and (Public-Private Partnership) spending on infrastructure and rail projects," FMIC and UA&P said. "Investment and consumer spending should flourish as the former counts on a faster pace of infrastructure and transport sector (both NG and PPP) work on ongoing projects," it added. On the other hand, the inflation consensus for July eased further to 4.9 percent from 5.4 percent in June amid El Niño. FMIC and UA&P added that the rapid fall in inflation to within the Bangko Sentral ng Pilipinas' target of 2 percent to 4 percent by the fourth quarter this year and cut in personal income tax should also contribute to stronger consumer spending. "Robust (second half) GDP growth, falling inflation and interest rates should pave good recovery for the third quarter of this year," FMIC and UA&P said. On the other hand, the economists noted that Federal Reserve officials had adopted a more hawkish stance in June in response to persistently intense inflationary pressures and a resilient labor market. For context, the market correctly priced in the 25 basis points rate hike in July, bringing the local 10-year yields to surge as high as 6.7 percent on 10 July. "Markets, however, now hope for a 'Goldilocks soft landing' since U.S. GDP unexpectedly jumped by 2.4 percent in the second quarter (vs. consensus of 2 percent) at the same time that Consumer Price Index inflation fell to 3 percent in June from 4.1 percent a month earlier," FMIC and UA&P said. "However, it returned to the 6.2 to 6.3 percent level later in the month following the softer June U.S. inflation at 3 percent," it added. FMIC and UA&P noted the little upside risk for domestic bond yields, especially in the long end. Hence, they don't also expect the BSP to match the Fed's move. The post ‘Robust rebound’ forecast for economy in H2 appeared first on Daily Tribune......»»
Meralco eyes 5% H2 energy sales growth
After delivering robust financial growth in the first half of the year, the Manila Electric Co. or Meralco, the country’s largest power distributor, is eyeing to post a 5 percent energy sales growth in the second half of the year. “We're projecting close to 5 percent growth for the second half, mainly driven by residential and commercial still,” Meralco Senior Vice President and Chief Revenue Officer Ferdinand O. Geluz said in an interview with reporters last week. Geluz noted that for the full-year 2023, the company expects to log a 4 percent growth in its energy sales. “We sort of had some talk with Semiconductor and Electronics Industries in the Philippines Foundation, Inc. or SEIPI President and he's confident that the semiconductor business might have a rebound towards the latter part of the year,” he added. In the first half of the year, Meralco reported that its consolidated distribution utility sales volume increased by 3 percent to 24,792 gigawatt-hour or gWH from 23,968 GWh as volumes of Meralco and Clark Electric Distribution Corp. increased by 3 percent and 7 percent, respectively. Monthly sales volume breached the 4,000-GWh level in April and reached a high of 4,643 GWh in June. Sales mix also continued to shift towards pre-pandemic levels, with the Commercial segment accounting for a bigger 37 percent share from 35 percent last year. The share of Residential was the same at 35 percent, while Industrial share slipped to 28 percent from 30 percent. Notably, the demand peak in the Meralco franchise area was recorded at 8,438 MW on 9 May, which was 4 percent higher than the 8,111 MW peak logged within the first half of 2022. Meralco noted that the higher temperature and humidity during the dry season drove the increase in demand for electricity from the residential segment. The post Meralco eyes 5% H2 energy sales growth appeared first on Daily Tribune......»»
Slower Q2 growth as inflation bites
The economy may have slowed further in the second quarter, private economists said, as persistent inflation and higher interest rates continued to affect consumer spending. Forecasts in the survey conducted by Daily Tribune spanned from 5.6 percent to 6.1 percent, yielding a median estimate of 5.9 percent gross domestic product, or GDP, growth from April to June this year. The economy grew by 6.4 percent in the first quarter, the weakest growth rate since the first quarter of 2021, when it contracted by 3.8 percent. This year’s first quarter growth is slower than the 8 percent increase in the same period last year and the 7.1 percent growth in the preceding quarter. The Philippine Statistics Authority is scheduled to report the second quarter GDP growth data on Thursday, 10 August. Security Bank: 6.1% growth Security Bank’s senior assistant vice president and chief economist Robert Dan Roces expects the Philippine economy to grow by 6.1 percent in the second quarter. He added growth may have been driven by the still robust consumer spending and improved exports. “Private investments continued in the second quarter, supporting economic activity, while low government consumption served as a dampener,” Roces said in an emailed commentary. “The downside risks to growth include the risks to sticky inflation, elevated interest rates, and weaker global economic growth,” Roces added. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., who predicted a 6 percent growth, noted the stronger consumer spending and election-related expenditure amid easing pandemic restrictions, but not without flagging the impact of inflation in the second quarter. He also said that the lower individual income tax rates that went into effect earlier this year might have caused the increase in consumer spending. “Lower individual income tax rates starting January 2023 for most income brackets as part of the TRAIN Law, could lead to increased consumer spending, which accounts for at least 75 percent of the economy, and, in turn, lead to faster economic growth,” Ricafort told Daily Tribune in a Viber Message. China Banking Corp. chief economist Domini Velasquez expects a 5.9 percent GDP growth due to some factors, including higher inflation, which could have offset post-pandemic spending, and lukewarm government spending. “We saw substantial increases in infrastructure spending, but both PS and MOOE growth remained lukewarm,” Velasquez said in a Viber message. “There is a need to hasten government spending in identified agencies lagging behind.” Moving forward, Velasquez expects continued moderation in economic activities as elevated policy rates impact business and household spending. In the third quarter of this year, Velasquez expects the country’s economy to grow to around 5.5 percent and full-year growth to average 5.8 percent, just shy of the government’s 6.0 percent low-end target. In a virtual briefing last 19 July, First Metro Investment Corp. and the University of Asia and the Pacific that the Philippine economic growth likely slowed to 5.6 percent in the second quarter. “I do expect a slowdown in the second quarter to 5.6 percent,” UA&P economist Victor Abola said in the virtual briefing. “It’s really the carryover of inflation to the second quarter; even though it’s lower, people are still a bit more reluctant,” he added. While consumption is expected to slow down in the second quarter, Abola expects a rebound in the second half of the year. The post Slower Q2 growth as inflation bites appeared first on Daily Tribune......»»
Sen. Go co-authors P150 daily wage increase bill
Cognizant of the need to continue helping ordinary Filipinos still reeling from the adverse effects of Covid-19, Senator Christopher “Bong” Go co-authored on Monday, 15 May, Senate Bill No. 2002, also known as the Across-the-Board Wage Increase Act of 2023. It seeks to implement a P150-increase in the daily wage of workers in the private sector. With half of the population still describing themselves as poor despite the gradual reopening of the economy based on recent surveys, Go, a member of the Senate Committee on Labor, asserts that government should implement measures to cushion the impacts of the Covid-19 pandemic and high inflation. “Totoo na dahan-dahan nang bumubukas ang ating ekonomiya at marami na rin ang nakakabalik sa kanilang mga trabaho at hanapbuhay. Pero hirap pa rin ang mga ordinaryong Pilipinong itawid ang araw-araw na gastusin dahil sa inflation at mababang suweldo,” Go explained. Go stressed that the march towards full and inclusive economic recovery must be felt by ordinary Filipino workers amid their struggle with daily expenses by ensuring that their families do not have empty stomachs. “Unahin natin ang kapakanan ng mga mahihirap. Dapat walang magutom. Dapat maramdaman nila ang pagbangon ng ekonomiya tungo sa mas ligtas at komportableng buhay pagkatapos ng pandemya,” he stressed. In the latest survey conducted by the Social Weather Station last March 2023, 51 percent of the respondents rated themselves as poor---a number which remains unchanged since the December 2022 survey of the same firm. Some 30 percent of Filipinos rated themselves as “borderline” while only 19 percent consider themselves as not poor. Of the 51 percent who considered themselves poor, some 1.8 million families (6.5 percent) admitted that they were not poor one to four years ago, aptly called as “newly poor”. Some 10 million families, representing 39 percent of those surveyed, also consider themselves food-poor. “Importante ang laman ng tyan ng ating mga kababayan, huwag natin hayaan na may magutom,” Go previously said. Senate President Juan Miguel Zubiri filed the said bill on 14 March, explaining “the proposed wage hike will apply to the entire private sector, agricultural and non-agricultural, regardless of capitalization and number of employees.” The leader of the Upper Chamber expects the measure to hurdle before Senate adjourns next month. The Committee on Labor and Employment, chaired by Senator Jinggoy Estrada, recently approved in principle the said bill, co-authored also by Senate President Pro Tempore Loren Legarda. While the Senator acknowledges that the government has to balance the interest of the employers and workers, Go reminded that companies and enterprises recently enjoyed a lower income tax through the passage of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act or “CREATE” which was approved by former president Rodrigo Duterte. Meanwhile, Go filed last year SBN 1705 which proposes to increase the service incentive leave of private sector employees; and SBN 1707 which seeks to provide competitive remuneration and compensation packages to social workers in the country. He recently filed SBN 2107, or the “Freelance Workers Protection Act”, which seeks to provide protection and incentives for freelance workers. The measure aims to recognize the rights of freelance workers and ensure that they are protected and adequately compensated for their services. Last year, Go also filed SBN 1183, or the proposed “Media and Entertainment Workers’ Welfare Act”, which seeks to provide enhanced protection, security and incentives for media workers through additional health insurance package, overtime and night differential pay, and other benefits. To ensure that those who reside in rural areas lacking job opportunities are taken care of, Go also filed SBN 420, which seeks to offer temporary employment to eligible members of low-income rural households who are ready to perform unskilled physical labor for a period of time. In addition, the senator filed SBNs 1184 and 1191 which aim to further protect the welfare and interest of the country’s delivery service riders and seafarers, respectively. The International Monetary Fund, commenting on the 6.4% Gross Domestic Product of the country for the first quarter of the year, stressed that the country’s economic growth must be sustained at 6 percent this year considering the inflation rate that remains high. In a statement, the Fund said “Risks to inflation remain on the upside, and a continued tightening bias may be appropriate until inflation falls decisively within the 2-4 percent target range.” “Nag-expand nga ang ating economy pero mataas pa rin ang inflation rate. Ibig sabihin, mataas pa rin ang presyo ng mga bilihin at serbisyo. Isipin natin ang mga pinakamahihirap na mga manggagawa natin, yung mga daily wage earners, na nahihirapan nang magbudget, halos isang kahig, isang tuka na lang sa taas ng presyo,” stressed the senator. The post Sen. Go co-authors P150 daily wage increase bill appeared first on Daily Tribune......»»
PAL nears full recovery after stellar 1st half results
Flag carrier Philippine Airlines expects to end the year on a strong note as it marks its first full year after exiting rehabilitation in 2021......»»
How young Filipinos see their future
This semester, I’m teaching an undergraduate class in UP called “Professional Writing,” a course I designed more than 20 years ago to help English and Creative Writing majors (and other seniors in search of interesting electives) get a handle on what the “real world” out there expects of them, in the kind of everyday jobs they’re likely to land. Not Shakespeare, not Jose Garcia Villa, not lyric poetry and neither the full-length play, but rather the more mundane assignments you get paid a salary for: business letters, press releases, feature articles, AVP scripts, brochures and speeches......»»
At WTO meet in UAE, Philippines expects deals on fisheries, agriculture, climate issues
By Binsal Abdulkader ABU DHABI, 25th February, 2024 (WAM) -- The Philippines expects successful negotiations on fisheries subsidies, agriculture, and climate issues at the World Trade Organisation's (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi, according to Alfredo E. Pascual, the Secretary for Trade and Industry of the Philippines. "I am particularly enthusiastic about welcoming Comoros and Timo.....»»
At WTO meet in UAE, Philippines expects deals on fisheries, agriculture, climate issues
By Binsal Abdulkader ABU DHABI, 25th February, 2024 (WAM) -- The Philippines expects successful negotiations on fisheries subsidies, agriculture, and climate issues at the World Trade Organisation's (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi, according to Alfredo E. Pascual, the Secretary for Trade and Industry of the Philippines. "I am particularly enthusiastic about welcoming Comoros and Timo.....»»
Philippines expects stable rice price in first half of 2024
MANILA, Feb. 8 (Xinhua) -- The rice supply in the Philippines is sufficient through the first half of this year, ensuring the stable price of the country's main food staple, an agriculture official said on Thursday. Philippine Agriculture Secretary Francisco Tiu Laurel said rice prices may stay elevated through September this year due to concerns over El Nino's impact on global rice supply and heightened demand.....»»
Philippines expects stable rice price in first half of 2024
MANILA, Feb. 8 (Xinhua) -- The rice supply in the Philippines is sufficient through the first half of this year, ensuring the stable price of the country's main food staple, an agriculture official said on Thursday. Philippine Agriculture Secretary Francisco Tiu Laurel said rice prices may stay elevated through September this year due to concerns over El Nino's impact on global rice supply and heightened demand.....»»
BI to modernize even more in 2024 – Tansingco
The Bureau of Immigration (BI) is set to replace 25% of its manual operations to electronic gates in 2024 and expects that half of the bureau’s operations will be electronic by 2026. BI Commissioner Norman Tansingco announced that the bureau is gearing up for more modernization projects for 2024, owing to expectation that the number […].....»»