Category: economy
PSEi back to the doldrums; rate cut comes too late
MANILA, Philippines – Profit taking early in the trading day quickly snapped the two-day winning streak of the benchmark stock index on Thursday, with the surprise interest rate cut optimism coming in too late. By the end of the session, the Philippine Stock Exchange Index (PSEi) lost 0.68 percent, or 41.34 points, to 6,057.40. Likewise,
Rice imports drop 16% amid ban on inbound cargoes
MANILA, Philippines — Inbound rice shipments this year have declined as of early October amid the government’s temporary import ban. Data from the Bureau of Plant Industry (BPI) showed that rice imports reached 3.26 million metric tons (MT) as of Oct. 2. This meant a 15.8-percent drop from 3.87 million MT of rice imported in
Fed minutes: Most officials supported further rate cuts as worries about jobs rose
WASHINGTON, United States — Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, according to minutes from last month’s meeting released Wednesday. A majority of Fed officials felt that the risk unemployment would rise had worsened since their previous meeting in July, while the risk of rising
Keep humans in command of AI
MANILA, Philippines – Philippine companies have begun adopting artificial intelligence (AI) into their operations. A recent survey by PwC and the Management Association of the Philippines found that “68 percent of chief executive officers (CEOs) have explicitly factored AI into their business plans, while 60 percent have begun implementing AI initiatives.” At the same time,
ED summons Dulquer Salmaan in luxury car smuggling case
The Enforcement Directorate (ED) has summoned actor-producer Dulquer Salmaan in connection with the recent seizure of three high-end pre-owned SUVs by Customs.
MacroAsia begins building P2-B Iloilo water supply project
MANILA, Philippines — A subsidiary of Lucio Tan-led MacroAsia Corp. has begun construction of a P2-billion water supply project in Iloilo. New Earth Water System (NEWS), a wholly owned subsidiary of Boracay Tubi System Inc. (BTSI) is working on the project dubbed New Earth Iloilo Water Supply. MacroAsia, through its unit MacroAsia Properties Development Corp., holds
The New York Times
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