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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......»»
Stocks eke out gains, back at 6,900
The stock market eked out gains to move back up to the 6,900 level as investors continued to hunt for bargains......»»
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.....»»
Bargain hunting ends 2-day slump
The stock market broke out of its two-day slump yesterday as bargain hunters buoyed share prices......»»
Cryptocurrency Market Turns Red as Bitcoin, Ethereum, Solana Prices Dip Before Halving
The cryptocurrency market kicked off Friday on a bearish note, as major digital assets Bitcoin, Ethereum, and Solana experienced significant declines in morning trading. Bitcoin,.....»»
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.....»»
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......»»
Stocks advance anew on technical rebound
Local stocks rose anew yesterday to break past the 6,400 level again as investors – mostly foreign funds – picked up select issues ahead of the rate-setting meeting of the Bangko Sentral ng Pilipinas......»»
Teachers seek pay hike anew
Ahead of the opening of classes in public schools on Aug. 29, teachers’ organizations have again urged the government to act on proposals to increase the salaries of teachers......»»
Shares slip ahead of Powell testimony in Congress
Stocks slipped anew yesterday on lack of fresh leads as markets await direction from US Federal Reserve Chair Jerome Powell......»»
Stocks weaken below 6,500 level
Local stocks slid anew yesterday, bucking the uptrend in other global markets, as investors continue to take profits ahead of an expected resolution of the US debt ceiling and the likelihood of a Federal Reserve pause on rate hikes......»»
Dominating 5G speeds
Leading digital solutions platform Globe emerged as the fastest 5G mobile network for the first quarter of 2023 in Makati City, a key business hub in the Philippines. Based on Ookla® Speedtest Intelligence® Q1 2023 data, Globe edged out its closest competitor with a median download speed of 171.814 Mbps from January to March this year. Makati City is an important financial center in the Philippines, hosting the headquarters of majority of the Philippines’ top 1,000 companies as well as multinational corporations operating locally. 5G’s faster speeds, higher bandwidth, and more stable internet connection offer big corporations numerous benefits, including enhanced mobility, new business opportunities, and improved customer experience. These can give enterprises a competitive edge and help them stay ahead of the curve in today’s fast-paced market. As of the first quarter of 2023, Globe deployed 66 new 5G sites in 74 cities and towns across the Philippines. This expanded its 5G outdoor coverage to 97.21% of the National Capital Region and 90.28% of key cities in Visayas and Mindanao. Globe also logged 4.3 million devices in its 5G network as of March 2023. “With 5G, we are opening doors to endless possibilities and opportunities for innovation, collaboration, and development. We believe that everyone deserves to experience the benefits of 5G, and we are committed to making this a reality for all our customers,” said Globe Chief Transformation and Customer Experience Officer Rebecca Eclipse. As a leading provider of 5G connectivity, Globe has always been committed to providing a #1stWorldNetwork to Filipinos, in line with its commitment to economic growth and development under the United Nations Sustainable Development Goals. Its efforts were rewarded with the Ookla® recognition as the Most Reliable Mobile Network for four straight quarters — from the second quarter of 2022 to the first quarter of 2023. Based on Ookla® Speedtest Intelligence® Q1 2023 data, Globe dominated the industry anew after obtaining the highest All Technology Consistency Score of 83.39 percent in the first quarter of 2023, an improvement from 83.13 percent in the fourth quarter of last year. It also topped All Technology Availability with a higher score of 93.18 percent in the first quarter from 92.38 percent in the previous quarter. The post Dominating 5G speeds appeared first on Daily Tribune......»»
Power update: yellow alerts up ahead, red alert possible
The Department of Energy warned that the Luzon grid may be placed anew on red alert — an occurrence when supply is insufficient to meet consumer demand, prompting intermittent power — if a transmission line tripping incident happens again. At a press conference on Tuesday, Energy Secretary Raphael Perpetuo Lotilla said about 15 yellow alerts are also expected to occur for the rest of the year due to thin power supply. However, Lotilla noted that the power outlook may improve significantly once the 1,200-megawatt Ilijan Natural Gas Plant goes online this month to help augment the country’s power supply as demand increases. The Ilijan Plant, which is expected to go online by 26 May, has historically contributed up to 10 percent of Luzon’s net reliable capacity. Energy Undersecretary Rowena Cristina Guevarra, meanwhile, pointed out that the government’s supply and demand scenario was computed considering the absence of the Ilijan plant. “We have potential yellow alerts for the entire month of May. Now the way that was computed was in the worst-case scenario. We assumed that Ilijan will be on an extended shutdown,” Guevarra said. “If that power plant comes in, the yellow alert occurrences will be slashed,” she added. A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s regulating and contingency requirement, which is at 668 megawatts each. A red alert status is issued when supplies are insufficient to meet consumer demand and the transmission grid’s regulating requirement. On Monday, hundreds of thousands of consumers in Luzon were affected by a power interruption after five power plants went on forced outages, while three other plants went on derated capacities. The incident stripped a total of 1,354 megawatts of capacity from the grid. The available capacity of 12,186 MW was not enough to cover the peak demand, which clocked in at 12,468 MW on that day. This afternoon, the Manila Electric Co. or Meralco, reported anew an automatic load dropping or ALD occurred due to the tripping of the Duhat-Hermosa 230kV line. Service was restored immediately by 3:57 p.m. “This affected more than 200,000 Meralco customers in portions of Paco and Sta. Mesa in Manila, Caloocan, Malabon, Batangas, Antipolo in Rizal, San Pedro and Biñan in Laguna, and San Rafael and Pulilan in Bulacan,” Meralco said. The post Power update: yellow alerts up ahead, red alert possible appeared first on Daily Tribune......»»
Gayoso, Amita score anew as Kaya storms back vs ADT
Gayoso struck the go-ahead goal in the second half before Amita sealed the victory with another late strike as Kaya made it four straight wins to hike its record to 42 points, 11 clear of Dynamic Herb Cebu......»»
PSEi dips anew ahead of US inflation data
The Philippine stock market tumbled anew yesterday as investors continue to wait for the latest US inflation report and as local monetary authorities signaled more interest rate hikes......»»
TDF rates rise ahead of MB rate-setting meeting
MANILA - The rates of the Bangko Sentral ng Pilipinas' (BSP) term deposit facility (TDF) rose anew on Wednesday and investors' preference remained on the short-term.The average rate of the seven-day TDF rose to 3.6913 percent from 3.5623 percent during the auction last Augus.....»»