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PH, global stock markets plummet

The stock market slumped Thursday after a meltdown in New York and Europe sparked by France reimposing a nationwide coronavirus lockdown, with fears other major economies could follow suit......»»

Category: financeSource: thestandard thestandardOct 30th, 2020

Global stocks rally peters out as vaccine euphoria fades

NEW YORK, United States — European and US stock markets were mixed Tuesday as a rally based on reinvigorated hopes for a coronavirus vaccine ran its course. Equities on both sides of the Atlantic surged higher on Monday following news from American biotech group Moderna that its vaccine candidate was 94.5 percent effective in preventing Covid-19 — the […] The post Global stocks rally peters out as vaccine euphoria fades appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsNov 18th, 2020

Opportunity to reform market economy

The crisis brought about by the COVID-19 pandemic provides a singular opportunity to significantly reform the so-called free market economy that has been embraced by countries of different political shades and persuasions, from socialist China to capitalist America.  Although it cannot be denied that the experiment with market-oriented economic policies by China has resulted in the liberation from dehumanizing poverty of hundreds of millions of people over the last 20  to 30 years, there continues to be scandalous disparity of income and wealth among those who have benefited from these reforms and those who have been left behind.  The massive unemployment that has been caused by the lockdowns of  economies all over the world has worsened the inequity in the distribution of income even in the most developed countries of Europe and elsewhere. The human sufferings that we are witnessing during the worst global economic crisis in 150 year  should bring world leaders to finally come to their senses and listen to what Pope Francis has been saying about   the limitations of the free market economy in respecting the dignity of each human person and in pursuing the common good of society. In The Joy of the Gospel, Pope Francis clearly states that “the dignity of each human person and the pursuit of the common good are concerns which ought to shape all economic policies. At times, however, they seem to be a mere addendum imported from without in order to fill out a political discourse lacking in perspectives or plans for true and integral development.”  The Holy Father points out that  growth in social justice “requires more than economic growth, while presupposing such growth.”  it requires decisions, programs, mechanisms, and processes especially geared to a better distribution of income, the creation of sources of employment, and an integral promotion of the poor which goes beyond a simple welfare mentality.”  In the publication “This Economy Kills,” authors Andrea Tornielli and Giacomo Galeazzi, inspired by the teachings of Pope Francis, enumerate the types of leaders who are needed for authentic human development in both developed and emerging markets.  According to them, we need “men and women who look to the future, who are committed to pursue the common  good and whose goal is not just the next election campaign.  It requires men and women who not only look at the spread and stock market indices as indicators of the health of a country but inquire whether the younger generations have a job, a future, and hope; whether children have kindergartens and schools that can educate them by introducing them to reality; whether couples have the opportunity to buy a house; whether there are effective welfare programs available for the elderly; and whether those who still bet on the future by putting children into the world are justly taxed, rather than penalized.  It requires men and women who are engaged in politics and work in institutions without corrupting themselves or letting others corrupt them, even managing perhaps to revive a minimum of esteem (which has never been so in decline) for that ‘highest form of charity’—that is, politics—in as much as it is exclusively committed to the common good and to the real lives of people, with special attention   and dedication to those in difficulty, those left behind, those  who are excluded and should be included.” We have in the above quote a program that should permeate the so-called new normal post-pandemic.  What I have read so far about prognostications concerning the “new normal” are mostly about means, not ends. There is a lot of talk about the digital transformation that all economic sectors shall have undergone as a response to the changes in consumer lifestyle and business practices brought about by COVID-19. It asserted that digitalization will be a universal practice. Online purchases of practically all types of consumer goods and services; modes of payments; delivery of formal education and all types  of skills training; banking practices; religious services; sports events; forms of entertainment; etc.  These transformations, however,  could occur without addressing the fundamental problem of great disparities in the distribution of income and wealth and may even exacerbate the problem of the poor if, for example, their children are further left behind because they lack the resources to participate in online learning.  Although the means are also important, there should be greater emphasis in the transformation of the ends or objectives of the economic system.  Our leaders should ask themselves how to make the structural changes necessary to reduce mass poverty (which has worsened during the many lockdowns made necessary by the pandemic).  In more concrete terms, the economic system should be geared to providing more nutritious food to the poorest of the poor; better quality education and health care to the bottom 20 percent of the population; free health services to those who cannot afford them;  socialized housing for the homeless; and well paying jobs for the unemployed and underemployed. The new normal should give the highest priority to providing the small farmers with what they need to eke out a decent living by providing them with the necessary infrastructures such as farm-to-market roads, irrigation systems, post-harvest facilities, access to credit and other farm support services that have long been denied the Filipino farmers.  I have always maintained that the first cause of dehumanizing poverty in the Philippines is the long-term neglect of rural and agricultural development.  It is not a coincidence that 75 percent of those who fall below the poverty line are in the rural areas. Many of them are the beneficiaries of agrarian reform who, after being provided with one or two hectares of land, were completely abandoned to their own resources.  They are the landless farm workers, the “kaingeros” (slush-and-burn farmers), and the subsistence fisherfolk. Hopefully, the shortage of food during  the pandemic has made it crystal clear that food security should be on top of our economic objectives.  Food security now and in the future can be made possible only by a significant increase in the productivity with which we use our agricultural resources.  To be continued For comments, my email address is bernardo.villegas@uap.asia.....»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Global stocks rise as US earnings season looms

World stock markets advanced Monday, helped by investor confidence in upcoming US quarterly earnings and the business outlook, and by hopes for progress towards a coronavirus vaccine, dealers said......»»

Category: lifestyleSource:  abscbnRelated NewsJul 14th, 2020

Nickel Asia earnings plummet on virus hit

Nickel Asia Corp. saw its net income for the first quarter decline by 74 percent to P68.8 million as the coronavirus disease (COVID-19) pandemic takes its toll on global markets......»»

Category: financeSource:  philstarRelated NewsMay 10th, 2020

Stocks surge on virus treatment hopes

NEW YORK, United States — Global stock markets shot higher on Wednesday after a US company reported positive test results for a drug used in treating the new coronavirus, more than offsetting news of a massive downturn in the American economy. Meanwhile data showing crude stockpiles in the United States rising less than expected sent oil prices […] The post Stocks surge on virus treatment hopes appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsApr 30th, 2020

PSEi posts slight gain as market cheers improvement in oil prices

The local stock barometer firmed up for the first time this week on Thursday as global markets welcomed a nascent recovery in global oil prices. The main-share Philippine Stock Exchange index (PSEi) added 25.8 points or 0.46 percent to close at 5,599.55. AAA Equities head of research Christopher Mangun said investors found relief in the […] The post PSEi posts slight gain as market cheers improvement in oil prices appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsApr 24th, 2020

Peso stable despite rising global risks, COVID-19

The peso remained firm and nearly steady from its 2019 year-end level despite the rising risks in the global economy heightened by the spread of the coronavirus disease 2019 and the collapse of global stock markets......»»

Category: financeSource:  thestandardRelated NewsApr 20th, 2020

Plunging projections

Stock markets around the world staged strong rallies early last week, giving the impression that the fight against the global coronavirus pandemic was being won. While the rebound faltered by midweek, it showed how investors were hungry for positive developments, their decisions swayed by even the smallest signs of hope in the global war against […] The post Plunging projections appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsApr 13th, 2020

Stock markets go topsy turvy as oil jumps, U.S. data stoke fear

NEW YORK, USA – Global stock markets went on a rollercoaster ride on Thursday, April 2, as investors were caught between fresh tremors on the economic front and a sudden surge in oil prices, analysts said. A tentative rebound in European stocks seen early in the day came to an ........»»

Category: newsSource:  rapplerRelated NewsApr 3rd, 2020

Stock markets continue to plunge

Global stock markets continued to plunge to historic lows after the International Monetary Fund said the global economy is now in recession because of the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsMar 31st, 2020

Stock markets rise on huge economic support plans

LONDON, United Kingdom – Global stock markets pushed higher Friday, March 20, at the end of another volatile week, as weary investors welcomed a worldwide fightback against the coronavirus fallout by governments and central banks. In the eurozone, markets jumped after the European Central Bank (ECB) launched a ........»»

Category: newsSource:  rapplerRelated NewsMar 20th, 2020

Asian stocks rise after Wall Street gains on aid hope

BEIJING  — Asian stock markets were mostly higher Friday after modest Wall Street gains on hopes government and central bank action can shield the world economy from a looming global recession caused by the coronavirus pandemic. Benchmarks in Shanghai, Hong Kong, Australia and Southeast Asia advanced. Tokyo was closed for a public holiday. Oil gained […] The post Asian stocks rise after Wall Street gains on aid hope appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsMar 20th, 2020

World markets slump as recession fears eclipse stimulus

LONDON, United Kingdom – Global stock and oil markets plunged Wednesday, March 18, as vast stimulus measures failed to offset heightened concerns that the worsening coronavirus outbreak will tip the world into a deep downturn, dealers said.  In European trading, Frankfurt, London, and Paris tanked around 5% in afternoon ........»»

Category: newsSource:  rapplerRelated NewsMar 19th, 2020

Asian stock markets sink as stimulus rally fizzles

Hong Kong―Asian markets sank Wednesday as investors struggled to build on an early rally fueled by global stimulus pledges, including a more than $1-trillion package flagged by the United States......»»

Category: financeSource:  thestandardRelated NewsMar 18th, 2020

PH, Asian stock market plummet

The stock market plummeted Monday along with the rest of Asia, as interest rate cuts and fresh stimulus measures by global central banks failed to lift confidence......»»

Category: financeSource:  thestandardRelated NewsMar 16th, 2020

Schools, sports, entertainment: Coronavirus sparks global shutdown

WASHINGTON, USA – Disneyland and Broadway are going dark, several European countries are shutting schools, and stock markets cratered Thursday, March 12, as fears over the spread of the coronavirus ricochet around the globe. US President Donald Trump defended his shock decision to impose a 30-day ban on travel to the United ........»»

Category: newsSource:  rapplerRelated NewsMar 13th, 2020

Equity, crude prices rally but nerves persist after Black Monday

A bounce in the price of oil helped fuel a rally in equities in Asia on Tuesday, a day after global markets suffered their biggest losses in more than a decade, though observers remain on edge over the coronavirus outbreak. Global stock markets capitulated on what has become known as “Black Monday” with the Dow […] The post Equity, crude prices rally but nerves persist after Black Monday appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsMar 10th, 2020

Stock markets dive, safe havens eyed

Equity markets collapsed Monday as the rapidly spreading novel coronavirus (COVID-19) fans fears for the global economy, while a crash in oil prices added to the panic with energy firms taking a hammering and wiping hundreds of billions off valuations......»»

Category: newsSource:  thestandardRelated NewsMar 10th, 2020

Rand plummets, oil crashes as panic selling grips global markets

The rand slumped to its weakest level in almost five years after stock markets plunged around Asia on Monday, as panic selling set in with traders fretting over the economic impact of the new coron.....»»

Category: newsSource:  philippinetimesRelated NewsMar 9th, 2020

Rand plummets, oil crashes as panic selling grips global markets

The rand slumped to its weakest level in almost five years after stock markets plunged around Asia on Monday, as panic selling set in with traders fretting over the economic impact of the new coron.....»»

Category: newsSource:  manilanewsRelated NewsMar 9th, 2020