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Oil hits 16-month high on good US economic news

General

Jul 182013

Oil hits 16-month high on good US economic news

NEW YORK — The price of oil shot to a 16-month high Thursday on signs the U.S. job market is improving, although not by enough to prompt the Federal Reserve to pull back on its bond-buying program. Benchmark crude for August delivery rose $1.56 to finish at $108.04 a barrel, the highest close since March 19, 2012. Oil has jumped more than $11 a barrel in July, and pushed up the price of gasoline along with it. Gasoline futures have gained 13 percent since July 1, and the average price for a gallon of gas at the pump has risen 18 cents, or 5 percent, to $3.67. On Thursday U.S. economic news was good on two fronts: The Labor Department reported a drop in claims for unemployment benefits and the Federal Reserve Bank of Philadelphia said manufacturing activity in the mid-Atlantic region grew in July at the fastest pace in more than two years. Oil markets are also getting support this week from comments by Ben Bernanke that the Fed will support the U.S. economy as long as necessary. The Fed chairman told lawmakers in appearances Wednesday and Thursday that there was no preset schedule for ending the existing stimulus program, raising hopes it may not end as quickly as some had feared. In London, Brent crude rose 9 cents to $108.70 a barrel on the ICE Futures exchange. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In other energy futures trading on Nymex: — Wholesale gasoline was flat Read More …

Phl stocks bounce back to 6,600 level on US market gains

Economy

Jul 182013

Phl stocks bounce back to 6,600 level on US market gains

MANILA, Philippine (Xinhua) – Investors repositioned themselves in the local equities today sending the local index rallying back to the 6,600 level. The bellwether Philippine Stock Exchange index jumped by 1.12 percent or 73.63 points to 6,648.35. The broader all-share index rose by 1.11 percent or 44.47 points to 4,051.34.Trading volume reached 2.35 billion shares worth P7.43 billion ($170.96 million) with 109 stocks advancing, 35 declining, and 46 unchanged. All six counters were up. Online brokerage 2TradeAsia.com said the lack of leads locally and overseas might have motivated some investors to seek guidance to the performance of the Dow Jones industrial average index on Wednesday. Dow Jones was up by 18.67 points ahead of US Federal Reserve Ben Bernake’s statement. The US Fed’s statement is among the most awaited development as it would give investors hint on the next move of the US “The spotlight might revert to institutional fund managers’ reaction to Fed chief Bernanke’s statement before the US Congress, specifically on indications as to when they would slow on their earlier planned $80 billion per month bond purchase plan,” 2TradeAsia.com said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment that since the local index hit the low of 5,789.06, it has drawn a “higher high, higher low pattern in the succeeding 15 sessions.” The narrowing gap between the resistance line and support line, he said, indicates that investors are quick to withdraw Read More …

BSP to study US impact on local economy ahead of policy meeting

Economy

Jul 182013

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) will consider how the dovish statements from the United States Federal Reserve will impact on local growth and inflation outlooks as it sets policy next week, its top official said on Thursday. “We will consider the impact of the Fed guidance, market sentiment and actual flow of funds on global and domestic growth and inflation dynamics,” BSP Governor Amando Tetangco, Jr. said in a text message to reporters. On Wednesday night, US Fed Chairman Ben Bernanke told American congressmen that the $85-billion bond buying program, initially thought to be coming to an end, is “not on a preset course,” suggesting it could keep policy accommodative. Over the past month, Asian financial markets, including those from the Philippines, suffered huge losses after the world’s superpower indicated it could taper off cheap money from its quantitative easing “later this year” on signs of recovery. With the latest statement, Tetangco said the US Fed is trying to help investors digest its next move and “hopefully markets will be more circumspect this time around” before making any bets. Thus, investors, he said, are expected “not to place or extend large one way bets” which “often create their own stages for panic by overshooting before and after the fact.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last month, the Philippine Stock Exchange index dropped by as large as 6.5 percent, while the peso weakened toward the 44-peso mark versus the dollar. They have since Read More …

PRSP offers online course on Digital PR

Economy

Jul 172013

Photo shows (from left) Lou de Guzman, board director and auditor of PRSP; Hans Roxas Chua, co-director of the CDM program by the IIDM; Yoly Crisanto, APR, president of PRSP; Gerald Corteza, strategic business development manager, ELearning EDGE and Claire Papa, board director and chair of PRSP’s professional development committee. MANILA, Philippines – The Public Relations Society of the Philippines (PRSP), the largest and most recognized organization of PR practitioners and business communicators in the Philippines, is offering a certificate program in Digital Public Relations (Digital PR) through a partnership with the Certified Digital Marketer (CDM) program by the International Institute of Digital Marketing (IIDM). The program is targeted at PR and marketing communications practitioners who would like to hone their communication skills and at the same time learn how they can use digital and social media platforms in carrying out their campaigns. The course runs for a period of three months, after which the graduate will be given the title: Certified in Digital Public Relations (CDPR) Under a memorandum of agreement with IIDM, PRSP will lend its expertise in the field of public relations and communications in designing the modules which will be used throughout the course while the IIDM will provide digital marketing training modules and facilitate its administration. Also, PRSP’s high standards of gauging communication excellence will also serve as the program’s benchmark in certifying the graduates. “We are happy to renew our partnership with the IIDM as this will help us achieve the vision of the Read More …

So little time left, still so much to do

Economy

Jul 172013

So little time left, still so much to do

On his 4th State of the Nation address, President Benigno Aquino III will hark on some outstanding accomplishments that most past presidents have not been able to deliver. First off will be the upgrade in investment status by two major credit rating institutions, Fitch Ratings and Standard and Poor’s, and the recent hint by another agency, Moody’s Investors Service, that it may lift the country’s rating later this year. All these are cognizant of the upbeat tempo in the economy the past year as gleaned from the strong GDP reports, improved tax collections and the better fiscal condition of government, and returning optimism among foreign investors to park their money in the country. The legislative has nonetheless also contributed a significant share, largely by passing measures such as the sin tax law that have raised collections by and impressive 28.2 percent year-on-year compared to the 12.4 percent figure in 2012. There will be more upbeat statements that we can expect from P-Noy as he addresses his “new” and old colleagues in Congress, those who have been given the mandate to rule our legislature for at least the next three years. It’s a relief that the last May elections had delivered to the current presidency a political government on the local, Lower House and Senate levels that is supportive and looks favorably on P-Noy’s leadership. This augurs well for the final stretch of the President’s six-year term. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In truth, time will fly, Read More …

Ex LTFRB head named IPO deputy director

Economy

Jul 172013

MANILA, Philippines – President Aquino has appointed former chairman of the Land Transportation Franchising and Regulatory Board Nelson Laluces as Deputy Director General of the Intellectual Property Office (IPO). Laluces replaced Andrew Michael Ong and will serve until Dec. 2017. Laluces, 54, was appointed LTFRB chairman in Sept. 2010. He is also a lawyer by profession, and counts many members of Aquino’s Cabinet as classmates. Presidential Spokesman Edwin Lacierda also announced the appointment of Rey Roderos as assistant director general of the National Security Council headed by director general Cesar Garcia Jr. Roderos replaced Fernando Mesa and will serve until June 2016, when Aquino steps down. Deputy presidential spokesperson Abigail Valte also announced several appointments, among them seven new commissioners of the National Commission on Indigenous Peoples (NCIP) for a term expiring on Feb. 20, 2016. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The officials are Zenaida Brigida Pawid for Region I and the Cordilleras, Percy Brawner for Region II, Bayani Sumaoang for Region III and the rest of Luzon, Dionesia Banua for Island Groups including Mindoro, Palawan, Romblon, Panay and the rest of the Visayas. Datu Cosme Lambayon for Northern and Western Mindanao, Leonor Oralde-Quintayo for Southern and Eastern Mindanao and Era Colmo España for Central Mindanao. Aquino has also appointed Teresita Inciong as the executive director of the Early Childhood Care and Development Council. He likewise named Ma. Gloria Abragan-Tango as acting Assistant Secretary of the Department of Labor and Employment. The appointment paper of Tango was Read More …

Seminar set on Customs tax audit

Economy

Jul 172013

MANILA, Philippines – The Center for Global Best Practices, in collaboration with Sycip Salazar Hernandez and Gatmaitan Law Offices, is holding a pioneering seminar titled ‘Best Practices in Handling Customs Tax Audits & Remedies’, Aug. 7, at the Peninsula Manila, Makati City, Philippines. This special program is designed to help importers learn how to deal fairly and squarely with the Bureau of Customs (BOC). Empower yourself and your organization by knowing about the importers rights that matter, understand the BOC’s basis of assessment/ audit to save you on unnecessary taxes, know what to do incase of warrants and seizures, and learn how to craft letters to challenge the valuations/ under-declaration charges imposed by the BOC. This solutions-oriented program will tackle comprehensively the administrative, judicial, procedural and substantive remedies to problems encountered by importers on issues of customs tax and duties with the BOC. The expert practitioners in this field will share their best practices, important lessons, real stories, updates and cases decided by the Court of Tax Appeals and Supreme Court. For more details and a complete list of seminars, check www.cgbp.org. You may also call (02) 556-8968/ 69 in Manila; (032) 512-3106/ 07 in Cebu; or (074) 423-5148 in Baguio. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This one-day event will feature Domingo G. Castillo, expert practitioner in this topic and partner in the largest law firm in the country, SyCip Salazar Hernandez & Gatmaitan Law Offices.

SMC shares fall, recover as Ang steps in

Economy

Jul 172013

SMC shares fall, recover as Ang steps in

MANILA, Philippines – Shares of diversified conglomerate San Miguel Corp. (SMC) plummeted early yesterday before bouncing back to gain at the end of trading after a report that connected it to a “highly leveraged conglomerate” at risk of default was downplayed. Stocks of the Ang-led corporate powerhouse lost as much as 9.6 percent to P76.40 in early trades before recovering in the afternoon to settle 1.49 percent higher at P85 apiece. The late rally on SMC shares, nonetheless, failed to lift the Philippine Stock Exchange index (PSEi) which eased 0.13 percent or 8.83 points at 6,574.72. This was despite officials clarifying a newspaper report last July 14 that quoted the International Monetary Fund’s findings last April, warning the country against large conglomerates with high exposure to bank loans. The report, written by Manila Times columnist Rigoberto Tiglao, quoted the IMF as saying that a “highly leveraged conglomerate” – which it did not name – is at risk of default, although that risk is currently “low.” SMC, which has expanded from food and beverage to oil and transportation, initially took the brunt from investors before company president and chief executive officer Ramon Ang stepped in to calm the market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Yes SMC can buy back shares and yes SMC has enough funds to do that anytime,” Ang said in a text message. The statement, First Grade Finance’s analyst Astro del Castillo said, “diffused” investor concerns “on the company’s financial standing.” He explained Ang Read More …

Metrobank to exercise call option on P5.5-B Tier 2 notes

Economy

Jul 172013

Metrobank to exercise call option on P5.5-B Tier 2 notes

MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank), the main banking arm of the Ty family, will exercise its call option on its P5.5-billion Lower Tier 2 notes. In a disclosure to the Philippine Stock Exchange, Metrobank head of investor relations Juan Placido Mapa III said the bank’s board approved Tuesday the conduct of the call. He said Metrobank would undertake the call option on the notes with a rate of 7.75 percent on Oct. 4. The call option feature is in accordance with the terms and conditions of the notes. Mapa, however, said they would seek the approval of the Bangko Sentral ng Pilipinas (BSP) before carrying out the call option. “The bank is currently in the process of securing BSP approval,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Metrobank official said the board has also approved the issuance of up to $500 million Basel 3-compliant Tier 2 capital securities to proactively manage its capital base for growth and for refinancing of maturing capital notes. The Basel 3 guidelines issued by the BSP in Jan. 15, 2003 requires that Tier-2 notes have a provision for the instrument to either be written off or converted to common equity upon occurrence of certain trigger events. The BSP circular further stipulates that banks must make the necessary amendments to their articles of incorporation to accommodate such a conversion. Metrobank said it has received BSP approval to amend its articles of incorporation on the increase in authorized Read More …

Stocks slip on weak Wall St earnings

Economy

Jul 172013

MANILA, Philippines – The bellwether stock index slipped for the second straight session yesterday as investors took the lead from disappointing earnings in Wall St. while some stayed on the sidelines ahead of US Federal Reserve chairman Ben Bernanke’s policy speech before Congress. The Philippine Stock Exchange index (PSEI) dropped 0.13 percent or 8.83 points to 6,574.72, paring earlier losses that pushed the main index to an intraday low at 6,514.10. “The battle between the bears and the bulls turned in favor of the former as another round of not-so-encouraging numbers from the US corporate front pulled on sentiments,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. “Adding to the slight return to pessimism was another Fed official voicing the need to cut back on the stimulus program ahead of Bernanke’s semi-annual monetary policy report to Congress later this week,” he added. Wall St. which is in the thick of the earnings season, retreated Tuesday on the back of lower-than-expected second quarter income companies like Coca-Cola. The Dow Jones industrial average shed 0.2 percent or 32.41 points to close at 15,451.85 while the broader Standard & Poor’s 500 index slipped 0.4 percent or 6.24 points to 1,676.26, snapping an eight-day climb. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Local stocks bucked the climb in Asian stocks. Japan’s Nikkei 225 rose 0.11 percent or 15.92 points to 14,615.04, while Hong Kong’s Hang Seng index inched up 0.28 percent or 59.49 points to 21,371.87.

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