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PSEi extends climb on bargain hunting before CPI

REUTERS

PHILIPPINE SHARES rose for the third straight session, with the main index logging its best close in over three weeks, as investors picked up cheap issues and amid expectations that headline inflation stayed within target last month.

The Philippine Stock Exchange index (PSEi) went up by 0.32% or 21.36 points to end at 6,625.17 on Monday, while the broader all shares index increased by 0.22% or 8.55 points to 3,794.03.

This was the PSEi’s highest close in more than three weeks or since it finished at 6,641.35 on Dec. 12.

“The local market extended its rise as investors continued with their bargain hunting,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Also aiding in Monday’s session is the investors’ optimistic expectations towards the Philippines’ December 2024 inflation rate,” he added.

A BusinessWorld poll of 13 analysts yielded a median estimate of 2.7% for the December consumer price index (CPI), within the Bangko Sentral ng Pilipinas’ (BSP) 2.3%-3.1% forecast for the month.

If realized, this would be faster than the 2.5% print in November and mark a third straight month of acceleration. Still, this would be slower than 3.9% in December 2023 and would be within the BSP’s 2-4% target.

The Philippine Statistics Authority will release December and full-year 2024 CPI data on Jan. 7 (Tuesday).

“Philippine investors continued to slowly reposition as the first full trading week of the year begins,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Mr. Limlingan said that aside from the inflation report, other trading drivers this week include US jobs data and minutes from the US Federal Reserve’s December meeting, as well as scheduled speaking engagements of some Fed officials that could give clues on the path of interest rates in the world’s largest economy.

Majority of sectoral indices closed lower on Monday. Holding firms dropped by 0.5% or 28.64 points to 5,648.25; mining and oil declined by 0.38% or 29.82 points to 7,708.32; industrials retreated by 0.11% or 10.38 points to 9,312.60; and property inched down by 0.01% or 0.44 point to 2,400.20.

Meanwhile, services climbed by 1.51% or 32.36 points to 2,163.81 and financials increased by 0.91% or 20.07 points to 2,226.57.

“Universal Robina Corp. was the day’s index leader, climbing 3.26% to P82.40. Wilcon Depot, Inc. was the main index laggard, falling 3.69% to P13.56,” Mr. Tantiangco said.

Value turnover rose to P3.86 billion on Monday with 4.54 billion shares changing hands from the P3.78 billion with 2.77 billion issues traded on Friday.

Advancers bested decliners, 112 versus 103, while 52 names were unchanged.

Net foreign buying stood at P40.94 million on Monday versus the P171.99 million in net selling recorded on Friday. — R.M.D. Ochave

Peso drops further before inflation data

BW FILE PHOTO

THE PESO weakened further against the dollar on Monday on expectations of faster December inflation.

The local unit closed at P58.27 per dollar on Monday, declining by seven centavos from its P58.20 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened Monday’s session unchanged at P58.20 against the dollar. Its worst showing was at P58.36, while its intraday best was at P58.17 versus the greenback.

Dollars traded declined to $1.74 billion on Monday from $1.38 billion on Friday.

The peso was dragged down by expectations of a slight pickup in Philippine December headline inflation, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The dollar was also broadly stronger as the market waits for this week’s release of key US jobs data, which could dictate the US Federal Reserve’s next move, he added.

“The dollar-peso traded higher on cautious sentiment ahead of local CPI (consumer price index) [on Tuesday] and ahead of key US jobs data. [On Monday night], we have US factory orders and towards the end of the week, we have nonfarm payrolls,” a trader likewise said in a phone interview.

A BusinessWorld poll of 13 analysts yielded a median estimate of 2.7% for the December CPI, within the central bank’s 2.3%-3.1% forecast. If realized, this would be faster than the 2.5% print in November and mark a third straight month of acceleration. Still, this would be slower than 3.9% in December 2023.

For Tuesday, the trader sees the peso moving between P58.00 and P58.50 per dollar, while Mr. Ricafort expects it to range from P58.15 to P58.35. — A.M.C. Sy

Malixi settles for third place in Australia

RIANNE MALIXI — FACEBOOK.COM/AUSMOTA

THE Philippines’ Rianne Malixi faded in the final push to yield the Australian Master of the Amateurs crown and settle for third on Monday in Victoria, Australia.

Ms. Malixi turned in a closing one-over 74 card marred by a bogey-double bogey stumble on the 12th and 13th holes to finish at 289 behind winner Hyojin Yang of Korea (286) and Ella Scaysbrook of Australia (288).

Just like last year, the 17-year-old Pinay mounted a spirited attempt to wipe out a four-shot deficit in the last round at the Southern Golf Club. But it didn’t work out as planned in this failed title-retention.

Ms. Malixi managed to catch up with Ms. Scaysbrook at the lead after gunning down back-to-back birdies on Nos. 10 and 11.

But the world No. 3 amateur could not sustain the charge and even lost three strokes in the next two holes, virtually leaving Ms. Yang and Ms. Scaysbrook in a dispute for the top plum.

Ms. Yang birdied the 10th and 11th then parred the remaining holes to submit an even 73 and finish at six-under for the tournament.

Ms. Scaysbrook shot sub-par scores on Nos. 10 and 16 but bogeys on 13, 14 and 17 doomed her bid as her 77 for the day was only good for a four-under aggregate, two short of Ms. Yang’s winning tally. — Olmin Leyba

Nesthy Petecio first to return to the hunting ground to seek more glory

AT 32 YEARS OLD and already decorated with a pair of Olympic medals, you would think Nesthy Petecio is already done for.

She isn’t.

Just months after snaring her Paris Games bronze, her second in the quadrennial games after a silver in Tokyo, Ms. Petecio made it known that she is far from hanging up her boxing gloves as she returns to the hunting ground where she seeks more glory.

“I’ll be there,” said Ms. Petecio on Monday just moments after Mitchell Martinez, a member of the national coaching staff, posted photos on social media of the team reporting back to training in Baguio.

Ms. Petecio and the rest of the national pugs are eyeing several tournaments in the middle and the latter part of the year.

Interestingly, Ms. Petecio was the first to report to training out of the five Filipino pugs who competed in the French capital.

According to Association of Boxing Alliances in the Philippines Secretary-General Marcus Manalo, Carlo Paalam will come in a day late because he had to tend to personal matters while Aira Villegas is still in military duties.

As for Hergie Bacyadan, she is still with Vovinam after snaring an Asian Championship gold medal just late last year.

“We have yet to sit down with her and Vovinam about plans moving forward,” Mr. Manalo told The STAR. “Eumir (Marcial) is still undecided if he will go back full-time with us.”

The country is eyeing to compete in several meets or attend training camps this year including one in Korea in April, the World Championships in Liverpool in September, the World Cup in New Delhi, India in November and the Southeast Asian Games in Thailand in December.

And expect Ms. Petecio to fight for slots and be part of it all. — Joey Villar

Cavs handle slumping Hornets for 10th straight win

DARIUS GARLAND scored 25 points and Jarrett Allen posted a double-double as the Cleveland Cavaliers won their 10th straight game with a 115-105 victory over the visiting Charlotte Hornets on Sunday.

Allen paired 19 points on 9-of-10 shooting with 11 rebounds for Cleveland, which also got 19 points from Donovan Mitchell and 17 from Evan Mobley. Georges Niang chipped in 10 points off the bench as the Cavaliers continued to roll after completing a 4-0 road trip.

Even with its top two offensive players, LaMelo Ball and Brandon Miller, back in action, Charlotte was pummeled en route to its 10th straight loss. Ball and Miller finished with 24 points apiece in their first games since Dec. 26.

Miller drained six 3-point shots, while Ball was just 3-of-11 from long range even after making his final two attempts.

The Cavaliers shot 49% from the floor in the first half and carried a 63-48 lead into the break. Cleveland was up by as many as 24 in the second quarter but watched its lead shrivel as Ball made five free throws during Charlotte’s 8-0 run to close the half.

Cleveland swelled the margin to Cleveland improved to 3-0 against Charlotte this season, with all three wins coming by double digits. — Reuters

Eala eyes historic main draw in much-awaited Australian Open

ALEX EALA — FACEBOOK.COM/ALEXEALA

ALEX EALA is out to pounce on her remarkable campaign in Canberra last week to make more of an impression and soar to new heights in the much-awaited Australian Open qualifying round today at Melbourne Park.

Fresh off a semifinal finish in the Workday Canberra International as an unseeded player all the way from the qualifiers, Ms. Eala will have her mettle tested once again at 7 a.m. (Manila time) against Croatia’s Janna Fett in Round 1.

Her Final Four run in Canberra was her first-ever deep campaign in a top-class Women’s Tennis Association (WTA) 125 tourney, making it a good stepping stone to her bid in marking another history in the world’s first major this year.

“I fought hard last week but the path in 2025 has just begun,” posted 19-year-old Filipina pride on her social media account after landing in Melbourne over the weekend. “Next stop is the Australian Open.”

After etching a career-best year-end ranking at No. 147 of the WTA, Ms. Eala started the New Year with a bang by stringing five straight wins in Canberra as her first tournament this season.

But there will be a bigger mountain to climb for her from there on as she aims to become the first-ever Filipina tennister to play in a Grand Slam main draw.

She will net for that dream starting in Round 1 of the grueling three-round, 128-player cast against a familiar rival in 28-year-old Ms. Fett, a grizzled veteran with a WTA ranking of No. 136 and 14 pro titles including in the singles and doubles.

Back in 2021, Ms. Eala bowed to Ms. Fett in a 4-6, 6-3, 7-5 marathon in the W25 Manacor but has improved by leaps and bounds since then to stand a pretty chance to advance.

A win by Ms. Eala, holder of eight pro titles in her budding career, would propel her to a second-round outing against the winner between Slovakia’s Victoria Hrunkacova (WTA No. 168) and Austria’s Sinja Kraus (WTA No. 211).

From there, she would need only a single victory to clinch one of the 16 main draw tickets in the qualifiers, a feat that she fell just short of achieving in the finale of the French Open, Wimbledon and US Open last year. — John Bryan Ulanday

Last-gasp Dembele strike earns PSG French Super Cup victory over Monaco

DOHA — A stoppage-time goal by forward Ousmane Dembele earned Paris Saint-Germain (PSG) a 1-0 win over AS Monaco in the French Super Cup on Sunday as the Ligue 1 champions lifted the trophy for the third consecutive season.

Record 13-time winner PSG, who faced last season’s Ligue 1 runners-up Monaco after the Parisians had won both the league and the French Cup, won the competition for the 11th time in the last 12 years.

In a lively encounter at Doha’s Stadium 974, made from 974 recycled shipping containers for the 2022 World Cup, PSG had 27 chances — nine of them on target — without breaking the deadlock.

But Dembele ensured the game did not go to penalties when he sealed the win for the French champions two minutes into injury time, netting inside the far post after Fabian Ruiz fed him with a neat pass across the face of the goal.

Summer signing Desire Doue was close to giving PSG the lead in the ninth minute but hit the bar while Lee Kang-In was denied by Monaco goalkeeper Philipp Koehn with an effort from distance in first-half stoppage time.

Dembele and Vitinha also tested Koehn in the opening 45 minutes while Monaco’s Maghnes Akliouche and Takumi Minamino forced Gianluigi Donnarumma into saves, with the PSG keeper returning to the side after recovering from a face injury.

No goals were scored in the first half of a French Super Cup for the first time since 2010 when Olympique de Marseille beat PSG 5-4 on penalties after the match ended goalless.

PSG, who beat Nantes and Toulouse in the previous two editions, won 4-2 at Monaco last month in Ligue 1 with Dembele scoring a second-half brace.

Four-time winners Monaco last lifted the trophy in 2000. They were runners-up in 2017 and 2018, losing both times to PSG.

PSG return to league action next Sunday when they host St Etienne while Monaco visits lowly Nantes on Friday. — Reuters

Canadian Prime Minister Trudeau is likely to announce resignation

Canadian Prime Minister Justin Trudeau — UNITED NATIONS/MARK GARTEN

OTTAWA — Canadian Prime Minister (PM) Justin Trudeau is increasingly likely to announce he intends to step down, though he has not made a final decision, a source familiar with Mr. Trudeau’s thinking said on Sunday.

The source spoke to Reuters after The Globe and Mail reported that Mr. Trudeau was expected to announce as early as Monday that he would quit as leader of Canada’s ruling Liberal Party after nine years in office.

The source requested anonymity because they were not authorized to speak publicly.

Mr. Trudeau’s departure would leave the party without a permanent head at a time when polls show the Liberals will badly lose to the official opposition Conservatives in an election that must be held by late October.

Sources told The Globe and Mail that they did not know definitely when Mr. Trudeau would announce his plans to leave but said they expect it would happen before an emergency meeting of Liberal legislators on Wednesday.

An increasing number of Liberal parliamentarians, alarmed by a series of gloomy polls, have publicly urged Mr. Trudeau to quit.

The prime minister’s office did not immediately respond to a request for comment outside regular business hours. The prime minister’s regularly published schedule for Monday said he would participate virtually in a cabinet committee meeting on Canada-US relations.

It remains unclear whether Mr. Trudeau will leave immediately or stay on as prime minister until a new Liberal leader is selected, The Globe and Mail report added.

CALLS TO RESIGN GROW
Mr. Trudeau took over as Liberal leader in 2013 when the party was in deep trouble and had been reduced to third place in the House of Commons for the first time.

If he does resign, it would likely spur fresh calls for a quick election to put in place a stable government able to deal with the administration of President-elect Donald Trump for the next four years.

The prime minister has discussed with Finance Minister Dominic LeBlanc whether he would be willing to step in as interim leader and prime minister, one source told the newspaper, adding that this would be unworkable if Mr. LeBlanc plans to run for the leadership.

Mr. Trudeau, 53, had been able to fend off Liberal legislators worried about the polls and the loss of safe seats in two special elections.

But calls for him to step aside have grown since December, when Mr. Trudeau tried to demote Finance Minister Chrystia Freeland, one of his closest cabinet allies, after she pushed back against his proposals for more spending.

Ms. Freeland quit instead and penned a letter accusing Mr. Trudeau of “political gimmicks” rather than focusing on what was best for the country.

Mr. Trudeau propelled the Liberals to power in 2015 promising “sunny ways” and a progressive agenda that promoted the rights of women and a promise to fight climate change.

But the everyday realities of governing gradually wore him down and like many Western leaders, the need to deal with the effects of the pandemic ate up much of his time.

Although Ottawa spent heavily to protect consumers and businesses, racking up record budget deficits, this provided little protection from public anger as prices soared.

A botched immigration policy led to hundreds of thousands of arrivals, straining an already overheated housing market. — Reuters

Vietnam’s 2024 GDP growth quickens to 7.09%

A VIETNAM DONG note is seen in this illustration photo May 31, 2017. — REUTERS

HANOI — Vietnam’s gross domestic product (GDP) grew 7.09% last year, greater than the 5.05% expansion in 2023, driven by strong exports and robust foreign investment inflows, government data showed on Monday.

Vietnam’s GDP grew 7.55% in the fourth quarter, the General Statistics Office (GSO) said in a report.

The Southeast Asian country, a regional manufacturing hub, has benefited from a recovery in global consumption despite being badly affected by Asia’s strongest typhoon last year.

Exports in 2024 grew 14.3% from a year earlier to $405.53 billion, led by shipments of electronics, smartphones, garments and farm produce, the GSO said in its report.

Imports grew 16.7% to $380.76 billion in 2024, resulting in a trade surplus of $24.77 billion, according to the GSO.

The strong rebound in growth in 2024 was also helped by the government increasing coal imports for power generation to avoid a repeat of previous years’ electricity shortages.

Coal imports in 2024 rose 24.8% from a year earlier to 63.8 million metric tons, while electricity output in the year rose 9.6% to 293.3 billion kilowatt hours.

Average consumer prices in 2024 were up 3.63% while industrial production output rose 8.4%, the GSO said.

Vietnam has set an official GDP growth target of 6.5% to 7% for this year. Prime Minister Pham Minh Chinh last month said Vietnam would aim for growth of 8%. — Reuters

Chinese cyberattacks on Taiwan gov’t averaged 2.4M a day

Miniatures of people with computers are seen in front of binary codes and words “cyber attack’ in this illustration taken July 19, 2023. — REUTERS

TAIPEI — Cyberattacks on Taiwan government departments doubled in 2024 from the previous year to an average of 2.4 million attacks a day, the island’s National Security Bureau said, adding most of them were launched by Chinese cyber forces.

Taiwan has in recent years complained about what it sees as China’s “grey-zone harassment” — from daily military drills and balloons near the island to cyberattacks — at a time when Beijing ramps up military and political pressure to force the democratically governed island to accept its sovereignty claim.

Taiwan’s Government Service Network, or GSN, received a daily average of 2.4 million attacks last year, double the daily average of 1.2 million in 2023, according to a report by the National Security Bureau on Sunday.

The bureau offered rare details of the attacks, attributing most to China’s cyber forces, with telecommunications, transportation and defense among the top targets.

“Although many of those attacks have been effectively detected and blocked, the growing numbers of attacks pinpoint the increasingly severe nature of China’s hacking activities,” the report said.

China’s Taiwan Affairs Office did not respond to a request for comment.

China routinely denies being involved in hacking attacks but is frequently accused by foreign governments, especially the United States which last week said Chinese hackers stole documents from the US Treasury Department.

The Taiwanese report said China launched some of the attacks to coincide with Chinese military drills around the island, including distributed denial-of-service (DDoS) attacks designed to disrupt access to web pages of Taiwan’s transportation and financial institutions.

The move, the report said, was meant to “intensify the harassment effect and military intimidation.”

Beijing staged two rounds of major exercises around Taiwan last year to pressure Taipei, one in May and one in October, dubbed Joint Sword – 2024A and B respectively.

China also targeted Taiwanese civil servants’ e-mails and launched attacks including social engineering in attempts to steal confidential information, the report said.

The report said China’s cyber forces employed techniques including advanced persistent threats and backdoor software to try to infiltrate and compromise Taiwan’s key infrastructure including highways and ports.

“Such efforts attempt to disrupt Taiwan’s government operations, as well as gain advantages in the fields of politics, military, technology, and economy,” the report said. — Reuters

South Korea extends shutdown of Muan airport due to crash probe

RESCUE WORKERS take part in a salvage operation at the site where an aircraft crashed after it went off the runway at Muan International Airport in Muan, South Korea, Dec. 29, 2024. — REUTERS

SEOUL — South Korea’s government said on Monday it will extend the shutdown of Muan International Airport by a week to Jan. 14, citing the ongoing investigation into the crash of a Jeju Air jet that killed 179 passengers on board.

The airport had been due to reopen on Tuesday following the Dec. 29 crash.

A joint investigation team is stepping up the probe into South Korea’s deadliest air accident. Two of the Korean investigators on Monday are set to leave for the United States with flight data recorders for analysis with the US National Transportation Safety Board.

The flight data recorders, along with cockpit voice recorders, are the two black boxes that contain key information about the crash.

Investigators on Saturday compiled the complete transcript from the cockpit voice recorder recovered from the wreckage of the Jeju Air Boeing 737-800. It is not clear whether they will disclose the transcript.

Investigators retrieved two of the plane’s engines over the weekend, as a representative from engine maker GE joined the probe. The transport ministry extended to Jan. 10 its inspections of all the Boeing 737-800 planes operated by Jeju Air and five other airlines in the country, including their maintenance records. — Reuters

Anger and tears as Montenegro town commemorates mass shooting victims

STOCK PHOTO | Image by 41330 from Pixabay

CETINJE, Montenegro — Thousands of Montenegrins gathered in the town of Cetinje on Sunday to commemorate the 12 victims of a mass shooting last week, with many accusing police of not having done enough to stop the gunman’s rampage.

In a crime that shocked the small Balkan nation, 45-year-old Aco Martinovic went on a shooting spree that lasted for hours on Wednesday. When he was finally cornered by police, he turned his gun on himself, and later died of his injuries.

People lit candles on Sunday in front of a church in Cetinje close to where the shooting began and stood in silence for 12 minutes in honor of the victims.

“We came here to demand answers as to why there was no timely reaction and who will take the responsibility for that,” Maja Gardasevic told Reuters.

Many Montenegrins are angry over what they see as slow reform of an understaffed and under-resourced police force and bureaucratic and political wrangling within the government.

It was the second mass shooting in less than three years in Cetinje, which lies some 38 kilometers (24 miles) west of the capital, Podgorica. In August 2022, a gunman killed 10 people, including two children, before being shot dead.

“This is simply my protest against the disorganization of the police. They learned nothing after the first tragedy,” said local resident Aleksandra Jablan.

In the capital on Friday, protesters demanded the resignation of top officials, including Interior Minister Danilo Saranovic and the head of the police.

Montenegro, a small Adriatic republic of 633,000 people, has a deeply rooted gun culture.

Like other Western Balkan countries — Serbia, Bosnia, Albania, Kosovo and North Macedonia — Montenegro is awash with illegal weapons, mostly from the bloody wars of the 1990s. — Reuters