Global brands shut Middle East stores as conflict causes chaos

March 5, 2026 | 12:02 am

Dubai_Marina_Skyline — DUBAI MARINA SKYLINE — COMMONS.WIKIMEDIA.ORG

PARIS — In Dubai and other major Middle Eastern shopping hubs, many stores are closed or operating with a skeleton staff as the escalating conflict in the region causes chaos for businesses and travel.

The US-Israeli air war against Iran expanded on Monday with no end in sight, with Tehran firing missiles and drones at Gulf states as it retaliates for a weekend of bombing that killed Iran’s supreme leader and reportedly killed scores of Iranian civilians, including a strike on a girls’ primary school.

Chalhoub Group, which runs 900 stores for brands from Versace and Jimmy Choo to Sephora across the region, said its stores in Bahrain were closed, while other markets, including the United Arab Emirates (UAE), Saudi Arabia, and Jordan remained open though staff attendance was “voluntary.”

“We operate with a lean team formed of members who volunteered and feel comfortable to come to the store,” Chalhoub’s Vice-President of Communications Lynn al Khatib told Reuters, adding that the company’s leadership team personally visited Dubai Mall and Mall of the Emirates on Monday morning to check in with workers.

E-commerce giant Amazon closed its fulfillment center operations in Abu Dhabi, suspended deliveries across the region, and instructed its employees in Saudi Arabia and Jordan to remain indoors, Business Insider reported on Monday, citing an internal memo.

Gucci-owner Kering said its stores were temporarily closed in the UAE, Kuwait, Bahrain, and Qatar and it has suspended travel to the Middle East.

LUXURY GROWTH ENGINE UNDER THREAT
Shares in luxury groups LVMH, Hermès, and Cartier-owner Richemont were down 4% to 5.7% on Monday afternoon as investors digested the knock-on impacts of the conflict.

The Middle East still accounts for a small share of global spending on luxury — between 5% and 10%, according to RBC analyst Piral Dadhania. But the region was “luxury’s brightest performer” last year, according to consultancy Bain, while sales of expensive handbags have stalled in the rest of the world.

Now, shuttered airports have put an abrupt stop to tourism flows into the region and missile strikes — including one that damaged Dubai’s five-star Fairmont Palm hotel — are likely to dissuade travelers, particularly if the conflict drags on.

“If you assume that it’s a $5-6-billion (travel retail) market and let’s say it’s going to be shut down for a month, we are talking about hundreds of millions of dollars that are definitely at risk,” said Victor Dijon, senior partner at consultancy Kearney.

If Middle Eastern shoppers cannot travel to Paris or Milan, that could also hurt luxury sales in Europe, he added.

Luxury brands have been investing in lavish new stores and exclusive events across the region. Cartier unveiled a “high-jewelry” exhibition in Dubai’s Keturah Park just days before the conflict started. Cartier and Richemont did not reply to requests for comment.

Luxury conglomerate LVMH has also bet big on the region. Last month, its flagship brand Louis Vuitton staged an exhibition at the Jumeirah Marsa Al Arab hotel, and beauty retailer Sephora launched its first Saudi beauty brand.

LVMH does not report specific figures for the region, but in January Chief Financial Officer Cecile Cabanis said the Middle East has been “displaying significant growth.” LVMH did not reply to a request for comment on how its business may be impacted by the conflict.

The Middle East has also attracted new investment from mass-market players. Budget fashion retailer Primark said in January that it plans to open three stores in Dubai in March, April, and May, followed by stores in Bahrain and Qatar by the end of the year.

“Primark is set to open its first store in Dubai at the end of March but clearly this is a fast-moving situation which we are monitoring closely,” a spokesperson for Primark-owner Associated British Foods said.

Apple stores in Dubai will remain closed until Thursday morning, the company’s website showed, while Swedish fast-fashion retailer H&M said its stores in Bahrain and Israel are closed. Consumer goods group Reckitt has told all employees in the Middle East to work from home, temporarily closed its Bahrain manufacturing site and suspended all business travel to the region until further notice. — Reuters

Chevron invests P181.6 million to upgrade Lapu-Lapu terminal

March 5, 2026 | 12:02 am

CHEVRON’S LAPU-LAPU TERMINAL IN CEBU — CHEVRON

AMERICAN multinational energy company Chevron said it has invested $3.1 million (P181.6 million) to upgrade its terminal in Lapu-Lapu City, Cebu, boosting its storage capacity to 150,000 barrels.

In a statement on Wednesday, Chevron said the upgrade is estimated to unlock around $1 million in annual value.

“Our investment in the Lapu-Lapu terminal is a sign that Chevron is here to stay and will continue to boost the capacity of our other local terminals,” said Pongtorn “Bon” Tangmanuswong, general manager and country chairman of Chevron Philippines, Inc. (CPI).

He added that the company aims to ensure “that all corners of the Philippines have access to a reliable fuel and energy source.”

The Lapu-Lapu terminal recently received its first import vessel, the MT Chang Hang Fei Yue Voy. No. 2518, loaded with products from South Korea.

The terminal serves as Chevron’s gateway to Central Visayas, supporting fuel supply to nearby cities and municipalities driven by manufacturing, transportation, and tourism growth.

Last year, Chevron Philippines inked mutually beneficial lease agreements with Batangas Land Co., Inc. (BLC) for the lease of its properties in major cities around the Philippines.

Aside from the Lapu-Lapu terminal, CPI renewed its lease in San Pascual, Batangas; San Fernando (Poro), La Union; and Sasa, Davao City.

Chevron, which markets the Caltex brand of fuels and lubricants, also committed funding to these terminals’ energy infrastructure to maintain the safety and effectiveness of their operations.

The company is engaged in the importation of crude oil and natural gas and in the manufacture of transportation fuels, lubricants, petrochemicals, and additives. — Sheldeen Joy Talavera

The ASEAN economic agenda and the Philippines’ fiscal condition

March 5, 2026 | 12:02 am

Last week, on Feb. 24, I attended the ASEAN Editors and Economic Opinion Leaders Forum at the Fairmont Hotel in Makati. Organized by the Department of Trade and Industry (DTI), it was a huge forum with a huge audience. I counted five Cabinet Secretaries who spoke there — DTI Secretary Ma. Cristina Roque, Finance Secretary Frederick Go, Education Secretary Sonny Angara, Energy Secretary Sharon Garin, and Information and Communication Technology Secretary Henry Aguda.

Executive Secretary Ralph Recto was supposed to give a keynote speech in the morning and Presidential Communications Office (PCO) Secretary Dave Gomez was supposed to speak in the last panel discussion in the afternoon. Perhaps President Ferdinand Marcos, Jr. asked them to work in their offices instead as he himself faced the audience and foreign officials.

The president spoke in the afternoon, not with a prepared speech but rather in a one-on-one interview with veteran broadcaster Rico Hizon. The President did not even glance at his prepared notes. It was the first time I had seen and heard him speak in a spontaneous set up, and I was pleasantly surprised and impressed — he was very articulate and knowledgeable about many issues and reform items. From the territorial dispute in the South China Sea (he did not use the term “West Philippine Sea”), to incentives to attract more foreign investments, from reducing the burden of bureaucracy for business, to expanding our exports, from potential candidates for President in 2028, to the ASEAN chairmanship, and much more.

Mr. Hizon asked the president who would be his candidate for 2028 elections, in order to ensure the continuity of his economic programs and reforms. Mr. Marcos answered that it should be someone who understands economics, how to control inflation, expand GDP and production, increase investments and job creation, and improve the welfare of the Filipinos. A simple, direct, and honest response by the President — I liked it.

Mr. Hizon also asked the president what his focus would be as Chair of the ASEAN this year. He said that his priority is to make the ASEAN stick to its original purpose, to be an economic bloc unified in pursuing economic prosperity for the members and their people. A beautiful response. I would call it his “ASEAN Economic Agenda of Peace and Prosperity.” Yes, Mr. President, we can never go wrong with such a primordial goal.

One thing I noticed at the ASEAN event was that it was supposedly an editors and economic columnists/writers’ forum but there were very few media people in the room, mostly broadcast people and TV anchors like Rico Hizon, Karen Davila, Regina Hing, and Cathy Yang. And the editor-in-chief of the Straits Times of Singapore. I did not see the editor in chiefs (EICs) of big Philippine newspapers. The bulk of the audience was made up of corporate people plus a few undersecretaries of certain agencies.

Thus, the ASEAN Editors and Economic Opinion Leaders Forum became an ASEAN Business and Economic Leaders Forum. I read a few reports in print media on how the reporters and journalists were excluded from the venue and relegated to a separate room watching on wide screen TV monitors. I think the DTI should have co-organized it with the PCO because the office knows all the major editors and economic columnists and opinion leaders in the country.

CATCHING UP
Some ASEAN countries are industrializing very fast. For instance, when looking at the exports of manufactured goods in 2024, Singapore and Vietnam had exported $376 billion and $339 billion worth, more than UK and Canada, while Malaysia was catching up with Canada and may have overtaken it in 2025.

The Philippines still has a long way to go to catch up with the rest of the ASEAN-6 but is still far ahead of the other ASEAN-4.

Considering the risks of higher prices for oil-gas from the Middle East as the US/Israel-Iran war continues, I checked the value of ASEAN countries’ imports of fuels and mining products. Singapore leads in the ASEAN with $93 billion in 2024, followed by Malaysia and Thailand.

China and the US are the large importers of these products, as their exports are powered by fossil fuels and metallic products importation (see Table 1).

CASH
Last Tuesday, the Bureau of the Treasury (BTr) finally released the government’s full year 2025 cash operations report (COR). The fiscal condition remained flattish, the budget deficit was still at around P1.6 trillion a year, financing or net borrowings was still at P1.4 trillion a year. Revenues are rising, but expenditures are rising fast too (see Table 2).

The large-scale privatization of some government assets and corporations should be done to raise more revenues without raising taxes. And there should be spending cuts to control the hemorrhage in public expenditures, like reforming the Military and Uniformed Personnel pension, cutting the budgets of state universities and reallocating the funds to public elementary and secondary education.

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

How does the Philippines compare with its neighbors in mining attractiveness?

March 5, 2026 | 12:02 am

The Philippines’ mining investment attractiveness ranking fell last year as it plunged 49 places to 65^th out of 68 jurisdictions in the 2025 Annual Survey of Mining Companies by Fraser Institute. This put the Philippines as the fourth worst mining destination worldwide. Out of 100, the country’s score sank to 45.85 from the 77.11 it achieved a year earlier. The survey assesses mining destinations based on their mineral potential and government policies that either attract or discourage mining investors.

Intel board chair Frank Yeary to depart after 17 years

March 5, 2026 | 12:02 am

SAN FRANCISCO — Intel said on Tuesday that longstanding board Chair Frank Yeary plans to retire, the latest shakeup for the once dominant US chipmaker as CEO Lip-Bu Tan seeks to refashion the company.

Current Intel board member and veteran chip executive Craig Barratt will succeed Mr. Yeary as chair after the company’s annual shareholder meeting in May.

A year after Mr. Tan came on board as CEO, Mr. Yeary’s departure is a significant shift for the board of the Santa Clara, California-based company. Last year, three board members announced their retirement several weeks after Mr. Tan took the helm. Since becoming CEO, Mr. Tan has implemented a plan to turn around the company that re-embraces manufacturing and reduces corporate complexity through middle-management job cuts.

Intel was the dominant US chipmaker for decades but stumbled after around 2010 when it failed to make a popular mobile phone chip and did not keep pace with rival manufacturer Taiwan Semiconductor Manufacturing Co. (TSMC).

In a statement, Mr. Yeary praised the company’s progress on reviving its manufacturing technology and noted that he and the board selected Mr. Tan last year.

Mr. Yeary served on the board since 2009 and was chair since 2023. He has presided over four CEO transitions and has dealt with the decline of Intel’s manufacturing and the rise of TSMC.

“I think his departure was long overdue,” Seaport Securities analyst Jay Goldberg said. “Intel has made a lot of bad decisions” while Mr. Yeary has been on the board, he said.

Replacing Mr. Yeary, an investor and corporate adviser, with a seasoned semiconductor executive was a welcome move, three former Intel executives told Reuters.

Intel said its board — which over the years has included executives from fields such as medical devices and aerospace, in addition to financiers — had sought to remake itself.

“The board has been intentional in its refreshment efforts, adding directors with skills and backgrounds to map to the future opportunities and challenges the company faces, as well as the experience and perspectives to support Intel’s evolving strategy and long-term stockholder interests,” the company said in its press release announcing Mr. Yeary’s departure.

Prior to Mr. Tan’s installment as CEO, he served on the Intel board with Mr. Yeary until Mr. Tan left due to differences over the company’s turnaround plans.

The incoming chair, Mr. Barratt, joined the Intel board in 2025 and has experience working at Qualcomm and briefly at Intel. Mr. Barratt is not related to previous Intel CEO Craig Barrett.

“Lip-Bu’s biggest challenge is changing Intel’s culture and professionalizing the board will help that a lot,” Mr. Goldberg, the analyst, said, referring to Mr. Barratt’s appointment as chair.

Since his appointment as CEO, Mr. Tan has made big changes to Intel. Last year, Intel cut roughly 20% of its workforce as Mr. Tan reshaped the company’s strategy to tackle artificial intelligence. Mr. Tan has also vowed to continue to operate Intel’s factories and pursue new customers for its next-generation manufacturing tech called 14A.

Over the summer, Mr. Tan drew the attention of US President Donald Trump, who called for his resignation over conflicts of interest. Mr. Tan has since charmed the American president, whose administration negotiated for a 10% stake in the company instead of providing money awarded under the CHIPS Act. — Reuters

Kevin Spacey accused of sexual assaults dating back decades in UK civil lawsuits

March 5, 2026 | 12:01 am

LONDON — Three British men suing Oscar-winning US actor Kevin Spacey over alleged sexual assaults asked London’s High Court on Tuesday to allow them to rely on accusations by seven others, one dating back to the 1970s, at a civil trial later this year.

The three men say Mr. Spacey sexually assaulted them between 2000 and 2013. Two were complainants and gave evidence in the actor’s 2023 criminal trial in London at which he was found not guilty of all charges.

The 66-year-old, one of Hollywood’s biggest stars before he was first accused of sexual assault in 2017, has always denied sexual misconduct and says the incidents alleged in the lawsuit did not happen or were consensual. He did not attend Tuesday’s hearing.

At a civil trial in November, the claimants want to rely on evidence from seven other men who allege they were sexually assaulted by Mr. Spacey — one in the late 1970s, two in the late 1990s, and four in the 2000s and 2010s.

The claimants’ lawyer, Elizabeth-Anne Gumbel, told the court the other men’s accounts showed Mr. Spacey had a “propensity to sexually assault young men” and, in some instances, allegedly exploited his status as a famous actor to do so.

Mr. Spacey’s lawyers argue the additional allegations, which Mr. Spacey denies, do not show any pattern of behavior and are of limited or no relevance to the three claimants’ cases.

Judge Christina Lambert is expected to give her ruling on whether the seven additional accounts can be included at a later date.

OLD VIC THEATER SETTLES CLAIMANT’S CASE
One of the three claimants suing Mr. Spacey had also sued London’s Old Vic theater, where Mr. Spacey worked as artistic director from 2003.

The Old Vic reached an agreement with the claimant to settle the case against it. His case against Mr. Spacey continues.

The Old Vic said in a statement: “This settlement has been agreed without any admission of liability, having regard to the costs and impact on all parties of continuing litigation.”

Mr. Spacey, who won Oscars for American Beauty and The Usual Suspects, was dropped from the TV drama House of Cards and removed from the movie All the Money in the World after he was first accused of sexual assault.

A civil lawsuit against Mr. Spacey in the United States was dismissed by a jury in 2022 and he stood trial in London the following year, charged with sexually assaulting four men in Britain. He was acquitted of all nine charges. — Reuters

Goldilocks says network expansion reaches 1,000 stores

March 5, 2026 | 12:01 am

GOLDILOCKS BAKESHOP, INC., one of the SM Group’s portfolio investments, said it has surpassed 1,000 stores, marking a network expansion milestone, as it cited ongoing efforts to upgrade operations and use renewable energy in its production facilities.

This comes alongside its Industry Champion of the Year award at the 2025 Asia Corporate Excellence & Sustainability (ACES) Awards, which recognizes business performance, sustainability, and impact in Asia.

The award highlighted the company’s shift from a local bakery to a food retail and manufacturing operation with nationwide stores and some overseas presence focused on quality and innovation.

“This recognition speaks to our unwavering commitment to quality, innovation, and purposeful growth as a homegrown brand,” Goldilocks Bakeshop Chief Operating Officer Jerson G. Uy said in a statement on Wednesday.

“As we continue serving generations of families, this award affirms our dedication to sustainable excellence,” he added.

Goldilocks has operated for 60 years. It is known for its cakes, snacks, and other products used in celebrations and daily life.

The company said it now focuses on innovation, customer service improvements, and products based on its original methods. — Alexandria Grace C. Magno

Marketing nostalgia

March 5, 2026 | 12:01 am

CERTAIN BARS cater to a niche market that is seduced by the songs (and dances) of the ’60s and ’70s. The parking spaces around or under such establishments can be occupied by electric vehicles and upscale van models (with or without complimentary umbrellas).

Musical theater too has discovered nostalgia as a product. Musicals with jukebox numbers from certain artists can be launched like, Saturday Night Fever, The Musical. Bell-bottom pants (now surprisingly back in vogue) are featured, as well as dancing that requires space for hand movements and synchronized body twists with sinuous grace and snappy hip swaying. Does the senior citizen in his seat also gyrate to the music?

Does nostalgia appeal only to the elderly, trying to capture lost youth without tearing the meniscus? Or can the disco beat with its twirling metal ball of reflected light on the ceiling attract a new audience? Are there odd pairs out there swaying to rock music? (Sometimes these are caught on video at a live convert…and posted all over.)

“Nostalgia” stands for a sentimental attachment to the past with its selectively happy associations, involving youth and the nimbleness of toes. (Is that a pirouette, Sir?)

The root for “nostalgia” combines two Greek words for “homecoming” and “pain.” Thus, nostalgia is associated with homesickness. In the Homeric sense, nostalgia involves war stories of survivors who came home. Most of the time, as in the case of Ulysses, they are no longer recognized, except perhaps by the master’s dog.

This particular “N” word has been applied to a form of pining for the good old days, whatever those are for each generation. This mood afflicts alumni who feel that their time in school was the golden age when everything was graded and not always passed. There were no online searches and footnotes to aid research as one had to read printed books in the library, with no recourse to AI.

The nostalgia market encompasses certain products — hair enhancement, stem cell treatments, cosmetic alterations, and Tai Chi exercises. While the traditional market for products now advertised online aim to target the younger set, nostalgic events aim for the niche associated with a particular era’s music, personalities, and social networks.

Nostalgia performers, except in musical theater, require lower overhead costs. The fees of the stars are reasonable and do not cause nosebleeds, and the sets are rudimentary — no special effects and few wardrobe changes, except to replace sweaty shirts. Performers usually belong to the same era as the target audience — he can still belt out “Hold on, I’m coming.”

With even modestly priced tickets and a small venue, the show’s break-even point is easily surpassed. Local bands whose peak of fame harked back in the ’80s may still be doing tours, even abroad for the Filipino community there.

Are there younger bands that feature the music of the past to appeal to the nostalgic crowd? The old soloists of the formerly famous bands may now feature younger background singers and musicians to accompany them. This combination ensures that when the high notes are stretched, the music and other voices swell to cover up both the wild applause and crackles in the sound system.

Is it possible to bring back the past with its fond memories, even temporarily? Nostalgia exists in the mind and is best viewed as hindsight. As any attendee of school reunions will attest, the crush that used to drive one crazy with desire in his youth is now more likely to evoke wonder — Did I really think I had a chance to invite her to the prom? The other party too may speculate — What’s his name again? My memory is so bad.

Nostalgia often disappoints. The idealized youth of 50 years ago cannot measure up to his now weathered state. The options still open in the present can be characterized by a missed call on the mobile phone coming from an already dead classmate — Why is he calling me? (Should I pick up?)

Still, nostalgia’s appeal may extend to politics where dynasties still rule. What can be a more compelling narrative than a daughter avenging the illegal detention of an iconic father and taking up his lost crusade, armed with better ratings?

Nostalgic marketing has its challenges. Let’s just go back to music. (Are you ready to rock?)

Tony Samson is chairman and CEO of TOUCH xda.

ar.samson@yahoo.com

NG debt reaches P18.13 trillion at end-January

March 5, 2026 | 12:01 am

THE PHILIPPINES’ outstanding National Government (NG) debt rose to P18.13 trillion at the end of January, as the state accelerated borrowing at the start of the year to lock in funding ahead of global market volatility. Read the full story.

Buyback plans aren’t enough to soothe investors after software-sector rout

March 5, 2026 | 12:01 am

US SOFTWARE companies have stepped up their stock buyback plans during a months-long rout. Investors and strategists are skeptical that it will stem the selling.

Investors have been dumping software stocks since the fall, with the S&P 500 software index down 28% since late October, on worries that developments in artificial intelligence (AI) will dramatically disrupt the competitive landscape for the richly valued sector.

The selloff accelerated in January following product announcements from AI company Anthropic that raised concerns that the rapid changes in AI make it difficult to evaluate the business prospects of software companies for the coming years.

Since Jan. 12, US-listed software companies have authorized $70.5 billion in stock repurchases, nearly four times the value of announcements for the same period a year ago, according to EPFR, a division of ISI Markets. Salesforce announced a $30-billion increase to its existing share repurchase program. ServiceNow authorized an additional $5 billion in buybacks on top of the $1.4 billion remaining in its existing share repurchase plan, including plans for a $2 billion accelerated buyback.

Over the same time period, buyback announcements from US-traded companies in the broader technology sector rose roughly 63% to $110.1 billion from $67.6 billion a year ago.

“When a company announces a buyback after their stock has been hit hard, I think that is an attempt to stop the decline,” said Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management. He said he prefers companies that repurchase shares when they have strong fundamentals and price momentum.

Investors generally like buybacks because they boost quarterly earnings-per-share by reducing shares outstanding, while also signaling confidence by management in the company.

BUYBACKS AREN’T ENOUGH
Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia, said he is unconvinced that buybacks can be a catalyst for the software sector as a whole.

“I don’t think the buybacks are enough,” said Mr. Tuz. “There needs to be demonstrated evidence that AI isn’t going to fundamentally hurt the business of a specific software company. That just takes time.”

Mr. Tuz said his firm added to its holdings of human resources software and services company Paychex after it backed its annual financial guidance in December and then announced a $1-billion buyback program on Jan. 16, replacing a 2024 plan that called for $400 million in repurchases.

Shares have fallen 15% since that announcement to close at $94.25 on Monday, more than 40% below its June 2025 record close. Mr. Tuz said it could take “several quarters of hitting and hopefully exceeding revenue and earnings targets before the stock probably rises.”

Historically, companies that buy back their shares have tended to beat the broader market. The S&P buyback index has outperformed the S&P 500 over the last 20 years, though in the last three years the index has lagged the broad-market benchmark. Share repurchases hit a $1.38 trillion record in 2025, up from $1.34 trillion in 2024, according to EPFR.

Daniel Morgan, portfolio manager at Synovus Trust in Atlanta, Georgia said that buybacks would likely not boost the performance of software stocks “as investors will focus more on the long-term fundamental outlook.”

That outlook is undergoing a reappraisal. The S&P software and services index as of late February traded at a valuation of 22 times forward 12-month earnings, down sharply from 32 in October. — Reuters

Peso drops to near one-month low as Mideast war jolts markets

March 5, 2026 | 12:01 am

THE PESO fell to a near one-month low against the dollar on Wednesday as the Middle East conflict continued to weigh on market sentiment.

The local unit dropped by 13.5 centavos to close at P58.57 against the greenback from its P58.435 finish on Tuesday, data from the Bankers Association of the Philippines showed.

This was its weakest finish in almost a month or since it ended at P58.585 a dollar on Feb. 6.

The peso opened Wednesday’s trading session lower at P58.50 per dollar. It climbed to a high of P58.45, while its intraday low was at P58.649 versus the greenback.

Dollars traded went down to $1.774 billion from $1.927 billion on Tuesday.

A trader said by phone that the war in the Middle East and its impact on oil prices dragged market sentiment, weighing on the peso.

The local currency sank further as the dollar was generally stronger as increasing oil prices heightened inflation expectations and reduced monetary easing bets, Rizal Commercial banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The possible large increase in local fuel pump prices could lead to higher inflation and inflation expectations as well as second-round inflation effects if the war on Iran drags on,” he added.

For Thursday, the trader sees the peso moving between P58.30 and P58.70 per dollar, while Mr. Ricafort expects it to range from P58.45 to P58.65.

The dollar held firm near a three-month high in Asia on Wednesday, with investors retreating from the euro as the conflict in the Middle East sparked fears of a sustained rise in energy prices and took a heavy toll on stock markets, Reuters reported.

The euro slipped 0.2% to $1.1590, extending losses into a third day after earlier hitting its weakest since late November. That followed data released on Tuesday which showed euro zone inflation at a higher-than-expected level in February before the start of the Iran conflict.

Financial markets resumed their sell-off on Wednesday as growing fears of a surge in inflation rippled across stocks and bonds after Israeli and US forces pounded targets across Iran, prompting a rush for cash among investors.

Global oil and gas prices have jumped as the strikes on Iran disrupts energy exports from the Middle East, with Tehran’s retaliatory attacks on ships and energy facilities closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.

The benchmark Brent crude oil contract gained 1.9% on Wednesday to $82.94 per barrel, hitting the highest since July 2024 and taking gains since Friday to 14%. European gas prices are up 70% since the end of last week.

The US dollar index, which measures the greenback’s strength against a basket of six currencies, was up 0.1% at 99.208, after earlier reaching its strongest level since Nov. 28.

Against the yen, the dollar was down 0.2% at 157.52 yen. — A.M.C. Sy with Reuters

How PSEi member stocks performed — March 4, 2026

March 5, 2026 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, March 4, 2026.