01:05.2
Retail sales numbers also on tap.
01:09.8
Now here are some stocks to watch out for.
01:12.6
We are monitoring shares of Burberry which reported a 34% drop in its annual operating profit.
01:20.5
It also warned of a challenging outlook in the first half of the year.
01:24.3
Shares of the British Fashion House loved.
01:26.7
It also warned of a challenging outlook in the first half of the year.
01:27.8
It also warned of a challenging outlook in the first half of the year.
01:28.7
Also in focus, shares of German travel giant TUI after its quarterly revenue jumped 16%.
01:35.9
The tour operator shares last traded higher by 2%.
01:39.7
We're also keeping a close watch on shares of Sony after the company pledged to boost shareholder returns and forecast a higher annual profit.
01:49.4
New York listed shares of the Japanese conglomerate are up 2% before the bell.
01:56.7
Almost a third day of mixed trading ahead of the U.S. inflation report.
02:00.8
Volumes were also thin with markets in Hong Kong and South Korea shut for holidays.
02:06.0
Japan's Nikkei 225 closed flat while the Shanghai composite fell 0.8%.
02:11.2
That's even after China's central bank kept its one-year medium-term lending facility rate unchanged at 2.5% as expected.
02:21.2
Here at home, the local bores failed to extend its two-day rally.
02:24.4
The main index slumped.
02:26.7
It was 0.8% ahead of the Philippine central bank's monetary decision.
02:30.7
That's on Thursday.
02:34.3
We are in a holding pattern.
02:36.1
6-4 would be the base that we're trying to kind of create a better support.
02:42.1
But over the long-term perspective, we are definitely beyond the pandemic lows and we think that we are improving.
02:49.8
Fundamentally, we are.
02:50.9
The earnings are showing it.
02:52.1
Now, a matter of being appreciated by investors in the stock market.
02:56.7
It's a different thing and that's what we're waiting for.
03:00.3
Some notable stock movements in the region.
03:02.8
Rakuten shares stumbled as much as 4% in Wednesday trade.
03:07.3
That's after the Japanese SEC firm reported its 15th straight quarter of losses.
03:13.8
Meanwhile, the Mizuho Financial Group saw its shares rise 0.5%
03:17.9
as the bank reported a better-than-expected profit in its financial fourth quarter at 30.8 billion yen.
03:26.7
Global oil prices rose in Asian trade on expectations of higher demand
03:31.0
following a report that showed U.S. crude and gasoline inventories fell.
03:36.8
Official U.S. data due out later Wednesday is expected to show a drop in stockpiles
03:42.2
as refineries increase their runs to meet fuel demand during the peak summer driving season.
03:48.4
Despite that, the International Energy Agency or IEA sees global growth demand falling,
03:54.9
citing weak demand in development.
03:56.7
The IEA lowered its 2024 growth outlook by 140,000 barrels per day to 1.1 million.
04:06.2
That's in contrast with the OPEC, which stuck to its expectations
04:10.5
that demand will rise by 2.5 million barrels per day in 2024.
04:17.8
Now, back here at home, Moody's Analytics warns the Philippine Central Bank may keep rates higher for longer.
04:24.0
The firm had earlier said the Banco Central,
04:26.7
could begin cutting rates in August.
04:29.1
However, the weakening of the peso and inflation risks
04:32.6
could lead to interest rates staying elevated until next year.
04:37.7
As for Thursday's policy decision,
04:39.8
it expects the central bank to keep its key rate at a near 17-year high of 6.5%,
04:46.1
in line with market expectations.
04:50.2
What really depends going forward on this future path,
04:54.2
what happens with inflation,
04:55.7
I think that's going to be a key.
04:56.7
And also what happens overseas in terms of U.S. monetary policy rate expectations
05:03.5
and then feeding that back what that means for the peso.
05:07.0
If we see that the peso is kind of experiencing renewed weakness,
05:11.8
then that's going to be enough for the central bank in the Philippines
05:15.6
to actually trigger holding rates higher for longer
05:19.8
rather than actually providing that additional kind of support by cutting rates.
05:26.7
Money sent home by overseas Filipinos rise in the first quarter of the year.
05:32.6
Data from the central bank showed personal and cash remittances
05:35.7
grew at a similar pace of nearly 3%.
05:38.6
The U.S. remains the highest source of overall remittances in the first quarter,
05:43.3
followed by Singapore and Saudi Arabia.
05:47.8
The Philippine Transport Department says
05:50.0
more Philippine airports could be privatized within the year.
05:53.3
The announcement comes as government prepares to turn over
05:56.2
the moneylending system to the Philippines.
05:56.7
to its new San Miguel-led operator in September.
06:01.1
Jackie Pascual reports.
06:06.0
The Department of Transportation and the San Miguel-led new NIA InfraCorp
06:10.7
have formed a joint steering committee as part of the transition
06:14.4
before the turnover of Ninoy Aquino International Airport in September.
06:19.1
Undersecretary for Aviation Roberto Lim says
06:22.1
contracts of concessionaires at the terminal are among the things being discussed.
06:26.7
As well as plans on what they will initially do to improve NIA.
06:31.1
The enlargement of some space within Terminal 3
06:34.9
so that we can create more space for the passengers
06:39.1
and convenience for the passengers.
06:42.1
There is some open spaces that can be redone
06:47.9
in terms of layout change so that there are more functionalities.
06:53.8
Lim also confirms the possible demolition
06:56.2
Lim also confirms the possible demolition of the facility.
06:56.7
The NIA will be replaced by a new terminal.
07:00.6
Many in the aviation sector are excited for the NIA upgrade.
07:05.2
There are a couple of game changers with regards to aviation sector.
07:09.8
These developments will dramatically alter the landscape for aviation.
07:16.0
We remain supportive of all of the government's initiatives in the sector
07:19.3
including the move to privatize NIA
07:22.0
and we look forward to working with the consortium
07:25.1
led by San Miguel Corporation
07:26.2
Some European businesses are also confident
07:30.3
of the growth of the aviation sector in the Philippines
07:32.8
which has a direct link to other sectors
07:35.3
such as tourism, trade and more.
07:38.4
They will hold an aviation summit in October.
07:41.8
Philippines being a strategic location
07:43.5
with potential to become a major aviation hub
07:46.3
with unique opportunity to embrace
07:50.2
a sustainable aviation pool or sub.
07:54.2
And because of the success of the NIA partnership,
07:56.2
the DOTR is looking to privatize the operations
08:00.3
of all provincial airports.
08:02.8
Lim says the operations of the airports
08:05.1
in Lagindingan, Cagayan de Oro and Panglao, Bohol
08:08.1
may be privatized by the end of the year.
08:11.7
Aboyte's Infra Capital is the original proponent status
08:14.8
of both airports.
08:16.5
Villar's Prime Assets Venture Inc.
08:18.8
is the OPS of the Iloilo Airport and Puerto Princesa.
08:23.1
Lim says other airports may be bundled for PPP,
08:26.1
similar to the proposal many years ago.
08:29.8
We will adopt the so-called sweet and sour approach
08:32.7
where we combine the juicy, meaty, profitable airports
08:37.3
with developmental ones.
08:39.0
Other airports that remain candidates
08:42.2
would be of course General Santos,
08:52.1
These are the bigger airports,
08:55.4
These are the bigger airports,
08:56.0
These are the bigger airports,
08:56.0
These are the bigger airports,
08:56.0
These are the bigger airports,
08:56.1
These are the bigger airports by themselves.
08:58.9
And they can be the central airport
09:07.6
They have engaged the International Finance Corporation
09:10.2
for an economic study on what airports to bundle.
09:13.4
They aim to eventually make the Civil Aviation Authority
09:15.8
of the Philippines a purely regulatory body.
09:19.1
Jackie Pascual, ABS-CBN News.
09:22.6
Citicor Renewable Energy Corporation
09:25.1
pushing back its investment in the Philippines.
09:25.9
Its initial public offering,
09:27.7
the Edgar Salvedra's firm's tentative listing date
09:32.9
is now on June 7,
09:34.4
a week after its initial plan.
09:36.8
C-RAC is seeking to raise as much as 8 billion pesos
09:42.1
Offer price is at 3 pesos and 88 centavos apiece
09:45.8
with offer period set from May 27th to the 31st.
09:51.9
ABS-CBN Corporation continues to see improvements
09:55.9
production, and distribution.
09:57.6
Revenues for the segment climbed 10%
09:59.6
in the first quarter to 2.6 billion pesos.
10:03.4
The parent firm of this news channel says
10:05.7
it continued to explore more partnerships
10:08.3
in the three-month period
10:09.9
to maximize exposure and monetize its content.
10:14.0
It also beefed up content sales and licensing
10:16.6
to local and international clients.
10:19.7
The company's net loss continued to narrow
10:21.5
to 994 million pesos
10:23.4
on higher content production
10:25.3
and distribution.
10:25.9
Revenues stood at 4 billion pesos.
10:32.6
Meanwhile, here are other first quarter earnings reports.
11:25.9
We're taking a quick break.
11:33.6
Up next, a delegation led by the head of the U.S. Trade and Development Agency
11:37.4
set to come to Manila next week.
11:39.7
The details on that when Business Outlook returns.
11:52.9
A high-ranking U.S. trade official arriving in the Philippines next week.
11:57.3
A delegation led by U.S. Trade and Development Agency Director Eno Ebong
12:01.0
will be in Manila for the 6th Indo-Pacific Business Forum.
12:05.0
Over 500 public and private sector leaders from the U.S. and Indo-Pacific region
12:09.7
will explore partnerships and discuss the latest trends and opportunities
12:13.8
to support infrastructure in emerging economies.
12:17.9
Filipino business leaders such as Aboytis Power President and CEO Emmanuel Rubio
12:22.5
will be in Manila next week.
12:22.8
Jollibee CFO Richard Chong Wu Shin
12:25.4
and Integrated Microelectronics Arthur Tan will be speaking at the forum.
12:31.4
President Ferdinand Marcos Jr. and Trade Chief Alfredo Pascual
12:35.1
are also expected to grace the event.
12:37.7
Ebong's visit to Manila comes after the trips of U.S. Trade Assistant Secretary
12:42.2
Ramin Toloi in April and Trade Chief Gina Raimondo in March.
12:48.5
The Philippines and Qatar are aiming to finalize within the year
12:52.5
the ratification process of their Investment Promotion and Protection Agreement, or IPPA.
12:58.4
That's according to the Philippine Trade Department.
13:01.1
DTI Secretary Alfredo Pascual says,
13:03.9
the bilateral agreement will deepen economic ties between the Philippines and Qatar,
13:08.6
translating into productive investment figures for both nations.
13:12.6
Manila completed its domestic ratification procedures in April.
13:17.7
The Philippine Trade Department positions the country as a halal-friendly country,
13:22.5
a destination in an annual halal expo in Toronto.
13:26.7
Jocelyn Reyes Zambilay takes us there.
13:30.9
For the first time, Philippine officials along with the Philippine Consulate General
13:35.4
participated in the annual Halal Expo Canada recently held in Toronto.
13:41.3
The Trade Department's Halal Industry Development Program Manager says,
13:45.7
this is a boost to their efforts of promoting the local halal industry
13:49.7
and positioning the Philippines as a halal industry.
13:52.5
A halal-friendly hub.
13:53.8
This is a by-product and recipe of all the things that we have done.
13:57.7
And as you know, we gave the keynote address here,
14:02.4
highlighting the role of the Philippines in terms of our campaign for halal-friendly Philippines
14:06.8
to generate 28 billion business investments and also the 120,000 jobs for the next five years.
14:14.0
So we really wanted to have a whole new system of clothes
14:17.1
to engage both our partners abroad and other government agencies in the Philippines.
14:22.5
The Halal Expo Canada is North America's premier business-to-business event
14:26.8
dedicated to the halal lifestyle industry.
14:29.5
This is a two-day gathering where Canadian businesses and vendors
14:33.1
showcase their products, connect, network,
14:36.9
and stay updated on the trends and innovations in the halal industry.
14:41.0
The Philippines also had a pavilion at the expo
14:43.6
where it showcased locally made halal products
14:46.3
such as the Sagana Coconut Spread and Halal Certified Coffee.
14:51.9
the Filipino people,
14:52.5
the Muslim Association of Canada
14:54.1
also showcased the rich culture through a mini-exhibit.
15:02.8
An official of the Bangsamoro Autonomous Region in Muslim Mindanao
15:07.0
emphasized the significant improvement in peace and order
15:10.8
in the historically restive area.
15:13.6
Lanang Ali Jr. also assured potential investors and tourists
15:17.0
that the security and the peace and order situation in Mindanao
15:20.4
has already improved.
15:22.5
The environment of businesses, investment, as well as tourism.
15:29.2
Now, we are open to investors
15:32.6
who visit Bangsamoro and open businesses.
15:38.9
Nasir Dib, the show director of Halal Expo Canada,
15:42.6
highlights the success of the expo since its launch in 2019.
15:47.0
To further promote the halal industry,
15:49.1
they will launch the first-ever Halal Expo Philippines
15:52.5
in November in collaboration with the Department of Trade and Industry.
15:57.9
We want to bring everybody to the Philippines
16:00.0
to help the government of the Philippines
16:02.9
to develop the halal sector
16:04.2
so we can provide more halal options
16:07.1
to the growing Filipino community.
16:09.7
We want to spread the awareness of having halal.
16:13.4
It's not only just for the food.
16:16.5
It's a healthy living.
16:20.2
It's a lifestyle.
16:21.1
Meanwhile, Alim Gopal is hopeful that they can bring
16:24.7
all the companies that participated in the event
16:27.9
to the Philippines' Halal Expo,
16:30.6
especially those owned by PhilCanadians.
16:33.6
To all the Canadian-based Filipino companies operating here,
16:37.5
we welcome you to participate in the biggest,
16:39.4
the first Philippine Halal Expo
16:41.3
that is coming in November 14, 2016.
16:43.2
We can coordinate with our trade partners here
16:46.1
in the Philippines and Canada.
16:49.1
Or you can also participate in our event.
16:51.1
It's a DTI Halal Industry Development Office.
16:54.2
Jocelyn Ray, Sambilay, EBS-CBN News, Toronto.
17:00.4
Google Parent Alphabet is beefing up
17:02.6
its artificial intelligence fleet
17:04.4
as the AI race heats up.
17:06.7
In an apparent answer to rival OpenAI's ChatGPT update,
17:10.9
Google unveiled a prototype called Project Astra.
17:14.4
Like ChatGPT 4.0,
17:17.0
Project Astra can talk to users
17:19.0
about anything captured on their camera
17:23.2
Its AI chatbot, Gemini,
17:24.8
is also being rolled out to more Google services,
17:28.5
which can summarize long email chains.
17:31.3
It also unveiled Google Veo,
17:33.6
a generative AI service
17:35.2
which can create realistic videos
17:37.5
based on a prompt.
17:41.2
It can capture the details of your instructions
17:43.6
in different visual and cinematic styles.
17:46.4
You can prompt for things like
17:47.6
aerial shots of a landscape or a time-lapse,
17:50.2
and further edit your video,
17:51.0
using additional prompts.
17:53.4
You can use Veo in our new experimental tool
17:57.8
We're exploring features like storyboarding
18:00.2
and generating longer scenes.
18:02.9
Veo gives you unprecedented creative control.
18:08.2
The U.S. and China hold their first dialogue
18:10.8
on artificial intelligence in Switzerland.
18:13.8
Chinese state media said
18:15.0
the two nations exchanged views
18:16.8
on the technological risks of AI,
18:19.3
as well as measures
18:21.0
to promote its economic and social development
18:23.2
during the closed-door talks.
18:25.8
China said it is willing to strengthen cooperation
18:28.4
with the international community
18:30.4
to form a global AI governance framework.
18:34.7
Beijing also conveyed its opposition
18:36.5
to U.S. restrictions and suppression
18:38.8
of China's AI advancement.
18:41.4
The Biden administration has imposed sanctions on China,
18:45.1
aimed at slowing its AI development
18:47.4
by restricting its access to advanced chips.
18:51.0
Despite its earlier opposition,
18:54.7
YouTube will comply with a court order
18:56.8
to block access inside Hong Kong
18:59.2
32 videos with a protest anthem against China.
19:03.4
The move follows a government application
19:05.2
granted by the Hong Kong Court of Appeals
19:07.5
requesting the ban on the song,
19:11.0
which was written in 2019
19:12.6
during widespread pro-democracy protests that year.
19:17.0
The judges had warned
19:18.1
dissidents seeking to incite secession
19:20.4
could be banned from doing so.
19:21.0
It could weaponize a song for use against the state.
19:24.4
In its comments criticizing the order,
19:26.6
Alphabet's YouTube had said
19:28.2
the ruling would raise skepticism
19:30.3
around the Hong Kong government's work
19:32.5
to foster the digital economy
19:34.7
and reclaim its reputation
19:36.3
as a predictable place for doing business.
19:40.8
China now allowing visa-free entry
19:43.7
to foreign tourists.
19:46.5
They must belong to tour groups aboard cruises.
19:51.0
consisting of two foreign visitors or more,
19:52.9
must also be organized or received
19:55.2
by Chinese travel agencies.
19:58.0
They can enter China through cruise ports
20:01.5
including Shanghai and Guangzhou.
20:04.2
They can stay in the country for up to 15 days,
20:06.7
but the entire group must head to the next port
20:09.1
aboard the same cruise ship
20:10.9
until it leaves China.
20:14.0
Huawei is on an aggressive push
20:16.1
to reclaim its throne in China,
20:17.6
the world's biggest smartphone market.
20:20.1
The Chinese sector,
20:21.0
giant reopened its flagship store in Shanghai,
20:23.8
located directly across Apple's store.
20:27.9
which spans three floors,
20:29.6
houses a fancy service center,
20:34.7
Huawei has four such stores
20:36.6
in major Chinese cities.
20:38.9
Now this is the latest effort
20:40.2
in the company's aggressive marketing blitz
20:42.2
as it seeks to rebound
20:43.8
from crippling U.S. sanctions in 2019.
20:47.1
The retail overhaul
20:48.5
also poses a major challenge to Apple,
20:51.0
which has suffered a plunge
20:53.3
in the world's second-largest economy.
20:56.0
Apple holds a 17% market share in China
21:02.1
And before we go,
21:03.4
here's what we can expect
21:04.4
on Market Edge tomorrow at 9 a.m.
21:06.6
Stanley Palisada will talk to the Globe Group's
21:10.0
on the company's push for zero lease
21:12.0
on telco infrastructure development.
21:15.0
And for insights on Thursday's trade,
21:17.3
the show will have
21:18.1
Rastin Mercado of China Bank Securities.
21:21.0
That's your Business Outlook.
21:25.1
The world tonight comes your way
21:26.1
at the top of the hour.
21:27.7
Keep it here on ANC.
