Stocks fall anew on dismal US jobs data

 Economy
Aug 052013
 
Stocks fall anew on dismal US jobs data

MANILA, Philippines – Stocks declined for the second straight session yesterday as negative sentiment in the US caused by lower-than-expected hiring data spilled over to the local bourse. The Philippine Stock Exchange index fell 0.37 percent or 24.22 points to 6,509.73, closing at its intraday low in a lethargic session. The broader All Shares index declined 0.38 percent or 15.09 points to 3,967.04. “A shortfall in new hires in the US against expectations sent Asian investors rushing to the exits, pulling the regional benchmark and majors lower as the week’s trading opened,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. Late last week, the US Labor Department reported that 162,000 jobs were created in July, below the market’s expectation of 185,000 jobs. The unemployment rate, however, slipped to 7.4 percent, its lowest since December 2008. “Positive numbers, which generally should impart a positive spin to trades, particularly from the employment and inflation numbers, have generally elicited negative reactions at it draws the US Federal Reserve closer to justifying a cut to the bond purchase program,” Calaycay said. Around Asia, shares were mixed, with Japan’s Nikkei 225 losing 1.44 percent or 208.12 points to 14,258.04, while Hong Kong’s Hang Seng index inched up 0.14 percent or 31.04 points to 22,222.01. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, all counters, save for mining and oil that rose 0.44 percent or 63.23 points to 14,395.28, were in the red. The decliners were led by holding firms that Read More …

Oil rises above $107 on Fed stimulus hopes

 Economy
Aug 052013
 
Oil rises above $107 on Fed stimulus hopes

BANGKOK — Oil rose above $107 a barrel Monday after a disappointing U.S. jobs report made it more likely the Federal Reserve will continue its stimulus program beyond September. Benchmark crude for September delivery was up 18 cents to $107.12 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 95 cents to close at $106.94 a barrel on Friday. U.S. employers added 162,000 jobs in July, which was below expectations. The government also revised down gains for the prior two months when it released its employment figures Friday. Some analysts were expecting the Fed to start reducing its massive economic stimulus program in September. However, the disappointing employment data raised hopes that the Fed might continue its $85 billion a month in government bond purchases until the end of the year. The bond purchases have pushed down interest rates, which makes money available for spending and investment. But the purchases also inject more dollars into the economy, which lowers their value. That tends to push up the price of oil as it becomes more affordable for investors using other currencies. “The U.S. dollar weakness generally is positive for risk assets, gold and other commodities. So that will be a good scenario for the markets, if tapering is delayed,” said Stan Shamu, market strategist at IG in Melbourne, Australia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Brent crude, traded on the ICE Futures exchange in London, rose 17 cents to $109.12 per Read More …

ETF launch comes at opportune time

 Economy
Aug 042013
 
ETF launch comes at opportune time

MANILA, Philippines – The launch of the Exchange-Traded Funds (ETFs) this year comes at a time when investor confidence is high given the stock market’s ascent and the investment grade rating for the Philippines. The timely launch of the new investment product is expected to result in more investors participating in the local capital market, industry experts said. “While we wanted to roll this out earlier, we’re pleased that it is happening this time when the robust economy serves as a backdrop to launch these types of investment products,” said Philippine Stock Exchange president and CEO Hans Sicat. “The launch of the ETF is exceptionally timely. This instrument will improve financial intermediation which is one of the hallmarks of long-term economic development,” said National Treasurer Rosalia de Leon. For ETF expert Robert Tull Jr., the current momentum of the stock market serves as a good backdrop for the introduction of ETFs. “It’s always positive when investors see the equity markets up. Another value is that the Philippines has moved to investment grade rating now, which builds a lot of investor confidence,” Tull said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tull, CEO of consultancy firm Robert Tull & Co., has played a leading role in the design and development of more than 300 ETF products in the past 20 years. ETFs are securities and investment instruments that monitor a commodity of assets like an index fund but trades like a normal stock in an exchange. Last month, the Read More …

Banning open pit mining has dire implications – expert

 Economy
Aug 042013
 
Banning open pit mining has dire implications – expert

MANILA, Philippines – A geology expert said banning open pit mining method has dire implications in construction, cement manufacturing and other key industries.  “People opposed to open pit mining do not know what they are saying. The open pit mining method is surface mining. It means entry and exit of materials all begins from the surface as compared to underground mining where at some point in time one operates below the surface,” explained Dr. Carlo A. Arcilla, director of the National Institute of Geological Sciences (NIGS) at the University of the Philippines (UP) Diliman. “People may not know that a simple example of open pit is quarrying.” He added that if quarrying isn’t allowed, there wouldn’t be construction activities.  “Where will we get all the aggregates like stones, sand, and cement that come from limestones?  Maybe what they [anti-mining groups] want to say is ban open pit mining for metals.” Countries that have advanced industries use open pit mining methods to extract minerals from the soil.  Dr. Arcilla  said Canada mines its coal using the open pit mining method. Coal is Canada’s main source of power. “And it is ‘mine to mouth method’ – coming from the mine the coal goes directly to the power plant. It’s the same thing in Australia where most of their exported ores and iron are mined using the open pit method.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Arcilla said among the companies in the Philippines that employ the open pit mining Read More …

Agri-entrepreneurs for healthier Pinoys

 Economy
Aug 042013
 
Agri-entrepreneurs for healthier Pinoys

Hunger and malnutrition are widespread in many less-developed countries. Globally, it is recognized that the agriculture sector has yet to make progress in improving the nutrition and health of poor farmers and consumers in developing countries. Agricultural practices and policies can be improved and redesigned to maximize its contribution to health and nutrition benefits. It is a good thing that in the Philippine setting, agriculture plays a very important role in the Philippine economy as well as providing the daily nutritional needs of every Filipino. We are seeing more and more agri-entrepreneurs focusing their efforts on agri-produce that contribute to healthier Filipinos.  In relation to the celebration of nutrition month, I am featuring some of the most hardworking entrepreneurs who contribute to the success of both agriculture and nutrition of Filipinos. These five agri-entrepreneurs are featured in our book, 50 Inspiring Stories of Agri-entrepreneurs.  Mother’s rice Rice is a staple food for Filipinos. Henry Lim Bon Liong is one of the most diligent people advocating for high quality and productivity in rice production. In 1998, Henry, who started with the Sterling card and stationery business, met the “national treasure” of China, professor Yuan Longpin, because of his valuable agriculture research. Inspired by the professor, he started SL Agritech to focus on hybrid rice production, which led to the development of the first line of mestizo hybrid rice. Because of his genuine efforts to improve Philippine rice production, Henry is now supplying the variety that produces the delicious and fragrant rice he calls “Doña Maria,” Read More …

 Older Entries  Newer Entries