China central bank opens $71-B 'swap facility'
But on Thursday, the central bank fleshed out plans to encourage "the healthy and stable development of the capital market" by opening up a "swap facility" worth 500 billion yuan ($70.6 billion) that will allow firms to access cash to buy stocks. 'Fully confident'People's Bank of China (PBOC) chief Pan Gongsheng said at the time the plans would "significantly enhance" firms' ability to access funds to buy stocks. An analyst told Agence France-Presse (AFP) the central bank had been "doing much of the heavy lifting in the latest wave of stimulus." "The PBOC recognizes the urgency needed to address the economic issues in China," Heron Lim, an economist at Moody's Analytics, said. "What is required now is the action plan for fiscal support to come through."
Source:Manila Times
October 10, 2024 16:21 UTC
PepsiCo lowers revenue forecast
PEPSICO lowered its sales forecast for the year as consumers in the United States, China and elsewhere continued to pull back on buying its snacks and drinks. PepsiCo said its organic revenue rose 1.9 percent in the first three quarters of this year. Globally, PepsiCo said it raised prices 3 percent and sales volumes fell 2 percent. PepsiCo's quarterly revenue growth — which had frequently grown by double digits in recent years — has slowed sharply in the last few quarters. Adjusted for one-time items, PepsiCo earned $2.31 per share, which was higher than the $2.29 per share analysts were expecting.
Source:Manila Times
October 10, 2024 04:16 UTC
US wants big changes at Google
BREAKUP This July 19, 2016 file photo shows the Google logo at the company’s headquarters in Mountain View, California. This case, focusing on Google's search engine dominance, is part of a broader legal offensive against the company's alleged antitrust violations in the US. AdvertisementThese deals involve substantial payments to secure Google's search engine as the default option on browsers, iPhones and other devices. The judge determined that this arrangement provided Google with unparalleled access to user data, enabling it to develop its search engine into a globally dominant platform. From this position, Google expanded its tech empire to include the Chrome browser, Maps and the Android smartphone operating system.
Source:Manila Times
October 10, 2024 04:15 UTC
Agri dept blacklists three food importers
THREE food importers have been blacklisted and five more could lose their licenses for engaging in illegal activities, the Department of Agriculture said on Wednesday. The blacklisted firms were identified as LVM Grains Enterprises, which imported rice, cashew nuts and coffee without the proper clearances, and Kysse Lishh Consumer Goods Trading and Golden Rays Consumer Goods Trading, which brought in onions and oranges despite having no import permits and licenses. AdvertisementThree companies that engaged in anti-competitive trade activities are being prosecuted by the Philippine Competition Commission, the DA said. The DA noted that President Ferdinand Marcos Jr. had just signed a law classifying smuggling, hoarding and cartel operations involving farm goods as economic sabotage. "We will not turn a blind eye to these importers' illegal practices that undermine government revenues and put public health at risk," Agriculture Secretary Francisco Tiu Laurel Jr. said.
Source:Manila Times
October 09, 2024 16:46 UTC
Samsung Q3 forecast misses expectations
(UPDATE) SEOUL — Samsung Electronics said on Tuesday it expected third-quarter (Q3) profits to jump almost threefold, but fell short of market expectations as it struggled to leverage robust demand for chips used in artificial intelligence servers. The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy. The tech giant said in a regulatory filing that its July-September operating profits were expected to rise to 9.1 trillion won ($6.8 billion), up 274.5 percent from a year earlier. It is also down nearly 13 percent from the firm's operating profit of 10.44 trillion won in the previous quarter. Shares in Samsung fell 1.5 percent in Seoul on Tuesday.
Source:Manila Times
October 09, 2024 04:26 UTC
Skills needed not diploma
Parents will do anything to get their children a college diploma in the hope that it will help bring them out of their hand-to-mouth existence. College education, outside of a few institutions, is a scam perpetrated by people running diploma mills. Jobseekers must have the right skills, never mind the diploma, to be employed. Using data from the Program for International Student Assessment (PISA) assessments, he stressed that education systems must evolve to prepare students with both technical skills and essential soft skills, including problem-solving and creative skills and emotional resilience. Technical skills are expected but soft skills that will reveal how a job applicant will interact with a BPO client is just as important.
Source:Philippine Star
October 08, 2024 19:01 UTC
Be kind to agents
Be kind to agentsI have, on three occasions quite recently, been invited by group managers of different Sunlife teams to conduct training and motivation sessions for their members. So, offering insurance or pre-need plans is a viable choice because the outcomes are largely dependent on the effort you make, but not overly stressful like other sales or performance driven jobs. One guy I interviewed got into the “job” so he could use the money to pay for his family’s own pre-need plans. What many of us who are not in the industry don’t know is that it is a hard job, nonetheless. I am sharing this with our readers in the hope that they would have a better understanding and kindness towards people offering pre-need plans or insurance.
Source:Philippine Star
October 08, 2024 19:00 UTC
PPA tells importers: Stop using ports for storage
PPA tells importers: Stop using ports for storageIn a recent radio interview, PPA general manager Jay Santiago said several importers deliberately delay the withdrawal of their containers to save up on costs. MANILA, Philippines — The Philippine Ports Authority (PPA) has warned importers against using ports as warehouses to avoid paying more for storage fees, asking them to pull their shipments out as soon as possible to prevent yard congestion. In a recent radio interview, PPA general manager Jay Santiago said several importers deliberately delay the withdrawal of their containers to save up on costs. An importer who parked a container in a port for 30 days would pay just P30,000. The PPA wants importers, particularly of agricultural products, to pull out their containers from the ports as fast as possible during the holiday leadup.
Source:Philippine Star
October 08, 2024 12:20 UTC
WATCH: Marcos orders new DILG chief to restructure Napolcom, ensure safety of 2025 bets
Newly installed Interior and Local Government Secretary Jonvic Remulla said President Ferdinand Marcos Jr. gave him marching orders to craft a recommendation for a more cohesive and effective police force, restructure the National Police Commission, and ensure the safety of all candidates for the 2025 midterm elections. Video by Kristina MaralitGet the latest newsdelivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy
Source:Manila Times
October 08, 2024 09:45 UTC
Julian damage to agriculture now at P607M
MANILA, Philippines — The damage to the country’s farm sector due to Supertyphoon Julian (international name: Krathon) has reached P607.38 million based on the bulletin issued by the Department of Agriculture (DA) on Monday. The figure was 10.1 percent more than the P551.81 million reported by the DA on Oct. 4. Article continues after this advertisementREAD: Julian initial agri damage estimated at P36.34M; Batanes bishop asks for helpThe number of affected farmers in the Cordillera, Cagayan Valley, and Ilocos regions numbered 33,110, while 25,407 metric tons of agricultural commodities were damaged, spanning 17,344 hectares of land. Rice accounted for most of the damage at 70 percent or P427.65 million of the total. Infrastructure was next at P100 million, of which P92.68 million were irrigation facilities.
Source:Philippine Daily Inquirer
October 08, 2024 08:55 UTC
Senate panel resuming probe into Pogos, Alice Guo on Tuesday
MANILA, Philippines — The Senate panel on women is set to delve deeper into dismissed Bamban, Tarlac mayor Alice Guo’s Philippine offshore gaming operator (Pogo) ties, and invit more personalities linked to the illegal Pogo hub that started it all — Zun Yuan Technology Inc. The panel chaired by Sen. Risa Hontiveros earlier disclosed that its next hearing on Guo’s case is scheduled on Tuesday. Upon the request of Hontiveros’ office, Pasig Regional Trial Court Branch 167 allowed Guo and the aforementioned personalities to attend the hearing. A day after the Senate probe, Hontiveros said Guo did reveal a “crucial personality” linked to the country’s Pogo operations, but she admitted to not feeling satisfied with the dismissed Bamban mayor’s revelation. The NBI, however, earlier confirmed that she and Chinese national Guo Hua Ping are one.
Source:Philippine Daily Inquirer
October 08, 2024 00:06 UTC
Integrating Catholic tradition in vernacular liturgical architecture
IN celebration of their 7th Founding Anniversary, the Guild of Liturgical Designers (GOLD) and the UAP Committee on Liturgical Architecture and Sacred Spaces (UAP-Class) have joined forces to present the 4th Liturgical Architecture Conference (LAC) entitled "LANGKOB: Ecclesia Et Cultura: Integrating Catholic Tradition and Cultural Diversity in Vernacular Liturgical Architecture" on Oct. 14-16, 2024. A key highlight is the creation of the book "LANGKOB: Ecclesia Et Cultura," which will feature Davao City's Catholic churches and sacred spaces. It aims to contribute to the discourse on preserving and celebrating Davao's sacred spaces within the context of Catholic tradition and cultural diversity. Donato Magcale, along with UAP Area D District 1 officers, chapter presidents, and the organizing committee of the 4th Liturgical Architecture Conference 2024, will attend. Marie Stephanie N. Gilles, as the founding chairperson of the Guild of Liturgical Designers (GOLD) and of the United Architects of the Philippines Committee on Liturgical Architecture and Sacred Spaces (UAP-Class), is the convenor and head of the Organizing Committee of the 4th Liturgical Architecture Conference 2024.
Source:Manila Times
October 07, 2024 22:01 UTC
10,000 more POGO visas downgraded
10,000 more POGO visas downgradedThe site of Smart Web Technology, a Philippine offshore gaming operator on 50 Williams St. Pasay City, which was raided in 2023. MANILA, Philippines — More than 10,000 visas of Philippine Offshore Gaming Operator (POGO) foreign workers have already been downgraded their visas, the Bureau of Immigration announced. It is a significant increase from the 5,955 visas downgraded as of September 24. We encourage POGO workers to file as early as possible to avoid complications," newly appointed Immigration Commissioner Joel Anthony Viado said in a statement. On September 28, the bureau said over 3,000 POGO workers had voluntarily left the country after their visa downgrade.
Source:Philippine Star
October 07, 2024 20:02 UTC
Two Chinese killed in Karachi terror blast
Two Chinese nationals were killed in an explosion near the international airport of Karachi on Sunday, the Chinese embassy in Pakistan said, in what it described as a "terrorist attack." Separatist militant group Baloch Liberation Army said the explosion was an attack carried out by them using a vehicle-borne improvised explosive device targeting Chinese nationals, including engineers. The embassy said a convoy from Port Qasim Electric Power was attacked near the airport. In August, it launched coordinated attacks in the province, in which more than 70 people were killed. It has previously killed Chinese citizens working in the region and attacked Beijing's consulate in Karachi.
Source:The Standard
October 07, 2024 19:27 UTC
Korean firm to build mass housing in Clark
A KOREAN state-owned agency will develop a mass housing project in New Clark City in Capas, Tarlac, following the signing of a memorandum of understanding (MoU) with the Bases Conversion and Development Authority (BCDA) on Monday. With P9 billion in investments, the Korean Overseas and Infrastructure and Urban Development Corp. (KIND) will build 3,000 housing units on a 5-hectare site. BCDA President and CEO Joshua Bingcang said the project would help address the housing needs of government workers and minimum-wage earners who will be relocating to New Clark City. "The infrastructure in New Clark City is there, the jobs are there, [but] the housing is just not enough," Bingcang pointed out. Bingcang assured the affordability of the housing units, whose monthly lease payments range from P5,000 to P7,000, with financing options available for up to 30 years.
Source:Manila Times
October 07, 2024 16:23 UTC