Oil prices drop US$2 on demand concerns, Israel comments

The Stars - Oct 15, 2024

SINGAPORE: Oil prices slid $2 in early Asian trade on Tuesday as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike Iranian military and not nuclear or oil targets. Read full story

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Asian FX loses ground on dollar strength; key cenbank decisions awaited

Oct 15, 2024

Asian FX loses ground on dollar strength; key cenbank decisions awaited

ASIAN currencies faltered on Tuesday, with the Thai baht and Philippine peso leading the decline, as the U.S. dollar held firm near a two-month peak and investors grew cautious ahead of a slew of key monetary policy decisions due later this week. Read full story

Pag-IBIG releases P88B in home loans from January to September 2024

Oct 15, 2024

Pag-IBIG releases P88B in home loans from January to September 2024

The Home Development Mutual Fund (HDMF), or Pag-IBIG Fund, released about P88 billion in home loans in the first nine months of the year, the state-run firm reported Tuesday.

Asian shares defy Wall Street's rise, oil extends losses

Oct 15, 2024

Asian shares defy Wall Street's rise, oil extends losses

SYDNEY: Asian stocks edged lower on Tuesday, contrasting with a strong Wall Street close and investor optimism about corporate earnings, while the dollar held near a two-month top, aided by bets on a smaller U.S. rate cut next month. Read full story

Stabilising growth tops national agenda

Oct 15, 2024

Stabilising growth tops national agenda

SECURING stable economic growth while maintaining fiscal viability lies at the core of China's pursuit of national security amid intensified external uncertainties and a lingering real estate downturn, leading economists said. Read full story

UUE records 10.5% revenue growth for 2Q25

Oct 15, 2024

UUE records 10.5% revenue growth for 2Q25

KUALA LUMPUR: UUE Holdings Bhd saw its net profit increasing by 21.2% quarter-on-quarter (QoQ) to RM6.7mil for its second quarter of the financial year ending Feb 28, 2025. Read full story

September vehicle sales drop to 58,032 units, says MAA

Oct 15, 2024

September vehicle sales drop to 58,032 units, says MAA

KUALA LUMPUR: Malaysia’s new vehicle sales slid 20% to 58,032 units in September 2024 from 72,367 units in August, according to the Malaysian Automotive Association (MAA). Read full story

PM Anwar: Several Asean countries also interested in joining BRICS

Oct 15, 2024

PM Anwar: Several Asean countries also interested in joining BRICS

KUALA LUMPUR: Several Asean countries have shown interest in joining the BRICS grouping after Malaysia expressed its intention to be part of the economic bloc, said Prime Minister Datuk Seri Anwar Ibrahim. Read full story

OFW remittances: Pinoys abroad sent $2.885B cash in August 2024 -- BSP

Oct 15, 2024

OFW remittances: Pinoys abroad sent $2.885B cash in August 2024 -- BSP

Overseas Filipinos have sent back home nearly $3 billion in cash remittances in August to support school-related and other expenses of their families in the Philippines, data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday showed.

Maxis teams up with MRCA to boost 5G technology use in retail sector

Oct 15, 2024

Maxis teams up with MRCA to boost 5G technology use in retail sector

KUALA LUMPUR: Maxis Bhd has signed a memorandum of understanding (MoU) with the Malaysia Retail Chain Association (MRCA), which represents 562 Malaysian retailers, to encourage the adoption of 5G technology solutions to strengthen the domestic retail sector. Read full story

Banking stocks drive FBM KLCI higher at lunch break

Oct 15, 2024

Banking stocks drive FBM KLCI higher at lunch break

KUALA LUMPUR: Gains in banking stocks continued to support the key index on Bursa Malaysia to close the morning session on a firm note. Read full story

Xpeng’s AI-powered P7+ to challenge Tesla, eyes China’s autonomous driving market

Oct 15, 2024

Xpeng’s AI-powered P7+ to challenge Tesla, eyes China’s autonomous driving market

The EV maker launched the presale of the P7+ from 209,800 yuan (US$29,500), 10 per cent cheaper than the base model of Tesla Model 3.

Capital A optimistic about exiting PN17 status by end-December 2024

Oct 15, 2024

Capital A optimistic about exiting PN17 status by end-December 2024

KUALA LUMPUR: Capital A Bhd has positive equity and is optimistic about exiting its Practice Note 17 (PN17) status by the end of December this year, according to its chief executive officer, Tan Sri Tony Fernandes. Read full story

Tesla Optimus robots at Cybercab showcase were remotely controlled by humans

Oct 15, 2024

Tesla Optimus robots at Cybercab showcase were remotely controlled by humans

The use of human input raises questions over the capabilities and market readiness of the bot, despite Elon Musk’s enthusiasm.

PETRONAS' exploration in South China Sea will continue, says Anwar

Oct 15, 2024

PETRONAS' exploration in South China Sea will continue, says Anwar

KUALA LUMPUR: Malaysia's Prime Minister Anwar Ibrahim on Tuesday reiterated that state energy firm Petronas will continue to conduct oil and gas exploration activities in Malaysia's exclusive economic zone in the South China Sea, despite objections from China. Read full story

China may raise US$850bil in new debt over three years to spur growth, says report

Oct 15, 2024

China may raise US$850bil in new debt over three years to spur growth, says report

BEIJING: China may raise an additional 6 trillion yuan ($850 billion) from special treasury bonds over three years to help bolster a sagging economy through expanded fiscal stimulus, Caixin Global reported, citing multiple sources with knowledge of the matter. Read full story

CR Beverage to use US$640 million IPO to fund expansion, supply chain efficiency

Oct 15, 2024

CR Beverage to use US$640 million IPO to fund expansion, supply chain efficiency

China’s second-largest bottled water firm plans to sell 347.8 million shares at HK$14.50 each.

Over 50,000 seats sold ahead of Undas holidays --AirAsia

Oct 15, 2024

Over 50,000 seats sold ahead of Undas holidays --AirAsia

Budget carrier AirAsia Philippines said Tuesday it saw a surge in flight bookings for both domestic and international trav

US mulls capping Nvidia AI chips exports to some countries, Bloomberg News reports

Oct 15, 2024

US mulls capping Nvidia AI chips exports to some countries, Bloomberg News reports

U.S. officials have discussed limiting sales of advanced AI chips from Nvidia and other American companies on a country-specific basis, Bloomberg News reported on Monday, citing people familiar with the matter. Read full story

Hong Kong and Chinese stocks slide as weak economic data dents sentiment

Oct 15, 2024

Hong Kong and Chinese stocks slide as weak economic data dents sentiment

Hang Seng Index slumped 3.7 per cent to 20,318.79 for a second day of losses.

Budget 2025: SME Bank calls for supportive measures to boost SME growth

Oct 15, 2024

Budget 2025: SME Bank calls for supportive measures to boost SME growth

KUALA LUMPUR: With Budget 2025 set to be announced this Friday, SME Bank Bhd is calling for strategic measures to support the growth of small and medium enterprises (SMEs), focusing on sustainability, financial resilience, and digital transformation. Read full story

Jumbo BSP rate cut: Only 15% likely – Nomura

Oct 15, 2024

Jumbo BSP rate cut: Only 15% likely – Nomura

There’s only a 15-percent chance that the Bangko Sentral ng Pilipinas (BSP) would resort to a forceful half-point rate cut at its hotly anticipated policy meeting on Wednesday, Nomura Global Markets Research said, citing the need for a “calibrated” shift to easier monetary setting. In a commentary, the Japanese investment bank instead assigned an 80-percent

BIZ BUZZ: Changing of the guard at sports commission

Oct 15, 2024

BIZ BUZZ: Changing of the guard at sports commission

Richard Bachmann is out; John Patrick Gregorio is in as head of the Philippine Sports Commission (PSC). Biz Buzz sources say that Gregorio was chosen to take on the top post at the PSC due to his unique background in both the corporate and the sports worlds. With the MVP Group, for instance, he was

Megaworld debuting in Ilocos with P15-B war chest 

Oct 15, 2024

Megaworld debuting in Ilocos with P15-B war chest 

Real estate giant Megaworld Corp. is debuting in Ilocos Norte province, banking on robust economic growth of the first family’s home turf and ready to invest about P15 billion in this first project in Northern Luzon. The company led by billionaire Andrew Tan said in a statement on Monday that they had planned to develop

T-bill rates rise as less dovish US Fed seen

Oct 15, 2024

T-bill rates rise as less dovish US Fed seen

Yields on Treasury bills (T-bills) increased for the second consecutive week on Monday, tracking the upswing in US Treasury bond rates as investors tempered dovish bets on the US Federal Reserve. The Bureau of the Treasury was able to borrow its target amount of P20 billion as the total bids reached P51.7 billion, exceeding the

SLEx traffic expected to ease with new interchange

Oct 15, 2024

SLEx traffic expected to ease with new interchange

Billionaire Ramon S. Ang and the Zobel family are collaborating to build an interchange that will connect the South Luzon Expressway (SLEx) to local roads in Laguna and Batangas provinces, thus easing road congestion and boosting access to the southern areas of the country’s largest island group. The Ayala Greenfield Interchange will be built by

PBCOM seeks to raise P2B from maiden bond sale

Oct 15, 2024

PBCOM seeks to raise P2B from maiden bond sale

Philippine Bank of Communications (PBCom) is raising P2 billion from the debt market to support the growth of its loan portfolio as interest rates begin declining. In a stock exchange filing on Monday, billionaire Lucio Co-led PBCom said its maiden peso bond issuance would run from Oct. 14 to Oct. 28. The bonds, which will

Prices of building materials in Metro Manila up on weak peso

Oct 15, 2024

Prices of building materials in Metro Manila up on weak peso

Retail prices of construction materials in Metro Manila rose in September as the peso weakened while global oil prices increased, the Philippine Statistics Authority (PSA) reported on Monday. According to the PSA, the rate of increase of building materials as measured by the construction materials retail price index inched up to 1.2 percent in September,

Meralco, Samsung team up for planned nuclear facilities

Oct 15, 2024

Meralco, Samsung team up for planned nuclear facilities

Pangilinan-led Manila Electric Co. (Meralco) is on a roll in securing nuclear deals with known players in the global market, this time with a South Korean construction giant. Meralco, a power distributor with businesses stretching to power generation through its subsidiaries, secured a partnership with Samsung C&T Corp. for its target to steer the development

Odds of a fresh rate cut pull up PSEi

Oct 15, 2024

Odds of a fresh rate cut pull up PSEi

Hopes for another monetary policy easing this week slightly pulled up the local bourse, as it finally snapped its four-session losing streak to open the week in the green. By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) inched up by 0.22 percent, or 16.09 points, to 7,326.41. The broader All Shares Index,

DOE officials fly to Saudi Arabia to pursue energy deals

Oct 15, 2024

DOE officials fly to Saudi Arabia to pursue energy deals

The Philippines is seeking a potential partnership with the Kingdom of Saudi Arabia on clean power and energy security. Key officials, led by Energy Secretary Raphael Lotilla, would be in Saudi Arabia from Monday to Tuesday to sign a memorandum of understanding (MOU) with the latter’s Ministry of Energy, headed by Abdulaziz bin Salam Al

Social media-based election campaign

Oct 15, 2024

Social media-based election campaign

With the filing of the certificates of candidacy for next year’s midterm elections over and done with, the Commission on Elections (Comelec) has started the winnowing process of determining who are eligible to continue with their candidacies. In light of a Supreme Court ruling that restricted the Comelec’s otherwise broad authority to pass upon the

Northeast Group shares rise on ACE Market debut

Oct 15, 2024

Northeast Group shares rise on ACE Market debut

KUALA LUMPUR: Precision engineering components manufacturer Northeast Group Bhd makes its debut on the ACE Market of Bursa Malaysia at 53 sen, representing a 6% premium over its initial public offering (IPO) price of 50 sen. Read full story

FBM KLCI takes off on the heels of record-breaking Wall Street performances

Oct 15, 2024

FBM KLCI takes off on the heels of record-breaking Wall Street performances

KUALA LUMPUR: Spurred by record-breaking performances in the S&P 500 and Dow Jones overnight, the FBM KLCI opened higher in early trade on Tuesday. Read full story

Ringgit strengthens against US dollar at the opening

Oct 15, 2024

Ringgit strengthens against US dollar at the opening

KUALA LUMPUR: The ringgit strengthened against the US dollar at the opening today, boosted by optimism over the upcoming Budget 2025, which will be announced this Friday. Read full story

Trading ideas: Genting Malaysia, Capital A, AAX, Critical Holdings, Fajarbaru, Exsim Hospitality

Oct 15, 2024

Trading ideas: Genting Malaysia, Capital A, AAX, Critical Holdings, Fajarbaru, Exsim Hospitality

KUALA LUMPUR: Genting Malaysia Bhd, Capital A Bhd, AirAsia X Bhd (AAX), Critical Holdings Bhd, Exsim Hospitality Bhd and Fajarbaru Builder Group Bhd are among the stocks to watch on Tuesday. Read full story

Hong Kong to host Rockefeller, Middle East tycoons at global family office forum

Oct 15, 2024

Hong Kong to host Rockefeller, Middle East tycoons at global family office forum

Standard Chartered to kick off its inaugural global family office forum in Hong Kong as the city enhances its role in the region.

S&P 500 ends at fresh record high, as Dow scales 43k for first time

Oct 14, 2024

S&P 500 ends at fresh record high, as Dow scales 43k for first time

Wall Street ended higher on Monday, with both the S&P 500 and the Dow posting fresh record finishes, as investors bought into technology stocks ahead of a busy week packed with corporate earnings and crucial economic data. Read full story

PH inks protocol to amend ASEAN Comprehensive Investment Agreement

Oct 14, 2024

PH inks protocol to amend ASEAN Comprehensive Investment Agreement

MANILA, Philippines – Department of Trade and Industry (DTI) Acting Secretary Ma. Cristina Roque identified that one of the highlights of the recently concluded Association of Southeast Asian Nations (ASEAN) Summit in Vientiane, Laos is the signing of the document that will enhance the certainty and transparency of investing in the region. In a press

PSEi slightly up, peso weakens

Oct 14, 2024

PSEi slightly up, peso weakens

MANILA, Philippines – The local stock market rebounded on Monday, while the peso closed weaker against the dollar. The Philippine Stock Exchange index (PSEi) went up by 0.22 percent to 7,326.41 while All Shares also rose 0.24 percent to 4,024.72. Except for Services which declined by 0.49 percent, all sectoral indices closed in the green,

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