00:53.7
pointing to a resultant fall in the U.S. economy.
00:54.8
It's a resumption of the major indices' record rally.
00:57.6
Data on tap today include jobless claims as well as industrial and manufacturing numbers.
01:03.6
Several Fed officials are also due to speak.
01:07.6
Some stocks to watch out for.
01:09.8
We are monitoring shares of EasyJet.
01:12.2
After the British budget carrier announced its CEO, Johan Lundgren, will be stepping down in 2025,
01:19.3
this dragged EasyJet shares by 3 percent.
01:22.5
Also in focus, shares of British Telco.
01:24.8
BT, which announced a cost-cutting program and an increase in dividend.
01:30.2
BT shares surged 13 percent.
01:33.6
We're also keeping a close watch on shares of Roche after its obesity drug showed encouraging results in the Phase 1 trial.
01:41.3
Shares of the Swiss drugmaker last traded higher by 3 percent.
01:45.7
Finally, Walmart reports quarterly earnings and revenue that topped expectations thanks to e-commerce and advertising gains.
01:54.8
American retail giant shares soared 5 percent in pre-market trading.
02:01.0
Asian markets ended Thursday trade on a positive note following software that expected U.S. inflation data overnight.
02:08.0
The Nikkei 225 rose 1.4 percent.
02:11.9
That's even after data showed the Japanese economy contracted in the first quarter at a faster-than-expected clip of 2 percent,
02:20.0
with private consumption and capital spending falling.
02:24.8
the Hong Kong-Hang Seng Index jumped 1.6 percent, boosted by real estate stocks.
02:30.8
The Hang Seng Mainland Properties Index surged by as much as 6 percent.
02:35.4
On a report, the Chinese government is considering a plan to buy millions of unsold homes from distressed companies to ease a protracted property crisis.
02:46.4
Here at home, Philippine shares joined the region-wide rally as the Philippine Central Bank also left its key rate unchanged as expected.
02:54.8
There's at least an openness rather than, you know, longer, you know, higher for longer.
03:05.4
I think the governor has started to soften up on his initial stance, shall we say.
03:12.9
And, you know, that's pretty much brought about by pronouncements and trends among governors in the U.S. Fed as well.
03:23.2
We're coming off from...
03:24.8
You know, maybe there's still some room for a pickup.
03:29.3
I think 6,800 is the resistance we're seeing for the market.
03:37.1
So, you know, maybe 100 plus points upside there.
03:42.5
More on the BSP's policy decision.
03:45.3
The Philippine Central Bank signals a possible rate cut in August as it sees inflation easing this year.
03:51.8
Lady Vicencio with the full story.
03:54.8
As expected, the Philippine Central Bank on Thursday kept interest rates at a near 17-year high of 6.5%.
04:04.1
But BSP Governor Eli Remolona signaled a possible easing this year.
04:09.5
Remolona says the Central Bank is now less hawkish as inflation remains within the target range of 2 to 4%.
04:17.1
We're actually somewhat less hawkish than before.
04:24.8
Which means we could ease cut rates Q3 or Q4 this year.
04:35.3
So the second half of this year.
04:37.4
Possibly by August of this year.
04:39.7
Philippine headline inflation quickened for a third straight month in April to 3.8%.
04:45.6
The BSP continues to see inflation risks leaning on the upside mainly from higher transport costs, food prices and energy rates.
04:54.8
Despite that, the BSP said its risk-adjusted inflation forecast for 2024 eased to 3.8% from 4% in the past meeting.
05:04.9
The Central Bank also sees domestic output growth in the medium term to be largely intact after the Philippine economy grew by 5.7% in the first quarter of the year.
05:15.7
As you know, there was a good number in April, 3.8%.
05:20.5
That was mainly driven by rise inflation.
05:24.8
But also, 3.8% was better than expected.
05:28.5
And actually, it's better than it looks.
05:31.8
With the El Niño phenomenon expected to end by the third quarter of the year,
05:36.0
the BSP does not expect it to have significant impact on the prices of commodities in the coming months.
05:41.8
Market analyst Manny Ocampo welcomed Remolona's stance on the possible easing.
05:47.2
Ocampo believes the BSP will wait for the U.S. Federal Reserve to cut its borrowing rates first.
05:54.8
The U.S. Fed will, I think, precede any rate cuts, if any, by the BSP.
06:04.2
They are equally sensitive on the peso-dollar rates.
06:07.6
If they preempt a rate cut with the U.S. interest rates remaining where they are, it might have a negative impact on the peso-dollar rate.
06:19.7
Lady Vicencio, ABS-CBN News.
06:23.7
Despite the market...
06:24.8
The U.S. administration's aggressive investment blitz overseas,
06:28.2
total foreign investments in the Philippines see a significant decline in the first quarter.
06:32.7
The Statistics Bureau said foreign investments amounted to just 148 billion pesos from the 408 billion in the same period last year.
06:42.8
Singapore had the most investment commitment, followed by the Netherlands and South Korea.
06:48.4
The approved pledges were mostly on energy, accommodation, and manufacturing.
06:53.9
The Southern Tagalog...
06:54.8
Central Luzon and Bico Regions got the biggest share in the investment pledges.
07:00.5
Electric vehicles and bicycles may soon become more affordable after the National Economic and Development Authority included them in a list of vehicles that can be brought into the Philippines tariff-free.
07:12.2
NEDA announced Thursday tariff rates for EVs will remain at zero until 2028.
07:17.4
It also expanded the list of EVs with zero tariffs to include e-motorcycles and EVs.
07:24.8
NEDA chief Arsenio Barisacan says that move is expected to boost the country's EV market and encourage more consumers to adopt to EVs.
07:35.4
Marcos earlier said he wants half of all cars on Philippine roads to be electric by 2040.
07:42.9
The Philippine Securities and Exchange Commission gives a green light for water concessionaire Maynilad to offer blue bonds.
07:50.2
Blue bonds refer to a subset of green bonds with the proceeds exclusively used...
07:54.8
to finance or refinance eligible blue projects...
07:58.4
such as wastewater management, and offshore renewable agency.
08:04.9
Maynilad's offer will cover up to 12 billion pesos of fixed-rate, peso-denominated blue bonds...
08:10.7
with an oversubscription option of up to 3 billion pesos.
08:14.2
The bonds will be offered from May 27th to the 31st...
08:17.8
then listed at the Philippine Dealing and Exchange Corporation on June 7th.
08:23.3
Learn about Chinese investment funds here.
08:24.3
Now, here are some local corporate headlines.
08:26.5
Manila Water's Filipinas Water Holdings selling its controlling stake in two water companies to SMC Bulacan Water Services.
08:35.3
Filipinas Water is selling its stake in the Bulacan and Obando water companies for 1 billion pesos.
08:41.3
The two operate in the Bulacan and Obando towns of Bulacan Province.
08:46.9
In earnings, GD Capital's core net income grows to 7 billion pesos thanks to Metro Bank's record performance
08:53.5
which brought in 12 billion pesos.
08:56.2
Other drivers of growth include Toyota Motors Philippines and Federal Land.
09:01.6
And finally, San Miguel Corporation's first quarter bottom line down by half to 8.77 billion pesos.
09:08.7
The Angled conglomerate cites forex losses which was partly offset by improved operations in its business segments.
09:17.9
Despite the drop in net income, SMC's sales and gross profit were higher.
09:23.5
here are other local earnings reports released today.
09:53.5
We're taking a quick break.
10:04.5
Up next, 7 Filipinos make it to this year's Forbes Asia 30 Under 30 list.
10:09.4
We'll tell you who they are when Mrs. Outlook returns.
10:22.3
Moscow in Beijing.
10:23.3
Thank you for watching.
10:53.3
This is what he called closed military political alliances in Asia.
11:00.6
We are grateful to the Chinese friends and colleagues for the initiatives they put forward to solve this problem.
11:09.2
We think it's necessary to move towards reliable and adequate security architecture in the Asia-Pacific region
11:15.7
with no place for close military political alliances.
11:19.2
We think that this is harmful and counterproductive.
11:23.3
To create such alliances.
11:26.8
The two leaders also oversaw the signing of several bilateral agreements in trade and infrastructure.
11:34.2
Chinese fast fashion e-commerce retailer Temu hit with complaints in Europe accusing the company of breaching the EU's digital tech law.
11:43.0
The umbrella consumer group, BEUC, has taken its grievance to the European Commission,
11:48.0
while 17 of its members in countries including France and the Netherlands,
11:52.2
have also filed complaints with their relevant national authorities.
11:55.7
They accused Temu of manipulative practices such as failing to provide consumers with crucial information about the sellers on the platform
12:05.1
and getting them to spend more than they may want to.
12:09.3
Temu has 75 million monthly users in the EU as of March.
12:14.8
Microsoft has reportedly asked around 700 to 800 of its employees in China to relocate outside China.
12:21.6
to relocate outside China.
12:21.6
to relocate outside China.
12:21.7
to relocate outside China.
12:21.8
to relocate outside China.
12:21.8
to relocate outside China.
12:21.8
to relocate outside China.
12:21.9
to relocate outside China.
12:22.1
to relocate outside China.
12:22.2
to relocate outside China.
12:22.6
to relocate outside China.
12:23.1
According to the Wall Street Journal, the affected staff are from the tech giant's cloud computing and artificial intelligence operations.
12:31.2
The move comes as the Biden administration cracks down on various Chinese sectors and imposes sanctions aimed at slowing the Asian country's AI development by restricting its access to advanced chips.
12:50.9
The move comes as the Biden administration cracks down on various Chinese sectors and imposes sanctions aimed at slowing the Asian country's AI development by restricting its access to advanced chips.
12:51.0
The move comes as the Biden administration cracks down on various Chinese sectors and imposes sanctions aimed at slowing the Asian country's AI development by restricting its access to advanced chips.
12:51.1
The move comes as the Biden administration cracks down on various Chinese sectors and imposes sanctions aimed at slowing the Asian country's AI development by restricting its access to advanced chips.
12:51.2
Over in Japan, newly privatized Toshiba planning to cut up to 4,000 jobs locally to accelerate its restructuring drive.
13:00.9
The industrial conglomerate says it would relocate office functions from central Tokyo to Kawasaki City.
13:08.0
It's also targeting an operating profit margin of 10% in three years.
13:12.7
Toshiba delisted from the Tokyo Stock Exchange in December following a $13 billion takeover by a consortium
13:20.0
led by private equity firm Japan Industrial Partners.
13:24.3
The move capped a decade of scandal and upheaval in the company.
13:30.0
Here at home, the Lopez Group formally inks a partnership with the Philippine Environment and Energy Departments
13:36.3
for the protection of the Verde Island Passage.
13:39.5
Jackie Pascual tells us more about that.
13:43.4
The Department of Environment and Natural Resources and the Department of Energy
13:48.0
have partnered with First Gen Corporation,
13:50.0
and the ABS-CBN Foundation for the protection of the Verde Island Passage in Southern Luzon.
13:56.3
During the signing of the Memorandum of Agreement in Makati,
13:59.7
Environment Secretary Maria Antonia Yulo-Loyzaga thanked the Lopez Group
14:03.9
for protecting the Verde Island Passage for over two decades now.
14:08.4
She stressed the area is a center of marine biodiversity that must be continuously protected,
14:14.9
as it is also located in a busy shipping lane and near populated areas.
14:20.0
First Gen and the ABS-CBN Foundation are the pioneers in this important area
14:25.1
in terms of the support for science as well as the championing of ESG and climate action.
14:31.6
The Sea Institute was established through the work of former DNR Secretary Gina Lopez in 2009.
14:38.0
The partnership will scale up the works already done by the DNR and First Gen
14:42.4
as they also intend to do more research and monitoring efforts.
14:46.9
First Gen, a leader in renewable energy,
14:50.0
and the ABS-CBN Foundation are glad to collaborate with government
14:53.6
and various stakeholders to protect the Verde Island Passage
14:57.2
and to also engage communities in the area.
15:00.4
Protecting and conserving our natural resources such as the VIP
15:03.6
requires genuine collaboration among government, the private sector, and all stakeholders,
15:09.9
especially at this time when solving the climate crisis should be our ultimate goal.
15:14.0
Our aim has always been how to best address the complex issues
15:20.0
that affect communities along the VIP.
15:22.0
Develop their understanding and nurture their respect and love for the sea.
15:27.0
We knew that protection and conservation needed to be woven into the lives of the people, the local government.
15:35.0
Energy Chief Rafael Utilia meanwhile is elated that many energy companies are beefing up environmental projects.
15:42.0
Last week, a similar MOU was signed with Aboites Equity Ventures,
15:46.0
Metro Pacific Investments Corporation, and San Miguel Corporation.
15:50.0
We must make sure that we take all steps together with all the stakeholders
15:56.0
in order to protect the environment.
16:00.0
Utilia says a wind energy project is possible at the Verde Island Passage pending more studies.
16:06.0
Jackie Pascual, ABS-CBN News.
16:10.0
The Energy Regulatory Commission is considering the possible suspension of power disconnections this month.
16:16.0
ERC Chairperson Monalisa Di Malanta says,
16:19.0
this is to prevent households from having no electricity this dry season.
16:24.0
She revealed they have asked power providers to defer the payment of bills.
16:29.0
But if they do not comply, the Commission may prohibit any disconnection due to late payments.
16:35.0
Electricity rates in many parts of the country continue to go up this month
16:40.0
as high demand push prices at the spot market higher.
16:46.0
Kung hirap ka in terms of cash flow,
16:48.0
gusto mo sana deferred, di ba, installment yung payment.
16:51.0
Pero kung hindi kasi binigay sa iyo yung deferral,
16:54.0
huwag ka naman sanang putulan, di ba, agad-agad.
16:57.0
Ang bilis kasi ng mga D.U.s na mag-enforce ng disconnection.
17:04.0
Seven Filipinos make it to this year's Forbes Asia 30 Under 30 list.
17:09.0
Among them, TikTok content creators R.C. Larga and Abby Marquez,
17:13.0
as well as Filipino rap sensation EZ Mill.
17:16.0
In finance and venture capital,
17:18.0
Micaela Reyes was recognized for her brainchild Parallax.
17:23.0
The cross-border payment startup simplifies money transactions from abroad.
17:28.0
And under the media, marketing, and advertising category
17:32.0
is Amanda Kua, founder of BackScoop.
17:35.0
That's a newsletter focused on the Southeast Asia startup scene.
17:41.0
And before we go, here's what we can expect on Market Edge tomorrow at 9 a.m.
17:45.0
Stanley Palisada will talk to Nova Health CEO Bjorn Pardo
17:49.0
about potential phishing scams in the digital healthcare sector.
17:54.0
IWG Senior Vice President Lars Wittig will also be on the show
17:59.0
to talk about the rise of flexible working arrangements.
18:02.0
And for insights on financial markets,
18:04.0
the show will have Reyes Takandong and company's Jonathan Ravelas.
18:10.0
That's your Business Outlook. I'm Ron Cruz.
18:12.0
The world tonight comes your way at the top of the next hour.
18:14.0
Keep it here on ANC.
