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World food prices decline for 10th month running in January, says FAO

February 3, 2023 by business.inquirer.net

Combines harvest wheat in a field in the Rostov Region, Russia July 7, 2022. REUTERS/Sergey Pivovarov//File photo ROME  – World food prices fell in January for a 10th consecutive month, and are now down some 18 percent from a record high hit last March following Russia’s invasion of Ukraine, the United Nations food agency said on Friday. The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally traded food commodities, averaged 131.2 points last month against 132.2 for December. It was the lowest reading since September 2021. The December figure was revised down from an original estimate of 132.4. Falls in the prices of vegetable oils, dairy and sugar helped pull down the index, while cereals and meat remained largely stable, the FAO said. In separate cereal supply and demand estimates on Friday, the FAO raised its forecast for global cereal production in 2022 to 2.765 billion tons from a previous estimate of 2.756 billion tons. The FAO … [Read more...] about World food prices decline for 10th month running in January, says FAO

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China’s latest IPO reform seen unlikely to flood markets with new issuance

February 3, 2023 by business.inquirer.net

SHANGHAI – China’s move this week to streamline stock market listing rules is unlikely to result in a flood of initial public offerings, bankers say, citing the prospect of state intervention on national security and other grounds that would result in delays. Beijing published draft rules on Wednesday to broaden its fledgling registration-based IPO system, expand the U.S.-style mechanism to all corners of China’s stock market in a shift designed to speed up listings and corporate fundraising. Under the new system, China’s stock exchanges will themselves vet IPOs with a focus on information disclosure. Currently, IPOs on China’s blue-chip boards need clearance from the China Securities Regulatory Commission (CSRC) under an approval-based system – one that means long delays and IPO prices capped by the regulators. The reform was hailed by state media and analysts as a key milestone that would make China’s IPO market more inclusive, transparent and efficient. But in reality, … [Read more...] about China’s latest IPO reform seen unlikely to flood markets with new issuance

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Oil weakens as market awaits signs of China demand recovery

February 3, 2023 by business.inquirer.net

SINGAPORE  – Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies. Brent crude futures fell 34 cents, or 0.4 percent, to $81.83 a barrel by 0740 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.5 percent, to $75.51. Both contracts have dropped by more than 5 percent so far this week, with mixed signals on fuel demand recovery in China, the world’s top oil importer, keeping a lid on prices. ANZ analysts pointed to a sharp jump in traffic in China’s 15 largest cities following the Lunar New Year holiday, but also noted that Chinese traders had been “relatively absent”. The prospect of an economic rebound in China after COVID-19 curbs eased has buoyed the oil market so far this year, along with a weaker dollar that makes the commodity cheaper for those holding other currencies. The … [Read more...] about Oil weakens as market awaits signs of China demand recovery

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IMF giving Pakistan tough time in ‘unimaginable’ economic crisis, says PM

February 3, 2023 by business.inquirer.net

ISLAMABAD   -Pakistan Prime Minister Shehbaz Sharif said on Friday the International Monetary Fund was giving his country a tough time over unlocking stalled funding from a $6.5-billion bailout, at a time of “unimaginable” economic crisis. Sharif made the comments in a meeting of civil and military leaders in the northwestern city of Peshawar he chaired to prepare a response to Monday’s mosque bombing that killed more than 100 people. “Our economic situation is unimaginable,” the premier said. “As you know, the IMF mission is in Pakistan, and that’s giving us a tough time,” he said. “You all know we are running short of resources,” Sharif said, adding Pakistan “at present was facing an economic crisis that’s beyond imagination.” IMF’s Pakistan representative did not immediately respond to Reuters request for comment. Sharif made the remarks in the context of funds the country might need for any military or counter-terrorism response to the resurgent Islamist militancy. … [Read more...] about IMF giving Pakistan tough time in ‘unimaginable’ economic crisis, says PM

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Big stimulus unlikely as China considers steps to support consumers-sources

February 3, 2023 by business.inquirer.net

BEIJING  – China’s policymakers plan to show more support for domestic demand this year but are likely to stop short of splashing out big on direct consumer subsidies, keeping their focus mainly on investment, three sources close to policy discussions said. In recent weeks, top policymakers have repeatedly signalled their intention to work towards harvesting the consumer power of China’s 1.4 billion people, after economic growth in 2022 slumped to one of its weakest levels in nearly half a century. That has raised expectations that large-scale household stimulus measures could be announced at an annual parliament meeting in March. Prominent academics have felt emboldened to speak publicly about sizeable demand-side measures such as 1 trillion yuan ($148.28 billion) or more in nationwide consumption vouchers. The sources close to policy discussions, however, expect China to stick more closely to its familiar playbook of policies to support key industries and splurge on … [Read more...] about Big stimulus unlikely as China considers steps to support consumers-sources

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Vista Land raises P2.9B via corporate notes issuance

February 3, 2023 by business.inquirer.net

Billionaire Manuel Villar Jr.’s Vista Land & Lifescapes Inc. raised another P2.9 billion from the issuance of corporate notes as part of its debt management activities. Vista Land said the notes, due on Dec. 26, 2025, will pay a fixed interest rate of 7.2595 percent. “The proceeds of the additional notes will be used to refinance existing or maturing obligations of the group and for the other general corporate purposes,” Vista Land, one of the country’s biggest housing developers, said in a stock exchange filing on Friday. The developer said it signed a corporate notes facility agreement with BDO Capital & Investment Corp. and China Bank Capital Corp. as lead arrangers and bookrunners. It also tapped Union Bank of the Philippines as co-lead arranger. The issuance was part of a P12-billion corporate note facility signed last year. Last December, Vista Land said it issued an initial P8.6 billion from the facility at a fixed interest rate of 7.9314 percent. Vista Land … [Read more...] about Vista Land raises P2.9B via corporate notes issuance

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Tech giants call time on stocks rally, U.S. payrolls loom

February 3, 2023 by business.inquirer.net

LONDON/SYDNEY  – A global stock rally, powered by hopes of central banks ending aggressive rate rises, ran into roadblocks on Friday following weak earnings from U.S. tech giants and as key U.S. jobs data loomed. The MSCI World Stock Index slipped 0.2 percent, but was still near its highest since last August following a sharp rebound in recent weeks on hopes that central bank rate hikes are nearing an end. Wall Street stock futures fell sharply, with contracts on the tech-heavy Nasdaq 100 2 percent lower, on disappointing earnings from Google, Apple and Amazon. S&P 500 futures slid 0.9 percent. Investors are also watching the fallout from this week’s plunge in shares of India’s Adani group, which continued to nosedive on Friday with market losses amounting to $115 billion in the wake of a U.S. short-seller’s report. In Europe, the Stoxx 600 share benchmark fell 0.6 percent. Germany’s benchmark 10-year bond yield inched 2 basis points (bps) higher to 2.097 percent, having on … [Read more...] about Tech giants call time on stocks rally, U.S. payrolls loom

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Robinsons online mall: MallDash gives you the entire mall to shop in

February 3, 2023 by business.inquirer.net

Of all the conveniences afforded at this point in modern life, one of the most amazing is being able to do many things at a single click of a button. Imagine doing all your errands in one go, without ever leaving your home. Impossible? Not at all. That’s how online shopping have changed our lives. But there are apps that simply go to the grocery store for you, and there are apps that give you the entire mall to shop in. That wider convenience option is called Malldash.ph . WHAT IS MALLDASH? MallDash.ph is Robinsons Online Mall and quick Pabili service that lets you combine multiple orders not just from the supermarket, but also from stores and restaurants in the mall, in one go, and in as fast as one hour. Imagine getting someone to do your groceries, get prescription meds at the drugstore, and pick up a milk tea, without ever having to use more than one app. STORES AND RESTAURANT SELECTION From which stores, you say? Well that depends on the mall … [Read more...] about Robinsons online mall: MallDash gives you the entire mall to shop in

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Dabur India Q3 net profit falls 5.5%; what should investors do now?

February 3, 2023 by www.moneycontrol.com

Dabur India Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Dabur Indian share price will remain in focus on February 3 after company reported a decline in its Q3 net profit . Dabur India reported a 5.5 percent year-on-year fall in consolidated net profit at Rs 476.6 crore for the quarter ended December 2022. Net profit stood at Rs 504 crore in the same quarter a year ago, Dabur said in a stock exchange filing on Thursday. However, revenue from operations grew 3.5 percent YoY to Rs 3,043 crore from Rs 2,942 crore in Q3 FY22. Revenue crossed the Rs 3,000-crore mark for the first-time ever, said the company. On the operating front, EBITDA (earnings before interest, taxes, depreciation and amortization) fell 2.7 percent to Rs 610.4 crore. Operating margins fell 100 basis points to 20.1 percent from 21.3 percent YoY. … [Read more...] about Dabur India Q3 net profit falls 5.5%; what should investors do now?

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How Budget 2023 paves the way for RBI to pause rate hike after February

February 3, 2023 by www.moneycontrol.com

RBI Governor Shaktikanta Das If you thought the good news stopped with the Budget 2023 slashing the tax burden on individuals, think again. The budget proposals are also likely to help stop the interest rate hikes by the Reserve Bank of India that have been raising your EMIs since last year. The Budget’s fiscal rectitude would be music to the ears of the members of RBI’s interest rate-setting panel. Finance Minister Nirmala Sitharaman not only met her deficit target for the current fiscal year and announced a lower target for the next but she also said that she would stick to the medium-term aim of below 4.5 percent of the GDP. The RBI’s monetary policy committee, which has been waging a war on red-hot inflation over the last year, is widely expected to raise interest rates by another 25 basis points when it meets February 6-8. The panel has raised interest rates by 225 basis points since April 2022. In October, the central bank failed to meet its inflation mandate after … [Read more...] about How Budget 2023 paves the way for RBI to pause rate hike after February

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