MOODY’S Investors Service, Inc. has given Asia’s power sector a stable outlook for next year, driven by supportive regulatory policies.
Dec 162013
Nov 202013
SUPER typhoon Haiyan’s devastating assault on the central Philippines exerted a catastrophic human cost, but analysts say its impact on one of Asia’s fastest growing economies will be less traumatic.
Oct 242013
USS George Washington. AP FILE PHOTO ABOARD THE USS GEORGE WASHINGTON—The United States has significantly increased its warships and aircraft deployed in Asia despite Washington’s budget woes, adding punch to its “pivot” to the region, a senior naval commander said. Rear Admiral Mark C. Montgomery, commander of an aircraft carrier strike group homeported in Yokosuka, Japan, said the expanded military presence would have a calming effect on simmering tensions and territorial disputes in the region. “The strategic rebalancing has resulted in an extremely higher number of surface combatants, cruisers and destroyers that support the strike group,” Montgomery told Agence France-Presse in an interview on Wednesday aboard the aircraft carrier USS George Washington in the West Philippine Sea (South China Sea). “What we’ve seen is an increase in surface combatant presence here in the Western Pacific… so these ships are spread throughout those areas,” he said, in the interview at the flag bridge of the nuclear-powered supercarrier as fighter jets took off and landed on the deck as part of drills. “Having more ships gives us more presence. It allows us to have a greater force.” Montgomery said US defense budget cuts and the recent 16-day partial US government shutdown have not affected his command. The shutdown forced President Barack Obama to skip two Asian summits this month, triggering concerns about the extent of US commitment to the region as China becomes more assertive. “Operations and maintenance decisions have not affected us. The strategic rebalance is continuing in earnest,” the admiral Read More …
Oct 052013
President Barack Obama. AP FILE PHOTO Malacañang on Saturday played down the absence of US President Barack Obama from two key regional meetings—the Asia-Pacific Economic Cooperation (Apec) forum in Bali, Indonesia on Monday and Tuesday and the East Asia Summit in Brunei on Wednesday and Thursday—to be attended by the region’s leaders, including President Benigno Aquino III. “I don’t think the Philippine objectives, which are a peaceful and rules-based resolution to [its territorial dispute with China], are going to be affected greatly by the absence of President Obama at one or two meetings,” Communications Secretary Ricky Carandang told journalists here. “Certainly, his presence here is welcome but this is a long game and if President Obama is not present in one or two meetings, then that’s not going to have an impact on our position,” Carandang said. Obama scrapped his attendance in the two meetings and visits to the Philippines and Malaysia this week because of the partial shutdown of the US government, forced by deadlock between the Democrats and the Republicans in Congress on the budget. US Secretary of State John Kerry is attending the two summits and visiting Manila and Kuala Lumpur in Obama’s place. Good for China But without Obama, the largest presence in the room at the two meetings will be that of China’s leader, Xi Jinping, who is already in the region visiting Malaysia and Indonesia to boost Beijing’s reputation after straining its relations with the Philippines and Vietnam over territorial disputes in the West Read More …
Oct 032013
BANGKOK — Asian stock markets Thursday withstood some of the gloom seeping into other financial markets as the partial shutdown of the U.S. government dragged on for a third day. Some nonessential public services across the U.S. ground to a halt earlier this week after Congress failed to approve short-term funding for the government after the fiscal year ended Monday. Some 800,000 federal workers have been put on unpaid leave and many agencies and programs across the U.S. have been idled. Analysts said investors in Asia were more or less expecting lawmakers from the two political parties to negotiate a solution or put the shaky U.S. economic recovery at risk. “I think people believe the Republicans and Democrats will come to their senses sooner or later, so they should stop behaving like children,” said Francis Lun, chief economist at GE Oriental Financial Group in Hong Kong. Hong Kong’s Hang Seng jumped 1 percent to 23,214.40. Japan’s Nikkei 225 index fell 0.1 percent to close at 14,157.25. Australia’s S&P/ASX 200 added 0.4 percent to 5,234.90. Benchmarks in India, Taiwan, Indonesia and Thailand also rose. Singapore’s benchmark index fell. Markets in mainland China and South Korea were closed for public holidays. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 European stocks presented a mixed picture. Britain’s FTSE 100 rose 0.2 percent to 6,451.14. Germany’s DAX was down less than 0.1 percent to 8,625.28. France’s CAC-40 lost 0.3 percent to 4,147.13. Stocks on Wall Street appeared on their way to losses, with Read More …
Sep 282013
MANILA, Philippines – Ayala-led Globe Telecom Inc. is expected to benefit from the strategic partnership entered into by its partner SingTel Group with Samsung of Korea focusing on driving next-generation mobile communication, infotainment and technology services in Asia. In a statement, International SingTel Group Consumer, CEO Mark Chong said the partnership intends to take advantage of the scale of the SingTel Group and Samsung’s innovative products and services. “SingTel Group and Samsung will deliver an exciting mobile experience for customers, through brilliant mobile and innovative devices,” Chong said. “Not only will our companies mutually benefit, but our combined 400 million mobile customers will be able to take advantage of the unique offerings that will be provided in the future,” he added. For his part, Samsung Electronics president and head of sales and marketing DJ Lee said both companies would provide customers with advance technology. “We are honored by this opportunity to provide our customers with advanced mobile experiences. In order to introduce Samsung’s next generation mobile communications, we continue to fully support and work closely with leading mobile operators,” Lee said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The partners would offer applications and digital services to customers of SingTel Group companies including Advanced Info Service (Thailand), Airtel, Globe Telecom (Philippines), Optus (Australia), SingTel (Singapore) and Telkomsel (Indonesia). In addition, the SingTel Group would work with Samsung to identify opportunities for joint launches and marketing campaigns of key Samsung device announcements. The companies will also be able to Read More …
Sep 142013
Photo from official account of Philippine Embassy in the United States. @philippinesusa. MANILA, Philippines – The first batch of fresh Philippine bananas has finally arrived in the United States, the Philippine Embassy in the US announced Sunday. A shipment of 7.047 metric tons of highland cavendish from Bukidnon arrived September 9 in California, making the Philippines the first Asian country to export bananas to the US. “With this shipment, we are hopeful that Philippine bananas would be able to find and satisfy a niche in the competitive US banana market,” said Philippine Ambassador Jose Cuisia Jr. The shipment came after eight years of negotiations with the US on quarantine and sanitation issues. “Philippine bananas are among the best in the world and there is opportunity to bring in the unique and special banana varieties like lakatan and latondan, which Filipinos in the US have long been craving for and which Americans can learn to love,” said Agriculture attaché Dr. Josyline Javelosa. Javelosa said the shipment, a first of an estimated 3,000 metric tons from Dole Philippines, was transferred to a ripening warehouse and will soon be available in the Los Angeles market. She said they are hoping that the new market will help the Philippine banana industry, especially Mindanao which is recovering from the onslaught of the recent typhoons. With the successful shipment, US joined other Philippine banana importers – Japan, Hong Kong, New Zealand, Korea, China, Singapore, the Middle East, Canada, Russia and Indonesia. Bananas are among the country’s dollar earners. Read More …
Aug 242013
MANILA, Philippines – Asia would account for half of the global luxury revenue by 2020, according to the Economic Intelligence Unit (EIU). In a report, EIU forecasts that in the Philippines alone, there will be at least 38,000 millionaires by 2015. EIU is an independent business within the Economist Group which offers forecasting and advisory services, as well as country, industry and management analysis worldwide. “Based purely on consumption growth levels and currency headwinds, the region could account for over one-half of global luxury revenue within a decade, compared with one-third today,” it said. Luxury firms are shifting their attention towards other emerging markets in the Middle East and Africa. But unlocking Asian potential is the priority for luxury brands. EIU’s five-year forecast for retail sales is stronger for Asia than any other region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We project Asian household incomes out to 2030, taking in assumptions for shifting tastes, as well as the emergence of niche and home-grown brands. Asia’s wealthy elite is driving luxury growth so far, but it is the burgeoning aspirational middle class who will provide market depth,” it said. The reports show that the number of Asian households with annual income of over $150,000 would rise from 2.5 million to around 27 million by 2030. China alone would have 12.7 million of such households. The expanding middle class would be the main buyer of luxury goods sales. By 2030, there would be over 270 million households with income Read More …
Aug 042013
COMPARED with last year’s second quarter, when agricultural output grew a mere 0.73%, there is a high probability of higher growth year-on-year, agriculture policy experts from the University of Asia and Pacific (UA&P) said.
Jul 272013
MANILA, Philippines – A group of local industry supporters have asked the government to address the high power cost in the Philippines, noting that it is the highest in Asia. “The cost of power, the highest in Asia, makes the Philippines uncompetitive, not only in manufacturing but also in all areas of the economy,” said the Philippine Employer-Labor Social Partnership, Inc. (PELSPI) in a position paper submitted to the National Economic and Development Authority (NEDA). The group, which includes University of the Philippines labor professor Rene Ofreneo, said the high cost of power in the Philippines is threatening the growth potential of the booming call center sector. “It is even threatening the viability of the booming call center/BPO sector. In the electronics industry and other manufacturing industries, power accounts for one third of the total cost of production compared to less than 10 percent for payrolls,” the group said. The group noted that the Electric Power Industry Reform Act of 2001 failed to lower power cost and improve power service. It urged the government to review the EPIRA and propose the necessary amendments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “A review and overhaul of the EPIRA program is urgent,” it said. The group expressed support to the government’s efforts to reengineer a revival of Philippine manufacturing. “With a stagnating industrial and agricultural base, the Philippines, the second most industrially-developed in Asia in the 1960s, has been left behind by our East and Southeast Asian neighbors,” it said. Read More …