Index climbs as market turns optimistic

 Economy
Sep 092013
 
Index climbs as market turns optimistic

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) rose 0.38 percent or 22.42 points to 5,997.04 as investors turned optimistic given positive developments overseas. “A discernible shift towards optimism continues to visit upon the market as the week opened,” said Justino Calaycay, an analyst at Accord Capital Equities Corp. “Still, the pace remains rather slow, evidencing a hangover of hesitation ahead of the crucial Federal Reserve meeting two weeks henceforth,” Calaycay said. The markets expects the US Fed to start tapering off its bond buying stimulus program, which has boosted liquidity in the financial markets. Asian bourses were also in the positive territory on the back of news on export growth and steady inflation in China. Japan’s Nikkei 225 rallied 2.48 percent or 344.42 points to 14,205.23 while Hong Kong’s Hang Seng index gained 0.37 percent or 83.75 points to 22,704.97. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, all counters were in the green, led by industrial sector that added 0.69 percent or 63.40 points to 9,303.92. Turnover remained thin at P5.4 billion from P5.37 billion on Friday. Advancers outpaced decliners, 89 to 53, while 32 stocks did not change. “The PSEi made an early foray into and test of the 6,000-mark but continues to fail to hold as value turnover remains light,” Calaycay said.

The growth of the global middle class

 Economy
Sep 082013
 

WHILE there are signs that the global economy may be moving (albeit slowly) towards stability, one thing is clear: the world has changed significantly from the one that we knew just a few years ago. As the centers for trade and economic power shift away from traditional western bastions, analysts are looking to rapid-growth markets (RGMs) to shore up the still-wobbly global economy.

Flights between Phl and Italy to increase after EU air ban lifted

 Economy
Sep 072013
 
Flights between Phl and Italy to increase after EU air ban lifted

MANILA, Philippines (Xinhua) – The Philippines and Italy recently agreed to increase the number of air flights bound for both destinations after the European Union lifted its ban on Philippine air carriers last July, a senior official said here today. The development would be a boost to the country’s tourism sector and a relief to Filipinos working in Italy, said deputy presidential spokesperson Abigail Valte. Under the new terms, the Philippines and Italy would have 14 flights per week. This number of flights is a tremendous increase from one flight a week since 1969. “This is one of the good news particularly to the OFWs (overseas Filipino workers). They do not need to make long trip, (because) they could now take direct flights,” Valte said in an interview over a state-run radio station on Saturday. At present, there are 170,000 Filipinos working or staying in Italy. Valte said the increased flights between the two countries will boost the Philippine tourism front, which has been posting continuous increase in the number of visitors entering the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines’ Civil Aeronautics Board said earlier that the Philippines and Italy had agreed to increase seat entitlements between the two countries during the air service talks held in Rome on Sept. 5 and 6. The air service talks between the Philippines and Italy came after the European Union lifted its ban on Philippine air carriers, starting with Philippine Airlines, on July 10. 

China's yuan joins world's most traded currencies

 Economy
Sep 062013
 
China's yuan joins world's most traded currencies

Visitors look at the art work by American artist Tony Oursler entitled “100 Yuan (People’s Republic of China)” which features a projection of a Chinese renminbi note with a talking Mao Zedong at a gallery in Beijing, China. (AP Photo/Ng Han Guan) HONG KONG  — China’s yuan has joined the ranks of the most traded currencies for the first time, underlining the growing might of the country’s economy, the world’s second-largest. The yuan became one of the top 10 traded currencies in 2013, rising to No. 9 on the list due to a “significant expansion” in offshore trading, the Bank for International Settlements said in a report Thursday. It’s a sharp jump from the bank’s last survey in 2010, when the yuan, also known as the renminbi, was No. 17 on the list. Turnover in trades involving yuan surged to $120 billion a day on average in April 2013, three and half times more than the $34 billion in 2010. Still, that figure is dwarfed by the dollar, which accounted for about $4.7 trillion daily. The Bank for International Settlements, which is an international organization of central banks, said the yuan along with the Mexican peso, which rose to No. 8, “saw the most significant rise in market share among major emerging market currencies.” China’s leaders want the yuan to become an international currency and have been promoting its use as an alternative to the dollar. The yuan is not yet fully convertible but Beijing has been gradually loosening controls. Read More …

Phl, Italy agree to hike flights

 Economy
Sep 062013
 
Phl, Italy agree to hike flights

MANILA, Philippines – The Philippines and Italy have agreed to increase weekly flights between the two countries, the Civil Aeronautics Board (CAB) said. “We got 14 flights per week between the Philippines and Italy,” CAB executive director Carmelo Arcilla said in a text message to reporters. The agreement was reached during the air talks held in Italy on Wednesday and Thursday. Under the previous agreement entered into in 1969, only one flight is allowed per week between the two countries. Arcilla noted that there are 170,000 Filipinos in Italy. “Rome and Milan can also be a jump off point for traffic between Southern Europe and the Philippines,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The development comes as the European Union (EU) lifted in July a ban it imposed three years ago which prevented airlines from the Philippines, led by flag carrier Philippine Airlines (PAL), from operating in Europe. EU Ambassador Guy Ledoux said the ban was lifted as the European Commission and the Air Safety Committee were encouraged by the actions being undertaken by the Civil Aviation Authority of the Philippines and PAL to address outstanding aviation safety issues. PAL president and chief operating officer Ramon Ang announced after the lifting of the EU ban that the airline intends to fly to Rome as well as other popular European destinations such as London, Paris, Frankfurt, Amsterdam and Madrid. The air talks are being held in line with the open skies policy. Executive Order 29 which Read More …

DTI puts up 6 shares service facilities in Zambales

 Economy
Sep 062013
 
DTI puts up 6 shares service facilities in Zambales

MANILA, Philippines – The Department of Trade and Industry (DTI) has launched six shared service facilities (SSFs) worth P2.9 million in Zambales to help micro, small and medium enterprises (MSMEs) there become more competitive. In a statement, the DTI said it has provided the following SSFs: vegetable noodles processing facility in the municipality of Castillejos; sweet potato processing facility in the municipalities of San Felipe and Cabangan; pastillas processing facility in the municipality of Palauig, as well as Tetrapak bags production facilities in Olongapo City and Candelaria Town. Depending on the line of business, the DTI said the SSFs may be equipped with packaging machines, mechanical driers, industrial weighing scales, noodle making machineries, vegetable and meat slicers, metal craft machineries, milk extraction equipment, deep fat friers, stainless industrial tables, chillers, and freezers. DTI Central Luzon director Judith Angeles said the department has identified nine cooperatives in the province that would benefit from the six SSFs. She said that while initially, the DTI intends to just lend the equipment, after five years, the plan is to give the SSFs to the cooperatives. “This project is similar to the conditional cash transfer of the DSWD (Department of Social Welfare and Development); ours is conditional equipment transfer,” she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 She said SSFs would be donated to a cooperative based on the number of beneficiaries, jobs generated, amount of products sold and equipment generated. The SSF program being implemented by the DTI seeks to provide Read More …

Cigarette industry remains strong despite taxes

 Economy
Sep 062013
 
Cigarette industry remains strong despite taxes

MANILA, Philippines – Despite the imposition of higher taxes on tobacco manufactures, the cigarette manufacturing industry in the country remains strong, said the National Tobacco Authority (NTA). NTA administrator Edgardo Zaragoza said yesterday that during consultations with stakeholders in the tobacco industry, it was resolved that there is no significant change in consumer demand  tobacco products. “There were concerns that a slight rise in taxes will be detrimental to the industry because of lower demand,” said Zaragoza. “But the industry continues to be stronger than it is. Stakeholders in the tobacco industry believe demand would remain high if higher taxes on tobacco products is countered by increased export and substitution of imported tobacco. To do this, the quality standards of local tobacco production should be raised.    The NTA concluded yesterday its biennial Tobacco Tripartite Consultative Conference during which minimum buying prices for tobacco were set for the next two trading years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 During the consultation meeting, tobacco manufacturers stressed the need for farmers to produce high quality leaf to be used by local cigarette manufacturers so that importation would be lessened. “Tobacco is still a crop to believe in and will be around for a long time. As quality is improved, we are trying to keep more Philippines tobacco,” said Jorge Struecker, leaf buying manager of Philip Morris Fortune Tobacco Corp.. “To sustain production, we need to increase production efficiency,” he added. Tobacco growing and trading firms also said Philippine tobacco needs Read More …

Commitment and feelings

 Economy
Sep 062013
 
Commitment and feelings

There are bad-hair days, and there are days when you feel like you’re on top of the world. Truth be told, most of the days are neither bad nor on top. Most days are usually ordinary and cyclical. You attend my seminars. You get fired up, and you realize that there’s great benefit in being committed 100 percent to excellence. But then you start losing the feeling. Guess what? I have those days too. The temptation to just lie down and do nothing is strong, and there were times that I’ve succumbed to it. I remember a time in my life when I was just winging it. Because the place where I lived was near my factory, I’d go home, have lunch and then give in to the lure of my favorite piece of furniture – my lazy chair. An afternoon nap was just so enticing. I got to a point where I’d go to work in anticipation for my siesta. Much time was wasted simply because I wasn’t committed to my work and my personal growth. Now that I’m a little older and wiser, I’ve realized one crucial life-changing fact: commitment isn’t a feeling – it’s a decision. Commitment is an act of the will. It doesn’t deal with fleeting emotions. A commitment is a promise or a pledge. Every legal contract is a commitment. Every promise you make to the loan shark and the Mafiosi is a commitment. I can make a commitment to others and even to Read More …

 Older Entries  Newer Entries