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Hong Kong police probe deadly bus accident

HONG KONG — Hong Kong police said Sunday they were investigating a deadly bus accident that left 19 people dead and scores more injured, with the bus driver arrested for dangerous driving. The double-decker bus overturned Saturday evening near the town of Tai Po in the northern New Territories, flipping onto its side and appearing to smash into a lamppost. Nineteen people were killed and 65 people were injured, some critically, according to local police. “The 30-year-old male bus driver was arrested for dangerous driving causing death and dangerous driving causing grievous bodily harm. He is still being detained for further enquiries,” police said in a statement early Sunday. Most of the injured and some of the dead were on the upper deck of the bus. The driver was suspected of being over the speed limit as he went down a slope and lost control of the vehicle. — AFP

UN rights chief calls on PNG to safeguard refugees

SYDNEY — Papua New Guinea (PNG) is responsible for the human rights of refugees sent to a remote island by Australia, the UN human rights chief has said, as advocates warn the men are living in fear of violence from local residents. Some 600 men were moved out of an Australian-run camp on PNG’s Manus Island in November to three transit centers after a local court ruled the facility was unconstitutional. The men have expressed fears for their safety at the centers, and also accused Australian and PNG authorities of not providing them with adequate health care. In a day-long visit to PNG on Thursday, UN High Commissioner for Human Rights Zeid Ra’ad Al Hussein raised his concerns about the refugees’ plight during meetings with the government. — AFP

Myanmar says soldiers, police face action over deaths

NAYPYIDAW — Action will be taken against 10 members of Myanmar’s security forces in connection with the killing of captured Rohingya Muslims in Rakhine state, a government spokesman said on Sunday. Reuters on Friday published a report laying out events that led up to the killing of 10 Rohingya men in the northern Rakhine village of Inn Din who were buried in a mass grave after being hacked to death or shot by Buddhist neighbors and soldiers. A Myanmar government spokesman, Zaw Htay, said that “action according to the law” would be taken against seven soldiers, three members of the police force and six villagers as part of an army investigation that was initiated before the Reuters report was published. The arrests were “not because of Reuters news. The investigation was being conducted even before Reuters news,” Zaw Htay said, adding that he was unable to specify what action would be taken against the 16 people. On Jan. 10, the military said the 10 Rohingya men belonged to a group of 200 “terrorists” who had attacked security forces. Buddhist villagers attacked some of them with swords and soldiers shot the others dead, the military said, adding that it would take action against those involved. — Reuters

Peso to weaken further on mixed US, Japan data

THE PESO is seen to weaken further this week as the greenback is expected to be supported by slightly upbeat US economic data and possibly weak Japan fourth-quarter economic growth.

On Friday, the local unit closed at P51.48 and traded as low as P51.79 against the dollar, weaker than the P51.31 close on Thursday, due to wider trade deficit recorded in December.

Week on week, the peso finished slightly weaker than its P51.45 close last Feb. 2.

“The dollar might continue to move with an upward bias this week, supported by likely mixed to strong US reports on inflation and retail sales,” Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines (Landbank), told BusinessWorld in an e-mail.

Mr. Dumalagan said the dollar is seen to strengthen starting Wednesday due to “potentially mixed to upbeat US data on retail sales and inflation,” which will, in turn, weaken the peso.

On Thursday, the National Retail Federation said retail sales will grow 3.8-4.4% this year, faster than the 3.2-3.8% growth projections it gave last year. The faster outlook was boosted by the robust holiday season for retail sales.

The US consumer price index and producer price index, which will be released midweek, are  likewise seen to show a moderate or faster pace.

The data will be supported by upbeat employment data released early this month, as non-farm payrolls grew by 200,000 in January and as average hourly earnings were up 0.3%.

Mr. Dumalagan added that expectations on inflation and retail sales “may support the dollar by lending support to views of another US rate hike in March 2018.”

On Thursday, Kansas City Federal Reserve (Fed) President Esther L. George said the economic growth boosted by the American tax reform, provides pressure on the central bank to “reasonably” hike its interest rates three times this year.

New York Fed President William C. Dudley, meanwhile, said in an interview with Bloomberg TV that there was a potential to hike more than three times in 2018 “if the economy looks stronger as we go through the year.”

Landbank’s market economist also noted that the dollar is expected to get a boost from safe-haven buying as “possibly weaker fourth-quarter GDP (gross domestic product) growth data from Japan may also strengthen the dollar by fuelling demand for safer dollar assets.”

However, a report from Reuters showed that higher factory output in Japan might signal a solid fourth-quarter growth.

On Wednesday, the Japanese trade ministry showed factory output grew 2.7% in December from the previous month, faster than the 1.6% median estimate of the economists as well as the 0.5% gain booked in November.

For this week, Mr. Dumalagan sees the peso moving between P51.25 and P51.85, while Ruben Carlo O. Asuncion, chief economist of UnionBank of the Philippines, gave a slimmer forecast range of P51.40 to P51.70.

“The factors that could reverse the dollar’s forecasted upward bias include weaker-than-expected US reports on retail sales and inflation, stronger-than-expected fourth-quarter GDP report from Japan, and any positive updates on the Duterte administration’s tax reform and infrastructure program,” Mr. Dumalagan said. — Karl Angelo N. Vidal

PHL shares to continue decline on consolidation

By Arra B. Francia, Reporter

LOCAL STOCKS are seen to continue falling in the week ahead before the main index can establish momentum to propel it back to the 9,000 level.

The 30-member Philippine Stock Exchange index (PSEi)plunged 1.63% or 141.39 points to close at 8,503.69 on Friday, tracking the movement of international counterparts which already lost over 2,000 points last week.

On a weekly basis, the local stock barometer fell by 307.06 points, with all sectors posting negative finishes. Foreigners preferred to move their funds out of the country, as net outflows averaged to P940 million, although lower than the P1.35 billion recorded the week before. 

“I will not be surprised if we lose another 200 points [this] week, however, I am also confident that if we do, we will see it hold our major support at 8,300,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a report.

With economic fundamentals still unchanged, Summit Securities, Inc. President Harry G. Liu said the market could rally in the following weeks.

“(The market’s decline) is not caused by any immediate crisis… I expect the market to rally very soon,” Mr. Liu said by phone last Friday.

The Bangko Sentral ng Pilipinas chose to keep rates steady during their first policy meeting last Thursday, although raising its inflation forecast in 2018 to 4.3% in anticipation of price increases mandated under the Tax Reform for Acceleration and Inclusion program.

“Inflation (as a gauge for growth) is good, so long as propelled by improved employment, which should trickle in as more infra projects are rolled out,” online brokerage 2TradeAsia.com said in a weekly market note. 

The brokerage added that liquidity is intact, as companies tap the capital market to raise funds. Included in the lineup of firms set to conduct fund-raising activities in the February to March period are Metropolitan Bank & Trust Co., Bank of the Philippine Islands, Robinsons Land Corp., Integrated Micro-Electronics, Inc., and the Philippine Stock Exchange, Inc. 

“Given this, it is normal to see liquidation considering share prices have breached an attractive zone where cash outs are the usual reaction,” according to 2TradeAsia.com. 

Eagle Equities’ Mr. Mangun also noted that should the market bounce back to the 9,000 level, this trend is called the bear trap. 

“This is beneficial for our market as more of the “weak hands” will be shaken out. A bear trap is a false signal that the rising trend of a stock or index has reversed when it has not.”

2TradeAsia.com placed the market’s immediate support at 8,400 this week, while resistance will play within the 8,600 to 8,650 range. 

How many times did the PSEi hit record high this year?

The Philippine Stock Exchange index (PSEi) soared to record-high levels 14 times for the entire 2017 — the last peak marking that year’s final trading day on Dec. 29 — with analysts citing investors’ unwavering confidence in the Philippines’ solid economic fundamentals. As of Feb. 11 this year, the PSEi had already peaked ten times. The last all-time high was recorded on Jan. 29, when the main index finished at 9,058.62. Partly credited with lifting the PSEi was enactment on Dec. 19 last year of the first tax reform package that forms part of an entire program aimed at making Philippine taxation fairer — by shifting the burden more on those who can afford to pay more — while raking in more revenues. There are three to four more packages in the pipeline that will provide periodic boosts to equities in the months ahead.

Philippines’ stock index’s record high finish by MBG / BusinessWorld

Why the Philippines remains an attractive mining prospect despite unfriendly policies

The Philippines remains a compelling mining prospect despite policies unfriendly to the industry since 2012. Take the case of gold, a prime Philippine metal mineral. The country climbed two places in 2016 in the ranking of the world’s largest gold producing countries, according to the latest GFMS Gold Survey by Thomson Reuters.

The country took the 17th place in the list of top 20 gold producing countries in 2016, up two spots from 19th in the previous year. Gold mine production in the country was also higher with 48.5 tons of gold produced in 2016 compared to 46.7 tons produced in 2015.

RECOMMENDED READ: Mining compelling despite policy hurdles — BMI

Philippines ranks among top gold producing countries by BusinessWorld

 

The economic impact of hosting FIBA World Cup

More than 40 years since hosting the biggest hoops event in the world, basketball is coming home to the Philippines after the country, together with Indonesia and Japan, secured hosting rights for the 2023 FIBA Basketball World Cup.

Hosting FIBA events has economic benefits, which come in the form of events’ impact on the overall economy and return on investment, branding on a global scale (advertising and sponsorship values), revenue opportunities (sale of tickets and local broadcast rights) and auxiliary events’ potential (associated events with economic value).

Exactly how much will the Philippines gain from co-hosting it? Let’s take a look at Spain, which played host to the last FIBA World Championship (now World Cup) in 2014. Here’s how much income the country generated from the sporting event.

2014 FIBA World Cup’s economic impact in Spain by MBG / BusinessWorld

Can the Philippines live without coal?

This is why the Philippines can’t just get over its dependence on coal overnight, environmentalists’ advocacy notwithstanding.

Continue

Saving Panay Island’s ‘Big 5’ endangered species

A three-year conservation program that will close this month has shown an increase in the overall population of five endangered species found in Panay Island.

Read the full story.

By the numbers: Metro Manila’s office space supply

DEVELOPERS will be bringing to market at least 900,000 square meters (sq. m.) of new office space annually over the next three years, with offshore gaming firms and business process outsourcing (BPO) companies continuing to drive the market amid easing regulatory concerns.

Read the full story.

Office space supply in the Philippines by BUSINESSWORLD

Are Filipino students losing their competitive edge in English proficiency?

THE PHILIPPINES’ perceived advantage in English may be narrowing after a study found that Filipino university graduates as a group score below the target grade for high school graduates in some Southeast Asian countries.

Read the full story.

Are Filipino graduates losing their edge in English proficiency? by BUSINESSWORLD

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