Pandemic

- A + A BENGALURU (Sept 30): Emerging Asian currencies inched higher on Friday (Sept 30) as the US dollar remained subdued, with the Chinese yuan firming after a report that the country's major state banks were told to stock up the yuan to stem its descent against the greenback. Reuters reported that the People's Bank of China (PBOC) had instructed state banks to ask their offshore branches to review their holdings of the offshore yuan and ensure US dollar reserves were ready to be deployed, the scale of which could be rather big. The yuan reversed early losses to climb 0.5%. The Indonesian rupiah climbed 0.2%, while the South Korean won and Taiwan dollar also edged higher. The dollar index, meanwhile, continued to hover near one-week lows. "Stabilisation measures can help to restore market confidence and act as speed bumps to slow the pace of local currency's depreciation," said Christopher Wong, currency strategist at OCBC. "However, these efforts may only … [Read more...] about Asian currencies climbs on subdued US dollar, stocks slump on growth woes

- A + A LONDON (Sept 30): The UK government has been spared the prospect of a summer recession after a surprise increase in second-quarter gross domestic product (GDP). The 0.2% growth in the three months to June was a sharp improvement on the previous estimate of a fall of 0.1% but was caused by revisions to earlier data, the Office for National Statistics (ONS) said on Friday. Output was still below pre-pandemic levels, making the UK the only Group of Seven not to have fully recovered. The current account deficit also improved, to £33.8 billion (RM174.9 billion) from a downwardly revised £43.9 billion, in the first three months of the year, beating forecasts. The expansion in the second quarter means the economy is not in a technical recession, as many thought. The slump is now likely to start in the third quarter when output probably contracted because of the extra bank holiday for Queen Elizabeth's funeral. Economists believe further declines are likely in … [Read more...] about UK economy averts immediate recession with 0.2% expansion

- A + A (Sept 30): Micron Technology Inc and Kioxia Holdings Corp, two of the world’s top memory chipmakers, are slashing production to cope with a steep plunge in demand. Micron, the largest US maker of memory chips, reported downbeat earnings on Thursday and forecast quarterly sales that were nearly US$2 billion below Wall Street estimates. Japan’s Kioxia, which supplies much of the world’s NAND storage for smartphones and servers, followed that on Friday by announcing that it’s reducing new production and will have its overall output 30% lower by December. Global chipmakers had been riding high during the pandemic, when the work-from-home trend fuelled demand for computers and other consumer technology. But inflation and recession fears — plus a return to the office — have put a damper on purchases. That’s left memory customers sitting on stockpiles of unused chips. “Hard times are ahead for the industry, except for a few,” said Kazunori Ito, an analyst with … [Read more...] about ‘Hard times’ as big memory makers cut output on supply glut

Leading life insurer Pru Life UK continues to lead the discussions on the impact of climate change on Filipinos health and financial security, as it brings together experts from health, insurance and the environment during its 2022 Healthscape media briefing. Led by the company’s President and Chief Executive Officer Eng Teng Wong and Prudential Chief Health Officer Andrew Wong along with planetary health expert Dr. Renzo Guinto and Michael Leitschkis, principal for Life Tech Solutions at consulting firm Milliman, the discussion focused on the impact of climate change on the health of Filipinos and how financial resilience through inclusive and climate-smart insurance products and services can help mitigate its effects. “Our goal as the leading life insurance company is to raise awareness on the importance of insurance protection against climate health risks so more Filipinos are educated on the effects of climate change on their health and finances. We are also working … [Read more...] about Pru Life UK gathers experts to help Filipinos mitigate climate change risks

Our son is on the computer 24/7, with YouTube, Netflix, Fortnite,” says R, the founder of a family business. “But he is the marketing head, he cannot do this at work. He gets mad when we confront him. We quarrel all the time. What do we do?” “Your son has digital addiction, so reasoning is futile,” I tell R. “You don’t argue with drug addicts—instead, they go to rehab. Go to addiction specialists.” “My wife and I were busy with the business, so we gave our son an iPad when he was born,” says R. “His yaya was supposed to use it for educational videos, but she watched her own movies. In grade school, we got him a smartphone and gaming devices. He said everyone in school had them.” This conversation came back to me when I read Dr. Victoria “Toyang” Ang-Nolasco’s book “Toddler Talking.” A developmental and behavioral pediatrician, Toyang, who was my student in college, says her mission is to “empower parents of babies and toddlers with effective parenting strategies, so they parent … [Read more...] about Smartphones and cocaine

TAIPEI  – Taiwan’s ASE Technology Holding Co Ltd, one of the world’s largest semiconductor testing and packaging firms, said on Wednesday that it would build a more advanced smart factory, as the industry continues to grapple with a labor shortage. The new factory in Kaohsiung, powered by U.S. chip designer Qualcomm Inc’s Snapdragon system, will be the first in the world to deploy a “5G mmWave new radio-dual connectivity standalone” network to improve speed, stability and equipment efficiency, the company said, marking the latest advance in ASE’s automation push. Apple Inc supplier ASE, which began investing in automated factories in 2015, told Reuters it planned to build 10 smart factories this year, reaching a total of 37 smart factories in Taiwan by the end of the year. “To counter the talent crunch and adapt to diverse customer requirements, ASE is accelerating its adoption of smart manufacturing technologies including automation,” the company said in a statement. The … [Read more...] about Facing talent shortage, Taiwanese chip test firm ASE boosts automation

BILATERAL TALKS President Marcos welcomes Sri Lankan President Ranil Wickremesinghe at Malacañang on Thursday. —PHOTO FROM SRI LANKAN PRESIDENT’S MEDIA DIVISION. MANILA, Philippines — President Marcos on Thursday thanked the Mandaluyong-based Asian Development Bank (ADB) for its help at the height of the COVID-19 pandemic during the annual meeting of the bank’s 66 governors. The meeting was chaired by Sri Lankan President Ranil Wickremesinghe, who also held bilateral talks with Marcos in Malacañang before the bank meeting at the Edsa Shangri-La Hotel in Mandaluyong City. In their bilateral talks, the two leaders agreed to seek “new approaches” to further improve relations, according to a statement posted on the website of Sri Lankan president’s media division (PMD). Wickremesinghe, the PMD said, emphasized that the “long-standing” friendship between Sri Lanka and the Philippines would be promoted by developing Asian regional cooperation. Marcos, on the other hand, said in … [Read more...] about Marcos thanks ADB, meets Sri Lankan leader

Boredom strikes when you are dile at home. Even home buddies experience it sometimes, and it’s such a bummer to have so much time yet so little energy to do things. So what can you do when a case of serious cabin fever strike? At SM Development Corporation (SMDC), there are loads of activities you can do to make days fun and exciting! Let us count the ways… 1. Spend a little downtime at the pool. When looking for a condo, a lot of people consider swimming pools a must-have. Now is the time to fully utilize the many pools that your SMDC property has! Prepare your towel, wear your best swimwear, and go for a dip! Swimming is an ideal workout to exercise your lungs, and it also helps relieve your stiff muscles and sore joints. Everyday is beach day at SMDC’s Shore Residences, the largest in-city residential resort complex. 2. Enjoy a rewarding workout at the gym. Exercising is one of the best ways to attain a good physique, overall well-being and build … [Read more...] about A home buddy’s guide to beating boredom

Megawide’s new plant in Taytay town, Rizal province —PHOTO COURTESY OF MEGAWIDE CONSTRUCTION CORP. Tycoon Edgar Saavedra’s Megawide Construction Corp. has opened its second precast concrete plant in Taytay, Rizal to support its aggressive expansion in infrastructure and meet rising demand in the postpandemic period. Megawide said in a stock exchange filing on Thursday the new plant would expand its annual precast production capacity by about 36 percent. “We believe that the additional production capacity of this plant will boost our operations, especially as business starts to pick up following a more robust economic growth and recovery,” Megawide executive vice president Markus Hennig said in a statement on Thursday. Megawide noted precast orders went beyond its existing capacity before the COVID-19 pandemic appeared in 2020. “With the country’s ongoing recovery, this new precast plant can provide and meet demand for existing and upcoming projects. It will ensure … [Read more...] about Megawide opens second precast concrete plant to reinforce infra pitch

Most Filipino companies are ready to take digitalization up a notch and conduct virtual meetings through the metaverse, according to a study by an American telecommunications networking equipment and services company. In a recent report, Ciena said 89 percent of local enterprises it surveyed had indicated their preference to hold work meetings in the metaverse—virtual spaces where users from across the world can meet, interact and explore—using video conferencing tools. With the mobility restrictions imposed due to the pandemic, companies have increased the use of video conferencing tools like Zoom and MS Teams for communication. Such practices have continued with the advent of hybrid work arrangements. The study noted that 60 percent of the Filipino business professionals agreed that virtual meetings could “provide greater convenience as compared to in-person meetings.” About 44 percent also said virtual meetings were “less expensive,” as these do not require transportation. … [Read more...] about PH firms keen on spending office time in the metaverse, says study