Money News

NCR construction materials price growth picks up in Oct.

WHOLESALE PRICE growth of construction materials in Metro Manila accelerated in October, the Philippine Statistics Authority said.

Global Stock Rally Spurs Large Japanese Investors to Cash In

A sharp rebound in global equities after the Federal Reserve’s unprecedented stimulus in March has spurred the biggest shift in Japanese fund flows in seven years.

Nifty closes above 13K for first time, Sensex at record high; M&M, ITC, SBI top gainers

Barring telecom, all BSE sectoral indices ended in the green territory, led by gains of 2-1% in banking, financials, pharma, auto, realty, and metal

Global stocks jump as Trump authorizes Biden's presidential transition process to begin

Biden's planned nomination of former Fed chair Janet Yellen as Treasury Secretary is another key driver boosting market sentiment.

Amazon’s $3,000 Signing Bonuses Irk Workers Who Got $10 Coupons

The willingness to risk dissension in the ranks reflects a dawning reality: Many Americans are reluctant to re-enter the workforce, despite high joblessness.

China Debt Defaults Set to Top 100 Bln Yuan for a Third Year

China’s corporate debt defaults are set to exceed 100 billion yuan for a third consecutive year, underscoring the pandemic’s disruption of a government campaign for greater fiscal stability.

South Africa to Lift Dividend Guidance Once Out of Virus Crisis

South Africa’s Prudential Authority will lift its guidance advising lenders to withhold dividends once the country has emerged from the uncertainty due to the coronavirus pandemic, Chief Executive Officer Kuben Naidoo said on a conference call.

Airlines See Losses Swelling to $157 Billion Before Virus Clears

Record airline losses from the coronavirus outbreak will balloon further next year as anticipated vaccination programs take time to revive travel demand, according to the industry’s main trade group.

Goldman questions the future and purpose of OPEC+ ahead of a critical meeting

OPEC+ is scheduled to meet on Nov. 30 and Dec. 1 to discuss the next phase of its oil production policy.

While Jeff Bezos spends billions on his 'Earth Fund,' Amazon is reportedly monitoring climate change groups including Greta Thunberg's as potential threats

Leaked documents obtained by Vice show how Amazon keeps a close eye on perceived threats to its business.

Boeing’s 737 Max Gains Tentative European Regulatory Clearance

Europe’s aviation safety regulator kicked off the process of bringing Boeing Co.’s 737 Max back into service, in a major step toward the grounded jet’s global return.

Russia Online Retailer Ozon Raises $990 Million in U.S. IPO

Russian online retailer Ozon Holdings Plc will raise $990 million in its initial public offering in the U.S., taking advantage of demand for technology stocks amid the busiest fourth quarter for new listings since 1999.

Gold Drops to Four-Month Low as Biden Transition Looks Assured

Gold extended its drop, hitting the lowest level in four months after positive vaccine news, strong economic data and signs the U.S. presidential power transition would pass smoothly.

Winter is coming, and millions may lose their jobs in restaurants and hospitality

Many restaurants and businesses in colder-weather regions will face big challenges, including job losses, as winter arrives, a new study shows.

Musk Hints Again at Longer-Range Teslas and Hatchback for Europe

Elon Musk briefed a European battery conference on Tesla Inc.’s efforts to bring longer-range electric cars to market in the coming years, though he broke little new ground with regard to timing or other specifics.

Elon Musk has overtaken Bill Gates to become the world’s second richest person

Tesla co-founder Elon Musk is now the world's second richest person after he leapfrogged Microsoft billionaire Bill Gates on the Bloomberg Billionaire Index.

Nationwide round-up (11/24/20)

PHILSTARA SENATOR on Tuesday pushed for an inquiry into the operation of the Philippine International Trading Corp. (PITC) amid allegations of some P33.4 billion in “parked” funds.

Insurer Metromile Reaches SPAC Merger Deal

Insurance startup Metromile Inc. has reached a deal to go public through a merger with blank-check company Insu Acquisition Corp. II, a person familiar with the matter said.

Washington's Stimulus Triumph Remains Underrated

Hindsight shows that the Cares Act saved the U.S. economy, and how badly the country needs another round of bipartisan statesmanship.

Vir Biotech CEO Says His Covid-19 Medicine Offers Promise for Next Outbreak

Vir Biotechnology Inc.’s stock has lost some of its luster after quadrupling earlier this year as competition heats up for Covid-19 antibody therapies. Yet its chief executive officer is looking ahead to the next viral scourge.

'Suit Boot Ki Sarkar' trends again as Rahul Gandhi takes dig at Centre

Rahul Gandhi took a dig at the Centre over the Reserve Bank of India's recent proposal to allow large corporate houses as promoters of banks. He mimicked Union Home Minister Amit Shah's phrase 'Chronology samajhiye' (Understand the Chronology) in the tweet

Carson Block’s ‘Insane Alpha’ Disappears in Bad Year for Shorts

Carson Block is having an unusually tough time betting against Chinese stocks.

Joyride gets green light to resume ops

App-based ride-hailing services provider Joyride on Tuesday received an approval from the government to resume its motorcycle taxi operations, the Department of Transportation (DOTr) said. In a statement, the DOTr said the Motorcycle Taxi Technical Working Group (MC Taxi TWG) issued a Provisional Authority to Operate for Joyride to operate under the extended Motorcycle Taxi Pilot Program. The provisional authority shall be valid from November 24...

Tech Analysts See Signs of Excessive Optimism in 2020’s Rally

Technology and Internet stocks have been among the standout performers in 2020, but the scale of their advance has underlined concerns over valuation, suggesting a risk if companies aren’t able to live up to the robust optimism investors have.

A top Democrat on the House antitrust panel sets sights on Big Pharma after wrapping up tech probe

Rep. Joe Neguse, D-Colo., wants the committee to examine the FTC's common approach to approving pharmaceutical mergers.

Land registry agrees to share data with BIR

THE Land Registration Authority (LRA) and the Bureau of Internal Revenue (BIR) said they signed a memorandum of agreement (MoA) running for five years which will allow the two agencies to share records in aid of improving tax assessments and collections.

These Days, the Smart Money Is Staying Away From Arctic Drilling

Even a year ago major companies would have jumped at the chance. Today, not so much.

ING Bank eyes to offer consumer lending service in 2021

ING Bank N.V. Philippines is looking at further diversifying its platform as it plans to offer consumer lending service within its mobile application. During the media launch of ING Pay, ING Philippines head of Retail Mohamed Keraine said “ING Lend” is going to be introduced next year as the bank is going “step-by-step” in offering consumer banking services in its platform. After launching ING Save in 2018 and ING Pay this month, Keraine said,...

10 things you need to know before the opening bell

This is what traders are talking about.

Biden taps Yellen — Banks pause return-to-office plans — Investors pour money into magic mushrooms

The top finance stories for November 24, including the latest news on Wall Street's plans for returning to the office.

Regional income inequality seen worsening in countries spending less on welfare

BW FILE PHOTOINCOME INEQUALITY is expected to worsen in Asia Pacific economies that skimped on social safety nets and welfare spending during the pandemic, according to Moody’s Investors Service.

Emerging markets could break to all-time highs if the dollar breaches this level, Miller Tabak strategist says

Emerging markets have rallied this year. The group’s next move depends on the greenback, says Matt Maley, chief market strategist at Miller Tabak.

Gland Pharma share rises 45% in three sessions, here's what brokerages say

Market cap of the firm rose to Rs 32,863 crore as against Rs 29,358 crore clocked on listing day.

Peso extends appreciation streak on vaccine hopes, Yellen as Biden pick for Treasury

The Philippine peso extended its appreciation against its US counterpart on Tuesday, on continued optimism on vaccines against the COVID-19 pandemic. The local currency gained 6 centavos to close at P48.145:$1 versus Monday's finish of P48.205:$1. AztraZeneca earlier became the latest major drugmaker to report an effectivity rate at 90%, with the US health regulators expected to approve the distribution of Pfizer Inc.'s vaccine by the middle of...

Amazon is encouraging shoppers to pick up their packages in person from stores as the e-commerce industry prepares for a delivery surge

The e-commerce giant is encouraging shoppers to collect their orders from its Amazon Books stores or neighborhood "hubs."

When is Black Friday 2020? Start date and what UK deals are available online now

Find out what date Black Friday 2020 falls on and what shops have already kicked off their massive sales

Cyclicals Lead Global Stocks Higher; Dollar Drops: Markets Wrap

Cyclical companies are powering global equities higher for a second day as investors cheered the start of U.S. President-elect Joe Biden’s formal transition and the prospect for more economic stimulus.

European Business Mood Turns Sour as Economy Takes Another Hit

European executives are losing confidence in the outlook as new virus restrictions threaten to drag the economy into another slump.

Cheese Prices Plunge as Lockdowns Bite Into Dining Business

Cheese prices are plunging as Covid’s second wave drives diners from restaurants.

Future Retail share hits 10% upper circuit in second session

The share stands higher than 5 and 20 moving averages but lower than 50, 100 and 200-day moving averages. It has fallen 73% in one year and lost 74% since the beginning of this year. However, in a week, the small cap share has gained 16.26%.

China hits Trump adviser for creating ‘chaos’

THE CHINESE government on Monday accused US National Security Adviser Robert O’Brien of inciting hostilities after his remarks on the South China Sea dispute and Chinese actions in Hong Kong and Taiwan.

Romanians Rank Last in EU on Access to Decent Toilets

(Bloomberg) -- Years of budget splurges on wages and pensions haven’t significantly improved the lives of all Romanians. The lack of a clear investment strategy has led to major inequalities in the society with tens of thousands of people living in poverty, especially in the north-east and the south-west of Romania. More than a decade after it joined the European Union, the country still ranks last in terms of access to decent toilets. For more...

Czechs Signal Delay in $7 Billion Nuclear Reactor Project

Czech Prime Minister Andrej Babis said the country isn’t yet ready to start a tender for a new nuclear reactor, signaling a delay in the project that’s been a key concern for investors in power utility CEZ AS.

Early warning during calamities must be followed by community-level action — expert

PHILIPPINE STAR/MICHAEL VARCASEARLY WARNING of a calamity needs to be matched by appropriate community action, a University of the Philippines (UP) expert said Tuesday.

Phoenix Explores Options for International Unit Amid Interest

Phoenix Group Holdings Plc, Europe’s biggest life-insurance consolidator, said it’s weighing options for its international operations in a potential deal that would focus the company more on the U.K.

Football Manager 2021 is out today - how and when you can play on PC, Mac and Xbox

FM21, the latest football management simulation game from Sports Interactive, is now available to play on PC, Mac, Mobile and Touch. Here's how and when you can play on PC, Mac and Xbox.

Millennial Money: Conquer Black Friday from your couch

’Twas days before Black Friday when all around the country, shoppers were gearing up for a day full of shopping. OK, so maybe you haven’t exactly been gearing up for the day after Thanksgiving. Maybe you haven’t done any research at all. No need to worry; we’ve broken down everything you need to do between now and Black Friday to snag the biggest savings — with the least amount of effort. Here’s your last-minute Black Friday guide. SEARCH THE...

Thrifty student, 20, explains how she saved £11,000 during lockdown - without a job

Jess Paget, 20, gave up her bank card last December, and now she's mastered the "no spend" concept - surviving on odd jobs and reselling unwanted clothes

SAA Needs Partner to Strengthen Management, Administrator Says

South African Airways has the potential to be a sound business but would benefit from having an industry-investment partner to improve its management, according to the bankrupt state carrier’s administrators.

Noche Buena items to remain at 2019 prices, DTI exec says

Noche Buena items will return to 2019 prices this holiday season, according to Department of Trade and Industry Undersecretary Ruth Castelo. Interviewed on GMA News TV’s Balitanghali on Tuesday, she said the DTI denied some brands' requests for a price hike on some Christmas food items. “Nakuha natin sa pakiusap na hindi sila mag-taas ng presyo. So lahat ng Noche Buena items in the bulletin ng DTI, mabibili nila at 2019 prices,” Castelo said....