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Inflation slowdown prods loans appetite
Economists expect the demand for loans to rise this year as inflation has eased further and prospects of stable interest rates strengthen. Inflation slowed further to 4.7 percent in July from 5.4 percent in June and the peak of 8.7 percent in January due to cheaper prices of food, housing, fuels and utilities, data from the Philippine Statistics Authority revealed. However, prices in restaurants and accommodations increased to 10.1 percent from 9.8 percent in Metro Manila. Growth was likely brought by high demand for food services, which signals strong financial capacities among consumers. “Strong demand from consumers is probably preventing this from falling faster as they continue to spend heavily on these services after the pandemic,” Jun Neri, chief economist of Bank of the Philippine Islands, said. In a text message to the Daily Tribune, BDO Unibank Inc.’s official statement added that “loan demand may be driven more by consumer demand and potential infrastructure projects.” Prices of most goods and services or core inflation, which excludes volatile items like food and gas, fell to 6.7 percent from 7.4 percent. With the possible inflation downtrend, economists said consumers could have more money to spend and commercial banks could charge more manageable costs of borrowing based on the policy rate of Bangko Sentral ng Pilipinas or BSP. “The current path of inflation gives BSP the space to keep rates steady until the end of the year,” Neri said. 2% to 4% inflation BSP aims to pull inflation within the range of 2 percent and 4 percent this year by adjusting its policy rates. Its Monetary Board will announce its next move on 15 August after keeping the rate at 6.25 percent. While BSP often matches the move of the US Federal Reserve, which increased its rate by 0.25 basis point last month, local economists said imposing several hikes this year is unlikely despite possible higher inflation from costlier food prices caused by the recent typhoon and El Nino. Neri said these weather disturbances could reduce food supplies, especially rice and increase their prices through weaker agricultural production and less imports. “El Nino is a global phenomenon that could affect the food production of other countries. India recently announced a ban on the export of non-basmati white rice, while a Thai government agency has encouraged farmers to plant less rice to save on water,” he said. Dan Roces, chief economist of Security Bank Corp., believed a likely small increase in BSP policy rate would be enforced this year as bank executives wait for its full disinflationary effect. “With this, loan rates and demand may still exhibit some growth as monetary policy operates with a lag. A pronounced slowdown in loans, if any, may occur in 2024 should monetary policy remain elevated for long.” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., added that stable rates for this year is possible as long as there will be no major negative turns in the economy. “The markets recently priced in lower odds of another 0.25 Federal Reserve’s rate hike for the rest of 2023, thereby supporting a possible pause on Fed and local policy rates, as supported by inflation moving closer to the inflation target of the central banks for both countries.” The post Inflation slowdown prods loans appetite appeared first on Daily Tribune......»»
Private sector analysts predict inflation rate to dip below 5 percent
Private economists expect the country's inflation rate to ease further for the sixth consecutive month in July from the 5.4 percent inflation rate last June. A Daily Tribune poll of six (6) private sector analysts yielded a median estimate of 4.8 percent for July inflation. The Philippine Statistics Authority (PSA) is expected to unveil inflation data in the first week of August. Economists expect inflation to dip below five percent, marking the first time since April 2022, when the average headline inflation was 4.9 percent. Security Bank chief economist Robert Dan Roces and China Banking Corp. chief economist Domini Velasquez said inflation likely softened to 4.7. In an emailed commentary, Roces elaborated that the deceleration in the consumer price index (CPI) suggests a moderate level of inflation. "The favorable base effects that helped offset the increase in food prices may continue to play a role in keeping inflation in check in the short term," Roces said. For her part, Velasquez said lower utility rates offset higher food and fuel prices. She mentioned that electricity rates in all regions fell substantially from the previous month, especially in Mindanao and Batangas. Velasquez added that a stronger peso in July could have also led to the "muted" monthly inflation rate. ING Bank lead economist Nicolas Mapa, who said that headline inflation averaged 4.8 percent in July, mentioned that Bangko Sentral ng Pilipinas (BSP) would consider the data point alongside the path of inflation against developments such as the recent US Federal Reserve's hike in its subsequent decision. Philippine National Bank economist Alvin Arogo said inflation would likely to 4.9 percent in July amid the month-on-month increase due to the minimum wage hike in Metro Manila and the rise in pump prices due to Dubai crude. Arogo said the favorable base effects will continue to be the main driver for the monthly print of year-on-year price growth to be lower than four percent in the fourth quarter amid the "persistence of second-round effects." Bank of the Philippine Islands (BPI) lead economist June Neri, who said that inflation in July likely eased to 4.9 percent in July, mentioned it would fall within the two to four percent target range of the BSP by the fourth quarter. "Such a print suggests that a sub-four percent monthly print by October or November is possible and increases the chances that the BSP can keep policy rates steady for the balance of 2023," Neri said. Meanwhile, Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the inflation rate for July likely slowed at 5.1 percent as the recent increase in local rice prices would also slow down the easing trend of "disinflation" at the very least. He said that the possible reduction of rice imports by the Philippines would also coincide with the adverse effects of the El Niño drought, especially from the fourth quarter of 2023 to the first quarter of 2024, potentially reducing local rice production. Ricafort added that the weather phenomenon would also lead to some uptick in local rice prices and overall inflation. However, the country's new central bank said it is still too early to declare victory in the battle to curb consumer price pressures as upside pressures on expenses remain high amid downtrend data, the country's new Speaking at a recent banking community event, BSP governor Eli Remolona said the persisting upside risks to inflation indicate the monetary authority remains open to further tightening. The country's core inflation, which primarily excludes food and fuel expenses, hit 7.4 percent in June. Last month's data declined from May's 7.7 percent to April's 7.9 percent. "Nonetheless, it's too soon to declare victory. Core inflation remains high. There are still upside risks to inflation – for example, risks in the form of El Niño and further supply shocks," Remolona said. Remolona stated that the inflation figures will factor into the analysis conducted by the Monetary Board. He added that data will play a crucial role in influencing their policy rate decision. "We will wait and see. We will analyze the data as they arrive, and that analysis will decide monetary policy down the road," the Central Bank chief mentioned. On the sidelines of the same banking event, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said he expects inflation to continue easing in the coming months but warned that there are still risks to the outlook. Balisacan said that the current downward trend in inflation is expected to continue, but some factors could worsen it. These include rising oil prices and the impact of Typhoons Egay and Falcon on agricultural production. "We are still monitoring the situation, but we hope that the impact of the typhoon will not be too serious," Balisacan said. The post Private sector analysts predict inflation rate to dip below 5 percent appeared first on Daily Tribune......»»
The great onion irony (1)
Recent developments in the onion industry seem irreconcilable even to an ordinary Juan. The Philippine Statistics Authority recently reported that onion production during the first quarter of 2023 was at 156.53-thousand metric tons. For the appreciation of consumers who only buy the cooking staple by the kilo, that is more than 156,000,000 kilograms of onions harvested by our lowly farmers in three months. The PSA said this was 6.4 percent higher than the 147.15-thousand metric ton output in the same quarter of last year. Herein lies the irony. Despite a high yield, the Department of Agriculture, in mid-May, announced that the country may re-import up to 22,000 metric tons of red and white onions if prices continued to rise in the market. The importation volume, according to Deputy Spox Asec. Rex Estoperez was based on the country’s monthly consumption. What happened to the 156,000,000 kilos of onions when the country consumes approximately 17,000 metric tons or 17,000,000 kilos of onions, a staple of local cooking, every month? Consider this, too — despite Filipinos grappling with skyrocketing prices of the staple bulb last year, the Agriculture department said 100,000 metric tons of onions went to waste in 2022. If there is a noble move to keep the prices of onions from kicking up, it is not through importation but by convening onion stakeholders, including onion farmers, and addressing the major factors behind the sudden price increases and the waste. Consumers will abhor a sequel of an episode that happened in mid and late 2022 when the price of the humble onion surged to around P700 per kilogram, which made it a luxury — even more expensive than beef. First-hand accounts of onion farmers from Central Luzon, the Ilocos Region, and Cagayan Valley highlight their challenges and plight. They incurred losses by having to sell their onions at a lower price, or they had to dispose of the excess crop as there were no appropriate storage facilities available. This resulted in tons of spoiled onions left on roadsides and riverbanks, which not only harms the environment but also causes further financial losses for small-scale farmers. It is crucial to provide support to farmers even after the harvest season, and failure to consider the entire value chain led to the wastage of the surplus onions. A 2018 report also tells of onion farmers in Nueva Ecija struggling with low prices and high costs of inputs like seeds and fertilizer, and competition from imported onions. Another 2020 report described the struggles of onion farmers in Ilocos Norte, who were unable to sell their crops due to a lack of buyers. They had invested significant time and resources into planting and growing their onions but were unable to profit from their efforts due to the difficulties in finding buyers in the market. Importing onions is just a Band-Aid solution to reduce onion prices. A myriad of factors, such as shortages, plant pests, climate conditions, inflation, and imports, have contributed to a significant increase in prices. Whether we like it or not, the case of the onion represents the sad story of smallholder farmers who are particularly vulnerable to the impact of these problems. Sustainable solutions are what we need. (To be continued) The post The great onion irony (1) appeared first on Daily Tribune......»»
Trade gap widens to $4.69 billion in November
The country’s trade deficit in November widened to a seven-month high as imports left negative territory, while exports continued to decline......»»
Traders grapple with high rice prices
Elevated world rice prices, the aftermath of the one-month mandated price ceilings, and a reduced deadline for imports have deterred Philippine traders from bringing more rice into the country, according to the United States Department of Agriculture......»»
Unemployed, underemployed Filipinos down in August — PSA
Employers in the Philippines hired more Filipinos while fewer people looked for additional working hours, data from the Philippine Statistics Authority showed on Friday. In a press briefing, the PSA said the number of jobless Filipinos reached 2.21 million in August, a decline from 2.27 million unemployed Filipinos last July. The data translated to an unemployment rate of 4.4 percent in August from 4.8 percent last July. PSA added that 5.63 million Filipinos were looking for more hours to increase their income in August, lower than the 7.10 million underemployed persons in July. The underemployment rate fell from 14.7 percent in August 2022 and 15.9 percent in July to 11.7 percent. Underemployed individuals are those who have indicated a wish for more work hours in their current job, a desire to take on a second job, or an interest in finding a new job that offers longer working hours. The rise in the number of people with and without jobs can be attributed to the month-on-month increase in labor force participation. In July, the labor force participation rate increased from 46.90 million to 64.7 percent, up from 60.1 percent in the previous month. "Many people entered the labor force, so unemployment decreased," National Statistician Dennis Claire Mapa said in a press briefing. PSA data mentioned that the majority of employed individuals, 62.6 percent, are wage and salary workers. On the other hand, self-employed individuals make up 27.3 percent, and unpaid family workers constitute 8.0 percent of the employed population. The state-run statistics bureau attributed the surge in employment to specific sectors: fishing and aquaculture with 572,000 new jobs, construction with 534,000, agriculture and forestry with 378,000, human health and social work activities with 153,000, and administrative and support service activities with 143,000. In a separate statement, NEDA Secretary Arsenio Balisacan said the government will continue to ramp up efforts to boost economic growth and quality job creation amid economic headwinds. "To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors with the resources needed to bring in high-quality and high-paying jobs," Balisacan said. The post Unemployed, underemployed Filipinos down in August — PSA appeared first on Daily Tribune......»»
Japan sees hottest September since records began
Japan has seen its hottest September since records began 125 years ago, the weather agency said, in a year expected to be the warmest in human history. The scorching September's average temperature was 2.66 degrees Celsius higher than usual, the Japan Meteorological Agency said on Monday. This was "the highest figure since the start of statistics in 1898", the agency said in a statement. This year is expected to be the hottest in human history as climate change accelerates, with countries including Austria, France, Germany, Poland and Switzerland each announcing their warmest September on record. Across Japan last month, 101 of 153 observation locations broke an average temperature record, including in Tokyo, with an all-time high of 26.7 degrees Celsius (80 degrees Fahrenheit), in Osaka with 27.9C and in Nagoya with 27.3C. The average temperature jump of 2.66C was "extraordinary" and "easily topped previous highs", weather agency official Masayuki Hirai told AFP on Tuesday. "If this is not an abnormally high temperature, I don't know what is," he said. French weather authority Meteo-France said the September temperature average in the country will be around 21.5 degrees Celsius, between 3.5C and 3.6C above the 1991-2020 reference period. The UK, too, has matched its record for the warmest September since its records began in 1884. The average global temperature in June, July and August was 16.77 degrees Celsius, surpassing the previous 2019 record, the European Union's Copernicus Climate Change Service (C3S) said in a report. In September, UN Secretary-General Antonio Guterres told world leaders the climate crisis had "opened the gates to hell". In his opening address at the Climate Ambition Summit, Guterres evoked this year's "horrendous heat" but stressed: "We can still limit the rise in global temperature to 1.5 degrees," referring to the target seen as needed to avoid long-term climate catastrophe. The post Japan sees hottest September since records began appeared first on Daily Tribune......»»
Rise in bank loans slows in July
The increase in loans disbursed by big banks slowed for the fourth straight month in July amid high borrowing costs after a series of aggressive interest rate hikes, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Rice price cap stays — Farmers want Diokno out over tariff proposal
The Department of Trade and Industry on Monday said Executive Order 39 which put a cap on the prices of regular and well-milled rice will stay as its possible lifting was still being discussed. DTI’s statement came as the Department of Agriculture, concurrently headed by President Ferdinand Marcos Jr., announced that 1.4-million metric tons will be added this month to the country’s rice supply. The bulk of the 1.4-million metric tons will come from local farmers, who have started harvesting their crop, and not from imports, the DA said. “Our supply remains stable. Farmers are expected to produce 1.3-million metric tons this October,” said Bureau of Plant Industry Director Gerald Glenn Panganiban in a radio interview. DTI Secretary Alfredo Pascual earlier said they will continue to monitor compliance with EO 39 — which capped the price of regular-milled rice at P41 per kilo and well-milled rice at P45 per kilo — until it is lifted by the President. Tillers seek Diokno ouster Also on Monday, Finance Secretary Benjamin Diokno said the government was presently discussing his proposal to lower rice import tariffs as part of a comprehensive strategy to stabilize the staple grain’s retail prices. Diokno’s statement came as farmers from different provinces protested in front of the Department of Finance to denounce his proposal and seek his ouster from the DoF. Diokno told reporters the review was also to prepare for a potential rice shortage due to the impact of the extended dry season caused by the El Niño weather phenomenon. “As discussions are underway, the DoF maintains its support for an appropriate policy response that promotes the greatest good for the greatest number of Filipinos,” Diokno said. Palay pricing Meanwhile, the National Food Authority Council said on Monday it has set a new selling price range for palay to increase the income of farmers while stabilizing supply. “I called for a meeting of the NFA Council to discuss how we can adjust the purchasing price of rice, both wet and dry, because we need to reevaluate the situation,” President Marcos said following a meeting by the NFA Council which he chairs. “That’s exactly what we discussed, and we decided that the buying price of the NFA from now on will be P19 to P23 (per kilo) for dry and P16 to P19 for wet palay. That was the decision of the NFA Council,” he said. The President said the palay selling price range and the retail rice price cap would stabilize the end-users’ costs for the commodity. The originally proposed P25 and P20 per kilo, respectively, for palay buying prices were too high and would spike retail prices, according to the NFA. It said the new price range would balance the profit of farmers and the rice affordability of the public. The agency said that if the buying price of dry palay was set at P23, the procurement fund needed would be P15 billion at the maximum, while if it is pegged at P25, P16 billion would be needed for palay procurement. The DA said it would support the NFA proposal, but at P23 a kilo as P25 would be too high. Cash assistance turnout Asked by the President how the NFA’s buying price would influence the market, National Economic and Development Authority Secretary Arsenio Balisacan said that at the farmgate level, the NFA procurement will be concentrated in areas where there is excess supply relative to local demand. “In that case, it can help elevate the farmgate price,” Balisacan said. Meanwhile, DTI Region IV said the first round of cash assistance distribution under the Department of Social Welfare and Development’s Sustainable Livelihood Program on 13-14 September generated a 100-percent turnout. More local government units in the province of Iloilo will have their respective payouts in the coming weeks. @tribunephl_raf @tribunephl_tiz The post Rice price cap stays — Farmers want Diokno out over tariff proposal appeared first on Daily Tribune......»»
Hoarders cry vs rice cap
Members of the rice cartel are starting to feel uneasy over steps being taken to stabilize the market after they were caught flatfooted by the price cap. President Ferdinand “Bongbong” Marcos Jr. recently signed Executive Order 39, which mandated the price of regular milled rice at P41 per kilo while well-milled rice was fixed at P45 per kilo. The strategy is to maintain the low price while the market receives a steady stream of rice from imports and the coming harvest. In effect, all the hoarded rice would be flushed out at the government-mandated price levels or lower. After the Rice Tariffication Law took effect, a well-organized lobby was launched to either rescind or amend the measure and hand back the importation monopoly to the National Food Administration. With the purchase of rice centralized in the NFA, the cartel, which had the agency’s officials on payola, was able to control the market effectively. Prices were let loose by creating distortions such as an artificial shortage, which exploited India’s announcement that it was restricting rice exports. India’s move was of little consequence since the country imports 90 percent of the staple grain from Vietnam and Thailand. Even if import prices are pushed higher, the influx of local rice, with the harvest season coming, will drive down costs. The lobby included a former Department of Agriculture official who blamed the high prices on the Rice Tariffication Law and insisted that the old system, where the NFA had sole authority to import, was better. Under EO 39, the NFA’s mandate was restricted to purchasing from local farmers. The official claimed the RTL handed the rice industry to the cartel on a silver platter. NFA’s monopoly had benefited only the cartel and the officials in its pocket. The cartel used to kill in tandem with the NFA when prices on the global market were high, as the percentages were higher. As a result of the price cap, Speaker Martin Romualdez said massive cancellations of orders from local rice traders resulted in the world market quotations trending downward. According to United States-based Market Insider, the price of rice in the world market decreased by 21 percent, from $384 per metric ton last July to $332.4 per MT this month. “It is proven that EO 39 set commendable results not only in our country but in the world as well,” Romualdez said in a statement. Based on Department of Agriculture data, the country’s rice stock is sufficient to last for months. The data showed 10.15 million metric tons of buffer stock for the rest of the year, with a 2.53-MMT surplus from the previous harvest and 7.2 MMT as the expected yield from local production. Only 410,000 MT comes from imports. The stock would be more than enough to cover the current demand of 7.76 MMT during this harvest round and will yield an ending stock of 2.39 MM that will last up to 64 days, according to DA’s report. Romualdez said massive cancellations by rice traders and importers in the Philippines resulted in the world market’s deluge of available rice stocks. The Philippines was recently reported by the United States Department of Agriculture to have overtaken China as the biggest rice importer worldwide. “It is obvious that the upsurge in prices was artificial because our inspections showed that rice stocks were being held in warehouses,” Romualdez said. He recently led an inspection of the most extensive rice warehouses in Luzon that resulted in the discovery of huge stocks suspected to have been kept from the market. The price cap will hold as local harvests start flooding the market. By then, the hoarders will be forced to sell at a loss, thus increasing availability. Then another law will take over — that of supply and demand — that will further lower the price of rice. The post Hoarders cry vs rice cap appeared first on Daily Tribune......»»
Oil prices rise to 10 month-high on China reserve ratio cut
SINGAPORE – Oil prices rose to their highest level in 10 months on Friday, after China cut banks’ cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Brent crude rose 46 cents, or 0.5 percent, to $94.16 as of 0027 GMT, while.....»»
Rice price spike offers preview of climate food disruption
A 15-year high in rice prices, prompted by top exporter India's restrictions on overseas sales, should be a wake-up call on how climate change can disrupt food supplies, experts say. Rice prices jumped 9.8 percent in August, bucking decreases in other staples, the Food and Agriculture Organization said last week. That followed the July decision by India, which accounts for 40 percent of global rice exports, to ban the overseas sale of non-basmati rice. The government cited soaring domestic prices for the staple, caused by geopolitics, the El Nino weather pattern and "extreme climatic conditions." This year is expected to be the hottest in human history, and the impacts of the seasonal El Nino weather pattern could make conditions even harsher. Despite severe flooding in parts of northern India, this August was the country's hottest and driest on record. The monsoon season that brings up to 80 percent of the country's annual rain has been far below normal levels. India's July restrictions followed a decision last September to ban exports of another variety of rice that is a staple in parts of Africa. Up to eight percent of global rice exports for 2023/24 could now be taken out of the market, according to analysis by BMI, Fitch Group's research arm. - Drought fears - For now, the crisis offers an opportunity for India's rivals, including number two and three exporters, Thailand and Vietnam. Both have increased exports this year, with Nguyen Nhu Cuong, an official with Vietnam's agriculture and rural development ministry, touting a "bumper crop" and plans to increase planting. But the dry conditions that tend to accompany El Nino mean smooth sailing ahead is unlikely, warned Elyssa Kaur Ludher, from the ISEAS-Yusof Ishak Institute's Climate Change in Southeast Asia program. "My question is whether they can continue to do this once El Nino comes into force towards the end of this year, when water becomes more scarce," she told AFP. "I think the end of this year and especially the beginning of next year will be very, very tough," she added. A naturally occurring weather phenomenon, El Nino typically lasts nine to 12 months and is expected to strengthen late this year. Even before India's latest restrictions, its effects were boosting rice export prices, according to BMI. And in Thailand, national rainfall levels are currently 18 percent lower than expected for the time of year, the Office of National Water Resources said this month. Late rains could still make up the difference, but the agency said it is "concerned about a drought caused by El Nino." - 'New normal' - The consequence is one of price rather than supply, said Charles Hart, agricultural commodities analyst at Fitch Solutions. "This is not a running out of rice moment," he stressed, noting India's restrictions have not been followed by other exporters. Instead, the situation is likely to force the drawdown of stocks rebuilt after pandemic-era depletions, and prompt importers to seek new deals and impose local limits. Top importer the Philippines this month signed a deal with Vietnam to help stabilize supply, days after announcing a national price cap. For some though, unaffordable prices amount to the same as a lack of supply: less food. "It's not just a food availability issue, but it's also a social stability issue, it's a political issue," said Ludher. The current disruptions should be a wake-up call for policy-makers, she added, with more attention needed to the plight of farmers across various sectors. Climate change can affect productivity, with lower crop yields as temperatures rise, but also increases the likelihood of extreme events like the 2022 Pakistan floods. "Global grain export markets are relatively concentrated, so that kind of extreme weather risk accumulates in a few markets," Hart added. In India, policymakers need to develop better early-warning systems and new planting patterns, said Avantika Goswami, a climate change researcher at the Centre for Science and Environment. "Erratic weather patterns are the new normal," she told AFP. "Now, it's a case of early adaptation. In the long-term, global emissions have to come down." burs-sah/ssy © Agence France-Presse The post Rice price spike offers preview of climate food disruption appeared first on Daily Tribune......»»
Chipmaker Arm aims for $52-B valuation in NY listing
British chip maker Arm, owned by Japan's SoftBank, will target a valuation of up to $52 billion when it lists on the New York Stock Exchange later this month, the company said Tuesday. The company is looking to raise between $4.5 and $5.2 billion in its initial public offering (IPO), it announced in a filing, which would make it one of the largest tech IPOs in recent years. Arm is a world leader in designing chips that are used in smartphones across the world and aims to be a major player in artificial intelligence. Arm's IPO comes on the heels of a surge in the share price of chipmakers like Nvidia amid a boom in interest in companies building the hardware needed for AI to flourish in the wake of the successful launch of the chatbot ChatGPT. Rare tech IPO Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months, as rising interest rates have pushed traders to take less risky financial decisions. In 2022, the number of IPOs worldwide fell by more than 60 percent year-on-year, while the value of these deals dropped by 45 percent. Under these conditions, Arm's deal would be one of the largest IPOs in the tech sector since Alibaba's Wall Street IPO in 2014, which raised $25 billion at the time. The valuation target announced by Arm on Tuesday is much lower than SoftBank's earlier estimate of more than $60 billion. However, it is still considerably more than the approximately $32 billion Softbank paid for Arm back in 2016. Majority shareholder The document filed with the US Securities and Exchange Commission said more than 95 million shares would initially be offered on the Nasdaq exchange at a price of between $47 and $51 per share. The number of shares listed could rise up to 102.5 million in case of strong demand. All of the shares being sold are existing shares owned by Softbank, and all of the money from the IPO would go to the Japanese company. Softbank will continue to own around 90 percent of the company after the listing. Tech giants including Nvidia, Apple, Samsung Electronics, and Intel are interested in investing in Arm once the company is listed, according to numerous press reports. Arm will remain headquartered in the British city of Cambridge and may consider a second listing on the London Stock Exchange, where it was previously listed before its takeover by Softbank in 2016. Founded in 1990, the British company has some 6,000 employees in Europe, Asia, and the United States. Its sales for 2022 were stable at $2.7 billion. Its processors "provided cutting-edge computing for over 99 percent of the world's smartphones" the company said in 2022, estimating that "around 70 percent of the world's population uses products" based on its technology. Arm's parent company SoftBank has experienced numerous difficulties in recent years. Its most high-profile failure came with the dramatic collapse of the American shared office giant WeWork. Once valued at $47 billion, WeWork saw its valuation plummet amid investor concerns over its corporate governance under its controversial chief executive Adam Neumann. The post Chipmaker Arm aims for $52-B valuation in NY listing appeared first on Daily Tribune......»»
Phl inflation hit 5.3% in August
The Philippine inflation rate accelerated in August due to higher prices of rice and fuel, ending a six-month streak of slowdown and making the central bank reevaluate its decision to pause interest rates. Preliminary data released by the Philippine Statistics Authority on Tuesday showed that the country's headline inflation reached 5.3 percent in August, surpassing the 4.7 percent rate recorded in July. The country's headline inflation also called the consumer price index, is above the 5 percent forecast of economists in a DAILY TRIBUNE poll but within the central bank's 4.8 percent to 5.6 percent projection for the month. But the country's core inflation, which excludes the volatile energy costs, eased to 6.1 percent in August from the previous month's 6.7 percent. This brings the average core inflation from January to August 2023 to 7.4 percent. Core inflation was observed at 4.6 percent in August 2022. In a press briefing, National Statistician and PSA Undersecretary Dennis Mapa noted the higher prices of rice, which weigh heavily in the consumer price index. “The acceleration of food inflation in August 2023 was mainly brought about by the higher year-on-year growth rate observed in rice at 8.7 percent from 4.2 percent in July 2023,” Mapa said. In response to rising retail costs and concerns about merchant stockpiling, President Ferdinand Marcos Jr. has limited the price of the basic commodity. The Philippines set rice price caps to control food costs, and they would last as long as the government deemed it necessary. The country's economic planning secretary said that the Philippines, one of the top importers of rice in the world, may drop tariffs on the grain to help lower domestic expenses in response to the unexpected increase in consumer prices in August. The country’s chief economic planner has also called for a review of the existing tariff levels on rice to help lower the cost of this staple for consumers while considering the impact of this intervention on local producers. “To partially counterbalance the rise in global prices and alleviate the impact on consumers and households, we may implement a temporary and calibrated reduction in tariffs,” National Economic and Development Authority Secretary Arsenio Balisacan said in another statement. Meanwhile, food inflation nationwide increased to 8.2 percent in August 2023 from 6.3 percent in July 2023. Food inflation was lower at 6.5 percent in August 2022. PSA said transportation prices increased 0.2 percent during the month after declining 4.7 percent annually in July. For context, the Light Rail Transit Authority raised fares during the month. LRTA increased the single journey ticket minimum fares for both LRT1 and LRT2a to P15 while maximum fares have gone up as high as P35. In August, oil companies raised diesel prices by almost P10 and gasoline by almost P6. ING economist Nicholas Mapa said rice, transport, and electricity costs will determine the inflation path for the next few months. While he expects the BSP to stay on hold, he said in a post on platform X (formerly Twitter) that it "could consider a hike if this becomes a trend." Following the data, the Bangko Sentral ng Pilipinas said in a statement it "stands ready to adjust the monetary policy stance as necessary" to prevent the broadening of price pressures and the emergence of additional second-order effects. The post Phl inflation hit 5.3% in August appeared first on Daily Tribune......»»
Onion farmers seek imports freeze
Onion farmers on Monday asked the Department of Agriculture to delay importation as they argued local stocks are still enough until December and onion prices had fallen. Efren Alvarez, an onion farmer in Nueva Ecija, said importing onions is unnecessary as local stocks in cold storage could last until the first week of December. He added farmers will start planting the next season this month which can be harvested in the last week of the same month. “We still have a lot of onions in cold storage facilities. We have not sold them for seven months now,” he said in a forum with agriculture officials. “There will still be onion supply in the last week of December if heavy rains do not damage the crops,” Alvarez added. With the high volumes of imported onions, Alvarez said local farmers have been earning less or below the range of P100 to P170 per kilo. These statements came after the DA allowed in August the importation of 6,152 metric tons of yellow onions, out of which 196 metric tons already arrived in the country. Agriculture officials expect the rest of the imported onions to follow in the next few months. “We request the government to delay the release of imported onions into the market so we can sell our stocks. The release of permits for imported onions came at the wrong time,” Alvarez said. DA spokesperson Rex Estoperez said the government will extend its discussions with other stakeholders to ensure there is no oversupply of onions and to maintain a healthy balance between the farmer incomes and the amount consumers are able to pay. “It’s possible that too much imported onions are flooding the market which has lowered farmer incomes, and we’ll be looking into possible leaks of supply from imported onions,” he said. He added that imported onions can be stored further to give way to local onions. “Onions can be stored for four months and still remain edible,” Estoperez said. He stressed the government seeks imported onions to ensure there will be no supply shortage, especially in the next quarter this year when Filipinos will be gathering over food for Christmas celebrations. “We don’t want onion prices to surge, similar to what happened in December last year when prices reached P700 to P800 per kilo. And so I also ask you to not try to hide onions for profiteering,” Estoperez said. The post Onion farmers seek imports freeze appeared first on Daily Tribune......»»
US commerce secretary meets Chinese counterpart in Beijing
US Commerce Secretary Gina Raimondo met with her Chinese counterpart in Beijing on Monday, saying it was "profoundly important" for the world's two biggest economies to have a stable relationship. Her visit is the latest in a series of high-level trips to China by US officials in recent months as Washington works to cool trade tensions with Beijing. The trips could culminate in a meeting between their leaders, with US President Joe Biden saying recently that he was expecting to sit down with China's Xi Jinping this year. Raimondo met on Monday morning with Chinese Commerce Minister Wang Wentao, describing the economic relationship between the two countries as "the most significant in the world". "We share $700 billion dollars of trade and I concur with you that it is profoundly important that we have a stable economic relationship," she said, according to a readout from the US Commerce Department. "It's a complicated relationship; it's a challenging relationship," she told Wang. "We will of course disagree on certain issues, but I believe we can make progress if we are direct, open, and practical." Raimondo arrived in Beijing on Sunday and was met by Lin Feng, the director of the commerce ministry's Americas and Oceania department, as well as US ambassador to China Nicholas Burns. In posts on the social media platform X, Raimondo said she was "looking forward to a productive few days". During her trip, she will also travel to China's economic powerhouse Shanghai, the US Commerce Department said. She will leave on Wednesday. Trade tensions Relations between the United States and China have plummeted to some of their lowest levels in decades, with US trade curbs near the top of the laundry list of disagreements. Washington says they are crucial to safeguarding national security, but China sees them as seeking to curb its economic rise. This month, Biden issued an executive order aimed at restricting certain US investments in sensitive high-tech areas in China -- a move Beijing blasted as being "anti-globalisation". The long-anticipated rules, expected to be implemented next year, target sectors such as semiconductors and artificial intelligence. US Treasury Secretary Janet Yellen sought to reassure Chinese officials about the expected curbs during a visit to Beijing last month, promising that any new moves would be implemented in a transparent way. And Raimondo on Monday told Chinese officials that while there was "no room to compromise or negotiate" on US national security, "the vast majority of our trade and investment relationship does not involve national security concerns". "We believe a strong Chinese economy is a good thing," she said. In June, US Secretary of State Antony Blinken travelled to Beijing, where he met Xi and said progress had been made on a number of key sources of contention. US climate envoy John Kerry also visited China in July. But none of the visits led to major breakthroughs, and a recent Camp David summit between the United States, South Korea and Japan aimed in part at countering China sparked condemnation from Beijing. Following that summit, Biden said he still expected to meet Xi this year. The US president is inviting the Chinese leader to San Francisco in November, when the United States holds a summit of the Asia-Pacific Economic Cooperation forum, which includes China. They could also potentially meet next month in New Delhi on the sidelines of a G20 summit. The post US commerce secretary meets Chinese counterpart in Beijing appeared first on Daily Tribune......»»
COVID-19 Cases Reach Eight-Month High in Buncombe County, Test Availability Remains Limited
Title: Buncombe County Records Steepest COVID-19 Surge Since December Buncombe County, NC: The steady rise of COVID-19 cases in Buncombe County over the past few.....»»
Japan to decide Tuesday on Fukushima water release
The Japanese government will decide on Tuesday about the release of treated water from the crippled Fukushima nuclear plant into the sea, the government minister in charge said. Around 1.34 million tons of water, equivalent to more than 500 Olympic swimming pools, have accumulated since the Fukushima plant was knocked out by an earthquake and tsunami that killed 18,000 people in 2011. Plant operator TEPCO says that with around 1,000 steel tanks now full, space has run out and that it wants to gradually start discharging the water into the Pacific via a one-kilometer (half-a-mile) underwater pipe. "We would like to hold a meeting of the relevant ministers tomorrow (Tuesday) in order to make a decision on the commencement of the water release after confirming the status of efforts to ensure safety and to address reputational damage," Yasutoshi Nishimura, economy, trade and industry minister, told a news conference on Monday. "Relevant ministers will discuss and share information on what next steps should be taken, and based on these discussions, we would like to make a decision about the timing," he said. A TEPCO official said at a separate news conference that, once the government decision is taken, the release would begin "one to two days" later. The government had said it planned to begin releasing the water before the end of the summer. Diluted and filtered The water has collected in the past 12 years from water used to cool three melted-down reactors, combined with groundwater and rain at the site in northeast Japan. TEPCO says that it has been diluted and filtered to remove all radioactive substances except tritium, which is far below dangerous levels. The plan has been endorsed by the UN atomic watchdog, which said in July it would have a "negligible radiological impact on people and the environment". "Tritium has been released (by nuclear power plants) for decades with no evidential detrimental environmental or health effects," Tony Hooker, nuclear expert from the University of Adelaide, told AFP. Environmental pressure group Greenpeace says, however, that the filtration process is flawed and that an "immense" quantity of radioactive material will be dispersed into the sea over the coming decades. 'Sewer' Beijing has accused Tokyo of treating the ocean like a "sewer". China -- Japan's biggest market for seafood -- has banned food shipments from 10 Japanese prefectures and imposed radiation checks on imports from elsewhere. These time-consuming checks have already led to a 30-percent slump in Japanese seafood imports into China last month, Japanese and Chinese media reported, citing Chinese customs data. Hong Kong, an important market for Japanese seafood exports, has also threatened restrictions. Many in Japan's fisheries industry worry therefore that the discharge will do renewed massive damage to the reputation of Japanese seafood abroad. "Nothing about the water release is beneficial to us," third-generation fisherman Haruo Ono, 71, whose brother was killed in 2011, told AFP in Shinchimachi, 60 kilometers (40 miles) north of the nuclear plant. Prime Minister Fumio Kishida has promised a 30-billion-yen ($200-million) fund to compensate local fishermen for reputational damage. He said on Monday after meeting Masanobu Sakamoto, head of the national fisheries cooperative, that the government has "made every possible preparation to ensure the safety, prevent reputational damage and help keep people's livelihood afloat, and we have been offering explanations to that end". Japan has spent months trying to win over public opinion at home and abroad, with everything from livestreaming fish living in the treated water to efforts to counter online disinformation. Public concern also remains high in South Korea but its government, which has sought to thaw ties with Japan, said its review of the plan found it in line with international standards. The release of the treated water -- a maximum of 500,000 liters per day, TEPCO says -- is just one stage of the clean-up. The far more dangerous task remains of removing radioactive debris and highly dangerous nuclear fuel from the three reactors that went into meltdown. The post Japan to decide Tuesday on Fukushima water release appeared first on Daily Tribune......»»
Drug gangs war shakes French city
A bloody rivalry between two drug gangs in Marseille on France’s Mediterranean coast has claimed the lives of dozens of people this year, targeted in brazen attacks sometimes carried out by teenagers, according to police. The two gangs, “Yoda” and “DZ Mafia” are vying for control of the drug market in the notorious northern neighborhoods of France’s second biggest city. Since the start of the year, 36 people have died in the gang war, according to an Agence France-Presse count, already five more than in all of 2022. “It’s a bloodbath,” the city’s state prosecutor Dominique Laurens said back in April. Since then, there has been another surge in murders, with 12 people killed over the past month alone. The latest target was a 30-year-old man gunned down with a Kalashnikov assault rifle in northern Marseille Tuesday night. “This is nothing less than a new round in the fight between Yoda and DZ Mafia,” police prefect Frederique Camilleri told reporters Wednesday. The two gangs were behind 80 percent of the total of 68 gang-related killings or attempted killings in Marseille this year, she added. Some of the victims and perpetrators are teenagers, like a 17-year-old beaten to death by 30 attackers in the Marseille high-rise project known as La Paternelle. The killing was live-streamed on Snapchat, a messaging app. Camilleri said while murders linked to the drug trade used to be about the expansion of territory — such as the takeover of a dealing spot — they were now mostly about striking terror in their rivals. WITH AFP The post Drug gangs war shakes French city appeared first on Daily Tribune......»»
50% chance 2023 will be warmest year on record — NOAA
There is a nearly 50 percent probability that 2023 will be the warmest year ever recorded and next year could be even hotter, US government climate experts said Monday. "2023 to date has been the third warmest on record," National Oceanic and Atmospheric Administration (NOAA) chief scientist Sarah Kapnick told reporters. "It is virtually certain -- over 99 percent chance -- that 2023 will rank among the five warmest years on record with a nearly 50 percent probability that 2023 will rank warmest on record," Kapnick said. Gavin Schmidt, director of the NASA Goddard Institute for Space Studies, said next year could be even hotter than this year because of the Pacific warming phenomenon known as El Nino. "The biggest impact of El Nino will actually occur in 2024," Schmidt said. "So we're anticipating that not only is 2023 going to be exceptionally warm and possibly a record warm year, but we anticipate that 2024 will be warmer still." The European Union's climate observatory Copernicus reported last week that July was the hottest month ever recorded on Earth, and NOAA figures released on Monday were in line with the EU data. "The average global surface temperature in July was 2.02 degrees Fahrenheit (1.12 degrees Celsius) above average, ranking it as the warmest July in NOAA's 174-year record," NOAA said. NOAA also said that global ocean surface temperatures hit a record high in July for a fourth consecutive month, as El Nino conditions that emerged in June continued. Kate Calvin, NASA's chief scientist and senior climate advisor, said "climate change is having impacts on people and ecosystems all around the world. "Along with changes in temperature, we're experiencing other changes in climate like sea level rise, declines in Arctic sea ice, wildfires, heavy precipitation events, and more," Calvin said. Bill Nelson, the administrator of the US space agency, said it is "self-evident that the Earth is heating up. "Mother Nature is sending us a message," Nelson said. "And that message is we better act now, before it's too late to save our climate, in other words, to save our planet." The post 50% chance 2023 will be warmest year on record — NOAA appeared first on Daily Tribune......»»