Philippine recovery at risk from Omicron

MANILA, Philippines — The emergence of another COVID-19 variant may result in a loss of momentum in economic recovery in many countries, including the Philippines, as plans to reopen borders to tourism have been stalled indefinitely. In its latest chart book, Capital Economics said the Omicron variant is another blow for the tourism industry that has yet to fully bounce back from the pandemic. The Philippines and many other countries have...

DOE wants higher gov't share in Malampaya revenues

The Department of Energy (DOE) wants to corner more revenues in favor of the government from the operations of the Malampaya gas field as it now looks into the possible license extension of the natural gas-to-power facility’s service contract beyond 2024. The Malampaya Consortium’s Service Contract 38 began commercial operations in 2001 and will end in 2024. Davao-based tycoon Dennis Uy’s conglomerate Udenna Corp. is set to hold 90% control of...

U.S. Stock Futures Jump as Traders Take Powell Remarks in Stride

U.S. stock index futures rose as traders took Federal Reserve Chair Jerome Powell’s hawkish comments in their stride, while continuing to assess the potential economic impact from the omicron virus strain.

Federal Reserve chief says Omicron adds economic risks, inflation uncertainty

EN.WIKIPEDIA.ORGUS FEDERAL RESERVE Chair Jerome H. Powell, in his first public remarks on the Omicron variant of the coronavirus, said it poses risks to both sides of the central bank’s mandate to achieve stable prices and maximum employment.

Inflation hits US consumer confidence in November

Price increases and rising Covid-19 infections made US consumers feel slightly less confident in November, an industry survey released Tuesday said. The Conference Board reported its consumer confidence index dropped about two points to 109.5 this month, worse than analysts had forecast as the world's largest economy grapples with record inflation and still-high Covid-19 infection rates. But the research group's Senior Director of Economic...

Macau Junket Giant Suncity Halts Operations After CEO Arrest

Five days after its chief executive officer was arrested, Suncity Group is closing all its VIP gaming rooms in Macau casinos and no longer paying some staff, said people familiar with the matter.

The Number of Immigrant Workers With H1-B Visas Drops the Most in a Decade

The number of immigrants under the H1-B visa program holding high-tech jobs dropped the most in at least a decade this year in the U.S. amid travel and visa restrictions, even as job openings in the industry reached record highs.

Microsoft Investors Urge Company to Reassess Sexual-Harassment Policies

Shareholders pass nonbinding resolution after reports of misconduct by co-founder years ago

Blackstone Adds to Warehouse Bet With $2.8 Billion Portfolio of Properties

(Bloomberg) -- Blackstone Inc. bought a portfolio of 124 logistics properties from Cabot Properties Inc. for $2.8 billion, the private equity company’s latest wager on warehousing in Europe and the U.S.

NextPay partners with Ayannah for fund disbursements to unbanked recipients

Homegrown financial technology startup NextPay has partnered with local online-to-offline (O2O) digital payments provider Ayannah to allow its customers to disburse funds to unbanked recipients. In a statement on Tuesday, NextPay said its partnership with Ayannah will enable small businesses to send money to their employees, suppliers, and customers through about 10,000 partner remittance centers nationwide. The fintech firm said users may send...

Suncity shuts VIP gaming rooms in Macau after CEO’s arrest -sources

HONG KONG – Embattled gambling group Suncity Group Holdings has closed all of its VIP gaming rooms in Macau, the world’s largest gambling hub, after the company’s CEO was arrested, two sources with direct knowledge of the situation told Reuters. The shutting of the company’s VIP rooms will result in a cut of around a […]

Filipino artist fears longer struggle as COVID variant stalls tourism pickup

BORACAY, Philippines — Struggling Filipino artist Alberto Nunez was looking for a change in fortunes this week, until news broke of a new COVID-19 variant, which scuppered government plans to loosen restrictions and dashed his hopes for a long-awaited boost in business. The Philippines on Sunday backed out of a planned reopening to foreign tourists after 21 months of border […]

Hawkish Powell Is a Force Markets Haven’t Faced in Three Years

Jerome Powell’s appetite for a faster tapering of Federal Reserve stimulus is casting him in a role financial markets haven’t seen since 2018: hawk.

S&P raises growth forecast for PHL

PHILIPPINE STAR/ MICHAEL VARCASTHE PHILIPPINES is likely to grow by 5% this year, boosted by the stronger-than-expected rebound in the third quarter, according to S&P Global Ratings.

Fed chair admits US inflation could prove 'persistent'

The wave of price increases that has complicated the US pandemic recovery could last longer than anticipated, Federal Reserve Chair Jerome Powell acknowledged Tuesday, opening the door to raising interest rates sooner. It was a distinct shift by the central bank chief who for months tried to assuage fears by saying the inflation spike would be "transitory," and pledged to be patient before raising interest rates. The uptick in inflation has put...

States: Sackler family members abusing bankruptcy process

NEW YORK (AP) — A federal judge should reject a sweeping settlement to thousands of lawsuits against OxyContin maker Purdue Pharma, a group of states said at a hearing Tuesday, arguing that the protections it extends to members of the Sackler family who own the firm are improper. States have credible claims that family members took more than $10 billion from the company, steered it toward bankruptcy, and then used a settlement crafted in...

Cathie Wood’s Ark Loads Up on Twitter as Stock Hits 12-Month Low

Cathie Wood amped up buying of Twitter Inc. as the stock slumped to its lowest in a year amid company’s founder Jack Dorsey’s move to step down as chief executive officer.

US tracking of virus variants has improved after slow start

After a slow start, the United States has improved its surveillance system for tracking new coronavirus variants such as omicron, boosting its capacity by tens of thousands of samples per week since early this year. Viruses mutate constantly. To find and track new versions of the coronavirus, scientists analyze the genetic makeup of a portion of samples that test positive. They're looking at the chemical letters of the virus's genetic code to...

After 2 years of renovation, Ayala Museum and Filipinas Heritage Library to reopen partially

AYALA MuseumTHE AYALA Museum and Filipinas Heritage Library (FHL) — which have been closed for renovation since June of 2019 — will have a soft opening on Dec. 4, the Ayala Foundation has announced. Five spaces with new exhibits will be made accessible to the public.

Global Factory Output Stabilizes But New Threat of Omicron Lurks

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Telco revenue growth seen to stay stable in 2022

CREDIT ratings agency Moody’s Investors Service forecasts that revenue growth for telecommunications companies in the Philippines will “remain stable” in 2022, owing primarily to the increasing data consumption and broadband usage amid the pandemic crisis.

Ex-NBA Stars Join Finance Giant to Back Asian Basketball League

Raine Group and several former NBA stars are backing a Hong Kong startup that’s piecing together Asia’s first major basketball club competition with FIBA’s blessing.

Powell says Fed could speed up bond tapering to counter inflation

An accelerated bond purchase rollback could also move up the timeline for hiking US interest rates.

Asian markets rise, oil rallies as virus and Fed hold attention

Asian markets mostly rose Wednesday while oil prices bounced as traders assessed the global economic outlook after top drug makers offered differing opinions on their vaccines' efficacy against Omicron and the Fed took a hawkish pivot on monetary policy. With medical experts saying Omicron was still being assessed, analysts said markets would remain volatile.

SEC issues cease-and-desist order against Olympro

THE Securities and Exchange Commission (SEC) has issued a cease-and-desist order against Olympro Stocktrading Web Content Publishing and its owner, Christian Mark Lacson Peredo, for their unregistered investment solicitations.

New Salesforce Co-CEO Bret Taylor Has Growth on the Mind

Newly minted Inc. co-Chief Executive Officer Bret Taylor has one singular challenge ahead of him: growth.

Globe Business helps combat sea turtle egg poaching, supports reforestation

Globe’s enterprise group, Globe Business, supports The Mead Foundation in its environmental initiatives by contributing P500,000 to combat sea turtle egg poaching and continuing the reforestation efforts in Zambales. This is broadly aligned with the United Nations Sustainable Development Goals, which Globe is committed to. “It is important for companies to think beyond profit as […]

'Buy now, pay later' catches on just in time for holidays

SAN FRANCISCO (AP) — As Americans shop for the holidays, they will likely see a swarm of offers to get their gifts now but pay for them later in fixed monthly installments. Fueled by several hot Silicon Valley startups as well as a push by the big credit card companies, “buy now, pay later” is now available for purchasing a $1,500 Peloton exercise bicycle as well as a $60 floral bouquet. Thousands of retailers, big and small, often have an...

Telehealth seen as valuable tool in preventing progression of chronic disease

MONITORING the progression of non-communicable diseases has been difficult during the pandemic, and it can be addressed if patients embrace teleconsultation and online channels to maintain a connection with their healthcare providers, said doctors at a conference about healthcare beyond COVID-19 (coronavirus disease 2019).

Global economy rebounds, but for how long?

The world economy woke up from its pandemic-induced coma in 2021, but soaring inflation, global supply chain bottlenecks and a resurgent coronavirus have taken the shine off the comeback. Now growth is at risk of weakening next year. Here is a look at the state of the global economy: - Uneven recovery - Countries have posted impressive growth figures as they clawed their way out of the depths of the 2020 Covid-induced recession, but some are...

Inflation seen easing to 3.7% in November

MANILA, Philippines — Inflation likely eased back to within the two to four percent target of the central bank for the first time this year, averaging 3.7 percent in November, according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno. Diokno said the BSP sees inflation settling within 3.3 to 4.1 percent in November after averaging 4.5 percent from January to September. “Higher electricity and LPG prices, along with the uptick in the...

Plan to tax the super-rich needs further study, economists say

REUTERSTHE PLAN to tax the super-rich would need further evaluation to identify wealth and appropriate tax levels after the Finance department suggested the plan could lead to capital flight, economists said.

US consumer confidence falls in November as inflation bites

Consumers in the US are feeling less optimistic about the short-term outlook for their employment and income prospects.

US home prices register 19.1% annual gain in September

WASHINGTON (AP) — U.S. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year's coronavirus recession. The S&P CoreLogic Case-Shiller 20-city home price climbed 19.1% in September from a year earlier. The strong price gains marked a deceleration from August's 19.6% year-over-year increase. Still, September prices in all 20 cities set new records. Phoenix was the nation's hottest...

Salesforce Falls on Disappointing Profit, Sales Forecasts Inc., the top maker of cloud-based customer-relations software, gave revenue and profit forecasts for the current period that fell short of analysts’ estimates. The shares declined about 6% in extended trading.

SM Supermalls unites with gov’t for Bayanihan Bakunahan

Encourages Filipinos to get vaccinated for a better, safer Christmas celebration In its bid to further ramp up the COVID-19 vaccination rollout in the Philippines, SM Supermalls joined the government’s endeavor to inoculate 9 million Filipinos nationwide, starting November 29 until December 1. Dubbed Bayanihan Bakunahan, the three-day vaccination drive’s ceremonial launch at SM City […]

Was Marian Rivera Chosen to be a Judge for Miss Universe 2021?

Rumor has it that we'll have two Filipinas on this year's Miss Universe stage.

November delivers another hit to sinking consumer confidence

WASHINGTON (AP) — U.S. consumer confidence fell to a nine-month low in November, clipped by rising prices and concern about the coronavirus. The Conference Board reported Tuesday that its consumer confidence index dropped to a reading of 109.5, down from 111.6 in October. It was the lowest reading since the index stood at 95.2 in February. The survey was completed on Nov. 19 and would not include the ramifications of omicron, a new variant of...

Manufacturing hits 8-month high in November — IHS Markit

Philippine manufacturing improved to an eight-month high in November on the back of new order growth, results of the monthly survey conducted by IHS Markit released on Wednesday showed. The IHS Markit Philippines Manufacturing PMI posted marginal gains to 51.7 in November, up from 51.0 in October and the highest in eight months. The growth was driven by the new orders received by Filipino manufacturers, as new sales increased for the first time...

Financial Adviser: 5 Things to Know About Leandro Leviste's Solar Philippines Nueva Ecija's IPO and How to Profit from It

Here’s what you need to know about the 10th IPO in the country this year.

Phoenix Hottest Market in U.S., September Numbers Show as Home Prices Continue Rising

"Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly," said Craig Lazzara of S&P Dow Jones.

AT&T Sees Slowdown in Wireless, Sending Stock to 12-Year Low

AT&T Inc. shares hit a 12-year low Tuesday after Jeff McElfresh, the company’s chief executive officer of communications, told investors at a conference that he expects customer growth to slow in 2022.

India's economy grows by 8.4% amid signs of recovery

NEW DELHI (AP) — India's economy grew at an 8.4% annual pace in the July-September quarter in the latest sign of an economic recovery in Asia’s third-largest economy, the government reported Tuesday. India suffered one of the biggest setbacks of any major economy in the last fiscal year. In the same quarter a year before, the economy contracted by 7.4%, badly hit by rising COVID-19 cases and a stringent nationwide lockdown, with restrictions...

Delivering state-of-the-art logistics solutions to suit every need

Logistics firms, which are involved in the movement, storage, and flow of goods, serve as the backbone of a nation’s economy. Both within and across international borders, they facilitate trade and commerce and help businesses get their products to customers. This role is heightened in light of the pandemic, where disruptions to the value chain […]

Salesforce Promotes Bret Taylor as Co-CEO With Marc Benioff Inc. named Chief Operating Officer Bret Taylor as co-chief executive officer with co-founder and Chairman Marc Benioff, formalizing a structure that had been taking shape over the past year.

The MET is now The M

THE Metropolitan Museum of Manila at Bonifacio Global CityAT THE beginning of the coronavirus disease 2019 (COVID-19) pandemic, the Metropolitan Museum of Manila fully transitioned its exhibitions and workshops online. At the same time, the museum was also preparing for another transition — leaving its original home of 45 years along Roxas Boulevard in Manila for a new one at Bonifacio Global City. It is also getting a new nickname.

Supply chain problems hit charities' holiday gifts for kids

With less than four weeks to go until Christmas, Kristyn Begari has been rushing to find enough doll styling heads to give to kids in need. But, the purchasing coordinator for the California-based nonprofit Family Giving Tree says it's been difficult to find them, or racially diverse Barbies or Disney princess dolls. Others charities who give to kids during the holidays say they're also facing challenges finding enough gaming consoles, laptops...

PEZA actively pitching Korean investors as economy reopens

THE PHILIPPINE Economic Zone Authority (PEZA) said it is pinning its hopes on expanding the pool of South Korean investors to add momentum to the reopening of the economy.

U.S. Economic Recovery Remains Strong But Omicron Variant Could Complicate It: Officials

"The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity," Jerome Powell said.

Asian shares mostly rise despite mounting omicron worries

TOKYO (AP) — Asian shares were mostly higher Wednesday amid nervous trading due to worries over the newest coronavirus variant. Japan's benchmark Nikkei 225 rose 0.4% to finish at 27,935.62. South Korea's Kospi jumped 2.1% to 2,899.72. Australia's S&P/ASX 200 dipped 0.3% to 7,235.90. Hong Kong's Hang Seng gained 1.1% to 23,734.59, while the Shanghai Composite added 0.4% to 3,576.89. The detection of the omicron variant in Japan and other...