PRA to benchmark average global retiree age
Tourism Secretary Bernadette Romulo-Puyat has ordered the Philippine Retirement Authority to conduct a benchmarking on the average retirement age in other countries, as the PRA prepares to review and amend some of its policies......»»
Xinhua world economic news summary at 0900 GMT, March 11
TOKYO -- Tokyo stocks closed significantly lower on Monday amid a strong yen and concerns for an overheated market following the overnight losses of tech-related shares in the Wall Street market. Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 868.45 points, or 2.19 percent, from Friday to close the day at 38,820.49, the lowest level since Feb. 21. (Japan-Tokyo Stocks).....»»
Xinhua world economic news summary at 0900 GMT, Jan. 31
TOKYO -- Tokyo stocks closed higher on Wednesday, as investors took an optimistic attitude for the domestic earnings season over positive results reported by Japanese firms. Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average ended up 220.85 points, or 0.61 percent, from Tuesday to close the day at 36,286.71. The broader Topix index, meanwhile, finished 24.17 points, or 0.96 percent,.....»»
Global stocks weak as ME fears persist
Global stock markets slid Friday on worries that an expected ground invasion of Gaza by Israel would spark a wider conflict in the Middle East. Wall Street stocks declined Friday, as investors looked to lower their risk going into the weekend. The Dow Jones Industrial Average lost 0.9 percent, while the S&P and Nasdaq indexes fell over one percent. The yield on the 10-year US Treasury, which briefly rose this week to levels not seen since 2007 amid concerns the Fed is entering a long period of high-interest rates, slipped slightly. Regina Capital Development Corp. managing director Luis Limlingan added the Federal Reserve has been raising its benchmark lending rate to cool demand and bring down stubborn inflation, with some success. Nevertheless, rates remain stuck above their long-term target of two percent. Local shares ended the week in the red as investors turned more cautious following Fitch Group’s statement that inflation will likely stay elevated for an extended period, Limlingan added. Additionally, the recent statement by Fed Chairperson Jerome Powell “weighed on the local and global markets,” the RCDC executive said. He quoted Powell as saying inflation remains too high and lower economic growth will likely be needed to bring it down. Powell also said he doesn’t think rates are too high now. At the same time, markets are warily eyeing ongoing conflict in the Middle East, for signs it could spread to other countries. “Going into the weekend there is a downward trend as short-term investors try to square positions,” Jack Ablin, Cresset Capital’s chief investment officer, said. “There is an unwillingness from certain investors (to) hold risk positions over the weekend,” he added. Major stock markets in Europe closed down more than one percent, while those in Asia also saw declines. Double geopolitical whammy The US Federal Reserve warned that the recent attack on Israel and the ongoing Ukraine conflict could cause harm to the world economy and boost global inflation. Hamas carried out a deadly attack on Israel from the Gaza Strip on 7 October and killed at least 1,400 people, mostly civilians who were shot, mutilated, or burned to death, according to Israeli officials. “The attack on Israel, in conjunction with Russia’s ongoing war against Ukraine, has ratcheted up geopolitical tensions,” the Fed said in its semi-annual report on financial stability. with AFP The post Global stocks weak as ME fears persist appeared first on Daily Tribune......»»
AMRO predicts PHL GDP will grow 6.5% in 2024
The ASEAN+3 Macroeconomic Research Office (AMRO) on Tuesday maintained its growth and inflation forecasts for the Philippines in 2023 as the country's inflation sharply declined amid reliance on consumer spending to churn growth. In a press conference, AMRO maintained their forecast that the Philippine gross domestic product (GDP) will grow by 6.2 percent in 2023 and 6.5 percent in 2024. AMRO also expects consumer prices in the Philippines to have an average of 5.9 percent in 2023, before falling sharply to 3.8 percent in 2024. AMRO’s chief economist Dr. Hoe Ee Khor explained that the optimism about the Philippine economy stems from the structure of the economy. “Because of the structure of the economy, the other economies are dependent on manufacturing, whereas the Philippines is a service-driven economy,” the AMRO's chief economist said. He added that the Philippine economy is largely driven by consumer spending. For context, the economy grew as mobility restrictions were loosened, which allowed people to spend more money in the third quarter of 2022. Remittances from overseas Filipinos also contributed to consumer spending and household incomes. Data from Bangko Sentral ng Pilipinas showed that remittances accounted for 8.9 percent of the country's GDP in 2021. BSP has raised its benchmark interest rate by 425 basis points since May 2022 in an effort to curb inflation. However, the BSP has acknowledged that the high prices are largely due to supply chain disruptions, both domestically and internationally. Meanwhile, AMRO expects the ASEAN region to grow by 4.5 percent in 2023, slightly slower than their previous projection of 4.9 percent. However, AMRO is still bullish on the region's prospects, and they believe that the economy will turn a corner towards the end of the year. “Downside risks have receded slightly primarily on account of better-than-expected improvement in the global economy,” they added. The post AMRO predicts PHL GDP will grow 6.5% in 2024 appeared first on Daily Tribune......»»
Losing cash while holding it
Consulting firm Manulife Investment Management or MIM has presented a financial paradox in that an investor loses money kept in the vault for too long. Investors are increasingly concerned about market risks because of factors such as the increases in US Federal Reserve interest rates, individual banking crises, and increasingly serious geopolitical risks. As a result, many investors are reluctant to invest in the market, and some even sell their stocks and bonds to minimize losses. In response, banks offer higher deposit rates to appeal to investors, who choose to hold money in the form of term deposits. MIM, however, warned in a report that holding cash may seem like a good option during periods of market volatility, but cash remains vulnerable to inflation, especially in the current macroeconomic environment. Inflation erodes the purchasing power of cash, meaning it will buy less with it in the future. A simple calculation to prove the difference between holding cash versus stocks: Between 2011 and 2021, the return on cash (as measured by the annualized return of the three-month US Treasury bill) was 0.47 percent. Adjusted for inflation, which was 2.17 percent on average during those 10 years, the return was minus 1.7 percent. Put simply, $100,000 in Treasury bills in 2011 would have had $84,243.26 of buying power 10 years later. Conversely, over the same 10-year period, a $100,000 investment in the S&P/TSX composite dividend index, the stocks benchmark in Canada, would have resulted in $200,797.37 of buying power, thanks to its inflation-adjusted annualized return of 7.22 percent. In addition, investors should also consider how real interest rates (i.e. bank deposit rates minus inflation) affect their returns. From January to February 2023, the annual nominal interest rate on three-month term deposits in most Asian countries or regions varied from 2.5 percent to 5.4 percent. Then there’s deposit rates However, when adjusted for changes in the consumer price index during the same period, the real three-month time deposit annual interest rate ranged from negative 5.2 percent to 1.09 percent. “History tells us that equities, bonds, and some income-oriented investments have the potential to deliver higher long-term returns than cash and could potentially outstrip inflation,” MIM’s report stated. From 2009 to 2022, compounded annual nominal returns for Asian equities and bonds were 8.15 percent and 4.38 percent, respectively. Real estate investment trusts in the Asia-Pacific region generated an annualized return as high as 11.38 percent. The post Losing cash while holding it appeared first on Daily Tribune......»»
World warming at record 0.2C per decade, scientists warn
Record-high greenhouse gas emissions and diminishing air pollution have caused an unparalleled acceleration in global warming, 50 top scientists warned Thursday in a sweeping climate science update. From 2013 to 2022, "human-induced warming has been increasing at an unprecedented rate of over 0.2 degrees Celsius per decade," they reported in a peer-reviewed study aimed at policymakers. Average annual emissions over the same period hit an all-time high of 54 billion tons of CO2 or its equivalent in other gases -- about 1,700 tons every second. World leaders will be confronted with the new data at the critical COP28 climate summit later this year in Dubai, where a "Global Stocktake" at the UN talks will assess progress toward the 2015 Paris Agreement's temperature goals. The findings would appear to close the door on capping global warming under the Paris treaty's more ambitious 1.5C target, long identified as a guard rail for a relatively climate-safe world, albeit one still roiled by severe impacts. "Even though we are not yet at 1.5C warming, the carbon budget" -- the amount of greenhouse gases humanity can emit without exceeding that limit -- "will likely be exhausted in only a few years," said lead author Piers Forster, a physics professor at the University of Leeds. That budget has shrunk by half since the UN's climate science advisory body, the Intergovernmental Panel on Climate Change (IPCC), gathered data for its most recent benchmark report in 2021, according to the Forster and colleagues, many of whom were core IPCC contributors. Unintended consequences To have even a coin-toss chance of staying under the 1.5C threshold, emissions of carbon dioxide, methane and other drivers of warming generated mostly by burning fossil fuels must not exceed 250 billion tons (Gt), they reported. Bettering the odds to two-thirds or four-fifths would reduce that carbon allowance to only 150 Gt and 100 Gt, respectively -- a two- or three-year lifeline at the current rate of emissions. Keeping the Paris temperature targets in play would require slashing CO2 pollution at least 40 percent by 2030, and eliminating it entirely by mid-century, the IPCC has calculated. Ironically, one of the big climate success stories of the last decade has inadvertently hastened the pace of global warming, the new data reveal. A gradual drop in the use of coal -- significantly more carbon intensive than oil or gas -- to produce power has slowed the increase in carbon emissions. But it has also reduced the air pollution that shields Earth from the full force of the Sun's rays. Particle pollution from all sources dampens warming by about half-a-degree Celsius, which means -- at least in the short term -- more of that heat will reach the planet's surface as the air becomes cleaner. Published in the peer-reviewed journal Earth System Science Data, the new study is the first in a series of periodic assessments that will help fill the gaps between IPCC reports, released on average every six years since 1988. Deadly heat "An annual update of key indicators of global change is critical in helping the international community and countries to keep the urgency of addressing the climate change crisis at the top of the agenda," said co-author and scientist Maisa Rojas Corradi, who is also the environment minister of Chile. Co-author Valerie Masson-Delmotte, a co-chair of the 2021 IPCC report, said the new data should be a "wake-up call" ahead of the COP28 summit, even if there is evidence that the increase in greenhouse gases has slowed. "The pace and scale of climate action is not sufficient to limit the escalation of climate related risks," she said. Researchers also reported a startling rise in temperature increases over land areas -- excluding oceans -- since 2000. "Land average annual maximum temperatures have warmed by more than half a degree Celsius in the last ten years (1.72C above preindustrial conditions) compared to the first decade of the millennium (1.22C)," the study reported. Longer and more intense heat waves will pose a life-and-death threat in the coming decades across large swathes of South and Southeast Asia, along with areas straddling the equator in Africa and Latin America, recent research has shown. The post World warming at record 0.2C per decade, scientists warn appeared first on Daily Tribune......»»
US stocks mixed as market weighs lower default risk
Wall Street stocks finished mixed following a choppy session Tuesday, as markets weighed the remaining risk of a US debt default following the White House deal with House Speaker Kevin McCarthy. After rallying Friday in anticipation of an agreement, markets were muted as far-right Republicans in the House came out against the compromise. "McCarthy still has some tricky math to get this through the House," said Art Hogan, an analyst at B. Riley Financial. The Dow Jones Industrial Average finished 0.2 percent lower at 33,042.78. The broad-based S&P 500 was flat at 4,205.52, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 13,017.43. Although investors' baseline assumption has been that the United States would avoid a default, markets have been pressured in recent weeks by rising fears that an agreement would not come in time. "It won't take a lot to disrupt this debt deal, but optimism remains that Congress won't mess with putting the economy at risk of an unnecessary catastrophe," said Oanda's Edward Moya. Data from the Conference Board showed US consumer confidence dipped in May, dragged down by a decline in how people perceive the job market. The slight fall in consumer confidence will provide the Federal Reserve with a useful data point on how consumers view the economy as it mulls lifting interest rates again in order to control rising prices. Among individual equities, chip company Nvidia gained 3.0 percent, leaving its valuation just under $1 trillion after earlier topping the benchmark. The surge in Nvidia shares comes amid rising confidence in new generative AI breakthroughs, capable of delivering the computing heft needed to churn out complex content in just seconds from data centers around the world. The post US stocks mixed as market weighs lower default risk appeared first on Daily Tribune......»»
Escudero: MIF bill a ‘leap of faith into great unknown’
Senator Francis Escudero is still contemplating the uncertainties in the return of equity threshold compulsory to the two state-owned banks as envisioned through the ‘Maharlika’ Investment Fund or MIF. Escudero has called on for more “earning guarantees” in the MIF bill, which the Senate intends to approve before the legislative break comes next week, saying that the seed money put by the Land Bank of the Philippines and the Development Bank of Philippines Maharlika Investment Corporation or MIC, must earn more than its current average investment yield of 6 percent. The senator warned that “without benchmark in yields”, the LBP and DBP will be earning less than 6 percent of their income threshold. “The idea is that the Land Bank and DBP should grow the money and not go bankrupt. Remember, the bill makes their equity compulsory. So in exchange, will there be guarantees as to their returns as well?,” said Escudero, who used to chair the Senate committee on banks, financial institutions, and currencies committee. Escudero said the bill, as presently worded, "is a leap of faith to the great unknown.” He added he has yet to hear a full explanation of how much the two banking giants will earn from their Maharlika investments. "Landbank and DBP, during the hearings, said they were earning on average 6 to 8 percent. So, let us average it up at 7 percent. You have to give Landbank and DBP a return of at least 7 percent per annum on what they invested in MIC. On top of that is the 2 percent administrative fee cap the MIC may use,” he pointed out. Senate Bill 2020 or MIF states that the total authorized P500 billion in capital stocks of the MIC, the initial P125 billion worth of MIC common stocks to be subscribed by the national government amounting to P75 billion shall be fully paid respectively—LBP for P50 billion and DBP for P25 billion. "Then we have to factor in inflation. So easily, the yield will be in the two-digit zone. In any investment pitch, the income output is the most important bottom line. An investment is made because one is convinced that it will make money. Not behest. Not something coerced through legislation,” Escudero pointed out. While the proposed measure allows the two banks to seek regulatory relief from the Central Bank if their position falls below standards, Escudero stressed: "This should not happen." “And to dangle this as the standard reply to issues validly raised is not the comforting answer we want to hear. Once a regulatory relief is sought "that means the banks already lost a lot of money," he said. The post Escudero: MIF bill a ‘leap of faith into great unknown’ appeared first on Daily Tribune......»»
Next five years set to be hottest period ever: UN
It is near-certain that 2023-2027 will be the warmest five-year period ever recorded, the United Nations warned Wednesday as greenhouse gases and El Nino combine to send temperatures soaring. Global temperatures are soon set to exceed the more ambitious target set out in the Paris climate accords, with a two-thirds chance that one of the next five years will do so, the UN's World Meteorological Organization said. The hottest eight years ever recorded were all between 2015 and 2022 -- but temperatures are forecast to increase further as climate change accelerates. "There is a 98-percent likelihood that at least one of the next five years, and the five-year period as a whole, will be the warmest on record," the WMO said. The 2015 Paris Agreement saw countries agree to cap global warming at "well below" two degrees Celsius above average levels measured between 1850 and 1900 -- and 1.5C if possible. The global mean temperature in 2022 was 1.15C above the 1850-1900 average. The WMO said there was a 66 percent chance that annual global surface temperatures will exceed 1.5C above pre-industrial levels for at least one of the years 2023-2027, with a range of 1.1C to 1.8C forecasted for each of those five years. ' Uncharted territory' While this does not mean that the world will permanently exceed the Paris benchmark, "WMO is sounding the alarm that we will breach the 1.5C level on a temporary basis with increasing frequency", said the agency's chief Petteri Taalas. "A warming El Nino is expected to develop in the coming months and this will combine with human-induced climate change to push global temperatures into uncharted territory. "This will have far-reaching repercussions for health, food security, water management and the environment. We need to be prepared." El Nino is the large-scale warming of surface temperatures in the central and eastern equatorial Pacific Ocean. The weather phenomenon normally occurs every two to seven years. Conditions oscillate between El Nino and its opposite La Nina, with neutral conditions in between. The WMO said earlier this month that the chances of El Nino developing were 60 percent by the end of July and 80 percent by the end of September. Typically, El Nino increases global temperatures in the year after it develops -- which in this cycle would be 2024. Despite the cooling influence of La Nina conditions over much of the past three years, the warmest eight years on record have all been from 2015 onwards, with 2016 the hottest. Heat gets trapped in the atmosphere by so-called greenhouse gases, which are at a record high. The three major greenhouses gases are carbon dioxide, methane and nitrous oxide. Temperatures rising since 1960s Global land and sea mean near-surface temperatures have increased since the 1960s. The chances of temperatures temporarily exceeding 1.5C above the 1850-1990 average have risen steadily since 2015, a year when they were considered close to zero. Britain's Met Office national weather service is the WMO's lead center on yearly to 10-yearly climate predictions. While there is a 66-percent chance that one year between 2023 and 2027 will exceed the 1.5C threshold, there is now a 32 percent chance that the entire five-year mean will do so, the Met Office said. "Global mean temperatures are predicted to continue increasing, moving us away further and further away from the climate we are used to," said Met Office expert scientist Leon Hermanson. Temperatures in 2023 are likely to be higher than the 1991-2020 average in almost all regions except for Alaska, South Africa, South Asia and parts of Australia, the WMO said. Parts of the South Pacific Ocean are likely to be cooler than average. The post Next five years set to be hottest period ever: UN appeared first on Daily Tribune......»»
Data dearth flattens market
The absence of a growth catalyst dragged the benchmark Philippine Stock Exchange index down on Wednesday, with shares dropping by 18.37 points to 6,446.35, 0.28 percent lower than Wednesday’s close. In a text message, Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said negative sentiments reigned yesterday due to a “lack of strong catalyst to spur optimism while the weakening of the peso is weighing on sentiment.” “Moreover, investors also waited for the first quarter earnings results of companies,” she said. Notably, the net market value turnover also remained weak, registered at P3.2 billion. The stock market is in for a bumpy ride as investors digested the latest round of earnings, both local and globally with the S&P500 ticking up higher by 0.09 percent, while the Dow Jones Industrial Average slipping by 0.03 percent, Regina Capital Development Corp. managing director Luis Limlingan said. Moreover, investors also waited for the first quarter earnings results of companies. BDO Q1 profit: P16.5B Just before the market closed yesterday, Banco de Oro reported a first quarter net income of P16.5 billion, ahead of RCDC’s earnings forecast. Oil prices were little changed as upbeat economic data in China offset concerns that possible increases in US interest rates could dampen growth in the top consuming country. Banks were the only market gainers, up by 0.45 percent, while all other sectors declined this session, with the Miners having the biggest loss of 1.41 percent. Meanwhile, Jollibee Foods Corporation gained the most by 1.29 percent while Aboitiz Equity Ventures Inc. was at the bottom, losing 2.61 percent. The post Data dearth flattens market appeared first on Daily Tribune......»»
PRA to benchmark average global retiree age
Tourism Secretary Bernadette Romulo-Puyat has ordered the Philippine Retirement Authority to conduct a benchmarking on the average retirement age in other countries, as the PRA prepares to review and amend some of its policies......»»
All Hail the Camera King! HONOR Magic6 Pro Ranks Number 1 in Camera Global Rankings
The leading global provider of smart devices, HONOR, claimed the top spot as the best camera smartphone in the recent DxOMark ranking test, dethroning its competitors with a high-ranking score of 158. DxOMark, an independent camera testing organization that provides comprehensive evaluations of camera performances, has awarded HONOR Magic6 Pro as the top contender in […].....»»
S& P: Philippines may miss growth goal this year
S&P Global Ratings sees the Philippines again missing its growth targets this year as it kept its gross domestic product growth forecast at 5.9 percent. While the projection is better compared to other economies in the region, it is again below the government’s 6.5 to 7.5 percent growth target......»»
Companies State it Takes More Than 6 Months to Fill Cybersecurity Positions
The latest Kaspersky survey found that 48% of companies require over half a year to find a qualified cybersecurity professional. A lack of proven experience was cited as one of the biggest challenges, along with the high cost of hiring and global competition in talent acquisition. With global labor markets continuing to clamor for InfoSec […].....»»
Philippines FDI ‘bound to improve’ in coming years – HSBC
The Philippines would be able to attract more foreign direct investments (FDI) in the coming years amid reforms that improved the country’s business climate, HSBC Global Research said......»»
EAM Jaishankar discusses security, maritime cooperation with his Philippine counterpart in Manila
Manila [Philippines], March 26 (ANI): External Affairs Minister S Jaishankar, who is on an official visit to Manila, held a 'warm and productive' meeting with Philippines Secretary for Foreign Affairs, Enrique Manalo on Tuesday and discussed wide-ranging issues of security and maritime cooperation. During the meeting, both leaders exchanged views on global, regional, and multilateral issues, including Indo-Pacific, ASEAN,.....»»
US, UK accuse China of cyberespionage that hit millions of people
The aim of the global hacking operation was to 'repress critics of the Chinese regime, compromise government institutions, and steal trade secrets,' Deputy US Attorney General Lisa Monaco says.....»»
UN Security Council demands immediate Gaza ceasefire after US abstains
(1st UPDATE) The US abstains from the vote to allow the Security Council to demand an immediate ceasefire amid growing global pressure for a truce.....»»
Fil-foreign teams top NBTC finals
Global squads stamped their class as Fil-Am Nation Select-USA and Canada’s Top Flight Sports reigned supreme in the Smart-National Basketball Training Center National Finals Division 1 and 2, respectively, over the weekend at the Mall of Asia Arena......»»
Acciona advocates water conservation
Acciona, a global sustainable infrastructure company, recently launched its water conservation campaign to raise awareness among young children and empower them to become stewards of the vital resource......»»