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Inflation a thorn in the side of Bulgaria rose oil makers

Business is not a bed of roses for Bulgaria's rose oil makers these days. Made from Damask roses grown in the aptly named Rose Valley, the oil is a vital ingredient in the perfumes made by the world's top luxury brands such as Christian Dior, Estee Lauder and Chanel. But a heatwave has slashed this year's harvest of rose petals, labour is hard to f...


Rage As Restaurant Slashes Servers' $15 Wages As Their Tips Are 'Too High'

A message sent to servers explained that tips made their wages higher than managers' and this was not "sustainable."


J.D. Power: Manufacturers and Retails Bring Record Profits, Car Prices Soar

The average vehicle transaction price hit another record high in June


Back-to-back BSP rate hikes expected

KEY interest rates will likely be raised anew this Thursday, Singapore-based DBS Bank Ltd. said, with the Bangko Sentral ng Pilipinas (BSP) looking to rein in above-target inflation. "The BSP kicked off its monetary policy tightening cycle during its May meeting, and we expect further hikes under the new central bank leadership," DBS Bank Ltd. economist Han Teng Chua said in research released on Monday. "We think a back-to-back policy rate...


Bangladesh opens bridge plagued by graft claims, lynchings

Bangladesh on Saturday opened an important bridge near the capital Dhaka after a long construction plagued by delays, graft allegations, and even deadly lynchings sparked by rumours of human sacrifice. The inauguration of the Padma Multipurpose Bridge -- now officially the country's longest -- caps a key infrastructure goal by Prime Minister Sheikh Hasina in the nearly eight years since construction began. It ends an economic bottleneck that...


Cebu Pacific readies return to pre-pandemic workforce

MANILA, Philippines — Budget carrier Cebu Pacific expects its headcount to return to pre-pandemic level by early next year to cater to travel demand amid the easing of travel restrictions. “I would guess by early next year, we would be back to where we were in 2019 in terms of headcount,” Cebu Pacific president and CEO Lance Gokongwei told reporters in a chance interview. He said the airline’s total pre-pandemic headcount covering flight crew,...


Peso falls anew, ends at 54.47:$1

MANILA, Philippines — The peso continued its losing streak yesterday, depreciating by another 20.5 centavos to close at its weakest level in nearly 17 years, a day before the anticipated interest rate increase by the Bangko Sentral ng Pilipinas (BSP). The peso closed at 54.470 from Tuesday’s 54.265 to $1. It opened weaker at 54.30 and hit an intraday low of 54.635 to the dollar. Trading volume remained heavy at $1.35 billion from $1.39 billion...


Peso plunges further to 16-year low

The Philippine peso continued to depreciate against the US dollar for the fourth straight session on Thursday, marking its weakest performance in over 16 years. The local currency lost 23 centavos to close at P54.7:$1 versus Wednesday’s finish of P54.47:$1. This is the worst performance of the peso since November 21, 2005, when it closed at P54.74:$1. Rizal Commercial Banking Corp. Chief Economist Michael Ricafort attributed Thursday’s...


Biden Signs Bipartisan Gun-Safety Bill Into Law After Massacres

President Joe Biden signed gun-safety legislation into law that he called the most significant of its kind in decades, restricting firearms access for the youngest buyers and offering incentives for states to set up “red flag” laws.


Diesel prices seen to go up next week by at least P1.10/liter; gasoline may go up or down

Motorists may expect an increase in the prices of diesel in the coming week, and either a hike or rollback in the prices of gasoline based on forecasts from an oil industry source and a fuel company. According to an oil industry source, the prices of diesel may go up by P1.10 to P1.30 per liter, while gasoline prices may go down by P0.05 per liter. Fuel company Unioil meanwhile said diesel prices for June 28 to July 4 may increase by P1.20 to...


Chinese electric car brand NIO says 2 killed in vehicle fall

BEIJING (AP) — Two people involved in testing for the electric car brand NIO died when one of its vehicles fell three stories from a Shanghai parking structure, the company said Friday. The crash Thursday was under investigation but appeared to be an accident and “not caused by the vehicle,” the company said in a statement. It said the employees who died were “digital cabin testers,” one from NIO and the other from a partner. The vehicle fell...


With Roe Overturned, Canada Could Become an Abortion Destination

The Bloor West Village Women’s Clinic in Toronto has had very few American patients, despite advertising its abortion services internationally. That may be about to change.


Globe eyes global reach for multi-channel messaging

MANILA, Philippines — Globe Telecom Inc.’s multi-channel messaging platform m360 is eyeing to create a global presence to support communications worldwide. Globe said m360 now enables businesses in the Philippines to send SMS to over 230 countries worldwide. “Our goal is to deliver messages anywhere in the world. And with our infrastructure and easy-to-use messaging platform to support communications worldwide, m360 is all set to create a global...


EU leaders tackle inflation, energy shocks from Russia's war

BRUSSELS (AP) — A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention Friday to the severe economic turbulence looming over the coming months as the full impact of Russia’s war sinks in and the threat of recession rises. The EU's 27 leaders gathered in Brussels to grapple with surging inflation, energy shocks, dwindling business and consumer confidence, and growing budget pressures. The...


Pinterest Must Face Woman’s Suit Saying She Helped Create It

(Bloomberg) -- Pinterest Inc. must face a lawsuit from a digital marketing strategist who says she helped conceive the social media platform, a California judge ruled.


World Bank OKs $178.1-M loan to combat Philippine malnutrition

The World Bank on Thursday announced the approval of a $178.1-million loan which will assist the Philippines in delivering nutrition-specific interventions to combat malnutrition. The loan—approved by the Board of Executive Directors—will be part of the Philippines Multisectoral Nutrition Project, which seeks to provide nutrition and health care services at the primary care and community levels in 235 municipalities across the country. It will...


Disney to Keep Formula One TV Rights at a 1,500% Premium

Walt Disney Co. renewed its deal to show Formula One races in the US, paying at least a 1,500% premium to hold on to the sport as its popularity surges, according to a person familiar with the deal.


PSEi at 20-month low on weak peso, rate hike

MANILA, Philippines — Local stocks wobbled anew yesterday, with the main index plunging to its lowest level in 20 months, as the peso continued to weaken against the dollar and ahead of an anticipated rate hike by the Bangko Sentral ng Pilipinas (BSP). The benchmark Philippine Stock Exchange index (PSEi) hit the 6,000 mark to close at 6,065.23 yesterday, down 102.77 points or 1.67 percent, while the broader All Shares index tumbled by 43.62...


Monkeypox Isn’t International Public Health Emergency, WHO Finds

The World Health Organization opted against calling the recent monkeypox outbreak a public health emergency of international concern.


Stocks rally, driving Wall Street to a rare winning week

Stocks racked up more gains on Wall Street Friday, as the S&P 500 had its best day in two years and just its second winning week in the last 12 to provide a bit of relief from the market's brutal sell-off this year. The benchmark index rose 3.1%, with technology and banks leading the broad rally. The S&P 500 notched a 6.4% gain for the week, erasing the brutal loss it took a week earlier, though it’s still close to 20% below its record set early...


Concepcion taps health, economic experts as advisory group to guide private sector

Presidential Adviser for Entrepreneurship Joey Concepcion said he has tapped health and economic experts as an advisory group to guide the private sector as the country moves to normalcy after battling the COVID-19 pandemic. In an interview with GTV’s Balitanghali on Friday, Concepcion said he will have a meeting with the experts in the field of medicine, research, and economy to discuss their advice to the private sector in shifting to...


Outrage Over U.S. Economy As Avocados on Toast Now Seen as a 'Luxury'

"Since when did fruit and bread become a luxury? Something that stood in the way of buying a home?" asked one Redditor.


Ad Execs Return to Cannes Party With Recession Fears in Backdrop

Take it from Joao Paulo, who manages the infamous Gutter Bar where many an evening ends at the advertising industry’s annual confab on the French Riviera: Cannes is back.


Australian Treasurer Chalmers Sees Inflation ‘Problem’ Worsening

Australia’s inflation “problem” will get worse in coming months and the situation is expected to improve only in 2023, Treasurer Jim Chalmers said.


BSP raises policy rates by 25 basis points for second straight month

The Bangko Sentral ng Pilipinas (BSP) on Thursday hiked its key rates for the second straight month, as inflation risks remain tilted to the upside moving forward. The Monetary Board increased the key policy rates by 25 basis points—the overnight reverse repurchase facility to 2.5%, the overnight deposit facility to 2.0%, and the overnight lending facility to 3.0%—effective Friday, June 24. The central bank already hiked interest rates by 25...


London’s Prime Shopping Street Has a Case of Long Covid

Regent Street, London’s premier shopping thoroughfare, is struggling to shake off the lingering effects of Covid-19.


How U.S. Can Ease Gas Prices, According to Banking Analysts

JP Morgan said that gas prices would not drop until the Biden administration tackled supply-side issues, which include a shortage of refining capacity.


Stocks and oil rally as rate-hike worries ebb

Global stock markets and oil prices jumped higher on Friday following recent heavy losses as the weakening economic outlook moderates expectations about central bank monetary tightening. With a spate of data pointing to an economic slowdown, market watchers said investors now believe central banks may need to deal out less punishing interest rate hikes, and thus the pushing of equity markets into bear market territory may have been an overreach....


Raw sugar shortage looms, SRA warns

MANILA, Philippines — The country faces a shortage of raw sugar due to the lack of refined sugar, according to the head of the Sugar Regulatory Administration (SRA). SRA administrator Hermenegildo Serafica said manufacturers who normally use refined sugar are now buying raw sugar. “Manufacturers who are not buying raw sugar historically are now buying even raw sugar to have the raw sugar processed as refined sugar for their consumption,”...


Jury takes fraud case against Elizabeth Holmes's ex-partner

SAN JOSE, Calif. (AP) — The fate of hard-nosed technology executive Ramesh “Sunny” Balwani is now in the hands of a jury that will weigh criminal charges alleging he joined disgraced Theranos CEO Elizabeth Holmes, his former partner, in an elaborate fraud that jarred Silicon Valley. U.S. District Judge Edward Davila handed the case to the jury Friday afternoon after federal prosecutors in San Jose, California, finished a rebuttal to more than 11...


Union: Strike could cost 4 Atlantic City casinos $2.6M a day

ATLANTIC CITY, N.J. (AP) — A week before it could walk out on strike against numerous Atlantic City casinos, the resort's main casino workers union warned that a strike could cost four casinos a total of $2.6 million a day in losses. Local 54 of the Unite Here union issued a report Friday estimating that the city's top-performing casino, the Borgata, could lose $1.6 million a day in the event of a strike, and that the three casinos owned by...


After Roe, Dems seek probe of tech's use of personal data

WASHINGTON (AP) — With the Supreme Court ending the constitutional protections for abortion, four Democratic lawmakers are asking federal regulators to investigate Apple and Google for allegedly deceiving millions of mobile phone users by enabling the collection and sale of their personal data to third parties. The decision Friday by the court’s conservative majority to overturn Roe v. Wade is expected to lead to abortion bans in about half the...


Economy needs to grow by 7% annually to manage debt – DOF

MANILA, Philippines — The next administration should make sure that the economy expands by at least seven percent every year until 2025 to bring down the debt ratio to within manageable levels, according to the Department of Finance. DOF chief economist Gil Beltran yesterday said the economy, measured as the gross domestic product (GDP), must outgrow the rise in public debt for the government’s fiscal position to return to normal. “From economic...


Peso further weakens to 54:$1 on Monday

THE Philippine peso further depreciated, breaching the P54-per-dollar level on Monday. The local currency closed at P54.065 to a dollar on Monday, weaker than the P53.75 closing last Friday, June 17. This is the weakest performance since the P54.08 per dollar closing on Oct. 12, 2018. Monday's close also already exceeded the upper end of the government's P50-53:$1 peso-dollar exchange rate forecast for the year. In a comment, Regina Capital...


Presidential adviser: Work from home arrangement not for everyone

Amid calls by some employees for the government to maintain the work-from-home setup, Presidential Adviser for Entrepreneurship Joey Concepcion said that the arrangement was not for everyone. In a 24 Oras Weekend report by Chino Gaston on Saturday, Concepcion said the work-from-home arrangement was not applicable for businesses that require manual labor. "It is not possible for supermarkets to have no merchandisers and cashiers. All of these...


Patagonia Will Bail Out Employees Arrested in Abortion Protests

Patagonia Inc. and Live Nation Entertainment Inc. said they would provide bail for employees who are arrested while protesting after the US Supreme Court eliminated the constitutional right to abortion.


Wilcon Depot on track to 100 outlets by 2025

MANILA, Philippines — Wilcon Depot Inc., the country’s leading home and finishing construction supply retailer, said it is on track to reaching its target of 100 stores by the end of 2025. “We are well on our way to reaching our 100-strong store network by the end of 2025. As we enter our 45th year, we continue to focus on our strategic growth plans to fulfill our mission,” Wilcon CEO and president Lorraine Belo-Cincochan said during the...


Free legal clinic on wheels launches for Tennessee clients

NASHVILLE, Tenn. (AP) — The Tennessee Supreme Court has launched a free legal clinic on wheels. The court used federal pandemic aid to retrofit a blue sprinter van to make stops in mostly rural places across the state. It’s called the “Justice Bus” and it’s essentially a law office on wheels. It has a couple of laptops, a printer, a scanner and most important, Wi-Fi. “People should not have to go to their local McDonald’s to get a reliable...


ING to exit PHL retail banking market before end-2022

The Netherlands-based ING Bank is set to close down its retail banking services in the Philippines before the end of the year. In a statement on Friday, the bank said its retail business in the Philippines was intended as the foundation for a broader Asia retail banking plan, but "the uncertain global macro situation in the last few years led to ING deciding not to expand the activities to other countries, which meant that the retail operations...


Abortion ruling thrusts companies into divisive arena

The Supreme Court's decision to end the nation’s constitutional protections for abortion has catapulted businesses of all types into the most divisive corner of politics. Some companies that stayed silent last month — when a draft opinion by Justice Samuel Alito was leaked to Politico — spoke up for the first time Friday, including The Walt Disney Company, which said it will reimburse employees who must travel out of state to get an abortion....


Peso weakest in 16 years, closes at P54.985:$1

The Philippine peso sank to its weakest closing level in over 16 years after it closed at P54.985 to a dollar on Friday. The local currency closed P0.285 weaker than Thursday’s finish at P54.7: $1. This is the worst performance of the peso since October 27, 2005, when it ended at P55.08 to a dollar. The peso plunged for the fifth straight week by P1.235 or 2.3%. Since the start of the year, it had already depreciated against the US dollar by...


Man's Humorous Note to UPS Driver Over Important 'Wine Delivery' Resurfaces

"That's beautiful." One wine-lover's door-note for his delivery driver included directions and a diagram.


All Home expands into pet care

MANILA, Philippines — Villar-owned full-line home center All Home Corp., is making its foray into the fast growing pet business in the Philippines. AllHome hopes to capitalize on pet and home synergy with specialty brand PetBuddy. The maiden location opened in Evia Lifestyle Center last year. With a growing clientele, AllHome has expanded with four new stores—Sta. Rosa, NOMO in Bacoor, Antipolo and Taguig. AllHome chairman Manuel Villar said...


Price hike seen for diesel, kerosene next week due to weak peso —DOE exec

Motorists should brace for another increase in the prices of diesel and kerosene next week due to the Philippine peso's current performance against the US dollar. Gasoline prices, meanwhile, may stay the same or be rolled back a bit, according to Atty. Rino Abad, director of the Energy Department's Oil Industry Management Bureau, citing projections. Interviewed on Dobol B TV on Friday, Abad said diesel prices may be increased by at most "a...


'I've Lost Nearly $3m on Dogecoin'

In April 2021 my Dogecoin investment multiplied to $3 million. Now it's crashed to $230,000. But I'm here for the long run.


Ukraine war robs India's 'Diamond City' of its sparkle

Yogesh Zanzamera lays out his bed on the floor of the factory where he works and lives, one of around two million Indians polishing diamonds in an industry being hit hard by the Ukraine war. The air reeking from the only toilet for 35-40 people, conditions at workshops like this in Gujarat state leave workers at risk of lung disease, deteriorating vision and other illnesses. But Zanzamera and others like him have other more immediate worries:...


Are We Heading for a Housing Market Crash? What Home Sales Data Reveals

A new home sales slowdown has triggered speculation over a possible housing market crash.


Fed Dove Daly Joins Officials Open to 75 Basis-Point July Hike

Another Federal Reserve official has lined up with those who favor following last week’s 75 basis-point interest-rate increase with the same again next month to curb rampant inflation.


Interest rates raised anew

As expected, BSP delivers back-to-back hikes MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) yesterday delivered back-to-back rate hikes, raising key policy rates by 25 basis points, to fend off rising inflationary pressures. Outgoing BSP Governor Benjamin Diokno said the central bank’s Monetary Board decided to raise the overnight reverse repurchase rate to 2.50 percent from 2.25 percent. Likewise, the overnight deposit rate was...


Grab Is Seeking a P20 Hike in Base Fare

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