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Philippines posts 196 mln USD deficit in February
MANILA, March 19 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 196-million-U.S. dollar deficit in February, significantly lower from the 895-million-dollar BOP deficit recorded a year ago, the country's central bank said on Tuesday. The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit in February reflected outflows arising mainly from the national government's foreign currency deb.....»»
Climate ‘loss and damage’ talks end with no agreement
A crucial meeting on climate “loss and damages” ahead of COP28 ended in failure Saturday, with countries from the global north and south unable to reach an agreement, according to sources involved in the talks. The agreement to set up a dedicated fund to help vulnerable countries cope with climate “loss and damage” was a flagship achievement of last year’s COP27 talks in Egypt. But countries left the details to be worked out later. A series of talks held this year have tried to tease out consensus on fundamentals like the structure, beneficiaries and contributors — a key issue for richer nations who want China to pay into the fund. A transition committee on the establishment of the fund met late Friday and into Saturday in Aswan, in southern Egypt. But the delegates were unable to reach an agreement and deferred the decision to another meeting due 3 to 5 November in the United Arab Emirates, according to a webcast of the debate on the official YouTube channel of the United Nations. Ahead of the breakdown, the discussion hit a hurdle over where the funds should be held. There was a divide over it being managed by the World Bank, accused of being in the hands of the West, or in a new independent structure, called for by many developing nations, but would be time consuming and complex to replenish with new funds. The failure “is a clear indication of the deep chasm between rich and poor nations,” Harjeet Singh, head of global political strategy for Climate Action Network International, said in a statement to Agence France-Presse on Saturday. “Developed countries must be held accountable for their shameless attempts to push the World Bank as the host of the fund, their refusal to discuss the necessary scale of finance, and their blatant disregard for their responsibilities” under the terms of already established international climate agreements, he said. Rachel Cleetus with the Union of Concerned Scientists said that “today’s disappointing outcome is a blow to communities... facing an unrelenting onslaught of climate impacts.” “The United States and other rich countries seem more focused on evading or minimizing their responsibility than engaging in good faith negotiations,” she added. The post Climate ‘loss and damage’ talks end with no agreement appeared first on Daily Tribune......»»
Stocks retreat, oil prices advance on Middle East fears
Stock markets slid and oil prices jumped Friday on worries that an expected ground invasion of Gaza by Israel would spark a wider conflict in the crude-rich Middle East. Risk aversion was compounded by US Federal Reserve boss Jerome Powell, who signalled a pause in interest rates at the bank's next meeting but left open the prospect of a later hike. Wall Street moved lower from the opening bell while Europe's main stock markets closed down more than one percent. Brent North Sea crude, the international benchmark, was up one percent at more than $93 per barrel. Gold, a go-to haven asset in times of uncertainty, hit close to $2,000 an ounce. "It has been a tumultuous and eventful week for the global financial markets," said Fawad Razaqzada, market analyst at City Index and Forex.com. "The ongoing situation in the Middle East has triggered a surge of volatility in the oil and stock markets, compelling investors to re-evaluate their strategies and shift their focus from riskier assets to 'safer' investments," he wrote in a note. That has in particular led to a rush into gold. "Gold's safe-haven status has been questioned on a number of occasions over recent years, but times like this highlight that in times of significant uncertainty, traders look for assets with a track record," said market analyst Craig Erlam at OANDA. Hamas carried out a deadly attack on Israel from the Gaza Strip on October 7, and killed at least 1,400 people, mostly civilians who were shot, mutilated or burned to death, according to Israeli officials. In response, Israel launched a relentless bombing campaign on Gaza. More than 4,100 Palestinians, mostly civilians, have been killed, according to the latest toll from the Hamas-run health ministry. Traders are also wrestling with the prospect that US interest rates will remain elevated for some time as the Fed battles to contain inflation. On Thursday, Powell suggested decision-makers would not hike rates at their next meeting at the end of October but left the door open to more tightening down the line. News that weekly jobless claims in the United States came in lower than expected, suggesting the labour market was tighter than many predicted, dealt a blow to traders' confidence. "Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell told a conference in New York. Additional evidence of "persistently above-trend growth" or fresh signs of tightness in the labour market "could warrant further tightening of monetary policy". Investors have also tracked the yield on the 10-year US Treasury note, seen as a proxy for US interest rates, which stood just below five percent on Friday after briefly hitting that level for the first time since 2007 a day earlier. In Britain, the yield on 30-year government bonds rose to their highest since 1998 at 5.16 percent. In currency markets, the dollar was close to topping 150 yen after surpassing the psychological level at the start of October for the first time in a year. The post Stocks retreat, oil prices advance on Middle East fears appeared first on Daily Tribune......»»
UAE to set up anti-money laundering bodies amid scrutiny
The UAE announced plans on Sunday to establish judicial bodies to prosecute money laundering and financial crime following increased monitoring by a global watchdog dedicated to battling illicit cash flows. The official WAM news agency reported that the United Arab Emirates has approved a "proposal to establish federal prosecution entities specialized in economic crimes and money laundering". It said the move "represents a first step towards investigating and cracking down on" shady financial transactions. The proposal calls for the "creation of prosecution offices specialized in" illicit finance. It comes more than a year after the Paris-based Financial Action Task Force added the UAE to a "grey list" of nations subject to greater oversight because of concerns over illicit finance. The FATF listing in March 2022 came as a blow to the UAE's reputation as a major financial and business hub. The watchdog has since upheld its decision, but a June report noted improved efforts in the UAE to tackle shortcomings. The step announced on Sunday aims to enhance "the confidence of international investors in the UAE's business environment" and encourage "them to bring their businesses to the UAE", WAM said. "The project's significance lies in its role in protecting the national economy and reducing the impact of economic and financial crimes," it added. The resources-rich UAE has become a nexus connecting the Middle East, Europe, Central Asia, and Asia. Dubai has the world's busiest airport in terms of international passenger traffic and is also one of the busiest seaports. While the desert country has successfully diversified its economy rather than relying on oil, experts and international organizations have long criticized a failure to crack down on suspicious financial transactions. Senior US officials visited earlier this year for talks with UAE authorities, including the central bank, on the evasion of sanctions imposed on Russia and Iran, as well as money laundering. The post UAE to set up anti-money laundering bodies amid scrutiny appeared first on Daily Tribune......»»
Rich-poor split could tighten ‘grip of poverty’: World Bank chief
The new head of the World Bank said Tuesday that growing divides between rich and poor nations risked deepening poverty in the developing world, at a meeting of G20 finance ministers in India. Many countries are still recovering from the double blow of the coronavirus pandemic and fallout from Russia's war in Ukraine -- which hit global fuel and commodity prices. Climate change, meanwhile, is most painfully affecting some of the poorest countries least able to cope. Ajay Banga, president of the World Bank, said he feared a lack of progress was in danger of splitting the global economy, to the detriment of the world's poorest. "The thing that keeps me up at night is a mistrust that is quietly pulling the Global North and South apart at a time when we need to be uniting," Banga told the two-day meeting of finance ministers and central bank chiefs in Gandhinagar, Gujarat state. "The Global South's frustration is understandable. In many ways they are paying the price for our prosperity," said Indian-born Banga, a naturalized American citizen who took up the bank post last month after being nominated by US President Joe Biden. "When they should be ascendant, they're concerned promised resources will be diverted to Ukraine's reconstruction, they feel energy rules aren't applied evenly, constraining ambition, and they're worried the grip of poverty will pull down another generation." The World Bank said it is working to increase its financial capability -- including by raising hybrid capital from shareholders -- to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment. "The simple truth is: We cannot endure another period of emission-intensive growth," Banga said. Indian Finance Minister Nirmala Sitharaman, chair and host of the get-together, launched talks on Monday by reminding leaders of their responsibility "to steer the global economy towards strong, sustainable, balanced and inclusive growth". The United States says efforts to reform multilateral lenders such as the World Bank and other regional institutions could unlock $200 billion over the next decade. Little progress on debt Debt restructuring deals for low-income nations have been a key focus of The Group of 20 major economies, but officials suggest there has been little headway. China, the world's second-largest economy and a major lender to several stressed, low-income countries in Asia and Africa, has so far resisted any one-size-fits-all debt restructuring formula, officials said. More than half of all low-income countries are near or in debt distress, double the amount in 2015, US Treasury Secretary Janet Yellen said. Yellen on Sunday said a deal on Zambian debt had taken "too long to negotiate", but added she hoped debt treatments for Ghana and Sri Lanka could be "finalized quickly". Finance ministers from regional rivals and neighbors India and China met early Tuesday, without commenting to reporters. The G20 talks have also focused on multilateral development banks' reform, cryptocurrency regulations, and easier access to financing to mitigate and adapt to the impact of climate change. A newly agreed first step on a fairer distribution of tax revenues from multinational firms -- reached by 138 countries last week -- is also set to be delivered. Multinationals, especially tech firms, are currently able to shift profits easily to countries with low tax rates even though they carry out only a small part of their activities there. The post Rich-poor split could tighten ‘grip of poverty’: World Bank chief appeared first on Daily Tribune......»»
Anxieties over the Landbank-DBP merger
As the Land Bank of the Philippines prepares to become the country’s biggest bank in terms of assets at P3.8 trillion, its expected merger with the Development Bank of the Philippines raises anxieties given the blow cold-blow hot history of the whole idea that started more than a decade ago......»»
Thailand Moves a Step Closer to Welcoming Back Foreign Tourists
Thailand will start issuing special visas to foreign tourists starting October, easing a more than five-month-old ban on visitors to revive the nation’s ailing tourism-reliant economy. Prime Minister Prayuth Chan-Ocha’s cabinet approved a proposal to issue visas to tourists planning to stay between 90 and 280 days in Thailand, according to government spokeswoman Traisuree Taisaranakul. The tourists will undergo a mandatory 14-day state quarantine on arrival at partner hotels or hospitals and follow health and safety regulations, she said. The government expects about 1,200 visitors to avail themselves of these visas each month, generating about 1.2 billion baht ($38.5 million) in revenue. The easing of border restrictions may boost the nation’s pandemic-battered tourism industry and cushion the blow to an economy projected to contract 8.5% this year. The news of cabinet approval for special visas triggered a rally among hotel and travel operators in Bangkok. A measure of Thai tourism and leisure stocks jumped 4.5%, the biggest gainer among the Stock Exchange of Thailand’s 28 industry groups. It was also the index’s largest increase since May 26. While Hotel operators Erawan Group Pcl and Central Plaza Hotel Pcl surged more than 8%, Minor International Pcl advanced 5.5%. Thailand’s tourism and hospitality sectors are counting on the return of international visitors, who contributed to two-thirds of tourism income before the pandemic, to reverse the slump in businesses and save millions of jobs. A government campaign to boost travel by locals through hotel and air travel concessions has failed to make up for the slump in earnings, but the move to allow foreigners in small batches will still be a relief to the industry. “There will not be a huge economic impact from this as it still can’t compensate for the revenue lost, but it will help,” Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl said. “This plan still targets a higher-spending group of foreign visitors which will not benefit tourism industry operators that have lower to mid-price points, who will still suffer.” The move to relax curbs on foreign tourists also follows Thailand’s relative success in containing the coronavirus outbreak. The nation went without a local transmission for 100 days before the virus-free run was ended early this month. Though Thailand was the first country outside China to report the deadly virus, its cumulative cases stand at 3,480 with most patients already discharged from hospitals. The reopening to foreign tourists may be risky, but it is a manageable risk worth taking, Bank of Thailand’s Senior Director Don Nakornthab wrote in an article on the central bank’s website. The country may be headed for a second straight year of contraction in 2021 if it continued to restrict foreign visitor arrivals, Don wrote......»»
Asian stocks track Wall St records on vaccine, recovery hopes
Equities rallied in Asia on Thursday following another blow-out session on Wall Street as investors bet that the global economy is on the right track, fuelled by new vaccine hopes and central bank largesse......»»
ED attaches asset worth Rs 70 lakh in bank fraud implicating Hyderabad-based Jasleen Enterprises
New Delhi [India], March 28 (ANI): The Directorate of Enforcement (ED) has attached an immovable property valued at Rs 70 lakh in a bank fraud case involving Jasleen Enterprises headquartered in Hyderabad. The Hyderabad division of the ED attached the fixed asset in accordance with the stipulations outlined in the Prevention of Money Laundering Act (PMLA) of 2002. ED initiated investigation on the basis of First Informati.....»»
Property prices slow in Q4
The growth in property prices has been sustained for 10 straight quarters, albeit at a slower pace in the fourth quarter last year, according to the Bangko Sentral ng Pilipinas......»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»
Fisherfolk group urges gov’t to regulate fish prices amid Lent
Fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas on Wednesday urged the government to address the surge in retail prices of fish during the Holy Week......»»
Cebuano Larz Dawson first runner-up for Mister Tourism Universe 2024
CEBU CITY, Philippines— Another Cebuano is putting Cebu on the centerstage of pageants. Larz Kent Dawson, 22, from Tisa, Cebu City recently bagged the first runner-up title for this year’s Mister Universe Tourism. Dawson, who was crowned Ginoong Pilipinas 2023, added another title in his bag, this time on the international stage. “Joining Mister Universe.....»»
Gilas women off to great start in FIBA 3x3 Asia Cup
The Gilas Pilipinas women had a strong start in the 2024 FIBA 3x3 Asia Cup after coming up unscathed in the first day of the competition Wednesday at the Singapore Sports Hub......»»
'MahalNaAraw2024: Mga Tradisyon tuwing Semana Santa
MAHALAGA ang paggunita ng Semana Santa o Holy Week lalo na sa mga Pilipino na may sagradong paniniwala bilang Katoliko. Sa katunayan, tinaguriang “Asia’s Bastion of Christianity” ang Pilipinas at isa rin ito sa mga bansang may malaking bilang ng mga Katoliko. Kaya naman hindi na rin kataka-taka na talagang binibigyan ng importansya ang Mahal.....»»
DOF: GFIs can seek extended relief after Maharlika infusion
Government financial institutions Land Bank of the Philippines and Development Bank of the Philippines will likely seek an extension of its regulatory relief following contributions to the country’s sovereign wealth fund......»»
Marian ikinumpara si Gabby sa lafang: Walang itulak-kabigin sa kanya!
PINALIGUAN ng positibong mga salita ni GMA Primetime Queen Marian Rivera ang isa sa Ultimate Leading Man sa Pilipinas na si Gabby Concepcion. Sa wakas, natuloy na rin ang pinakaaabangang pagtatambal nina Marian at Gabby sa pinakabagong primetime series ng Kapuso Network na “My Guardian Alien.” Magsisimula na itong umere simula sa April 1 sa.....»»
LIST: Bank schedules for Holy Week 2024
Bookmark and refresh this page for the Holy Week schedules released by banks.....»»
UnionDigital Bank revenue grows to over P5 billion
UnionDigital Bank, the digital banking arm of Aboitiz-led Union Bank of the Philippines, saw its revenue grow to over P5 billion in 2023 mainly driven by higher deposits and loans......»»
Blow-By-Blow Okada: Bacosa posts 3rd straight KO victory
Tall and rangy lightweight Eman Bacosa posted a third-round stoppage over Jan Clyde Langahin during a special presentation of Manny Pacquiao Presents: Blow-By-Blow Sunday at the Okada Manila......»»