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Goldman Says ‘Buy the Dip’ If Stocks Drop After Repricing Fed Cuts

New data showing resilience in the US labor market put a lid on the US stock market’s five-week advance, with further declines representing a buying opportunity, according to Goldman Sachs Asset Management’s Alexandra Wilson-Elizondo.

2023-12-11T15:23:52Z

Boeing Promotes Services Leader in Possible Prelude to Top Job

Boeing Co. named Stephanie Pope as chief operating officer, elevating a company veteran into the highest management sphere and turning her into a possible contender for the top job to succeed Dave Calhoun at the US aircraft manufacturer.

2023-12-11T12:28:41Z

'CoComelon' Is in Trouble

Breaking viewing records isn't enough to save the world's most popular kids' show.

2023-12-11T11:17:06Z

ERC looking into Non’s claim Meralco owes P150 billion refund

The Energy Regulatory Commission is looking into a former ERC commissioner's claim that the Manila Electric Company (Meralco) owed P150 billion in refunds to its customers. Former Commissioner Alfredo Non had earlier claimed that Meralco owed customers a refund based on a re-computation of its weighted average cost of capital (WACC). In a Viber message, ERC Chairman and CEO Monalisa Dimalanta said the power industry regulator received a copy of...

2023-12-05T11:06:10Z

Will Christmas lights hike your electric bill? Meralco answers

Using Christmas lights would not increase electricity consumption in households, power firm Manila Electric Co. (Meralco) said Monday. “Lalo na kung LED ang ginagamit natin. Hindi pa rin tataas 'yung konsumo mo kumpara pag summer months,” said Meralco Spokesperson Joe Zaldarriaga in Oscar Oida’s report on “24 Oras”. (The electricity consumption would not increase significantly, especially if you are using LED lights.) Meralco earlier announced a...

2023-12-11T15:15:07Z

How I Paid Off $60K Student Loan Debt by 26

When I finally paid it all off, it felt like a huge weight was lifted.

2023-12-09T10:28:59Z

TikTok announces $1.5 bn deal to restart Indonesia online shopping business

Chinese-owned short video app TikTok on Monday announced a $1.5 billion investment in GoTo group in a deal that would allow it to restart its online shop in Indonesia, the companies said in a statement. "TikTok has committed to invest over US$1.5 billion in the enlarged entity over time, to provide future funding required by the business, without additional dilution to GoTo," the Indonesian firm said.

2023-12-11T03:34:02Z

Hong Kong stocks fall toward 14-month low as China deflation puts earnings at risk, turns market into value trap

Hong Kong stocks extended a slump after consumer prices in China fell by the most in three years, heightening concerns deflation will erode corporate earnings and margins. Markets await the Federal Reserve’s rate decision this week at its final meeting of the year. The Hang Seng Index dropped 2 per cent to 16,000.84 at local noon trading break, the lowest level since early November last year. The Tech Index lost 2.6 per cent while the Shanghai...

2023-12-11T05:18:38Z

Billionaire Brad Jacobs Eyes Deals in Building-Material Supplies

Brad Jacobs, the billionaire founder of trucker XPO Inc., plans to build his next company by acquiring businesses that distribute building materials in North America and Europe, a market with combined revenue of about $800 billion.

2023-12-11T12:03:40Z

TikTok announces $1.5 bn deal to restart Indonesia online shop

TikTok on Monday announced a $1.5 billion investment in GoTo in a deal that would allow the Chinese-owned short video app to restart its online shop in Indonesia. It is now set to resume that business in Indonesia -- one of TikTok's largest e-commerce markets -- under a deal with GoTo, which owns the popular local online shopping platform Tokopedia.

2023-12-11T04:34:04Z

Spurred by a domestic property debacle and a currency sell-off, Shanghai high-net-worth individuals hunt for overseas homes

High-net-worth individuals in Shanghai are seeking refuge in overseas property investments as they flee a slump in mainland China’s real estate sector, and this flight is creating price pressure in both markets. In Shanghai, prices of lived-in homes fell sharply this year due to worries about the country’s economic prospects and a wave of defaults by major developers such as China Evergrande Group and Country Garden. The queue of sellers is...

2023-12-11T05:12:40Z

Stocks diverge at start of key week for rate calls

Stock markets diverged on Monday ahead of a busy week for interest rate decisions from major central banks. The US Federal Reserve updates its policy on borrowing costs on Wednesday, followed by interest rate decisions from the European Central Bank and Bank of England on Thursday.

2023-12-11T07:42:59Z

Macy’s Is Said to Get $5.8 Billion Offer From Investor Group

Macy’s Inc. received a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management, a wager that the venerable retailer can execute its turnaround better as a private firm.

2023-12-10T22:47:39Z

Some nations want to remove more pollution than they produce. That will take giving nature a boost

DUBAI, United Arab Emirates (AP) — Why promise net zero emissions when you can go even lower, such as negative emissions? As countries at the COP28 climate talks are wrangling over ways to lower their greenhouse gas emissions, a Danish-led group of countries has decided to set the ultimate goal: to remove more carbon dioxide, the main source of global warming, from the atmosphere than they emit. The Group of Negative Emitters was launched Sunday...

2023-12-11T07:33:13Z

Nigeria loads first crude at huge new Dangote refinery

Nigeria's huge oil refinery built by Africa's richest man Aliko Dangote received its first crude deliveries, the company said on Saturday, in the latest step to starting up the delayed megaproject. Dangote Petroleum Refinery received an initial shipment of one million barrels of crude from Agbami deepwater field and began loading on Friday, the company spokesman said Saturday.

2023-12-09T08:17:19Z

Amazon asks federal judge to dismiss the FTC's antitrust lawsuit against the company

Attorneys for Amazon on Friday asked a federal judge to dismiss the Federal Trade Commission’s antitrust lawsuit against the e-commerce giant, arguing the agency is attacking policies that benefit consumers and competition. Amazon’s response came more than two months after the FTC — joined by 17 states — filed the historic complaint against the Seattle-based company, alleging it inflates prices and stifles competition in what the agency calls...

2023-12-09T01:29:42Z

OCTA: Filipinos less satisfied with how gov't addresses inflation, poverty

Adult Filipinos were least satisfied with the national government’s performance in managing inflation and reducing poverty in the country, results of a recent non-commissioned survey by the OCTA Research showed. Based on the survey conducted from September 30 to October 4, 2023, only 14% of adult Filipinos were satisfied with how the national government controlled the prices of basic goods or managed inflation. Twenty-nine percent were content...

2023-12-11T07:14:34Z

Cebu Pacific signs 'damp lease' deal with Bulgaria Air

Gokongwei-led budget carrier Cebu Pacific on Tuesday announced it signed a damp lease deal with Bulgaria Air to further strengthen its fleet next year amid the anticipated rise in demand in line with the post-pandemic air travel recovery. In a news release, Cebu Pacific said it signed an agreement with Bulgaria Air for two Airbus 320 CEO aircraft. The two leased aircraft will be servicing two domestic routes, namely Manila-Cebu and Manila-Davao,...

2023-12-05T09:06:01Z

Gasoline, diesel, kerosene prices down by over P1/liter on Tuesday

Motorists will have to pay less for petroleum products this week, as oil firms on Monday announced a major rollback to mark the second straight week of downward adjustments for diesel. In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will lower the prices per liter of gasoline by P1.60, diesel by P1.85, and kerosene by P1.40. Cleanfuel, Petro...

2023-12-11T04:14:22Z

Philippines’ debt up by 1.49% to P14.48T as of end-Oct. 2023

The country’s sovereign debt increased as of end-October 2023 as the government borrowed more from both domestic and international sources during the period. Data released by the Bureau of the Treasury (BTr) on Tuesday showed the national government running or outstanding debt stood at P14.48 trillion, up 1.49% from P14.27 trillion as of end-September 2023. The Treasury said the month-on-month increase in the government’s debt stock reflected...

2023-12-05T05:05:48Z

Paris Workers Want Pay Rises to Return to the Office Full Time

Workers in Paris would quit or demand a pay increase if they’re asked to return to the office on a full-time basis.

2023-12-11T10:23:33Z

Bluebell Calls for Worldline Board Shakeup After Shares Drop 60%

Activist investor Bluebell Capital Partners called on French payments company Worldline SA to shake up its board and replace its chairman to “restore the trust of the market” after the shares plunged almost 60% in a day.

2023-12-11T13:48:48Z

Jobless Filipinos decline to 2.09M in October 2023

The number of Filipinos without jobs or livelihoods went down in October as the increase in economic activities at the onset of the holiday season provided job opportunities during the period, results of the Philippine Statistics Authority’s (PSA) latest Labor Force Survey showed. At a press conference on Thursday, National Statistician and PSA chief Claire Dennis Mapa reported that the number of unemployed persons ages 15 and above decreased to...

2023-12-07T03:08:09Z

What is carbon capture and why does it keep coming up at COP28?

The future of fossil fuels is at the center of the United Nations climate summit in Dubai, where many activists, experts and nations are calling for an agreement to phase out the oil, gas and coal responsible for warming the planet. On the other side: energy companies and oil-rich nations with plans to keep drilling well into the future. In the background of those discussions are carbon capture and carbon removal, technologies most, if not all,...

2023-12-09T06:08:06Z

Syensqo Spinoff Starts Trading at Almost €10 Billion Value

Syensqo SA, a chemicals maker carved out from Solvay SA, began trading Monday with an equity value just shy of €10 billion ($10.8 billion), in one of the largest spinoffs in Europe this year.

2023-12-11T10:53:37Z

Bitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000

Bitcoin posted its steepest drop in almost four months as traders moved to lock in profits following a more than 150% rally this year, triggering large liquidations of bullish bets.

2023-12-11T02:42:56Z

Standard Chartered says investor participation in ESG fund sales surges amid climate change focus

Standard Chartered Bank, one of Hong Kong’s three note-issuing banks, reported a 40 per cent increase in the number of customers buying ESG (environmental, social and governance) funds in the first 10 months of this year, reflecting growing investment interest in products focused on pollution and climate change. “It is not just the young investors, but we found investors in all age groups are interested in buying our ESG products,” said Alson...

2023-12-11T05:18:45Z

Biden goes into 2024 with the economy getting stronger, but voters feel horrible about it

WASHINGTON (AP) — President Joe Biden goes into next year's election with a vexing challenge: Just as the U.S. economy is getting stronger, people are still feeling horrible about it. Pollsters and economists say there has never been as wide a gap between the underlying health of the economy and public perception. The divergence could be a decisive factor in whether the Democrat secures a second term next year. Republicans are seizing on the...

2023-12-11T05:52:52Z

Philippines’ foreign reserves rises to $101.3 billion as of end-November —BSP

The Philippines’ foreign currency reserves grew further as of end-November 2023 amid the increase in the prices of gold and the central bank’s net income from investments abroad. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the gross international reserves (GIR) —a measure of the country’s ability to settle import payments and service foreign debt— as of the first nine months of 2023 stood at $101.3 billion. This was higher...

2023-12-08T07:09:58Z

Stock market today: Wall Street drifts ahead of the final Federal Reserve meeting of the year

NEW YORK (AP) — Stocks drifted in morning trading Monday on Wall Street ahead of the Federal Reserve’s last meeting of the year. The S&P 500 was up 0.1%. The benchmark index hit its highest level in 20 months on Friday. The Dow Jones Industrial Average rose 84 points, or 0.2%, to 36,334 as of 10:47 a.m. Eastern. The Nasdaq fell 0.2%. Macy's jumped 16.4% following reports that an investor group is launching a bid to take the storied retailer...

2023-12-11T04:23:11Z

Saudi Telecom Among Suitors Vying for Altice Portugal

Saudi Telecom Co. is among suitors that have been studying a potential acquisition of the Portuguese operations of billionaire Patrick Drahi’s Altice empire, according to people with knowledge of the matter, as the state-owned Middle Eastern carrier pushes to further expand in Europe.

2023-12-11T16:20:25Z

Technology built the cashless society. Advances are helping the unhoused so they're not left behind

WASHINGTON (AP) — John Littlejohn remembers the days when lots of people had a couple of dollars to spare to buy a copy of Street Sense, the local paper that covers issues related to the homeless and employs unhoused individuals as its vendors. Today, he's finding fewer people are walking around with spare change. Even well-meaning individuals who want to help are likely to pat their pockets and apologize, he said. “I would be out here for six...

2023-12-09T14:20:24Z

Hong Kong home prices down 20% from historical peak, rebound hinged on US interest rate cuts

With international investment banks predicting 5 to 10 per cent price declines in Hong Kong homes next year, property agents believe now is an opportune time to consider buying. Victoria Allen, founder and managing director of real estate agency Habitat Property, said it was a good time to buy property provided it was for self use and the buyer was planning to live in Hong Kong for the mid-to-long term. “Prices are off 20 per cent from their...

2023-12-11T05:12:29Z

NEDA optimistic over hitting low-end of 2023 economic growth target

The Philippines was likely to hit the low end of its 6% to 7% economic growth target this year on the back of an improvement in employment and the continuous growth of manufacturing, the National Economic and Development Authority (NEDA) said. According to NEDA Undersecretary Rosemarie Edillon, the latest economic indicators showed that the country’s economic growth target set by the inter-agency Development Budget Coordination Committee (DBCC)...

2023-12-10T09:13:11Z

The EU wants to put a tax on emissions from imports. It's irked some other nations at COP28

DUBAI, United Arab Emirates (AP) — A European Union plan to tax the carbon pollution emitted to make goods imported from countries like India and China has sparked a debate at the United Nations climate conference in Dubai, as poorer countries fear such tariffs will harm livelihoods and economic growth. Through the tax, the EU hopes to set a price on the carbon emitted to make energy-intensive products like iron, steel, cement, fertilizer and...

2023-12-10T10:32:44Z

Leveraging the Power of Newsletters: A Strategic Approach to Attracting and Retaining Clients

Let's explore the multifaceted benefits of incorporating newsletters into your marketing strategy.

2023-12-11T13:32:15Z

MSMEs to benefit from generative AI - IBM

Apart from big businesses, micro, small, and medium enterprises (MSMEs) may also benefit from generative artificial intelligence (AI), according to IBM Philippines. Generative AI involves the creation of images, music, speech, code, video, or text through the interpretation and manipulation of pre-existing data. The emerging technology may help boost the productivity of business entities through various models, including knowledge assistants,...

2023-12-08T09:10:10Z

FDI net inflows slipped to three-year low in September

Investment inflows fell to a three-year low in September on the back of the double-digit decline in foreign funds coming into debt instruments and equity capital during the month, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed. Foreign direct investment (FDI) net inflows were recorded at $422 million in September, 42.2% lower than the $731 million a year ago, and down from $790 million in the previous month. This is also...

2023-12-11T09:14:43Z

Big Tech’s Ability to Deliver on AI Profits Looms Over S&P 500

The fate of the S&P 500 is increasingly resting on whether a handful of the biggest technology companies can parlay artificial intelligence investments into even higher profits.

2023-12-10T22:27:40Z

Philippine manufacturing slowed in October — PSA

Philippine manufacturing slowed in October on the back of the double-digit drop in the manufacture of beverages, data released by the government on Thursday showed. The Philippine Statistics Authority (PSA) reported the volume of production index (VoPI) at 1.7% in October, slower than the 9.9% growth in the previous month and the 6.7% increase recorded last year. The PSA attributed the slower annual growth to decreases in the manufacture of...

2023-12-07T11:08:40Z

Occidental buying CrownRock in cash-and-stock deal valued at about $12 billion

Occidental is buying oil and gas company CrownRock in a cash-and-stock deal valued at about $12 billion. "We found CrownRock to be a strategic fit, giving us the opportunity to build scale in the Midland Basin," Occidental President and CEO Vicki Hollub said in a statement, referring to the vast oil and gas fields in western Texas. U.S. domestic oil production hit an all-time high in October. The U.S. Department of Energy’s Energy Information...

2023-12-11T14:19:25Z

Fed is set to leave interest rates unchanged while facing speculation about eventual rate cuts

WASHINGTON (AP) — With inflation edging closer to the Federal Reserve's 2% target, its policymakers are facing — and in some cases fueling — hopes that they will make a decisive shift in policy and cut interest rates next year, possibly as soon as spring. Such a move would reduce borrowing costs across the economy, making mortgages, auto loans and business borrowing less expensive. Stock prices could rise, too, though share prices have already...

2023-12-11T11:03:37Z

Markets mixed ahead of US inflation data, Fed decision

Markets diverged Monday as investors awaited key US data and a Federal Reserve policy decision after labour figures last week suggested the US central bank was on course to deliver a soft landing for the economy while reining in inflation. Investors will also be keeping an eye on decisions by the European Central Bank and Bank of England this week.

2023-12-11T07:47:26Z

Harvard Under Heightened Pressure After Penn Leaders Ousted

“One down. Two to go.”

2023-12-10T19:42:31Z

Falling inflation shifts focus to when ECB could cut rates

With inflation dropping faster than expected and the economic outlook darkening, markets will be looking for clues about when eurozone borrowing costs might start to come down as rate-setters meet this week. But all eyes will be on whether the ECB gives any indications of when borrowing costs -- the key deposit rate is currently sitting at a record high -- will start to be reduced.

2023-12-11T02:23:15Z

The Dodgers gave Shohei Ohtani $700 million to hit and pitch — but also because he can sell

PHOENIX (AP) — Shohei Ohtani's jaw-dropping $700 million, 10-year deal with the Los Angeles Dodgers has some similarities to other contracts for the world's biggest sports stars, including soccer icons Lionel Messi and Cristiano Ronaldo, along with NFL quarterback Patrick Mahomes. In terms of his marketability, experts point to another name. The real comparison? Try Taylor Swift. The global music sensation's broad appeal — one that bridges the...

2023-12-10T19:22:22Z

US Fed expected to pause again as inflation edges closer to target

The US Federal Reserve is widely expected to hold interest rates at a 22-year high for a third consecutive meeting on Wednesday as it continues to fight elevated inflation. Daco from EY said the Fed is fighting a "battle for optionality" in which policymakers continue to insist that another interest rate hike could happen, "if deemed necessary."

2023-12-10T03:11:17Z

ADB OKs $200M loan for high-quality, climate resilient infra for PH

Manila-based multilateral lender Asian Development Bank (ADB) has green-lit a $200-million loan for the Philippines to support the country’s preparation for high-quality and climate-resilient infrastructure projects. In a statement on Friday, the ADB said the technical assistance loan financing for the ongoing Infrastructure Preparation and Innovation Facility (IPIF) will further support the Philippine government in preparing “high quality,...

2023-12-08T05:09:54Z

Microsoft and Labor Unions Form ‘Historic’ Alliance on AI

Microsoft Corp. is teaming up with labor unions to create “an open dialogue” on how artificial intelligence will impact workers.

2023-12-11T14:48:51Z

Real Estate Titans Battle DeSantis Over China Property Crackdown

Ron DeSantis rattled corporate America by making Walt Disney Co. a target of his conservative culture wars. Now, the Florida governor’s campaign to rid the state of Chinese influence is fueling a forceful backlash from big-name investors.

2023-12-11T11:18:40Z