Monthly Archives: December 2013
Crude oil closes above $100 a barrel; Gold flat
NEW YORK – The price of crude oil edged above $100 a barrel Friday and gold futures inched higher. Agricultural futures also rose.
Benchmark U.S. crude oil rose 77 cents, or 0.8 percent, to settle at $100.32 a barrel in New York.
Oil has gained 8 percent this month as optimism builds about the U.S. economic recovery and the prospect of greater demand for energy. Violence in South Sudan has also stoked concerns about the African nation’s oil production.
Oil last closed above $100 a barrel on Oct. 18.
In other energy trading, wholesale gasoline was down 0.4 cent to $2.82 a gallon, heating oil was rose 3 cents to $3.12 per gallon and natural gas lost 3 cents to $4.41 per 1,000 cubic feet.
Gold for February delivery edged up $1.70, or 0.1 percent, to $1,214 an ounce. Silver rose 13.3 cents, or 0.7 percent, to $20.049 an ounce.
In other metals trading, March copper fell 1.35 cents, or 0.4 percent, to $3.385 a pound. March palladium rose $11.20, or 1.6 percent, to $711.95 an ounce and April platinum rose $15.10, or 1.1 percent, to $1,378.90 an ounce.
Crop prices rose. Corn for March delivery added 1.25 cents, or 0.3 percent, to $4.275 a bushel, March soybeans rose 8.5 cents, or 0.7 percent, to $13.1375 a bushel. March wheat rose 3 cents, or 0.5 percent, to $6.09 a bushel.
source: http://business.inquirer.net/158103/crude-oil-closes-above-100-a-barrel-gold-flat
POEA Warns Against Fake Emails Offering Nursing Jobs in Canada
The Philippine Overseas Employment Admisnistration (POEA) warned aspiring Filipino nurses who want to work overseas about a fake job opening in Canada for nurses.
POEA Administrator Hans Leo Cacdac made the announcement via his Twitter account where the email, with the subject St. Boniface Hospital encourages Philippine nursing graduates who are board passers and licensed, as well as caregivers to attend an employer’s interview before the year ends and get employed in St. Boniface Hospital, the second largest hospital in Winnipeg, Canada.
Apple, China Mobile strike deal to bring iPhone to China in January
Apple and China Mobile announced their long-awaited deal Sunday night, with the Chinese mobile carrier launching the iPhone across the country next month.
China Mobile bills itself as the world’s largest mobile company, with 760 million subscribers. Access to its network has been seen as a crucial next step for Apple.
“Apple has enormous respect for China Mobile and we are excited to begin working together. China is an extremely important market for Apple and our partnership with China Mobile presents us the opportunity to bring iPhone to the customers of the world’s largest network,” Tim Cook, Apple CEO said according to a press release.
“iPhone customers in China are an enthusiastic and rapidly growing group, and we can’t think of a better way to welcome in the Chinese New Year than getting an iPhone into the hands of every China Mobile customer who wants one,” Cook added.
“Apple’s iPhone is very much loved by millions of customers around the world. We know there are many China Mobile customers and potential new customers who are anxiously awaiting the incredible combination of iPhone on China Mobile’s leading network,” Xi Guohua, China Mobile Chairman said according to the same press release.
Both the carrier and Apple will sell the phone in their stores starting Jan. 17. Potential buyers can pre-register as of Dec. 25.
The companies did not offer pricing details.
source: http://www.nbcnews.com/business/apple-china-mobile-strike-deal-bring-iphone-china-january-2D11792101
Window dressing boosts local share prices
MANILA, Philippines – The local bourse rebounded from a two-day decline as window dressing kicked in days before the trading year ends.
The Philippine Stock Exchange index gained 0.34 percent or 19.75 points to 5,854.88 while the broader all shares index inched up 0.09 percent or 3.07 points to 3,592.96.
Financial markets are closed on Dec. 24 and 25 but fund managers bought stocks as part of the year-end window dressing to make share prices look attractive come reporting time.
Investor sentiment was also carried by advances in regional and global markets.
On Friday, Wall Street climbed anew, showing the market’s resilience despite the US Federal Reserve’s tapering.
The Dow Jones Industrial average closed 0.26 percent or 42.06 points higher at 16,221.14, while the broader Standard & Poor’s 500 index added 0.48 percent or 8.72 points to 1,818.32, both fresh record highs.
In Asia, Japan’s Nikkei 225 barely rose 0.07 percent or 11.20 points to 15,870.42 while Hong Kong’s Hang Seng index also picked up.
Locally, most counters were in the green, paced by financial firms that jumped 1.48 percent or 20.89 points to 1,430.86. But holding firms fell 0.33 percent or 18 points to 5,420.83.
As expected, investor turnout eased ahead of the holidays. Turnover value dipped to P5.26 billion from P7.59 billion on Friday.
Losers outpaced gainers, 86 to 69, while 34 stocks did not change.
Most active issues were mixed. The advancers were led by Union Bank of the Philippines (+0.32 percent) and Metrobank (+1.21 percent).
source: http://www.philstar.com/business/2013/12/24/1271448/window-dressing-boosts-local-share-prices
PH seen improving competitiveness ranking
MANILA, Philippines – The Philippines may surpass its target to reach the top third quartile in competitiveness rankings amid government’s efforts to improve the business environment and as local companies go global, a trade official said.
“The top third target based on recent developments, is something that is not a stretch target. This target has become quite achievable and that we may even surpass this target quite significantly,” Trade Secretary Gregory Domingo told reporters.
This, as the government continues to work on making improvements in the business environment.
Domingo noted that among the initiatives of the government is the electronic payments system for business registration which would be launched sometime in January.
“E-payments will be a very big leap in terms of the capability for automation because you don’t have to go to the DTI (Department of Trade and Industry) office to register. Using your bank card you can get a name, business, registered at home,” he said.
He also said the move of some local companies to go global is helping improve the country’s competitiveness.
For instance, Del Monte Pacific Ltd., majority owned by the NutriAsia Group in the Philippines, bought the consumer business of US-based Del Monte Foods for nearly $1.7 billion in October this year, while Petron Corp. has entered the oil business in Malaysia by establishing Petron Malaysia.
Domingo said such developments are good for the country.
“We shouldn’t see that as capital going out of the country. We should see that as the increasing confidence and capability of Philippine companies to compete globally and whatever they learn from that, they will bring back here in terms of best practice so that will further enhance the capability and capacity of companies to do better and be better,” he said.
He also said the country is in the position to take-off since it is already ahead of many of its peers based on some business procedures and the legal system in place here.
The Philippines was among the 10 economies which made the biggest improvement in business regulation in the past year based on the World Bank (WB) and International Finance Corp.’s (IFC) Doing Business 2014 report covering 189 countries, released in October.
The WB and IFC’s Doing Business 2014 report showed that the Philippines jumped ranking by 30 notches to 108th from 138th last year as the government implemented regulatory reforms in three areas: dealing with construction permits, getting credit and paying taxes.
National Competitiveness Council private sector co-chair Guillermo Luz said earlier that for next year, the aim is to move up by another 30 notches to reach the double-digit neighborhood.
“For us to get to the top third by 2016, we need to improve at least by an average of 30 notches every year… so we should expect a minimum jump of 30 from the agencies,” he said.
In the World Economic Forum’s Global Competitiveness Report which covered 148 countries released in September, the Philippines’ ranking improved six places to the 59th spot from last year’s 65th spot.
Luz has said that as other countries aim for improved competitiveness rankings, the Philippines has to work even harder.
source: http://www.abs-cbnnews.com/business/12/24/13/ph-seen-improving-competitiveness-ranking
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