Peak inflation

While headline US inflation accelerated to 9.1 percent in June, the highest since November 1981, the path of commodity prices suggests a possible turning point in inflation. From copper to wheat to oil, commodity prices have experienced a very severe drawdown indicating that inflation may have already peaked or will peak over the next few months. Dr. Copper signals slowdown Copper has tumbled as much as 31 percent from its peak last March,...

Pfizer in talks on $5 billion acquisition: media

American drugmaker Pfizer is close to a deal to purchase Global Blood Therapeutics, which manufactures a recently approved drug against sickle-cell anemia, for $5 billion, the Wall Street Journal has reported. GBT's sickle-cell treatment, marketed as Oxbryta, was authorized for those over 12 years old in 2019 but gained federal approval in December for children aged four to 11.

Covid Vaccine Maker Novavax Tumbles After Cutting Annual Sales Forecast 50%

(Bloomberg) -- Novavax Inc. shares lost a third of their value after the drugmaker slashed its 2022 revenue forecast as its Covid-19 vaccine -- which already trailed competitors getting to market -- failed to live up to expectations.

Ben & Jerry’s Has ‘No Power’ to Halt Israel Deal, Unilever Says

(Bloomberg) -- Ben & Jerry’s has “no power and no authority” to sue its own corporate parent in its efforts to avoid selling its ice cream in the Israeli-occupied West Bank, a lawyer for Unilever Plc told a judge in New York.

Philippines to look into modular nuclear power plants —Amb. Romualdez

The Philippines will look into the possible use of modular nuclear power plants, claimed to be the future of clean energy, Philippine Ambassador to the US Jose Manuel Romualdez said Monday. In an interview on ANC, Romualdez said the US has offered the power plants and that it is being developed “rapidly.” “So we are seriously going to look into it. I think President Marcos is quite excited about it. As a matter of fact, I think NuScale which is...

Bitcoin Miner Marathon’s Loss Widened as Coin Prices Tumbled

(Bloomberg) -- Marathon Digital Holdings Inc.’s second-quarter loss widened as the price of Bitcoin tumbled and costs related to the exit of a Montana facility climbed.

Boeing Gets Green Light to Deliver 787s After FAA Approval

(Bloomberg) -- Boeing Co. is poised to resume deliveries of its 787 Dreamliner jets as soon as Aug. 10, almost two years after they were disrupted by manufacturing flaws.

Ending Covid Jobless Benefit Aided US Employment, Fed Study Says

(Bloomberg) -- Ending emergency unemployment benefits had a significant impact on boosting US employment, according to a new Federal Reserve Bank of St. Louis working paper that may underline Republican criticism of a 2021 program.

Strong GDP growth likely sustained in Q2

MANILA, Philippines — The economy likely sustained the strong growth in the second quarter amid the further reopening of the economy from strict COVID-19 quarantine and lockdown protocols, according to economists. ING Bank senior economist Nicholas Mapa said the country’s gross domestic product (GDP) growth accelerated to 8.8 percent in the second quarter. “Solid household spending boosted by election-related outlays boosted the economy in the...

Marjorie Taylor Greene Says 'New IRS Force' Takes Aim at Small Businesses

"Lower to middle income Americans & small businesses will be the primary targets of Democrat's new IRS force," Greene said.

Pfizer to acquire sickle cell drugmaker GBT for $5 bn

American drugmaker Pfizer announced a deal on Monday to acquire Global Blood Therapeutics, makers of a recently approved treatment for sickle cell disease, for $5.4 billion. With the agreement, Pfizer, one of the top makers of Covid-19 vaccines, acquires GBT's Oxbryta to treat the potentially fatal blood disorder that primarily affects people of African, Middle Eastern or South Asian descent. The drug was authorized for those over 12 years old...

Jobless Filipinos up in June; unemployment rate unchanged at 6%

The number of jobless Filipinos increased in June from the previous month but decreased from the same month last year, the Philippine Statistics Authority (PSA) reported Monday. Preliminary data showed that there were 2.99 million unemployed Filipinos during the month, 62,000 higher than the 2.93 million in May, and 781,000 lower than the 3.77 million recorded in the same month last year. The latest figure translated to an unemployment rate of...

Japan's SoftBank reports record quarterly net loss

Japan's SoftBank Group on Monday reported a record quarterly net loss of $23.4 billion, after interest rate hikes tanked tech shares. And in 2019-20, SoftBank Group reported a then-record annual net loss of 961.6 billion yen, as the emergence of Covid-19 compounded woes caused by its investment in troubled office-sharing firm WeWork.

RCBC earnings soar 84% from January to June

MANILA, Philippines — The earnings of Yuchengco-led Rizal Commercial Banking Corp. (RCBC) soared by 84.4 percent to P6.14 billion in the first half from P3.33 billion in the same period last year, while its asset base crossed the P1-trillion mark on the back of solid expansion in customer loans and treasury assets. RCBC president and CEO Eugene Acevedo said the robust core business performance propelled the bank’s consolidated net income to...

Facebook live shopping feature to be removed starting Oct. 1 but sellers hope to continue biz

Meta will remove the live shopping feature on Facebook starting October 1, the company announced recently. According to a report by Mav Gonzales on 24 Oras Weekend, the company has stated that netizens can no longer conduct or schedule live shopping events on Facebook. “Beginning on October 1, 2022, you will no longer be able to host any new or scheduled Live Shopping events on Facebook,” Meta said in a blog post. However, people will still be...

Oil companies to implement big price rollback

Oil companies announced a big-time price cut on Monday. Pilipinas Shell, Cleanfuel and PetroGazz said they will lower the pump prices of diesel by P2.20 per liter and gasoline by P2.10 per liter. Pilipinas Shell said it will slash the cost of kerosene by P2.55 per liter. The price adjustment will be implemented on Tuesday, August 9, 2022. Industry experts said oil prices came under a lot of pressure last week, as concerns over supply shortages...

Whole Foods Co-Founder Is Building Chain of Cafes, Wellness Centers

Whole Foods Market co-founder John Mackey is planning a second act when he retires from the Amazon-owned grocer next month: building a chain of plant-based restaurants and wellness centers that offer fitness and spa services.

Index gains on hopes of stronger Q2 growth

MANILA, Philippines — Share prices went up yesterday on hopes of a stronger economic performance in the second quarter At the Philippine Stock Exchange (PSE), the benchmark Philippine Stock Exchange Composite index (PSEi) rose by 28.74 points or 0.45 percent to settle at 6,434.24. Likewise, the broader All Shares index gained 16.67 points or 0.49 percent to close at 3,448.73. Analysts said traders are waiting for the second quarter economic...

Aboitiz scores US grant for feasibility study on offshore wind project

The Aboitiz Group’s renewable energy arm bagged a grant from the United States Trade and Development Agency to conduct a feasibility study for offshore wind projects in the Philippines. The grant was awarded to Aboitiz Renewables Inc., a subsidiary of Aboitiz Power Corp., to look into the possibility of developing up to three gigawatts of offshore wind projects. The grant was signed by USTDA Director Enoh Ebong and Aboitiz Renewables Vice...

Seaoil enters into partnership for electric vehicle market venture

MANILA, Philippines — Seaoil Philippines Inc. is venturing into the electric vehicle (EV) market. The independent fuel player signed a memorandum of agreement with Potentia Holdings Inc. (PHI) for the development of EV-related projects, with particular focus on charging stations. PHI’s consortium consists of GM Energy Construction Philippines Inc., Malayan Pacific Power Holdings Corp. and Amsteel Structures Inc. In anticipation of the fast...

Inflation seen losing steam by 4th quarter

MANILA, Philippines — Inflation is likely to lose steam in the fourth quarter of the year as global oil prices ease and the consumer price index (CPI) for housing, water, electricity, gas and other fuels decline, according to Moody’s Analytics. The research arm of the Moody’s Group said that the Philippines and other countries in Asia remain susceptible to the supply pressures coming through from supply-chain snags and higher commodity prices...

Asian markets mostly up as focus turns to inflation data

Asian equities mostly rose Tuesday but investors moved cautiously ahead of US inflation data later in the week, after a jobs report suggested the Federal Reserve would likely need to continue its sharp interest rate hikes to tame runaway prices. Saira Malik, at investment manager Nuveen, told Bloomberg Television the losses could kick in when investors realise "the Fed is not going to pivot on interest-rate hikes in early 2023, inflation should...

Philippine economy grows 7.4 percent, slowing from Q1

Southeast Asian country’s economic expansion slows from 8.2 percent growth during the first quarter.

GDP, earnings in play as PSEi on upward bias

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) still gained for the third straight week, closing at 6,405, or 89.57 points (1.4 percent) higher last Friday, even as it snapped a three-day rally to finish lower than Thursday’s close. Analysts mainly attributed the decline last Friday to the higher-than-expected inflation of 6.4 percent in July, up from 6.1 percent in June and the highest in nearly four years. But...

Employee Says Boss Assigns 'Homework' After Work: 'Sounds Like Time Theft'

The worker said his boss was not understanding of the responsibilities that people had outside of work, including childcare, cooking and chores.

Amid Biden's Strong Jobs Report, U.S. Recession Still Looms: Larry Summers

While the former White House economist said inflation will sink the rising economy, he said new legislation on taxes and domestic spending will help.

US diverges from global stock rally as investors focus on inflation

US stocks trailed other global markets and the dollar retreated Monday as investors turned their attention to US inflation data later this week and weighed the prospect of more interest rate hikes. Global stocks had rallied over the past several sessions after another negative US GDP report convinced some traders the Fed might be able to ease up on the aggressive inflation-fighting campaign.

July’s 6.4% inflation raises possibility of 50 bps rate hike in next meeting –Medalla

The Bangko Sentral ng Pilipinas (BSP) will likely deliver another aggressive policy rate hike in the Monetary Board’s upcoming meeting later this month, BSP Governor Felipe Medalla said Friday. At a virtual forum organized by the Federation of Filipino Chinese Chambers of Commerce and Industry Inc., Medalla said that July's inflation print “raises the probability of a 50 basis points rate hike rather than 25 basis points.” Inflation clocked in...

Philippine trade deficit widens 75.4% to $5.84 billion

The Philippine trade deficit widened by double digits in June as imports continued to outpace exports during the month, preliminary data released by the Philippine Statistics Authority on Tuesday showed. The balance of trade in goods (BoT-G) — the difference between the value of exports and imports — posted a $5.843-billion deficit in June, equivalent to an annual increase of 75.4%. This compares with the downward-revised $5.555-billion deficit...

Q2 GDP growth seen at 8 percent

PUBLIC and private consumption helped the Philippine economy, as measured by gross domestic product (GDP), to grow by 8 percent in the second quarter of the year, analysts surveyed by The Manila Times said. The preceding quarter's economic growth was seen to expand by 7.2 to 8.8 percent by economists from ING Bank Manila, DBS, China Banking Corp., Rizal Commercial Banking Corp. (RCBC), HSBC, Security Bank Corp. and Union Bank of the Philippines...

SoftBank Pledges Sweeping Cost Cuts After $23.4 Billion Loss

SoftBank Group Corp.’s Masayoshi Son said he plans widespread cost cutting at his Japanese conglomerate and its Vision Fund investment arm after a record $23.4 billion loss on plunging portfolio valuations and foreign currency losses. Shares dropped.

Larry Ellison Is Subpoenaed by Twitter in Musk Buyout Battle

Twitter Inc. subpoenaed Oracle Corp. founder Larry Ellison in its legal battle to make Elon Musk complete his proposed $44 billion purchase of the social media company.

Philippine manufacturing growth quickens to 2.4%

Philippine manufacturing output continued to grow in June as the average capacity utilization increased during the month, data released by the Philippine Statistics Authority (PSA) on Tuesday showed. The volume of production index (VoPI) posted an annual growth of 2.4% in June, faster than the 0.9% growth in May but slower than the 448.2% surge the same month last year. The biggest increases were recorded in the manufacturing of machinery and...

Texas AG Joins GOP Peers Slamming Larry Fink on ESG Policy

(Bloomberg) -- Texas Attorney General Ken Paxton said Monday that he joined a group of Republican state officials accusing BlackRock Inc. Chief Executive Office Larry Fink of relying on sustainable investments instead of shareholders’ profits.

Buffett's firm reports $44B loss but its businesses thrive

OMAHA, Neb. (AP) — Warren Buffett’s company reported a $43.76 billion loss in the second quarter as the paper value of its investments plummeted, but Berkshire Hathaway’s many operating companies generally performed well suggesting the overall economy is weathering the pressure from inflation and rising interest rates. Berkshire said Saturday that a largely unrealized $53 billion decline in the value of its investments forced it to report a loss...

ByteDance Pays $1.5 Billion for China Hospital Chain in Health Foray

ByteDance Ltd. has acquired one of China’s largest private hospital chains for about $1.5 billion, deepening a foray into health care via one of the largest domestic tech deals since Beijing’s internet crackdown.

Philippine agri output contracts for second straight quarter

The Philippine agricultural output continued to contract in the second quarter of the year due mainly to the lower production of crops and fisheries, data released by the Philippine Statistics Authority (PSA) on Monday showed. The value of production in Philippine agriculture and fisheries at constant 2018 prices contracted by 0.6% in the second quarter, following the -0.3% in the first three months of the year. At current prices, the value of...

Retirees Are Inflation's Hidden Victims. Here's How They Can Protect Themselves | Opinion

Investors should instead build a diverse investment portfolio for better financial security in the long run.

US regulators clear Boeing to resume 787 deliveries

After more than a year, aviation giant Boeing will be allowed to resume deliveries of its 787 Dreamliner aircraft "in the coming days," after the company made changes to its manufacturing process, US air safety regulators announced Monday. Deliveries of the top-selling widebody plane have been halted since spring 2021, so the news will be welcomed by US airlines and travelers who have suffered from massive delays and canceled flights in recent...

Philippine economy grows slower to 7.4% in Q2

The Philippine economy grew at a slower pace in the second quarter of the year, the Philippine Statistics Authority (PSA) reported on Tuesday. The country’s gross domestic product (GDP) — the total value of goods and services produced in a specific period — grew by 7.4% during the April to June period, slower than the downwardly adjusted 8.2% GDP growth in the first quarter of the year. The second quarter GDP also compares with the 12.1% growth...

Meralco rates down in August 2022

The Manila Electric Co. (Meralco) on Monday announced another reduction in its rates for the month of August, as the company continues to implement the refund ordered by the Energy Regulatory Commission (ERC). Meralco said the overall rate for a typical household was cut down by 20.87 centavos per kilowatt-hour this month to P9.5458/kWh from last month’s P9.7545/kWh. This translates to a decrease of around P42 in the total bill of a residential...

Novogratz ‘Doubtful’ Bitcoin Will Push Through $30,000 Soon

Michael Novogratz, the billionaire who founded crypto financial services firm Galaxy Digital Holdings Ltd., said he expects Bitcoin to stay within its recent price range, and that there haven’t been significant inflows of institutional capital into the space.

Father of UK Inflation Target Says ‘Terrible Error’ to Drop It

(Bloomberg) -- Former Chancellor of the Exchequer Norman Lamont, who introduced the UK’s first inflation target in 1992, said it would be a mistake to abandon the measure in favor of a money supply goal, in an implicit criticism of proposals by Liz Truss, the front-runner to be Britain’s next prime minister.

Inflation uptick heightens likelihood of BSP rate hike

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said the quickening of inflation to 6.4 percent in July from 6.1 percent in June has increased the possibility of a 50-basis-point increase in interest rates this month. In a virtual forum, BSP Governor Felipe Medalla told members of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) that there is a higher probability of a bigger rate hike on the...

BSP to tighten regulation of pawnshops

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is set to raise the bar of the reporting governance framework for pawnshops, as the industry continues to expand its range of products and services that it offers to the public. The regulator is set to adopt the new reporting governance framework as it recognizes that a complete, accurate, consistent, reliable and timely submission of required information concerning a pawnshop’s...

'Quasi-preneurs' see opportunity, challenges in franchising

NEW YORK (AP) — In 2020, Kelly Jackson and Davina Arceneaux wanted to leave their company jobs and become business owners. They were looking for something both COVID-proof and recession-resistant. Instead of completely stepping out from under a corporate umbrella, they looked at franchising. The two worried about the notoriously tight margins for restaurants. They looked at a drug testing franchise, but the initial investment was too steep. A...

Cebu Pacific upsizes aircraft for Visayas

MANILA, Philippines — Budget carrier Cebu Pacific has upgraded its aircraft flying to three destinations in Visayas and Mindanao to the bigger Airbus A320neo to support the resurgent demand for domestic travel. Cebu Pacific announced over the weekend that flights headed for Tacloban, Dumaguete and Butuan will be serviced by A320neo to make sure the airline can accommodate the growing volume of passengers in the Philippines. The A320neo can be...

San Miguel to build 12 poultry mega plants for $1.2 billion

MANILA, Philippines — Diversified conglomerate San Miguel Corp. (SMC), through its food and beverage unit, plans to build at a cost of $1.2-billion, 12 poultry mega-plants nationwide, its top official said over the weekend. “We intend to put up 12 mega poultry facilities. Each one will produce 80 million birds per year, so that’s a total of 960 million birds and each bird will be 2.5 kilos. The usual size is one to 1.5 kilos, but now we will...

DA exec: Philippines needs to import 300K MT of sugar

The Philippines needs to import around 300,000 metric tons of sugar to stabilize the commodity’s price on the market by augmenting a shortfall in supply, a top official of the Department of Agriculture (DA) said Saturday. In an interview on Dobol B TV, DA Undersecretary and spokesperson Kristine Evangelista said there is a shortage in supply after Typhoon Odette (international name: Rai), which wrought havoc in the country in December 2021,...

Musk says Twitter deal could move ahead with 'bot' info

Elon Musk said Saturday his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition. Musk countersued, accusing Twitter of misleading his team about...