Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 12286

P8.95M seized at Zamboanga City Port from passenger bound for Malaysia

CASH worth P8.95 million carried by a resident of Jolo was intercepted at the Zamboanga City Port Passenger Terminal on Monday afternoon, the Philippine Coast Guard (PCG) reported yesterday. The undeclared money was contained in a box being transported by 57-year-old Isnaji Sajail, who was supposed to board the M/V Lady Mary Joy 3 vessel bound for Malaysia. Under the law, a person bringing into or out of the Philippines cash in excess of P10,000 must have authorization from the Bangko Sentral ng Pilipinas. Members of the PCG Zamboanga station immediately brought the apprehended passenger and the confiscated cargo to the Bureau of Customs-Zamboanga for the accounting of the money. — Mindanao Bureau

How PSEi member stocks performed — July 25, 2017

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 25, 2017.

072617PSEi

PSEi inches higher as consolidation continues

THE MAIN INDEX inched higher on Tuesday as investors seemed to gain confidence in the administration’s direction following President Rodrigo R. Duterte’s State of the Nation Address (SONA) on Monday.

The bellwether Philippine Stock Exchange index (PSEi) rose 0.11% or 9.08 points to 7,971.72.

Meanwhile, the broader all-shares index fell 0.11% or 5.34 points to 4,753.33.

“The Philippine stock index managed to close a bit on the upside post SONA, positioning ahead of the sectors that will benefit most, and selling those that may be left behind the administrations platform,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message on Tuesday.

Mr. Limlingan noted that mixed US markets also gave the index a push.

Overnight, the Dow Jones Industrial Average fell 66.9 points or 0.31% to 21,513.17; the S&P 500 lost 2.63 points or 0.11% to 2,469.91; and the Nasdaq Composite added 23.05 points or 0.36% to 6,410.81.

“The market is still continuing consolidating at this point. What is needed is really a real good news to breach the 8,000 level. But everything is consolidating, with investors waiting for further developments especially the design of the tax reform package,” Harry G. Liu, president of Summit Securities, Inc. said in a text message yesterday.
072617PSEi
Sectoral indices were mixed. Property climbed 0.73% or 27.57 points to 3,800.11; holding firms rose 0.08% or 6.81 points to 7,906.13; and services inched up 0.06% or 1.09 points to 1,694.30.

Meanwhile, financials went down 0.72% or 14.27 points to 1,948.85; mining and oil slumped 0.61% or 79 points to 12,849.09; and industrials dropped 0.35% or 39.92 points to 11,153.17.

On Tuesday, decliners beat advancers, 142 to 65, while 46 issues were unchanged.

Value turnover stood at P6.23 billion, higher than the P5.85 billion logged on Monday, as 1.74 billion shares changed hands.

Foreigners continued to be net buyers at P573.39 million, up from the P79.85 million in net purchases recorded the prior trading day.

Southeast Asian stock markets marked time on Tuesday ahead of a US Federal Reserve meeting later in the day as investors looked for hints on the timing of the Fed’s next policy tightening.

Though the Fed is widely expected to keep interest rates unchanged at the two-day meeting which ends on Wednesday, investors will be watching for any fresh hints on whether it might raise interest rates again this year, and when it will begin paring its bond holdings.

Singapore shares rose as much as 0.5%, led by financial and telecom stocks.

Thai shares edged up 0.3% to one-week highs, while Malaysian shares were flat.

Vietnam shares gave up early gains to trade flat.

Indonesian shares dropped as much as 0.4%, with falls in consumer staples pulling down the index. — J.C. Lim with Reuters

Senate approves on 3rd reading free irrigation for small farmers

THE SENATE has passed on third and final reading a bill exempting small farmers from paying irrigation fees.

irrigation-system-072617
“There is a need to make free irrigation a policy, and institutionalize it to make it more permanent.” — Senator Cynthia Villar on “Free Irrigation Service to Small Farmers Act of 2017” — THE PHILIPPINE STAR

Senator Cynthia Villar, sponsor of Senate Bill No. 1465 also known as the “Free Irrigation Service to Small Farmers Act of 2017,” said in a statement issued by the chamber that “there is a need to make free irrigation a policy, and institutionalize it to make it more permanent.”

“Filipino farmers and fisherfolk are still among the poorest in the country and freeing farmers from the burden of paying irrigation service fees will significantly reduce production cost, hasten productivity and increase the income of farmers because farmers and fisherfolk comprise 40% of Filipinos below the poverty line,” Ms. Villar added.

According to the bill, all small farmers are “exempted from paying irrigation service fees for water derived from national irrigation systems and communal irrigation systems that were funded, constructed, maintained and administered by the National Irrigation Administration (NIA) and other government agencies.”

The threshold for the exemption is set at ownership of more than five hectares of land.

Corporate farms and plantations will continue to pay irrigation service fees.

The bill calls for “all unpaid irrigation service fees and the corresponding penalties of small farmers to NIA and all loans, past due accounts and the corresponding interests and penalties of irrigators associations to NIA” to be “condoned and written off from the books of NIA.”

Bank of Japan policy makers contest disclosure of QE exit strategy impact

TOKYO — Bank of Japan (BoJ) policy makers contested how much information to disclose about a possible exit from quantitative easing (QE), with several worrying about the risks of doing so given the BoJ is still far off its 2% inflation goal, minutes of the central bank’s June 15-16 meeting showed on Tuesday.

Some members said the BoJ needed to clearly explain how it would manage policy and how an exit would impact the central bank’s finances, the minutes showed.

However, several members said consumer prices are still far from the central bank’s 2% inflation target, and disclosing this information too soon could cause market turbulence.

These members also said it is important for the Bank of Japan to continue with its internal analysis on an exit from quantitative easing.

The minutes highlight the difficult path the BoJ must navigate as worries about the sustainability of its current policy framework start to grow.

“Some members said it was important to thoroughly explain the BoJ’s thinking on how it will manage policy and the impact on the central bank’s finances to gain understanding,” the minutes showed.

“Several members said providing uncertain information before meeting the inflation target could cause market confusion, so it is important to continue internal analysis on this subject.” The BoJ kept monetary policy on hold at the meeting and upgraded its assessment of private consumption for the first time in six months.

BOND LOSSES
At a subsequent meeting on July 19-20, the BoJ pushed back the timing of meeting its 2% price target for the sixth time since it began its quantitative easing program in 2013.

It now expects inflation will not reach that level until sometime in the fiscal year ending in March 2020, but private-sector economists doubt this is likely.

The BoJ has a short-term interest rate target of minus 0.1% and buys debt to keep the 10-year government bond yield around zero percent.

The central bank also has a loose guideline to keep buying government bonds so its holdings increase at an annual pace of 80 trillion yen ($714 billion), which many markets watchers say is unsustainable.

Some economists worry about the potential for losses on the government bonds that the BoJ holds on its balance sheet when the central bank exits from QE.

Others worry that bond market liquidity could dry up and yields could become very volatile unless the BoJ changes its current framework.

It is uncertain if the members who pushed for disclosure on the BoJ’s exit strategy will remain on the policy board.

Board members Takehiro Sato and Takahide Kiuchi, who dissented to most of BoJ Governor Haruhiko Kuroda’s monetary-easing steps, have departed after their terms expired this month and will be replaced. — Reuters

Olazo Large-Scale: homecoming and homage

TWO YEARS after his death, painter and printmaker Romulo Olazo returns to his first home, the Cultural Center of the Philippines — his first solo exhibition was held there in 1974 — for the exhibit called Olazo Large-Scale, curated by his son, Jonathan.

Continue

New York exhibit celebrates Muppets creator Jim Henson

NEW YORK — A new exhibit featuring the work of Muppets creator Jim Henson went on permanent display in New York City on Saturday to celebrate the career of the American puppeteer who brought to life such characters as Miss Piggy and Big Bird.

Continue

Mandela book withdrawn after outrage from widow

JOHANNESBURG — A new book detailing Nelson Mandela’s last days has been withdrawn after it was condemned by his outraged widow, publisher Penguin Random House said Monday.

Continue

Int’l stars at BP gala

CONTEMPORARY DANCE company Ballet Philippines presents A Gala Celebration, featuring Filipino stars from various international dance companies, on Aug. 18 to 20 at the Cultural Center of the Philippines.

Continue

Silent art auction a highlight at PIA gala

ON JULY 29, the Philippine Italian Association will mark a milestone — 55 years of cultural exchanges between the Philippines and Italy.

Continue

Live painting at Fully Booked

FRINGE MANILA again presents Art Battle Manila, an evening of creativity showcasing local painters competitively painting live at the Top Shelf of Fully Booked, BGC, on July 29.

Continue

Art&Culture (07/26/17)

Guest artists at MSO concert

LEIPZIG GEWANDHAUS Orchestra violinist Alexandra Bartoi and Orchestre de Paris assistant conductor Marlon Chen are the special guest artists in the Manila Symphony Orchestra’s concert Swept Away: Music for the Heart on July 27, 6:30 p.m., at the lobby of the Ayala Museum, Makati Ave., Makati City. Guest conductor Chen helms the MSO on Antonin Dvorak’s Serenade for Strings in E major Op. 22, while Ms. Bartoi will essay the solo spot for Max Bruch’s Violin Concerto No.1 in G-minor. Tickets range in price from P300 (students) to P1,000 (limited premier). E-mail concerts@ayalamuseum.org or call 759-8288 local 8272 for details.

Continue
1...12,28512,28612,287...12,616Page 12,286 of 12,616
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube