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Bargain hunting boosts stock market
Bargain hunting propelled the stock market to open the week on a high note after last week’s steep drop......»»
Last-minute buying buoys share prices
he stock market eked out a slim victory yesterday due to last-minute bargain hunting......»»
Bargain hunting props up share prices
The stock market returned to its winning ways yesterday as investors gobbled up bargains......»»
Philippine stocks rise on bargain hunting
The Philippine stock market sustained its upward trajectory as investors continued to gobble up bargains......»»
Bargain hunting lifts stocks anew
Stocks continued to rally this week, ending higher yesterday as investors took the cue from the central bank’s decision to hold interest rates steady......»»
Still an Avid Online Shopper? 8 Things You Need to Stop Doing Now
The online sale events happening predictably every month, courtesy of the country’s top e-commerce platforms, is a clear indication that online shopping is very much alive in the Philippines. With the irresistible lure of convenience and scoring bargain deals, Kaspersky recommends Filipino online shoppers not to stop shopping but to quit eight things to keep […].....»»
Asian markets fall on rate fears as bond yields rise
Asian markets fell across the board Wednesday following Wall Street's lead after robust US employment data and rising Treasury yields exacerbated fears that interest rates will be higher for longer. The labor report, known as JOLTS, showed a surprise increase in the number of job openings to 9.6 million, a sign of continued tightness in the market and fuelling worries of a further rate hike by the Federal Reserve before year's end. The report comes ahead of Friday's highly anticipated September US employment report. Following the JOLTS report, 10-year US Treasury note yields climbed to levels last seen in 2007. Treasury bond yields are seen as a proxy for US interest rates and are closely watched. All three major US indices closed in the red, falling by more than one percent. "Stock market investors were sent reeling after US job openings unexpectedly rebounded in August, adding to concerns that the Federal Reserve could hike rates in November but unquestionably maintain elevated borrowing costs for an extended duration," said SPI Asset Management's Stephen Innes. Tokyo and Seoul, which resumed trade after a long holiday weekend, led the Asian selloff Wednesday, both falling around two percent, while Hong Kong, Taipei, Jakarta, Singapore, Sydney, and Wellington were all sharply lower in a sea of red. Markets in mainland China were closed for a week-long holiday. "It is difficult (for investors) to move towards bargain-hunting as yields in US Treasury notes keep climbing," analyst Shutaro Yasuda of Tokai Tokyo Research Institute said. On forex markets the yen was trading at 149.28 to the dollar after hitting 150.16 in London on Tuesday, its weakest level in a year. Japan's top finance officials declined to comment Wednesday on whether Tokyo had intervened to support the yen after it had breached the psychological 150 level. In recent months, the yen has plummeted against the dollar in part because of the widening gap in interest rates set by the Bank of Japan and the US Federal Reserve. The post Asian markets fall on rate fears as bond yields rise appeared first on Daily Tribune......»»
Stocks rebound on bargain hunting
The local stock market bounced back yesterday as the benchmark Philippine Stock Exchange index closed in the green, gaining 53.67 points or 0.89 percent to 6,094.71......»»
Stocks inch up on bargain hunting
The local stock market continued its positive momentum, following last Friday’s rebound as investors seek fresh leads......»»
Travel Sale Expo 2023 all set to open on 29 Sept
Organizers of The Travel Sale Expo 2023 has shifted into high gear its preparations for a successful opening on 29 September 2023 at the Megatrade Hall, SM Megamall. One Klik Events, the organizer of Travel Sale Expo 2023 is leaving no stone unturned to ensure a grand and unforgettable 3-day travel sale expo. For the exhibit area, it is almost 100% full despite having one more month to go. Organizers are excited that come opening day, they can welcome guests and visitors to a full house. This guarantees the public that they have more than enough exhibitors that will offer a wide range of choices on travel services, special package tours and budget travel fares. The Travel Sale Expo 2023 is organized by seasoned practitioners in the travel industry. They have decades of experience working in different sectors of travel industry and most importantly they have successfully managed several travel expos in the past. Thus, it is no surprise they readily got the support of several stakeholders in the tourism industry such as UnionBank of the Philippines, Tourism Congress of the Philippines (TCP), Global Tourism Business Association (GTBA), Israel Ministry of Tourism, Israeli Chamber of Commerce of the Philippines (ICCP), Hotel 101, United Airlines, Airswift, Philippine Airlines, Guam Visitors Bureau, Tourism Malaysia, Indochina Unique Tourist-Vietnam, BLS International, Philippine Amusement Entertainment & Corporation (PAEC), Travelution, Jeju Air, Converge ICT Solutions Inc., Uniqlo, Annapoorna Phils., Mix Caricature, Klik n’ Fly Travel and Tours, Soandos Travel, Embassy of Egypt, Resorts World Cruises and Megaworld Corporation. With an exciting theme of “Travel is on and It is Unstoppable”, the Travel Sale Expo 2023 will invest its time and effort on special programs it will steadily pursue. It aims to provide the travel needs of the public as well to help the government promote the tourism industry in general. “We want to support the programs of the Tourism Department of the Philippines to generate more business for the industry and help achieve the projected tourist arrivals of 4.8 million for this year”, Ms. Michelle Taylan, Chairperson of the Travel Sale Expo 2023 explained. The Travel Sale Expo 2023 is scheduled to open its doors to the general public on 29 September 2023 to 1 October 2023 at the Megatrade Hall, SM Megamall, Mandaluyong City. It will host about 150 exhibitors from the travel industry like travel agencies, tour operators, airlines, hotels, resorts, cruise liners, insurance companies, amusement parks, museums and retailers of travel-related products. Each exhibitors will have the chance to showcase its travel services to the public while visitors will be busy bargain-hunting for low travel fares and special tour packages. It is estimated that about 50,000 attendees will visit the three-day travel expo. The Travel Sale Expo 2023 is green and go! For budget-conscious travelers, this is the place to be. The post Travel Sale Expo 2023 all set to open on 29 Sept appeared first on Daily Tribune......»»
Sell no casino
As a take-off point, let us quote Abraham Lincoln’s words on the legitimate object of government, viz., “It is to do for a community of people whatever they need to have done, but cannot do in their separate and individual capacities.” In the case of privatizing Pagcor down to some 45 casinos, it would appear that the “bargain of government spending” is framed along Adam Smith’s theory — “Give me this which I want and you shall have this which you want.” Privatization simply means removal of responsibilities, activities, or assets from the collective realm, but are there not “risks and rewards when we put public tasks into private hands?” All of a sudden — from out of the blue — this government plan to auction off Pagcor is quite disconcerting unless national survival has become a central concern. Rep. Rufus Rodriguez rightly questions, thus, “Why do we sell the goose that lays the golden egg?” Specially so since the agency’s forthcoming net gains are on the uptrend (i.e., P59 billion in 2022 and an estimated P75 billion by the end of this year). So far, the alibi of government is that by selling its casinos — lock, stock, and barrel — Pagcor’s role as “gaming regulator-cum-operator” becomes purely as regulator. In other words, there is that “revolving door problem” which should be avoided. Even granting that this could be a tenable argument for privatization — though never heard of — what would the backlash be? As far as the role of the Governance Commission for GOCCs is concerned, a public enterprise like Pagcor should only be privatized, if and only if, there’s a “government failure;” when it fails to generate revenues for the state; when it becomes reduced to a “non-performing asset;” when it shows “poor grades” in its Corporate Governance Scorecard. Thus, to privatize Pagcor absent these parameters should be interpreted as “implied contempt for government bureaucracy,” albeit misplaced. The sale of the casinos would fetch about P60 to P80 billion — practically within the same threshold of profit intake for any given year, give or take. In recent weeks, it’s as though the Senate’s over-fixated concerns with Pagcor were the POGOs (Philippine offshore gaming operators) alleged as fronts for human trafficking, kidnapping, other sorts of lawlessness. After privatizing the Pagcor casinos, will all these problems then go away? Bottom line, who in his right mind can say that Pagcor isn’t doing any better given that it contributes half of its revenues to the national coffers (i.e., in taxes) and mandated beneficiaries. It is said to be one of the government’s “staunch allies in nation building” and one of the biggest revenue generators. With the casinos out, who will shoulder the fiscal void created when “funded mandates” shift back to becoming unfunded? As a consequence of privatizing the casinos, there will be a number of national government agencies, local government units, non-government organizations, peoples’ organizations, a number of taxes, duties, licenses, fringe benefits — that taken together would no longer bring a “bundle of joy” to mandated beneficiaries who were allocated such subsidies over the years. The next thing that will ensue is the stark truth that Pagcor would cease to be a “responsible partner of the Filipino” — once privatization cuts the umbilical cord of subsidy dependence. In the next cycle, Pagcor would slide down from third place among GOCCS that remit the highest government contribution. As a rule, no GOCC belonging to so-called “billionaires club” should close shop without more justifiable grounds. In short, it should come last in privatization’s pecking order. There’s clearly no compelling reason to sell off the Pagcor casinos by public auction if the projected proceeds to be generated thereof are practically equivalent to the profit intake of any given year. Again, it escapes comprehension why only a handful of policy makers are against this self-inflicted move. The new pack of most-favored operators will quickly recoup their money without needing to gild the lily. What luck! The post Sell no casino appeared first on Daily Tribune......»»
Index rebounds amid bargain hunt
Bargain hunting fueled a recovery at the local bourse as it gained by 74.18 points or 1.17 percent on Wednesday to 6,410.09. Market sentiment received an added boost from the first half 2.9 percent growth in cash remittances, even though slightly missing the government’s target of 3 percent growth for the year. Philstocks Financial Assistant Research Manager Claire Alviar said many investors remained on the sidelines, with a net market value turnover of P3.78 billion, as investors awaited the policy meeting of the Bangko Sentral ng Pilipinas. Banks receive beating The banking sector was the sole loser, down by 0.18 percent while the mining sector led the gainers among the indices, increasing by 1.85 percent. For index members, Universal Robina Corporation emerged as a front-runner, gaining 4.96 percent to P124.90 while PLDT Inc. had the biggest loss, dropping by 2.06 percent to P1,234.00. The post Index rebounds amid bargain hunt appeared first on Daily Tribune......»»
Stocks finish higher on bargain hunting
The Philippine stock market opened the week on strong footing as investors picked up bargains......»»
Stocks recover on bargain hunting
Stocks rebounded from Wednesday’s selloff as local investors ignored Wall Street’s plunge and scouted for bargains amid solid corporate earnings results......»»
Aftermath of Heidi’s falsehood (2)
Upon a careful study of the case, vis-à-vis the evidence of the prosecution, it was an honest and sincere assessment that the plea bargaining agreement approved by Wendell Sulit was in the best interest of the State under the circumstances. Sulit was the dismissed prosecutor in the plunder trial on the plea bargaining deal with Armed Forces of the Philippines comptroller Gen. Carlos Garcia. The prosecution had no evidence to prove the material allegation in the information that the general had received kickbacks and commissions from suppliers and contractors of the AFP. Thus, faced with the prospect of accused Garcia being acquitted and walking free with his ill-gotten wealth, the prosecution was forced to take the best available alternative remedy of a plea bargain to save the government from the dismissal of the plunder case. The agreement would result in two criminal convictions — for bribery and violation of the Anti-Money Laundering Law. All existing and identified properties would be recovered and transferred to the government. This would work for the benefit of the government because about 85 percent to 90 percent of the properties under litigation for recovery were in the names of the other co-accused, the wife and children of Garcia over whom the Sandiganbayan had yet to acquire jurisdiction. It was a condition for the approval of the plea bargaining agreement that all identified properties must first be turned over and/or transferred to the Republic of the Philippines. Thus, there was a 100-percent assurance that the interest of the State would be protected. Sulit never gave any undue advantage to the accused Garcia nor was the agreement made for the convenience of Garcia. The truth of the matter was that all the publicity and media blitz was intended to hide the real story that former Ombudsman Marcelo had failed to conduct a good and complete investigation, had failed to gather the required evidence, and had filed a case merely based on personal belief, conclusions, and assumptions without any concrete evidence “to support the same during the trial of the case.” To reiterate, the recommendation of Sulit was still subject to the approval of then-Ombudsman Merceditas Gutierrez. However, notwithstanding the approval of former Ombudsman Gutierrez, the PBA was not yet self-executory as it was still subject to the approval of the Sandiganbayan. Thus, when the PBA was approved by the Sandiganbayan, was it legally proper and fair to impute liability to the persons who merely recommended an act that was approved by a competent court? Keen observers opined that the drama and antics of Heidi Mendoza influenced President Simeon Benigno Aquino III. Mendoza’s insinuation that Sulit gave undue advantage to Garcia and that the PBA was made for his convenience was a total falsehood. The truth was that all the publicity and media blitz starring the Crying Lady, Heidi Mendoza, were intended to hide the real story as stated earlier. The Court of Appeals turned down the findings of the Office of President Noynoy Aquino, that Sulit’s approval of the plea bargaining agreement with Garcia was unlawful. At the end of Noynoy’s term as president, the Court of Appeals ruled: “The fact that the deal was approved by the Sandiganbayan made it aboveboard and within the process mandated by law.” “The act of the Office of the President in determining the probative value of the evidence presented in the cases of plunder and money laundering in the administrative proceedings was not only misplaced and uncalled for but also constituted an encroachment on the judicial power. The authority rests solely upon the appropriate court — in the Sandiganbayan.” (To be continued) The post Aftermath of Heidi’s falsehood (2) appeared first on Daily Tribune......»»
Bargain hunting halts PSEi’s 5-day downturn
Local shares snapped a five-day downturn yesterday as investors picked up bargain stocks, lifting the main index out of a three-month low......»»
Bargain hunting lifts stocks amid Fed pause
Local stocks moved in parallel with other Asian bourses yesterday as the US Federal Reserve paused rate hikes while flagging more, drawing attention to the contrast with more dovish policy outlooks in Asia......»»
Stocks recover on bargain hunting
The Philippine stock market closed in the green yesterday following a strong comeback as investors scooped up bargains......»»
Taiwanese wanted for fraud nabbed
The Bureau of Immigration yesterday reported the arrest of a Taiwanese wanted in Taipei for large-scale fraud. BI Commissioner Norman Tansingco identified the fugitive as Yin Chih Chou, 40, who was arrested last 11 May inside a condominium unit along Adriatico Street, Ermita, Manila. Tansingco said that the BI Fugitive Search Unit operatives were armed with a mission order during the arrest of Chou, due to the request of the Taiwanese authorities. He added that Chou will be deported as soon as the BI Board of Commissioners issues the order for his summary deportation. Chou’s name will also be included in the BI blacklist, and he will be perpetually banned from re-entering the country, Tansingco said. Tansingco added that Chou will also be deported for being an undocumented and overstaying alien, as his passport was already revoked by the Taiwanese government. The record showed that Chou arrived in the country on 19 July 2018 and has never left since then. According to BI-FSU acting chief Rendel Ryan Sy, based on the information obtained from the Taiwan Economic and Cultural Office, an arrest warrant for fraud was issued against Chou by the Taiwan Hsinchu district prosecutor’s office two months before he fled to the Philippines. Sy added that Chou allegedly enticed his victims to give him money, which he would purportedly use to buy fine goods and luxury items at bargain prices. The victims reportedly received their money via dummy accounts opened by Chou, which he then pocketed and absconded with. Chou is presently detained at the BI’s holding facility in Camp Bagong Diwa, Taguig City, pending deportation proceedings. The post Taiwanese wanted for fraud nabbed appeared first on Daily Tribune......»»
Stocks inch up on bargain hunting
The Philippine stock market finished in positive territory yesterday as investors picked up bargains and cheered the strong quarterly corporate results......»»