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Investors take profits ahead of Holy Week break
The stock market fell below the 6,900 level once more to end the week in the red as investors cashed in on their profits......»»
Shares gain anew on rate cut hopes
The stock market advanced for a second consecutive session yesterday, buoyed by indications that the vs Federal Reserve will make interest rate cuts later this year......»»
Trending tickers: Trump Media, Tesla, Bitcoin and DS Smith
Former US president Donald Trump’s media firm, Trump Media & Technology Group, had a successful stock market debut in New York, with shares soaring past.....»»
UAAP volleyball enters break amid wide-open semis race
It’s the calm before the storm as teams embark on a much-needed pause ahead of an expected all-out race to the UAAP Season 86 volleyball tournaments Final Four......»»
Bargain hunting ends 2-day slump
The stock market broke out of its two-day slump yesterday as bargain hunters buoyed share prices......»»
Blue Eagles coach tempers Final Four expectations amid momentum
Ateneo Blue Eagles head coach Sergio Veloso is not getting ahead of himself as his team is slowly showing its form in the UAAP Season 86 women’s volleyball tournament......»»
Why Trump May Benefit from Truth Social Stock Market Merger
A recent study has shed light on the negative effects of excessive screen time on children’s development. Researchers have found that children who spend extended.....»»
Social Media Firms Shares Soar in Stock Market Debut
India’s GDP Growth Rate Drops to 4.7% in Latest Quarter According to provisional data released by the Central Statistical Office, India’s GDP growth rate has.....»»
LTFRB issues over 1,000 special permits to PUVs ahead of Holy Week
To ensure the smooth travel of Filipinos during Lenten season, the Land Transportation Franchising and Regulatory Board (LTFRB) announced the approval of special permits to 1,021 public utility vehicles (PUVs)......»»
T-bill rates climb ahead of BSP meet
The government upsized its sale of short-term securities yesterday to P17 billion, even after rates picked up ahead of the policy decision of the Bangko Sentral ng Pilipinas this week......»»
Stocks climb ahead of January inflation
The stock market started the week on a positive note as the main index stayed above the 6,700 level ahead of today’s January inflation report......»»
DOH: Kwitis burns unsuspecting 72-year-old as firecracker injuries climb to 107
Injuries due to pyrotechnic devices continue to rack up days ahead of the New Year festivities, with survivors already breaching the 100 mark......»»
DOH: Firework-related injuries climb to 52 ahead of New Year s Eve
As of 6 a.m. on December 26, Herbosa said that hospitals had documented 24 new cases, with 23 of them being male, inflicting individuals ranging from five to 52 years old. .....»»
Fireworks-related injuries climb to 8 ahead of New Year 2024
The Department of Health (DOH) advised parents to stop their children from using fireworks after the government logged in new fireworks-related injuries days before the Christmas and New Year festivities......»»
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......»»
Solons confident of lower prices in October despite September 6.1% inflation
September inflation rate soared to 6.1 percent, but lawmakers are optimistic that prices of goods and services will likely dissipate this month. Albay Rep. Joey Salceda and Quezon Rep. Mark Enverga, who head the House Committee on Ways and Means, and Agriculture and Food Committee, respectively, were saying that the inflation, or the rate of increase in the prices of goods and services, will not be perceptible this October due to the lifting of rice price ceiling and the ongoing harvest season. The Philippine Statistics Authority reported on Thursday that commodity prices jumped anew in September, with the inflation rate rising to 6.1 percent from 5.3 percent in August, bringing year-to-date inflation to 6.6 percent. September's inflation rate was the sharpest in four months. Salceda said the uptick can be solely attributed to rice price spikes and the global surge oil price spike in September. However, he believes that this could dissipate this month as global oil prices experienced a significant decline towards the end of September and with compliance with the rice price ceiling imposed by President Ferdinand Marcos Jr. The price cap on rice, recently enforced by the President via Executive Order 39, intends to exert pressure on individuals or entities holding rice inventories to sell it at a reasonable price in hopes that this move will purge the supply shortage and price increase. EO 39 sets the price of regularly milled rice to P41 while P45 is for well-milled rice. However, Mr. Marcos lifted the price cap on Wednesday, or a day before the imposition mark its first month. While rice prices went up 17.9% year-on-year in September, Salceda noted global rice prices took a nosedive in late September and are now at their lowest point since early August. Salceda, however, forecasted that September inflation is "probably the worst inflation rate we will record for the "ber" months, and it gets better from here." Despite having optimistic forecasts for the inflation rate in October and subsequent periods, the economist-lawmaker asserts the necessity of implementing measures to alleviate potential risks. "Food prices still need to be watched out for, especially because the ber months typically tend to be bonus season, which is naturally inflationary," he said. In the same vein, Enverga anticipates a steady decline in inflation rates, and this month's will be on a downward trend due to the ongoing harvest season, which "historically plays in stabilizing prices and alleviating economic pressures on the public." Harvest season starts in September and will last up to November. "As the harvest season approaches, we can anticipate stabilization and, eventually, a decrease in inflation rates. Our nation's agricultural sector is a cornerstone of our economy, and the bountiful harvests ahead will undoubtedly have a significant impact on curbing inflation," Enverga pointed out. Moreover, he emphasized the decrease in the pricing of crucial agricultural commodities, such as sugar, attributable to strategic changes implemented within the farming industry. September inflation is primarily attributed to higher food prices, which surged 10 percent from 8.2 percent in August. Key contributors include rice (17.9% from 8.7%), meat (1.3% from -0.1%), fruits (11.6% from 9.6%), and corn (1.6% from 0.9%). In contrast, the prices of sugar, fish, vegetables, eggs and dairy products, and bread and cereals experienced slower inflation. The post Solons confident of lower prices in October despite September 6.1% inflation appeared first on Daily Tribune......»»
Stocks slip anew ahead of Fed meet
Stocks slipped below the 6,000 level in mid-session yesterday but managed to recover at the close as investors picked up bargains, yet the main index mirrored the cautious sentiment around Asia as the highly anticipated meeting of the US Federal Reserve nears......»»
US, Chinese and Russian officials gather at Southeast Asia summit
US Vice President Kamala Harris, Chinese Premier Li Qiang, and Russian Foreign Minister Sergei Lavrov will attend an East Asia summit in Indonesia on Thursday, offering an opportunity for direct, high-level diplomacy between the rivals. The 18-nation meeting will bring Washington and Beijing into contact a day after Premier Li Qiang warned major powers must manage their differences to avoid a "new Cold War", ahead of the G20 summit in New Delhi this week where Chinese President Xi Jinping will be absent. Interactions between the officials from the world's top two economies will be closely watched as they seek to control tensions that risk flaring anew over issues ranging from Taiwan to ties with Moscow and the competition for influence in the Pacific. "To keep differences under control, what is essential now is to oppose picking sides, to oppose bloc confrontation, and to oppose a new Cold War," Li told regional leaders on Tuesday. Harris held her own talks with Southeast Asian leaders on "the importance of upholding international law in the South China Sea", according to a statement from her office, the disputed waterway where Chinese claims have angered several Southeast Asian nations. Thursday's summit will be the first time top US and Russian officials have sat around the same table in almost two months after US and European officials condemned Lavrov at a July ministerial meeting over Russia's invasion of Ukraine. It comes as US Secretary of State Antony Blinken announced $1 billion in new assistance to Ukraine in a surprise visit to Kyiv on Wednesday. Indian Prime Minister Narendra Modi, Japanese PM Fumio Kishida, South Korean President Yoon Suk Yeol, Canada's Justin Trudeau, and Australian PM Anthony Albanese will attend the summit, as well as leaders from the Association of Southeast Asian Nations. G20 host Modi addressed ASEAN leaders on Thursday morning, telling them it is essential to "build a post-Covid rules-based world order" and make collective efforts to ensure a "free and open Indo-Pacific", using another term for the Asia-Pacific region. Thursday's talks come several months after Blinken traveled to Beijing, the first visit by the top US diplomat in nearly five years, where he met Xi as well as former foreign minister Qin Gang. - 'Broken' - The meeting was not expected to be a fiery affair despite the differences between the major powers, according to a Southeast Asian diplomat who will attend. "They will state their positions, these meetings are not tense. Especially at the leaders' level where some degree of decorum will be observed." The group will issue a negotiated joint statement after the summit. While the gathering can bring major players together, its ability to help resolve a range of regional and global disputes is limited, experts say. "It's a sign of the ASEAN convening power but lately we can say that the East Asia summit is broken. It has been turned into a forum for talking points," said Aaron Connelly, senior fellow at Singapore-based think tank IISS. While Thursday's meeting will be more geopolitical in scope, big powers used earlier talks in Jakarta to shore up alliances and lobby the Southeast Asian bloc. Li traveled on a Chinese-funded high-speed train project between the capital Jakarta and the Javan city of Bandung with a senior Indonesian minister on Wednesday. Harris held separate meetings with Indonesian President Joko Widodo and Philippine President Ferdinand Marcos Jr. -- both ASEAN members -- on the sidelines of the summit. "The Vice President reaffirmed the United States' ironclad alliance commitment to the Philippines, and highlighted the role the US-Philippines alliance plays in ensuring a free, open, and prosperous Indo-Pacific," her office said in a statement. South Korea's Yoon reportedly pushed for the bloc to counter North Korea's nuclear threats, calling for any military cooperation with the country to stop. United Nations Secretary-General Antonio Guterres will also give an address on the sidelines of the summit later on Thursday. ASEAN members are holding bilateral meetings with India, Australia, and the UN on Thursday. The post US, Chinese and Russian officials gather at Southeast Asia summit appeared first on Daily Tribune......»»
Converge holds top-speed rank
Fiber broadband provider Converge ICT Solutions Inc. held the top rank in Netflix ISP Speed Index anew in July — occupying the lone top spot in the leaderboard for two straight months. Based on data provided by Converge, the company notably delivered impressive speeds of 3.2 megabytes per second (Mbps) in the Netflix speed index, with a seven-month average of 3.4 Mbps in July. Its speed surpassed the national average internet speed of 3.3 Mbps recorded for the same period. “The fact that we have not shared the number 1 position in the past two months means we’re racing ahead of the competition. We aspire to maintain our lead throughout the remainder of the year,” Converge CEO and co-founder Dennis Anthony Uy said on Monday. Netflix as gauge The Netflix ISP Speed Index measures the primetime Netflix performance of Internet service providers around the globe. It is not a measure of overall performance for other services and data that may travel across the specific ISP network. Converge recently made its foray into the streaming space, introducing its partnership with TapDMV to offer its subscribers access to BlastTV, an entertainment streaming website that is free for Converge subscribers. The ISP plans to make bigger waves in Over-The-Top service with its product offering soon. Converge has committed to providing value to its customers through its broadband offerings. FiberX 1500 package for the mid-market segment, for instance, offers remarkable speeds of up to 200 Mbps unlimited data. The post Converge holds top-speed rank appeared first on Daily Tribune......»»
Economists cut inflation forecasts for 2024,2025
Private economists expect the prices of basic goods and services to climb at a slower pace in 2024 and 2025 after inflation exceeds anew the target set by the Bangko Sentral ng Pilipinas this year......»»