Maniolas

The peso still emerged as the least volatile currency in the region despite shedding four percent last month due to uncertainties brought about by the impending increase in US interest rates. MANILA, Philippines – The peso still emerged as the least volatile currency in the region despite shedding four percent last month due to uncertainties brought about by the impending increase in US interest rates. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the year-to-date volatility of the peso stood at 1.21 percent better than the Thai baht’s 1.3 percent, Indonesian rupiah’s 1.94 percent, Taiwanese dollar’s 2.01 percent, Singaporean dollar’s 2.1 percent, and the Malaysian ringgit’s 3.03 percent. The volatility of the Chinese yuan stood at 1.11 percent. The volatility of the euro stood at 1.48 percent, while that of the British pound or sterling averaged 4.45 percent after the United Kingdom decided to leave the European Union (Brexit) through a referendum held last June 23. The Indian rupee emerged as the least volatile currency with a rate of 0.86 percent, while Brazil’s real was the most volatile at 8.26 percent. The Swiss franc had a volatility rate of 1.56 percent followed by the Turkish lira with 2.05 percent, the Australian dollar with 3.05 percent, the Mexican peso with 3.33 percent, and the New Zealand dollar with 3.82 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BSP Governor Amando Tetangco Jr. told members of the Rotary Club of Makati West during a lunch meeting that the Read More …

The benchmark Philippine Stock Exchange index (PSEi) gained 48 points, or 0.62 percent, to finish at 7,677.73, while the broader All Shares index rose by 26.24 points or 0.57 percent to end at 4,559.48. File Photo MANILA, Philippines – The stock market recovered yesterday, tracking regional markets following reports Deutsche Bank has moved a step closer to reaching a US settlement. The benchmark Philippine Stock Exchange index (PSEi) gained 48 points, or 0.62 percent, to finish at 7,677.73, while the broader All Shares index rose by 26.24 points or 0.57 percent to end at 4,559.48. Most counters likewise closed in the green, with the mining and oil leading the gains. The mining and oil index gained 1.98 percent, up 216.65 points to finish at 11,156.14 as oil investors cheered the decision of the Organization of Petroleum Exporting Countries (OPEC) to cap supply, stabilizing market prices. Total value turnover reached P4.88 billion. Advancers beat decliners, 93 to 88 while 50 stocks were left unchanged. Deutsche Bank was slapped with a $14 billion fine by the US Department of Justice over its sale of mortgage-backed securities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Deutsche Bank is Germany’s biggest bank which has been struggling for years, highlighting the need to push through with much needed financial sector reforms. However, over the weekend, there were news that Deutsche and the US Department of Justice were close to agreeing on a settlement of $5.4 billion, or more manageable than the $14 billion fine. Read More …

Luxembourg City, Luxembourg — We took a three-and-a-half hour drive from Paris to the Grand Duchy of Luxembourg, a small nation that happens to be one of the richest in the world. It has an estimated population of 582,291, according to the CIA World Factbook, with a GDP per capita of $99,000 — the highest in the Eurozone and the second highest globally. Its capital city is truly dynamic — a study in contrasts with diverse cultures blending together in harmony. One of its famous landmarks is the Place de la Constitution that has the “Gelle Fra” (Golden Lady) monument in remembrance of those who perished during World War I, and right below the Constitution Square is an impressively tended national park (shown in photo). The Luxembourg Ministry of Foreign and European Affairs arranged several meetings during my visit, among them with director general Carlo Thelen of the Luxembourg Chamber of Commerce which recently celebrated its 175th year, and Tom Baumert of the House of Entrepreneurship created only this April to serve as a one-stop shop to help new businesses get started and avoid “administrative barriers” in putting up a business. Focus is on developing new digital hubs and companies that “create synergies between finance and information and communication technologies” or fintech. Director general Thelen has been with the Chamber of Commerce for about two decades, and he has seen the economic and political changes that have been happening. Businessmen face a new set of challenges to which they must Read More …

IMPORTERS could once more resort to a voluntary disclosure program for errors in their Bureau of Customs (BoC) records, with a draft memorandum order for the implementation of the post-clearance audit provisions of the Customs Modernization and Tariff Act (CMTA) providing for a Prior Disclosure Program (PDP), restoring the bureau’s post-clearance audit functions.

After a roller coaster ride last week, the local stock market is expected to trade sideways this week, analysts said.   MANILA, Philippines – After a roller coaster ride last week, the local stock market is expected to trade sideways this week, analysts said.  But recovery may come sooner than later following a low base, they said.  The benchmark Philippine Stock Exchange index (PSEi), may reach 7,530 to 7,790. “We expect the PSEi to trade sideways for the week, with slight bias on the upside due to the recently formed higher low base at 7,550 to 7,530 and its improved direction and momentum readings for the  last three weeks,” said Luis Limlingan, managing director at Regina Capital. At the same time, he cautioned that this does not mean the index may be on its way to establishing an uptrend given the highly volatile environment. Thus, Limlingan said, it is important to keep positions light.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “To handle this volatility, a quick range trade strategy is recommended especially for issues that have a defined swing pattern. We are particularly cautious of trending issues — either up or down — because they can contain the most volatility which makes them very vulnerable to sudden spikes,” he said.  “We are setting this week’s trading range at 7,530 to 7,790, a breach of either level will trigger a major reversal,” he also said.  Jonathan Ravelas, chief market strategist at Banco de Oro said the week’s close Read More …