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 …

Jul 162013
 
Wolfgang rocks US & Canada

MANILA, Philippines – Wolfgang (photo) is headed for US and Canada this July and August for a series of shows. It’s been more than a decade since the iconic band embarked on a North American tour, having pounded the Middle East and Asian circuit these past few years. Wolfgang is composed of vocalist Basti Artadi, guitarist Manuel Legarda, bassist Mon Legaspi and drummer Francis “The Beast” Aquino. The band has won numerous accolades from NU107 Rock Awards, Awit Awards and the biggest indie awards group, the Malaysia-based AsiaVoize. The North American schedule billed as Rock Summer 2013 kicks off on July 19 at Broadway Studios, San Francisco, California. (For tickets, call [408] 655-9102.) The band heads to L.A. on July 20 at the Beyond the Stars Palace (with tel. no. [323] 201-1029.) It hits the East Coast on July 27 at the Laboom Lounge, Woodside, New York ([551] 998-6020.) Chicago’s Hard Rock Café is the place to be on Aug. 23, at 63 W. Ontario Street. ([224] 545-0304.) In Canada, Wolfgang will be at Toronto’s Phoenix Concert Theater on July 26 ([647] 505-7644); Winnipeg on Aug. 3 at the Garrick Center ([204] 962-2903); and Alberta on Aug. 4 at the River Cree Resort & Casino ([780] 707-0824). Also featured on the tour are Kamikazee and Kitchie Nadal. Spearheading the productions is a consortium composed of Nosaj Entertainment, Diamond Productions and Alyas Galo Productions. Entertainment ( Article MRec ), pagematch: 1, sectionmatch: 1 For complete schedule of Wolfgang’s Philippine and international shows, check out Wolfgang Philippines on Facebook.

Jul 152013
 
Navy warship BRP Ramon Alcaraz readies to leave Hawaii en route to PHL

After receiving a warm welcome from the Filipino community in Hawaii, the crew of the BRP Ramon Alcaraz, the Philippines’ newest warship, prepared to leave and continue their journey to the Philippines. Photos posted on the BRP Ramon Alcaraz’s Facebook page on Tuesday (Philippine time) showed the crew busy making preparations for the trip home. “(The ship’s crewmembers are) conducting refueling, coordination on the engineering requirements, admin(istrative) and logistical requirements and the testing of other equipment to be utilized during the voyage,” the captions on the photos read. The Department of Foreign Affairs earlier said the BRP Ramon Alcaraz is expected to reach the Philippines on August 3. During its stay in Hawaii, the crew headed by Capt. Ernesto Baldovino toured the USS Arizona Memorial.Five enlisted personnel of the BRP Ramon Alcaraz also took their oaths of re-enlistment:EN2 Regidor Labrador, EN3 Tomas Ciruelos Jr.,EN3 Ernesto Cabahug,S2YN Erica Celemin, andEN3 Marlon Martonito. Last weekend, the BRP Ramon Alcaraz arrived in Hawaii to a warm welcome from the Filipino-American community there. An earlier Philippines News Agency report said Hawaii is the frigate’s second port call en route to the Philippines. Last June 28, the BRP Ramon Alcaraz (PF-16) docked at San Diego 28 for refueling and re-provisioning. Following its Aug. 3 arrival, the newest warship may be commissioned in September. The ship is named after Filipino naval hero Commodore Ramon Alcaraz, who gained distinction in World War II by shooting down three Japanese Zero fighters who tried to attack his ship. – Read More …

Jul 152013
 
Asia stocks rise, brush off slower China growth

Associated Press 1:12 pm | Monday, July 15th, 2013 BANGKOK — Asian stock markets posted modest gains Monday, registering relief that a slowdown in China’s economic growth wasn’t as sharp as feared. The world’s second-largest economy grew 7.5 percent from a year earlier in the second quarter, slowing from the previous quarter’s 7.7 percent, as weak trade and a clampdown on lending took their toll. It was the second consecutive quarter of slowing growth but still strong enough to suggest China will meet Beijing’s 7.5 percent growth target for this year. A clampdown on overly fast growth in lending had contributed to jitters that China’s growth might fall below 7 percent. That would hurt companies around the world that have become increasingly reliant on breakneck Chinese growth to boost earnings. Hong Kong’s Hang Seng was up 0.4 percent at 21,369.00 and Sydney’s S&P/ASX 200 added 0.3 percent to 4,985.90. South Korea’s Kospi rose 0.3 percent 1,875.70. Japan’s financial markets were closed for a public holiday. Elsewhere, benchmarks in Singapore, Thailand and New Zealand rose while Indonesia and India fell. The gains in Asia came after Wall Street eked out new highs. After spending most of Friday flat or down, U.S. stocks rallied at the last minute and closed slightly higher, just enough to post record highs for the Dow Jones industrial average and the Standard & Poor’s 500. The gains were tiny. And the record doesn’t mean much for investors, who hardly have any more money now than they did Read More …

Jul 142013
 
DNA flaw boosts cancer risk from diabetes—study

Agence France-Presse 5:24 am | Monday, July 15th, 2013 In this Friday, March 2, 2012, file photo, DNA samples are processed at the New York State Police Forensic Investigation Center in Albany, New York. A DNA flaw may explain why people with Type 2 diabetes are more prone to blood cancers than the rest of the population, a study said Sunday, July 14, 2013. AP PHOTO/MIKE GROLL PARIS—A DNA flaw may explain why people with Type 2 diabetes are more prone to blood cancers than the rest of the population, a study said Sunday. Doctors have long known that Type 2 diabetes is associated with leukemia and lymphoma, but the reasons for this have been unclear. Researchers in France and Britain, looking at blood samples from nearly 7,500 people, including 2,200 patients with Type 2 diabetes, suggest the answer lies in cellular mutations called clonal mosaic events (CMEs). These are defects that result in some cells having extra copies—or, alternatively, missing copies—of large stretches of genetic code. Reporting in the journal Nature Genetics, the researchers said that in the general population, CMEs are usually very rare in young people but become more common with aging. Among people aged over 70, around two percent have these mutations, which gives them a tenfold higher risk of developing blood cancer, previous research has found. But among people with Type 2 diabetes, CMEs were four times more common than otherwise healthy people, the new study found. They also had a far higher rate of Read More …

Jul 132013
 
Just the right mix for Sponge Cola

The rock band will hold its ‘lucky’ 13th anniversary concert on July 19, 8 p.m., at the Music Museum MANILA, Philippines – How in the world that bandmates so close to each other break up with much animosity?  That puzzle had been dealt with quite accordingly by members of mainstream rock band Sponge Cola who have stayed together in the music business for 13 long years. It meant that the band members’ friendship, if compared with a recipe, had just enough flavor for them to crave for it every once in a while.  “We are friends in an exact way. But we’re not close enough to share underwear,” quipped frontman Yael Yuzon in a chat with the press to promote the band’s upcoming “lucky” 13th anniversary concert.  The group appeared upbeat about its first major concert billed Maximum Capacity, scheduled on July 19, 8 p.m. at the Music Museum in San Juan.  Amusingly, the four-piece band somehow miscalculated the length of its run in the local gig scene, which partly explained why it’s not the more conventional 10th- or 15th-year commemoration. The members may had been too busy keeping their friendship intact and in such a way effective to them.  Yael, who made it through in the company of bassist Gosh Dilay and guitarist Armo Armovit, and then much later, drummer Ted Mark Cruz, reiterated, “We’re friends in just the right way.”  Entertainment ( Article MRec ), pagematch: 1, sectionmatch: 1 That also sounded synonymous to saying it is both professional and brotherly with neither served raw or overcooked.  True enough, some bands with members treating themselves as brothers when in fact they’re not eventually turned into Read More …

Jul 122013
 
Metrobank to double capital to P100 B

MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank), the main banking unit of the Ty family, will double its capital to P100 billion to keep up with the global Basel 3 requirement. In a disclosure to the Philippine Stock Exchange (PSE), Metrobank said it has received approval from Bangko Sentral ng Pilipinas (BSP) to increase its authorized capital stock from P50 billion to P100 billion. The increase would be divided into four billion common shares and one billion preferred shares, each with a par value of P20 per share. “The BSP approval of the amended articles of incorporation together with the earlier approval of 30-percent stock dividend declaration shall be subject to the approval of Securities and Exchange Commission (SEC),” it said. As previously disclosed, the 30-percent stock dividend equivalent to 633.41 million common shares amounting to P12 billion shall be applied as payment of the required  25- percent subscription to the increase in authorized capital stock. Earlier, Metrobank announced its plan to issue some $500 million worth of Tier 2 capital notes to comply with the Basel 3 requirements. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Metrobank informed the PSE that the issuance of the Basel-3 compliant Tier 2 notes was approved by its board in a meeting last April. It said the planned issuance would also allow the bank to proactively manage its capital base for growth and refinancing of maturing capital securities. The Basel 3 guidelines issued by the BSP requires that Tier-2 notes Read More …

Jul 112013
 
COMP bucks new mining bill

MANILA, Philippines – The Chamber of Mines of the Philippines (COMP) opposes the proposed People’s Mineral Resources Act arguing that the proposed bill would render the country’s national mining law useless. In a statement yesterday, the COMP said the proposed People’s Mineral Resources Act set to be filed in the incoming Congress is “designed to kill the responsible mining industry in the Philippines” even though there is no need to repeal the existing Mining Act of 1995. Citing a paper written by COMP vice president for Legal and Policy Ronald Recidoro, the mining group said the Mining Act or Republic Act 7942 “is a world-class piece of legislation that already balances the interests not only of the mining industry and the State, but also fully considers the rights of host communities, indigenous peoples, and the environment.” Recidoro said the 1995 Mining Act is able to address the concerns of the bill’s proponents. He noted that the Mining Act and its implementing rules and regulations provide an environmental protection plan that more than adequately addresses the perceived environmental concerns. He also said the proposals of the so-called alternative mining bill, run contrary to the principle of state ownership of all natural resources in the Constitution. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This as the “collective private ownership” by indigenous cultural communities of all mineral resources found within their claimed ancestral lands proposed by the bill would place substantial portions of the Philippines outside the scope of the Philippine Read More …

Jul 072013
 
Asian stocks sink on China growth jitters

Associated Press 12:35 pm | Monday, July 8th, 2013 People walk by an electronic stock board of a securities firm in Tokyo Monday, July 1, 2013. AP FILE PHOTO BANGKOK – Concern over China’s slowdown weighed on Asian stock markets Monday after the head of the International Monetary Fund warned of a loss of momentum in emerging economies. Asia’s losses came despite strong U.S. job numbers that sparked a Wall Street rally on Friday. Hong Kong’s Hang Seng dropped 1.9 percent to 20,463.80 and China’s Shanghai Composite was down 1.6 percent to 1,974.82. Most other regional markets also fell amid renewed worries that economic recovery in China, the world’s No. 2 economy, is faltering. IMF Director Christine Lagarde warned at a conference in France on Sunday that a slowdown in emerging economies could result in the fund lowering its 2013 forecast for world growth. The Chinese central bank’s clampdown on easy credit has fueled additional concern. Michala Marcussen of Societe Generale Group said in a commentary that credit data due out this week would likely show a slowdown in lending. “This data will do little to change the picture of credit tightening in China, pointing to slower growth ahead,” Marcussen said. South Korea’s Kospi dipped 1.1 percent to 1,813.13. Taiwan’s TAIEX fell 1.1 percent to 7,913.22 and Indonesia’s JSX was down 2.1 percent to 4,505.61. Japan’s Nikkei 225 was up 0.2 percent to 14,338.62 as the yen resumed its weakening trend, which is a perk for Japanese exporters. World markets Read More …

Jul 062013
 
The metamorphosis of Yaya

By Monserrat C. GomezPhilippine Daily Inquirer 12:19 am | Sunday, July 7th, 2013 Margarita was 30 years old when she came into our household. I had just delivered my first child and was in need of a nanny.  She was the cousin of a friend’s maid and had previously worked in a hospital nursery in Cebu, assisting senior nurses caring for newborns.  She was just 4’8” tall. She was typically promdi (from the province) and spoke no English and very little Tagalog. Margarita came from Misamis Occidental. So, our first challenge was communication. Hard as it was to talk to each other—me in my hybrid English and Tagalog or Taglish, she in her heavily accented Visayan-Tagalog—we somehow managed and famously got along. She was great with the baby and a happy soul, always singing and laughing, and talking to herself, as she went about her chores. Soon after my second daughter was born, Margarita was adamantly against our getting another nanny to look after the new baby, insisting that she was fully capable of taking care of both the new arrival and our other three-year-old. My daughters grew to love her because she was fun and playful, and so protective of them.  As they learned to talk, she became Yaya to them. When the kids were six and three, we were presented with an opportunity to move to the United States.  Great as the offer was, I told my husband that we would only go on the condition that we Read More …