Stocks eke out modest gains on strong Q3 earnings
Stocks eke out modest gains on strong Q3 earningsThe benchmark Philippine Stock Exchange index (PSEi) yesterday went up by 0.21 percent or 15.4 points to close at 7,415.73, snapping a two-day slump dragged by overseas risks. The benchmark Philippine Stock Exchange index (PSEi) yesterday went up by 0.21 percent or 15.4 points to close at 7,415.73, snapping a two-day slump dragged by overseas risks. Moreover, the broader All Shares index gained by 0.13 percent or 5.28 points to settle at 4,081.52, showing investor trust that the upcoming earnings season would prove bountiful. The BSP is open to cutting rates by as much as 100 basis points next year, if market conditions permit. The PSEi saw P6.36 billion worth of shares change hands, as the winners beat the losers, 103 to 91, while 62 issues were untouched.
Source:Philippine Star
October 18, 2024 20:31 UTC
High Income Securities Fund Adjourns Special Meeting
MILWAUKEE, Oct. 18, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the "Fund”) (NYSE: PCF) announced today that its special meeting of shareholders was convened today and has been adjourned until Friday, November 8, 2024 at 10:30 am at the office of Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663. Unfortunately, a sufficient number of shares required to adopt the proposals were not represented at the meeting. The Board urges shareholders that do not plan to attend the meeting to promptly vote by proxy in order to minimize the cost to the Fund of soliciting additional proxies. Any shareholders requiring assistance in voting their proxies may call InvestorCom LLC, the Fund's information agent, at (877) 972-0090. Any such offer will be made pursuant to separate tender offer materials complying with the requirements of Section 13(e) of the Securities Exchange Act of 1934, as amended and Rule 13e-4 thereunder.
Source:Manila Times
October 18, 2024 18:57 UTC
WATCH: San Beda survives Perpetual behind Andrada's scoring
San Beda University survives a late fourth quarter run by the University of Perpetual Help System DALTA to log a 57-53 win in the second round of the NCAA 100 men's basketball tournament at the FilOil EcoOil Centre in San Juan City on Oct. 18, 2024. Yukien Andrada was the only double-digit scorer for San Beda with 21 points, with Bismarck Lina and Jomel Puno scoring nine and eight points respectively. Video by Nicole Anne D.G. BugauisanGet the latest newsdelivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy
Source:Manila Times
October 18, 2024 18:32 UTC
Another DepEd exec says envelopes allegedly from Sara reached him too
MANILA, Philippines — Another official of the Department of Education (DepEd) has admitted that envelopes containing money, allegedly from then Education secretary and incumbent Vice President Sara Duterte, also reached his office. It’s a flagship program of the DepEd, is that correct?” Valeriano asked, which Osias confirmed. READ: Alleged ‘envelopes’ from Duterte may have aimed to influence ex-DepEd UsecArticle continues after this advertisementValeriano then asked Osias as to how many envelopes he got, because Mercado said that she got nine envelopes worth P50,000 each. However, since her designation as HOPE, Mercado said that envelopes were handed to her by Assistant Secretary Fajarda. These envelopes were handed to me mostly by Assistant Secretary Sunshine M. Fajarda, which she says came directly from Vice President Duterte,” Mercado said.
Source:Philippine Daily Inquirer
October 18, 2024 18:01 UTC
Flawed initiative: Self-reliant defense
Broad industrial base needed to wage warTotal wars, like World War I and II, are not won in the battlefields but in factories. Thus, rather than establishing defense industries to make the country self-reliant on defense, it is preferable to give incentives to the manufacturers of consumer goods. Hitler noticed this ineptitude of the Soviet military and decided to invade the Soviet Union in Operation Barbarossa on June 21, 1941. Putin invaded Ukraine in what was supposed to be a walk in the park for the Russian military. North Korea put its emphasis on the development of its defense industries.
Source:Manila Times
October 18, 2024 04:02 UTC
Disaster risk reduction a must in PH school curriculum – Legarda
MANILA, Philippines — Raising disaster risk awareness may start in schools. Sen. Loren Legarda had this in mind when she presented the idea during a dinner in Malacañang with UN Office for Disaster Risk Reduction (UNDRR) head Kamal Kishore, and Education Secretary Sonny Angara, among others. “I suggested that we develop a module for DepEd (Department of Education) schools for disaster risk reduction and climate change adaptation and Secretary Angara was very excited,” Legarda said in an interview with Senate reporters on Thursday. READ: PH a ‘lighthouse’ in disaster risk reduction, says top UN officialThe module, she said, could be a part of the curriculum – a subject in schools or a part of Araling Panlipunan. Signed in 2008, the law mandates the promotion of environmental awareness by integrating environmental education into school curricula at all levels, whether public or private.
Source:Philippine Daily Inquirer
October 18, 2024 01:42 UTC
WATCH: World's first revolving glass floor in Seattle’s Space Needle
WATCH: World's first revolving glass floor in Seattle’s Space NeedleMANILA, Philippines — “Mr. Together with Pacific Science Center, which was designed by Seattle-based Japanese-American architect Minoru Yamasaki, also the architect of New York’s World Trade Center; Space Needle was constructed in 1962 for Seattle’s World Fair as the “Eiffel Tower of the Space Age,” said Genny Boots, Space Needle Corp. Public Relations Manager. (Space Needle) is synonymous with the city,” Boots enthused. Space Needle is built to withstand up to 200 mph winds and up to 9.0 magnitude earthquakes. Because there are so much to do, see and hear in Space Needle, it is among the first things to visit in Seattle, said Boots.
Source:Philippine Star
October 17, 2024 16:53 UTC
SKorean court recognizes misogyny as hate crime motive
SEOUL, South Korea — A South Korean court has recognized misogyny as a motive for a hate crime, its spokesperson told Agence France-Presse Thursday, a decision activists hailed as a breakthrough for women's rights. The Changwon District Court on Tuesday upheld the assailant's three-year jail term — and added a clause in its ruling that explicitly stated the crime was motivated by misogyny. Advertisement"So far, I personally have not seen cases where the court has explicitly identified misogyny as a condemnable motive for a crime," Lee Gyeong-ha, the victim's lawyer, told AFP. AdvertisementWomen's activists in South Gyeongsang Province, where the crime occurred, described Tuesday's ruling as a "historic moment." "Misogynistic crimes that have not been adequately punished in court have reinforced gender stereotypes, hindered gender equality," Lee Gyeong-ork of the Gyeongnam Women's Association told AFP.
Source:Manila Times
October 17, 2024 15:43 UTC
VP Duterte’s security group now has temporary residence at AFP HQ
MANILA, Philippines — Vice President Sara Duterte’s security group now has a temporary residence inside the general headquarters of the Armed Forces of the Philippines (AFP) in Quezon City. Article continues after this advertisement“I had the pleasure of attending the blessing of the new facilities and vehicles of the Vice Presidential Security and Protection Group (VPSPG) at Camp Emilio Aguinaldo last week,” she wrote in Filipino. “It was successful because of the cooperation of the AFP and the Office of the Vice President so that they have a proper office and temporary residence,” she added. Article continues after this advertisementREAD: 400 AFP personnel assigned to VP Duterte’s security group – spoxThe AFP explained that the number of Duterte’s security detail members increased because her security group is now under the Presidential Security Command (PSC). Duterte’s security group was a hot topic in July after she confirmed that the Philippine National Police (PNP) pulled out all 75 members of her security group.
Source:Philippine Daily Inquirer
October 17, 2024 08:36 UTC
DoST pushes AI-based farm management tech
THE Department of Science and Technology (DoST) has developed an artificial intelligence (AI)-based system utilizing drones to optimize farm management. The AI-based system is also applicable in other productivity areas, performing optimized searches and mapping regions efficiently. The Hawks AI system utilizes drones for various field monitoring applications. Asimov-Hawks serves as the aerial component of the DoST flagship research and development program in AI and robotics. It is funded by DoST-Philippine Council for Industry, Energy and Emerging Technology Research and Development, and is implemented by the department's Advanced Science and Technology Institute.
Source:Manila Times
October 17, 2024 04:45 UTC
Megaworld wins big in digital awards
Megaworld wins big in digital awardsMANILA, Philippines — Property builder Megaworld Corp. has won two recognitions from an international award-giving body that judges the ability of organizations to adapt to the digital era. Megaworld ended up as winner in two out of eight categories at the 2024 Future Enterprise Awards Philippines of International Data Corp. (IDC). Megaworld chief data scientist Francis Adrian Viernes was named Chief Information Officer of the Year for leading the company in its digital transformation and urban safety programs. UNO Digital Bank was given the Special Award for Digital Innovation for attracting Filipinos to join the banking system. The Department of Agriculture’s Philippine Rice Information System was conferred the Special Award for Sustainability for becoming the country’s first satellite-based rice production monitor.
Source:Philippine Star
October 17, 2024 04:42 UTC
AI: Friend or foe?
AI: Friend or foe? I’ve observed firsthand how AI has transformed the fintech industry in the Philippines and beyond. This distinction between goal-oriented AI and ethically guided AI is crucial. Bias and hallucination issues in AI are being addressed, but the conversation about ethics in AI development is just beginning. However, the real challenge is for governments to create new job opportunities that can accommodate the workforce displaced by AI.
Source:Philippine Star
October 17, 2024 04:42 UTC
War in Mideast would impact global economy
WASHINGTON, D.C. — World Bank President Ajay Banga on Tuesday warned that a significant widening of the Israel-Gaza war could lead to major impacts on the global economy, calling the steep loss of civilian lives in the region "unconscionable." Speaking in a Reuters NEXT Newsmaker interview, Banga said the war has had a relatively small impact on the global economy thus far, but a significant widening of the conflict would draw in other countries that are larger contributors to global growth, including commodity exporters. "First of all, I think this unbelievable loss of life women, children, others, civilians, is just unconscionable on all sides," Banga said. "The economic impact of this war, on the other hand, depends a great deal on how much this spreads." More than 42,000 Palestinians have been killed in the offensive so far, according to Gaza's health authorities.
Source:Manila Times
October 17, 2024 04:17 UTC
47,000 deaths seen if ‘big one’ hits Metro
47,000 deaths seen if ‘big one’ hits MetroMANILA, Philippines — Up to 46,993 casualties and 156,000 injured people should be expected if a 7.2-magnitude earthquake hits Metro Manila, a former Office of Civil Defense (OCD) official said yesterday. The Philippines prepared a master plan 20 years ago, Pama noted. Even just the basics, the base statistics of it already needs to be revisited,” he said. Pama is the former executive director of the National Disaster Risk Reduction and Management Council. And the stories are being added every year.”A review of the 2004 master plan is underway after the United Nations said the Philippines must prepare for the eventuality of a “big one,” according to Environment Secretary Maria Antonia Yulo-Loyzaga.
Source:Philippine Star
October 16, 2024 20:31 UTC
Congress urged to pass measure imposing margin-based taxes, royalties for mining firms
Congress urged to pass measure imposing margin-based taxes, royalties for mining firmsPresident Ferdinand "Bongbong" Marcos Jr. delivering his speech as he awards 13 mining firms of the 2023 Presidential Mineral Industry Environmental Award on Oct. 16, 2024. “As we look ahead, I urge all our dedicated agencies and esteemed members of Congress to support the Rationalization of the Mining Fiscal Regime,” he said. RELATED: No mining expansion needed for Philippines' energy shift – think tankBut what does this mean for mining companies if the Marcos administration’s Rationalization of the Mining Fiscal Regime is passed? Margin-based royaltiesThe House version of the mining fiscal regime is looking to impose royalties on income generated by mining companies. The highest possible tax is 10%, which is imposed on income equivalent to more than 80% of a mining operation’s gross output.
Source:Philippine Star
October 16, 2024 18:47 UTC