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Japanese stocks began 2016 on a lower note on Monday (January 4), playing catch-up to falls in U.S. stocks in the last two sessions during Japan’s market holidays. The Nikkei benchmark started the first trade of the year down 1 percent at 18818.58. The Nikkei gained around 9 percent last year. In May last year, the Nikkei average surpassed 20,000 for the first time in 15 years, and in August the total value of the […]
Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatisation. The 2016 budget, released by the finance ministry on Monday (December 28), marked the biggest shake-up to economic policy in the world’s top crude exporter for over a decade, and includes politically sensitive reforms from which authorities previously shied away. […]
The Bangko Sentral ng Pilipinas (BSP) cut its 2015 Gross International Reserves (GIR) target due in part to the slower growth of remittances from Filipinos overseas. To date, the Central Bank’s GIR target for the year is USD 80.7 billion, down from the USD 81.6 billion made last May. BSP Governor Amando Tetangco Jr., earlier traced the lower foreign reserves level to revaluation of the Central Bank’s Gold Holdings due to drop in the price […]
According to industry sources, there is an impending rollback in the price of oil products this week with a cut of Php 1.60 to Php 1.80 in the price of diesel and Php 1.10 to Php 1.25 in the price of kerosene. <em>(Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded by MRFaith Bonalos)</em> https://youtu.be/2vqrqIsDymQ
The U.S. decision to raise interest rates will have some impact on China’s trade but how much is not immediately known, the Chinese commerce ministry said on Thursday (December 17). The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday (December 16), signalling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis. The U.S. central bank’s policy-setting committee raised the range of its […]
Good news for motorists, oil companies will implement big time price roll back on its petroleum products this week. Oil prices may be cut between P0.45 centavos to P1.00 in every liter of kerosene. The price rollback to be implemented in every liter of diesel were P0.50 centavos to P1.00 and P0.75 centavos to P1.00 may be slashed in every liter of gasoline. (Eagle News Service)
MANILA, Dec. 12 — Due to the adverse effects of El Niño and continued weakening of demand from China, the manufacturing sector slightly declined in October 2015, but is expected to recover in the coming months and years ahead, according to the National Economic and Development Authority (NEDA). In the Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries for September 2015, the manufacturing sector’s Volume of Production Index decreased by 1.8 percent while its […]
The unemployment rate fell to a record low 5.6 % in October (Paywall), having been 6.5 % inb September. Data from the Philippine Statistics Authority (PSA) showed, the umemployment rate in the Philippines continued to decline in October this year as more Filipinos found jobs amid the country’s strong economic growth. But worryingly, exports fell 10.8 % year-on-year in October, versus expectations of a 3.3 % fall. (Eagle News Service) https://youtu.be/oMFjbl39C2Y
Crude dipped below $40 a barrel this week and traders are warning that a new round of low prices could be here to stay, at least for a while. Oil is emerging as, possibly, one of 2016’s biggest financial risks. (Eagle News Service) https://youtu.be/N1r6_NzgGB4
Power charges will increase by 55 centavos per kilowatt-hour (kwh) this month for Manila Electric Company (MERALCO) customers. MERALCO said, “the increase in the overall rates was primarily due to the generation charge.” MERALCO rates up: P0.055/kwh 200kwh- p11.00 300kwh- p16.50 400kwh-p22.00 500kwh-p27.50 https://youtu.be/gKWKBF1oQNM With the development, the new overall charge amounts to php8.605 per kwh. Meralco added power bills of households — with a monthly consumption of 200 kwh — will amount to a […]
Crude prices found at least temporary support early on Wednesday after the dollar weakened and China’s commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time. U.S. crude futures were at $38.11 per barrel at 0048 GMT (7:48 a.m. EST), up 60 cents from their last settlement. Traders said the recovery on Wednesday was largely a result of short covering, a dip in the dollar which makes […]
(Reuters) — Qualcomm hit with yet another investigation. The European Commission filed antitrust charges Tuesday against the mobile chipmaker that supplies Apple, among others. It made two accusations: one, that Qualcomm might have illegally paid a big customer for exclusively using its chipsets, and two, sold chipsets below cost with the aim of forcing out competitors. What’s more, Taiwan’s Fair Trade Commission has just launched an investigation into whether the chipmaker’s patent licensing arrangements violate […]
