Labor chief says global talent hunt won't disadvantage locals
Hong Kong’s labor chief said the city must be proactive in tackling its manpower shortage, noting that nearly two-thirds of recent departures from the workforce were highly skilled, though he stressed that local workers would not be at a disadvantage. His comments came after chief executive John Lee Ka-chiu outlined in his policy address on Wednesday that some 140,000 people had left the workforce in the past two years. Clearly it's very difficult to hire," Sun said, adding that the city can’t rely on the local talent base as there are not enough people. Sun said the government aims to import some 35,000 talented individuals in each of the next three years through different schemes. He added that work would be completed by the end of the year so that officials will start attracting firms and talent early next year.
Source:The Standard
October 21, 2022 13:12 UTC
China Mobile's profit up 13pc
China Mobile (0941) said its net profit for the first nine months jumped by 13 percent year-on-year to 98.5 billion yuan (HK$107.01 billion). Revenue from telecommunications services reached 620.1 billion yuan, an 8.3 percent increase on the same period last year. The company said it will strive to achieve stable and healthy growth in mobile user revenue for the full year. Meanwhile, China Telecom (0728) recorded a 24.54 billion yuan net profit for the first three quarters of 2022, an increase of 5.2 percent over the same period last year. In the first nine months, the company's operating revenues rose 9.6 percent year-on-year to 360.98 billion yuan.
Source:The Standard
October 21, 2022 07:15 UTC
Leading questions soon to be answered
The current Politburo Standing Committee has seven members. In the power shakeup, Li Keqiang is due to step down as premier - a position that ranks second in the Politburo Standing Committee after the party general secretary. Although Li's predecessor Wen Jiabao left the standing committee completely after finishing his premiership, there was at least one precedent in which the ex-premier stayed in the ruling body to play a new role. A few names have been floated as probable candidates, including CPPCC chairman and standing committee member Wang Yang, vice premier Hu Chunhua and Shanghai party secretary Li Qiang. This will then elect 25 to the Politburo which, in turn, will appoint the next Politburo Standing Committee, which will be unveiled on Sunday.
Source:The Standard
October 21, 2022 07:15 UTC
Haus Talk confident large projects will increase share price
Haus Talk confident large projects will increase share priceIn the notes from the Haus Talk [HTI 0.85] [link] shareholders’ meeting, HTI’s Chairman, Terence Madlambayan, was asked about the stock price’s sub-peso price, and what efforts are being exerted to claw back to the IPO “strike price” of P1.50/share. Mr. Madlambayan said that the company’s “fundamentals are good”, and that the launch of the company’s two massive projects “will contribute to the increase in the market price of the HTI shares”. The two projects in question are the Biñan project (1,400 units) and the Mariveles project (2,200 units). As noted in an answer to another question, a few smaller projects that were listed on the IPO prospectus were canceled in favor of these larger headline projects. Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock.
Source:Philippine Star
October 21, 2022 06:22 UTC
Quick Take: BPI teases growth and 2 more market updates
Quick Take: BPI teases growth and 2 more market updatesBPI [BPI 93.40 1.52%] [link] teased 9M net income growth of 74% to P30.5 billion, with revenues up 22% y/y and provisions for non-performing loans down 27%. PIZZA referred to this as a “milestone”, PIZZA notes that the Peri-Peri brand is the second largest in its portfolio. Since it was acquired in 2019 with 29 stores, PIZZA has now added 31 stores and is “ramping up store expansion”, leveraging its connections with the Gokongwei Group. MB Quick Take: PIZZA’s growth has set it up for a strong Q4 result, which is traditionally the high season for quick service restaurants. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.
Source:Philippine Star
October 21, 2022 06:16 UTC
Nokia sees improved profit on strong 5G demand
HELSINKI: Wireless and fixed-network equipment maker Nokia reported substantially improved third-quarter profits and higher sales on Thursday on the back of strong demand for fifth-generation (5G) technology from operators. The company, based in Espoo, Finland, reported a net profit of 551 million euros ($539 million) for the three months ending September, up 19 percent from 463 million euros a year earlier. Net income attributable to shareholders rose 21 percent to 550 million euros from 454 million euros. Reported sales jumped 16 percent to 6.2 billion euros. Nokia is one of the world's main suppliers of 5G — the latest generation of broadband technology — along with Sweden's Ericsson, China's Huawei and South Korea's Samsung.
Source:Manila Times
October 21, 2022 05:18 UTC
Playing catch-up on global talent quest
Let's be frank about it: would it be difficult for someone who is already making HK$2.5 million or more a year to secure a work visa? Nonetheless, in contrast to the UK's top talent visa that targets graduates from the world's top-50 universities, the SAR's new visa to admit graduates from the world's top 100 doubles the pool size. Perhaps some mainland universities that earlier decided to withdraw from global ranking polls may have to reconsider their decisions if their graduates are to be considered for admission under the new top talent visa. Probably, the chief executive is aiming to tap talent from the mainland and Southeast Asia, rather than the West. In the face of global competition for talented individuals, the city faces an uphill task to stand out as an attractive destination.
Source:The Standard
October 20, 2022 19:28 UTC
Cash incentive schemes to promote cultural and heritage tourism
Travel agents could receive cash incentives for each participant of a cultural and heritage sites local tour they serve, under a new scheme that aims to promote the development of tourism products with cultural and heritage tourism elements. The three-year "Cultural and Heritage Sites Local Tour Incentive Scheme" was launched on Thursday until November 30 next year. Eligible travel agents may apply for up to HK$400 cash incentives for each participant of a cultural and heritage sites local tour it serves. There are two versions of cash incentives, depending on the itinerary arrangements. To complement the application criteria of the advanced version of cash incentives, the Travel Industry Council of Hong Kong will collaborate with the Hong Kong Tourism Board to organise free docent training courses for tourist guides.
Source:The Standard
October 20, 2022 19:24 UTC
Double-barreled approach deployed to stabilize peso
Double-barreled approach deployed to stabilize pesoMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has committed to maintain its double-barreled response to ensure orderly foreign exchange market condition and reduce excessive short-term volatility in the exchange ratThe Bangko Sentral ng Pilipinas (BSP) has committed to maintain its double-barreled response to ensure orderly foreign exchange market condition and reduce excessive short-term volatility in the exchange rate. “Similar to other currencies, the peso remains heavily influenced by the aggressive policy tightening by the US Fed,” she said. “The approach has been to smooth out excess daily volatility rather than defend a specific level or trend of the peso. We believe that the double-barreled response of the BSP was appropriate to ensure orderly market condition and reduce excessive short-term volatility in the exchange rate market,” Sicat said. The BSP official pointed out that the central bank is always ready to participate in the foreign exchange market to ensure orderly market conditions and reduce excessive short-term volatility.
Source:Philippine Star
October 20, 2022 16:53 UTC
DOTr unveils major projects up for PPP
DOTr unveils major projects up for PPPTransportation Secretary Jaime Bautista said the Marcos administration has to cut its financing for several large-scale projects, as the government rebalances its cash flow after spending hard for pandemic measures. MANILA, Philippines — The Department of Transportation (DOTr) yesterday rallied investors to take part in some public-private partnership (PPP) projects to ensure that big-ticket infrastructure are delivered, as the government faces a widening budget deficit. As such, Bautista called on the private sector to review the menu of PPP projects available for them. For one, Bautista aired his willingness to privatize at least 10 regional airport projects after his agency received just P2.49 billion for aviation development for 2023. We are, therefore, actively pursuing the PPP scheme to complete a number of these projects,” Bautista said.
Source:Philippine Star
October 20, 2022 16:52 UTC
Welfare treats for all
The Pilot Scheme on Community Care Service Voucher will also increase the maximum number of vouchers from 8,000 to 12,000. Those who can receive home support services will increase from 9,000 to 11,000. Allowances for elderly caretakers under the Community Care Fund will be regularized and subsidies will be raised. However, those who attend must serve in the social welfare sector for at least three years after graduation. Rehabilitation Alliance Hong Kong suggested that the Labour and Welfare Bureau and the Social Welfare Department formulate a policy to protect the well-being of carers by periodically replacing them with temporary staff to give them some "breathing space."
Source:The Standard
October 20, 2022 07:14 UTC
Light public housing brings hope; SAR cares for local talents, says John Lee
Chief Executive John Lee Ka-chiu explained how the new light public housing scheme work and stressed the government also cares for local talents, as he spoke to reporters Wednesday evening in a forum on his maiden policy address. Lee said that the government introduces the light public housing (LPH) scheme to fulfil citizens' urgent housing needs and believes that shortening the waiting time for public housing will bring them hopes of becoming a homeowner. According to government sources, authorities have already targeted six plots of public and private land, and the light public housing scheme construction will commence next year. It is understood that the light public housing units will be equipped with a separate toilet, bathroom and cooking area, as well as air-conditioners and water heaters. Tenants will be charged a rental of 10 percent off that of traditional public housing units.
Source:The Standard
October 19, 2022 19:19 UTC
Romblon town to turn waste into hollow blocks and cement bricks
Romblon town to turn waste into hollow blocks and cement bricksIn this photo posted on June 30, 2022, police personnel clean up along the shore of Banton, Romblon. ROMBLON, Philippines (Romblon News Network) — The Department of Science and Technology MIMAROPA, through its Romblon Provincial Office, has turned over to the local government of Banton a machine that can turn waste plastic and glass into additives for cement bricks and hollow blocks. The local government also received training on how to use the shredded plastic and crushed glass materials from the machine as additives in producing cement bricks and hollow blocks. Cement bricks and hollow blocks with plastic and glass additives are durable, which makes them ideal for making plant boxes and pavements to improve the aesthetics and functionality of the island. Engineer Jerome Gacu of Romblon State University and Anthony Libuton — owner of a DOST-assisted hollow blocks-making business — served as resource persons for the training.
Source:Philippine Star
October 19, 2022 13:07 UTC
MindNation launches app to make mental health care more accessible in the Philippines
MindNation launches app to make mental health care more accessible in the PhilippinesOne in 2 Filipino employees are struggling with mental health concerns. MANILA, Philippines — October is World Mental Health Month, a reminder that we all need to raise awareness of mental health issues around the world and increase efforts to make mental health care more accessible. But due to the many barriers to proper mental health care such as stigmatization, lack of awareness and poor accessibility to mental health services, people do not know when, where or how to go for help. Introducing the MindNation appTo address the need for accessible mental healthcare, MindNation created the MindNation app, a one-stop shop for your holistic well-being needs. Download the MindNation app for FREE on Google Play and the App Store or get it through the official website http://mindnation.com/app.
Source:Philippine Star
October 19, 2022 08:19 UTC
Drug traffickers out in the cold as HK customs seizes HK$46m of ‘ice’ hidden in transformers
Customs seized 76kg of suspected methamphetamine worth HK$46 million hidden in cargo containing electric transformers last Thursday, marking the third case of its kind this year. According to Lam Kai-shan, senior inspector of the customs' cargo examination unit, officers inspected an air cargo consignment, declared as carrying transformers, arriving from Mexico en route to Australia via Hong Kong at the airport. Yet, officers raised their suspicions after an X-ray scanning, which revealed the poor structure of the transformers and missing parts, including coils. Officers also found signs of welding and uneven painting on the surface of the transformers, drawing speculations that the transformers were not the products of some big brands. Lam said the drug syndicate took advantage of the complicated structure of the transformers and carefully hid the drugs inside to confuse law enforcement officers.
Source:The Standard
October 19, 2022 06:33 UTC