US Q4 GDP growth revised slightly lower
WASHINGTON, D.C.: US economic growth was slightly weaker than previously estimated in the fourth quarter (Q4) last year, according to government data released on Wednesday, due mainly to a downward revision to business investment. Gross domestic product (GDP) growth in the world's biggest economy was revised to an annual rate of 3.2 percent in the final three months of 2023, from an initial estimate of 3.3 percent released last month. While real GDP was revised down, "consumption was stronger in the second estimate," said economist Rubeela Farooqi of High Frequency Economics. "More than the fourth quarter data, the trend in growth and inflation going forward will be important," she added in a note. "We think growth will slow but will remain positive over coming quarters," she said.
Source:Manila Times
March 01, 2024 10:11 UTC
Faulty warnings, deforestation turned rains ‘deadly’ in Mindanao
MANILA, Philippines–Faulty warning systems, poverty and deforestation of mountains in Mindanao turned recent unseasonably heavy rains into deadly disasters, scientists said in a report Friday. ADVERTISEMENTA study by the World Weather Attribution group found the unusually heavy rain in eastern Mindanao was not “particularly extreme”. But with people living in landslide-prone areas and shortcomings in weather alerts, the rains became “devastating”. The report also faulted the country’s weather forecasts and warnings, which “have limited granularity on local risk and lack instructions on where and when to evacuate”. “Evacuations from high-risk locations were carried out when the island was hit by the rainfall in late January.
Source:Philippine Daily Inquirer
March 01, 2024 09:03 UTC
Israeli troops fire on Gaza crowd at aid point, 104 killed
PALESTINIAN TERRITORIES – Israeli forces in war-torn Gaza opened fire on a crowd of Palestinians at an aid distribution point Thursday, killing at least 104 people and wounding over 700 according to Palestinian health officials. Israeli sources confirmed that troops shot at the crowd, believing they “posed a threat”, in the pre-dawn incident in Gaza City in the north of the besieged territory. ADVERTISEMENTThe Palestinian health ministry in Gaza condemned what it labelled a “massacre” and said it had claimed at least 104 lives and left 760 people wounded. A witness told AFP that the violence unfolded when thousands of people desperate for food rushed towards aid trucks at the city’s western Nabulsi roundabout. According to the UN agency for Palestinian refugees, UNRWA, just over 2,300 aid trucks have entered the Gaza Strip in February, down by around 50 percent compared to January.
Source:Philippine Daily Inquirer
February 29, 2024 16:45 UTC
Asia's richest man launches lavish pre-wedding party in India
NEW DELHI: India's richest man has kicked off lavish pre-wedding parties for his son by feeding more than 50,000 people in his hometown, with celebrations in the coming days expected to include some of the world's most influential figures. Ambani, 66, chairman of oil-to-telecoms giant Reliance Industries, is Asia's richest person according to the Forbes real-time billionaires list, worth more than $114 billion. The merger will create a $8.5 billion entertainment giant in the world's most populous nation and fifth-largest economy. Dhoni, and industry titan Gautam Adani are also invited in a who's-who of India's super-rich elite. The Ambanis are building a Hindu temple complex in Jamnagar, to keep "India's rich cultural and spiritual identity at the heart of the wedding festivities", the Reliance Foundation said on social media.
Source:Manila Times
February 29, 2024 16:23 UTC
Always on my mind
No big weekend event in Manila mattered enough when going home was the order of the day to be with my mother. And every day that we were huddled on a video call, I would always ask her to pose for a screenshot. To read my journal is to relive the memories of Candida, to retain the patina of her love. Every time I was home for the weekend, Candida pampered me with love. I miss kissing her on a weekend and updating her about the going-ons in my life in the concrete jungle.
Source:Philippine Star
February 29, 2024 16:06 UTC
Philippines' Marcos says he remains firm in defending sovereignty
Australian Prime Minister Anthony Albanese walks with Philippine President Ferdinand Marcos Jr at the Parliament House in Canberra, Australia, February 29, 2024. REUTERS/Kirsty NeedhamPhilippine President Ferdinand Marcos Jr told the Australian parliament on Thursday he would not allow any foreign power to take "one square inch" of the country's territory, and that Manila was firm in defending its sovereignty. Australia and the Philippines began their first joint sea and air patrols in the South China Sea in November, aimed at countering an increasingly assertive China, which claims the entire sea as its own. "I will not allow any attempt by any foreign power to take even one square inch of our sovereign territory," Marcos said in the address. The South China Sea is a conduit for more than $3 trillion worth of ship-borne commerce each year, and is a major source of tension between the Philippines and neighbour China.
Source:The Standard
February 29, 2024 15:54 UTC
Cargo truck falls over and crushes parked sedan in Fanling
A video was posted online on Thursday showing a container truck crushing an empty sedan in Fanling, leading to a discussion online. A sedan parked near the area was flattened by the 40-foot-long container. The 43-year-old truck driver did not suffer any injuries and did not have to be hospitalized. The driver of the sedan, surnamed Cheng, later arrived at the scene and contacted the police for assistance. After the video was posted online, it led many people to talk about how lucky it was that the driver was not in the sedan and was able to avoid serious injuries or even death.
Source:The Standard
February 29, 2024 11:25 UTC
WATCH: PH swimmer wins gold in Asian swim meet
In a historic and record-setting fashion, Filipino swimmer Jamesray Ajido seizes the gold medal in the 11th Asian Age Group Championships boys 12-14 100m butterfly event at the New Clark City Aquatics Center on Tuesday evening, Feb. 28, 2024. Ajido covered the distance in a new personal, national, and meet record of 55.98 seconds to also hand the Philippines its first gold medal in tournament's swimming history. Video by Niel Victor Masoy
Source:Manila Times
February 29, 2024 09:05 UTC
2 ex-justices air views on 100-percent foreign ownership
MANILA, Philippines _There is no constitutional problem in allowing 100-percent foreign ownership in certain industries in the country, but there should be “reciprocity clauses” when amending economic provisions that limit foreign ownership in those sectors, two former justices said during the House of Representatives hearing on Resolution of Both Houses No. 7, which seeks to ease foreign ownership limits in public utilities, educational institutions, and advertising. Azcuna noted that the framers of the 1987 Constitution intended its economic provisions, particularly the three being considered for amendment through RBH 7, to be in effect only for five years and not for nearly fourwq decades. But we did not have any amendment, even on the economic provisions for 37 years,” he added. Still, the former associate justice appointed by former President Benigno Aquino III was not too keen on Charter change.
Source:Philippine Daily Inquirer
February 28, 2024 21:32 UTC
(Budget 2024-25) Sweeteners of HK$11.5b less sweet from previous year
Financial chief Paul Chan Mo-po handed out fewer sweeteners in the annual budget announced on Wednesday, with the one-off measures totaling HK$11.5 billion - smaller than the HK$59.4 billion in the last budget. The government will also not pay the examination fees for school candidates sitting the Hong Kong Diploma of Secondary Education Examination in 2025. Meanwhile, recipients of social security benefits, including the Comprehensive Social Security Assistance, Old Age Allowance, Old Age Living Allowance, Disability Allowance and Working Family Allowance will receive an allowance equal to half the standard monthly rate of their benefits. We have a few years' budget deficit, this year it's going to be a deficit again,"So there are certain limitations as to the room within which we can hand out those sweeteners. "We think it's appropriate for us to still give some relief support, but we have to scale it back, a little bit," Chan added.
Source:The Standard
February 28, 2024 21:00 UTC
Making money
With Tessie Sy as chair and Wharton-educated Nestor Tan, 66, as president-CEO, BDO has been the country’s largest bank since 2015. The country’s second largest bank, state-owned LandBank, reported record net profits of P40.3 billion, exceeding its P35-billion profit target for 2023. Monthly, BDO makes P6.1 billion in net profits; BPI P4.3 billion; Metrobank P3.5 billion and LandBank P3.3 billion. The pension fund of private workers, meanwhile, the Social Security System, reported net profits of P83.13 billion, up 62.8 percent. The world’s first modern economic zone, the 64-year-old Shannon Free Zone in Ireland, now hosts 300 companies and employs about 8,000 individuals.
Source:Philippine Star
February 28, 2024 17:29 UTC
Marcos Jr.: Cha-cha plebiscite before 2025 polls costly
Marcos Jr.: Cha-cha plebiscite before 2025 polls costlyPresident Ferdinand "Bongbong" Marcos Jr. graces the 2024 General Assembly of the League of Municipalities of the Philippines at a hotel in Pasay City on February 27, 2024. MANILA, Philippines — Holding the Charter change plebiscite before the 2025 elections will be “very costly” and hard, President Marcos said yesterday, as he confirmed that he prefers the referendum to be conducted alongside the May 2025 midterm polls. On Monday, Senate President Juan Miguel Zubiri said Marcos had informed senators that he wanted the plebiscite on the proposed Charter changes to be held simultaneously with the 2025 elections. The House of Representatives, which is dominated by Marcos’ allies, is aiming for a plebiscite by July this year. The Comelec is introducing the use of the Full Automation System with Transparency Audit/Count or FASTrAC in the May 2025 polls.
Source:Philippine Star
February 28, 2024 16:41 UTC
Vicsal scholarship empowers future leaders
VICSAL Foundation Inc. (VSF), the philanthropic arm of Vicsal Development Corp., has been providing vital support to financially challenged yet deserving students through its scholarship program. CONTRIBUTED PHOTO"As a VSF scholarship recipient, I feel a deep sense of recognition for my efforts and achievements. Beyond financial assistance, the VSF scholarship program provides scholars with a supportive community and valuable resources to thrive academically and professionally. "Joining Metro Retail Stores Group was a direct result of the support provided by VSF Foundation. As the VSF program continues its work, it remains dedicated to creating opportunities for future generations of students.
Source:Manila Times
February 28, 2024 16:39 UTC
WATCH: White delivers PH's first medal in Asian swim meet
Filipino-British swimmer Heather White delivers the first medal of the Philippines in the 11th Asian Age Group Champions on Tuesday evening, Feb. 27, 2024, at the New Clark City Aquatics Center. White clocked one minute and 3.09 seconds in the girls 15-17 100m butterfly event to claim a bronze medal. The 16-year-old, whose mother hails from Pantukan, Davao de Oro, finished behind Hong Kong tankers Yeung Hoi Ching and Mok Sze Ki who seized the gold and silver medals, respectively. Video by Niel Victor MasoyGet 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
February 28, 2024 12:59 UTC
Alcantara continues to rise in world doubles rankings
Francis Casey "Niño" Alcantara continues his climb in the ATP doubles tennis world rankings. From 169th, the Filipino tennis sensation rose to a career-best ranking of 162nd last week. Alcantara's stellar three-week stretch saw him clinch the doubles title at the ITF India tournament, followed by strong showing in the doubles semifinals at the Challenger Event in Bengaluru, India. "Niño's rise in the global rankings just shows how dedicated, devoted, and talented he is. Alcantara, meanwhile, could not believe his rise in the world ranking saying, "I'm just here to play and give my best whether it's locally or in the international scene.
Source:Manila Times
February 28, 2024 12:13 UTC