Residents struggle to navigate the floods caused by typhoon Ulyssess in Rodriguez, Rizal. — PHILIPPINE STAR/MICHAEL VARCAS

DAMAGE CAUSED by the recent string of typhoons and massive floods is estimated to shave 0.15 percentage point off the already grim gross domestic product (GDP) outlook for the year, preliminary estimates by the National Economic and Development Authority (NEDA) showed.

NEDA Undersecretary Rosemarie G. Edillon estimated the five typhoons that struck the country this quarter — Pepito, Quinta, Rolly, Siony and Ulysses — may have caused P90 billion in output losses so far, or equivalent to a reduction to the full-year GDP by 0.15 percentage point.

The economic team is currently reviewing its forecast of a 4.5-6.6% drop in GDP this year, after the economy contracted by 10% in the first nine months.

In an online briefing, Ms. Edillon said initial estimates showed the damage caused by Typhoon … Read the rest

Covid-19 has brought many challenges to all kinds of industries and professions. Many were concerned about the effect on young entrepreneurs across the nation – what would happen to the UK’s thriving start-up scene in the likes of Manchester, London, Exeter and Bristol?

As Paul Beach, Head of Executives and Entrepreneurs, Private Banking at Arbuthnot Latham explains a mandated ‘remote’ working style, rapidly changing consumer habits and tightened purse strings created a new and unknown business landscape. These shifts began in Lockdown 1.0 and will only become more entrenched as we move through 2.0. Would young entrepreneurs be squeezed out of the industry? We hoped not.

I’ve seen first-hand that the entrepreneurial spirit is still very much alive and kicking from my work with start-ups from The Business School (formerly Cass Business School) and City, University of London. Every November, we celebrate young entrepreneurs at the Inspiring Innovator awards and … Read the rest

S&P Global Ratings expects the Philippine economy to shrink by 9.5% this year, before growing by 9.6% in 2021. — PHILIPPINE STAR/MIGUEL ANTONIO N. DE GUZMAN

A DEEPER-THAN-EXPECTED recession in the Philippines will increase the downside risks for the banking industry, S&P Global Ratings said.

“This year’s recession is likely to impair the debt-servicing ability of consumers, small businesses, and leveraged companies. The extent of the impact on banks depends on the economic recovery and stabilization of credit conditions in 2021,” S&P analyst Nikita Anand said in a note on Tuesday.

Ms. Anand said Philippine banks are facing a negative economic risk trend, as the economy remained in a recession in the third quarter. Gross domestic product (GDP) shrank by 11.5% in the July to September period, slightly easing from the record 16.9% decline in the second quarter as lockdown restrictions gradually loosened amid the coronavirus disease 2019 (COVID-19) pandemic. Read the rest

CASH REMITTANCES rebounded in September, as overseas Filipino workers sent more money to help families weather the coronavirus crisis. — REUTERS

By Luz Wendy T. Noble, Reporter

CASH REMITTANCES from overseas Filipinos rebounded in September, growing at the fastest pace in more than two years after a decline in August.

Cash remittances coursed through banks jumped by 9.3% to $2.601 billion in September from $2.379 billion a year ago, data released by the Bangko Sentral ng Pilipinas on Monday showed. This was the quickest growth in remittance inflows since 12.7% in April 2018.

Month on month, cash remittances also rose by 4.8% from  $2.483 billion in August, when these dropped by an annual 4.1%.

The BSP reported a 10.2% rise in remittances from land-based overseas Filipino workers (OFWs) to $2.031 billion, and a 6.5% jump in money sent by sea-based workers to $570 million.

“The year-on-year comparison benefited from a Read the rest

* This weekend's Barron's cover offers a low-risk strategy for investors optimistic about an ecomomic recovery. * Other featured articles discuss what a COVID-19 vaccine would mean for the stock market and how it could shake up the pharmaceutical industry. * Also, the prospects for semiconductor stocks, a leading retailer, a financial services giant and more."A Low-Risk Strategy for Those Optimistic About a Recovery" by Daren Fonda suggests that small companies typically outperform over the long term, even more so at the beginning of an economic rebound. With a coronavirus vaccine on the horizon, Barron's believes Acme United Corporation (NYSE: ACU) is among the small cap stocks worth a look.Max A. Cherney's "Intel Can Shine Again" looks at how repeated manufacturing delays have dented the reputation of chip giant Intel Corporation (NASDAQ: INTC). In addition, Apple now has ditched Intel's products. Discover why Barron's thinks the stock is down but … Read the rest

Ireland is warning that no post-Brexit trade deal will be struck if the UK pushes on with a plan to break international law.

Tensions have ratcheted up following comments by senior figures in both governments ahead of another crucial week for negotiations.

Ireland’s foreign minister Simon Coveney told Sky News that should Boris Johnson persist with trying to override parts of the EU divorce deal, then a new treaty on the future relationship will be off the table.

“This is move week,” he said. “We’ve got to make big progress.”

But a senior minister in the UK confirmed that Mr Johnson will stick to his plan and keep the controversial parts of the draft legislation in place.

Peers have removed the offending bits of the Internal Market Bill, which included giving ministers the power to “disapply” parts of the with withdrawal agreement relating to goods moving between Northern Ireland and … Read the rest

By Luz Wendy T. Noble, Reporter

BENCHMARK policy rates will likely be maintained by the Bangko Sentral ng Pilipinas (BSP) on Thursday, with the financial system seeing excess liquidity and an anticipated pickup in state spending, according to analysts.

Some analysts, however, pointed to the sluggish pace of recovery and benign inflation as signs there is still room for the central bank to further cut rates.

In a BusinessWorld poll held last week, 11 out of 16 analysts said the Monetary Board (MB) will likely continue the “prudent pause” at its sixth policy meeting on Nov. 19.

The central bank may consider the difficulty of unwinding “excessive” monetary easing once recovery starts, said Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr.

BSP Governor Benjamin E. Diokno has vowed to carefully assess the timing of the rolling back of aggressive policy measures taken during the Read the rest

(Bloomberg) — Natural gas producer Gulfport Energy Corp. filed for bankruptcy, joining a slew of U.S. energy companies that are collapsing after the global pandemic deepened their struggle with low prices and too much debt.The Oklahoma City-based driller filed a Chapter 11 petition on Nov. 13 in U.S. Bankruptcy Court in Houston, declaring an estimated $2.5 billion in liabilities as of Sept. 30.Gulfport, which produces gas from fields in Ohio and Oklahoma, was grappling to stay afloat even before Covid-19, after a series of acquisitions over the past decade left it too indebted to weather the energy rout. Following pressure from activist investor Firefly Value Partners to change its board, the company on Aug. 7 warned it might not be able to stay in business if it failed to refinance its debt.Many investors have shunned producers operating outside of the Permian Basin of West Texas and New Mexico, the most … Read the rest

Tesco has apologised to its online customers unable to get on its website as the supermarket seeks to cope with high demand for Christmas bookings.

The UK’s largest retailer has had to install a queuing system online to help it to manage the demand.

Some customers complained to Tesco that they had been waiting hours to get onto the supermarket’s website.

“We’re sorry if things take a bit longer than usual,” Tesco said on its Twitter account.

“A lot of customers are using our website and app at the moment.”

Tesco said it was “using a virtual waiting room to help us manage the flow”.

Supermarkets have been overwhelmed with demand as people start to plan for Christmas, and rival Ocado has already sold out of slots after “huge” demand.

One Tesco customer said on Twitter: “We use delivery saver because we have 3 young children and both parents work … Read the rest

By Revin Mikhael D. Ochave, Reporter

JG SUMMIT Holdings, Inc. returned to profitability as it posted a third-quarter net income of P844.1 million for its equity holders, reversing the previous quarter’s losses but still way below last year’s earnings.

The Gokongwei-led firm said better contributions from its petrochemicals and real estate units allowed it to record improved quarterly results.

JG Summit President and Chief Executive Officer Lance Y. Gokongwei said he is “cautiously optimistic” despite projecting that weaker consumer sentiment will continue to be a factor for the company’s products and services in the near term.

His optimism comes after the holding firm managed to move from its first-half losses of P720.25 million when the second-quarter net loss reached P2.62 billion. But the improved third-quarter bottomline is still far from the P3.68-billion income in the same period last year.

Mr. Gokongwei said he was “encouraged” by the company’s results … Read the rest