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Welcome to the Business Outlook, I'm Ron Cruz.

And I'm Salvi Duplito.

The Headlines.

Wall Street futures are a little changed while European markets are down ahead of U.S. inflation data.

The Philippines has budget deficit projected to decline for a third straight year in 2024.

And Turkey slaps export restrictions on Israel over the Gaza conflict.

Let's check on European markets first.

They are mostly lower in afternoon trade as investors refrain from making big bets ahead of Wednesday's U.S. inflation data.

The German DAX down about 6 cents of 8 percent.

The French CAC 40 is lower by half a percent.

As for Wall Street, futures are pointing to another flat trade for the major U.S. indices.

Here are some stocks to watch out for.

We're monitoring shares of British oil giant BP, which rose to their highest level since October

after it said it expects higher upstream production in oil and gas in the first quarter.

BP shares last traded in the green, up by 1 percent.

Also in focus, shares of HSBC after it announced it will sell its banking operations in Argentina

in a deal worth $550 million.

It will report a $1 billion pre-tax loss on the sale in the first quarter of 2024.

HSBC shares are up three-tenths of a percent.

We're also keeping a close watch on shares of Donald Trump's media and technology firm,

which is on a downward trajectory after a strong debut in late March.

Investors have soured after the company disclosed millions of dollars in losses earlier this month.

The stock is down eight-tenths of a percent in pre-market trading.

Meanwhile, Asian markets ended Tuesday trade higher.

The Nikkei 225 rose for a second straight day as data showed consumer confidence in Japan

rose to its highest level in nearly five years.

The South Korean KOSPI, meanwhile, bucked the uptrend following a drop in index heavyweight Samsung.

Shares of the tech giant slumped 1 percent as the sister of Samsung chairman J.Y. Lee

reportedly unloaded about 5.25 million shares.

In a blocked sale worth some $326 billion.

Local media said the sale was aimed at raising funds to pay off her inheritance tax

after Samsung patriarch Lee Kun-hee died in 2020.

The Philippines' budget deficit projected to decline this year.

Fitch unit BMI forecast the gap will narrow to 5.5 percent of GDP.

That's lower from 2023's 6.2 percent.

That could mark the third consecutive year the budget shortfall shrinks

amid the Marcos administration's push for fiscal consolidation.

BMI, meanwhile, notes revenue collection will likely overshoot the government's target.

That's after revenue collection hit 3.8 trillion pesos last year.

BMI believes collections will amount to around 16.3 percent of GDP by end of 2028.

The Fitch unit sees the Philippine economy growing 6.2 percent this year.

China taking a swipe at the upcoming trilateral summit of the U.S., the Philippines and Japan in Washington.

Beijing's foreign ministry says China is against what it calls circles that threaten regional peace and stability.

It also slams the U.S., U.K. and Australia for expanding their security partnership,

claiming it is intensifying the arms race in the Asia-Pacific region.

China's comments also come on the heels.

The first maritime cooperative activity of the Philippines, U.S., Japan and Australia.

We oppose relevant countries cobbling together exclusionary small circles and creating block confrontations.

Japan in particularly should learn from the lessons of history

and be cautious in its words and deeds in the field of military security.

Any cooperation conducted by any countries should be conducive to regional peace and stability.

Meanwhile, Manila's ambassador to Washington denies China's claims regional peace and stability would be threatened by the trilateral summit.

Ambassador Jose Manuel Romualdez adds the Philippines can no longer ignore China's actions,

saying the country's patience has been stretched to the limit.

What President Marcos is doing is just simply saying that enough is enough.

We are now going to talk to you seriously.

We are not here because we want to have a conflict.

We're not here because we just want to have, we're looking for a fight.

We are the ones that are being aggressively bullied.

And so what are we going to do?

The Filipino people will not stand for that.

People who have this wrong notion that we'll just sit back and nothing will happen to us.

We may wake up one day and we won't have a country anymore.

Thank you.

As the U.S. beefs up ties with its Asian allies,

Russia and China agreed to discuss ways to deepen security cooperation across Europe and Asia.

The announcement comes as Russia's foreign ministry visits China, where he met with President Xi Jinping.

Russia and China declared what they call a no-limits partnership in February 2022

when President Vladimir Putin visited Beijing,

just days before he sent tens of thousands of troops into Ukraine,

triggering the deadliest land war.

Turkey restricts the export of a wide range of products to Israel.

That move is in response to Israel rejecting Turkey's request to drop aid into war-torn Gaza.

The restrictions, which include curbs on exports of steel, fertilizers, iron and jet fuel,

span 54 different categories.

Ankara's foreign minister says the measures will remain in place

until Israel declares a ceasefire.

and allows the unhindered access of humanitarian aid to Gaza.

Israel has vowed to respond with its own trade restrictions.

We're taking a quick break.

Up next, Hong Kong authorities uncover the city's largest gold smuggling case on record.

That and more when Business Outlook returns.

Business Outlook

Ten million dollars worth of gold,

concealed as machine parts,

seized in Hong Kong

and the city's biggest gold smuggling bust.

Authorities say the smuggled gold was intercepted

in two air compressors at the Hong Kong International Airport.

The equipment was being sent to Japan

with authorities saying the operation was meant to avoid import tariffs of about 10 percent,

potentially saving more than 8.4 million Hong Kong dollars in duties.

A 31-year-old male suspect was arrested and released.

A group of elderly Swiss women score a landmark climate win.

The European Court of Human Rights ruled Tuesday

in favor of a group of over 2,000 women

who had argued the Swiss government's inaction to combat climate change

put them at risk of dying during heat waves.

The verdict, which cannot be appealed,

could compel the Swiss government to take greater action on reducing emissions.

The respondent state had been accused of smuggling gold.

It had previously failed to meet its past greenhouse gas emission reduction targets.

By failing to act in good time

and in an appropriate and consistent manner

regarding the devising, development, and implementation

of the relevant legislative and administrative framework,

the court holds that the respondent state

exceeded its margin of appreciation

and failed to comply with its positive obligations

under Article 8 of the Convention.

The court, however, threw out two other similar climate cases

filed against 33 European governments.

Meanwhile, a new report flags major international companies

for failing to reduce carbon emissions.

Two non-profit groups say

clothing brand H&M and Nestle, among others,

accounted for 16% of emissions in 2022.

The report also called out 51 companies

for supposedly extending the climate crisis.

The report alleged that indepent and under-exaggerating

their sustainability claims.

The report also called out 52 companies

for supposedly extending the climate crisis.

The report also called out 52 companies

for supposedly extending the climate crisis.

A Philippine trade union proposes window hours

to implement a sought-after heat break in workplaces.

The TUCP said Tuesday,

companies can implement it from 11 in the morning

until 2 in the afternoon.

It also suggested flexible office hours

which could see work starting earlier in the morning

or ending later at 5

so workers can be out of the extreme heat.

It also spoke of the fact that workers can be out of the extreme heat.

The need for a heat risk action plan.

Climate change is really a reality that we face.

Labor groups actually call this just transition.

That we ensure that no workers left behind amid climate change.

We call on employers and workers as well as government to a social dialogue

in order that we craft this action plan as soon as possible

because we know that this extreme heat as well as the extreme storms in the latter part of the year

will now be the new normal that we have to face and that we have to brave together.

Vietnam Airlines set to launch direct flights to Manila,

becoming the first Vietnamese carrier to do so.

Starting June 17, travelers can fly to Hanoi three times a week and to Ho Chi Minh four times a week.

Vietnam Airlines says booking is now available on their websites, mobile app and ticket offices.

The Philippine ICT Department says a recent cyber attack against the Customs Bureau

may have compromised personal information of thousands of employees and customers.

Andrea Taguinas reports.

The Bureau.

DICT Undersecretary Jeffrey D. says it was the BOC's help desk ticketing system

and management information dashboard that were affected by the breach.

A report by cyber advocacy group Deep Web Connect says

these databases involved the personal information of over 2,000 employees and 80,000 BOC customers.

Information in the help desk ticketing system includes profiles of clients

and clients could either be importers, exporters or brokers.

According to D, information on cargo movements and potentially even some trade secrets

may have been compromised as well.

May mga nagpo-float na mga information about yung sinasabi mo nga about movement of cargos.

Because if there are issues, you call help desk.

It is possible that some of these information could be classified as trade secrets

by the private sector or by these businessmen and traders.

The DICT's National Computer Emergency Response

team has yet to determine for sure how long the hacking has been going on

and who is behind it.

But D assured the public the BOC's main system was not infiltrated.

The main system is called the E2M or the electronic to mobile system.

Well, hindi yun yung tinamaan.

We will try our best to isolate the E2M.

Kasi yung E2M, nandun lahat.

May nakakonek yan sa ASEAN single window, which connects all ASEAN countries.

It's like an advanced system.

Information system.

Meanwhile, Custom Spokesperson Jet Marunilla told ABS-CBN News

there has been no disruption in the Bureau's operations.

Moving forward, D again called on government agencies to heed the DICT's advice

whenever the agency's experts detect vulnerabilities in their networks

to prevent any more hacking incidents.

Yung mga issues na nakikita natin na tinamaan ang BOC, tinamaan ang DOST, tinamaan, you know,

most of this na ibigay namin sa kanila in advance.

Masabi namin, may nakidetect kaming vulnerability, baka tamaan kayo ng hacking.

Pagtuunan naman po natin ang pansin para dumating po yung panahon na mas kakaunti na yung mga ganitong atake.

Just last week, the DICT also confirmed a cyber attack on the Department of Science and Technology,

which resulted in a significant data loss.

Andrea Taguines, ABS-CBN News.

Philippine President Marcos Jr. visits Balanga in Bataan to witness the ceremonial turnover of housing projects there.

Over 200 families who previously lived near a river will each receive two-bedroom units inside six three-story condominium-type buildings.

The project also has public facilities such as a four-story school building and a covered basketball court.

The National Housing Authority plans to construct 1.3 million housing units for informal sector families before the end of Marcos' term in 2028.

Asa rin po kayo na lahat ng sambayan ng Pilipina,

sa ilalim ng Pambansampabahay para sa Filipino Housing Program o yung tinatawag naming 4PH Program,

patuloy ang pagpupursige ng pamahalaan upang mabigyan ng maayos na tahanan ang ating mga kababayan.

Millions of sky watchers gathered Monday for the first solar eclipse to grace North America in seven years.

Bela gives us a look at the celestial event in New York.

Hundreds of people gathered at the iconic Corona Park in Queens, New York

for a glimpse of the much-awaited stunning partial solar eclipse on Monday.

The 2024 partial solar eclipse was seen in all five boroughs of New York City.

Filipinos were among those in the Big Apple who looked up with their solar eclipse glasses.

Once in a lifetime nga lang pong experience.

So it's a treasure and privilege and have something to tell to my kids na naka-experience po ako ng solar eclipse here in New York.

It was like the first time I ever saw a solar eclipse. It was like the best experience of my life.

In ancient Philippine mythology, a serpent-like dragon called Bakunawa causes eclipses, earthquakes, rains, and wind.

It was believed that the eclipse was a Bakunawa swallow.

But six-year-old Filipino-American Haru, at a young age, perfectly describes the science of eclipse.

When the moon blocks the sun, it casts a shadow.

And my teacher said, the whole New York City is not a full eclipse, it's a partial eclipse.

For many Filipinos, it was a chance of a lifetime and probably their first and last chance

to see something close to home.

This is Tony Torrigosa's third solar eclipse viewing after seeing similar ones in 1955 and in 1988, then in the Philippines.

The U.S. Space Agency NASA says the next total solar eclipse visible in America will be on August 23, 2044,

where the path of totality will only touch three states,

Montana,

North Dakota,

and South Dakota.

Dawn Tagala, ABS-CBN News, New York.

And before we go, here's what we can expect on Market Edge tomorrow at 9 a.m.

Michelle Ong will be talking to the co-founder and president of Golden Visa Central, Vicky Luis,

about their upcoming roadshow on their Greek Golden Visa program.

Meanwhile, the new Edge wealth's Ben Emos will be giving his insights on the markets.

And Islamic Finance expert attorney Amer Husein Mambuay will be discussing Islamic Finance and his market outlook for the year.

That is your Business Outlook. I'm Ron Kroos.

And I'm Salve Duplito.

The world tonight comes your way at the top of the next hour.

Keep it here on ANC.

Thank you.

Thank you.